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, 2005
Date of reporting period: September 30, 2005
Item 1. Schedule of Investments.
THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS (UNAUDITED) SEPTEMBER 30, 2005
Percent
No. of of Net
Shares Security Value Assets
--------------------------------------------------------------
COMMON STOCKS -- 98.90%
BANKS -- 15.69%
2,143 BANK SARASIN & CIE AG
REGISTERED SHARES $ 4,820,400 1.11%
Offers private banking, asset
management, investment advice,
and institutional banking
services.
(Cost $4,832,790)
428,000 CREDIT SUISSE GROUP/2/
REGISTERED SHARES 19,022,222 4.39%
A global diversified financial
service company with large
activity in private banking,
investment banking, asset
management and insurance
service.
(Cost $14,071,733)
21,851 ST. GALLER KANTONALBANK
REGISTERED SHARES 6,999,777 1.62%
A Swiss regional bank that offers
retail, commercial, private and
institutional banking. It also
provides asset management and
financial planning services.
(Cost $4,930,366)
435,000 UBS AG/2/
REGISTERED SHARES 37,114,602 8.57%
A global diversified financial
service company with large
activity in private banking,
investment banking, and asset
management.
(Cost $7,578,949)
------------ -----
67,957,001 15.69%
BASIC RESOURCES -- 1.81%
61,136 PRECIOUS WOODS HOLDING AG/1/
BEARER SHARES $ 5,500,699 1.27%
Through subsidiaries, manages
tropical forests using ecologically
sustainable forest management
methods. Harvests tropical trees
and processes them into lumber.
(Cost $5,609,158)
71,000 SWISS STEEL AG
REGISTERED SHARES 2,332,247 0.54%
Manufactures industrial and
construction steel.
(Cost $2,180,101)
------------ ----
7,832,946 1.81%
BIOTECHNOLOGY -- 2.81%
73,281 ACTELION LTD./1/
REGISTERED SHARES 7,929,183 1.83%
Pharmaceutical company that
develops and markets synthetic
small-molecule drugs against
diseases related to the
endothelium.
(Cost $4,675,382)
408,111 BERNA BIOTECH AG/1/
REGISTERED SHARES 3,893,555 0.90%
Develops and produces viral and
bacterial vaccines for influenza,
hepatitis, travel and general
immunization.
(Cost $3,212,899)
BIOTECHNOLOGY -- (CONTINUED)
12,273 CYTOS BIOTECHNOLOGY AG/1/
REGISTERED SHARES $ 364,120 0.08%
Develops and produces
biopharmaceuticals. Produces
vaccines that immunize the
patient against disease-related
proteins. This instructs the
immune system to produce
antibodies to reverse or prevent
disease progression.
(Cost $439,327)
------------ ----
12,186,858 2.81%
CHEMICALS -- 4.40%
50,000 LONZA GROUP AG
REGISTERED SHARES 2,962,963 0.68%
The leading supplier of active
chemical ingredients,
intermediaries, and
biotechnology solutions to the
pharmaceutical and agrochemical
industries.
(Cost $3,131,916)
2,924 SIKA AG
BEARER SHARES 2,236,233 0.52%
Leading producer of construction
chemicals.
(Cost $653,545)
131,931 SYNGENTA AG/2/
REGISTERED SHARES 13,865,930 3.20%
Produces herbicides, insecticides
and fungicides, and seeds for
field crops, vegetables, and
flowers.
(Cost $7,768,263)
------------ ----
19,065,126 4.40%
CONSTRUCTION -- 2.08%
14,777 AFG ARBONIA-FORSTER HOLDING AG
BEARER SHARES $ 4,263,753 0.98%
Manufactures kitchen appliances
and offers a wide range of
services. Produces heating
appliances, steel tubes,
refrigerators and kitchen fittings.
(Cost $4,317,395)
71,143 HOLCIM LTD.
REGISTERED SHARES 4,742,867 1.10%
Produces and markets various
building materials, in addition to
providing consulting and
engineering services in all areas
of the cement manufacturing
process.
(Cost $3,001,966)
------------ ----
9,006,620 2.08%
CYCLICAL GOODS & SERVICES -- 3.84%
315,000 COMPAGNIE FINANCIERE
RICHEMONT AG, CLASS A/2/
BEARER SHARES 12,521,815 2.89%
Manufactures and retails luxury
goods through subsidiaries.
