-----------------------------
                                                    OMB APPROVAL
                                                   -----------------------------
                                                    OMB Number: 3735-0570

                                                    Expires: Nov. 30, 2005

                                                    Estimated average burden
                                                    hours per response: 5.0
                                                   -----------------------------


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR

              CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
                              INVESTMENT COMPANIES


Investment Company Act file number: 811-00833

                                   ASA LIMITED
--------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)

             36 WIERDA ROAD WEST, SANDTON 2196                    SOUTH AFRICA
--------------------------------------------------------------------------------
         (Address of principal executive offices)                  (Zip code)

                           LAWRENCE G. NARDOLILLO, CPA
                                 LGN ASSOCIATES
                                  P.O. BOX 269
                             FLORHAM PARK, NJ 07932
--------------------------------------------------------------------------------
                     (Name and address of agent for service)


Registrant's telephone number, including area code: (716) 883-2427

Date of fiscal year end: NOVEMBER 30, 2004

Date of reporting period: MAY 31, 2004

FORM N-CSR IS TO BE USED BY MANAGEMENT INVESTMENT COMPANIES TO FILE REPORTS WITH
THE COMMISSION NOT LATER THAN 10 DAYS AFTER THE TRANSMISSION TO STOCKHOLDERS OF
ANY REPORT THAT IS REQUIRED TO BE TRANSMITTED TO STOCKHOLDERS UNDER RULE 30e-1
UNDER THE INVESTMENT COMPANY ACT OF 1940 (17 CFR 270.30e-1). THE COMMISSION MAY
USE THE INFORMATION PROVIDED ON FORM N-CSR IN ITS REGULATORY, DISCLOSURE REVIEW,
INSPECTION, AND POLICYMAKING ROLES.

A REGISTRANT IS REQUIRED TO DISCLOSE THE INFORMATION SPECIFIED BY FORM N-CSR,
AND THE COMMISSION WILL MAKE THIS INFORMATION PUBLIC. A REGISTRANT IS NOT
REQUIRED TO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN FORM N-CSR
UNLESS THE FORM DISPLAYS A CURRENTLY VALID OFFICE OF MANAGEMENT AND BUDGET
("OMB") CONTROL NUMBER. PLEASE DIRECT COMMENTS CONCERNING THE ACCURACY OF THE
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BURDEN TO SECRETARY, SECURITIES AND EXCHANGE COMMISSION, 450 FIFTH STREET, NW,
WASHINGTON, DC 20549-0609. THE OMB HAS REVIEWED THIS COLLECTION OF INFORMATION
UNDER THE CLEARANCE REQUIREMENTS OF 44 U.S.C. SS. 3507.





ITEM 1.  REPORT TO SHAREHOLDERS

ASA LIMITED                                                  36 WIERDA ROAD WEST
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)                      SANDTON 2196
                                                                    SOUTH AFRICA

TO THE SHAREHOLDERS:

     At May 31, 2004 the  Company's  net asset value was $42.96 per share.  This
compares  with $51.54 per share at November 30, 2003,  the end of the  Company's
previous  fiscal year. The Company's most recent net asset value on July 8, 2004
was $41.48 per share.  On this date,  the closing market price of our shares was
$37.36 per share, a discount of 9.9% to the net asset value.

     Net  investment  income for the six months  ended May 31, 2004 was $.20 per
share vs. $.52 for the same period last year. The Board of Directors  declared a
second quarter dividend of $.15 per share on May 7, 2004 payable May 27, 2004 to
shareholders of record on May 20, 2004.

     At our annual meeting held on February 6, 2004  shareholders  reelected the
ten  incumbent  directors  and ratified  the  selection of Ernst & Young LLP and
Ernst & Young  Johannesburg,  South  Africa to serve as auditors  for the fiscal
year ending November 30, 2004. See page 15 of this report for details  regarding
the results of the voting.

     You will  note  that our net  investment  income  of $.20 per share for the
first half of fiscal  2004 was down from the $.52 for the same period last year.
Most of this decrease was due to a decline in dividends received from the stocks
in our portfolio of 56% in rand terms and 45% in dollar terms.  Dividend  income
from companies  incorporated  outside of South Africa provided us with increased
dividend income but South African dividend  receipts declined  dramatically.  We
also  experienced  a decline in interest  income and a 5% increase in  operating
expenses,  due largely to legal and  administrative  work in connection with our
intended move to Bermuda.

     It is difficult to project the  earnings for the second half.  However,  we
may be in line for a special  dividend from Impala  Platinum  resulting from the
$688 million it will  receive from the sale of its 27.1% share in Lonplats,  the
main operating asset of London Stock Exchange listed Lonmin.  Impala  management
has said that it is considering  returning part of that cash to the shareholders
by way of a special cash dividend, share buy back, or combination of both.

     The South  African gold  industry's  production  for calendar year 2004 has
been estimated to be only 338 tons or 13% of last year's global production. This
compares with 375 tons  produced last year,  425 tons produced in 1999 and 1,103
tons produced in 1970 when South Africa  dominated global output with 68% of the
world's total.

     In addition to reduced output,  earnings and dividend  payouts of the South
African mines have been severely impacted by  above-inflation  rate increases in
water and steel prices. The most important negative impact on earnings, however,
has been the strong rand,  which is forcing costs higher and lowering the mines'
revenues.

     While the dollar gold price has more or less retained its upward trend, the
rand gold price, driven by the strong rand, has remained in a range of 79,000 to
85,000 rand per kilogram  for more than a year.  At these levels it is difficult
for the South  African gold mining  industry to generate  profits.  We have seen
estimates  that over 50% of South  African  gold mines are  operating at a loss.
However,  if the rand were to weaken and the dollar  price of gold  continue its
upward  trend,  the earnings  leverage on the upside for the mining  industry in
South African could be impressive.

     We persist in our efforts to move from South Africa to Bermuda.  As we have
noted in past  reports,  changes  in South  African  tax law  have  removed  the
exemptions  that  had been  granted  to the  Company  in 1958 to  encourage  our
location there. The removal of these exemptions also will cause us to be subject
to new taxes that have been recently  enacted.  As we previously  reported,  the
Company was successful in convincing the South Africa Parliament to pass special
legislation  extending the Company's exemption from certain taxes until November
30, 2004.  Following  that date, the Company would be subject to a capital gains
tax at an effective rate of fifteen percent on capital gains realized after that
date. It also would be subject to a tax  ("Secondary  Tax on  Companies") on the
distribution  of capital gains -- as well as a portion of net investment  income
-- of twelve and a half  percent.  The Company  has not been in the  practice of
paying  dividends  out of capital gains in recent years and the prospect of


                                                                               1


such  dividends  being taxed to the Company  would  probably  discourage us from
paying such dividends in the future.

     Should we be  successful in moving to Bermuda  before  November 30, 2004 we
will not be subject to the above  taxes.  Management  intends to place a plan of
reorganization  before the shareholders  sometime before November.  Shareholders
must be aware,  however,  that  setbacks in the process to receive an  exemptive
order from the U.S. Securities and Exchange Commission permitting the Company to
move to  Bermuda,  unexpected  external  factors or failure of  shareholders  to
approve the  reorganization  could result in the Company being unable to move to
Bermuda before November 30, 2004.

     If the Company  were to move to Bermuda  after  November 30, 2004 (or if it
were to liquidate  after that date as a South African  company) it would incur a
tax  liability,  which with the advice of our South  African  tax  advisers,  we
estimate  at  approximately  $25  million  (or  $2.60  per  share)  based on our
financial statements as of May 31, 2004. This amount includes a $5.5 million (or
$.58 per share) deferred South African capital gains tax liability  reflected in
the accompanying financial statements.

