# EDGAR Filing Document

**Accession Number:** 0001230869
**File Stem:** 0001049169-26-000150
**Filing Date:** 2026-2
**Character Count:** 37578
**Document Hash:** 0af1e8dafdf9785e3cea19175628bdeb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-000150.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001049169-26-000150

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**EFFECTIVENESS DATE**: 20260210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASA Gold & Precious Metals Ltd
- **CENTRAL INDEX KEY:** 0001230869

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21650
- **FILM NUMBER:** 26614759

**BUSINESS ADDRESS:**
- **STREET 1:** APEX FUND SERVICES
- **STREET 2:** THREE CANAL PLAZA
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101
- **BUSINESS PHONE:** 207-347-2000

**MAIL ADDRESS:**
- **STREET 1:** APEX FUND SERVICES
- **STREET 2:** THREE CANAL PLAZA
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASA LTD
- **DATE OF NAME CHANGE:** 20070301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASA BERMUDA LTD
- **DATE OF NAME CHANGE:** 20030505

## Internal

![](fp0097479-1_01.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders and Board of Directors**

**ASA Gold and Precious Metals Limited**

**Portland, Maine**

In planning and performing our audit of the financial statements of ASA Gold and Precious Metals Limited (the "Company") as of and for the year ended November 30, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered its internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, 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.

The management of the Company is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Such internal control includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the company's ability to initiate, authorize, record, process or report financial data reliably in accordance with accounting principles generally accepted in the United States of America such that there is more than a remote likelihood that a misstatement of the company's annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.

**Shareholders and Board of Directors**

**ASA Gold and Precious Metals Limited**

**Page Two**

Our consideration of the Company's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Company's internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of November 30, 2025.

This report is intended solely for the information and use of management, Shareholders and Board of Directors of the Company and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties.

---

| |
|:---|
| ![A close up of a text AI-generated content may be incorrect.](fp0097479-1_02.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania**

**January 29, 2026**

## Exempt

![](fp0097543-1_02.jpg)

February 6, 2026

Certification by the Chief Compliance Officer

SEC File No. 812-13877

In accordance with Condition 31 of the Notice of Application under section 7(d) of the Investment Company Act of 1940 dated May 22, 2013, for the order granted by the Securities and Exchange Commission to permit ASA Gold and Precious Metals Limited ("ASA") to make changes to its custodial arrangements without prior Commission approval, hold assets and conduct certain securities transactions in specified foreign countries, as well as permit the Company and certain other persons to designate CT Corporation System in the US to accept service of process, I hereby certify pursuant to item G.1a.v. of Form N-CEN that the Company and its Board have established procedures reasonably designed to achieve compliance with Conditions 22, 25 and 26 regarding the location of ASA's assets.

By

![](fp0097543-1_03.jpg)

Patrick J. Keniston

Chief Compliance Officer

190 Middle Street, Suite 301

Portland, Maine, U.S.A. 04101

![](fp0097543-1_04.jpg)

SEC File No. 812-13877

Investment Company Act Release No. 30539

In response to Item G.1a.v. of Form N-CEN, for information required to be filed pursuant to exemptive orders, please find the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. An updated list of the directors' affiliations in accordance with condition #8 of the exemptive order,
which states, in relevant part, "[The Company] will furnish to the Commission revisions, if any, to the list of persons affiliated
with [the Company] that previously was furnished to the Commission concurrently with the filing of periodic reports required to be filed
under the Act. Such revised lists will include persons affiliated with any future investment adviser or principal underwriter of [the
Company]."

SEC File No. 812-13877; Investment Company Act Release No. 30539

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A certification from the Company' s Chief Compliance Officer in accordance with condition #31 of the Company'
s exemptive order, which requires, among other things, that the Company and its Board have established procedures reasonably designed
to achieve compliance with conditions 22, 25 , and 26 of the Company' s exemptive order regarding, among other things, the location of
the Company' s assets, the ability of the Company to make changes to its custodial arrangements without prior Commission approval, and
the ability of the Company to hold assets and conduct certain securities transactions in specified foreign countries.

