THE SWISS
HELVETIA
FUND, INC.
www.swz.com
A SWISS
INVESTMENTS
FUND
THE SWISS HELVETIA FUND, INC.
EXECUTIVE OFFICES
The Swiss Helvetia Fund, Inc.
1270 Avenue of the Americas
Suite 400
New York, NY 10020
1-888-SWISS-00
(212) 332-2760
http://www.swz.com
QUARTERLY REPORT
FOR THE PERIOD ENDED
MARCH 31, 2002
THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------
Directors and Officers
Paul Hottinguer
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
Eric R. Gabus
VICE CHAIRMAN (NON OFFICER)
Alexandre de Takacsy
DIRECTOR
Claude Frey
DIRECTOR
Baron Hottinger
DIRECTOR
Claude Mosseri-Marlio
DIRECTOR
Didier Pineau-Valencienne*
DIRECTOR
Stephen K. West, Esq.*
DIRECTOR
Samuel B. Witt III, Esq.**
DIRECTOR
Rodolphe E. Hottinger
PRESIDENT AND
CHIEF OPERATING OFFICER
Rudolf Millisits
SENIOR VICE PRESIDENT
Philippe Comby
VICE PRESIDENT
Sharon Kanovsky
VICE PRESIDENT
Edward J. Veilleux
VICE PRESIDENT AND TREASURER
Paul R. Brenner, Esq.
SECRETARY
--------------------------------------------------------------------------------
* AUDIT COMMITTEE MEMBER
** AUDIT COMMITTEE CHAIRMAN
INVESTMENT ADVISOR
Hottinger Capital Corp.
1270 Avenue of the Americas
Suite 400
New York, New York 10020
(212) 332-7930
ADMINISTRATOR
Investment Company Capital Corp.
CUSTODIAN
Swiss American Securities Inc.
TRANSFER AGENT
PFPCInc.
P.O. Box 43027
Providence, RI 02940-3027
(800) 331-1710
LEGAL COUNSEL
Paul R. Brenner, Esq. and
Salans Hertzfeld Heilbronn
Christy & Viener
INDEPENDENT AUDITORS
Deloitte & Touche LLP
The Investment Advisor
The Fund is managed by Hottinger Capital Corp., which is 100% owned by the
Hottinger Group.
The Hottinger Group dates back to Banque Hottinguer, which was formed in Paris
in 1786 and is one of Europe's oldest private banking firms. The Hottinger Group
has remained under the control of the Hottinger family through seven
generations. It has offices in New York, Zurich, Luxembourg, Geneva, and the
Bahamas.
EXECUTIVE OFFICES
The Swiss Helvetia Fund, Inc.
1270 Avenue of the Americas
Suite 400
New York, New York 10020
1-888-SWISS-00 (1-888-794-7700)
(212) 332-2760
FOR INQUIRIES AND REPORTS:
1-888-SWISS-00 (1-888-794-7700)
Fax (212)332-7931
email: swz@swz.com
WEBSITE ADDRESS
http://www.swz.com
The Fund
The Swiss Helvetia Fund, Inc. is a non-diversified, closed-end investment
company whose objective is to seek long-term capital appreciation through
investment in equity and equity-linked securities of Swiss companies. The Fund,
listed on the New York Stock Exchange under the symbol "SWZ," is managed by
Hottinger Capital Corp.
Net Asset Value is calculated daily by 6:00 P.M. (Eastern Time). The most recent
calculation is available by calling 1-888-SWISS-00 or by accessing our Website.
Weekly Net Asset Value is also published in BARRON'S, the Monday edition of THE
WALL STREET JOURNAL and the Sunday edition of THE NEW YORK TIMES.
1
THE SWISS HELVETIA FUND, INC.
