ASA Gold and Precious Metals Limited
Annual Report and Consolidated Financial Statements
November 2013
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Cover photograph by Jim Van Gundy
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ASA Gold and Precious Metals Limited
Annual Report and
Consolidated Financial Statements
November 30, 2013
Table of Contents
Letter to shareholders 2
Forward-looking statements 5
Certain investment policies and restrictions 6
Report of independent registered public accounting firm 6
Consolidated schedules of investments 7
Portfolio statistics 9
Principal portfolio changes 9
Consolidated statements of assets and liabilities 10
Consolidated statements of operations 11
Consolidated statements of changes in net assets 12
Notes to consolidated financial statements 13
Financial highlights 18
Certain tax information for U.S. shareholders 19
Dividend reinvestment and stock purchase plan 21
Privacy notice 21
Results of proposals presented at the annual general
meeting of shareholders 22
Proxy voting 22
Form N-Q 22
Common shares repurchased 22
Board of directors and officers 23
Other information 24
1
01_75845_ASA_AR 1/22/14 2:57 PM Page 2
Letter to Shareholders
At the time of our last note to shareholders, economic
uncertainty and the prospect of rising interest rates were
the primary drivers of the gold price. These issues con-
tinue to dominate price action today. The gold price, as
measured by the London P.M. fix, declined by 27.4% dur-
ing the last fiscal year as concerns about the end of quan-
titative easing (“QE”) and improving economic conditions
weighed on the sentiment for gold. The last time investors
faced an annual decline in the gold price this sharp was
in 1981. During fiscal 2013, gold traded in between a high
of $1,726 an ounce and a low of $1,192 an ounce with a
generally negative bias. In addition to QE, factors that
influenced the gold price during the last year include
increases in Indian gold import tariffs, minor central bank
purchases and the continued shift in interest in gold from
Western markets to Eastern investors. Until QE comes
to an end, and interest rates normalize, we expect pre-
cious metals to be a volatile sector.
The decline in the gold price weighed heavily on the
operating results and valuation of gold mining compa-
nies. The performance of ASA Gold and Precious Metals
Limited (“ASA” or the “Company”) mirrored the perform-
ance of the broader gold mining industry with a total
return of negative 45.6% based on its net asset value
(“NAV”), including reinvested dividends, during the twelve
months ended November 30, 2013 (fiscal year-end). The
NAV of the Company was $12.98 per share at the fiscal
year-end, versus $24.18 per share a year earlier. The
closing price of ASA’s shares on the New York Stock
Exchange on November 30, 2013 was $12.78, repre-
senting a share price discount to NAV of 1.5%. The share
prices of closed-end funds, like ASA, are determined by
trading activity in the open market and consequently may
reflect a premium (higher than) or a discount (lower than)
to its underlying NAV.
For the fiscal year ended November 30, 2013, the total
return based on ASA’s share price of negative 41.1% out-
performed the total return of negative 52.3% for the FTSE
Gold Mines Total Return Index. ASA outperformed that
index due to a combination of the performance of the
investment portfolio and a reduction in the discount at
which ASA’s shares trade in the market.
ASA’s shares traded at an average discount of 6.0%
during the last fiscal year, an improvement over the aver-
age discount of 7.8% during fiscal year 2012. During the
last twelve months, the discount remained below the
threshold set by the Board of Directors for making share
repurchases and, therefore, no shares were acquired.
Since the tender offers, share repurchase plan and
increased marketing efforts were initiated, the Company
has enjoyed a general decline in the discount at which
its shares trade in the market. Despite the improvement,
the Board continues to closely monitor and review the
discount management program.
ASA’s research and investment management team
continued to visit the mining operations of numerous
companies during the last year in support of our invest-
ment process. These trips, in combination with meetings
in our offices and at conferences, allowed the team to
2
maintain research on its current investments and gener-
ate new investment opportunities for the Company.
For the fiscal year ended November 30, 2013, ASA dis-
tributed $0.18 per share compared to $0.38 per share for
the previous fiscal year. During 2013, dividend distributions
from precious metals companies held in the portfolio
declined sharply as an increase in mining costs combined
with a falling gold price negatively impacted operating mar-
gins and distributable cash flow. Chart 1 illustrates the dis-
tributions paid to ASA shareholders since 2005. ASA’s
distributions were higher than usual between 2007 and
2009 as a result of the tender offers conducted in those
years. Between 2010 and 2012, shareholders of ASA ben-
efited from increased distributions from portfolio companies
as a result of the rising gold price. These positive trends
changed sharply during the last year as miners’ margins
came under pressure. Without a substantial improvement
in the gold price, income received by the investment port-
folio and available for distribution to ASA shareholders may
decline further during the 2014 fiscal year.
Chart 1: Historical Distributions to Shareholders
e
r
a
h
S
r
e
p
s
n
o
i
t
u
b
i
r
t
s
i
D
$0.90
$0.80
$0.70
$0.60
$0.50
$0.40
$0.30
$0.20
$0.10
$0.00
5
0
0
2
6
0
0
2
7
0
0
2
8
0
0
2
9
0
0
2
0
1
0
2
1
1
0
2
2
1
0
2
3
1
0
2
Source: ASA, adjusted for stock splits
Sector Update
While the performance of gold mining shares fluctu-
ated during the fiscal year, the second quarter of 2013
saw the worst performance for gold in over 100 years and
the largest percentage decline in ASA’s NAV since the
Company’s inception. During the year, the gold price fell
to levels not seen since 2009, and recorded a one day
decline of approximately 9% during April.
According to the World Gold Council, the demand for
gold investment products declined by nearly 41% over
the trailing four calendar quarters ended September
2013. This decline was reflected in the outflows from ETF
products as investors sought to reduce their exposure to
gold during the period. Total gold bullion held by ETFs
declined by almost 800 tonnes for the twelve months
ended November 30, 2013. These sales weighed heavily
on the gold price and were reflected in the valuation of
gold mining shares. As the year progressed, it became
apparent that many of the well-publicized investors in
gold ETFs had greatly reduced their allocations to the
metal, further eroding investor confidence in the sector.
01_75845_ASA_AR 1/22/14 2:57 PM Page 3
Chart 2: Gold Bullion Held by ETFs
Chart 3: Gold Demand – China, India & ETFs
s
e
n
n
o
T
3,000
2,500
2,000
1,500
1,000
500
0
6
0
-
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a
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7
0
-
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8
0
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1
-
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J
3
1
-
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a
J
Source: ASA
While much of the sell-off of gold ETF holdings
occurred from late February through the end of July
2013, the decline continued through the remainder of
the year. As the U.S. economy slowly improved in 2013,
institutional investors appear to have reallocated invest-
ment dollars from gold into general equity markets as
they reduced exposure to safe haven investments. This
exodus from the ETFs resulted in significant pressure
on the gold price.
China & India Demand
The outflows from gold ETFs have coincided with a
rise in Chinese and Indian demand, effectively shifting
gold investment from the West to the East in 2013. While
gold held by ETFs declined by 29.7% during fiscal 2013,
China and India witnessed a 43.4% year over year
increase in demand for gold bullion as interest in jewelry,
coins and bars increased substantially. In fiscal 2013, net
gold imports into China and India exceeded 2,050
tonnes, more than offsetting the gold sold from ETFs dur-
ing the same period.
India, the world’s largest gold jewelry market, wit-
nessed record imports in the first half of the year as gold
prices touched new lows in local currency terms.
However, during the fiscal third quarter, gold imports
declined 67.6% following the introduction of a new 10%
import tax imposed by the Indian government on unfin-
ished gold. Given the strong cultural influence of gold
within India, we anticipate a recovery in demand and
expect India to continue to be a large consumer of gold.
While demand from India slowed during recent months,
demand from China during fiscal 2013 was up 135.0%
year over year. Chinese consumers and investors have
found gold to be an attractive investment in response to
the lower gold price and a weaker U.S. dollar. For calen-
dar year 2013, China is now expected to surpass India
as the world’s largest gold importer, a significant mile-
stone considering China is the world’s largest gold pro-
ducing country. Despite the decline in interest in Gold
ETFs from the West, gold is increasingly sought after in
two of the world’s fastest growing economies.
