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 811-05128
THE SWISS HELVETIA FUND, INC.
1270 Avenue of the Americas, Suite 400
New York, New York 10020
1-888-SWISS-00
Rodolphe E. Hottinger, President
Hottinger et Cie
3 Place des Bergues
C.P. 395
CH-1201 Geneva
Switzerland
Date of fiscal year end: December 31, 2007
Date of reporting period: January 1, 2007 - March 31, 2007
Item 1. Schedule of Investments.
THE SWISS HELVETIA FUND, INC.
SCHEDULE OF INVESTMENTS (UNAUDITED) MARCH 31, 2007
PERCENT
NO. OF OF NET
SHARES SECURITY VALUE ASSETS
---------------------------------------------------------------------------------------------
COMMON STOCKS - 99.38%
BANKS - 15.64%
380,000 CREDIT SUISSE GROUP/2/
REGISTERED SHARES $27,142,857 5.12%
A global diversified financial service company with large
activity in private banking, investment banking, asset
management and insurance service.
(Cost $12,095,927)
100,000 EFG INTERNATIONAL
REGISTERED SHARES 4,341,415 0.82%
Holding company of EFG Bank. The Bank offers private
banking and asset management services.
(Cost $3,249,443)
870,000 UBS AG/2/
REGISTERED SHARES 51,453,146 9.70%
A global diversified financial service company with large
activity in private banking, investment banking, and asset
management.
(Cost $7,403,841)
----------- -----
82,937,418 15.64%
BASIC RESOURCES - 3.29%
93,236 PRECIOUS WOODS HOLDING AG/1/
REGISTERED SHARES 7,790,033 1.47%
Through subsidiaries, manages tropical forests using
ecologically sustainable forest management
methods. Harvests tropical trees and processes them into
lumber.
(Cost $8,284,983)
94,260 SCHMOLZ AND BICKENBACH AG
REGISTERED SHARES 8,037,734 1.51%
Manufactures industrial and construction steel.
(Cost $2,979,941)
75,000 UMS SCHWEIZERISCHE METALLWERKE/1/
BEARER SHARES 1,658,748 0.31%
Produces profiles and large dimension rods for electrical
engineering, mechanical engineering, and construction
companies, lead-free brass wire for batteries, billets, and
small diameter wire and rods for the consumer goods and
electronics industries.
(Cost $1,655,849)
----------- -----
17,486,515 3.29%
1
BIOTECHNOLOGY - 15.50%
132,931 ACTELION LTD./1/,/2/
REGISTERED SHARES 30,842,649 5.81%
Biotechnology company that develops and markets synthetic
small-molecule drugs against diseases related to the
endothelium.
(Cost $17,871,161)
156,200 BASILEA PHARMACEUTICA/1/,/2/
REGISTERED SHARES 36,113,573 6.81%
Conducts research into the development of drugs for the
treatment of infectious diseases and dermatological
problems.
(Cost $21,602,083)
103,903 SPEEDEL HOLDING AG/1/
REGISTERED SHARES 15,260,328 2.88%
Researches and develops therapies for cardiovascular and
metabolic diseases
(Cost $14,437,478)
---------- -----
82,216,550 15.50%
CHEMICALS - 3.44%
95,931 SYNGENTA AG/2/
REGISTERED SHARES 18,269,952 3.44%
Produces herbicides, insecticides and fungicides, and seeds
for field crops, vegetables, and flowers.
(Cost $7,696,272)
---------- -----
18,269,952 3.44%
CONSTRUCTION & MATERIALS - 1.25%
1,141 BELIMO HOLDING AG/1/
REGISTERED SHARES 1,201,004 0.22%
World market leader in damper and volume control actuators
for ventilation and air-conditioning equipment.
(Cost $231,391)
3,220 SIKA AG
BEARER SHARES 5,446,674 1.03%
Leading producer of construction chemicals.
(Cost $891,989)
---------- -----
6,647,678 1.25%
FINANCIAL SERVICES - 3.31%
129,300 JULIUS BAER HOLDING AG
REGISTERED SHARES 17,560,567 3.31%
Offers private banking, institutional asset management,
mutual fund, securities brokerage, and corporate finance
services.