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Letter to Stockholders
REVIEW OF MACRO-ECONOMY AND
FINANCIAL MARKET CONDITIONS
Since the beginning of the year, markets have found it difficult to
consolidate their advance from the October 2001 low, although the picture
differs from one economic zone to the other. The most affected is the U.S.
market, while Europe, Japan and the emerging markets are faring better (in some
cases much better) in local currencies and in U.S. dollars. Outside the U.S.,
the main reasons for improvement are the benefit of low interest rates and lower
valuations. While U.S. blue chip corporations struggle to reestablish healthy
balance sheets after the deflating of the stock market bubble of the late
nineties, foreign corporations outside the technology and telecommunications
sectors benefit from continued U.S. consumer spending and the resurgence of
South East Asian economic activity.
--------------------------------------------------------------------------------
GLOBAL EQUITY INDEX PERFORMANCE (12/31/01 TO 3/31/02)
--------------------------------------------------------------------------------
LOCAL U.S.$
INDEX CURRENCY TERMS
--------------------------------------------------------------------------------
SPI--SWITZERLAND 4.08% 3.54%
DOW JONES INDUSTRIALS--U.S. 3.81% 3.81%
S&P 500--U.S. -0.06% -0.06%
NASDAQ COMPOSITE--U.S. -5.38% -5.38%
FTSE 100--LONDON 0.57% -1.05%
CAC 40--FRANCE 1.37% -0.62%
DAX INDEX--GERMANY 4.59% 3.11%
SOURCES: BLOOMBERG, SWX, DOW JONES
[GRAPHIC OMITTED]
PLOTS TO FOLLOW:
CURRENCY EXCHANGE RATES--
NORMALIZED FROM 12/29/01
EU/$ CHF/$
1/3/02 1 1
1/4/02 0.9955 1.0037
1/7/02 0.9935 1.004
1/8/02 0.9937 0.9985
1/9/02 0.9915 1.0012
1/10/02 0.9919 1.008
1/11/02 0.9928 1.0025
1/14/02 0.9948 1.007
1/15/02 0.9828 1.0037
1/16/02 0.9824 1.0045
1/17/02 0.9804 1.0042
1/18/02 0.9843 1.0099
1/22/02 0.9869 1.0115
1/23/02 0.9773 1.0302
1/24/02 0.977 1.0322
1/25/02 0.9623 1.027
1/28/02 0.9585 1.0343
1/29/02 0.9631 1.0392
1/30/02 0.9582 1.0359
1/31/02 0.9559 1.0264
2/1/02 0.9587 1.0269
2/4/02 0.9676 1.0258
2/5/02 0.9653 1.0224
2/6/02 0.965 1.0224
2/7/02 0.9681 1.018
2/8/02 0.9703 1.0189
2/11/02 0.9752 1.0276
2/12/02 0.9754 1.0265
2/13/02 0.9689 1.0254
2/14/02 0.972 1.0276
2/15/02 0.9717 1.0204
2/19/02 0.9749 1.0283
2/20/02 0.9676 1.0273
2/21/02 0.9683 1.0218
2/22/02 0.974 1.0264
2/25/02 0.9673 1.0332
2/26/02 0.9612 1.0311
2/27/02 0.9628 1.0256
2/28/02 0.9671 1.0323
3/1/02 0.9628 1.028
3/4/02 0.967 1.0241
3/5/02 0.9697 1.0171
3/6/02 0.9751 1.0092
3/7/02 0.9808 1.0187
3/8/02 0.9733 1.0157
3/11/02 0.9736 1.0145
3/12/02 0.9743 1.0129
3/13/02 0.9745 1.0004
3/14/02 0.9818 1.0012
3/15/02 0.9821 1.0022
3/18/02 0.9821 1.0031
3/19/02 0.9815 1.0001
3/20/02 0.9851 1.0017
3/21/02 0.9821 1.0076
3/22/02 0.9766 1.0069
3/25/02 0.9756 1.0083
3/26/02 0.9754 1.0151
3/27/02 0.9706 1.0183
3/28/02 0.9693 1.0163
SWISS MARKET PERFORMANCE
The Swiss market was much steadier during the first quarter of this year
compared to the difficult 2001. The market's defensive nature, improvement in
the performance of cyclical companies in the chemical and engineering sectors
and favorable relative valuations compared to the averages in the U.S.,
contributed to the performance. The Swiss franc was more stable than the euro
against the U.S. dollar. The performance was +3.54% for the Swiss Performance
Index (SPI) in U.S. dollar terms.
