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As Of Filer Filing For·On·As Docs:Size Issuer Agent 10/01/14 ASA Gold & Precious Metals Ltd N-Q 8/31/14 2:328K Command Financial |
Document/Exhibit Description Pages Size
1: N-Q Quarterly Schedule of Portfolio Holdings of a HTML 114K
Management Investment Company
2: EX-99.CERT Miscellaneous Exhibit HTML 22K
| N-Q | 1st “Page” of 7 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
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ASA Gold and Precious Metals Limited |
(Exact name of registrant as specified in charter) |
400 S. El Camino Real, Suite 710, San Mateo, CA |
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94402-1708 |
(Address of principal executive offices) |
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(Zip Code) |
JPMorgan Chase Bank, N A |
3 MetroTech Center, 6th Floor |
(Name and address of agent for service) |
Registrant’s telephone number, including area code: |
(650) 376-3135 |
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Date of fiscal year end: |
November 30 |
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Date of reporting period: |
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| ASA
Gold and Precious Metals Limited Consolidated Schedule of Investments (Unaudited) August 31, 2014 and August 31, 2013 | 2014 | 2013 | ||||||||||||||||||||||
| Name of Company | Shares / Principal Amount | Value | Percent of Net Assets | Shares / Principal Amount | Value | Percent of Net Assets | ||||||||||||||||||
| Common Shares | ||||||||||||||||||||||||
| Gold and Silver Investments | ||||||||||||||||||||||||
| Gold mining, exploration, development and royalty companies | ||||||||||||||||||||||||
| Australia | ||||||||||||||||||||||||
| Newcrest Mining Limited, (1)(2) | 1,315,000 | $ | 13,860,100 | 4.5 | % | 1,315,000 | $ | 15,385,500 | 5.2 | % | ||||||||||||||
| Silver Lake Resources Limited, (3) | 3,300,000 | 1,371,579 | 0.4 | 1,550,000 | 1,351,910 | 0.5 | ||||||||||||||||||
| Silver Lake Resources Limited - 144A, (3)(4) | - | - | - | 1,750,000 | 1,526,350 | 0.5 | ||||||||||||||||||
| 15,231,679 | 4.9 | 18,263,760 | 6.2 | |||||||||||||||||||||
| Canada | ||||||||||||||||||||||||
| Agnico Eagle Mines Limited | 429,300 | 16,433,604 | 5.3 | 429,300 | 12,900,465 | 4.4 | ||||||||||||||||||
| Alacer Gold Corp. | 918,200 | 2,084,708 | 0.7 | 1,343,400 | 4,130,792 | 1.4 | ||||||||||||||||||
| Argonaut Gold Inc., (3) | 430,000 | 1,758,893 | 0.6 | 430,000 | 2,970,865 | 1.0 | ||||||||||||||||||
| B2Gold Corp., (3) | 1,594,338 | 4,103,453 | 1.3 | 994,338 | 2,642,257 | 0.9 | ||||||||||||||||||
| Barrick Gold Corporation | 1,400,000 | 25,746,000 | 8.3 | 1,300,000 | 24,895,000 | 8.4 | ||||||||||||||||||
| Belo Sun Mining Corp., (3) | 2,600,000 | 597,481 | 0.2 | 2,600,000 | 1,924,646 | 0.6 | ||||||||||||||||||
| Centerra Gold Inc. | 625,000 | 3,768,729 | 1.2 | 625,000 | 3,944,434 | 1.3 | ||||||||||||||||||
| Detour Gold Corporation, (3) | 250,000 | 3,145,969 | 1.0 | 250,000 | 2,761,697 | 0.9 | ||||||||||||||||||
| Eldorado Gold Corporation | 650,000 | 5,382,000 | 1.7 | 650,000 | 5,557,500 | 1.9 | ||||||||||||||||||
| Franco-Nevada Corporation | 225,000 | 12,669,823 | 4.1 | 225,000 | 10,238,920 | 3.5 | ||||||||||||||||||
| Goldcorp Inc. | 967,400 | 27,154,918 | 8.8 | 982,400 | 28,980,800 | 9.8 | ||||||||||||||||||
