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<SEC-DOCUMENT>0000930413-05-007150.txt : 20051018
<SEC-HEADER>0000930413-05-007150.hdr.sgml : 20051018
<ACCEPTANCE-DATETIME>20051018112021
ACCESSION NUMBER:		0000930413-05-007150
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050831
FILED AS OF DATE:		20051018
DATE AS OF CHANGE:		20051018
EFFECTIVENESS DATE:		20051018

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASA BERMUDA LTD
		CENTRAL INDEX KEY:			0001230869
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21650
		FILM NUMBER:		051142305

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR
		STREET 2:		11 SUMMER STREET
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14209
		BUSINESS PHONE:		716-883-2428

	MAIL ADDRESS:	
		STREET 1:		4TH FLOOR
		STREET 2:		11 SUMMER STREET
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14209
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c39475_nq.txt
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM N-Q



             QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
                          MANAGEMENT INVESTMENT COMPANY



Investment Company Act file number 811-21650
                                   -----------


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

11 Summer Street, 4th Floor, Buffalo, New York                        14209-2256
- --------------------------------------------------------------------------------
(Address of principal executive offices)                              (Zip Code)

JPMorgan Chase Bank
3 Chase MetroTech Center
Brooklyn, NY 11245
- -----------------------------------------------------------------------
(Name and address of agent for service)

Registrant's telephone number, including area code: (716) 883-2428
                                                    -------------------


Date of fiscal year end: November 30, 2005
                         ----------------------------------------------


Date of reporting period:  August 31, 2005
                           --------------------------------------------


<PAGE>

ITEM 1.  SCHEDULE OF INVESTMENTS
ASA (Bermuda) Limited
Schedule of Investments    (Unaudited)
August 31, 2005

<TABLE>
<CAPTION>

                                                                                   Percent of
                                         Number of Shares       Market Value       Net Assets
NAME OF COMPANY
- ----------------------------------------------------------------------------------------------
<S>                                          <C>              <C>                         <C>
Ordinary shares of gold mining companies

AUSTRALIAN GOLD MINES
Newcrest Mining Limited - ADR                3,000,000        $   38,497,620              8.8%
- ----------------------------------------------------------------------------------------------

UNITED STATES GOLD MINES
Newmont Mining Corporation                     520,368            20,596,165              4.7%
- ----------------------------------------------------------------------------------------------

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%
- ----------------------------------------------------------------------------------------------
                                                                 195,260,143             44.6%
- ----------------------------------------------------------------------------------------------

CANADIAN GOLD MINES
Barrick Gold Corporation                       730,000             19,140,600             4.4%
Placer Dome Incorporated                     1,065,312             15,574,861             3.6%
- -----------------------------------------------------------------------------------------------
                                                                   34,715,461             8.0%
- -----------------------------------------------------------------------------------------------

SOUTH AMERICAN GOLD MINES
Compania De Minas Buenaventura - ADR           900,000             22,329,000             5.1%
- -----------------------------------------------------------------------------------------------
                                                                  311,398,389            71.2%
- ----------------------------------------------------------------------------------------------

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%
- -----------------------------------------------------------------------------------------------
                                                                   97,294,441            22.2%
- -----------------------------------------------------------------------------------------------

MISCELLANEOUS SECURITIES (2)                                       18,392,000             4.2%
- -----------------------------------------------------------------------------------------------

Total Investments (Cost - $149,476,723) (3)                       427,084,830            97.6%

CASH AND OTHER ASSETS LESS LIABILITIES                             10,725,466             2.4%
- -----------------------------------------------------------------------------------------------

TOTAL NET ASSETS                                                 $437,810,296           100.0%
- -----------------------------------------------------------------------------------------------
</TABLE>

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.


<PAGE>


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.

<PAGE>

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.


<PAGE>

                                   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
                                -------------------------------
                                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
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c39475_ex99-cert.txt
<TEXT>
                                                               Exhibit 99. Cert.
                                  CERTIFICATION


I, Robert J.A. Irwin, certify that:

     1.   I have reviewed this report on Form N-Q of ASA (Bermuda) Limited;

     2.   Based on my knowledge, this report does not contain any untrue
          statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances
          under which such statements were made, not misleading with respect to
          the period covered by this report;

     3.   Based on my knowledge, the schedules of investments included in this
          report fairly present in all material respects the investments of the
          registrant as of the end of the fiscal quarter for which the report is
          filed;

     4.   I am responsible for establishing and maintaining disclosure controls
          and procedures (as defined in Rule 30a-3(c) under the Investment
          Company Act of 1940) and internal control over financial reporting (as
          defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
          the registrant and have;

          (a)  Designed such disclosure controls and procedures, or caused such
               disclosure controls and procedures to be designed under my
               supervision, to ensure that material information relating to the
               registrant, including its consolidated subsidiaries, is made
               known to me by others within those entities, particularly during
               the period in which this report is being prepared;

          (b)  Designed such internal control over financial reporting, or
               caused such internal control over financial reporting to be
               designed under my supervision, to provide reasonable assurance
               regarding the reliability of financial reporting and the
               preparation of financial statements for external purposes in
               accordance with generally accepted accounting principles;

          (c)  Evaluated the effectiveness of the registrant's disclosure
               controls and procedures and presented in this report my
               conclusions about the effectiveness of the disclosure controls
               and procedures, as of a date within 90 days prior to the filing
               date of this report, based on such evaluation; and

          (d)  Disclosed in this report any change in the registrant's internal
               control over financial reporting that occurred during the
               registrant's most recent fiscal quarter that has materially
               affected, or is reasonably likely to materially affect, the
               registrant's internal control over financial reporting; and

     5.   I have disclosed to the registrant's auditors and the audit committee
          of the registrant's board of directors (or persons performing the
          equivalent functions):

          (a)  All significant deficiencies and material weaknesses in the
               design or operation of internal control over financial reporting
               which are reasonably likely to adversely affect the registrant's
               ability to record, process, summarize and report financial
               information; and

          (b)  Any fraud, whether or not material, that involves management or
               other employees who have a significant role in the registrant's
               internal control over financial reporting.





     Date: October 18, 2005  /s/ Robert J.A. Irwin
                             ------------------------------------------------
                             Robert J.A. Irwin
                             Chairman of the Board, President and Treasurer
                             (Principal Executive Officer and Principal
                              Financial Officer)
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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