Produces jewelry, watches,
leather goods, writing
instruments, and mens' and
womens' wear.
(Cost $10,534,476)
CYCLICAL GOODS & SERVICES -- (CONTINUED)
29,800 SWATCH GROUP AG
BEARER SHARES $ 4,121,264 0.95%
Manufactures finished watches,
movements and components.
Produces components necessary
to its eighteen watch brand
companies. Also operates retail
boutiques.
(Cost $4,043,965)
------------ ----
16,643,079 3.84%
FINANCIAL SERVICES -- 0.23%
15,000 OZ HOLDING AG
BEARER SHARES 977,312 0.23%
Provides brokerage and banking
services, specializing in futures
and options.
(Cost $987,525)
------------ ----
977,312 0.23%
FOOD & BEVERAGES -- 15.18%
13,183 EMMI AG
REGISTERED SHARES 1,205,566 0.28%
Swiss producer of dairy
products. Also produces a variety
of fruit juices and iced tea.
(Cost $1,287,208)
300 LINDT & SPRUNGLI AG
REGISTERED SHARES 4,979,639 1.15%
Major manufacturer of premium
Swiss chocolates.
(Cost $1,196,399)
202,500 NESTLE AG/2/
REGISTERED SHARES $ 59,528,796 13.75%
Largest food and beverage
processing company in the
world.
(Cost $12,107,256)
------------ -----
65,714,001 15.18%
INDUSTRIAL GOODS & SERVICES -- 8.73%
1,364,000 ABB LTD./1/
REGISTERED SHARES 10,008,486 2.31%
The holding company for ABB
Group which is one of the largest
electrical engineering firms in the
world.
(Cost $9,340,872)
2,055 BELIMO HOLDING AG
REGISTERED SHARES 1,291,100 0.30%
World market leader in damper
and volume control actuators for
ventilation and air-conditioning
equipment.
(Cost $433,588)
53,914 BOBST GROUP AG
REGISTERED SHARES 2,329,269 0.54%
Manufactures printing presses,
packaging producing machinery,
and machines to produce and
print flexible packaging materials.
(Cost $2,361,485)
25,240 INFICON HOLDING AG/1/
REGISTERED SHARES $ 3,582,641 0.83%
Manufactures and markets
vacuum instruments used to
monitor and control production
processes. Manufactures on-site
chemical detection and
monitoring system.
(Cost $2,422,749)
950 KABA HOLDINGS AG
BEARER SHARES 249,060 0.06%
Provides mechanical and
electronic security systems.
(Cost $170,930)
27,418 KUEHNE & NAGEL INTERNATIONAL AG
REGISTERED SHARES 6,805,321 1.57%
Operates sea freight, land and rail
transportation businesses and
warehousing and distribution
facilities.
(Cost $1,388,318)
6,398 SGS SOCIETE GENERALE DE
SURVEILLANCE HOLDING SA
REGISTERED SHARES 4,955,131 1.14%
Provides a variety of industrial
inspection, analysis, testing and
verification services worldwide.
(Cost $1,657,511)
3,496 SIG HOLDING AG
REGISTERED SHARES 894,168 0.21%
Manufactures packaging
machinery through subsidiaries.
Produces beverage bottling
machines, beverage cartons, and
filling machines.
(Cost $697,041)
11,216 SULZER AG
REGISTERED SHARES 5,706,958 1.32%
Manufactures and sells surface
coatings, pumps, process
engineering equipment, and fuel
cells.
(Cost $3,694,119)
900,000 SWISSLOG HOLDING AG/1/
REGISTERED SHARES 893,543 0.21%
Offers consulting, financing,
general contracting, software,
and outsourcing services for
warehouses and distribution
centers.
(Cost $910,942)
615,035 VON ROLL HOLDING AG/1/
BEARER SHARES 1,054,278 0.24%
Manufactures insulation and
composite materials and offers
waste treatment services.
(Cost $904,319)
------------ ----
37,769,955 8.73%
INSURANCE -- 5.65%
197,088 SWISS REINSURANCE COMPANY/2/
REGISTERED SHARES $ 12,993,973 3.00%
One of the leading global
reinsurers.