Source: Bloomberg, Hong Kong Census and Statistics
Department, India Department of Commerce, ASA
Gold Producers
In our last report to shareholders, we highlighted the
negative operating cost trends affecting gold producers
and the impact on their cash flow. Overall, we believe that
2013 marked the “high point” in terms of operating and
capital costs for the gold mining industry and we should
begin to see improvements in the coming year. The sud-
den and sharp decline in the gold price this year has
forced the gold mining industry to respond quickly by
reducing capital spending and shelving unprofitable proj-
ect expansions. For example, Barrick Gold Corporation
has significantly altered its capital spending plans and
has announced the sale or closure of higher cost opera-
tions. We believe that the result will be a leaner and more
profitable Barrick in the years ahead. Most other gold pro-
ducers are undergoing similar plans and we anticipate a
leaner industry during 2014 as a result. In the short term,
these industry-wide cost cutting and capital postpone-
ment plans should have a positive effect on reported
earnings and cash flow and reduce the need for addi-
tional external capital. Regardless of these improve-
ments, it is probable that if the gold price continues to
trade around $1,200 an ounce, most of the industry will
report losses during the coming year.
Longer term, the deferral of capital projects in the gold
industry could result in a decline in production, the dete-
rioration of operations and eventually the failure of some
companies. Gold mining, like any extractive resource
industry, must replicate its asset base every few years or
it will effectively mine itself out of business. Exploration
is necessary to extend the lives of current mines and to
identify and develop new projects. Cutting exploration
expenditures and other short-term cost saving meas-
ures have long-term implications that may impact the
longevity of a mining company. While we applaud min-
ers for their increased fiscal responsibility, we look for
companies that have found the delicate balance of man-
aging for the downturn without sacrificing long-term
opportunities.
3
01_75845_ASA_AR 1/22/14 2:57 PM Page 4
Changes to the Portfolio
The first half of 2013 witnessed some repositioning of
the holdings in the portfolio to structure the Company for
what we expected to be a volatile period in the gold mar-
ket. As discussed in the semi-annual report dated May
31, 2013, our goal was to lower the volatility of the port-
folio while gaining exposure to high-quality assets with
strong return potential. We added three new names to
the portfolio during this period and added to four existing
positions while reducing our holdings in seven companies
we believed would fare poorly in a rising cost, lower gold
price environment.
Chart 4: Portfolio Allocation – November 30, 2013
South
African
Gold
Miners
5.8%
United
States
Gold
Miners
9.9%
Canadian
Gold
Miners
37.9%
Peru
Miners
4.0%
Silver
Miners
5.9%
Diamond
Explor. &
Mining
0.5%
Platinum
Miners
7.1%
Australian
Gold
Miners
4.3%
Net Liquid
Assets
0.6%
Channel
Island
Gold
Miners
11.2%
ETFs
3.2%
Other
Miners
9.5%
Source: ASA
The second half of 2013 witnessed less trading activity
within the portfolio as we identified fewer high-quality
investment opportunities. During the six months ended
November 30, 2013, we added to four existing positions
and reduced holdings in five positions. The additions
increased existing positions that we believed were under-
valued relative to their peers. The sales primarily reduced
positions that had become disproportionately large in the
portfolio as a result of relative out-performance. This
effectively rebalanced the portfolio while maintaining the
same investment strategy.
We remain confident in our current portfolio allocation
and believe that the changes made in the first half con-
tributed to the Company’s strong relative performance in
the second half of the 2013 fiscal year. As we anticipated
mid-year, the sector remained highly volatile throughout
2013 and we believe the sector is going to continue to
face challenges in the year ahead. ASA remains focused
on investing in what we believe are high-quality, long-
lived assets that should add value over time.
4
In late 2010, ASA created an investment subsidiary
with the intent of providing investment advisory services
to institutions and sub-advisory services to other, non-
competing funds. During the course of the last three
years, it became apparent that the demand for these
products was insufficient to continue this effort. The
decline in the demand for gold-related investment prod-
ucts, combined with potentially adverse tax regulations,
led management and the Board of Directors to close the
subsidiary in 2013.
Two of the Company’s directors, Mr. Michael Mead and
Mr. Phillip Goldstein, have informed the Board that they
will not stand for re-election this year. Both Mr. Mead and
Mr. Goldstein have been instrumental in guiding the
Company through the last few years and creating a
Board of Directors more responsive to shareholder inter-
ests. We appreciate the support and guidance of both
directors during their tenures. The Board of Directors has
nominated two new candidates for election as independ-
ent directors. Mr. Bruce Hansen and Ms. Mary Joan
Hoene will be considered by shareholders for election
this year and we encourage our shareholders to review
the proxy materials related to their qualifications.
As always, we appreciate the support from both the
Board of Directors and our shareholders over the past
year. We encourage shareholders to contact us with any
questions they may have either through the company
website at www.asaltd.com or by calling us directly at
1-800-432-3378.
David Christensen
President, Chief Executive Officer and Chief Investment
Officer
January 20, 2014
* * * * * *
Copies of financial reports for ASA Gold and Precious
Metals Limited, as well as its latest net asset value, may
be requested from ASA Gold and Precious Metals
Limited, 400 S. El Camino Real, Suite 710, San Mateo,
CA (650) 376-3135 or (800) 432-3378, and may be found
on the Company’s website (www.asaltd.com). We would
like to call to your attention the availability of the Dividend
Reinvestment and Stock Purchase Plan. See page 21 of
this report for information on how shareholders can par-
ticipate in this plan.
* * * * * *
The Annual General Meeting of Shareholders will be
held on Thursday, March 13, 2014 at 10:00 a.m. EST at
the offices of K&L Gates LLP, 599 Lexington Avenue,
32nd Floor, New York, New York, USA. We look forward
to your attendance.
* * * * * *
01_75845_ASA_AR 1/22/14 2:57 PM Page 5
Forward-Looking Statements
This shareholder letter includes forward-looking state-
ments within the meaning of U.S. federal securities laws
that are intended to be covered by the safe harbors cre-
ated thereunder. The Company’s actual performance or
results may differ from its beliefs, expectations, esti-
mates, goals and projections, and consequently,
investors should not rely on these forward-looking state-
ments as predictions of future events. Forward-looking
statements are not historical in nature and generally can
be identified by words such as “believe,” “anticipate,”
“estimate,” “expect,” “intend,” “should,” “may,” “will,”
“seek,” or similar expressions or their negative forms, or
by references to strategy, plans, goals or intentions. The
absence of these words or references does not mean
that the statements are not forward-looking. The
Company’s performance or results can fluctuate from
month to month depending on a variety of factors, a
number of which are beyond the Company’s control
and/or are difficult to predict, including without limitation:
the Company’s investment decisions, the performance
of the securities in its investment portfolio, economic,
political, market and financial factors, and the prices of
gold, platinum and other precious minerals that may fluc-
tuate substantially over short periods of time. The
Company may or may not revise, correct or update the
forward-looking statements as a result of new informa-
tion, future events or otherwise.
The Company concentrates its investments in the gold
and precious minerals sector. This sector may be more
volatile than other industries and may be affected by
movements in commodity prices triggered by interna-
tional monetary and political developments. The
Company is a non-diversified fund and, as such, may
invest in few er investments than that of a diversified port-
folio. The Company may invest in smaller-sized compa-
nies that may be more volatile and less liquid than larger
more established companies. Investments in foreign
securities, especially those in the emerging markets, may
involve increased risk as well as exposure to currency
fluctuations. Shares of closed-end funds frequently trade
at a discount to net asset value. All performance informa-
tion reflects past performance and is presented on a total
return basis. Past performance is no guarantee of future
results. Current performance may differ from the perform-
ance shown.
This shareholder letter does not constitute an offer to
sell or solicitation of an offer to buy any securities.
5
01_75845_ASA_AR 1/22/14 2:57 PM Page 6
Certain Investment Policies and Restrictions (unaudited)
The following is a summary of certain of the Company’s
investment policies and restrictions and is subject to the
more complete statements contained in documents filed
with the Securities and Exchange Commission.
The Concentration of Investments in a Particular
Industry or Group of Industries. It is a fundamental pol-
icy (i.e., a policy that may be changed only by shareholder
vote) of the Company that at least 80% of its total assets
be (i) invested in common shares or securities convertible
into common shares of companies engaged, directly or
indirectly, in the exploration, mining or processing of gold,
silver, platinum, diamonds or other precious minerals,
(ii) held as bullion or other direct forms of gold, silver, plat-
inum or other precious minerals, (iii) invested in instru-
ments representing interests in gold, silver, platinum or
other precious minerals such as certificates of deposit
therefor, and/or (iv) invested in securities of investment
companies, including exchange traded funds, or other
securities that seek to replicate the price movement of
gold, silver or platinum bullion. Compliance with the per-
centage limitation relating to the concentration of the
Company’s investments will be measured at the time of
investment.
If investment opportunities deemed by the Company to
be attractive are not available in the types of securities
referred to in the preceding paragraph, the Company
may deviate from the investment policy outlined in that
paragraph and make temporary investments of unlimited
amounts in securities issued by the U.S. Government, its
agencies or instrumentalities or other high quality money
market instruments.
