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: July 1, 2006 - September 30, 2006
Item 1. Schedule of Investments.
THE SWISS HELVETIA FUND, INC.
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SCHEDULE OF INVESTMENTS (UNAUDITED) SEPTEMBER 30, 2006
PERCENT
NO. OF OF NET
SHARES SECURITY VALUE ASSETS
----------------------------------------------------------------------------
COMMON STOCKS - 96.76%
BANKS - 15.61%
530 BANK SARASIN & CIE AG
REGISTERED SHARES $ 1,559,632 0.31%
Offers private banking, asset
management, investment advisory,
and institutional banking services.
(Cost $1,184,730)
428,000 CREDIT SUISSE GROUP/2/
REGISTERED SHARES 24,694,605 4.93%
A global diversified financial service
company with large activity in private
banking, investment banking, asset
management and insurance service.
(Cost $14,071,733)
870,000 UBS AG/2/
REGISTERED SHARES 51,896,806 10.37%
A global diversified financial service
company with large activity in private
banking, investment banking, and
asset management.
(Cost $7,403,841)
----------- -----
78,151,043 15.61%
BASIC RESOURCES - 2.66%
101,136 PRECIOUS WOODS HOLDING AG/1/
REGISTERED SHARES 7,258,854 1.45%
Through subsidiaries, manages
tropical forests using ecologically
sustainable forest management
methods. Harvests tropical trees and
processes them into lumber.
(Cost $9,076,879)
103,960 SCHMOLZ AND BICKENBACH AG
REGISTERED SHARES 6,039,703 1.21%
Manufactures industrial and
construction steel.
(Cost $3,313,494)
----------- -----
13,298,557 2.66%
1
BIOTECHNOLOGY - 6.56%
40,731 ACTELION LTD./1/
REGISTERED SHARES 5,827,299 1.16%
Biotechnology company that
develops and markets synthetic
small-molecule drugs against
diseases related to the
endothelium.
(Cost $4,035,704)
126,200 BASILEA PHARMACEUTICA/1, 2/
REGISTERED SHARES 19,927,110 3.98%
Conducts research into the
development of drugs for the
treatment of infectious diseases
and dermatological problems.
(Cost $16,683,171)
48,453 SPEEDEL HOLDING AG/1/
REGISTERED SHARES 7,086,630 1.42%
Researches and develops
therapies for cardiovascular and
metabolic diseases
(Cost $6,068,480)
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32,841,039 6.56%
CHEMICALS - 3.59%
5,220 SIKA AG
BEARER SHARES 6,556,483 1.31%
Leading producer of construction
chemicals.
(Cost $2,806,198)
75,931 SYNGENTA AG
REGISTERED SHARES 11,420,381 2.28%
Produces herbicides, insecticides
and fungicides, and seeds for field
crops, vegetables, and flowers.
(Cost $4,167,564)
---------- ----
17,976,864 3.59%
FINANCIAL SERVICES - 2.43%
50,000 EFG INTERNATIONAL/1/
REGISTERED SHARES 1,638,821 0.33%
Holding company of EFG Bank.
The Bank offers private banking
and asset management services.
(Cost $1,565,336)
84,600 JULIUS BAER HOLDING AG
REGISTERED SHARES 8,426,604 1.68%
Offers private banking,
institutional asset management,
mutual fund, securities brokerage,
and corporate finance services.
(Cost $7,769,430)
2
30,227 OZ HOLDING AG
BEARER SHARES 2,091,147 0.42%
Provides brokerage and banking
services, specializing in futures
and options.
(Cost $2,263,780)
---------- -----
12,156,572 2.43%
FOOD & BEVERAGES - 14.70%
340 LINDT & SPRUNGLI AG
REGISTERED SHARES 8,080,067 1.61%
Major manufacturer of premium
Swiss chocolates.
(Cost $1,977,813)
188,500 NESTLE SA/2/
REGISTERED SHARES 65,541,688 13.09%
Largest food and beverage
processing company in the world.
(Cost $11,110,815)
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73,621,755 14.70%
INDUSTRIAL GOODS & SERVICES - 5.21%
467,457 ABB LTD.
REGISTERED SHARES 6,132,356 1.23%
The holding company for ABB
Group which is one of the largest
electrical engineering firms in the
world.
(Cost $3,109,639)
232,000 ADECCO SA
REGISTERED SHARES 13,959,408 2.79%
Leading personnel and temporary
employment company.
(Cost $12,120,878)
1,141 BELIMO HOLDING AG
REGISTERED SHARES 918,114 0.18%
World market leader in damper
and volume control actuators for
ventilation and air-conditioning
equipment.
