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
Date of reporting period: January 1, 2005 - March 31, 2005
Item 1. Schedule of Investments
THE SWISS HELVETIA FUND, INC.
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Schedule of Investments (Unaudited) March 31, 2005
Percent
No. of of Net
Shares Security Value Assets
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Common Stocks - 96.82%
Banks - 16.70%
458,000 Credit Suisse Group2
Registered Shares $ 19,731,773 4.86%
A global operating financial group.
(Cost $15,309,694)
33,406 St. Galler Kantonalbank
Registered Shares 8,786,627 2.17%
A Swiss regional bank that offers
retail, commercial, private and
institutional banking. It also
provides asset management and
financial planning services.
(Cost $7,655,440)
435,000 UBS AG2
Registered Shares 36,861,314 9.09%
Largest Swiss bank. It offers
consumer, business and
construction loans, mortgages,
mutual funds, export and structured
finance and securities brokerage
services, advises on mergers and
acquisitions, invests pension funds
and sponsors credit cards.
(Cost $7,578,949)
94,000 Vontobel Holding AG
Registered Shares 2,346,254 0.58%
Provides investment, banking and
consulting services to private and
institutional customers.
(Cost $2,286,229)
----------- -------
67,725,968 16.70%
Basic Resources - 0.50%
20,324 Precious Woods Holding AG1
Bearer Shares 2,029,160 0.50%
Through subsidaries, manages
tropical forests using ecologically
sustainable forest management methods.
Harvests tropical trees and processes
them into lumber.
(Cost $2,039,773)
--------------- -------
2,029,160 0.50%
Biotechnology - 3.30%
126,973 Actelion Ltd.1
Registered Shares 12,890,119 3.18%
Pharmaceutical company that
develops and markets synthetic
small-molecule drugs against
diseases related to the endothelium.
(Cost $8,781,182)
12,273 Cytos Biotechnology AG1
Registered Shares 484,989 0.12%
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)
------------- -------
13,375,108 3.30%
Chemicals - 8.45%
35,000 Ciba Specialty Chemicals AG
Registered Shares 2,272,842 0.56%
Develops, manufactures, and markets
specialty chemicals.
(Cost $2,562,063)
15,488 Sika AG
Bearer Shares 11,590,986 2.86%
Leading producer of
construction chemicals.
(Cost $3,761,320)
194,931 Syngenta AG1, 2
Registered Shares 20,426,950 5.03%
Produces herbicides, insecticides
and fungicides, and seeds for field
crops, vegetables, and flowers.
(Cost $12,135,720)
------------- --------
34,290,778 8.45%
Construction - 2.06%
135,143 Holcim Ltd.
Registered Shares 8,339,431 2.06%
Produces and markets various
building materials, in addition
to providing consulting and
engineering services in all areas
of the cement manufacturing
process.
(Cost $6,153,257)
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8,339,431 2.06%
Food & Beverages - 15.14%
300 Lindt & Sprungli AG
Registered Shares 4,568,336 1.13%
Major manufacturer of premium
Swiss chocolates.
(Cost $1,196,399)
207,000 Nestle AG2
Registered Shares 56,834,256 14.01%
Largest food and beverage
processing company in the world.
(Cost $12,427,541)
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61,402,592 15.14%
Industrial Goods & Services - 9.64%
60,000 Adecco SA
Registered Shares 3,307,325 0.81%
Leading personnel and
temporary employment company.
(Cost $3,260,846)
2,055 Belimo Holding AG
Registered Shares 1,317,241 0.32%
World market leader in damper and
volume control actuators for
ventilation and air-conditioning
equipment.
(Cost $450,523)
2,409 Kaba Holdings AG
Bearer Shares 677,083 0.17%
Provides mechanical and electronic
security systems.
(Cost $433,442)
49,854 Kuehne & Nagel International AG
Registered Shares 10,791,452 2.66%
Operates sea freight, land and rail
transportation businesses and
warehousing and distribution facilities.
(Cost $2,566,808)
6,598 SGS Societe Generale de
Surveillance Holding SA
Registered Shares 4,771,773 1.18%
Provides a variety of industrial
inspection, analysis, testing and
verification services worldwide.
(Cost $1,709,324)
8,496 SIG Holding AG
Registered Shares 1,824,797 0.45%
Manufactures packaging machinery
through subsidaries. Produces
beverage bottling machines, beverage
cartons, and filling machines.
(Cost $1,838,620)
35,047 Sulzer AG2
Registered Shares 15,143,221 3.73%
Manufactures and sells industrial
equipment, machinery, and medical
devices.
