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, 2006
Date of reporting period: January 1, 2006 - March 31, 2006
Item 1. Schedule of Investments.
THE SWISS HELVETIA FUND, INC.
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Schedule of Investments March 31, 2006
Percent
No. of of Net
Shares Security Value Assets
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Common Stocks - 98.28%
Banks - 15.94%
1,343 Bank Sarasin & Cie AG
Registered Shares $ 3,596,817 0.76%
Offers private banking, asset management, investment
advisory, and institutional banking services.
(Cost $3,019,630)
428,000 Credit Suisse Group(2)
Registered Shares 23,956,996 5.08%
A global diversified financial service company with large
activity in private banking, investment banking, asset
management and insurance service.
(Cost $14,071,732)
435,000 UBS AG(2)
Registered Shares 47,665,761 10.10%
A global diversified financial service company with large
activity in private banking, investment banking, and asset
management.
(Cost $7,578,949)
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75,219,574 15.94%
Basic Resources - 3.43%
101,136 Precious Woods Holding AG(1)
Bearer Shares 8,938,446 1.89%
Through subsidiaries, manages tropical forests
using ecologically sustainable forest management
methods. Harvests tropical trees and processes
them into lumber.
(Cost $9,076,879)
156,000 Swiss Steel AG
Registered Shares 7,251,789 1.54%
Manufactures industrial and construction steel.
(Cost $5,484,167)
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16,190,235 3.43%
Biotechnology - 4.71%
61,331 Actelion Ltd.(1)
Registered Shares 6,077,487 1.29%
Biotechnology company that develops and
markets synthetic small-molecule drugs against
diseases related to the endothelium.
(Cost $3,843,176)
95,200 Basilea Pharmaceutica1, (2)
Registered Shares 13,112,446 2.78%
Conducts research into the development of drugs for the
treatment of infectious diseases and dermatological
problems.
(Cost $11,771,791)
22,000 Speedel Holding AG(1)
Registered Shares 3,030,187 0.64%
Researches and develops therapies for
cardiovascular and metabolic diseases
(Cost $2,574,024)
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22,220,120 4.71%
Chemicals - 3.55%
5,945 Sika AG
Bearer Shares 6,095,803 1.29%
Leading producer of construction chemicals.
(Cost $3,638,959)
75,931 Syngenta AG
Registered Shares 10,644,343 2.26%
Produces herbicides, insecticides and fungicides,
and seeds for field crops, vegetables, and flowers.
(Cost $4,361,658)
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16,740,146 3.55%
Financial Services - 0.60%
18,000 Julius Baer Holding AG
Registered Shares 1,623,905 0.34%
Offers private banking, institutional asset
management, mutual fund, securities brokerage,
and corporate finance services.
(Cost $1,567,111)
15,000 OZ Holding AG
Bearer Shares 1,228,144 0.26%
Provides brokerage and banking services,
specializing in futures and options.
(Cost $987,525)
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2,852,049 0.60%
Food & Beverages - 13.94%
300 Lindt & Sprungli AG
Registered Shares 5,819,337 1.23%
Major manufacturer of premium
Swiss chocolates.
(Cost $1,196,399)
202,500 Nestle AG(2)
Registered Shares 59,966,714 12.71%
Largest food and beverage processing company in the
world.
(Cost $12,107,256)
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65,786,051 13.94%
Industrial Goods & Services - 7.86%
1,214,000 ABB Ltd.(2)
Registered Shares 15,281,249 3.25%
The holding company for ABB Group which is
one of the largest electrical engineering firms
in the world.
(Cost $8,247,245)
232,000 Adecco SA
Registered Shares 12,932,777 2.74%
Leading personnel and temporary employment company.
(Cost $12,023,985)
1,141 Belimo Holding AG
Registered Shares 825,072 0.18%
World market leader in damper and
volume control actuators for ventilation
and air-conditioning equipment.
(Cost $231,391)
15,240 INFICON Holding AG
Registered Shares 2,074,604 0.44%
Manufactures and markets vacuum instruments used to
monitor and control production processes. Manufactures
on-site chemical detection and monitoring system.