SEC File No. 812-13877; Investment Company Act Release No. 30539

190 Middle Street, Suite 301

Portland, Maine, U.S.A. 04101

![](fp0097543-1_05.jpg)

February 6, 2026

Certification by the Chief Compliance Officer

SEC File No. 812-13877

**ASA Gold and Precious Metals**

**List of Affiliated Persons of Directors and Officers**

**As of November 30, 2025**

---

| | |
|:---|:---|
| **Officer or Director** | **Affiliated Person** |
| Peter Maletis, President | Merk Investments LLC |
| Axel Merk, Chief Operating Officer | Merk Investments LLC<br> Merk Global Opportunity Fund LP<br> Merk Capital Partners LP<br> Prelude Opportunity Fund LP<br> VanEck Merk Gold Trust<br> Sedlmayr Grund u Immobilien AG (Germany)<br> Merk S tagflation ETF (Cayman) |
| Thomas Perugini, Principal Financial Officer | None |
| Patrick Keniston, Chief Compliance Officer | None |
| James Chekos, Corporate Secretary | None |
| Paul Kazarian, Director (Chair) | None |
| Ketu Desai, Director | i-squared Wealth Management<br> Centerfin Capital |
| Karen Caldwell, Director | None |
| Maryann Bruce, Director | Amalgamated Financial Corp.<br> Amalgamated Bank<br> The Pop Venture Fund |
| Neal Neilinger, Director | None |

---

By

![](fp0097543-1_03.jpg)

Patrick J. Keniston

Chief Compliance Officer

190 Middle Street, Suite 301

Portland, Maine, U.S.A. 04101

## Item

<br> ![](fp0097543-1_01.jpg)

Gold and Precious Metals Limited

Section 16(a) of the Securities Exchange Act of 1934 and Section 30(h) of the Investment Company Act of 1940 require the Company's directors, officers and persons who beneficially own more than 10 percent of the Company's Common Shares to file reports of ownership of the Company's Common Shares and changes in such ownership on Forms 3, 4, and 5 with the Commission. Such persons are required by SEC regulations to furnish the Company with copies of all such filings. Based solely upon a review of the copies of such forms furnished and except as noted below, the Company does not know of any director, officer or person who beneficially owns more than 10 percent of the Company's Common Shares who, during the Company's last fiscal year, failed to file on a timely basis the required reports.

190 Middle Street, Suite 301

Portland, ME, U.S.A. 04101

## Legal

ASA

Gold and Precious Metals Limited

In response to Item G.1.a.i. of Form N-CEN, for information required to be filed pursuant to legal proceedings, please find the following:

**Rights Plan Litigation Description** - On January 31, 2024, Saba Capital filed a complaint against the Company, individuals who had previously served on the Board and two current Board members, in the United States District Court for the Southern District of New York seeking rescission of the Rights Plan and a declaratory judgment that the Rights Plan is invalid under the 1940 Act (the "Saba Litigation"). Saba Capital's filings were subsequently amended to include reference to the Second Rights Plan, Third Rights Plan, and the Fourth Rights Plan. The litigation is captioned Saba Capital Master Fund, Ltd. v. ASA Gold and Precious Metals Ltd., No. 24-CV-690 (SDNY). On April 26, 2024, the Board determined that it was advisable and in the best interests of the Company and its shareholders to authorize the creation of a Litigation Committee to act on matters related to the Saba Litigation. The Litigation Committee was exclusively authorized and empowered on behalf of the Board to review, consider, make determinations and approve or otherwise cause the Company to take actions with respect to any matters relating to the Saba Litigation or any other litigation relating to the Rights Plan or any other shareholder rights plan adopted by the Company (collectively, "Rights Plan Litigation"), and with respect to any disputes, disagreements or other litigation with Saba Capital or its representatives, including, among others, authorizing, managing and overseeing any matters relating to the Rights Plan Litigation; authorizing or approving any settlement to the Litigation; taking such other actions in connection with the Rights Plan Litigation as the Litigation Committee deems necessary or appropriate; and resolving, negotiating or taking action with respect to any dispute, disagreement or other litigation with Saba Capital or its representatives.