(Cost $12,445,442)
615,035 Von Roll Holding AG1
Bearer Shares 1,284,871 0.32%
Manufactures insulation and composite
materials and offers waste treatment
services.
(Cost $904,319)
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39,117,763 9.64%
Insurance - 4.73%
68,088 Swiss Reinsurance Company
Registered Shares 4,892,809 1.21%
Second largest reinsurance company
in the world.
(Cost $4,038,842)
81,100 Zurich Financial Services AG2
Registered Shares 14,282,146 3.52%
Offers property, accident, health,
automobile, liability, financial risk
and life insurance and retirement
products.
(Cost $14,353,611)
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19,174,955 4.73%
Medical Technology - 0.14%
16,867 Phonak Holding AG
Registered Shares 583,036 0.14%
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)
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583,036 0.14%
Pharmaceuticals - 24.40%
1,149,000 Novartis AG2
Registered Shares 53,791,593 13.26%
One of the leading manufacturers
of pharmaceutical and
nutrition products.
(Cost $13,461,235)
420,000 Roche Holding AG2
Dividend Rights Certificates 45,174,931 11.14%
Worldwide pharmaceutical Company.
(Cost $8,467,363)
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98,966,524 24.40%
Retailers - 1.06%
24,767 Galenica Holding AG
Registered Shares 4,290,952 1.06%
Manufactures and distributes
prescription and over-the-counter
drugs, toiletries and hygiene products.
(Cost $3,158,881)
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4,290,952 1.06%
Technology - 3.76%
14,238 Huber & Suhner AG
Registered Shares 1,037,478 0.25%
Manufactures a wide range of
products, extending from cables for
energy and electrical submission
to special products such as rubber.
(Cost $815,503)
230,449 Logitech International SA1, 2
Registered Shares 14,065,916 3.47%
Manufactures personal computer input
devices, as well as producing
trackballs, desktop publishing
programs and related software.
(Cost $8,396,934)
23,813 Temenos Group AG1
Registered Shares 149,443 0.04%
Provides integrated software for
the banking sector. Develops,
distributes, implements, and
supports its process-oriented
real-time enterprise software
designedfor the management of
administrative tasks in Europe,
North America, Asia, and the Middle
East.
(Cost $159,743)
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15,252,837 3.76%
Utility Suppliers - 6.94%
500 Aare-Tessin AG Fur Elektrizitat
Registered Shares 805,437 0.20%
Generates, transmits, and distributes
electricity in Switzerland and neighboring
countries. Provides environmental
technology and engineering services.
(Cost $859,335)
22,445 BKW FMB Energie AG
Registered Shares 12,805,269 3.16%
Generates and distributes electricty.
Produces electricity using nuclear,
hydroelectric, solar, biomass and wind
energy.
(Cost $12,145,317)
350 Centralschweiz Kraftwerke
Bearer Shares 1,321,420 0.33%
Supplies electric power, operates and
maintains distribution network facilities,
constructs and installs equipment, and
offers consulting services to its clients.
(Cost $1,302,180)
17,144 Elektrizitaets-Gesellschaft Laufenburg AG2
Registered Shares 13,182,713 3.25%
Generates and sells electricity.
Operates nuclear and hydroelectric
generating plants. Sells excess
power throughout Europe.
(Cost $12,807,688)
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28,114,839 6.94%
Total Common Stocks
(Cost $186,046,251)* $ 392,663,943 96.82%
Other Assets less Liabilities 12,893,540 3.18%
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Net Assets $ 405,557,483 100.00%
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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 $207,067,013
Gross Unrealized Depreciation (449,321)
Net Unrealized Appreciation ---------------
$206,617,692
===============
Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have
concluded, based on their evaluation of the Registrant's disclosure controls and
procedures as of a date within 90 days of the filing date of this report, that
the Registrant's disclosure controls and procedures are reasonably designed to
ensure that information required to be disclosed by the Registrant on Form N-CSR
is recorded, processed, summarized and reported within the required time periods
and that information required to be disclosed by the Registrant in the reports
that it files or submits on Form N-Q is accumulated and communicated to the
Registrant's management, including its principal executive and principal
financial officers, as appropriate to allow timely decisions regarding required
disclosure.
(b) There were no changes to the Registrant's internal control over financial
reporting that occurred during the Registrant's fiscal quarter of the period
covered by this report 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, President
Date: May 10, 2005
__________________________
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, President
Date: May 10, 2005
__________________________
By: /s/ Rudolf Millisits
__________________________
Rudolf Millisits, Treasurer
Date: May 3, 2005
__________________________