(Cost $12,328,050)
---------- -----
17,560,567 3.31%
2
FOOD & BEVERAGES - 14.06%
2,690 BARRY CALLEBAUT AG/1/
REGISTERED SHARES 1,991,940 0.38%
Manufactures cocoa, chocolate, and confectionary products.
(Cost $1,399,816)
340 LINDT & SPRUNGLI AG
REGISTERED SHARES 9,626,556 1.81%
Major manufacturer of premium
Swiss chocolates.
(Cost $1,977,813)
162,500 NESTLE SA/2/
REGISTERED SHARES 62,994,041 11.87%
Largest food and beverage processing company in the world.
(Cost $9,260,282)
---------- -----
74,612,537 14.06%
INDUSTRIAL GOODS & SERVICES - 2.66%
337,457 ABB LTD.
REGISTERED SHARES 5,749,595 1.08%
The holding company for ABB Group which is one of the largest electrical engineering
firms in the world.
(Cost $2,243,911)
116,000 ADECCO SA
REGISTERED SHARES 7,330,767 1.38%
Leading personnel and temporary employment company.
(Cost $5,464,982)
6,440 INFICON HOLDING AG
REGISTERED SHARES 1,036,582 0.20%
Manufactures and markets vacuum instruments used to monitor and control production
processes. Manufactures on-site chemical detection and monitoring system.
(Cost $581,616)
---------- -----
14,116,944 2.66%
INSURANCE - 3.22%
44,500 SWISS LIFE HOLDING/1/
REGISTERED SHARES 11,117,710 2.09%
Offers financial services including life and property insurance, institutional investment
management, and private banking services.
(Cost $8,286,281)
20,800 ZURICH FINANCIAL SERVICES AG
REGISTERED SHARES 5,976,081 1.13%
Offers property, accident, health, automobile, liability, financial risk and life
insurance and retirement products.
(Cost $3,338,952)
---------- -----
17,093,791 3.22%
3
MEDICAL TECHNOLOGY - 0.46%
32,205 PHONAK HOLDING AG
REGISTERED SHARES 2,453,363 0.46%
Designs and produces analog and digital hearing aids.
(Cost $1,100,139)
----------- -----
2,453,363 0.46%
PERSONAL & HOUSEHOLD GOODS - 0.55%
20,950 ADVANCED DIGITAL BROADCAST HOLDING SA/1/
REGISTERED SHARES 1,235,583 0.23%
Develops equipment and systems to view and interact with digital TV broadcast through cable,
satellite, and telecommunication networks.
(Cost $1,352,807)
6,367 SWATCH GROUP AG
BEARER SHARES 1,675,458 0.32%
Manufactures finished watches, movements and components. Produces components necessary to
its eighteen watch brand companies. Also operates retail boutiques.
(Cost $859,824)
----------- -----
2,911,041 0.55%
PHARMACEUTICALS - 21.96%
899,000 NOVARTIS AG/2/
REGISTERED SHARES 51,327,244 9.67%
One of the leading manufacturers of branded and generic pharmaceutical products.
The company also manufactures nutrition products.
(Cost $9,855,249)
370,200 ROCHE HOLDING AG/2/
NON-VOTING EQUITY SECURITIES 65,197,412 12.29%
Worldwide pharmaceutical company.
(Cost $6,799,732)
----------- -----
116,524,656 21.96%
RETAILERS - 5.85%
75,950 GALENICA AG/2/
REGISTERED SHARES 24,014,335 4.53%
Manufactures and distributes prescription and over-the-counter drugs, toiletries and hygiene
products.
(Cost $14,745,078)
2,100 JELMOLI HOLDING AG
BEARER SHARES 6,992,546 1.32%
Owns and operates department and retail stores and provides mail-order catalog and real estate
leasing services.
(Cost $3,707,265)
----------- -----
31,006,881 5.85%
4
TECHNOLOGY - 2.14%
123,000 KUDELSKI SA
REGISTERED SHARES 4,312,254 0.81%
Designs and manufactures digital security products under
the brand name 'Nagra'.
