NPORT-EX 2 02500.htm
1
The
notes
to
financial
statements
form
an
integral
part
of
these
statements.
Schedule
of
Investments
(Unaudited)
Schedule
of
investments
(Unaudited)
August
31,
2023
Name
of
Company
Principal
Amount
Value
%
of
Net
Assets
Corporate
Convertible
Bond
Gold
mining,
exploration,
development
and
royalty
companies
Canada
i-80
Gold
Corp.,
8.00%,
2/22/27
(1)
$3,000,000
$
2,958,600‌
0.9‌
%
Total
corporate
convertible
bond
(Cost
$2,944,862)
2,958,600‌
0.9‌
Name
of
Company
Shares
Value
%
of
Net
Assets
Common
Shares
Australia
Alicanto
Minerals,
Ltd.
(2)
50,958,971
1,287,736‌
0.4‌
Barton
Gold
Holdings,
Ltd.
(2)
9,500,000
1,323,438‌
0.4‌
Bellevue
Gold,
Ltd.
(2)
8,966,667
9,818,818‌
2.9‌
Cygnus
Metals,
Ltd.
(2)
19,300,000
2,501,087‌
0.7‌
Emerald
Resources
NL
(2)
16,000,000
24,570,263‌
7.2‌
LCL
Resources,
Ltd.
(2)
36,750,000
833,426‌
0.2‌
Pantoro
,
Ltd.
(2)
16,000,000
518,360‌
0.1‌
Perseus
Mining,
Ltd.
5,500,000
6,717,622‌
2.0‌
Predictive
Discovery,
Ltd.
(2)
94,183,334
13,120,609‌
3.9‌
Prodigy
Gold
NL
(2)
116,250,000
527,269‌
0.2‌
61,218,628‌
18.0‌
Canada
Agnico
Eagle
Mines,
Ltd.
165,000
8,004,150‌
2.4‌
Alamos
Gold,
Inc.
1,000,000
12,840,000‌
3.8‌
American
Pacific
Mining
Corp.
144A
(2)(3)
3,000,000
543,961‌
0.2‌
Angel
Wing
Metals,
Inc.
(2)
9,300,000
757,105‌
0.2‌
Atex
Resources,
Inc.
(2)
2,300,000
1,395,796‌
0.4‌
B2Gold
Corp.
2,000,000
6,180,000‌
1.8‌
Barrick
Gold
Corp.
650,000
10,536,500‌
3.1‌
Calibre
Mining
Corp.
(2)
11,083,000
12,959,695‌
3.8‌
Desert
Gold
Ventures,
Inc.
(2)
14,588,264
323,896‌
0.1‌
G
Mining
Ventures
Corp.
(2)
23,265,947
21,523,412‌
6.3‌
G2
Goldfields,
Inc.
(2)
3,000,000
1,665,186‌
0.5‌
GoGold
Resources,
Inc.
(2)
2,857,140
3,129,490‌
0.9‌
HighGold
Mining,
Inc.
(2)
3,000,000
1,010,213‌
0.3‌
Lahontan
Gold
Corp.
(2)
10,350,000
459,591‌
0.1‌
Liberty
Gold
Corp.
(2)
12,482,000
3,048,446‌
0.9‌
Lotus
Gold
Corp.
(1)(2)
4,900,000
1,813,203‌
0.5‌
Marathon
Gold
Corp.
(2)
6,389,200
3,640,974‌
1.1‌
Mawson
Gold,
Ltd.
(2)
10,600,000
1,490,527‌
0.4‌
Monarch
Mining
Corp.
(2)
7,300,000
135,065‌
0.0‌
Newcore
Gold,
Ltd.
(2)
5,750,000
553,212‌
0.2‌
Nighthawk
Gold
Corp.
(2)
6,148,000
1,660,761‌
0.5‌
O3
Mining,
Inc.
(2)
2,223,000
2,517,162‌
0.7‌
Onyx
Gold
Corp.
(2)
750,000
360,790‌
0.1‌
Orla
Mining,
Ltd.
(2)
6,200,000
29,550,030‌
8.7‌
Osino
Resources
Corp.
(2)
5,000,000
4,551,510‌
1.3‌
Prime
Mining
Corp.
(2)
7,600,000
8,661,930‌
2.6‌
Probe
Gold,
Inc.
