Group 1 - ASA is a non-diversified, closed-end fund focused on long-term capital appreciation through investments in companies involved in the exploration, development, or mining of precious metals and minerals [3] - ASA mandates that at least 80% of its total assets must be invested in common shares or securities convertible into common shares of companies engaged in the exploration, mining, or processing of precious minerals, or held as bullion [4] - ASA employs a bottom-up fundamental analysis approach, relying on primary research, including meetings with company executives and site visits, to inform its investment decisions [5] Group 2 - Merk Investments LLC is an SEC registered investment adviser that provides investment advice across various liquid global markets, including equities, fixed income, commodities, and currencies [7] - ASA shareholders approved an investment advisory agreement with Merk on April 12, 2019, indicating a strategic partnership for investment management [3]

Core Points - XAI Madison Equity Premium Income Fund has changed its fiscal year end to September 30 from December 31 to align with other funds in its complex [1] - The Fund will file a Transition Report on Form N-CSR for the nine-month period from January 1, 2025, to September 30, 2025 [2] Company Overview - XA Investments LLC serves as the investment adviser for the Fund and was founded in 2016 by XMS Capital Partners [3] - XA Investments manages two listed closed-end funds and one interval closed-end fund, all of which are available on the New York Stock Exchange [3] - The firm also provides investment fund structuring and consulting services focused on registered closed-end funds [4] - XA Investments aims to provide individual investors access to institutional-caliber alternative investment strategies [5] Additional Company Information - XMS Capital Partners, established in 2006, offers M&A, corporate advisory, and asset management services with offices in Chicago, Boston, and London [6] - Madison Investments, founded in 1974, manages approximately $29.6 billion in assets as of September 30, 2025, and is recognized as a top investment firm [7] - Madison Investments offers a variety of investment management strategies, including domestic fixed income and international equity [7]

Core Insights - Brompton Tech Leaders Income ETF (TLF) has been awarded the LSEG Lipper Fund Awards Canada 2025 for Best Sector Equity Fund over ten years, highlighting its strong risk-adjusted performance relative to peers [1][6]. Fund Performance - TLF offers a current distribution rate of 6.2% as of November 5, 2025, and has achieved an 18.6% per annum total return over the last 10 years, as of October 31, 2025 [3]. - The fund's performance metrics include a 25.2% return over the past year, 29.6% over three years, and 18.3% over five years [8]. Fund Management - The Chief Investment Officer of Brompton, Laura Lau, emphasized the team's commitment to providing high-quality investment solutions and focusing on long-term growth and reliable income for investors [2]. About Brompton Funds - Brompton Funds, established in 2000, specializes in income and growth-focused investment solutions, including ETFs and other investment funds traded on the Toronto Stock Exchange [5].

Core Insights - Gold-linked exchange-traded funds (ETFs) experienced their fifth consecutive monthly inflow in October, indicating a strong demand for gold investments [2][3] - Total gold ETF assets under management (AUM) reached $502.8 billion, with inflows amounting to $8.2 billion in October [4] - Gold prices peaked at over $4,381 per ounce on October 20, before stabilizing at $4,001 per ounce, reflecting a 52% increase since January 1 [4] North America - North American gold ETFs added 47 tonnes, bringing total holdings to 2,043 tonnes, with inflows valued at $6.5 billion [5] - This marks the fifth consecutive month of inflows for North American funds, despite a drop in gold prices on October 21 [5][6] - Positive flows of $334 million were recorded on October 21, although outflows reached $117 million by the end of the week [6] Europe - European gold ETFs recorded their second-largest monthly outflow on record, totaling 37 tonnes and valued at $4.5 billion [7] - This decline reduced total physical holdings to 1,399 tonnes and AUMs to $180.4 billion [7] - The UK and Germany contributed significantly to the outflows, with the UK experiencing its largest monthly outflow on record [7] Asia - Asian demand for gold ETFs remained strong, with purchases totaling $6.1 billion, the second highest ever recorded [8] - This equated to 45 tonnes of gold, increasing total physical holdings to 379 tonnes and AUMs to $49.6 billion [8] - Chinese investors were the primary contributors, adding $4.5 billion worth of gold to their portfolios [8]

Core Viewpoint - The establishment of the Wuxi Gaotou Yida Zhanxin Collective Equity Investment Fund with a capital contribution of 2 billion yuan signifies a strategic move in the private equity investment landscape, focusing on sectors such as integrated circuits and technology [1] Group 1 - The Wuxi Gaotou Yida Zhanxin Collective Equity Investment Fund (Limited Partnership) has been established with a total investment amount of 2 billion yuan [1] - The fund's operational scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-held by the Jiangsu Wuxi Integrated Circuit Industry Special Mother Fund (Limited Partnership) and Jiangsu High-tech Investment Group Co., Ltd. [1]

Core Viewpoint - The establishment of the Guotai Haitong Zhongji Xuchuang Technology Equity Investment Fund (Kunshan) signifies a strategic move in private equity investment, with a total capital contribution of 1.5 billion RMB [1] Group 1: Fund Details - The fund was established on November 5 and is managed by Guotai Junan Innovation Investment Co., Ltd. as the executing partner [1] - The fund's operational scope includes private equity investment, investment management, and asset management activities [1] Group 2: Partners and Contributions - The fund is jointly funded by Guotai Junan Innovation Investment Co., Ltd., Zhongji Xuchuang, and the Kunshan Industrial Development Guidance Fund Partnership [1] - The total contribution from the partners amounts to 1.5 billion RMB [1]

Group 1 - The Zhejiang Provincial Social Security Science and Technology Equity Investment Fund has been established with a total investment of 50 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is jointly funded by Zhejiang Provincial Innovation Industry Private Fund Management Co., National Social Security Fund Council, and Agricultural Bank of China’s subsidiary, Agricultural Bank Financial Asset Investment Co., Ltd [1]

Group 1 - The cost of capital for some companies decreases when interest rates fall, which can create investment opportunities [1] - Carlyle Credit Income Fund's Series A preferred shares due 2028 (CCIA) have been highlighted as a potential investment [1] - Binary Tree Analytics (BTA) focuses on providing transparency and analytics in capital markets, particularly in closed-end funds (CEFs), exchange-traded funds (ETFs), and special situations [1] Group 2 - BTA aims to deliver high annualized returns with a low volatility profile, leveraging over 20 years of investment experience [1]

Group 1 - Vinson & Elkins has welcomed Samara Shepherd as a partner in their Houston office, focusing on the Investment Funds practice [1][2] - Ms. Shepherd's expertise includes advising private fund sponsors on the formation, structuring, and operation of private equity funds and related investment vehicles [1] - Robert Seber, head of the Investment Funds practice, highlighted that her arrival is a significant moment for the firm's expanding full-service Investment Funds practice and asset management teams [2] Group 2 - Ms. Shepherd graduated summa cum laude from Florida State University and holds a Juris Doctor from Vanderbilt Law School [2]

Core Insights - As market indexes approach all-time highs, investors are seeking ways to hedge against uncertainties in traditional equities [1] - The Nuveen Multi-Asset Income Fund (NMAI) is highlighted as a potential investment vehicle for generating income while maintaining total returns comparable to traditional index funds [1] Investment Strategy - The strategy involves a combination of classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds to enhance investment income [1] - This hybrid approach aims to achieve a total return that aligns with the performance of the S&P index [1]