     For  additional  information on the Company's  South African tax status,  I
refer you to Note 2 to the financial statements on pages 7 and 8 of this report.

     Copies of financial reports of the Company, as well as its latest net asset
value may be requested from LGN Associates, P.O. Box 269, Florham Park, NJ 07932
(973) 377-3535 or may be found on the Company's website (www.asaltd.com).

     I  would  also  like to call to  your  attention  the  availability  of the
Dividend  Reinvestment  Plan.  See  page  14 of  this  report  for  information.
Equiserve,  the agent for the Plan,  is able to  communicate  with  shareholders
through the Internet. The only requirement for shareholder  participation is use
of a personal  computer and access to an electronic mail package.  The Equiserve
address is  EQUISERVE@EQUISERVE.COM  and access is  available 24 hours a day. In
addition,  Equiserve has established a Shareholder  Contact Center ("Center") to
respond to shareholders'  questions in a timely manner.  The telephone number is
781-575-2723.  The Center is available  Monday  through Friday between 8:30 a.m.
and 7 p.m. (Eastern Time).

                                                 Robert J.A. Irwin
July 16, 2004                                  CHAIRMAN OF THE BOARD






2



SCHEDULE OF INVESTMENTS
(NOTE 1)
May 31, 2004



-------------------------------------------------------------------------------------------------------------------
                                                                  Number of                     Percent of
      Name of Company                                                Shares    Market Value     Net Assets
-------------------------------------------------------------------------------------------------------------------
                                                                                           
      ORDINARY SHARES OF GOLD MINING COMPANIES
      AUSTRALIAN GOLD MINES
      Newcrest Mining Limited - ADRs                              3 000 000    $ 27 630 000           6.7%
-------------------------------------------------------------------------------------------------------------------
      UNITED STATES GOLD MINES
      Newmont Mining Corporation                                    520 368      20 663 813           5.0
-------------------------------------------------------------------------------------------------------------------
      SOUTH AFRICAN GOLD MINES
      AngloGold Ashanti Limited                                   2 389 894      83 636 131          20.3
      Gold Fields Limited                                         9 704 977     114 834 568          27.7
      Harmony Gold Mining Company Limited                           292 459       3 523 828            .9
      Harmony Gold Mining Company Limited - ADRs                  2 166 400      25 953 472           6.3
-------------------------------------------------------------------------------------------------------------------
                                                                                227 947 999          55.2
-------------------------------------------------------------------------------------------------------------------
      CANADIAN GOLD MINES
      Barrick Gold Corporation                                      730 000      15 089 100           3.7
      Placer Dome Incorporated                                    1 065 312      16 608 214           4.0
-------------------------------------------------------------------------------------------------------------------
                                                                                 31 697 314           7.7
-------------------------------------------------------------------------------------------------------------------
      SOUTH AMERICAN GOLD MINES
      Compania de Minas Buenaventura - ADRs                         900 000      21 087 000           5.1
-------------------------------------------------------------------------------------------------------------------
                                                                                329 026 126          79.7
-------------------------------------------------------------------------------------------------------------------

      ORDINARY SHARES OF OTHER COMPANIES
      SOUTH AFRICAN MINING
      Anglo American PLC                                          1 280 000      27 110 509           6.6
      Anglo American Platinum Corporation Limited                   820 500      30 552 691           7.4
      Impala Platinum Holdings Limited                              262 700      19 354 072           4.7
      Mvelaphanda Resources Limited                               1 950 000       6 285 416           1.5
-------------------------------------------------------------------------------------------------------------------
                                                                                 83 302 688          20.2
-------------------------------------------------------------------------------------------------------------------

      Total investments (Cost - $151 159 299)                                   412 328 814          99.9
-------------------------------------------------------------------------------------------------------------------

      CASH AND OTHER ASSETS LESS LIABILITIES                                         46 838            .1
-------------------------------------------------------------------------------------------------------------------
      Net assets                                                               $412 375 652         100.0%
-------------------------------------------------------------------------------------------------------------------


      There  is  no  assurance  that  the  valuations  at  which  the  Company's
      investments are carried could be realized upon sale.

      The  notes to the  financial  statements  form an  integral  part of these
      statements.



                                                                               3


STATEMENTS OF ASSETS AND LIABILITIES



-------------------------------------------------------------------------------------------------------------------
      ASSETS                                                   May 31, 2004                   May 31, 2003
-------------------------------------------------------------------------------------------------------------------
                                                                                        
      Investments, at market value (Note 1)
        Gold mining companies -
          Cost $117 577 016 in 2004
           $121 354 720 in 2003                                $329 026 126                   $278 511 105
        Other companies -
          Cost $33 582 283 in 2004
               $26 678 003 in 2003                               83 302 688                     63 406 199
-------------------------------------------------------------------------------------------------------------------
                                                                412 328 814                    341 917 304
-------------------------------------------------------------------------------------------------------------------

      Cash (Includes foreign cash of $4 633 317 and $497 790)     5 653 497                      9 537 910

      Dividends and interest receivable                             139 910                        146 103

      Other assets                                                  260 760                         86 588
-------------------------------------------------------------------------------------------------------------------
      Total assets                                              418 382 981                    351 687 905
-------------------------------------------------------------------------------------------------------------------

      LIABILITIES
-------------------------------------------------------------------------------------------------------------------
      Accounts payable and accrued liabilities                      493 205                        403 136
      Current South African tax liability (benefit)                 (16 817)                        76 576
      Deferred South African tax liability                        5 530 941                      3 453 238
-------------------------------------------------------------------------------------------------------------------
      Total liabilities                                           6 007 329                      3 932 950
-------------------------------------------------------------------------------------------------------------------

      NET ASSETS (SHAREHOLDERS' INVESTMENT)                    $412 375 652                   $347 754 955
 ------------------------------------------------------------------------------------------------------------------
     Ordinary (common) shares R0.25 nominal (par) value
        Authorized: 24,000,000 shares
        Issued and Outstanding: 9,600,000 shares               $  3 360 000                    $ 3 360 000
      Share premium (capital surplus)                            27 489 156                     27 489 156
      Undistributed net investment income                        58 153 100                     60 737 729
      Undistributed net realized (loss) from
        foreign currency transactions                           (55 009 385)                   (49 874 418)
      Undistributed net realized gains on investments           122 131 967                    115 112 525
      Net unrealized appreciation on investments                255 638 574                    190 431 343
      Net unrealized appreciation on
        translation of assets and liabilities in foreign
        currency                                                    612 240                        498 620
-------------------------------------------------------------------------------------------------------------------

      Net assets                                               $412 375 652                   $347 754 955
-------------------------------------------------------------------------------------------------------------------

      Net assets per share                                           $42.96                         $36.22
-------------------------------------------------------------------------------------------------------------------


      The closing price of the Company's  shares on the New York Stock  Exchange
      was $37.64 and $35.90 on May 31, 2004 and 2003, respectively.

      The  notes to the  financial  statements  form an  integral  part of these
      statements.



