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: July 1, 2007 - September 30, 2007
Item 1. Schedule of Investments.
THE SWISS HELVETIA FUND, INC.
SCHEDULE OF INVESTMENTS (UNAUDITED) SEPTEMBER 30, 2007
PERCENT
NO. OF OF NET
SHARES SECURITY VALUE ASSETS
----------------------------------------------------------------------------------------
COMMON STOCKS - 94.48%
BANKS - 12.23%
430 BANK SARASIN & CIE AG
REGISTERED SHARES $ 1,884,609 0.28%
Offers private banking, asset management, investment
advisory, and institutional banking services.
(Cost $1,611,112)
450,000 CREDIT SUISSE GROUP/1/,/2/
REGISTERED SHARES 29,776,579 4.39%
A global diversified financial service company with
significant activity in private banking, investment
banking, asset management and insurance service.
(Cost $16,683,206)
100,000 EFG INTERNATIONAL
REGISTERED SHARES 4,690,978 0.69%
Holding company of EFG Bank. Offers private banking
and asset management services.
(Cost $3,249,443)
870,000 UBS AG/2/
REGISTERED SHARES 46,620,442 6.87%
A global diversified financial service company with
significant activity in private banking, investment
banking, and asset management.
(Cost $7,403,841)
----------- -----
82,972,608 12.23%
BASIC RESOURCES - 3.95%
100,236 PRECIOUS WOODS HOLDING AG/1/
REGISTERED SHARES 10,982,886 1.62%
Through subsidiaries, manages tropical forests using
ecologically sustainable forest management methods.
Harvests tropical trees and processes them into
lumber.
(Cost $8,999,044)
152,760 SCHMOLZ AND BICKENBACH AG
REGISTERED SHARES 14,214,186 2.09%
Manufactures industrial and construction steel.
(Cost $8,500,850)
75,000 UMS SCHWEIZERISCHE METALLWERKE HOLDING AG/1/
BEARER SHARES 1,605,033 0.24%
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 $1,655,850)
---------- -----
26,802,105 3.95%
BIOTECHNOLOGY - 14.26%
664,655 ACTELION LTD./1/,/2/,/3/
REGISTERED SHARES 36,697,695 5.41%
Biotechnology company that develops and markets
synthetic small-molecule drugs against diseases
related to the endothelium.
(Cost $17,871,161)
240,360 ADDEX PHARMACEUTICALS SA/1/
REGISTERED SHARES 10,699,127 1.58%
Bio-pharmaceutical company that discovers, develops,
and markets therapeutic compounds for the treatment
of addiction and other neuropsychiatric conditions.
(Cost $13,484,966)
10,000 BACHEM HOLDING AG
REGISTERED SHARES 841,037 0.12%
Manufactures ingredients for pharmaceuticals, generic
drugs, and research supplies.
(Cost $833,329)
156,200 BASILEA PHARMACEUTICA/1/,/2/
REGISTERED SHARES 35,500,000 5.24%
Conducts research into the development of drugs for
the treatment of infectious diseases and
dermatological problems.
(Cost $21,602,083)
10,000 SANTHERA PHARMACEUTICALS AG/1/
REGISTERED SHARES 924,499 0.14%
Drug discovery and development company.
(Cost $948,284)
91,903 SPEEDEL HOLDING AG/1/
REGISTERED SHARES 12,020,868 1.77%
Researches and develops therapies for cardiovascular
and metabolic diseases.
(Cost $12,460,344)
---------- -----
96,683,226 14.26%
CHEMICALS - 3.96%
45,000 EMS - CHEMIE HOLDING AG
REGISTERED SHARES 6,271,186 0.92%
Manufactures and markets performance polymers, high-
grade chemical intermediates, fine chemicals, and
protective bonding, coating and sealing products.
(Cost $5,881,838)
95,931 SYNGENTA AG/1/,/2/
REGISTERED SHARES 20,611,780 3.04%
Produces herbicides, insecticides and fungicides,
and seeds for field crops, vegetables, and flowers.
(Cost $7,529,965)
---------- -----
26,882,966 3.96%
CONSTRUCTION & MATERIALS - 1.12%
1,141 BELIMO HOLDING AG
REGISTERED SHARES 1,363,496 0.20%
World market leader in damper and volume control
actuators for ventilation and air-conditioning
equipment.
(Cost $222,726)
3,220 SIKA AG
BEARER SHARES 6,251,464 0.92%
Leading producer of construction chemicals.
(Cost $891,990)
---------- -----
7,614,960 1.12%
FINANCIAL SERVICES - 1.48%
81,600 PARTNERS GROUP
REGISTERED SHARES 10,058,552 1.48%
Global alternative asset management firm in private
equity, private debt, private real estate,
infrastructure and hedge funds.
(Cost $10,215,050)
---------- -----
10,058,552 1.48%
FOOD & BEVERAGES - 12.91%
2,690 BARRY CALLEBAUT AG
REGISTERED SHARES 1,972,252 0.29%
Manufactures cocoa, chocolate, and confectionary
products.
