Morgan Stanley details 6.7% ASA Gold & Precious Metals stake (ASA)

Rhea-AI Filing Summary

Morgan Stanley and Morgan Stanley Smith Barney LLC report significant ownership positions in ASA Gold & Precious Metals Ltd common shares. Morgan Stanley reports beneficial ownership of 1,267,205 shares, representing 6.7% of the class, with shared voting power over 225,023 shares and shared dispositive power over 1,267,205 shares.

Morgan Stanley Smith Barney LLC reports beneficial ownership of 1,042,183 shares, or 5.5% of the class, with shared dispositive power over those shares. The filers state the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of ASA.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 8)

ASA Gold & Precious Metals Ltd

(Name of Issuer)

Common Shares

(Title of Class of Securities)

G3156P103

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G3156P103

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 225,023.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,267,205.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,267,205.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.7 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. G3156P103

1

Names of Reporting Persons

Morgan Stanley Smith Barney LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,042,183.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,042,183.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.5 %

12

Type of Reporting Person (See Instructions)

BD, IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ASA Gold & Precious Metals Ltd
(b)	Address of issuer's principal executive offices: APEX FUND SERVICES, THREE CANAL PLAZA, PORTLAND, ME, 04101
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Smith Barney LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway, New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: G3156P103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 6.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	02/11/2026

Morgan Stanley Smith Barney LLC

Signature:	David Galasso
Name/Title:	Authorized Signatory, Morgan Stanley Smith Barney LLC
Date:	02/11/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

What percentage of ASA (symbol: ASA) does Morgan Stanley report owning?

Morgan Stanley reports beneficial ownership of 6.7% of ASA Gold & Precious Metals Ltd’s common shares. This corresponds to 1,267,205 shares, with shared voting power over 225,023 shares and shared dispositive power over all 1,267,205 shares.

How many ASA shares does Morgan Stanley Smith Barney LLC beneficially own?

Morgan Stanley Smith Barney LLC reports beneficial ownership of 1,042,183 ASA common shares. This stake represents 5.5% of the class and carries shared dispositive power over all 1,042,183 shares, with minimal shared voting power reported over 1 share.

What type of filing is this Schedule 13G/A for ASA (ASA)?

This is an Amendment No. 8 to Schedule 13G reporting beneficial ownership of ASA Gold & Precious Metals Ltd common shares. It discloses holdings by Morgan Stanley and Morgan Stanley Smith Barney LLC as of the event date listed in the document.

Is Morgan Stanley’s ASA stake intended to influence control of the company?

The reporting persons certify the ASA shares were acquired and are held in the ordinary course of business. They state the holdings were not acquired and are not held to change or influence control of ASA Gold & Precious Metals Ltd.

What are Morgan Stanley’s voting and dispositive powers over ASA shares?

Morgan Stanley reports no sole voting or dispositive power, but shared voting power over 225,023 ASA shares and shared dispositive power over 1,267,205 shares. These figures define how it can vote and decide on the disposition of its reported holdings.

Which entities are the reporting persons for this ASA Schedule 13G/A?

The filing lists two reporting persons: Morgan Stanley and Morgan Stanley Smith Barney LLC, both organized in Delaware. Each provides its own beneficial ownership, percentage of class, and voting and dispositive power details for ASA’s common shares.