(2)
7,087,500
8,130,273‌
2.4‌
Roscan
Gold
Corp.
(2)
10,886,900
1,208,581‌
0.4‌
Skeena
Resources,
Ltd.
(2)
700,000
3,451,000‌
1.0‌
Talisker
Resources,
Ltd.
(2)
12,500,000
647,573‌
0.2‌
TDG
Gold
Corp.
(2)
9,227,925
1,058,562‌
0.3‌
2
The
notes
to
financial
statements
form
an
integral
part
of
these
statements.
Name
of
Company
Shares
Value
%
of
Net
Assets
Common
Shares
(continued)
Gold
mining,
exploration,
development
and
royalty
companies
(continued)
Canada
(continued)
Thesis
Gold,
Inc.
(2)
13,437,482
$
9,149,262‌
2.7‌
%
Westhaven
Gold
Corp.
(2)
5,500,000
915,853‌
0.3‌
163,873,709‌
48.2‌
Cayman
Islands
Endeavour
Mining
PLC
700,000
14,479,722‌
4.3‌
South
Africa
AngloGold
Ashanti,
Ltd.
ADR
325,000
5,525,000‌
1.6‌
Gold
Fields,
Ltd.
ADR
600,000
7,578,000‌
2.3‌
13,103,000‌
3.9‌
United
States
SSR
Mining,
Inc.
800,000
11,867,835‌
3.5‌
Total
gold
mining,
exploration,
development
and
royalty
companies
(Cost
$184,900,216)
264,542,894‌
77.9‌
Diversified
metals
mining,
exploration,
development
and
royalty
companies
Australia
Auteco
Minerals,
Ltd.
(2)
89,200,750
1,849,524‌
0.5‌
Bellavista
Resources
ltd
(2)
3,772,832
354,468‌
0.1‌
Castile
Resources,
Ltd.
(2)
15,143,255
588,724‌
0.2‌
Delta
Lithium,
Ltd.
(2)
11,338,600
5,693,805‌
1.7‌
Genesis
Minerals,
Ltd.
(2)
1,166,934
1,209,784‌
0.4‌
Geopacific
Resources,
Ltd.
(2)
28,135,714
309,919‌
0.1‌
10,006,224‌
3.0‌
Canada
Adventus
Mining
Corp.
(2)
5,310,000
1,257,549‌
0.4‌
Americas
Gold
&
Silver
Corp.
(2)
3,896,262
1,651,748‌
0.5‌
Arizona
Metals
Corp.
(2)
2,500,000
5,088,070‌
1.5‌
Aya
Gold
&
Silver,
Inc.
(2)
2,900,000
17,749,408‌
5.2‌
Bunker
Hill
Mining
Corp.
(2)
19,214,957
1,990,893‌
0.6‌
Emerita
Resources
Corp.
(2)
2,750,000
834,443‌
0.2‌
Huntsman
Exploration,
Inc.
(2)
617,500
22,850‌
0.0‌
Integra
Resources
Corp.
(2)
3,937,473
3,500,365‌
1.1‌
Max
Resource
Corp.
(2)
8,200,000
910,302‌
0.3‌
Pan
Global
Resources,
Inc.
(2)
6,667,000
1,258,204‌
0.4‌
Red
Pine
Exploration,
Inc.
(2)
16,700,000
1,977,501‌
0.6‌
Sable
Resources,
Ltd.
(2)
26,160,000
1,258,437‌
0.4‌
San
Cristobal
Mining,
Inc.
(1)(2)
2,583,332
6,200,002‌
1.8‌
43,699,772‌
13.0‌
United
States
Bendito
Resources,
Inc.
144A
(1)(2)(3)
4,288,000
1,072,000‌
0.3‌
Total
diversified
metals
mining,
exploration,
development
and
royalty
companies
(Cost
$83,423,572)
54,777,996‌
16.3‌
Silver
mining,
exploration,
development
and
royalty
companies
Canada
Andean
Precious
Metals
Corp.
(2)
2,000,000
932,504‌
0.3‌
Discovery
Silver
Corp.
(2)
7,154,545
4,500,713‌
1.3‌
Silver
Mountain
Resources,
Inc.
(2)
10,000,000
962,108‌
0.3‌
Schedule
of
Investments
(Unaudited)
(continued)
August
31,
2023
3
The
notes
to
financial
statements
form
an
integral
part
of
these
statements.