(Cost $1,399,816)
340 LINDT & SPRUNGLI AG
REGISTERED SHARES 12,840,952 1.89%
Major manufacturer of premium Swiss chocolates.
(Cost $1,977,813)
162,500 NESTLE SA/2/
REGISTERED SHARES 72,750,813 10.73%
Largest food and beverage processing company in the
world.
(Cost $9,260,283)
---------- -----
87,564,017 12.91%
INDUSTRIAL GOODS & SERVICES - 4.81%
646,457 ABB LTD.
REGISTERED SHARES 16,966,591 2.50%
The holding company for ABB Group which is one of
the largest electrical engineering firms in the
world.
(Cost $9,612,320)
6,440 INFICON HOLDING AG
REGISTERED SHARES 1,103,102 0.16%
Manufactures and markets vacuum instruments used to
monitor and control production processes.
Manufactures on-site chemical detection and
monitoring system.
(Cost $581,616)
87,215 KOMAX HOLDING AG
REGISTERED SHARES 14,558,231 2.15%
Manufactures wire processing machines. Produces
machines for cutting and stripping round and flat
wire, crimping and insertion machines for processing
single wires and equipment for processing wire
harnesses.
(Cost $14,003,435)
---------- ----
32,627,924 4.81%
INSURANCE - 0.92%
20,800 ZURICH FINANCIAL SERVICES AG
REGISTERED SHARES 6,218,456 0.92%
Offers property, accident, health, automobile,
liability, financial risk and life insurance and
retirement products.
(Cost $3,338,952)
---------- ----
6,218,456 0.92%
MEDICAL TECHNOLOGY - 0.63%
32,205 SONOVA HOLDING AG
REGISTERED SHARES 3,219,949 0.47%
Designs and produces wireless analog and digital
in-the-ear and behind-the-ear hearing aids and
miniaturized voice communications systems.
(Cost $1,100,139)
16,500 TECAN GROUP AG/1/
REGISTERED SHARES 1,059,322 0.16%
Develops, manufactures and distributes laboratory
automation components and systems.
(Cost $1,238,914)
---------- ----
4,279,271 0.63%
PERSONAL & HOUSEHOLD GOODS - 2.58%
20,950 ADVANCED DIGITAL BROADCAST HOLDING SA/1/
REGISTERED SHARES 878,745 0.13%
Develops equipment and systems to view and interact
with digital TV broadcast through cable, satellite,
and telecommunication networks.
(Cost $1,352,807)
20,000 SCHULTHESS GROUP
REGISTERED SHARES 2,499,572 0.37%
Develops, manufactures and sells household
appliances and heating equipment.
(Cost $2,327,602)
43,216 SWATCH GROUP AG
BEARER SHARES 14,131,580 2.08%
Manufactures finished watches, movements and
components. Produces components necessary to its
eighteen watch brand companies. Also operates retail
boutiques.
(Cost $11,644,287)
----------- -----
17,509,897 2.58%
PHARMACEUTICALS -16.02%
781,300 NOVARTIS AG/2/
REGISTERED SHARES 42,970,831 6.33%
One of the leading manufacturers of branded and
generic pharmaceutical products. Manufactures
nutrition products.
(Cost $8,326,469)
363,600 ROCHE HOLDING AG/2/
NON-VOTING EQUITY SECURITIES 65,704,469 9.69%
Worldwide pharmaceutical company.
(Cost $6,578,720)
----------- -----
108,675,300 16.02%
OIL AND GAS - 1.37%
106,000 PETROPLUS HOLDINGS AG/1/
REGISTERED SHARES 9,318,781 1.37%
Refines, supplies, markets and distributes petroleum
products.
(Cost $10,236,308)
----------- -----
9,318,781 1.37%
REAL ESTATE AND INFRASTRUCTURE - 0.18%
3,100 FLUGHAFEN ZUERICH AG
REGISTERED SHARES 1,193,482 0.18%
Constructs, leases, and maintains airport structures
and equipment.
(Cost $1,123,617)
----------- -----
1,193,482 0.18%
RETAILERS - 6.76%
18,500 DUFRY GROUP
REGISTERED SHARES 2,231,339 0.33%
Operates duty-free shops in countries such as
Tunisia, Italy, Mexico, France, Russia, the United
Arab Emirates, Singapore, the Caribbean and the
United States.
(Cost $2,002,450)
88,950 GALENICA AG/2/
REGISTERED SHARES 37,881,035 5.58%
Manufactures and distributes prescription and
over-the-counter drugs, toiletries and hygiene
products.
(Cost $19,622,804)
2,100 JELMOLI HOLDING AG
BEARER SHARES 5,745,249 0.85%
Owns and operates department and retail stores and
provides mail-order catalog and real estate leasing
services.
(Cost $3,707,265)
------------ -----
45,857,623 6.76%
TECHNOLOGY - 6.08%
123,000 KUDELSKI SA
REGISTERED SHARES 3,466,153 0.51%
Designs and manufactures digital security products
under the brand name 'Nagra'.