| Kinross Gold Corporation, (1) | 1,000,000 | 3,940,000 | 1.3 | 1,000,000 | 5,500,000 | 1.9 | ||||||||||||||||||
| New Gold Inc., (3) | 600,000 | 3,894,000 | 1.3 | 600,000 | 4,044,000 | 1.4 | ||||||||||||||||||
| Primero Mining Corp, (3) | 200,000 | 1,362,000 | 0.4 | - | - | - | ||||||||||||||||||
| Osisko Mining Corporation, (3) | - | - | - | 1,292,400 | 6,414,778 | 2.2 | ||||||||||||||||||
| Torex Gold Resources Inc., (3) | 2,150,000 | 3,498,024 | 1.1 | 2,100,000 | 3,188,763 | 1.1 | ||||||||||||||||||
| Torex Gold Resources Inc. - 144A, (3)(4) | 1,250,000 | 2,033,735 | 0.7 | - | - | - | ||||||||||||||||||
| West Kirkland Mining Inc., (3)(4) | - | - | - | 909,091 | 129,414 | 0.0 | ||||||||||||||||||
| 117,573,337 | 38.1 | 120,224,332 | 40.6 | |||||||||||||||||||||
| Channel Islands | ||||||||||||||||||||||||
| Randgold Resources Limited - ADRs | 382,200 | 32,162,130 | 10.4 | 419,700 | 32,744,994 | 11.0 | ||||||||||||||||||
| Peru | ||||||||||||||||||||||||
| Compañia de Minas Buenaventura S.A.A. - ADRs | 799,000 | 11,633,440 | 3.8 | 909,000 | 11,480,670 | 3.9 | ||||||||||||||||||
| South Africa | ||||||||||||||||||||||||
| AngloGold Ashanti Limited, (1) | 593,194 | 10,191,073 | 3.3 | 593,194 | 7,931,004 | 2.7 | ||||||||||||||||||
| Gold Fields Limited | 1,029,577 | 4,983,153 | 1.6 | 1,029,577 | 5,302,322 | 1.8 | ||||||||||||||||||
| Harmony Gold Mining Company Limited, (1) | 400,000 | 1,216,000 | 0.4 | 400,000 | 1,448,000 | 0.5 | ||||||||||||||||||
| Sibanye Gold Limited, (5) | 1,029,577 | 2,416,932 | 0.8 | 1,029,577 | 1,063,038 | 0.4 | ||||||||||||||||||
| 18,807,158 | 6.1 | 15,744,364 | 5.3 | |||||||||||||||||||||
| United Kingdom | ||||||||||||||||||||||||
| Amara Mining plc, (3) | 5,000,000 | 2,033,255 | 0.7 | - | - | - | ||||||||||||||||||
| United States | ||||||||||||||||||||||||
| Newmont Mining Corporation | 620,368 | 16,805,769 | 5.4 | 620,368 | 19,709,091 | 6.6 | ||||||||||||||||||
| Royal Gold, Inc. | 210,000 | 16,327,500 | 5.3 | 210,000 | 12,186,300 | 4.1 | ||||||||||||||||||
| 33,133,269 | 10.7 | 31,895,391 | 10.8 | |||||||||||||||||||||
| Total
gold mining, exploration, development and royalty companies (Cost $213,002,439 - 2014, $222,713,991 - 2013) | 230,574,268 | 74.7 | 230,353,511 | 77.7 | ||||||||||||||||||||
| Silver mining, exploration and development companies | ||||||||||||||||||||||||
| Canada | ||||||||||||||||||||||||
| Tahoe Resources Inc., (3) | 708,200 | 18,123,254 | 5.9 | 913,500 | 16,298,567 | 5.5 | ||||||||||||||||||
| Total
silver mining, exploration and development companies (Cost $4,751,868 - 2014, $6,621,104 - 2013) | 18,123,254 | 5.9 | 16,298,567 | 5.5 | ||||||||||||||||||||
| Total
gold and silver investments (Cost $217,754,307 - 2014, $229,335,095 - 2013) | $ | 248,697,522 | 80.6 | % | $ | 246,652,078 | 83.2 | % | ||||||||||||||||
UNAUDITED
| 1 |
| ASA Gold and Precious Metals Limited | ||||||||||||||||||||||||
| Consolidated Schedule of Investments (Unaudited) (continued) | ||||||||||||||||||||||||
| August 31, 2014 and August 31, 2013 | 2014 | 2013 | ||||||||||||||||||||||
| Name of Company | Shares
/ Principal Amount | Value | Percent of Net Assets | Shares
/ Principal Amount | Value | Percent of Net Assets | ||||||||||||||||||
| Platinum and Palladium Investments | ||||||||||||||||||||||||