In a March 28, 2025 summary judgment ruling, the court held that the Fourth Rights Plan must be rescinded as it violated a requirement under the Investment Company Act of 1940 that rights plans must expire within 120 days of issuance. Accordingly, the Fourth Rights Plan is no longer in effect. Previously adopted Company shareholder rights plans had already expired pursuant to their terms.

As noted above, after the court's March 28, 2025 ruling and rescission of the Fourth Rights Plan, the Rights Plan Committee approved the New Rights Plan. Upon the Rights Plan Committee's adoption of the New Rights Plan, Saba Capital filed a "motion to enforce" or, in the alternative, to amend judgment, requesting that the United States District Court for the Southern District of New York impose sanctions on the Company for allegedly violating the court's March 28, 2025 order when the Rights Plan Committee subsequently adopted the New Rights Plan. On April 15, 2025, the United States District Court for the Southern District of New York denied Saba Capital's motion to enforce, ruling that the Company did not violate the March 28, 2025 order when adopting the New Rights Plan because the New Rights Plan was not adopted during the pendency of its predecessor. Thus, the New Rights Plan is currently in effect. The Saba Litigation was then appealed to the U.S. Court of Appeals for the Second Circuit.

On April 18, 2025, Saba Capital filed a new lawsuit in the United States District Court for the Southern District of New York against the Company and two Company directors, Mary Joan Hoene and William Donovan (the "Legacy Directors"), in which it alleges, among other things, that the New Rights Plan is "substantively identical" to the prior rights plans adopted by the Rights Plan Committee. The litigation is captioned Saba Capital Master Fund, Ltd. et. al v. ASA Gold and Precious Metals Ltd. et. al, No. 25-CV-3265 (SDNY). Saba Capital sought an order rescinding the New Rights Plan and a related declaratory judgment. Saba Capital filed a motion for summary judgment and the defendants filed a motion to dismiss. The Saba Litigation has been dismissed pursuant to the terms of a confidential settlement agreement. The settlement does not involve any admission of liability or wrongdoing by the Company or any other party. On August 14, 2025, the Board disbanded the Rights Plan Committee.

**Right Plans Litigation related information:**

**Case docket no.**: No. 24-cv-690 (SDNY)

**Parties to the litigation:**

**Plaintiffs:** Saba Capital Management, L.P. and Saba Capital Master Fund, Ltd.

**Defendants:** ASA Gold and Precious Metals, Ltd., Mary Joan Hoene, Bruce Hansen, William Donovan, and Axel Merk.

**Termination date:** August 8, 2025

**Case docket no.:** No. 25-cv-3265 (SDNY)

**Parties to the litigation:**

**Plaintiffs:** Saba Capital Management, L.P. and Saba Capital Master Fund, Ltd.

**Defendants:** ASA Gold and Precious Metals, Ltd., Mary Joan Hoene, and William Donovan.

**Termination date:** August 6, 2025

**Bermuda Litigation Description** - On April 30, 2025, Paul Kazarian (the "Petitioner"), a Company director, filed a petition (the "Petition") in the Supreme Court of Bermuda (the "Bermuda Court") seeking relief relative to the special general meeting of Company shareholders (the "SGM") convened by Saba Capital (the "Saba SGM") and the related requisition (the "Saba Requisition"); a requisition letter served by the Legacy Directors and several other individuals (together with the Legacy Directors, the "LD Group") (the "LD Group Requisition"), the validity of which the Petitioner challenges, requesting that the Board either include a separate slate of director nominees at the annual general meeting of Company shareholders (the "AGM") or convene a SGM for the same purpose; the AGM; and the conduct of Board and shareholder meetings. Saba served the Saba Requisition on April 7, 2025. Under Bermuda law, the Saba Requisition contemplated that the SGM would be convened by April 28, 2025. However, the Board of Directors was unable to reach consensus on matters related to the SGM within that timeframe. At the Saba SGM, which occurred on June 13, 2025, Company shareholders were presented with a proposal to expand the size of the board from four members to five and, if that vote passed, to vote to appoint a fifth director who was proposed by Saba.