Name
of
Company
Shares
Value
%
of
Net
Assets
Common
Shares
(continued)
Silver
mining,
exploration,
development
and
royalty
companies
(continued)
Canada
(continued)
Silver
Tiger
Metals,
Inc.
(2)
14,795,333
$
2,080,457‌
0.6‌
%
8,475,782‌
2.5‌
South
Africa
Sibanye
Stillwater,
Ltd.
ADR
273,043
1,651,910‌
0.5‌
Total
silver
mining,
exploration,
development
and
royalty
companies
(Cost
$13,652,663)
10,127,692‌
3.0‌
Total
common
shares
(Cost
$281,976,451
)
329,448,582‌
97.2‌
Rights
(1)(2)
Silver
mining,
exploration,
development
and
royalty
companies
Canada
Pan
American
Silver
Corp.
(Exp.
Date
2/22/29)
393,200
97,026‌
0.0‌
Total
rights
(Cost
$136,720)
97,026‌
0.0‌
Warrants
(1)(2)
Diversified
metals
mining,
exploration,
development
and
royalty
companies
Australia
Red
Dirt
Metals,
Ltd.
(Exercise
Price
$0.25,
Exp.
Date
11/18/24)
2,834,650
991,824‌
0.3‌
Canada
Bunker
Hill
Mining
Corp.
(Exercise
Price
$0.37,
Exp.
Date
4/1/25)
5,000,000
0‌
0.0‌
Bunker
Hill
Mining
Corp.
(Exercise
Price
$0.60,
Exp.
Date
2/9/26)
1,250,000
0‌
0.0‌
Huntsman
Exploration,
Inc.
(Exercise
Price
$3.50,
Exp.
Date
10/19/23)
617,500
0‌
0.0‌
Integra
Resources
Corp.
(Exercise
Price
$1.38,
Exp.
Date
6/16/24)
1,689,165
12,501‌
0.0‌
Red
Pine
Exploration,
Inc.
(Exercise
Price
$0.25,
Exp.
Date
5/5/24)
8,350,000
0‌
0.0‌
Sable
Resources,
Ltd.
(Exercise
Price
$0.20,
Exp.
Date
9/10/23)
11,000,000
0‌
0.0‌
12,501‌
0.0‌
Total
diversified
metals
mining,
exploration,
development
and
royalty
companies
(Cost
$493,811)
1,004,325‌
0.3‌
Gold
mining,
exploration,
development
and
royalty
companies
Canada
American
Pacific
Mining
Corp.
(Exercise
Price
$1.40,
Exp.
Date
12/10/23)
1,500,000
0‌
0.0‌
Angel
Wing
Metals,
Inc.
(Exercise
Price
$0.40,
Exp.
Date
6/16/24)
3,950,000
0‌
0.0‌ 
Angel
Wing
Metals,
Inc.
(Exercise
Price
$0.25,
Exp.
Date
5/4/25)
700,000
0‌
0.0‌
Atex
Resources,
Inc.
(Exercise
Price
$1.00,
Exp.
Date
8/31/25)
675,000
34,969‌
0.0‌
Desert
Gold
Ventures,
Inc.
(Exercise
Price
$0.25,
Exp.
Date
12/31/24)
594,132
0‌
0.0‌
G
Mining
Ventures
Corp.
(Exercise
Price
$1.90,
Exp.
Date
9/9/24)
3,500,000
284,932‌
0.1‌
Gold
Mountain
Mining
Corp.
(Exercise
Price
$1.75,
Exp.
Date
4/21/24)
2,200,000
0‌
0.0‌
Lahontan
Gold
Corp.
(Exercise
Price
$0.65,
Exp.
Date
3/24/24)
2,250,000
0‌
0.0‌
Lotus
Gold
Corp.
(Exercise
Price
$0.75,
Exp.
Date
8/16/25)
2,200,000
16,282‌
0.0‌
Marathon
Gold
Corp.
(Exercise
Price
$1.35,
Exp.
Date
9/20/24)
1,675,000
24,793‌
0.0‌
Monarch
Mining
Corp.
(Exercise
Price
$0.95,
Exp.
Date
4/6/27)
1,700,000
0‌
0.0‌
Nighthawk
Gold
Corp.