Overall, Swiss companies' first quarter 2002 results came in line with
lowered consensus estimates. The market looked closely at how corporations were
managing the down cycle. Cost reduction was obviously a
2
THE SWISS HELVETIA FUND, INC.
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Letter to Stockholders (continued)
key factor as well as the effort to maintain cash flow margins. The majority of
the companies were able to reduce working capital requirements showing great
discipline in managing inventories. In general, capital expenditures could not
be maintained but Management does not think that this will impair companies'
competitive position at this stage.
--------------------------------------------------------------------------------
FOR THE QUARTER
SWISS PERFORMANCE IN SWISS FRANCS (12/31/01-3/31/02)
--------------------------------------------------------------------------------
SWISS PERFORMANCE INDEX 4.08%
CYCLICAL GOODS & SERVICES 19.77%
CHEMICALS 16.42%
TELECOMMUNICATIONS 12.44%
BASIC RESOURCES 11.12%
HEALTHCARE 10.33%
AUTO 10.22%
NON CYCLICAL GOODS & SERVICES 8.73%
MEDIA 7.87%
CONSTRUCTION 6.03%
FOOD & BEVERAGE 5.50%
TECHNOLOGY 4.94%
UTILITY SUPPLIERS 4.88%
INDUSTRIAL GOODS & SERVICES 3.45%
BANKS (1.20)%
FINANCIAL SERVICES (6.50)%
RETAIL (8.08)%
INSURANCE (9.15)%
--------------------------------------------------------------------------------
SWISS EQUITY INDEX PERFORMANCES (12/31/01 TO 3/31/02)
--------------------------------------------------------------------------------
SWISS U.S.$
INDEX FRANCS TERMS
--------------------------------------------------------------------------------
SPI INDEX 4.08% 2.56%
SWISS HELVETIA NAV 4.57% 3.04%
SWISS HELVETIA MARKET PRICE 5.63% 4.09%
SWISS ECONOMY
The Swiss economy continues steadily, though slowly, towards recovery.
Consensus estimates for Swiss GDP growth remained little changed over the past
months, holding at 1.1% for 2002, and 2.2% for 2003. The Purchasing Managers
Index (PMI) rose for a fourth straight month, from 43.8 in December to 47.9 in
March. The PMI remains below the expansion mark of 50, suggesting that business
activity lags behind several EU economies in the region. Nevertheless, the
inventory correction is nearing completion.
March's foreign trade figures confirmed a rebound in exports between the
last quarter of 2001 and the first quarter of 2002. Data released for March
showed that imports bottomed out in the final quarter of 2001. The downward
trend in capital spending has been stopped as well.
The Swiss central bank, seeing the first signs of a revival, left the
benchmark interest rate unchanged at a two-year low of 1.75% but lowered its
two-week repurchase rate 10 basis points to 1.39% in March.
Swiss National Bank President Jean-Pierre Roth expects economic growth to
accelerate in the coming months, led by rising exports to the U.S. and Europe.
He indicated that "we can expect growth to approach its potential toward year
end, if there aren't any unforeseen exchange turbulences."
3
THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------
Letter to Stockholders (continued)
Domestic consumption held strong during the first quarter, with retail
sales up 3.8% from the prior year for the first two months, despite some
softening in the labor market.
STRATEGY
As mentioned in the last annual report, the Fund's Management is focusing
on companies with strong balance sheets, strong cash flow generation and
some-what cautious management with a good track record in dealing with economic
down cycles. One of the reasons for this approach is uncertainty over whether
there will be enough improvement in final demand to sustain the economic
recovery's upturn once inventory restocking is complete.