4



STATEMENTS OF OPERATIONS



                                                                                Six months ended
----------------------------------------------------------------------------------------------------------------
                                                                        May 31, 2004           May 31, 2003
----------------------------------------------------------------------------------------------------------------
                                                                                         
    Investment income
        Dividend income                                                 $  3 369 822           $  6 133 508
        Interest income                                                       97 578                337 327
----------------------------------------------------------------------------------------------------------------
                                                                           3 467 400              6 470 835
----------------------------------------------------------------------------------------------------------------
    Expenses
        Shareholder reports and proxy expenses                                87 540                111 199
        Directors' fees and expenses                                         317 613                281 447
        Salaries and benefits                                                300 850                246 871
        Other administrative expenses                                        373 454                331 500
        Transfer agent, registrar and custodian                               58 335                 75 118
        Professional fees and expenses                                       216 796                205 679
        Insurance                                                             72 081                 76 127
        Other                                                                171 564                188 300
----------------------------------------------------------------------------------------------------------------
        Total expenses                                                     1 598 233              1 516 241
----------------------------------------------------------------------------------------------------------------
    Net investment income before South African tax benefit                 1 869 167              4 954 594
    South African tax benefit                                                 80 632                     --
----------------------------------------------------------------------------------------------------------------
    Net investment income                                                  1 949 799              4 954 594
----------------------------------------------------------------------------------------------------------------
    Net realized and unrealized gain (loss) from investments
      and foreign currency transactions
    Net realized gain from investments
      Proceeds from sales                                                  8 403 634                     --
      Cost of securities sold                                              1 384 192                     --
----------------------------------------------------------------------------------------------------------------
    Net realized gain from investments                                     7 019 442                     --
----------------------------------------------------------------------------------------------------------------
    Net realized gain (loss) from foreign currency transactions
      Investments                                                         (6 872 264)                    --
      Foreign currency transactions                                           44 858              1 346 451
----------------------------------------------------------------------------------------------------------------
    Net realized gain (loss) from foreign currency transactions           (6 827 406)             1 346 451
----------------------------------------------------------------------------------------------------------------
    Net increase (decrease) in unrealized appreciation on investments
      Balance, beginning of period                                       345 821 603            170 170 266
      Balance, end of period                                             261 169 515            193 884 581
----------------------------------------------------------------------------------------------------------------
    Increase (Decrease)                                                  (84 652 088)            23 714 315
    Change in deferred South African tax liability                         3 085 646                  7 937
----------------------------------------------------------------------------------------------------------------
    Net increase (decrease) in unrealized appreciation on
      investments                                                        (81 566 442)            23 722 252
----------------------------------------------------------------------------------------------------------------
    Net (decrease) in unrealized appreciation
      on translation of assets and liabilities in foreign currency          (103 830)              (811 569)
----------------------------------------------------------------------------------------------------------------
    Net realized and unrealized gain (loss) from
      investments and foreign currency transactions                      (81 478 236)            24 257 134
----------------------------------------------------------------------------------------------------------------
    Net increase (decrease) in net assets resulting
      from operations                                                  $ (79 528 437)          $ 29 211 728
----------------------------------------------------------------------------------------------------------------


    The  notes  to the  financial  statements  form an  integral  part of  these
    statements.



                                                                               5


STATEMENTS OF SURPLUS AND STATEMENTS OF CHANGES IN NET ASSETS



                                                                                 Six months ended
-------------------------------------------------------------------------------------------------------------------
      STATEMENTS OF SURPLUS                                            May 31, 2004             May 31, 2003
-------------------------------------------------------------------------------------------------------------------
                                                                                          
      Share premium (capital surplus)
          Balance, beginning and end of period                         $ 27 489 156             $ 27 489 156
-------------------------------------------------------------------------------------------------------------------
      Undistributed net investment income
          Balance, beginning of period                                 $ 59 083 301             $ 58 663 135
          Net investment income for the period                            1 949 799                4 954 594
          Dividends paid                                                 (2 880 000)              (2 880 000)
-------------------------------------------------------------------------------------------------------------------
          Balance, end of period                                       $ 58 153 100             $ 60 737 729
-------------------------------------------------------------------------------------------------------------------
      Undistributed net realized (loss) from
      foreign currency transactions
          Balance, beginning of period                                 $(48 181 979)            $(51 220 869)
          Net realized gain (loss) for the period                        (6 827 406)               1 346 451
-------------------------------------------------------------------------------------------------------------------
          Balance, end of period                                       $(55 009 385)            $(49 874 418)
-------------------------------------------------------------------------------------------------------------------
      Undistributed net realized gain from investments
        (Computed on identified cost basis)
          Balance, beginning of period                                 $115 112 525             $115 112 525
          Net realized gain for the period                                7 019 442               --
-------------------------------------------------------------------------------------------------------------------
          Balance, end of period                                       $122 131 967             $115 112 525
-------------------------------------------------------------------------------------------------------------------
      Net unrealized appreciation (depreciation) on investments
          Balance, beginning of period                                 $337 205 016             $166 709 091
          Net increase (decrease) for the period                        (81 566 442)              23 722 252
-------------------------------------------------------------------------------------------------------------------
          Balance, end of period                                       $255 638 574             $190 431 343
-------------------------------------------------------------------------------------------------------------------
      Net unrealized appreciation (depreciation)
        on translation of assets and liabilities in foreign currency
          Balance, beginning of period                                 $    716 070              $ 1 310 189
          Net unrealized (depreciation) for the period                     (103 830)                (811 569)
-------------------------------------------------------------------------------------------------------------------
          Balance, end of period                                       $    612 240              $   498 620
-------------------------------------------------------------------------------------------------------------------





                                                                                 Six months ended
-------------------------------------------------------------------------------------------------------------------
      STATEMENTS OF CHANGES IN NET ASSETS                                 May 31, 2004          May 31, 2003
-------------------------------------------------------------------------------------------------------------------
                                                                                           
      Net investment income                                               $  1 949 799           $ 4 954 594
      Net realized gain from investments                                     7 019 442                    --
      Net realized gain (loss) from foreign currency transactions           (6 827 406)            1 346 451
      Net increase (decrease) in unrealized appreciation on investments    (81 566 442)           23 722 252
      Net (decrease) in unrealized appreciation (depreciation)
        on translation of assets and liabilities in foreign currency          (103 830)             (811 569)
-------------------------------------------------------------------------------------------------------------------
      Net increase (decrease) in net assets resulting from operations      (79 528 437)           29 211 728
      Dividends paid                                                        (2 880 000)           (2 880 000)
-------------------------------------------------------------------------------------------------------------------
      Net increase (decrease) in net assets                                (82 408 437)           26 331 728
      Net assets, beginning of period                                      494 784 089           321 423 227
-------------------------------------------------------------------------------------------------------------------
      Net assets, end of period                                           $412 375 652          $347 754 955
-------------------------------------------------------------------------------------------------------------------


      The  notes to the  financial  statements  form an  integral  part of these
      statements.


6



                          NOTES TO FINANCIAL STATEMENTS
                     SIX MONTHS ENDED MAY 31, 2004 AND 2003

1  SUMMARY OF SIGNIFICANT ACCOUNTING  POLICIES The following is a summary of the
Company's significant accounting policies:

A. INVESTMENTS

   Portfolio securities are generally valued at the last reported sales price on
the last  trading  day of the  period,  or the mean  between the closing bid and
asked prices of those  securities  not traded on that date.  In the event that a
mean price  cannot be  computed  due to the  absence of either a bid or an asked
price,  then the bid price plus 1% or the ask price less 1%, as  applicable,  is
used.  Securities for which current market  quotations are not readily available
are valued at their fair value as  determined in good faith by, or in accordance
with procedures adopted by, the Company's Board of Directors.

   The difference between cost and current 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.

