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, N.A. 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, 2006 -------------------------------------------------------- Date of reporting period: August 31, 2006 ------------------------------------------------------- Item 1. Schedule of Investments ASA (BERMUDA) LIMITED UNAUDITED SCHEDULE OF INVESTMENTS AUGUST 31, 2006 -------------------------------------------------------------------------------- Number of Market Percent of Name of Company Shares Value Net Assets -------------------------------------------------------------------------------- ORDINARY SHARES OF GOLD MINING COMPANIES AUSTRALIA Newcrest Mining Limited - ADRs 3,000,000 $ 44,676,450 6.6% -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 73,707,000 10.8 -------------------------------------------------------------------------------- CHANNEL ISLANDS Randgold Resources Limited - ADRs(1) 900,000 20,196,000 3.0 -------------------------------------------------------------------------------- PERU Compania de Minas Buenaventura - ADRs 900,000 25,155,000 3.7 -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 303,608,744 44.5 -------------------------------------------------------------------------------- UNITED STATES Newmont Mining Corporation 520,368 26,668,860 3.9 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total gold mining companies (Cost $140,482,378) 494,012,054 72.5 -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 98,297,908 14.4 -------------------------------------------------------------------------------- UNITED KINGDOM Anglo American plc 1,280,000 55,388,815 8.1 Lonmin PLC - ADRs 450,000 23,072,324 3.4 -------------------------------------------------------------------------------- 78,461,139 11.5 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total other mining companies (Cost $25,909,431) 176,759,047 25.9 -------------------------------------------------------------------------------- Total Investments (Cost $166,391,809)(2) 670,771,102 98.5 Cash and other assets less liabilities 10,790,033 1.5 -------------------------------------------------------------------------------- Total Net Assets $681,561,135 100.0% ================================================================================ (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 ------------------------------------ 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 ------------------------------------ Robert J.A. Irwin Chairman of the Board, President and Treasurer (Principal Executive Officer and Principal Financial Officer) Date: September 28, 2006