(Exercise
Price
$1.05,
Exp.
Date
5/3/24)
900,000
0‌
0.0‌
Prime
Mining
Corp.
(Exercise
Price
$5.00,
Exp.
Date
4/27/24)
400,000
0‌
0.0‌
Prime
Mining
Corp.
(Exercise
Price
$1.10,
Exp.
Date
6/10/25)
920,000
394,908‌
0.1‌
TDG
Gold
Corp.
(Exercise
Price
$0.75,
Exp.
Date
12/22/23)
225,000
0‌
0.0‌
Thesis
Gold,
Inc.
(Exercise
Price
$1.69,
Exp.
Date
9/28/24)
576,923
8,540‌
0.0‌
764,424‌
0.2‌
Total
gold
mining,
exploration,
development
and
royalty
companies
(Cost
$1,567,893)
764,424‌
0.2‌
Silver
mining,
exploration,
development
and
royalty
companies
Canada
Silver
Mountain
Resources,
Inc.
(Exercise
Price
$0.50,
Exp.
Date
1/31/24)
5,000,000
0‌
0.0‌
Total
silver
mining,
exploration,
development
and
royalty
companies
(Cost
$236,007)
0‌
0.0‌
Total
warrants
(Cost
$2,297,711)
1,768,749‌
0.5‌
Schedule
of
Investments
(Unaudited)
(continued)
August
31,
2023
4
The
notes
to
financial
statements
form
an
integral
part
of
these
statements.
Portfolio
Statistics
(Unaudited)
Portfolio
statistics
(Unaudited)
August
31,
2023
*Geographic
breakdown,
which
is
based
on
company
domiciles,
is
expressed
as
a
percentage
of
total
net
assets
including
cash.
Warrants
(1)(2)
(continued)
Investments,
at
value
(Cost
$287,355,744
)
334,272,957‌
98.6‌
Cash,
receivables
and
other
assets
less
other
liabilities
4,816,930‌
1.4‌
Net
assets
$
339,089,887‌
100.0‌%
ADR
American
Depositary
Receipt
PLC
Public
Limited
Company
(1)
Security
fair
valued
in
accordance
with
procedures
adopted
by
the
Board
of
Directors.
At
the
period
end,
the
value
of
these
securities
amounted
to
$13,909,580
or
4.1%
of
net
assets.
(2)
Non-income
producing
security.
(3)
Security
exempt
from
registration
under
Rule
144A
under
the
Securities
Act
of
1933.
At
the
period
end,
the
value
of
these
securities
amounted
to
$1,615,961
or
0.5%
of
net
assets.
Geographic
Breakdown*
Australia
21.3‌
%
Canada
6
4.8‌
Cayman
Islands
4.
3‌
South
Africa
4.4‌
United
States
3.8‌
Other
assets
less
other
liabilities
1
.
4‌
100.0‌%
Schedule
of
Investments
(Unaudited)
(continued)
August
31,
2023
5
Notes
to
Financial
Statements
(Unaudited)
Nine
months
ended
August
31,
2023
1.
Organization
ASA
Gold
and
Precious
Metals
Limited
(the
“Company”)
is
a
non-diversified,
closed-end
investment
company
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”).
The
Company
was
initially
organized
as
a
public
limited
liability
company
in
the
Republic
of
South
Africa
in
June
1958.
On
November
11,
2004,
the
Company’s
shareholders
approved
a
proposal
to
move
the
Company’s
place
of
incorporation
from
the
Republic
of
South
Africa
to
the
Commonwealth
of
Bermuda
by
reorganizing
itself
into
an
exempted
limited
liability
company
formed
in
Bermuda.
The
Company
is
registered
with
the
Securities
and
Exchange
Commission
(the
“SEC”)
pursuant
to
an
order
under
Section
7(d)
of
the
1940
Act.
The
Company
seeks
long-term
capital
appreciation
primarily
through
investing
in
companies
engaged
in
the
exploration
for,
development
of
projects
or
mining
of
precious
metals
and
minerals.
The
Company
is
managed
by
Merk
Investments
LLC
(the
“Adviser”).
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”)
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.