(Cost $12,487,648)
67,100 ZURICH FINANCIAL SERVICES AG
REGISTERED SHARES 11,476,091 2.65%
Offers property, accident, health,
automobile, liability, financial risk
and life insurance and retirement
products.
(Cost $11,508,602)
------------ -----
24,470,064 5.65%
MEDICAL TECHNOLOGY -- 0.17%
16,867 PHONAK HOLDING AG
REGISTERED SHARES 725,441 0.17%
Designs and produces wireless
analog and digital hearing aids,
transmitters, remote controls,
microphones and receivers for
use in wireless communications
within broadcasting and sports.
(Cost $143,401)
------------ -----
725,441 0.17%
PHARMACEUTICALS -- 27.04%
1,149,000 NOVARTIS AG/2/
REGISTERED SHARES 58,508,319 13.51%
One of the leading manufacturers
of pharmaceutical and nutrition
products.
(Cost $13,461,235)
420,000 ROCHE HOLDING AG/2/
DIVIDEND RIGHTS CERTIFICATES $ 58,573,589 13.53%
Worldwide pharmaceutical
company.
(Cost $8,467,363)
------------ -----
117,081,908 27.04%
RETAILERS -- 1.41%
24,767 GALENICA HOLDING AG
REGISTERED SHARES 4,975,492 1.15%
Manufactures and distributes
prescription and over-the-
counter drugs, toiletries and
hygiene products.
(Cost $3,088,902)
800 JELMOLI HOLDING AG
BEARER SHARES 1,135,544 0.26%
Owns and operates department
and retail stores and provides
mail-order catalog and real estate
leasing services.
(Cost $1,200,963)
------------ -----
6,111,036 1.41%
TECHNOLOGY -- 4.33%
13,000 ADVANCED DIGITAL BROADCAST
HOLDING/1/
REGISTERED SHARES 946,830 0.22%
Develops equipment and systems
to view and interact with digital
TV broadcast through cable,
satellite, and telecommunication
networks.
(Cost $808,958)
110,000 KUDELSKI SA
BEARER SHARES $ 4,355,633 1.01%
Designs and manufactures
conditional access systems for
TV operators.
(Cost $3,942,851)
330,898 LOGITECH INTERNATIONAL SA/1, 2/
REGISTERED SHARES 13,436,114 3.10%
Manufactures personal computer
input devices, as well as
producing trackballs, desktop
publishing programs and related
software.
(Cost $5,457,895)
------------ ----
18,738,577 4.33%
UTILITY SUPPLIERS -- 5.53%
235 AARE-TESSIN AG FUR ELEKTRIZITAET
REGISTERED SHARES 355,439 0.08%
Generates, transmits, and
distributes electricity in
Switzerland and neighboring
countries.
(Cost $403,888)
204,450 BKW FMB ENERGIE AG/2/
REGISTERED SHARES 14,747,993 3.41%
Generates and distributes
electricity. Produces electricity
using nuclear, hydroelectric,
solar, biomass and wind energy.
(Cost $10,934,886)
7,000 CENTRALSCHWEIZERISCHE
KRAFTWERKE
BEARER SHARES $ 1,281,365 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)
12,273 ELEKTRIZITAETS-GESELLSCHAFT
LAUFENBURG AG
REGISTERED SHARES 7,520,396 1.74%
Generates and sells electricity.
Operates nuclear and
hydroelectric generating plants.
Sells excess power throughout
Europe.
(Cost $8,692,117)
------------ ------
23,905,193 5.53%
TOTAL COMMON STOCKS
(Cost $202,302,543)* $428,185,117 98.90%
OTHER ASSETS LESS LIABILITIES 4,760,327 1.10%
------------ ------
NET ASSETS $432,945,444 100.00%
============ ======
--------------------------------------------------------------------------------
/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 $227,760,797
GROSS UNREALIZED DEPRECIATION (1,878,223)
------------
NET UNREALIZED APPRECIATION $225,882,574
============
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: 11/22/05
__________________________
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: 11/22/05
__________________________
By: /s/ Rudolf Millisits
__________________________
Rudolf Millisits, Chief Financial Officer
Date: 11/22/05
__________________________