(Cost $3,897,054)
78,400 OC OERLIKON CORP. AG/2/
REGISTERED SHARES 29,165,646 4.30%
Manufactures coating machinery, semiconductor
assembly equipment, and satellite components.
(Cost $28,798,949)
369,200 TEMENOS GROUP AG/1/
REGISTERED SHARES 8,596,336 1.27%
Provides integrated software for the banking sector.
(Cost $6,572,320)
------------ -----
41,228,135 6.08%
UTILITY SUPPLIERS - 5.22%
500 AARE-TESSIN AG FUR ELEKTRIZITAT (ATEL)
REGISTERED SHARES 1,626,434 0.24%
Generates, transmits, and distributes electricity in
Switzerland and neighboring countries.
(Cost $1,275,915)
147,250 BKW FMB ENERGIE AG
REGISTERED SHARES 16,134,224 2.38%
Produces electricity using nuclear, hydroelectric,
solar, biomass and wind energy.
(Cost $7,675,799)
28,409 CENTRALSCHWEIZERISCHE KRAFTWERKE AG
REGISTERED SHARES 11,308,154 1.67%
Supplies electric power, operates and maintains
distribution network facilities, constructs and
installs equipment, and offers consulting services
to its clients.
(Cost $8,525,835)
470 MOTOR-COLUMBUS LTD.
BEARER SHARES 4,385,379 0.64%
Generates, transmits and distributes electricity
throughout Europe.
(Cost $4,019,837)
5,000 RAETIA ENERGIE AG
PARTICIPATION CERTIFICATE 1,968,841 0.29%
Generates and distributes electric power from its
own hydroelectric stations, as well as from outside
nuclear power suppliers of electric power.
(Cost $2,035,541)
------------ -----
35,423,032 5.22%
TOTAL COMMON STOCKS
(Cost $312,281,949)* $640,910,335 94.48%
PRIVATE EQUITY INVESTMENTS - 0.16%
150,000 ARAVIS VENTURE II - LIMITED PARTNERSHIP/4/ 213,323 0.03%
1,019,383 ZURMONT MADISON PRIVATE EQUITY, LP/4/ 872,610 0.13%
------------ ------
TOTAL PRIVATE EQUITY INVESTMENTS 1,085,933 0.16%
(Cost $1,062,692)
CALL WARRANTS - 0.57%
1,100,000 ABB LTD., EXPIRES 12/21/07 1,525,424 0.22%
17,200,000 SMIM TOTAL RETURN INDEX, EXPIRES 01/18/08 2,355,761 0.35%
------------ ------
TOTAL CALL WARRANTS 3,881,185 0.57%
(Cost $3,829,009)
OTC CALL OPTION - 0.16% Strike Price Exp. Date
------------ ---------
2,140,000 GALENICA AG $ 0.38 03/26/08 1,099,127 0.16%
------------ ------
TOTAL OTC CALL OPTION 1,099,127 0.16%
(Cost $ 668,945)
PUT WARRANTS - 0.26%
2,000,000 SMIM TOTAL RETURN INDEX, EXPIRES 01/18/08 753,296 0.11%
5,900,000 SMIHA VONTOBEL, EXPIRES 03/08 1,003,000 0.15%
------------ ------
TOTAL PUT WARRANTS 1,756,296 0.26%
(Cost $1,879,766)
TOTAL INVESTMENTS $648,732,876 95.63%
(Cost $319,722,361)*
CALL OPTIONS WRITTEN - (0.1)%
Contracts. Strike Price Exp. Date
---------- ------------- ---------
(125,668) ACTELION LTD. $ 68.68 10/24/07 (101,120) -0.01%
------------ ------
TOTAL CALL OPTION WRITTEN (101,120) -0.01%
(Premiums received $209,750)
OTHER ASSETS LESS OTHER LIABILITIES, NET 29,740,637 4.38%
------------ ------
NET ASSETS $678,372,393 100.00%
============ ======
--------
/1/ NON-INCOME PRODUCING SECURITY.
/2/ ONE OF THE TEN LARGEST PORTFOLIO HOLDINGS.
/3/ SECURITY SUBJECT TO CALL OPTION WRITTEN BY THE FUND.
/4/ RESTRICTED SECURITY NOT REGISTERED UNDER THE SECURITIES ACT OF 1933 OTHER
THAN RULE 144A SECURITIES.
AT THE END OF THE PERIOD, THE VALUE OF THESE SECURITIES AMOUNTED TO
$1,085,933 OR 0.16% OF NET ASSETS.
Acquisition Acquisition Value
Security Acquisition Date Cost per unit
-------- ------------------- ----------- -----------------
Aravis Venture II July 31, 2007 $205,328 $1.00
Zurmont Madison Private Equity, LP August 9, 2007 $ 79,022 1.00
* 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 $335,952,239
Gross Unrealized Depreciation (6,941,724)
-------------
Net Unrealized Appreciation $ 329,010,515
=============
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.
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: 11/19/07
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: 11/19/07
By: /s/ Rudolf Millisits
---------------------------------
Rudolf Millisits, Chief Financial Officer
Date: 11/20/07