(Cost $3,897,054)
369,200 TEMENOS GROUP AG/1/
REGISTERED SHARES 7,076,738 1.33%
Provides integrated software for the banking sector.
(Cost $6,572,320)
------------ -----
11,388,992 2.14%
UTILITY SUPPLIERS - 6.05%
500 AARE-TESSIN AG FUR ELEKTRIZITAT (ATEL)
REGISTERED SHARES 1,433,486 0.27%
Generates, transmits, and distributes electricity in
Switzerland and neighboring countries.
(Cost $1,275,915)
182,150 BKW FMB ENERGIE AG/2/
REGISTERED SHARES 18,949,091 3.57%
Produces electricity using nuclear, hydroelectric, solar,
biomass and wind energy.
(Cost $9,623,044)
28,409 CENTRALSCHWEIZERISCHE KRAFTWERKE AG
REGISTERED SHARES 10,029,717 1.89%
Supplies electric power, operates and maintains
distribution network facilities, constructs and installs
equipment, and offers consulting services to its clients.
(Cost $8,525,835)
200 MOTOR-COLUMBUS LTD.
BEARER SHARES 1,679,227 0.32%
Generates, transmits and distributes electricity throughout
Europe.
(Cost $1,665,611)
------------ -----
32,091,521 6.05%
TOTAL COMMON STOCKS
(Cost $213,261,934)* $527,318,406 99.38%
CALL WARRANTS - 0.06%
200,000 ABB LTD., EXPIRES 06/15/07 70,446 0.01%
1,100,000 ABB LTD., EXPIRES 12/21/07 288,336 0.05%
------------ -----
TOTAL CALL WARRANTS 358,782 0.06%
(Cost $601,846)
OTC CALL OPTION - 0.10%
Strike Price Exp. Date
------------ ---------
34,400 SWATCH GROUP AG $320 08/15/07 535,105 0.10%
------------ -----
TOTAL OPTION 535,105 0.10%
(Cost $ 511,149)
PUT WARRANTS - 0.28%
1,250,000 SMIM INDEX, EXPIRES 5/21/07 348,132 0.07%
2,250,000 SWISS MARKET INDEX, EXPIRES 09/21/07 1,105,832 0.21%
5
------------ ------
TOTAL PUT WARRANTS 1,453,964 0.28%
(Cost $1,863,063)
TOTAL INVESTMENTS 529,666,257 99.82%
(Cost $216,237,992)
OTHER ASSETS LESS OTHER LIABILITIES, NET 948,950 0.18%
------------ ------
NET ASSETS $530,615,207 100.00%
============ ======
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/1/ NON-INCOME PRODUCING SECURITY.
/2/ ONE OF THE TEN LARGEST PORTFOLIO HOLDINGS.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL STATEMENT PURPOSES AND NET UNREALIZED APPRECIATION
(DEPRECIATION) CONSISTS OF:
GROSS UNREALIZED APPRECIATION $314,692,602
GROSS UNREALIZED DEPRECIATION (1,264,337)
------------
NET UNREALIZED APPRECIATION $313,428,265
============
THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE
FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED
IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS
INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES
AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.
6
Item 2. Controls and Procedures.
(a) The registrant's President and Treasurer have 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
their evaluation of these disclosure controls and procedures required by Rule
30a-3(b) as of a date within 90 days of 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 last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control over
financial reporting.
Item 3. Certifications as required by Rule 30a-2(a) under the Act are 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.
THE SWISS HELVETIA FUND, INC.
By: /s/ Rodolphe E. Hottinger
--------------------------------
Rodolphe E. Hottinger, Chief Executive Officer
Date: 5/22/07
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 persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By: /s/ Rodolphe E. Hottinger
--------------------------------
Rodolphe E. Hottinger, Chief Executive Officer
Date: 5/22/07
By: /s/ Rudolf Millisits
--------------------------------
Rudolf Millisits, Chief Financial Officer
Date: 5/21/07