Pursuant
to
Rule
2a-5
under
the
Investment
Company
Act,
the
Company’s
Board
of
Directors
(the
"Board")
has
designated
the
Adviser,
as
defined
in
Note
4,
as
the
Company’s
valuation
designee
to
perform
any
fair
value
determinations
for
securities
and
other
assets
held
by
the
Company.
The
Adviser
is
subject
to
the
oversight
of
the
Board
and
certain
reporting
and
other
requirements
intended
to
provide
the
Board
the
information
needed
to
oversee
the
Adviser's
fair
value
determinations.
The
Adviser
is
responsible
for
determining
the
fair
value
of
investments
in
accordance
with
policies
and
procedures
that
have
been
approved
by
the
Board.
Under
these
procedures,
the
Adviser
convenes
on
a
regular
and
ad
hoc
basis
to
review
such
investments
and
considers
a
number
of
factors,
including
valuation
methodologies
and
unobservable
inputs,
when
arriving
at
fair
value.
The
Board
has
approved
the
Adviser’s
fair
valuation
procedures
as
a
part
of
the
Company’s
compliance
program
and
will
review
any
changes
made
to
the
procedures.
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
at
a
value
other
than
the
last
reported
sale
price
or
last
reported
bid
price
based
on
significant
events
that
have
occurred
subsequent
to
the
close
of
the
foreign
markets.
Shares
of
non-exchange
traded
open-end
mutual
funds
are
valued
at
net
asset
value
(“NAV”).
To
value
its
warrants,
the
Company's
valuation
designee
typically
utilizes
the
Black-Scholes
model
using
the
listed
price
for
the
underlying
common
shares.
The
valuation
is
a
combination
of
value
of
the
stock
price
less
the
exercise
price,
plus
some
value
related
to
the
volatility
of
the
stock
over
the
remaining
time
period
prior
to
expiration.
Securities
for
which
current
market
quotations
are
not
readily
available
are
valued
at
their
fair
value
as
determined
in
accordance
with
procedures
approved
by
the
Board.
If
a
security
is
valued
at
a
“fair
value,”
that
value
may
be
different
from
the
last
quoted
price
for
the
security.
Various
factors
may
be
reviewed
in
order
to
make
a
good
faith
determination
of
a
security’s
fair
value.
These
factors
include,
but
are
not
limited
to,
the
nature
of
the
security;
relevant
financial
or
business
developments
of
the
issuer;
actively
traded
similar
or
related
securities;
conversion
rights
on
the
security;
and
changes
in
overall
market
conditions.
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.
Fair
value
measurement
In
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
fair
value
is
defined
as
the
price
that
the
Company
would
receive
to
sell
an
investment
or
pay
to
transfer
a
liability
in
a
timely
transaction
with
an
independent
buyer
in
the
principal
market,
or
in
the
absence
of
a
principal
market
the
most
advantageous
market
for
the
investment
or
liability.
U.S.
GAAP
establishes
a
three-tier
hierarchy
to
distinguish
between
(1)
inputs
that
reflect
the
assumptions
market
participants
would
use
in
pricing
an
asset
or
liability
developed
based
on
6
Notes
to
Financial
Statements
(Unaudited)
(continued)
Nine
months
ended
August
31,
2023
market
data
obtained
from
sources
independent
of
the
reporting
entity
(observable
inputs)
and
(2)
inputs
that
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
an
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances
(unobservable
inputs)
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Various
inputs
are
used
in
determining
the
value
of
the
Company’s
investments.
The
inputs
are
summarized
in
the
three
broad
levels
listed
below.
Level
1
–
Unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
that
the
Company
has
the
ability
to
access.
Level
2
–
Observable
inputs
other
than
quoted
prices
included
in
level
1
that
are
observable
for
the
asset
or
liability
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
identical
instruments
on
an
inactive
market,
prices
for
similar
investments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates,
and
similar
data.