   There is no assurance  that the valuation at which the Company's  investments
are  carried  could be  realized  upon sale.

B. EXCHANGE GAINS AND LOSSES

   The  Company  records  exchange  gains  and  losses  in  accordance  with the
provisions of the American Institute of Certified Public  Accountants  Statement
of  Position  93-4,   Foreign  Currency   Accounting  and  Financial   Statement
Presentation  for  Investment  Companies  ("SOP").  The  SOP  requires  separate
disclosure in the accompanying  financial statements of net realized gain (loss)
from foreign currency  transactions,  and inclusion of unrealized gain (loss) on
the   translation   of   currency  as  part  of  net   unrealized   appreciation
(depreciation) on translation of assets and liabilities in foreign currency.

C. SECURITY TRANSACTIONS AND INVESTMENT INCOME

During  the six  months  ended May 31,  2004  sales of  securities  amounted  to
$8,403,634 and purchases of securities  amounted to  $7,292,714.  During the six
months  ended May 31, 2003 there were no sales of  securities  and  purchases of
securities amounted to $1,205,799.

Dividend  income  is  recorded  on the  ex-dividend  date (the date on which the
securities would be sold ex-dividend) net of withholding taxes, if any. Interest
income is recognized on the accrual  basis.

D. DISTRIBUTIONS  TO  SHAREHOLDERS

Dividends to shareholders are recorded on the ex-dividend date.

E. USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities at the date of the financial  statements and the reported amounts of
revenues  and expenses for the period.  Actual  results  could differ from those
estimates.

F. BASIS OF PRESENTATION

The financial statements are presented in United States dollars.

Certain prior year amounts in the  accompanying  financial  statements have been
reclassified to conform with current year presentation.

2  TAX STATUS OF THE  COMPANY  Pursuant to the South  African Income Tax Act, as
amended,  the Company is subject to tax on dividends received from sources other
than South Africa.  In addition,  beginning  with the fiscal year ended November
30, 2002, the Company is subject to tax on interest  earned on cash deposits.  A
tax benefit for South  African  taxes of $80,632 and a tax provision of $-0- for
these items have been included in the accompanying  financial statements for the
six months ended May 31, 2004 and May 31, 2003, respectively.


                                                                               7


   The Company had  previously  provided for and paid taxes on foreign  exchange
gains.  However,  the Company was assessed by the South African  Revenue Service
("SARS") on the basis that it is exempt from tax on foreign  exchange  gains and
in November 2003,  after the completion of a refund audit performed by SARS, the
Company  received a refund in respect of the overpayment of tax in the amount of
$1,639,641, plus interest.

   In addition to the  foregoing  taxes,  ASA  currently  is exempt from certain
other taxes in South Africa.  Such exemption,  however,  expires on November 30,
2004.  Following  that date ASA will  become  subject to the  Capital  Gains Tax
("CGT") and the Secondary Tax on Companies ("STC") in South Africa.

   The CGT is assessed at an effective  rate of 15% on most gains  realized by a
corporation  on the sale of an  investment.  No  provision  for the CGT has been
included in the  accompanying  financial  statements for realized  capital gains
during the six months  ended May 31, 2004 as a result of the  Company's  current
exemption.  A deferred  tax  liability of  $5,530,941  and  $3,453,238  has been
included  for the CGT on  unrealized  capital  gains on  securities  for the six
months ended May 31, 2004 and May 31, 2003, respectively.

   The  STC is  assessed  at the  rate  of  12.5%  on the  amount  of  dividends
distributed to shareholders, after a deduction for dividends received or accrued
by a  corporation  from South  African  companies  during the relevant  dividend
period or cycle.  Effective  January 1,  2003,  the STC  applies to  liquidation
distributions to shareholders of capital gains  attributable to the period after
October 1, 2001,  with an offset for the capital  gains tax paid on these gains.
The Company currently is exempt from the STC on the types of dividends discussed
above.

   The Company has commenced actions necessary to relocate to Bermuda before the
expiration of its exemption.  See Note 5. While it is management's  intention to
complete  this  relocation  before the November  30, 2004  expiration  date,  no
assurance  can be given that all  conditions  will be  satisfied by November 30,
2004.  If the  Company is unable to relocate  to Bermuda  prior to November  30,
2004,  the  Company's  Board of Directors  will decide what action,  if any, the
Company  should take.  The Company  could decide to remain in South Africa after
November 30, 2004,  in which case the  above-described  taxes would apply to the
Company in the normal course of  conducting  its  business.  Alternatively,  the
Company  could decide to relocate to Bermuda  after  November 30, 2004, in which
case the  Company  would  incur a tax  liability  at the time of the  relocation
estimated  at  approximately  $25  million,  based  on the  Company's  financial
statements as of May 31, 2004.

   The reporting for financial  statement  purposes of distributions made during
the fiscal year from net investment income or net realized gains may differ from
their ultimate  reporting for U.S. federal income tax purposes.  The differences
are caused primarily by the separate line item reporting for financial statement
purposes of foreign exchange gains or losses. See pages 11-13 for additional tax
information for United States shareholders.

3  CURRENCY  EXCHANGE  There are exchange  control regulations  restricting  the
transfer of funds from South Africa.  In 1958 the South African Reserve Bank, in
the exercise of its powers under such regulations,  advised the Company that the
exchange control  authorities would permit the Company to transfer to the United
States in dollars  both the  Company's  capital  and its gross  income,  whether
received as dividends or as profits on the sale of  investments,  at the current
official  exchange rate prevailing from time to time.  Future  implementation of
exchange   control   policies   could  be   influenced   by  national   monetary
considerations that may prevail at any given time.

4  RETIREMENT  PLANS Effective  April 1, 1989, the Company established a defined
contribution plan (the "Retirement  Plan") to replace its previous pension plan.
The Retirement Plan covers all full-time employees.  The Company will contribute
15% of each covered  employee's  salary to the  Retirement  Plan. The Retirement
Plan provides for immediate  vesting by the employee without regard to length of
service.  During  the six  months  ended May 31,  2004 and 2003,  there  were no
covered  employees  under the Retirement Plan and,  consequently,  no retirement
expense was incurred.

   In 1994,  the  Company  entered  into a  supplemental  non-qualified  pension
agreement  with its  Chairman.  Under the terms of the  agreement,  the  Company
agreed to credit $25,000 per year for five years, beginning December 1, 1993, to
a Supplemental Pension Account with interest credited at an annual rate of 3.5%.

   The Board of  Directors  approved  an  increase  in the  amount of the annual
credit as follows:  $28,125 in May 1999;  $31,250 in February  2002,  $45,000 in
March 2003 and $55,000 in February  2004. As a result,  the Company has recorded
expense amounts of $25,833 and $19,051 for the six months ended May 31, 2004 and
May 31, 2003, respectively.

8



   The  Company has  recorded an asset in the amount of $150,750  related to the
retirement  obligation  liability  including  interest of $349,635 as of May 31,
2004.

5  COMPANY  REORGANIZATION  The Company announced in early 2003 that, in view of
its tax situation,  it had filed an application  for an exemptive order with the
U.S.  Securities and Exchange  Commission to permit the Company to move from the
Republic of South Africa to the  Commonwealth of Bermuda by reorganizing  itself
into a newly formed company  incorporated in Bermuda. The move would not involve
any material  change in the Company's  investment  policies.  The  relocation to
Bermuda  is subject  to a number of  conditions,  including  (1)  receiving  the
requested  relief from the  Securities  and Exchange  Commission;  (2) receiving
approval  to list the  shares of the new  Bermuda  company on the New York Stock
Exchange and (3) satisfying shareholder approval requirements.  No assurance can
be given that these conditions will be satisfied.