(Cost $231,391)
8,440 INFICON HOLDING AG
REGISTERED SHARES 1,117,301 0.22%
Manufactures and markets
vacuum instruments used to
monitor and control production
processes. Manufactures on-site
chemical detection and monitoring
system.
(Cost $762,355)
4,946 SULZER AG
REGISTERED SHARES 3,930,531 0.79%
Manufactures and sells surface
coatings, pumps, and process
engineering equipment.
(Cost $1,609,155)
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26,057,710 5.21%
3
INSURANCE - 7.64%
103,000 SWISS LIFE HOLDING/2/
REGISTERED SHARES 24,026,078 4.80%
Offers financial services including
life and property insurance,
institutional investment
management, and private banking
services.
(Cost $19,830,574)
58,000 ZURICH FINANCIAL SERVICES AG/2/
REGISTERED SHARES 14,211,492 2.84%
Offers property, accident, health,
automobile, liability, financial risk
and life insurance and retirement
products.
(Cost $9,705,686)
---------- -----
38,237,570 7.64%
MEDICAL TECHNOLOGY - 0.41%
32,205 PHONAK HOLDING AG
REGISTERED SHARES 2,031,513 0.41%
Designs and produces analog and
digital hearing aids.
(Cost $1,100,139)
---------- -----
2,031,513 0.41%
PERSONAL & HOUSEHOLD GOODS - 1.21%
100,084 COMPAGNIE FINANCIERE
RICHEMONT AG, CLASS A
BEARER SHARES 4,804,862 0.96%
Manufactures and retails luxury
goods through subsidiaries.
Produces jewelry, watches, leather
goods, writing instruments, and
mens' and womens' wear.
(Cost $3,328,765)
6,367 SWATCH GROUP AG
BEARER SHARES 1,226,737 0.25%
Manufactures finished watches,
movements and components.
Produces components necessary to
its eighteen watch brand
companies. Also operates retail
boutiques.
(Cost $859,824)
---------- -----
6,031,599 1.21%
PHARMACEUTICALS - 26.01%
1,076,000 NOVARTIS AG/2/
REGISTERED SHARES 62,640,456 12.51%
One of the leading manufacturers
of branded and generic
pharmaceutical products. The
company also manufactures
nutrition products.
(Cost $12,415,546)
4
392,000 ROCHE HOLDING AG/2/
DIVIDEND RIGHTS CERTIFICATES 67,586,746 13.50%
Worldwide pharmaceutical
company.
(Cost $7,529,739)
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130,227,202 26.01%
RETAILERS - 5.40%
75,950 GALENICA HOLDING AG/2/
REGISTERED SHARES 19,669,654 3.93%
Manufactures and distributes
prescription and over-the-
counter drugs, toiletries and
hygiene products.
(Cost $14,745,078)
3,600 JELMOLI HOLDING AG
BEARER SHARES 7,361,059 1.47%
Owns and operates department
and retail stores and provides
mail-order catalog and real
estate leasing services.
(Cost $6,678,168)
------------ ------
27,030,713 5.40%
TECHNOLOGY - 0.77%
62,213 ADVANCED DIGITAL BROADCAST HOLDING/1/
REGISTERED SHARES 3,869,862 0.77%
Develops equipment and
systems to view and interact
with digital TV broadcast
through cable, satellite, and
telecommunication networks.
(Cost $4,464,413)
------------ ------
3,869,862 0.77%
UTILITY SUPPLIERS - 4.56%
214,450 BKW FMB ENERGIE AG/2/
REGISTERED SHARES 20,864,389 4.17%
Produces electricity using
nuclear, hydroelectric, solar,
biomass and wind energy. (Cost
$11,699,646)
7,000 CENTRALSCHWEIZERISCHE KRAFTWERKE
REGISTERED SHARES 1,928,705 0.39%
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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22,793,094 4.56%
TOTAL COMMON STOCKS
(Cost $204,851,305)* $484,325,093 96.76%
OTHER ASSETS LESS OTHER LIABILITIES, NET 16,230,571 3.24%
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NET ASSETS $500,555,664 100.00%
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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 $282,058,998
GROSS UNREALIZED DEPRECIATION (2,585,210)
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NET UNREALIZED APPRECIATION $279,473,788
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5
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: 11/24/06
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: 11/24/06
By: /s/ Rudolf Millisits
----------------------------------
Rudolf Millisits, Chief Financial Officer
Date: 11/22/06