Pending a resolution on the merits, Petitioner sought interim injunctive relief on an ex-parte on notice basis to restrain the Legacy Directors, including in connection with the Saba SGM and the LD Group Requisition. The Bermuda Court found there was a sufficient basis to grant interim injunctive relief, to be in place until the Court could consider arguments and evidence presented by all the litigants and rule on the questions presented. On May 8, 2025, the Bermuda Court ordered on an interim basis that the Legacy Directors not purport to act on behalf of the Company, the Board of Directors, or any committee of the Board of Directors, when communicating with the Company's shareholders with respect to the Saba Requisition or any other requisition or any general meeting of Company shareholders unless authorized by a majority of the Board. The interim injunctive relief imposed by the Bermuda Court also enjoins the Legacy Directors from (i) interfering with the holding or conduct of the Saba SGM; (ii) proposing a slate of director nominees on behalf of the Company, the Board of Directors, or a Board committee, unless authorized by a majority of the Board of Directors; and (iii) recommending director candidates to the full Board unless the Company's Nominating, Audit and Ethics Committee recommends those candidates. The Bermuda Court also directed the Legacy Directors and the Company to withdraw the preliminary proxy statement filed with the SEC and any other SEC filings made on behalf of the Company, the Board of Directors, or a Board committee made after April 30, 2025.

The Legacy Directors and the Petitioner made submissions presenting their views on the claims. In late May 2025, the Bermuda Court convened an inter partes hearing on the issue of whether the interim injunctive relief ought to be continued, and the Bermuda Court decided that the interim injunctive relief should not be lifted. After the parties sought an order for discontinuance of the Petition in the Bermuda Court, the Bermuda Court issued a final order discontinuing the Petition on a without costs basis on August 25, 2025.

**Bermuda Litigation Description:**

**Case docket no.:** 2025: No. 102

**Parties to the litigation:**

**Plaintiff:** Paul Kazarian

**Defendants:** ASA Gold and Precious Metals, Ltd., Mary Joane Hoene, and William Donovan.

**Termination date:** August 25, 2025

190 Middle Street, Suite 301

Portland, ME, U.S.A. 04101

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001230869

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-11-30

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** ASA Gold & Precious Metals Ltd

- **Item B.1.b - Investment Company Act file number:** 811-21650

- **Item B.1.c - CIK:** 0001230869

- **Item B.1.d - LEI:** 254900VOUR4617HGCL14

- **Item B.2.a - Street 1:** 190 MIDDLE ST SUITE 101

- **Item B.2.b - City:** PORTLAND

- **Item B.2.c - State:** ME

- **Item B.2.e - Zip Code:** 04101

- **Item B.2.f - Telephone:** 2073472000

- **Item B.2.g - Public Website:** www.asaltd.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** ALPS Fund Services, Inc.

- **b. Street 1:** 1290 Broadway Suite 1000

- **c. City:** Denver

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 80203

- **g. Telephone number:** 303-623-2577

- **h. Briefly describe the books and records kept at this location:** Records as Administrator

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Computer Share Trust Company

- **b. Street 1:** 480 Washington Boulevard

- **c. City:** Jersey City

- **d. State, if applicable:** NJ

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 07310

- **g. Telephone number:** 212-440-9800

- **h. Briefly describe the books and records kept at this location:** Records as Transfer Agent

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** JP Morgan Chase Bank, N.A.

- **b. Street 1:** 3 Chase MetroTech Center

- **c. City:** Brooklyn

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 11245

- **g. Telephone number:** 212-270-6000

- **h. Briefly describe the books and records kept at this location:** Records as Custodian

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Merk Investments LLC

- **b. Street 1:** 1150 Chestnut Street

- **c. City:** Menlo Park

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94025

- **g. Telephone number:** 866-637-3586

- **h. Briefly describe the books and records kept at this location:** Records as Adviser

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [x] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name           | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Karen Caldwell | No                      | N/A                                     |
| Ketu Desai     | No                      | N/A                                     |
| MaryAnn Bruce  | No                      | N/A                                     |
| Neal Neilnger  | No                      | N/A                                     |
| Paul Karzarian | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Patrick Keniston

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 190 Middle Street

- **d. City:** Portland

- **e. State, if applicable:** ME

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 04101

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** Yes

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** Yes

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-30539

### Item B.16. Principal underwriters.

No Principal Underwriters reported.

