UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
| Investment Company Act file number | 811-21650 | ||
| ASA Limited | |||
| (Exact name of registrant as specified in charter) | |||
| 11 Summer Street, 4th Floor, Buffalo, New York | 14209-2256 | ||
| (Address of principal executive offices) | (Zip Code) | ||
| JPMorgan Chase Bank, N.A. | |||
| 3 Chase Metrotech Center | |||
| Brooklyn, NY 11245 | |||
| (Name and address of agent for service) |
| Registrant’s telephone number, including area code: | (716) 883-2428 |
| Date of fiscal year end: | November 30, 2008 | ||
| Date of reporting period: | August 31, 2008 |
Item 1. Schedule of Investments
| Schedule of Investments | ||||||||
| ASA Limited | ||||||||
| Schedule of Investments (Unaudited) | ||||||||
| August 31, 2008 | ||||||||
| Number of Shares/ | Percent of | |||||||
| Name of Company | Principal Amount | Market Value | Net Assets | |||||
| Gold investments | ||||||||
| Gold mining companies | ||||||||
| Australia | ||||||||
| Newcrest Mining Limited – ADRs | 1,865,000 | $ | 43,854,878 | 8.2 | % | |||
| Canada | ||||||||
| Agnico-Eagle Mines Limited | 600,000 | 34,344,000 | 6.4 | |||||
| Barrick Gold Corporation | 1,025,000 | 35,598,250 | 6.7 | |||||
| Goldcorp Inc. | 1,200,000 | 40,716,000 | 7.6 | |||||
| Kinross Gold Corporation | 750,000 | 12,337,500 | 2.3 | |||||
| NovaGold Resources Inc. (1) | 375,000 | 2,430,000 | 0.5 | |||||
| 125,425,750 | 23.5 | |||||||
| Channel Islands | ||||||||
| Randgold Resources Limited - ADRs | 1,094,700 | 48,046,383 | 9.0 | |||||
| Latin America | ||||||||
| Compania de Minas Buenaventura – ADRs | 1,459,000 | 33,848,800 | 6.3 | |||||
| South Africa | ||||||||
| AngloGold Ashanti Limited | 943,194 | 25,367,384 | 4.8 | |||||
| Gold Fields Limited | 2,429,577 | 22,088,776 | 4.1 | |||||
| Harmony Gold Mining Company Limited-ADRs (1) | 503,100 | 4,382,001 | 0.8 | |||||
| 51,838,161 | 9.7 | |||||||
| United States | ||||||||
| Newmont Mining Corporation | 420,368 | 18,958,597 | 3.5 | |||||
| Total gold mining companies (Cost - $147,994,693) | 321,972,569 | 60.2 | ||||||
| Exchange traded fund – gold | ||||||||
| United States | ||||||||
| SPDR Gold Trust (1)(Cost $10,005,000) | 150,000 | 12,256,500 | 2.3 | |||||
| Total gold investments (Cost $157,999,693) | 334,229,069 | 62.5 | ||||||
| Platinum investments | ||||||||
| Platinum mining companies | ||||||||
| South Africa | ||||||||
| Anglo Platinum Limited | 470,100 | 59,429,866 | 11.1 | |||||
| Impala Platinum Holdings Limited | 1,497,400 | 42,359,443 | 7.9 | |||||
| 101,789,309 | 19.0 | |||||||
| United Kingdom | ||||||||
| Lonmin PLC – ADRs | 289,700 | 18,370,379 | 3.5 | |||||
| Total platinum investments (Cost $12,006,288) | 120,159,688 | 22.5 | ||||||
| Investments in other mining companies | ||||||||
| Unted Kingdom | ||||||||
| Anglo American plc (Cost $4,941,920) | 914,800 | 48,843,290 | 9.1 | |||||
| Total common shares (Cost $174,947,901) | 503,232,047 | 94.1 | ||||||
| Convertible Securities | ||||||||
| Gold mining securities | ||||||||
| Canada | ||||||||
| NovaGold Resources Inc. 5.5% Senior Convertible | 15,000,000 | 13,742,250 | 2.6 | |||||
| Notes due 5/01/2015 ($15,000,000) | ||||||||
| Total investments (Cost $189,947,901) (2) | 516,974,297 | 96.7 | ||||||
| Cash, receivables and other assets less liabilities | 17,539,980 | 3.3 | ||||||
| Net assets | $ | 534,514,277 | 100.0 | % |
| (1) | Non-income producing security | |
| (2) | 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 August 31, 2008 were $335,819,235 and $8,792,837 respectively, resulting in net unrealized appreciation on investments of $327,026,398. | |
| ADR – American Depository Receipt | ||
| Item 2. Controls and Procedures. | ||||
| (a) | The Chairman of the Board, President and Treasurer, in his capacities as principal executive officer and principal financial officer of registrant, has concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on his evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report. | |||
| Prior to the evaluation noted above, the registrant discovered a weakness, attributable to human error, in its disclosure controls and procedures that resulted in this Form N-Q, which should have been filed no later than October 30, 2008, not being filed timely. The registrant did, however, post its complete Schedule of Investments on its website prior to that date. In order to prevent a similar problem in the future, the registrant has enhanced its filing reminder procedures to provide that at least two reminders (one of which is to be from a different source) be given to the personnel responsible for filings with the Securities and Exchange Commission prior to the dates the filings are required to be made. | ||||
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. | |||
| Item 3. Exhibits. | ||||
| The certification required by Rule 30a-2(a) under the Act is attached hereto. | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ASA Limited | |||
| By | /s/ Robert
J.A. Irwin |
||
| Robert J.A. Irwin | |||
| Chairman of the Board, President and Treasurer | |||
| Date: December 18, 2008 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.
| By | /s/ Robert
J.A. Irwin |
||
| Robert J.A. Irwin | |||
| Chairman of the Board, President and Treasurer | |||
| (Principal Executive Officer and | |||
| Principal Financial Officer) | |||
| Date: December 18, 2008 |