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, N.A.
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, 2006
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Date of reporting period: August 31, 2006
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Item 1. Schedule of Investments
ASA (BERMUDA) LIMITED
UNAUDITED SCHEDULE OF INVESTMENTS
AUGUST 31, 2006
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Number of Market Percent of
Name of Company Shares Value Net Assets
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ORDINARY SHARES OF GOLD MINING COMPANIES
AUSTRALIA
Newcrest Mining Limited - ADRs 3,000,000 $ 44,676,450 6.6%
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CANADA
Barrick Gold Corporation 925,000 30,969,000 4.5
Goldcorp Inc. 900,000 24,894,000 3.7
Meridian Gold Inc.(1) 600,000 17,844,000 2.6
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73,707,000 10.8
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CHANNEL ISLANDS
Randgold Resources Limited - ADRs(1) 900,000 20,196,000 3.0
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PERU
Compania de Minas Buenaventura - ADRs 900,000 25,155,000 3.7
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SOUTH AFRICA
AngloGold Ashanti Limited 2,245,894 103,603,090 15.2
Gold Fields Limited 8,359,977 166,196,343 24.4
Harmony Gold Mining Company Limited(1) 292,459 4,021,311 0.6
Harmony Gold Mining Company
Limited - ADRs(1) 2,166,400 29,788,000 4.4
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303,608,744 44.5
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UNITED STATES
Newmont Mining Corporation 520,368 26,668,860 3.9
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Total gold mining companies
(Cost $140,482,378) 494,012,054 72.5
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ORDINARY SHARES OF OTHER MINING COMPANIES
SOUTH AFRICA
Anglo Platinum Limited 520,100 58,373,264 8.6
Impala Platinum Holdings Limited 215,300 39,924,644 5.9
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98,297,908 14.4
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UNITED KINGDOM
Anglo American plc 1,280,000 55,388,815 8.1
Lonmin PLC - ADRs 450,000 23,072,324 3.4
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78,461,139 11.5
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Total other mining companies
(Cost $25,909,431) 176,759,047 25.9
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Total Investments (Cost $166,391,809)(2) 670,771,102 98.5
Cash and other assets less liabilities 10,790,033 1.5
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Total Net Assets $681,561,135 100.0%
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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 August 31, 2006 were $504,840,108 and $460,815
respectively, resulting in net unrealized appreciation on investments of
$504,379,293.
ADR - American Depository Receipt
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: September 28, 2006
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: September 28, 2006