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: February 28, 2005
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ITEM 1. SCHEDULE OF INVESTMENTS.
ASA (Bermuda) Limited
Schedule of Investments (Unaudited)
February 28, 2005
Percent of
NAME OF COMPANY Number of Shares Market Value Net Assets
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Ordinary shares of gold mining companies
Australian Gold Mines
Newcrest Mining Limited-ADRs 3,000,000 $ 40,970,475 9.3%
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United States Gold Mines
Newmont Mining Corporation 520,638 23,416,560 5.3%
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South African Gold Mines
AngolGold Ashanti Limited 2,389,894 85,451,209 19.4%
Gold Fields Limited 9,704,977 115,195,117 26.2%
Harmony Gold Mining Company Limited 292,459 2,513,685 .6%
Harmony Gold Mining Company Limited-ADRs 2,166,400 18,501,056 4.2%
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221,661,067 50.4%
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Canadian Gold Mines
Barrick Gold Corporation 730,000 18,177,000 4.1%
Placer Dome Incorporated 1,065,312 18,419,244 4.2%
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36,596,244 8.3%
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South American Gold Mines
Compania de Minas Buenaventura-ADRs 900,000 20,844,000 4.7%
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343,488,346 78.0%
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Ordinary shares of other companies
South African Mining
Anglo American PLC 1,280,000 32,014,656 7.3%
Anglo American Platinum Corporation Limited 820,500 32,440,109 7.4%
Impala Platinum Holdings Limited 262,700 23,075,804 5.2%
Mvelaphanda Resources Limited (1) 1,950,000 4,525,268 1.0%
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92,055,837 20.9%
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Total Investments (Cost - $151,159,299) (2) 435,544,183 98.9%
Cash and other assets less liabilities 4,646,290 1.1%
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Total Net Assets $440,190,473 100.0%
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(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. income tax principles.
Gross unrealized appreciation of investments and gross unrealized
depreciation of investments at February 28, 2005 were $288,732,337 and
($4,347,453), respectively, resulting in net unrealized appreciation on
investments of $284,384,884.
There is no assurance that the valuations at which the Company's investments are
carried could be realized upon sale.
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: April 25, 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.
By /s/ Robert J.A. Irwin
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Robert J.A. Irwin
Chairman of the Board, President and Treasurer
(Principal Executive Officer and
Principal Financial Officer)
Date: April 25, 2005