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, 2006
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Date of reporting period: February 28, 2006
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ITEM 1. SCHEDULE OF INVESTMENTS
ASA (Bermuda) Limited
Schedule of Investments (Unaudited)
February 28, 2006
Number of Percent of
Name of Company Shares Market Value Net Assets
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Ordinary shares of gold mining companies
AUSTRALIA
Newcrest Mining Limited - ADR 3,000,000 $ 47,210,280 7.1%
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UNITED STATES
Newmont Mining Corporation 520,368 27,537,875 4.1
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SOUTH AFRICA
AngloGold Ashanti Limited 2,245,894 114,363,741 17.2
Gold Fields Limited 8,359,977 185,846,869 28.0
Harmony Gold Mining Company Limited 292,459 4,091,602 .6
Harmony Gold Mining Company Limited-ADR 2,166,400 30,307,936 4.6
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334,610,148 50.4
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CANADA
Barrick Gold Corporation 730,000 19,980,100 3.0
Goldcorp Incorporated 900,000 22,905,000 3.5
Meridian Gold Incorporated (1) 600,000 15,204,000 2.3
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58,089,100 8.8
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PERU
Compania de Minas Buenaventura - ADR 900,000 23,598,000 3.6
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CHANNEL ISLANDS
Randgold Resources Limited ADR (1) 700,000 11,970,000 1.8
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503,015,403 75.8
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ORDINARY SHARES OF OTHER MINING COMPANIES
SOUTH AFRICA
Anglo Platinum Limited 520,100 41,549,970 6.3
Impala Platinum Holdings Limited 215,300 36,670,004 5.5
Mvelaphanda Resources Limited (1) 1,950,000 9,805,595 1.5
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88,025,569 13.3
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UNITED KINGDOM
Anglo American plc 1,280,000 47,743,989 7.2
Lonmin PLC - ADR 450,000 17,913,024 2.7
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65,657,013 9.9
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Total Investments (Cost - $162,596,634)(2) 656,697,985 99.0
CASH AND OTHER ASSETS LESS LIABILITIES 6,991,539 1.0
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Total Net Assets $663,689,524 100.0%
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ADR - American Depositary Receipt.
(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, 2006 were $495,223,290, and ($1,121,939),
respectively, resulting in net unrealized appreciation on investments of
$494,101,351.
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, 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 April 25, 2006