| Platinum and palladium mining companies | ||||||||||||||||||||||||
| South Africa | ||||||||||||||||||||||||
| Anglo American Platinum Limited, (3) | 220,100 | $ | 9,143,063 | 3.0 | % | 220,100 | $ | 8,773,040 | 3.0 | % | ||||||||||||||
| Impala Platinum Holdings Limited | 772,400 | 6,969,681 | 2.3 | 772,400 | 8,528,040 | 2.9 | ||||||||||||||||||
| 16,112,744 | 5.2 | 17,301,080 | 5.8 | |||||||||||||||||||||
| Exchange traded funds | ||||||||||||||||||||||||
| ETFS Palladium Trust, (3) | 70,000 | 6,167,000 | 2.0 | 70,000 | 4,929,400 | 1.7 | ||||||||||||||||||
| ETFS Platinum Trust, (3) | 22,500 | 3,113,325 | 1.0 | 22,500 | 3,343,950 | 1.1 | ||||||||||||||||||
| 9,280,325 | 3.0 | 8,273,350 | 2.8 | |||||||||||||||||||||
| Total
platinum and palladium investments (Cost $8,733,391 - 2014 & 2013) | 25,393,069 | 8.2 | 25,574,430 | 8.6 | ||||||||||||||||||||
| Diamond Mining, Exploration and Development Companies | ||||||||||||||||||||||||
| Bermuda | ||||||||||||||||||||||||
| Petra Diamonds Limited, (3) | 1,000,000 | 2,964,403 | 1.0 | - | - | - | ||||||||||||||||||
| Canada | ||||||||||||||||||||||||
| Stornoway Diamond Corporation – 144A, (3)(4) | 7,857,200 | 4,622,308 | 1.5 | - | - | - | ||||||||||||||||||
| Stornoway Diamond Corporation, (3) | 1,639,500 | 964,500 | 0.3 | 1,639,500 | 809,092 | 0.3 | ||||||||||||||||||
| Stornoway Diamond Corporation, C$0.90 Warrants, 07/08/2016 – 144A, (3)(4) | 3,928,600 | 415,285 | 0.1 | - | - | - | ||||||||||||||||||
| Stornoway Diamond Corporation, C$0.90 Warrants, 07/08/2016, (3) | 819,750 | 86,654 | 0.0 | - | - | - | ||||||||||||||||||
| 6,088,747 | 1.9 | 809,092 | 0.3 | |||||||||||||||||||||
| Total
diamond mining, exploration and development companies (Cost $9,420,744 - 2014, $3,928,898 - 2013) | 9,053,150 | 2.9 | 809,092 | 0.3 | ||||||||||||||||||||
| Diamond Mineral Resources Companies | ||||||||||||||||||||||||
| Canada | ||||||||||||||||||||||||
| NovaCopper Inc., (3) | - | - | - | 205,861 | 391,136 | 0.1 | ||||||||||||||||||
| United Kingdom | ||||||||||||||||||||||||
| Anglo American plc | 200,000 | 5,078,988 | 1.6 | 200,000 | 4,584,237 | 1.5 | ||||||||||||||||||
| United States | ||||||||||||||||||||||||
| Freeport-McMoRan Inc. | 450,000 | 16,366,500 | 5.3 | 550,000 | 16,621,000 | 5.6 | ||||||||||||||||||
| Total
diversified mineral resources companies (Cost $15,847,231 - 2014, $19,991,927 - 2013) | 21,445,488 | 7.0 | 21,596,373 | 7.3 | ||||||||||||||||||||
| Total
common shares (Cost $251,755,673 - 2014, $261,989,311 - 2013) | 304,589,229 | 98.7 | 294,631,973 | 99.4 | ||||||||||||||||||||
| Total investments (Cost $251,755,673 - 2014, $261,989,311 - 2013), (6) | 304,589,229 | 98.7 | 294,631,973 | 99.4 | ||||||||||||||||||||
| Cash, receivables, and other assets less liabilities | 3,979,750 | 1.3 | 1,772,103 | 0.6 | ||||||||||||||||||||
| Net assets | $ | 308,568,979 | 100.0 | % | $ | 296,404,076 | 100.0 | % | ||||||||||||||||
| (1) | Non-income producing security in 2014 only. | |
| (2) | Newcrest Mining Limited ADR’s at 2013. | |
| (3) | Non-income producing security. | |
| (4) | Restricted security. | |
| (5) | Non-income producing security 2013 only. | |