The Percentage of Voting Securities of any One
Issuer that the Company May Acquire. It is a non-fun-
damental policy (i.e., a policy that may be changed by the
Board of Directors) of the Company that the Company
shall not purchase a security if, at the time of purchase,
more than 20% of the value of its total assets would be
invested in securities of the issuer of such security.
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders
ASA Gold and Precious Metals Limited
We have audited the accompanying consolidated state-
ment of assets and liabilities of ASA Gold and Precious
Metals Limited (the “Company”) including the schedule of
investments, as of November 30, 2013 and 2012, and the
related consolidated statement of operations, the consol-
idated statement of changes in net assets, and the finan-
cial highlights for each of the two years in the period then
ended. These financial statements and financial highlights
are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
Other auditors have previously audited, in accordance
with the standards of the Public Company Accounting
Oversight Board, the financial highlights for each of the
three years in the period ended November 30, 2011, and
in their report, dated January 24, 2012, they expressed
an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the stan-
dards of the Public Company Accounting Oversight
Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements and financial
highlights are free of material misstatement. The
Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial
reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing
audit procedures that are appropriate in the circum-
6
stances, but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control
over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles
used and significant estimates made by management, as
well as evaluating the overall financial statement presen-
tation. Our procedures included confirmation of securities
owned as of November 30, 2013, by correspondence
with the custodian. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of the Company, as of
November 30, 2013 and 2012, and the results of its oper-
ations, the changes in its net assets, and the financial
highlights for each of the two years in the period then
ended, in conformity with accounting principles generally
accepted in the United States of America.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
January 20, 2014
01_75845_ASA_AR 1/22/14 2:57 PM Page 7
Consolidated Schedules of Investments
November 30, 2013 and November 30, 2012
2013 2012
_______________________________ __________________________________
Shares/ Percent Shares/ Percent
Principal of Net Principal of Net
Name of Company Amount Value Assets Amount Value Assets
Common Shares
Gold and Silver Investments
Gold mining, exploration, development and royalty companies
Australia
CGA Mining Limited, (1) — $ — 0.0% 1,343,700
Newcrest Mining Limited, (2) 1,315,000 9,389,100 3.8 1,315,000 34,847,500 7.5
Silver Lake Resources Limited, (1) 3,300,000 1,397,469 0.6 1,550,000 5,608,700 1.2
$ 3,364,655 0.7%
10,786,569 4.3 43,820,855 9.4
Canada
Agnico Eagle Mines Limited 429,300 11,716,270 4.7 479,300 26,744,940 5.7
Alacer Gold Corp., (3) 918,200 1,842,455 0.7 1,343,400 6,106,364 1.3
Argonaut Gold Inc., (1) 430,000 2,272,539 0.9 — — —
B2Gold Corp., (1) 994,338 2,079,539 0.8 — — —
Barrick Gold Corporation 1,400,000 23,225,624 9.3 1,250,000 43,162,500 9.3
Belo Sun Mining Corp., (1) 2,600,000 1,028,733 0.4 2,000,000 3,459,372 0.7
Centerra Gold Inc. 625,000 1,872,350 0.7 625,000 5,600,111 1.2
Detour Gold Corporation, (1) 250,000 972,680 0.4 250,000 6,184,634 1.3
Eldorado Gold Corporation 650,000 3,906,736 1.6 650,000 9,412,000 2.0
Franco-Nevada Corporation 225,000 9,031,795 3.6 225,000 12,720,736 2.7
Goldcorp Inc. 982,400 21,887,668 8.7 1,182,400 45,758,880 9.8
IAMGOLD Corporation — — — 600,000 7,098,000 1.5
Kinross Gold Corporation 1,000,000 4,700,895 1.9 1,325,000 13,356,001 2.9
New Gold Inc., (1) 600,000 3,114,461 1.2 — — —
Osisko Mining Corporation, (1) 1,292,400 5,271,872 2.1 1,292,400 10,527,393 2.3
Torex Gold Resources Inc., (1) 2,150,000 1,924,164 0.8 — — —
West Kirkland Mining Inc., (1)(4) 909,091 94,206 0.0 909,091 210,268 0.0
94,941,987 37.9 190,341,199 40.8
Channel Islands
Randgold Resources Limited – ADRs 397,200 28,101,900 11.2 444,700 47,742,992 10.2
Peru
Compañia de Minas Buenaventura S.A.A. – ADRs 849,000 10,018,200 4.0 909,000 29,787,930 6.4
South Africa
AngloGold Ashanti Limited 593,194 8,061,506 3.2 593,194 18,371,218 3.9
Gold Fields Limited 1,029,577 4,128,604 1.6 1,029,577 12,643,206 2.7
Harmony Gold Mining Company Limited 400,000 1,140,000 0.5 400,000 3,124,000 0.7
Sibanye Gold Limited 1,029,577 1,274,102 0.5 — — —
14,604,212 5.8 34,138,424 7.3
United States
Newmont Mining Corporation 620,368 15,403,737 6.2 620,368 29,213,129 6.3
Royal Gold, Inc. 210,000 9,468,900 3.8 210,000 16,959,600 3.6
24,872,637 9.9 46,172,729 9.9
Total gold mining, exploration, development and
royalty companies (Cost $222,163,184 – 2013,
$234,686,320 – 2012) 183,325,506 73.2 392,004,129 84.0
Silver mining, exploration and development companies
Canada
Tahoe Resources Inc., (1) 833,200 14,725,230 5.9 923,200 16,423,379 3.5
Total silver mining, exploration and development companies
(Cost $5,889,981 – 2013, $6,709,422 – 2012) 14,725,230 5.9 16,423,379 3.5
Total gold and silver investments (Cost $228,053,165 – 2013,
$241,395,742 - 2012) 198,050,736 79.1 408,427,508 87.6
7
01_75845_ASA_AR 1/22/14 2:57 PM Page 8
Consolidated Schedules of Investments (continued)
November 30, 2013 and November 30, 2012
2013 2012
_______________________________ ________________________________
Shares/ Percent Shares/ Percent
Principal of Net Principal of Net
Name of Company Amount Value Assets Amount Value Assets
Platinum and Palladium Investments
Platinum and palladium mining companies
South Africa
Anglo American Platinum Limited, (5) 220,100
Impala Platinum Holdings Limited 772,400 8,978,305 3.6 772,400 12,541,269 2.7
$ 8,719,188 3.5% 220,100
$ 9,666,187 2.1%
17,697,493 7.1 22,207,456 4.8
Exchange traded funds
ETFS Palladium Trust, (1) 70,000 4,911,200 2.0 40,000 2,689,000 0.6
ETFS Platinum Trust, (1) 22,500 3,003,300 1.2 10,000 1,574,400 0.3
7,914,500 3.2 4,263,400 0.9
Total platinum and palladium investments
(Cost $8,733,391 – 2013, $4,887,121 – 2012) 25,611,993 10.2 26,470,856 5.7
Diamond Mining, Exploration and Development Companies
Canada
Stornoway Diamond Corporation, (1) 1,639,500 1,189,275 0.5 1,639,500 873,828 0.2
Total diamond mining, exploration and development
companies (Cost $3,928,898 – 2013 & 2012) 1,189,275 0.5 873,828 0.2
Diversified Mineral Resources Companies
Canada
NovaCopper Inc., (1) 205,861 407,262 0.2 205,861 411,722 0.1
United Kingdom
Anglo American plc 200,000 4,416,086 1.8 264,800 7,346,220 1.6
United States
Freeport-McMoRan Copper & Gold Inc. 550,000 19,079,500 7.6 400,000 15,604,000 3.3
Total diversified mineral resources companies
(Cost $19,991,927 – 2013, $15,537,363 – 2012) 23,902,848 9.5 23,361,942 5.0
Total common shares
(Cost $260,707,381 – 2013, $265,749,124 – 2012) 248,754,852 99.4 459,134,134 98.4
Total investments
(Cost $260,707,381 – 2013, $265,749,124 – 2012), (6) 248,754,852 99.4 459,134,134 98.4
Cash, receivables, and other assets less liabilities 1,592,248 0.6 7,358,519 1.6
Net assets
$250,347,100 100.0%
$466,492,653 100.0%
(1) Non-income producing security.
(2) Newcrest Mining Limited ADRs at 2012.
(3) Non-income producing security – November 30, 2012 only.
(4) Restricted security.
(5) Non-income producing security – November 30, 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 November 30, 2013 were
$76,889,441 and $88,841,970, respectively, resulting in net unrealized depreciation on investments of ($11,952,529). Gross unrealized
appreciation of investments and gross unrealized depreciation of investments at November 30, 2012 were $223,693,176 and $30,308,167,
respectively, resulting in net unrealized appreciation on investments of $193,385,009.