Under current market conditions, stock selection very sensitive to
valuation was the principal tool for investment as opposed to sector rotation,
or sector approach. Situations with lower risks are preferred even if they
normally provide less upside potential. Turnaround situations are also
considered if there is enough margin for error in the balance sheet and if
credible catalysts are in place to unlock asset value. Another key element is
corporate governance.
Management believes economies are still in the process of absorbing the
effect of the market bubble of the late 90 `s. This will result in an
environment with slower economic growth than usual coming out of a recession and
lower return for financial assets. The consequences are that stock market
average returns will show mediocre performance and the dispersion of return
among the components of those averages should continue to increase. Against the
current macro economic backdrop, active management based on careful stock
selection has a better chance to provide higher returns than corresponding
passively managed benchmarks.
Management reduced the number of stocks in the small capitalization sector
of the market, focusing only on companies that were favorably priced, had a
strong discipline in managing assets and cash flow, and that were improving
their market position.
The number of holdings in the large and medium capitalization sectors
(capitalization of $2 billion and over) were increased, mainly because of their
capacity to withstand a slow economic environment.
4
THE SWISS HELVETIA FUND, INC.
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Letter to Stockholders (continued)
FUND PERFORMANCE
Over the course of the last five years and the first quarter of 2002,
theFund has produced a cumulative total return of 89.91% (based on net asset
value in Swiss francs). This along with the performance of the indices found in
the Fund's peer group follows for the respective periods.
PEER GROUP PERFORMANCE IN SWISS FRANCS
TOTAL CUMULATIVE
RETURN YTD TOTAL TOTAL TOTAL TOTAL TOTAL PERFORMANCE
AS OF 3/31/02 RETURN 01 RETURN 00 RETURN 99 RETURN 98 RETURN 97 1/97-3/02
------------------------------------------------------------------------------------------------------------------
The Swiss Helvetia Fund
Performance (NAV) 4.57% -22.91% 14.06% 14.70% 15.89% 55.38% 89.91%
------------------------------------------------------------------------------------------------------------------
Swiss Performance Index 4.08% -22.03% 11.91% 11.69% 15.36% 55.19% 81.59%
------------------------------------------------------------------------------------------------------------------
Swiss Market Index
(29 companies) 3.70% -21.11% 7.47% 5.71% 14.28% 58.93% 68.80%
------------------------------------------------------------------------------------------------------------------
Switzerland iShares**
(Formerly called
Webs Switzerland) 5.80% -23.39% 7.47% 12.52% 12.28% 44.58% 59.12%
------------------------------------------------------------------------------------------------------------------
CS Equity Swiss
Blue Chips 3.01% -22.12% 10.97% 7.57% 14.24% 59.85% 74.88%
------------------------------------------------------------------------------------------------------------------
UBS Equity Inv.
Switzerland 4.40% -22.00% 7.40% 6.40% 12.80% 56% 63.75%
------------------------------------------------------------------------------------------------------------------
Pictet Valsuisse 3.94% -22.49% 7.34% 9.36% 11.02% 55.67% 63.44%
------------------------------------------------------------------------------------------------------------------
Saraswiss (Bank Sarasin) 2.64% -24.45% 9.72% 6.87% 12.75% 53.62% 57.49%
------------------------------------------------------------------------------------------------------------------
Swiss Bar (Julius Baer) 3.05% -23.30% 11.30% 2.50% 13.60% 55.94% 59.73%
------------------------------------------------------------------------------------------------------------------
SOURCES: BLOOMBERG, MANAGEMENT COMPANIES' WEBSITES, AND
INVESTMENT COMPANY CAPITAL CORP., THE FUND'S ADMINISTRATOR.PERFORMANCE OF FUNDS
IS BASED ON NAV
*IN EACH CASE EXCEPT FOR SARASWISS, TOTAL RETURN IS CALCULATED ASSUMING
REINVESTMENT OF ALL DISTRIBUTIONS. FUNDS LISTED, OTHER THAN SWITZERLAND
ISHARES, ARE NOT REGISTERED WITH THESECURITIES AND EXCHANGE COMMISSION.
