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: July 1, 2004 - September 30, 2004
Item 1. Schedule of Investments
THE SWISS HELVETIA FUND, INC.
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SCHEDULE OF INVESTMENTS (Unaudited) SEPTEMBER 30, 2004
Percent
No. of Net
Shares Security Value Assets
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COMMON STOCKS - 95.89%
BANKS - 10.25%
243,000 CREDIT SUISSE GROUP(1)
REGISTERED SHARES $ 7,754,905 2.07%
A global operating financial group.
(Cost $6,482,308)
435,000 UBS AG(2)
REGISTERED SHARES 30,621,046 8.18%
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)
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38,375,951 10.25%
BIOTECHNOLOGY - 5.52%
192,755 ACTELION LTD.(1,2)
REGISTERED SHARES 19,758,661 5.28%
Pharmaceutical company that develops and
markets synthetic small-molecule drugs against
diseases related to the endothelium. The company's
drugs, Veletri and Tracleer, are used in the treatment
of heart and pulmonary conditions.
(Cost $15,945,087)
35,487 CYTOS BIOTECHNOLOGY AG1
REGISTERED SHARES 909,413 0.24%
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 $1,433,020)
---------------- -----------------
20,668,074 5.52%
CHEMICALS - 8.59%
18,598 SIKA AG2
BEARER SHARES 10,723,601 2.86%
Leading producer of construction chemicals.
(Cost $5,039,641)
224,931 SYNGENTA AG(1,2)
REGISTERED SHARES 21,435,724 5.73%
Produces herbicides, insecticides and fungicides,
and seeds for field crops, vegetables, and flowers.
(Cost $14,558,082)
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32,159,325 8.59%
CONSTRUCTION - 8.81%
20,758 GEBERIT AG(2)
REGISTERED SHARES 16,124,978 4.30%
Manufactures and supplies water supply
pipes and fittings, installation systems,
drainage and flushing systems such as visible cisterns,
and other sanitary systems for the commercial and
residential construction markets.
(Cost $7,721,250)
320,143 HOLCIM LTD.(2)
REGISTERED SHARES 16,882,691 4.51%
Produces and markets various building materials,
in addition to providing consulting and engineering
services in all areas of the cement manufacturing
process.
(Cost $16,228,963)
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33,007,669 8.81%
FOOD & BEVERAGES - 13.61%
300 LINDT & SPRUNGLI AG
REGISTERED SHARES 3,579,723 0.95%
Major manufacturer of premium
Swiss chocolates.
(Cost $1,196,399)
207,000 NESTLE AG(2)
REGISTERED SHARES 47,410,907 12.66%
Largest food and beverage processing
company in the world.
(Cost $12,427,541)
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50,990,630 13.61%
HEALTH CARE - 30.20%
1,315,000 NOVARTIS AG(2)
REGISTERED SHARES 61,290,142 16.37%
One of the leading manufacturers
of pharmaceutical and
nutrition products.
(Cost $16,301,451)
261,766 PHONAK HOLDING AG
REGISTERED SHARES 8,395,714 2.24%
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 $2,469,614)
420,000 ROCHE HOLDING AG(2)
DIVIDEND RIGHTS CERTIFICATES 43,389,125 11.59%
Worldwide pharmaceutical company.
(Cost $8,467,363)
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113,074,981 30.20%
INDUSTRIAL GOODS & SERVICES - 7.67%
2,014,725 ABB LTD.(1, 2)
REGISTERED SHARES 12,294,550 3.28%
The holding company for ABB Group
which is one of the largest electrical
engineering firms in the world.
(Cost $8,602,479)
2,055 BELIMO HOLDING AG
REGISTERED SHARES 1,035,153 0.28%
World market leader in damper and
volume control actuators for ventilation
and air-conditioning equipment.
(Cost $450,523)
4,500 KABA HOLDINGS AG(1)
BEARER SHARES 1,061,304 0.28%
Provides mechanical and electronic
security systems.