ADR – American Depository Receipt
Percentage totals may not equal 100% due to independent rounding.
The notes to consolidated financial statements form an integral part of these statements.
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01_75845_ASA_AR 1/22/14 2:57 PM Page 9
Portfolio Statistics (unaudited)
November 30, 2013 and November 30, 2012
Geographic Breakdown* 2013 2012
Australia 4.3% 9.4%
Canada 44.4% 44.6%
Channel Islands 11.2% 10.2%
Peru 4.0% 6.4%
South Africa 12.9% 12.1%
United Kingdom 1.8% 1.6%
United States 20.7% 14.2%
Net Liquid Assets 0.6% 1.6%
______ ______
100.0% 100.0%
* Geographic breakdown is based on each company’s domicile and is expressed
as a percentage of total net assets including cash.
Percentage totals may not equal 100.0% due to independent rounding.
Principal Portfolio Changes in Shares for the Years Ended (unaudited)
2013 2012
November 30, 2013 and November 30, 2012 Increase Decrease Increase Decrease
Agnico Eagle Mines Limited 50,000 4,300
Alacer Gold Corp. 425,200
Anglo American Platinum Limited 125,000
Anglo American plc 64,800 150,000
AngloGold Ashanti Limited 200,000
Argonaut Gold Inc. 430,000
B2Gold Corp. (1) 994,338
Barrick Gold Corporation 150,000
Belo Sun Mining Corp. 600,000 2,000,000
Compañia de Minas Buenaventura S.A.A. – ADRs 60,000
Centamin plc 3,250,000
Centerra Gold Inc. 300,000
CGA Mining Limited (1) 1,343,700 1,343,700
ETFS Palladium Trust 30,000
ETFS Platinum Trust 12,500
Franco-Nevada Corporation 100,000
Freeport-McMoRan Copper & Gold Inc. 150,000 300,000
Gold Fields Limited 600,000
Goldcorp Inc. 200,000 100,000
Harmony Gold Mining Company Limited 150,000
IAMGOLD Corp. 600,000
Impala Platinum Holdings Limited 550,000
Kinross Gold Corporation 325,000
Lake Shore Gold Corporation 1,500,000
Lonmin Plc – ADRs 189,700
New Gold Inc. 600,000
Newcrest Mining Limited – ADRs 250,000
Newmont Mining Corporation 100,000
NovaCopper Inc. (2) 205,861
NovaGold Resources Inc. 1,735,168
Osisko Mining Corporation 1,042,400
Randgold Resources Limited – ADRs 47,500 50,000
Sibanye Gold Limited (2) 1,029,577
Silver Lake Resources Limited 1,750,000 450,000
Tahoe Resources Inc. 90,000
Torex Gold Resources Inc. 2,150,000
West Kirkland Gold Mining Inc., C$1.50 Warrants, 11/22/2012 (3) 454,545
(1) B2Gold Corp. acquired CGA Mining Limited February 6, 2013 for 0.74 B2Gold share per 1 CGA share.
(2) Positions received as a result of reorganization.
(3) Restricted security.
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01_75845_ASA_AR 1/22/14 2:57 PM Page 10
Consolidated Statements of Assets and Liabilities
November 30, 2013 and 2012
2013 2012
Assets
Investments, at value
Cost $260,707,381 in 2013
$265,749,124 in 2012
$459,134,134
Cash & cash equivalents 3,030,644 8,246,122
Dividends receivable 132,051 480,885
Due from third party 62,000 —
Other assets 162,571 151,925
$248,754,852
Total assets
Liabilities
$ 252,142,118
$468,013,066
Accrued affiliate expenses
$ 740,457
Accounts payable and accrued liabilities 355,029 147,530
Liability for retirement benefits due to current and future retired directors 613,580 632,426
$ 826,409
Total liabilities
Net assets
Common shares $1 par value
$ 1,795,018
$250,347,100
$ 1,520,413
$466,492,653
Authorized: 40,000,000 shares
Issued and Outstanding: 19,289,905 shares
$ 19,289,905
Share premium (capital surplus) 1,372,500 1,372,500
Undistributed net investment income 17,281,605 20,382,825
Undistributed net realized gain from investments 335,795,742 343,202,471
Undistributed net realized (loss) from foreign currency transactions (111,440,123) (111,139,960)
Net unrealized appreciation (depreciation) on investments (11,952,529) 193,385,010
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency — (98)
$ 19,289,905
Net assets
Net asset value per share
$250,347,100
$ 12.98
$466,492,653
$ 24.18
The closing price of the Company’s shares on the New York Stock Exchange was $12.78 and $22.00 on November 30, 2013 and 2012, respectively.
The notes to consolidated financial statements form an integral part of these statements.
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Consolidated Statements of Operations
For the years ended November 30, 2013 and 2012
2013 2012
Investment income
Dividend income (net of foreign withholding taxes of $1,367,692 and $1,078,549,
$ 5,746,005
respectively, and ADR fees of $28,619 and $63,084, respectively)
Interest income 5,602 8,498
$ 4,446,183
Total investment income
4,451,785
5,754,503
Expenses
Shareholder reports and proxy expenses 128,449 125,402
Directors’ fees and expenses 265,643 272,682
Retired directors’ fees 90,000 90,000
Investment research 876,044 886,383
Administration and operations 1,456,800 1,581,144
Fund accounting 160,826 169,676
Transfer agent, registrar and custodian 163,972 128,144
Legal fees 673,479 385,203
Audit fees 57,000 54,550
Professional fees – other 3,000 300
Insurance 143,589 155,769
Dues and listing fees 25,000 25,000
Adviser operating expenses 53,193 185,071
Other 2,673 3,403
Total expenses
Less – reduction in retirement benefits due to directors
Net expenses
Net investment income (loss)
4,099,668
(18,846)
4,080,822
370,963
4,062,727
(29,759)
4,032,968
1,721,535
Net realized and unrealized gain (loss) from investments and foreign currency transactions
Net realized gain (loss) from investments
Proceeds from sales 23,043,920 67,213,881
Cost of securities sold 30,450,649 27,533,266
Net realized gain (loss) from investments
(7,406,729)
39,680,615
Net realized income (loss) from foreign currency transactions
Investments (305,502) (2,754,689)
Foreign currency 5,339 (14,451)
Net realized gain (loss) from foreign currency transactions
(300,163)
(2,769,140)
Net increase (decrease) in unrealized appreciation on investments
Balance, beginning of period 193,385,010 384,272,197
Balance, end of period (11,952,529) 193,385,010
Net increase (decrease) in unrealized appreciation on investments
(205,337,539)
Net unrealized gain (loss) on translation of assets and liabilities in foreign currency
98
Net realized and unrealized gain (loss) from investments and foreign currency transactions (213,044,333)
(190,887,187)
(3,031)
(153,978,743)
Net increase (decrease) in net assets resulting from operations
$(212,673,370)
$(152,257,208)
The notes to consolidated financial statements form an integral part of these statements.
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01_75845_ASA_AR 1/22/14 2:57 PM Page 12
Consolidated Statements of Changes in Net Assets
For the years ended November 30, 2013 and 2012
2013 2012
Net investment income (loss)
$ 1,721,535
Net realized gain (loss) from investments (7,406,729) 39,680,615
Net realized gain (loss) from foreign currency transactions (300,163) (2,769,140)
Net increase (decrease) in unrealized appreciation on investments (205,337,539) (190,887,187)
Net increase in unrealized gain (loss) on translation of assets
$ 370,963
and liabilities in foreign currency
Net increase (decrease) in net assets resulting from operations
98
(212,673,370)
(3,031)
(152,257,208)
Dividends paid/payable
From net investment income (3,472,183) (1,721,535)
(5,608,629)
From net realized gain from investments
—
Net increase (decrease) in net assets (216,145,553) (159,587,372)
626,080,025
Net assets, beginning of period
466,492,653
Net assets, end of period (including undistributed net investment income of
$17,281,605 in 2013 and $20,382,825 in 2012)
$250,347,100
$466,492,653
The notes to consolidated financial statements form an integral part of these statements.