   In connection with the reorganization, the Company has incurred approximately
$750,000 in legal and other professional fees as of May 31, 2004.

6  CONCENTRATION  RISK Under  normal  circumstances,  over 50% of the  Company's
assets will be invested in equity securities of companies conducting, as a major
portion of their business,  gold mining and related  activities in South Africa.
The Company also invests in securities of companies  engaged in other businesses
in South Africa, including the mining of other precious metals. In addition, the
Company  invests a portion of its assets in  securities  of companies  operating
outside of South Africa in extractive  and related  activities,  including  gold
mining.  The Company is,  therefore,  subject to gold and precious metal related
risks as well as risks related to investing in South Africa including political,
economic,  regulatory,  currency  fluctuation  and foreign  exchange risks. As a
result of industry consolidation, the Company currently is invested in a limited
number of  securities  and thus holds  large  positions  in certain  securities.
Because  the  Company's  investments  are  concentrated  in a limited  number of
securities of companies involved in the mining of gold and other precious metals
and  related  activities,  the net asset  value of the Company may be subject to
greater volatility than that of a more broadly diversified investment company.

7  COMMITMENTS The Company's lease for office space in  Johannesburg  expired in
February  2003.  The  Company  has renewed the lease for a two year period at an
annual cost of approximately $55,000.


                                                                               9


FINANCIAL HIGHLIGHTS



                                                 Six Months Ended May 31                   Year Ended November 30
-----------------------------------------------------------------------------------------------------------------------------------
                                                    2004        2003          2003        2002       2001       2000       1999
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                   
   PER SHARE OPERATING PERFORMANCE
-----------------------------------------------------------------------------------------------------------------------------------
   Net asset value, beginning of period           $ 51.54     $ 33.48       $ 33.48     $ 21.97    $ 17.58    $ 22.51    $ 19.01
-----------------------------------------------------------------------------------------------------------------------------------
   Net investment income                              .20         .52           .84         .85       1.00        .61        .58
   Net realized gain from investments                 .73          --            --         .51       3.05       1.00        .62
   Net realized gain (loss) from foreign
     currency transactions                           (.71)        .14           .32       (1.13)      (.24)     (1.02)      (.95)
   Net increase (decrease) in unrealized
     appreciation on investments                    (8.49)       2.46         17.76       11.84       1.40      (4.88)      3.84
   Net increase (decrease) in unrealized
     appreciation (depreciation) on translation
     of assets and liabilities in foreign currency   (.01)       (.08)         (.06)        .24       (.02)      (.04)       .01
-----------------------------------------------------------------------------------------------------------------------------------
   Net increase (decrease) in net assets
     resulting from operations                      (8.28)       3.04         18.86       12.31       5.19      (4.33)      4.10
   Less dividends                                    (.30)       (.30)         (.80)       (.80)      (.80)      (.60)      (.60)
-----------------------------------------------------------------------------------------------------------------------------------
   Net asset value, end of period                 $ 42.96     $ 36.22       $ 51.54     $ 33.48    $ 21.97    $ 17.58    $ 22.51
-----------------------------------------------------------------------------------------------------------------------------------

   Market value per share, end of period          $ 37.64     $ 35.90       $ 47.16     $ 30.06    $ 19.83    $ 14.56    $ 19.125

   TOTAL INVESTMENT RETURN(1)
   Based on market value per share                 (19.59%)     20.39%        59.91%      55.72%     41.76%    (21.06%)      3.44%

   RATIOS TO AVERAGE NET ASSETS(1)(2)
   Expenses                                           .71%        .86%          .84%        .91%      1.10%      1.15%       1.13%
   Net investment income                              .86%       2.82%         2.09%       2.63%      4.61%      3.06%       3.02%

   SUPPLEMENTAL DATA
   Net assets, end of period (000 omitted)       $412 376    $347 755      $494 784    $321 423   $210 944   $168 726    $216 051
   Portfolio turnover rate                           1.60%         --            --        4.41%     11.18%      7.43%       6.66%



   Per share calculations are based on the 9,600,000 shares outstanding.
   (1) Determined in U.S. dollar terms.
   (2) Annualized for the six months ended May 31, 2004 and May 31, 2003.

SUPPLEMENTARY INFORMATION

Six months ended May 31, 2004 and 2003


-----------------------------------------------------------------------------------------------------------
   CERTAIN FEES INCURRED BY THE COMPANY                                2004                      2003
-----------------------------------------------------------------------------------------------------------
                                                                                       
   Directors' fees                                                     $148 000              $149 500
   Officers' remuneration                                               266 790               249 125
   Ranquin Associates (a company of which an officer is an
     affiliated person)                                                  20 400                18 800
   Auditors                                                              49 000                70 000
-----------------------------------------------------------------------------------------------------------


   The  notes  to the  financial  statements  form an  integral  part  of  these
statements.


10



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of
Directors of ASA Limited:

     We have audited the  accompanying  statements of assets and  liabilities of
ASA Limited  (incorporated  in the Republic of South  Africa) as of May 31, 2004
and 2003,  including  the schedule of  investments  as of May 31, 2004,  and the
related  statements  of  operations,  surplus  and  changes  in net  assets  and
supplementary information for the six months ended May 31, 2004 and 2003 and the
financial  highlights for the six months ended May 31, 2004 and May 31, 2003 and
the  years  ended  November  30,  2003 and  2002.  These  financial  statements,
financial highlights and supplementary information are the responsibility of the
Company's  management.  Our  responsibility  is to  express  an opinion on these
financial statements,  financial highlights and supplementary  information based
on our audits.  The financial  highlights for years  presented prior to November
30, 2002 were  audited by other  auditors who have ceased  operations  and whose
report  dated  December  18,  2001  expressed  an  unqualified  opinion on those
financial highlights.

     We  conducted  our audits in  accordance  with the  standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain  reasonable  assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining,  on a test basis,  evidence sup porting the amounts
and  disclosures  in  the  financial   statements,   financial   highlights  and
supplementary   information.   Our  procedures   included  the  confirmation  of
securities  owned  as of May 31,  2004  and  2003,  by  correspondence  with the
custodian.  An audit also includes assessing the accounting  principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

     In  our  opinion,  the  financial  statements,   financial  highlights  and
supplementary  information  referred to above  present  fairly,  in all material
respects, the financial position of ASA Limited as of May 31, 2004 and 2003, the
results of its  operations,  its  surplus,  the changes in its net  assets,  and
supplementary  information  for each of the six month periods then ended and the
financial  highlights  for the six  months  ended May 31,  2004 and 2003 and the
years  ended  November  30,  2003 and 2002 in  conformity  with  U.S.  generally
accepted accounting principles.

                                    Ernst & Young LLP
                                    New York, N.Y., U.S.A
                                    Ernst & Young
                                    Johannesburg, SA

July 16, 2004


--------------------------------------------------------------------------------
CERTAIN TAX INFORMATION FOR
UNITED STATES SHAREHOLDERS (UNAUDITED)

From  December 1, 1963 through  November 30, 1987,  the Company was treated as a
"foreign  investment  company"  for United  States  federal  income tax purposes
pursuant to Section 1246 of the Internal  Revenue Code.  Under that  section,  a
United States  shareholder  who has held his shares in the Company for more than
one year is subject to tax at  ordinary  income tax rates on his profit (if any)
on a sale of his shares to the extent of his  "ratable  share" of the  Company's
earnings  and  profits  accumulated  for the period  during  which he held those
shares  between  December 1, 1963 and November 30, 1987.  If such  shareholder's
profit on the sale of his  shares  exceeds  such  ratable  share and he held his
shares for more than one year,  then, sub ject to the discussion below regarding
the United States  federal  income tax rules  applicable to taxable years of the
Company  beginning  after  November 30, 1987,  he is subject to tax at long-term
capital gain rates on the excess.