Level
3
–
Unobservable
inputs
for
the
assets
or
liability
to
the
extent
that
relevant
observable
inputs
are
not
available,
representing
the
Company’s
own
assumptions
about
the
assumptions
that
a
market
participant
would
use
in
valuing
the
asset
or
liability,
and
that
would
be
based
on
the
best
information
available.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
following
is
a
summary
of
the
inputs
used
as
of
August
31,
2023
in
valuing
the
Company’s
investments
at
fair
value:
Investment
in
Securities
(1)
Measurements
at
August
31,
2023
Level
1
Level
2
Level
3
Total
Corporate
Convertible
Bond
Gold
mining,
exploration,
development
and
royalty
companies
$
–
$
–
$
2,9
58
,
6
00
$
2,9
58
,
6
00
Common
Shares
Gold
mining,
exploration,
development
and
royalty
companies
26
2
,
729
,
691
–
1,8
13
,
203
26
4
,
542
,
894
Diversified
metals
mining,
exploration,
development
and
royalty
companies
47
,
505
,
994
–
7,272,002
5
4
,
777
,
996
Silver
mining,
exploration,
development
and
royalty
companies
1
0
,
127
,
692
–
–
1
0
,
127
,
692
Rights
Silver
mining,
exploration,
development
and
royalty
companies
–
–
97
,
026
97
,
026
Warrants
Diversified
metals
mining,
exploration,
development
and
royalty
companies
–
–
1
,
004
,
325
1
,
004
,
325
Gold
mining,
exploration,
development
and
royalty
companies
–
–
764
,
424
764
,
424
Silver
mining,
exploration,
development
and
royalty
companies
–
–
–
–
Total
Investments
$
32
0
,
363
,
377
$
–
$
1
3
,
909
,
580
$
3
34
,
272
,
957
(1)
See
schedule
of
investments
for
country
classifications.
2.
Summary
of
significant
accounting
policies
(continued)
B.
Fair
value
measurement
(continued)
7
Notes
to
Financial
Statements
(Unaudited)
(continued)
Nine
months
ended
August
31,
2023
The
following
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value.
*
The
change
in
unrealized
appreciation/(depreciation)
is
included
in
net
change
in
unrealized
appreciation/(depreciation)
of
investments
in
the
accompanying
Statement
of
Operations.
Significant
unobservable
inputs
developed
by
the
valuation
designee
for
Level
3
investments
held
at
August
31,
2023
are
as
follows:
1
Fair
valued
corporate
convertible
bonds
are
valued
based
on
applying
a
fixed
discount
rate
to
the
fixed
income
portion,
which
represents
the
implied
interest
rate
that
would
have
valued
the
entire
corporate
convertible
bond
at
the
time
of
issuance.
2
Fair
valued
common
stocks
with
no
public
market
are
valued
based
on
transaction
cost
or
latest
round
of
financing.
3
Fair
valued
rights
are
valued
based
on
the
specifics
of
the
rights
at
a
discount
to
the
market
price
of
the
underlying
security.
4
Warrants
are
priced
based
on
the
Black
Scholes
Method;
the
key
input
to
this
method
is
modeled
volatility
of
the
investment;
the
lower
the
modeled
volatility,
the
lower
the
valuation
of
the
warrant.
Corporate
Convertible
Bond
Common
Stock
Rights
Warrants
Balance
November
30,
2022
$
-
$
2,511,245
$
96
,
088
$
5
,
939
,
911
Purchases
2,940,000
5,309,217
-
116,05
8
Sales
-
-
-
(
334
,
848
)
Realized
loss
-
-
-
(
1,
398
,
836
)
Accretion
of
discount
4,
86
2
-
-
-
Net
change
in
unrealized
appreciation
(depreciation)
13
,
738
1,
264
,
743
938
(2,
553
,
53
6
)
Balance
August
31,
2023
$
2,9
58
,
6
00
$
9,0
85
,
205
$
97,026
$
1,768,749
Net
change
in
unrealized
appreciation
(depreciation)
from
investments
held
as
of
August
31,
2023*
$
13
,
738
$
1,2
64
,
743
$
938
$
(2,
553
,
53
6
)
Asset
Categories
Fair
Value
Valuation
Technique(s)
Unobservable
Input
Range
(Weighted
Average)
Corporate
Convertible
Bond
1
$
2,9
58
,
600
Implied
Interest
Rate
Discount
13%
(1
3
%)
Common
Shares
2
9,085,205
Transaction
C
ost
/
Latest
Round
of
Financing
None
None
Rights
3
97
,
026
Market
T
ransaction
Discount
70%
(70%)
Warrants
4
1,768
,
749
Black
Scholes
Method
Volatility
20
%
-
50
%
(
39
%)
2.
Summary
of
significant
accounting
policies
(continued)
B.
Fair
value
measurement
(continued)