| (6) | Cost of investments shown approximates cost for U.S. federal income tax purposes, determined in accordance with U.S. federal income tax principles. Gross unrealized appreciation of investments and gross unrealized depreciation of investments at August 31, 2014 were $114,107,838 and $61,274,282, respectively, resulting in net unrealized appreciation on investments of $52,833,556. Gross unrealized appreciation of investments and gross unrealized depreciation of investments at August 31, 2013 were $100,534,008 and $67,891,346, respectively, resulting in net unrealized appreciation on investments of $32,642,663. |
ADR - American Depository Receipt
May not total due to independent rounding.
The notes to consolidated financial statements form an integral part of these statements.
UNAUDITED
| 2 |
Notes to Consolidated Financial Statements (Unaudited)
Nine months ended August 31, 2014 and August 31, 2013
1. Organization
These consolidated financial statements include ASA Gold and Precious Metals Limited (the “Company”), and its former wholly owned subsidiary, ASA Gold and Precious Metals Advisers, LLC (the “Adviser”). The Company is a closed-end investment management company registered under the Investment Company Act of 1940, as amended, and was organized as an exempted limited liability company under the laws of Bermuda. The Company’s former subsidiary, ASA Gold and Precious Metals Advisers LLC, was discontinued on September 23, 2013 as an investment adviser in the state of California and as a limited liability corporation under the laws of the state of Delaware.
2. Summary of significant accounting policies
The following is a summary of the significant accounting policies:
A. Security valuation
The net asset value of the Company generally is determined as of the close of regular trading on the New York Stock Exchange (the “NYSE”) or the Toronto Stock Exchange (the “TSX”), whichever is later, on the date for which the valuation is being made (the “Valuation Time”). Portfolio securities listed on U.S. and foreign stock exchanges generally are valued at the last reported sale price as of the Valuation Time on the exchange on which the securities are primarily traded, or the last reported bid price if a sale price is not available. Securities traded over the counter are valued at the last reported sale price or the last reported bid price if a sale price is not available. Securities listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets.
Securities for which current market quotations are not readily available are valued at their fair value as determined in good faith by, or in accordance with procedures approved by, the Company’s Board of Directors. If a security is valued at a “fair value”, that value may be different from the last quoted price for the security. Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the nature of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion rights on the security; and changes in overall market conditions.
Where the Company holds securities listed on foreign stock exchanges and American Depository Receipts (“ADRs”) representing these securities are actively traded in U.S. markets, the securities normally are fair valued based on the last reported sales price of the ADRs.
The difference between cost and market value is reflected separately as net unrealized appreciation (depreciation) on investments. The net realized gain or loss from the sale of securities is determined for accounting purposes on the identified cost basis.