   The Company's per share earnings and profits  accumulated  (undistributed) in
each of the taxable years from 1964 through 1987 is given below in United States
currency.  All the per share amounts give effect to the two-for-one stock splits
that became effective on May 10, 1966, May 10, 1973 and May 9, 1975. All the per
share amounts reflect distributions through November 30, 2003.


                                                                              11



Year ended November 30        Per year          Per day
----------------------------------------------------------
1964                             $ .042         $.00012
----------------------------------------------------------
1965                               .067          .00019
----------------------------------------------------------
1966                               .105          .00029
1967                               .277          .00076
1968                               .241          .00066
1969                               .461          .00126
1970                               .218          .00060
1971                               .203          .00056
1972                               .445          .00122
1973                               .497          .00136
1974                              1.151          .00316
1975                               .851          .00233
1976                               .370          .00101
1977                               .083          .00023
1978                               .357          .00098
1979                               .219          .00060
1980                              1.962          .00538
1981                               .954          .00261
1982                               .102          .00028
1983                                -0-             -0-
1984                                -0-             -0-
1985                             (.151)        (.00041)
1986                                -0-             -0-
----------------------------------------------------------
1987                                -0-             -0-
----------------------------------------------------------

   Under  rules  enacted  by the Tax Reform Act of 1986,  the  Company  became a
"passive foreign investment company" (a "PFIC") on December 1, 1987*. The manner
in which these rules apply  depends on whether a United States  shareholder  (1)
elects to treat the Company as a qualified electing fund ("QEF") with respect to
his Company  shares,  (2) for taxable  years of such United  States  shareholder
beginning after December 31, 1997, elects to "mark-to-market" his Company shares
as of the close of each taxable year, or (3) makes neither election.

   In general,  if a United  States  shareholder  of the  Company  does NOT make
either such election, any gain realized on the direct or indirect disposition of
his  Company  shares  will be treated as  ordinary  income.  In  addition,  such
shareholder will be subject to an "interest charge" on part of his tax liability
with  respect  to  such  gain,  as  well  as with  respect  to  certain  "excess
distributions" made by the Company. Furthermore, shares held by such shareholder
may be denied the benefit of any oth erwise applicable  increase in tax basis at
death.  Under  proposed  regulations,  a  "disposition"  would  include  a  U.S.
taxpayer's becoming a nonresident alien.

   As noted, the general tax consequences  described in the preceding  paragraph
apply to an  "excess  distribution"  on  Company  shares,  which is defined as a
distribution  by the  Company  for a taxable  year that is more than 125% of the
average amount it distributed  for the three preceding  taxable  years.** If the
Company  makes an  excess  distribution  in a  taxable  year,  a  United  States
shareholder who has not made a QEF or mark-to-market  election would be required
to allocate the excess  amount  ratably over the ENTIRE  holding  period for his
shares.  That  allocation  would  result in tax  being  payable  at the  highest
applicable  rate in the prior years to which the  distribution  is allocated and
interest charges being imposed on the resulting  "underpayment" of taxes made in
those years.  In contrast,  a  distribution  that is not an excess  distribution
would be  taxable  to a United  States  shareholder  as a normal  dividend  (see
footnote * above), with no interest charge.

   If a United  States  shareholder  elects to treat the  Company  as a QEF with
respect to his  shares  therein  for the first  year he holds his shares  during
which the Company is a PFIC (or who later makes the QEF election and also elects
to treat his shares  generally  as if they were sold for their fair market value
on the first  day of the first  taxable  year of the  Company  for which the QEF
election  is  effective),  the  rules  described  in  the  preceding  paragraphs
generally will not apply.  Instead,  the electing United States shareholder will
include  annually  in his  gross  income  his PRO RATA  share  of the  Company's
ordinary  earnings  and net capital  gain (his "QEF"  inclusion)  regardless  of
whether  such  income  or  gain  was  actually  distributed.   A  United  States
shareholder  who makes a valid QEF election will  recognize  capital gain on any
profit from the actual  sale of his shares if those  shares were held as capital
assets,  except to the extent of the shareholder's ratable share of the earnings
and profits of the Company accumulated for the period during which he held those
shares between December 1, 1963 and November 30, 1987, as described above.

   Alternatively,  if a  United  States  shareholder  makes  the  mark-to-market
election with respect to Company shares for taxable years  beginning on or after
January  1, 1998,  such  shareholder  will be  required  annually  to report any
unrealized  gain  with  respect  to his  shares  as  ordinary  income,  and  any
unrealized loss would be permitted as an

---------------
* Because the Company is a PFIC,  dividends it pays will not qualify for the 15%
maximum U.S. federal income tax rate on dividends that  individuals  receive and
instead will be taxed at rates up to 35%.

** For example, the Company made annual distributions of $.80, $.80 and $.80 per
share  during  the  taxable  years  ended  November  30,  2003,  2002 and  2001,
respectively,   an  average  per  year  of  $.80  per  share.  Accordingly,  any
distribution  in excess of $1.00 per share (125% of $.80) would be treated as an
excess  distribution for the taxable year ending November 30, 2004. (All amounts
in U.S. currency.)


12



ordinary loss, but only to the extent of previous inclusions of ordinary income.
Any gain  subsequently  realized by the electing United States  shareholder on a
sale or other  disposition  of his  Company  shares  also  would be  treated  as
ordinary income, but such shareholder would not be subject to an interest charge
on  his  resulting  tax  liability.  Special  rules  apply  to a  United  States
shareholder  that held his PFIC stock prior to the first  taxable year for which
the mark-to-market election was effective.

   A United States  shareholder with a valid QEF election in effect would not be
taxed  on any  distributions  paid  by the  Company  to the  extent  of any  QEF
inclusions,  but any  distributions  out of accumulated  earnings and profits in
excess thereof would be treated as taxable  dividends.  Such a shareholder would
increase the tax basis in his Company shares by the amount of any QEF inclusions
and reduce  such tax basis by any  distributions  to him that are not taxable as
described  in the  preceding  sentence.  Special  rules  apply to United  States
shareholders  who make the QEF  election and wish to defer the payment of tax on
their annual QEF inclusions.

   Each  shareholder  who desires QEF  treatment  must  individually  elect such
treatment. The QEF election must be made for the taxable year of the shareholder
in which or with which the taxable  year of the Company  ends. A QEF election is
effective  for the  shareholder's  taxable  year  for  which  it is made and all
subsequent  taxable years of the  shareholder and may not be revoked without the
consent of the Internal Revenue Service.  A shareholder of the Company who first
held his Company  shares after November 30, 2003 and who files his tax return on
the basis of a calendar  year may make a QEF election on his 2004 tax return.  A
shareholder  of the  Company  who  first  held his  Company  shares on or before
November  30,  2003 may also make the QEF  election  on his 2004 tax  return but
should consult his tax advisor concerning the tax consequences and special rules
that apply when a QEF election  could have been made with respect to such shares
for an earlier taxable year.