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Notes to Consolidated Financial Statements
Years ended November 30, 2013 and 2012
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 Company is
a closed-end management investment 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 sub-
sidiary, 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 secu-
rities; 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 November 30, 2013 and November 30, 2012, the Company held investments in restricted securities of 0.04% and
0.05% of net assets, respectively, valued in accordance with procedures approved by the Company’s Board of
Directors as follows:
Value
Shares Cost Issuer Per Unit Value Acquisition Date
909,091 $1,008,370 West Kirkland Mining, Inc. $0.10 $94,206 11/22/2011
Restricted Securities
November 30, 2013
Restricted Securities
November 30, 2012
Value
Shares Cost Issuer Per Unit Value Acquisition Date
909,091 $1,008,370 West Kirkland Mining, Inc. $0.23 $210,268 11/22/2011
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 hier-
archy 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.
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Notes to Consolidated Financial Statements (continued)
Years ended November 30, 2013 and 2012
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 November 30, 2013 and November 30, 2012 in valuing the
Company’s investments at fair value:
Investment in Securities
Measurements at November 30, 2013
Description (1) Level 1 Level 2 Level 3 Total
______ ______ ______ ____
Common Shares
Gold and silver investments $173,963,218 $24,087,518 $ — $198,050,736
Platinum and palladium investments 25,611,993 — — 25,611,993
Diamond mining, exploration and
development companies 1,189,275 — — 1,189,275
Diversified mineral resources companies 19,486,762 4,416,086 — 23,902,848
___________ ___________ ___________ ___________
Total $220,251,247 $28,503,605 $ — $248,754,852
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Transfers into and out of levels are recognized at the end of the period. There were transfers into and out of Level 1
and Level 2, and no transfers into and out of Level 3 at November 30, 2013.
Transfers into and out of each level of the investments in securities at November 30, 2013 are as follows:
Transfers Transfers Transfers Transfers
into Level 1 out of Level 1 into Level 2 out of Level 2
__________ ____________ __________ ____________
—
__________ ___________ __________ __________
Total $ — $(9,389,100) $9,389,100 $ —
__________ ___________ __________ __________
__________ ___________ __________ __________
— $(9,389,100) $9,389,100 $
Newcrest Mining Limited $
(1) See consolidated schedules of investments for country classifications.
Investment in Securities
Measurements at November 30, 2012
Description (1) Level 1 Level 2 Level 3 Total
______ ______ ______ ____
Common Shares
Gold and silver investments $374,078,816 $34,348,692 $ — $408,427,508
Platinum and palladium investments 26,470,856 — — 26,470,856
Diamond mining, exploration and
development companies 873,828 — — 873,828
Diversified mineral resources companies 16,015,722 7,346,220 — 23,361,942
___________ ___________ ___________ ___________
Total $417,439,222 $41,694,912 $ — $459,134,134
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
(1) See consolidated schedules of investments for country classifications.
D. Cash and Cash Equivalents
The Company considers all money market and all highly liquid temporary cash investments purchased with an original
maturity of less than three months to be cash equivalents. The majority of the Company’s cash and cash equivalents
at November 30, 2013 and 2012 consisted of overnight deposit of excess funds in a commercial paper sweep instru-
ment issued by JPMorgan Chase & Co.
E. Foreign Currency Translation
Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the rate of exchange reported one hour after the Valuation Time. Purchases and sales of investment secu-
rities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the
respective dates of such transactions. The resulting net foreign currency gain or loss is included in the consolidated
statements of operations.
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Notes to Consolidated Financial Statements (continued)
Years ended November 30, 2013 and 2012
F. Securities Transactions and Investment Income
During the year ended November 30, 2013, sales and purchases of portfolio securities (other than temporary short-
term investments) amounted to $23,043,920 and $25,714,403 respectively. During the year ended November 30,
2012, sales and purchases of portfolio securities (other than temporary short-term investments) amounted to
$67,213,881 and $57,699,846, respectively.
Dividend income is recorded on the ex-dividend date, net of withholding taxes or ADR fees, if any. Interest income is
recognized on the accrual basis.
G. Dividends to Shareholders
Dividends to shareholders are recorded on the ex-dividend date. The reporting for financial statement purposes of
dividends paid from net investment income or net realized gains may differ from their ultimate reporting for U.S. federal
income tax purposes. The differences are caused primarily by the separate line item reporting for financial statement
purposes of foreign exchange gains or losses.
H. Use of Estimates
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.
Actual results could differ from those estimates.
I. Basis of Presentation
The consolidated financial statements are presented in U.S. dollars.
J. Income Taxes
In accordance with U.S. GAAP requirements regarding accounting for uncertainties on income taxes, management
has analyzed the Company’s tax positions taken on federal and state income tax returns, as applicable, for all open
tax years (2010 – 2013). As of November 30, 2013 and November 30, 2012, the Company has not recorded any
unrecognized tax benefits. The Company’s policy, if it had unrecognized benefits, is to recognize accrued interest and
penalties in operating expenses.
3. Tax status of the Company The Company is a passive foreign investment company (PFIC) and is not subject to
Bermuda tax as an exempted limited liability company organized under the laws of Bermuda. Nor is the Company
generally subject to U.S. federal income tax, since it is a non-U.S. corporation whose only business activities in the
United States is trading in stocks or securities for its own account; and under the U.S. federal tax law that activity does
not constitute a trade or business within the United States, even if its principal office is located therein. As a result, its
gross income is not subject to U.S. federal income tax, though certain types of income it earns from U.S. sources
(such as dividends of U.S. payors) are subject to withholding tax.
On September 23, 2013, ASA Gold and Precious Metals Advisers, LLC was discontinued as an investment adviser in
the state of California. The Adviser filed its final federal and state tax returns on November 22, 2013.
4. Exemptive order The Company is a closed-end investment company and operates pursuant to an exemptive
order issued by the SEC pursuant to Section 7(d) of the 1940 Act (the “Order”). The Order was originally condi-
tioned upon, among other things, the Company complying with certain more requirements relating to the custody
of assets and settlement of securities transactions outside of the United States than those required of other reg-
istered investment companies. These conditions made it more difficult for the Company to implement a flexible
investment strategy and to fully achieve its desired portfolio diversification than if it were not subject to such require-
ments. On June 18, 2013, the SEC issued an order that amended certain conditions contained in the Company’s
then-existing exemptive order, most notably, the Company’s ability to hold assets and settle trades in Canada,
Australia, the United Kingdom, the United States, South Africa and Hong Kong (text of relief granted is available
at: http://www.sec.gov/Archives/edgar/data/1230869/999999999713009907/filename1.pdf).
5. Retirement plans The Company has recorded a liability for retirement benefits due to retired directors and one
current director upon retirement. The liability for these benefits at November 30, 2013 and 2012 was $613,580 and
$632,426, respectively. A director whose first election to the Board of Directors was prior to January 1, 2008 qualifies
to receive retirement benefits if he has served the Company (and any of its predecessors) for at least twelve years
prior to retirement. Directors first elected on or after January 1, 2008 are not eligible to participate in the plan.
6. Concentration risk The Company invests at least 80% of its total assets in securities of companies engaged,
directly or indirectly, in the exploration, mining or processing of gold or other precious minerals. The Company also
invests a substantial portion of its assets in companies that are domiciled and/or have operations outside of the United
States, including emerging market countries, such as South Africa. The Company is, therefore, subject to gold and
precious metals related risk as well as risk related to investing in foreign securities, including political, economic, reg-
ulatory, liquidity, currency fluctuation, and foreign exchange risks. The Company currently is invested in a limited num-
ber of securities and thus, holds large positions in certain securities. Because the Company’s investments are
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Notes to Consolidated Financial Statements (continued)
Years ended November 30, 2013 and 2012
concentrated in a limited number of securities of companies involved in the holding or mining of gold and other precious
minerals and related activities, the net asset value of the Company may be subject to greater volatility than that of a
more broadly diversified investment company.
7. Indemnifications In the ordinary course of business, the Company enters into contracts that contain a variety of
indemnification provisions. The Company’s maximum exposure under these arrangements is unknown.
8. Investment adviser subsidiary On July 23, 2010, the SEC granted the Company no-action relief to organize a
wholly-owned investment adviser subsidiary. In reliance on such relief, the Company established the Adviser as a
Delaware limited liability company on December 8, 2010.
The Company incurred allocated expenses of $53,193 and $185,071, respectively, for the administration and opera-
tions of the Adviser during the years ended November 30, 2013 and November 30, 2012, which are reflected in
“Expenses” on the Consolidated Statement of Operations.
On September 23, 2013, the Adviser filed Form ADV-W with the SEC to request termination as a State Registered
Investment Adviser. During the fourth quarter of 2013, certificates of cancellation were filed with the State of Delaware
and the State of California.
9. Compensation matters For the years ended November 30, 2013 and November 30, 2012, the aggregate remu-
neration paid to the Company’s officers was $1,344,195 and $1,584,808, respectively. In addition, $712,558 and
$559,675, respectively was accrued for bonuses to the Company’s officers and employees. The aggregate remuner-
ation paid to the Company’s directors was $225,000 and $214,000, respectively.