(Cost $1,444,912)
8,658 Sulzer AG
Registered Shares 5,893,018 1.25%
Manufactures and sells surface coatings, pumps,
and process engineering equipment.
(Cost $2,835,425)
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37,006,720 7.86%
Insurance - 10.96%
93,000 Swiss Life Holding(2)
Registered Shares 19,427,631 4.12%
Offers financial services including life and property
insurance, institutional investment management, and
private banking services.
(Cost $17,941,752)
100,088 Swiss Reinsurance Company
Registered Shares 6,977,095 1.48%
One of the leading global reinsurers.
(Cost $6,143,972)
107,900 Zurich Financial Services AG(2)
Registered Shares 25,285,515 5.36%
Offers property, accident, health, automobile, liability,
financial risk and life insurance and retirement
products.
(Cost $19,098,648)
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51,690,241 10.96%
Medical Technology - 0.20%
16,867 Phonak Holding AG
Registered Shares 957,670 0.20%
Designs and produces analog and
digital hearing aids.
(Cost $143,401)
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957,670 0.20%
Personal & Household Goods - 3.10%
269,000 Compagnie Financiere Richemont AG, Class A
Bearer Shares 12,864,904 2.73%
Manufactures and retails luxury goods through
subsidiaries. Produces jewelry, watches, leather
goods, writing instruments, and mens' and
womens' wear.
(Cost $8,966,764)
10,400 Swatch Group AG
Bearer Shares 1,742,021 0.37%
Manufactures finished watches, movements and components.
Produces components necessary to its eighteen watch brand
companies. Also operates retail boutiques.
(Cost $1,404,455)
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14,606,925 3.10%
Pharmaceuticals - 26.73%
1,149,000 Novartis AG(2)
Registered Shares 63,742,970 13.51%
One of the leading manufacturers
of branded and generic pharmaceutical products.
The company also manufactures nutrition products.
(Cost $13,461,235)
420,000 Roche Holding AG(2)
Dividend Rights Certificates 62,380,533 13.22%
Worldwide pharmaceutical company.
(Cost $8,467,363)
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126,123,503 26.73%
Retailers - 1.31%
24,767 Galenica Holding AG
Registered Shares 4,846,891 1.03%
Manufactures and distributes prescription
and over-the-counter drugs, toiletries and
hygiene products.
(Cost $3,088,902)
800 Jelmoli Holding AG
Bearer Shares 1,334,507 0.28%
Owns and operates department and retail stores
and provides mail-order catalog and real estate
leasing services.
(Cost $1,200,963)
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6,181,398 1.31%
Technology - 1.57%
71,917 Advanced Digital Broadcast Holding(1)
Registered Shares 6,829,322 1.45%
Develops equipment and systems to view and interact
with digital TV broadcast through cable, satellite, and
telecommunication networks.
(Cost $5,413,809)
14,230 Logitech International SA(1)
Registered Shares 567,305 0.12%
Manufactures personal computer input
devices, as well as producing trackballs,
desktop publishing programs and related software.
(Cost $219,768)
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7,396,627 1.57%
Utility Suppliers - 4.38%
214,450 BKW FMB Energie AG(2)
Registered Shares 19,199,334 4.08%
Produces electricity using nuclear, hydroelectric, solar,
biomass and wind energy.
(Cost $11,699,646)
7,000 Centralschweizerische Kraftwerke
Bearer Shares 1,435,513 0.30%
Supplies electric power, operates and maintains distribution
network facilities, constructs and installs equipment, and
offers consulting services to its clients.
(Cost $1,161,341)
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20,634,847 4.38%
Total Common Stocks
(Cost $204,474,233)* $ 463,606,106 98.28%
Other Assets less Other Liabilities, net 8,130,501 1.72%
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Net Assets $ 471,736,607 100.00%
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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 $259,131,873
Gross Unrealized Depreciation -
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Net Unrealized Appreciation $259,131,873
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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: 5/22/06
__________________________
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: 5/22/06
__________________________
By: /s/ Rudolf Millisits
__________________________
Rudolf Millisits, Chief Financial Officer
Date: 5/24/06
__________________________