(Cost $809,667)
59,885 KUEHNE & NAGEL INTERNATIONAL AG
REGISTERED SHARES 9,807,386 2.62%
Operates sea freight, land and rail
transportation businesses and
warehousing and distribution facilities.
(Cost $3,674,112)
6,598 SGS SOCIETE GENERALE DE
SURVEILLANCE HOLDING SA
REGISTERED SHARES 3,619,468 0.97%
Provides a variety of industrial
inspection, analysis, testing and
verification services worldwide.
(Cost $1,709,324)
5,076 SIG HOLDING AG
REGISTERED SHARES 910,566 0.24%
Manufactures packaging machinery
through subsidaries. Produces
beverage bottling machines, beverage
cartons, and filling machines.
(Cost $1,012,065)
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28,728,427 7.67%
INSURANCE - 3.75%
43,803 SWISS LIFE HOLDING(1)
REGISTERED SHARES 5,182,905 1.38%
Provides life insurance, institutional
investment management, and private
banking services.
(Cost $5,802,507)
68,088 SWISS REINSURANCE COMPANY
REGISTERED SHARES 3,917,773 1.05%
Second largest reinsurance company
in the world.
(Cost $4,038,842)
34,549 ZURICH FINANCIAL SERVICES AG
REGISTERED SHARES 4,924,899 1.32%
Offers property, accident, health, automobile,
liability, financial risk and life insurance and
retirement products.
(Cost $5,493,466)
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14,025,577 3.75%
RETAILERS - 1.01%
24,767 GALENICA HOLDING AG
REGISTERED SHARES 3,768,503 1.01%
Manufactures and distributes prescription
and over-the-counter drugs, toiletries and
hygiene products.
(Cost $3,158,881)
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3,768,503 1.01%
TECHNOLOGY - 5.04%
22,454 HUBER & SUHNER AG
REGISTERED SHARES 1,564,425 0.42%
Manufactures a wide range of products, extending
from cables for energy and electrical submission
to special products such as rubber.
(Cost $1,291,221)
208,530 LOGITECH INTERNATIONAL SA(1)
REGISTERED SHARES 10,103,359 2.70%
Manufactures personal computer input
devices, as well as producing trackballs,
desktop publishing programs and related
software.
(Cost $7,189,152)
81,577 MICRONAS SEMICONDUCTOR HOLDING AG(1)
REGISTERED SHARES 3,462,466 0.92%
Develops and manufactures a wide range of semiconductors
and modules used by the automotive and consumer goods
industries.
(Cost $3,114,002)
492,883 TEMENOS GROUP AG(1)
REGISTERED SHARES 3,749,811 1.00%
Provides integrated software for the banking sector.
Develops, distributes, implements, and supports its
process-oriented real-time enterprise software designed
for the management of administrative tasks in Europe,
North America, Asia, and the Middle East.
(Cost $3,854,386)
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18,880,061 5.04%
UTILITY SUPPLIERS - 1.44%
5,364 ELEKTRIZITAETS-GESELLSCHAFT LAUFENBURG AG
REGISTERED SHARES 3,629,839 0.97%
Generates and sells electricity. Operates nuclear and
hydroelectric generating plants. Sells excess power
throughout Europe.
(Cost $3,628,197)
3,500 BKW FMB ENERGIE AG
REGISTERED SHARES 1,751,822 0.47%
Generates and distributes electricty. Produces
electricity using nuclear, hydroelectric, solar,
biomass and wind energy.
(Cost $1,673,583)
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5,381,661 1.44%
TOTAL COMMON STOCKS
(Cost $171,352,075) $ 359,060,859 95.89%
OTHER ASSETS IN EXCESS OF LIABILITIES 15,391,295 4.11%
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NET ASSETS $ 374,452,154 100.00%
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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 $189,747,703
GROSS UNREALIZED DEPRECIATION ($2,038,919)
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NET UNREALIZED APPRECIATION (DEPRECIATION) $187,708,784
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, President
Date: November 8, 2004
________________________________
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: November 8, 2004
________________________________
By: /s/ Rudolf S. Millisits
________________________________
Rudolf S. Millisits, Treasurer
Date: November 5, 2004
________________________________