In 2012, the Company paid $232,506 pursuant to a mutual separation agreement with former General Counsel, Chief
Compliance Officer and Secretary Steven Schantz.
10. Operating lease commitment In November 2012, the Company extended its current lease and entered into an
additional five-year operating lease agreement in San Mateo, CA for approximately 2,500 square feet to be used as
office space for its employees. The lease provides for future minimum rental payments in the aggregate amount of
$526,204 as of November 30, 2013. The lease contains escalation clauses relating to the tenant’s share of insurance,
operating expenses and tax expenses of the lessor.
Future minimum rental commitments under the lease are as follows:
12/1/13 – 2/28/14 $ 28,852
03/1/14 – 2/28/15 118,880
03/1/15 – 2/28/16 122,452
03/1/16 – 2/28/17 126,124
03/1/17 – 2/28/18 129,896
________
Total $526,204
________
________
11. Share repurchase The Company may from time to time purchase its common shares at a discount to NAV on the
open market in such amounts and at such prices as the Company may deem advisable.
The Company had 19,289,905 shares outstanding as of November 30, 2013 and November 30, 2012. There were no
repurchases during the year ended November 30, 2013.
12. Pending litigation On September 30, 2013, a lawsuit was filed against the Company by Firsthand Technology
Value Fund, Inc. in California Superior Court. Plaintiff alleges, among other things, intentional interference with con-
tractual relations and unfair competition in violation of the California business and professions code.
The Company believes the lawsuit is without merit and is defending against it vigorously. At this time, the Company
does not believe that the expenditures related to the lawsuit will have a material impact on the Company’s NAV or
operations. Management continues to monitor these expenditures closely.
13. New accounting pronouncements In December 2011, the Financial Accounting Standards Board (FASB) issued
Accounting Standards Update (ASU) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets
and Liabilities. The amendments in the ASU enhance disclosures about offsetting of financial assets and liabilities to
enable investors to understand the effect of these arrangements on a fund’s financial position. In January 2013, FASB
issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and
Liabilities. The amendments in ASU No. 2013-01 clarify the intended scope of disclosures required by ASU No. 2011-11.
These ASUs are effective for interim and annual reporting periods beginning on or after January 1, 2013. The Company
does not believe the adoption of these ASUs will have a material impact on its financial statements.
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Notes to Consolidated Financial Statements (continued)
Years ended November 30, 2013 and 2012
14. Subsequent events In accordance with U.S. GAAP provisions, management has evaluated the possibility of sub-
sequent events existing in the Company’s consolidated financial statements through the date the consolidated financial
statements were issued. Management believes that there are no material events that would require disclosure.
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Financial Highlights
Year ended November 30
2013 2012 2011 2010 (1) 2009 (1)
Per share operating performance (2)
Net asset value, beginning of year $ 24.18 $ 32.46 $ 34.45 $ 29.85 $ 15.79
Net investment income (loss) 0.02 0.09 0.11 (0.01) (0.01)
Net realized gain (loss) from investments (0.38) 2.06 1.17 2.17 3.33
Net realized gain (loss) from foreign currency transactions (0.02) (0.15) — (0.04) (0.26)
Net increase (decrease) in unrealized appreciation
on investments (10.64) (9.90) (2.93) 2.82 11.21
Net unrealized income (loss) on translation of
assets and liabilities in foreign currency — — — — —
Net increase (decrease) in net assets resulting
from operations (11.02) (7.90) (1.65) 4.94 14.27
Dividends
From net investment income (0.18) (0.09) (0.18) (0.02) (0.03)
From net realized gain on investments — (0.29) (0.18) (0.32) (0.43)
Capital share transactions:
Effect of tender offer / share repurchase — — 0.02 — 0.25
Net asset value, end of year $ 12.98 $ 24.18 $ 32.46 $ 34.45 $ 29.85
Market value, end of year $ 12.78 $ 22.00 $ 28.85 $ 33.87 $ 26.52
Total investment return
Based on market price (3) (41.07%) (22.43%) (13.73%) 29.09% 101.15%
Based on net asset value (4) (45.56%) (24.20%) (4.57%) 16.61% 101.97%
Ratio of average net assets
Expenses (5)(6) 1.21% 0.78% 0.60% 0.89% 0.81%
Net investment income (loss) 0.11% 0.33% 0.31% (0.03%) (0.06%)
Supplemental data
Net assets, end of year (000 omitted) $250,347 $466,493 $626,080 $669,633 $580,355
Portfolio turnover rate 6.91% 11.24% 5.56% 10.46% 7.93%
Shares outstanding (000 omitted) 19,290 19,290 19,290 19,440 21,240
(1) Per share amounts and shares outstanding or weighted average shares have been restated to reflect a 3-for-1 stock split that occurred in May
2010.
(2) Per share amounts from operations have been calculated using the average shares method.
(3) Total investment return is calculated assuming a purchase of common shares at the current market price at close the day before and a sale at
the current market price on the last day of each year reported. Dividends are assumed, for purposes of this calculation, to be reinvested at prices
obtained under the Company’s dividend reinvestment plan.
(4) Total investment return is calculated assuming a purchase of common shares at the current net asset value at close the day before and a sale
at the current net asset value on the last day of each year reported. Dividends are assumed, for purposes of this calculation, to be reinvested at
prices obtained under the Company’s dividend reinvestment plan.
(5) The reduction in retirement benefits due to directors reduced the ratio of expenses to average net assets in 2009 from 0.87% to 0.81%.
(6) “Adviser operating expenses” impacted the expense ratio by 0.02% and 0.04% during fiscal years 2013 and 2012, respectively.
The notes to consolidated financial statements form an integral part of these statements.
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Certain Tax Information for U.S. Shareholders(1)
The following is of a general nature only and is not,
and should not be interpreted as, legal or tax advice
to any particular U.S. shareholder of the Company.
Due to the complexity and potentially adverse effect
of the applicable tax rules summarized below, U.S.
shareholders are strongly urged to consult their own
tax advisors concerning the impact of these rules on
their investment in the Company and on their indi-
vidual situations.
Under rules enacted by the Tax Reform Act of 1986,
the Company became a “passive foreign investment
company” (a “PFIC”) on December 1, 1987. The manner
in which these rules apply depends on whether a U.S.
shareholder (1) elects to treat the Company as a qualified
electing fund (“QEF”) with respect to the shareholder’s
Company shares, (2) elects to “mark-to-market” those
shares as of the close of each taxable year, or (3) makes
neither election.
In general, if a U.S. shareholder of the Company does
not make either of those elections, any gain realized on
the disposition of his or her Company shares would be
treated as ordinary income. In addition, such a share-
holder would be subject to an “interest charge” on part of
his or her tax liability with respect to such gain as well as
with respect to an “excess distribution” made by the
Company (as explained in the following paragraph).
Furthermore, shares held by such a shareholder might
be denied the benefit of any otherwise applicable
increase in tax basis at death. Under proposed regula-
tions, a “disposition” would include a U.S. taxpayer’s
becoming a nonresident alien.
As noted, the general tax consequences described in
the preceding paragraph apply to an “excess distribution”
on Company shares, which means the total distributions
by the Company a shareholder receives during a taxable
year that are more than 125% of the average amount it
distributed for the three preceding taxable years.* If the
Company makes an excess distribution in a year, a U.S.
shareholder who has not made a QEF or mark-to-market
election would be required to allocate the excess amount
ratably over the entire holding period for his or her
shares. That allocation would result in tax being payable
(1) Excluding qualified retirement plans, individual retirement tax-
exempt U.S. shareholders.
* For example, the Company paid annual dividends (restated for the
3-for-1 stock split in May 2010) of $0.38, $0.36, and $0.34 per share
during 2012, 2011, and 2010, respectively, an average per year of
$0.36 per share. Because the dividends the Company paid during
2013, $0.18 per share, amounted to less than $0.45 per share (125%
of $0.36), no part of those dividends would be treated as an excess
distribution for that year. However, the Company has paid dividends in
prior years that were treated as “excess distributions.” (All amounts in
U.S. currency.)
** Because the Company is a PFIC, dividends it pays will not qualify
for the 15% and 20% maximum federal income tax rates on “qualified
dividend income” that individuals and certain other non-corporate
taxpayers receive and instead will be taxed at marginal rates up to
39.6%.
at the highest applicable rate in the prior taxable years to
which the distribution is allocated and interest charges
being imposed on the resulting “underpayment” of taxes
made in those years. In contrast, a distribution that is not
an excess distribution would be taxable to a U.S. share-
holder as a normal dividend,** with no interest charge.