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Tait, Weller and Baker LLP

- **b. PCAOB Number:** 445

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - ASA Gold & Precious Metals Ltd

**Item C.1. Background information.**

- **a. Full Name of the Fund:** ASA Gold & Precious Metals Ltd

- **c. LEI:** 254900VOUR4617HGCL14

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Merk Investments, LLC

- **ii. SEC file number:** 801-60616

- **iii. CRD number:** 000112305

- **iv. LEI, if any:** 5493004F5PCKMZKN0E84

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Computer Share Trust Company, NA

- **ii. SEC file number:** 085-11340

- **iii. LEI, if any:** 2549001YYB62BVMSAO13

- **iv. State, if applicable:** NJ

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** BLOOMBERG L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Thomson Reuters Global Markets Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** SEC filing number

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** JP MORGAN CHASE BANK, N.A.

- **ii. LEI, if any:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Computershare Trust Company, N.A.

- **ii. LEI, if any:** 2549001YYB62BVMSAO13

- **iii. State, if applicable:** NJ

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** CIBC WORLD MARKETS CORP.

- **ii. SEC file number:** 8-18333

- **iii. CRD number:** 000000630

- **iv. LEI, if any:** 549300445CON3DBMU275

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $62,126.00

**Brokers Record: 2**

- **i. Full name of broker:** CANACCORD GENUITY LLC

- **ii. SEC file number:** 8-3271

- **iii. CRD number:** 000001020

- **iv. LEI, if any:** WTX5X269IUOQ9YMI7R44

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $110,310.00

**Brokers Record: 3**

- **i. Full name of broker:** SCOTIA CAPITAL (USA) INC.

- **ii. SEC file number:** 8-3716

- **iii. CRD number:** 000002739

- **iv. LEI, if any:** 549300BLWPABP1VNME36

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $144,394.00

**Brokers Record: 4**

- **i. Full name of broker:** BMO CAPITAL MARKETS CORP.

- **ii. SEC file number:** 8-34344

- **iii. CRD number:** 000016686

- **iv. LEI, if any:** RUC0QBLBRPRCU4W1NE59

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $47,726.00

**Brokers Record: 5**

- **i. Full name of broker:** RBC CAPITAL MARKETS, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $29,189.00

**Brokers Record: 6**

- **i. Full name of broker:** SPROTT GLOBAL RESOURCE INVESTMENTS LTD

- **ii. SEC file number:** 8-47039

- **iii. CRD number:** 000035878

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $28,366.00

**Brokers Record: 7**

- **i. Full name of broker:** HAYWOOD SECURITIES (USA) INC.

- **ii. SEC file number:** 8-49696

- **iii. CRD number:** 000042072

- **iv. LEI, if any:** N/A

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,458.00

**Brokers Record: 8**

- **i. Full name of broker:** CORMARK SECURITIES (USA) LIMITED

- **ii. SEC file number:** 8-52049

- **iii. CRD number:** 000101000

- **iv. LEI, if any:** 549300SUH8XF18ZB7M51

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $125,730.00

**Brokers Record: 9**

- **i. Full name of broker:** DESJARDINS SECURITIES INTERNATIONAL INC.

- **ii. SEC file number:** 8-53256

- **iii. CRD number:** 000112417

- **iv. LEI, if any:** 549300B4CXC1UJNQTQ42

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $102,305.00

**Brokers Record: 10**

- **i. Full name of broker:** VENTUM FINANCIAL (US) CORP.

- **ii. SEC file number:** 8-65995

- **iii. CRD number:** 000127404

- **iv. LEI, if any:** N/A

- **vii. Gross commissions paid by the Fund for the reporting period:** $58,164.00

**Aggregate Commission:** $714,868.00

**Item C.17.a. Principal transaction counterparties.**

| Name                                   | SEC file number   |   CRD number | LEI   | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| SPROTT GLOBAL RESOURCE INVESTMENTS LTD | 8-47039           |    000035878 | N/A   | CA      | US        | $20,907,911.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $20,907,911.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $686,554,593.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [x] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** ASA Gold & Precious Metals Ltd

**Date:** 2026-02-10

**Signature:** Tom Perugini

**Title:** Treasurer