B. Restricted securities
At August 31, 2014 and August 31, 2013, the Company held investments in restricted securities of 2.29% and 0.56% of net assets, respectively, valued in accordance with procedures approved by the Company’s Board of Directors as follows:
Restricted Securities
| Shares | Cost | Issuer | Value Per Unit | Value | Acquisition Date | ||||||||
| 7,857,200 | $ | 4,641,822 | Stornoway Diamond Corp – 144A | $ | 0.59 | $ | 4,622,307 | 07/08/2014 | |||||
| 3,928,600 | 415,686 | Stornoway Diamond Corp, C$0.90 Warrants, 7/08/2016 – 144A | 0.11 | 415,285 | 07/08/2014 | ||||||||
| 1,250,000 | 1,351,000 | Torex Gold Resources, Inc. – 144A | 1.63 | 2,033,735 | 01/22/2014 | ||||||||
Restricted Securities
| Shares | Cost | Issuer | Value Per Unit | Value | Acquisition Date | ||||||||
| 1,750,000 | $ | 1,338,426 | Silver Lake Resources Limited – 144A | $ | 0.87 | $ | 1,526,350 | 08/27/2013 | |||||
| 909,091 | 1,008,370 | West Kirkland Mining, Inc. | 0.14 | 129,414 | 11/22/2011 | ||||||||
UNAUDITED
| 3 |
C. Fair value measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Company would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Company’s investments. The inputs are summarized in the three broad levels listed below.
| Level 1 – unadjusted quoted prices in active markets for identical investments | |
| Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.) | |
| Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of August 31, 2014 and August 31, 2013 in valuing the Company’s investments at fair value:
Investment in Securities
Measurements at August 31, 2014
| Description (1) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Shares | ||||||||||||||||
| Gold and silver investments | $ | 213,996,529 | $ | 34,700,992 | $ | - | $ | 248,697,522 | ||||||||
| Platinum and palladium investments | 25,393,069 | - | - | 25,393,069 | ||||||||||||
| Diamond mining, exploration and development companies | 4,015,558 | 5,037,593 | - | 9,053,150 | ||||||||||||
| Diversified mineral resources companies | 16,366,500 | 5,078,988 | - | 21,445,488 | ||||||||||||
| Total | $ | 259,771,656 | $ | 44,817,573 | $ | - | $ | 304,589,229 | ||||||||
Transfers into and out of levels are recognized at the end of the period. There were no transfers into and out of Levels 1, 2, and 3 at August 31, 2014.
| (1) | See consolidated schedules of investments for country classifications. |
| May not total due to independent rounding. |
Investment in Securities
Measurements at August 31, 2013
| Description (1) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Shares | ||||||||||||||||
| Gold and silver investments | $ | 229,251,950 | $ | 17,400,128 | $ | - | $ | 246,652,078 | ||||||||
| Platinum and palladium investments | 25,574,430 | - | - | 25,574,430 | ||||||||||||
| Diamond mining, exploration and development companies | 809,092 | - | - | 809,092 | ||||||||||||
| Diversified mineral resources companies | 17,012,136 | 4,584,237 | - | 21,596,373 | ||||||||||||
| Total | $ | 272,647,608 | $ | 21,984,365 | $ | - | $ | 294,631,973 | ||||||||
Transfers into and out of levels are recognized at the end of the period. There were no transfers into and out of Levels 1, 2, and 3 at August 31, 2013.
| (1) | See consolidated schedules of investments for country classifications. |
| May not total due to independent rounding. |
UNAUDITED
| 4 |
Item 2. Controls and Procedures.
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(a) |
The registrant’s President and Chief Executive Officer and its Controller, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report. |
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(b) |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 3. Exhibits.
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The certifications required by Rule 30a-2(a) under the Act are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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ASA Gold and Precious Metals Limited |
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By |
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President and Chief Executive Officer |
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(Principal Executive Officer) |
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Date: October 1, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
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By |
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President and Chief Executive Officer |
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(Principal Executive Officer) |
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Date: October 1, 2014
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By |
/s/ David S. Lin |
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Controller |
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(Principal Financial Officer) |
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Date: October 1, 2014
| Referenced-On Page | |||||||||
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| This ‘N-Q’ Filing | Date | First | Last | Other Filings | |||||
 | |||||||||
| Filed on / Effective on: | 10/1/14 | 7 | SC 13G/A | ||||||
| For Period End: | 8/31/14 | 1 | 5 | ||||||
| 9/23/13 | 4 | ||||||||
| 8/31/13 | 2 | 5 | N-Q | ||||||
| List all Filings | |||||||||