If a U.S. shareholder elects to treat the Company as a
QEF for the first year in which the shareholder holds
Company shares, the rules described in the preceding
paragraphs generally would not apply. Those rules also
would not apply to a U.S. shareholder who makes the
QEF election after such first year and also elects to treat
his or her shares generally as if they were sold for their
fair market value on the first day of the first taxable year
of the Company for which the QEF election is effective,
in which event the gain from the “deemed sale” would be
treated as an excess distribution (and taxed as described
above). Instead, the electing U.S. shareholder would
include annually in gross income his or her pro rata share
of the Company’s ordinary earnings and net capital gain
(his “QEF inclusion”), regardless of whether such income
or gain was actually distributed. A U.S. shareholder who
makes a valid QEF election will recognize capital gain on
any profit from the actual sale of his or her shares if those
shares were held as capital assets.
Alternatively, if a U.S. shareholder makes a mark-to-
market election with respect to Company shares, the
shareholder would be required annually to report any
unrealized gain with respect to his or her shares as ordi-
nary income, and any unrealized loss would be permitted
as an ordinary loss, but only to the extent of previous
inclusions of ordinary income. Any gain subsequently
realized by an electing U.S. shareholder on a sale or
other disposition of his or her Company shares also
would be treated as ordinary income, but the shareholder
would not be subject to an interest charge on the result-
ing tax liability. Special rules apply to a U.S. shareholder
who held his or her PFIC stock prior to the shareholder’s
first taxable year for which the mark-to-market election
was effective.
A U.S. shareholder with a valid QEF election in effect
would not be taxed on any distributions paid by the
Company to the shareholder to the extent of any QEF
inclusions, but any distributions out of accumulated earn-
ings and profits in excess thereof would be treated as tax-
able dividends. Such a shareholder would increase the
tax basis in his or her Company shares by the amount of
any QEF inclusions and reduce such tax basis by any
distributions to the shareholder that are not taxable as
described in the preceding sentence. Special rules apply
to U.S. shareholders who make the QEF election and
wish to defer the payment of tax on their annual QEF
inclusions.
A QEF election is effective for a shareholder’s taxable
year and may not be revoked without the consent of the
Internal Revenue Service (“IRS”). A shareholder who first
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01_75845_ASA_AR 1/22/14 2:57 PM Page 20
held Company shares after November 30, 2012, and
who files his or her tax return on the basis of a calendar
year may make a QEF election on his or her 2013 fed-
eral income tax return. A shareholder who first held
Company shares on or before that date may also make
the QEF election on that return but should consult his or
her tax advisor concerning the tax consequences and
special rules that apply when a QEF election could have
been made with respect to the Company for an earlier
taxable year.
A QEF election must be made by the due date, with
extensions, of the federal income tax return for the tax-
able year for which the election is to apply. Under
Treasury regulations, a QEF election is made on IRS
Form 8621, which must be completed and attached to a
timely filed federal income tax return in which the share-
holder reports his or her QEF inclusion for the taxable
year to which the election applies. In order to enable U.S.
shareholders to make QEF elections and to comply with
the applicable annual reporting requirements, the
Company annually provides a “PFIC Annual Information
Statement” containing certain information required by
Treasury regulations.
In early 2014, the Company will send to U.S. share-
holders a PFIC Annual Information Statement for its 2013
taxable year. That statement may be used for purposes
of completing Form 8621. A shareholder who either is
subject to a prior QEF election or is making a QEF elec-
tion for the first time must attach a completed Form 8621
to his or her federal income tax return each year. Other
U.S. shareholders also must attach completed Forms
8621 to their federal income tax returns each year, but
shareholders not electing QEF treatment will not need to
report QEF inclusions thereon.
The Internal Revenue Code was amended in 2010 by
the addition of a new subsection (section 1298(f)) that
requires U.S. shareholders of a PFIC to file an annual
report containing information the IRS requires. The
Department of the Treasury and the IRS announced in
2010 that they intended to develop further guidance under
that section and in 2011 that they intended to issue regu-
lations thereunder and to release a revised Form 8621
modified to reflect the requirements thereof. They went on
to state that, pending the release of the revised form, the
new reporting requirement was suspended for PFIC
shareholders who or that are not otherwise required to file
Form 8621 as provided in the then-current instructions to
the existing form. PFIC shareholders with Form 8621
reporting obligations as provided in those instructions
(e.g., upon disposition of stock of a PFIC or with respect
to a QEF) must continue to file the current Form 8621 with
a return filed before the release of the revised form.
Information that Might Affect your 2013 Federal Income
Tax Filing. After the end of the fiscal year covered by
these financial statements (specifically, on December 30,
2013), the Treasury Department and the IRS promul-
gated temporary regulations providing, in general, that
PFIC shareholders are not required to file Form 8621
under section 1298(f) with respect to taxable years ended
before December 31, 2013—so the filing requirement
does apply for individuals and entities that have calendar
taxable years. Those regulations also set forth filing
requirements under that section, including the time and
manner of filing the form for taxable years ending on or
after that date, as well as complex rules for determining
who is required to file the form. U.S. shareholders of the
Company are urged to consult their tax advisors regard-
ing the application of these regulations to them.
Special rules apply to U.S. persons who hold Company
shares through intermediate entities or persons and to
U.S. shareholders who directly or indirectly pledge their
shares, including those in a margin account.
Ordinarily, the tax basis that is obtained by a transferee
of property on the property owner’s death is adjusted to
the property’s fair market value on the date of death (or
alternate valuation date) (“Fair Market Value”). If a U.S.
shareholder dies owning Company shares with respect
to which the shareholder did not elect QEF treatment (or
elected such treatment after the first taxable year in which
he or she owned shares in which the Company was a
PFIC and did not elect to recognize gain, as described
above), the transferee of those shares would not be enti-
tled to adjust the tax basis in such shares to their Fair
Market Value. In that case, in general, the transferee of
such shares would take a basis in the shares equal to the
shareholder’s basis therein immediately before death. If
a U.S. shareholder dies owning Company shares for
which a valid QEF election was in effect for all taxable
years in the shareholder’s holding period during which
the Company was a PFIC (or the shareholder made a
“deemed sale election”), then the basis increase gener-
ally would be available.
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01_75845_ASA_AR 1/22/14 2:57 PM Page 21
Dividend Reinvestment and Stock Purchase plan
Company,
Computershare
N.A.
Trust
(“Computershare”) has been authorized by the Company
to offer and administer the Computershare Investment
Plan, a direct stock purchase and dividend reinvestment
plan (“CIP”) to shareholders as well as new investors or
non-shareholders. Shareholders and new investors may
elect to participate in the CIP by signing an enrollment
form or by going to www.computer share.com/investor
and following the instructions. New investors or non
shareholders must include a minimum initial investment
of at least $500. Computershare as agent will apply to
the purchase of common shares of the Company in the
open market (i) all cash dividends (after deduction of the
service charge described below) that become payable to
such participant on the Company’s shares (including
shares registered in his or her name and shares accu-
mulated under the CIP) and (ii) any optional cash pur-
chases ($50 minimum, subject to an annual maximum of
$250,000) received from such participant.
For the purpose of making purchases, Computershare
will commingle each participant’s funds with those of all
other participants in the CIP. The price per share of shares
purchased for each participant’s account shall be the
weighted average price of all shares purchased in the
open market with the net funds available from a cash div-
idend and any voluntary cash purchases being invested.
Any stock dividends or split shares distributed on shares
held in the CIP will be credited to the participant’s account.
A one-time $10 enrollment fee to establish a new
account for a new investor or non-shareholder will be
deducted from the purchase amount. For each partici-
pant, each dividend reinvestment will entail a transaction
fee of 5% of the amount reinvested, up to a maximum of
$3.00 plus $0.03 per share purchased. Each optional
cash purchase by check or one-time online bank debit
will entail a transaction fee of $5 plus $0.03 per share
purchased. If a participant has funds automatically
deducted monthly from his or her savings or checking
Privacy Notice
account, for each debit the transaction fee is $2.50 plus
$0.03 per share purchased. Fees will be deducted from
the purchase amount. Each batch order sale will entail a
transaction fee of $15 plus $0.12 per share sold. Each
market order sale will entail a transaction fee of $25 plus
$0.12 per share sold. Fees are deducted from the pro-
ceeds derived from the sale. All per share fees include
any brokerage commissions Computershare is required
to pay. Additional fees are charged by Computer share for
specific shareholder requests such as copies of account
statements for prior years ($10 per year requested) and
a returned check and ACH reject fee of $25.