   The QEF  election  must be made by the  due  date,  with  extensions,  of the
federal  income tax return for the  taxable  year for which the  election  is to
apply. Under Treasury regulations,  the QEF election is made on Internal Revenue
Service Form 8621, which must be completed and attached to a timely filed income
tax return in which the  shareholder  reports his QEF  inclusion for the year to
which the election applies. In order to allow United States shareholders to make
the  QEF  elections  and  to  comply  with  the  applicable   annual   reporting
requirements,  the  Company  annually  will  provide  to  them  a  "PFIC  Annual
Information  Statement"  containing  certain  information  required  by Treasury
regulations.

   In early 2005 the Company will send to United  States  shareholders  the PFIC
Annual  Information  Statement for the Company's 2004 taxable year.  Such annual
information  statement  may be used for  purposes  of  completing  Form 8621.  A
shareholder  who either is subject  to a prior QEF  election  or is making a QEF
election for the first time must attach a completed  Form 8621 to his income tax
return each year.  Other United States  shareholders  also must attach completed
Forms 8621 to their tax returns  each year,  but  shareholders  not electing QEF
treatment will not need to report QEF inclusions thereon.

   Special rules apply to United States  persons who hold Company shares through
intermediate  entities or persons and to United States shareholders who directly
or indirectly pledge their shares, including those in a margin account.

   Ordinarily, the tax basis that is obtained by a transferee of property on the
death of the owner of that  property is adjusted to the  property's  fair market
value on the date of death (or  alternate  valuation  date).  If a United States
shareholder  dies  owning  shares  with  respect  to which he did not  elect QEF
treatment  (or  elected  such  treatment  after the first year in which he owned
shares in which the  Company was a PFIC and did not elect to  recognize  gain as
described above),  the transferee of those shares will not be entitled to adjust
the tax basis in such shares to the fair  market  value on the date of death (or
alternate  valuation  date).  In that case, in general,  the  transferee of such
shares will take a basis in the shares equal to the shareholder's  basis therein
immediately before his death. If a United States shareholder dies owning Company
shares for which a valid QEF  election  was in effect for all  taxable  years in
such  shareholder's  holding  period during which the Company was a PFIC (or the
shareholder elected to treat the shares as if sold on the first day of the first
taxable year of the Company for which the QEF election was effective),  then the
basis  increase  generally  will be available  unless the holding period for his
shares began on or prior to November 30, 1987.  In the latter case,  in general,
any  otherwise  applicable  basis  increase will be reduced to the extent of the
shareholder's  ratable  share  of  the  earnings  and  profits  of  the  Company
accumulated for the period during which he held those shares between December 1,
1963 and November 30, 1987.

   DUE TO THE COMPLEXITY OF THE APPLICABLE TAX RULES, UNITED STATES SHAREHOLDERS
OF THE COMPANY ARE STRONGLY  URGED TO CONSULT THEIR OWN TAX ADVISORS  CONCERNING
THE  IMPACT  OF THESE  RULES ON THEIR  INVESTMENT  IN THE  COMPANY  AND ON THEIR
INDIVIDUAL SITUATIONS.

                                                                              13


DIVIDEND REINVESTMENT PLAN

   EquiServe  Trust  Company,  N.A.  ("EquiServe")  has been  engaged to offer a
dividend reinvestment plan (the "Plan") to shareholders. Shareholders must elect
to  participate  in the Plan by  signing  an  authorization.  The  authorization
appoints  EquiServe  as agent to apply to the  purchase of common  shares of the
Company  in the open  market  (i) all cash  dividends  (after  deduction  of the
service charge  described below) which become payable to such participant on the
Company's  shares  (including  shares  registered  in his or her name and shares
accumulated  under the Plan) and (ii) any voluntary  cash payments ($50 minimum,
$3,000 maximum per dividend  period)  received from such  participant  within 30
days prior to such dividend payment date.

   For  the  purpose  of  making   purchases,   EquiServe  will  commingle  each
participant's  funds with those of all other participants in the Plan. The price
per  share of  shares  purchased  for each  participant's  account  shall be the
average price (including brokerage  commissions and any other costs of purchase)
of all shares  purchased in the open market with the net funds  available from a
cash dividend and any voluntary cash payments being concurrently  invested.  Any
stock  dividends or split shares  distributed on shares held in the Plan will be
credited to the participant's account.

   For each  participant,  a service charge of 5% of the combined  amount of the
participant's dividend and any voluntary payment being concurrently invested, up
to a maximum  charge of $2.50 per  participant,  will be  deducted  (and paid to
EquiServe) prior to each purchase of shares. Shareholder sales of shares held by
EquiServe in the Plan are subject to a fee of $10.00 plus applic able  brokerage
commissions deducted from the proceeds of the sale.  Additional nominal fees are
charged by EquiServe  for  specific  shareholder  requests  such as requests for
information  regarding  share cost basis detail in excess of two prior years and
for replacement 1099 reports older than three years.

   Participation  in the Plan may be terminated by a participant  at any time by
written instructions to EquiServe. Upon termination,  a participant will receive
a  certificate  for the full number of shares  credited  to his or her  account,
unless he or she requests the sale of all or part of such shares.

   Dividends  reinvested  by a  shareholder  under  the Plan will  generally  be
treated for U.S.  federal  income tax  purposes in the same manner as  dividends
paid to such shareholder in cash. See "Certain tax information for United States
shareholders" for more information  regarding tax consequences to U.S. investors
of an investment in shares of the Company, including the effect of the Company's
status as a PFIC.  The  amount of the  service  charge  is  deductible  for U.S.
federal income tax purposes, subject to limitations.

   To  participate  in the Plan an investor  may not hold his or her shares in a
"street name" brokerage account.

   Additional  information  regarding  the Plan may be obtained  from  EquiServe
Dividend  Reinvestment  Plan, 250 Royall St., Canton, MA 02021.  Information may
also  be  obtained  by  calling   EquiServe's   Shareholder  Contact  Center  at
781-575-2723 between 8:30 a.m. and 7 p.m., Eastern time, Monday through Friday.

--------------------------------------------------------------------------------
PRIVACY NOTICE

   ASA Limited (the "Company") is committed to protecting the financial  privacy
of its shareholders.

   We do not share any nonpublic, personal information that we may collect about
shareholders  with  anyone,  including  our  affiliates,  except to service  and
administer shareholders' share accounts, to process transactions, to comply with
shareholders'  requests  or legal  requirements  or for other  limited  purposes
permitted by law. For example,  the Company may disclose a  shareholder's  name,
address,  social  security  number  and  the  number  of  shares  owned  to  its
administrator, transfer agent or other service providers in order to provide the
shareholder with proxy statements,  tax reporting forms, annual reports or other
information  about the  Company.  This  policy  applies to all of the  Company's
shareholders and former shareholders.

   We keep nonpublic personal  information in a secure environment.  We restrict
access to nonpublic personal information to Company officers, agents and service
providers  who  have a need to know  the  information  based  on  their  role in
servicing or administering  shareholders'  accounts.  The Company also maintains
physical,   electronic  and  procedural  safeguards  that  comply  with  federal
regulations and established security standards to protect the confidentiality of
nonpublic personal information.


