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
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ASA (Bermuda) Limited
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(Exact name of registrant as specified in charter)
11 Summer Street, 4th Floor, Buffalo, New York 14209-2256
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(Address of principal executive offices) (Zip Code)
JPMorgan Chase Bank
3 Chase MetroTech Center
Brooklyn, NY 11245
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(Name and address of agent for service)
Registrant's telephone number, including area code: (716) 883-2428
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Date of fiscal year end: November 30, 2005
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Date of reporting period: August 31, 2005
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ITEM 1. SCHEDULE OF INVESTMENTS
ASA (Bermuda) Limited
Schedule of Investments (Unaudited)
August 31, 2005
Percent of
Number of Shares Market Value Net Assets
NAME OF COMPANY
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Ordinary shares of gold mining companies
AUSTRALIAN GOLD MINES
Newcrest Mining Limited - ADR 3,000,000 $ 38,497,620 8.8%
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UNITED STATES GOLD MINES
Newmont Mining Corporation 520,368 20,596,165 4.7%
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SOUTH AFRICAN GOLD MINES
AngloGold Ashanti Limited 2,245,894 79,905,809 18.3%
Gold Fields Limited 8,359,977 96,781,750 22.1%
Harmony Gold Mining Company Limited 292,459 2,172,936 0.5%
Harmony Gold Mining Company Limited-ADR 2,166,400 16,399,648 3.7%
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195,260,143 44.6%
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CANADIAN GOLD MINES
Barrick Gold Corporation 730,000 19,140,600 4.4%
Placer Dome Incorporated 1,065,312 15,574,861 3.6%
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34,715,461 8.0%
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SOUTH AMERICAN GOLD MINES
Compania De Minas Buenaventura - ADR 900,000 22,329,000 5.1%
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311,398,389 71.2%
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ORDINARY SHARES OF OTHER COMPANIES
SOUTH AFRICAN MINING
Anglo American PLC 1,280,000 32,572,109 7.4%
Anglo Platinum Limited 770,100 37,560,349 8.6%
Impala Platinum Holdings Limited 215,300 22,659,285 5.2%
Mvelaphanda Resources Limited (1) 1,950,000 4,502,698 1.0%
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97,294,441 22.2%
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MISCELLANEOUS SECURITIES (2) 18,392,000 4.2%
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Total Investments (Cost - $149,476,723) (3) 427,084,830 97.6%
CASH AND OTHER ASSETS LESS LIABILITIES 10,725,466 2.4%
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TOTAL NET ASSETS $437,810,296 100.0%
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ADR - American Depositary Receipt.
(1) Non-income producing security.
(2) Securities under accumulation.
(3) Cost of investments shown approximates cost for U.S. federal income tax
purposes, determined in accordance with U.S. income tax principles. Gross
unrealized appreciation of investments and gross unrealized depreciation of
investments at August 31, 2005 were $282,318,879, and ($4,710,772),
respectively, resulting in net unrealized appreciation of investments of
$277,608,107.
There is no assurance that the valuations at which the Company's investments are
carried could be realized upon sale.
PORTFOLIO STATISTICS
August 31, 2005
COUNTRY BREAKDOWN*
South Africa 66.8%
Australia 8.8%
Canada 8.0%
United States 4.7%
South America 5.1%
*Country breakdowns are expressed as a percentage of total net assets
and exclude "Miscellaneous securities." The entire portfolio consists
of investments in ordinary shares (including ADRs) of companies that
mine gold and other precious metals.
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.
(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 (Bermuda) Limited
By /s/ Robert J.A. Irwin
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Robert J.A. Irwin
Chairman of the Board, President and Treasurer
Date: October 18, 2005
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.
/s/ Robert J.A. Irwin
By -------------------------------
Robert J.A. Irwin
Chairman of the Board, President and Treasurer
(Principal Executive Officer and
Principal Financial Officer)
Date: October 18, 2005