Participation in the CIP may be terminated by a partic-
ipant at any time by written, telephone or Internet instruc-
tions to Computershare. Upon termination, a participant
will receive a certificate for the whole number of shares
credited to his or her account, unless he or she requests
the sale of all or part of such shares. Dividends rein-
vested by a shareholder under the CIP will generally be
treated for U.S. federal income tax purposes in the same
manner as dividends paid to such shareholder in cash.
See “Certain tax information for U.S. shareholders” for
more information regarding tax consequences of an
investment in shares of the Company, including the effect
of the Company’s status as a PFIC. The amount of the
service charge is deductible for U.S. federal income tax
purposes, subject to limitations.
To participate in the CIP, shareholders may not hold
their shares in a “street name” brokerage account.
Additional information regarding the CIP may be ob -
tained from Computershare, P.O. Box 43078, Providence,
RI 02940-3078. Information may also be obtained on the
Internet at www.computershare.com/investor or by calling
Computer share’s Telephone Response Center at (781)
575-2879 between 9:00 a.m. and 5:00 p.m., Eastern time,
Monday through Friday.
The Company is committed to protecting the financial
privacy of its shareholders.
We do not share any nonpublic, personal information
that we may collect about shareholders with anyone,
including our affiliates, except to service and administer
shareholders’ share accounts, to process transactions,
to comply with shareholders’ requests of legal require-
ments or for other limited purposes permitted by law. For
example, the Company may disclose a shareholder’s
name, address, social security number and the number
of shares owned to its administrator, transfer agent or
other service providers in order to provide the share-
holder with proxy statements, tax reporting forms, annual
reports or other information about the Company. This pol-
icy applies to all of the Company’s shareholders and for-
mer shareholders.
We keep nonpublic personal information in a secure
environment. We restrict access to nonpublic personal
information to Company employees, agents and service
providers who have a need to know the information
based on their role in servicing or administering share-
holders’ accounts. The Company also maintains physical,
electronic and procedural safeguards to protect the con-
fidentiality of nonpublic personal information.
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01_75845_ASA_AR 1/22/14 2:57 PM Page 22
Results of Proposals Presented at the Annual General Meeting of Shareholders
The following votes were cast at the Annual General Meeting of Shareholders held on March 14, 2013:
Election of Directors
For Against Abstain
David Christensen 9,736,278 1,992,754 49,083
Gary Glynn 11,580,108 147,840 50,167
Phillip Goldstein 11,515,873 192,463 69,779
Michael Mead 11,582,336 145,905 49,874
Robert Pilkington 9,741,671 1,986,118 50,326
Appointment of Independent Registered Public Accounting Firm
For Against Abstain
Tait, Weller & Baker LLP 17,016,478 105,752 172,552
Form N-PX/Proxy Voting
The company files a list of its proxy votes with the SEC for the period of July 1 - June 30 of each year on Form N-PX. The
policies and procedures used by the Company to determine how to vote proxies relating to portfolio securities and information
regarding how the Company voted proxies relating to portfolio securities during the most recent twelve month period are available
on the Company’s website at www.asaltd.com and on the SEC’s website at www.sec.gov. A written copy of the Company’s policies
and procedures is available without charge, upon request, by calling (800) 432-3378.
Form N-Q/Portfolio Holdings
The Company files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year
on Form N-Q. The Company’s Forms N-Q are available on the SEC’s website at www.sec.gov. The Company’s Forms N-Q also
may be reviewed and copied at the Reference Room in Washington, D.C.; information on the operation of the Public Reference
Room may be obtained by calling 1-800-SEC-0330. The schedule of portfolio holdings on Form N-Q also is included in the
Company’s financial statements for the first and third quarters of each fiscal year which are available on the Company’s website
at www.asaltd.com.
Common Shares Repurchased
Notice is hereby given in accordance with Section 23(c) of the 1940 Act that the Company is authorized to purchase its common
shares in the open market if the discount to net asset value exceeds a certain threshold as determined by the Board of Directors
from time to time. The Company may purchase its common shares in such amounts and at such prices as the Company may deem
advisable. There can be no assurance that such action will reduce the discount. There were no repurchases during the year ended
November 30, 2013 or November 30, 2012. The Company had 19,289,905 shares outstanding on November 30, 2013.
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01_75845_ASA_AR 1/22/14 2:57 PM Page 23
Board of Directors and Officers
of ASA Gold and Precious
Metals Limited
Directors are elected at each annual general meeting of
shareholders to serve until the next annual general meeting.
The address of each director and officer is c/o ASA Gold and
Precious Metals Limited, 400 S. El Camino Real, Suite 710,
San Mateo, CA 94402.
Interested Director*
David Christensen (51)
Position held with the Company: President and Chief Executive
Officer since February 2009; Vice President Investments from
May 2007 to February 2009; Director since 2008; and Chief
Investment Officer since May 2010
Other Directorships held by Director: Director of Denver Gold
Group (non-profit industry association)
Independent Directors
Michael Mead (61)
Position held with the Company: Chairman (non-executive)
since 2011 ; Director since 2010
Principal occupation during prior years: Held investment
research and portfolio management positions from 1997 to his
retirement in 2008, (Director—Global Equities from 2004 to
2008) with the Howard Hughes Medical Institute Investment
Department which manages the Institute’s endowment.
Phillip Goldstein (68)
Position held with the Company: Deputy Chairman
(non-executive) since 2013; Director since 2008
Principal occupations during past 5 years: Principal of the
general partner of several investment partnership in the
Bulldog Investors group of private funds (“Bulldog Funds”)
from 1992 to 2012; Principal of Bulldog Holdings, LLC, the
owner of the general partners of the Bulldog Funds, since
2012; Principal of Bulldog Investors, LLC (f/k/a Brooklyn
Capital Management, LLC), a registered investment adviser
for the Bulldog Funds since 2009.
Other Directorships held by Director: Director of Mexico Equity
and Income Fund since 2000; Director of Special
Opportunities Fund since 2009; Director of MVC Capital, Inc.
since 2012, Chairman of Imperial Holdings, Inc. since 2012.
Other Officers
Rodney Yee (53)
Position held with the Company: Chief Operating Officer, Chief
Financial Officer, and Treasurer since September 2010
Other principal occupations during past 5 years: Chief Operating
Officer and Chief Compliance Officer for California Investment
Trust and affiliated companies from 2005 to 2010.
Sara Heston (34)
Position held with the Company: Vice President Investments
since December 2013; Analyst from January 2010 to
December 2013
Principal occupations during past 5 years: Analyst for White
River Investment Partners from 2006 to 2009.
* By reason of being an Officer of the Company
Gary Glynn (67)
Position held with the Company: Director since 2013
Principal occupations during past 5 years: President and
Chief Investment Officer of U.S. Steel and Carnegie
Pension Fund, 1985 – 2011.
Other Directorships held by Director: Director of Taiwan
Opportunities Fund Ltd. since 2012 and Trustee of
Steelworkers Pension Trust from 2009 – 2011.
Robert Pilkington (68)
Position held with the Company: Director since 2004 (ASA
Limited South Africa from 1979 to 2004)
Principal occupations during past 5 years: Investment
banker. Senior Adviser since November 2011 and prior
thereto was Managing Director of UBS Securities LLC.
Other Directorships held by Director: Director of Avocet
Mining PLC (gold mining company).
Deborah Djeu (51)
Position held with the Company: Chief Compliance Officer,
Chief Legal Officer, and Secretary since September 2012
Principal occupations during past 5 years: Chief Compliance
Officer—Mutual Funds and Risk Management Committee
Chair for Genworth Financial Wealth Management, Inc. from
2007 to 2012.
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01_75845_ASA_AR 1/22/14 2:57 PM Page 24
Other Information
Executive Office & Shareholder Services
400 S. El Camino Real, Suite 710
San Mateo, CA 94402 U.S.A.
(800) 432-3378
Registered Office
Canon’s Court
22 Victoria Street
Hamilton HM 12, Bermuda
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP, Philadelphia, PA, U.S.A.
Counsel
Appleby, Hamilton, Bermuda
K&L Gates LLP, Washington, DC, U.S.A.
Custodian
JPMorgan Chase Bank, N.A.
New York, NY, U.S.A.
Fund Accountants
Kaufman Rossin Fund Services, LLC
Miami, FL, U.S.A.
Transfer Agent
Computershare Trust Company, N.A.
480 Washington Boulevard, Jersey City, NJ 07310, U.S.A.
Website: www.asaltd.com
The Semi-annual and Annual Reports of the Company
and the latest valuation of net assets per share may be
viewed on the Company’s website or may be requested
from the Executive Office (800-432-3378). Shareholders
are reminded to notify Computershare of any change of
address.
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