14



              RESULTS OF PROPOSALS PRESENTED AT THE ANNUAL MEETING
                                 OF SHAREHOLDERS

   The following votes were cast at the Annual Meeting of  Shareholders  held on
February 6, 2004:



---------------------------------------------------------------------------------------------------------
      ELECTION OF DIRECTORS
                                                           For             Against            Abstain
---------------------------------------------------------------------------------------------------------
                                                                                     
      Robert J.A. Irwin                              7,287,796               6,313            207,256
      Henry R. Breck                                 7,368,315               6,211            126,839
      Harry M. Conger                                7,288,623               6,211            206,531
      Chester A. Crocker                             7,286,571               9,211            205,583
      Joseph C. Farrell                              7,368,243               5,211            126,911
      James G. Inglis                                7,368,765               6,811            125,789
      Malcolm W. MacNaught                           7,368,414               6,511            126,440
      Ronald L. McCarthy                             7,366,723               6,811            127,831
      Robert A. Pilkington                           7,289,655               6,411            205,249
      A. Michael Rosholt                             7,361,256               6,913            133,196
---------------------------------------------------------------------------------------------------------

      RATIFICATION OF SELECTION OF AUDITORS
                                                           For             Against            Abstain
---------------------------------------------------------------------------------------------------------
      Ernst & Young LLP                              7,445,330              24,247             31,788
      Ernst & Young Johannesburg, South Africa       7,443,127              23,967             34,271
---------------------------------------------------------------------------------------------------------


                      PROXY VOTING POLICIES AND PROCEDURES

   The policies  and  procedures  used by the Company to  determine  how to vote
proxies relating to portfolio  securities are available (1) without charge, upon
request,  by calling  collect (973)  377-3535,  (2) on the Company's  website at
http://www.asaltd.com and on the Securities and Exchange Commission's website at
http://www.sec.gov.

                           FORWARD-LOOKING STATEMENTS

   This report contains  "forward-looking  statements" within the meaning of the
Securities Act of 1933 and the Securities  Exchange Act of 1934. By their nature
all  forward-looking  statements involve risks,  uncertainties and other factors
which may cause actual  results,  performance or  achievements  of  management's
plans to be materially  different from those contemplated by the forward-looking
statements. Such factors include, but are not limited to, the performance of the
companies whose securities comprise the Company's  portfolio,  the conditions in
the U.S., South African and other international  securities and foreign exchange
markets,  the price of gold, platinum and other precious metals,  changes in tax
law and the Company's efforts to move from South Africa to Bermuda.


                                                                              15


               ASA LIMITED

               Incorporated in the
               Republic of South Africa

               (Registration No. 58/01920/06)

DIRECTORS

HENRY R. BRECK              ROBERT J.A. IRWIN
  (U.S.A.)                    (U.S.A.)

HARRY M. CONGER             MALCOLM W. MACNAUGHT                    ASA LIMITED
  (U.S.A.)                    (U.S.A.)

CHESTER A. CROCKER          RONALD L. MCCARTHY                [GRAPHIC OMITTED]
  (U.S.A.)                    (South Africa)
                                                                       INTERIM
JOSEPH C. FARRELL           ROBERT A. PILKINGTON                        REPORT
  (U.S.A.)                    (U.S.A.)

JAMES G. INGLIS             A. MICHAEL ROSHOLT
  (South Africa)              (South Africa)

OFFICERS

   ROBERT J.A. IRWIN, CHAIRMAN OF THE BOARD AND TREASURER
   RONALD L. MCCARTHY, MANAGING DIRECTOR AND
                       SOUTH AFRICAN SECRETARY
   CHESTER A. CROCKER, UNITED STATES SECRETARY
   PAUL K. WUSTRACK, JR., ASSISTANT UNITED STATES SECRETARY
                          AND CHIEF COMPLIANCE OFFICER
   DOROTHY FAITH KENNY, ASSISTANT SOUTH AFRICAN SECRETARY

AUDITORS

   ERNST & YOUNG LLP, NEW YORK, NY, U.S.A.
   ERNST & YOUNG, JOHANNESBURG, SOUTH AFRICA

COUNSEL

   WERKSMANS, JOHANNESBURG, SOUTH AFRICA
   KIRKPATRICK & LOCKHART LLP, WASHINGTON, DC, U.S.A.

CUSTODIAN

   J.P. MORGAN CHASE, BROOKLYN, NY, U.S.A.

SUBCUSTODIAN

   STANDARD BANK OF SOUTH AFRICA LIMITED
   JOHANNESBURG, SOUTH AFRICA

FUND ACCOUNTANTS

   KAUFMAN ROSSIN & CO., PA, MIAMI, FL, U.S.A.                       FOR THE
                                                                   SIX MONTHS
REGISTERED OFFICE                                                     ENDED
                                                                  MAY 31, 2004
   36 WIERDA ROAD WEST, SANDTON 2196, SOUTH AFRICA
   Website--http://www.asaltd.com

SHAREHOLDER SERVICES

    LGN Associates, Florham Park, NJ, U.S.A.
    (973) 377-3535

TRANSFER AGENT

   EQUISERVE TRUST COMPANY, N.A.,
   525 WASHINGTON BOULEVARD, JERSEY CITY, NJ 07310, U.S.A.




Item 2.           Code of Ethics.

                  Not applicable.

Item 3.           Audit Committee Financial Expert.

                  Not applicable.

Item 4.           Principal Accountant Fees and Services.

                  Not applicable.

Item 5.           Audit Committee of Listed Registrants.

                  Not applicable.

Item 6.           Schedule of Investments.

                  Included as part of the report to shareholders filed under
                  Item 1.

Item 7.           Disclosure of Proxy Voting Policies and Procedures for
                  Closed-end Management Investment Companies.

                  Not applicable.

Item 8.           Purchases of Equity Securities by Closed-end Management
                  Investment Company and Affiliated Purchasers.

                  Not applicable for reports covering periods ending on or
                  before June 15, 2004

Item 9.           Submission of Matters to a Vote of Security Holders.

                  There have been no material changes to the procedures by which
                  shareholders may recommend nominees to the registrant's board
                  of directors since the registrant last provided disclosure in
                  response to Item 7(d)(2)(ii)(G) of Schedule 14A in its proxy
                  statement dated December 30, 2003.

Item 10.          Controls and Procedures.

                  (a) The Chairman of the Board 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) 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.

                  (b) There were no changes in the registrant's internal control
                      over financial reporting that occurred during the
                      registrant's most recent fiscal half-year that have
                      materially affected, or are reasonably likely to
                      materially affect, the registrant's internal control over
                      financial reporting.

Item ll.          Exhibits.

                  (a)(1) Not applicable.

                     (2) The certification required by Rule 30a-2(a) under the
                         Investment Company Act of 1940, as amended
                         ("Investment Company Act"), is attached hereto.

                     (3) Not applicable.

                  (b) The certification required by Rule 30a-2(b) under the
                      Investment Company Act, Rule 13a-14(b) under the
                      Securities Exchange Act of 1934 ("Exchange Act") and
                      Section 1350 of Chapter 63 of Title 18 of the United
                      States Code is attached hereto, This certification is not
                      deemed "filed" for purposes of Section 18 of the Exchange
                      Act, or otherwise subject to the liability of that
                      section. Such certification will not be deemed to be
                      incorporated by reference into any filing under the
                      Securities Act of 1933 or the Exchange Act, except to the
                      extent that the registrant specifically incorporates it by
                      reference.




                                   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



Date:  July ___, 2004

                                        By:
                                            ------------------------------------
                                             Robert J.A. Irwin
                                             Chairman of the Board and Treasurer







         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.





Date:  July ___, 2004


                                        By:
                                            ------------------------------------
                                             Robert J.A. Irwin
                                             Chairman of the Board and Treasurer