PERFORMANCE INFORMATION FROM SUCH FUNDS IS DERIVED FROM THEIR PUBLISHED
INVESTOR REPORTS AND WEBSITES.
**SWITZERLAND ISHARES ARE TRADED ON THE NEW YORKSTOCK EXCHANGE AND INVEST IN
MOST OF THE SAME STOCKS LISTED IN THE MORGANSTANLEY CAPITAL INTERNATIONAL
(SWITZERLAND) INDEX. THESE STOCKS REPRESENT SWITZERLAND'S LARGEST AND MOST
ESTABLISHED PUBLIC COMPANIES, ACCOUNTING FOR APPROXIMATELY 85% OF THE MARKET
CAPITALIZATION OF ALL OF SWITZERLAND'S PUBLICLY TRADED STOCKS. PERFORMANCE OF
ISHARES IS CALCULATED BASED UPON THE DECEMBER 31 CLOSING PRICES EACH YEAR
USING THE SWISS FRANC/U.S. DOLLAR EXCHANGE RATE AS OF THE CLOSE OF EACH SUCH
DATE, AS REPORTED BY BLOOMBERG. SUCH EXCHANGE RATES WERE AS FOLLOWS:12/31/96
CHF/USD = 1.339, 12/31/97 CHF/USD = 1.462, 12/31/98 CHF/USD, 12/31/99 CHF/USD
= 1.59, 12/31/00 CHF/USD = 1.6149, 3/31/02 CHF/USD = 1.6813.
5
THE SWISS HELVETIA FUND, INC.
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Letter to Stockholders (concluded)
CORPORATE ACTIVITY HIGHLIGHTS
DURING THE 4TH QUARTER
Nestle: the company completed the announced floating of part of its wholly
owned subsidiary Alcon on the New York Stock Exchange. Nestle still owns over
75% of Alcon.
Givaudan: the second largest marketer of fragrances and flavorings in the
world agreed to purchase Nestle's food ingredient unit for 750 million Swiss
francs in cash and shares. As part of the transaction, Nestle will take an
equity stake in Givaudan.
OUTLOOK
We continue to believe there is a good case for investing in Switzerland.
Volatility is trending lower and is likely to stay that way. Historically
low interest rates will be compensating for an uncertain economic outlook and
high expectations of earnings recovery. In this volatility context, correlations
between stock markets tend to go down, increasing the benefits of
diversification. In addition, the U.S. dollar is vulnerable. While Management
mentioned this fact several times in previous stockholder letters, the U.S.
currency maintained its strength due to a lack of alternatives (real or
perceived). However, signs are mounting that investors are starting to feel that
the current level of U.S. corporate and consumer debt will deny the Federal
Reserve, the monetary tool to prevent a resurgence in inflation later in the
cycle. Instead, the Fed may try to alleviate corporate profit difficulties by
continuing to add liquidity, thereby deflating the currency. In addition, the
Federal Government is taking part in stabilizing the economy by increasing
spending and taking measures to allow lower corporate income taxes. The
byproduct of this counter-cyclical policy is to increase the budget deficit,
which may even be underestimated at this point. The recent rise in gold prices
can be attributed to the expectation of persistently low short-term rates and
weakness in the U.S. dollar.
The very low risk premium given to U.S. assets compared to the rest of the
world is also very much in question now in the midst of the accounting problems,
earnings reliability, and mediocre corporate governance seen with U.S.
companies. This should as well justify looking outside the United States for
equity investments.
Sincerely,
/s/ Paul Hottinguer
Paul Hottinguer
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
/s/ Rodolphe Hottinger
Rodolphe Hottinger
PRESIDENT AND CHIEF OPERATING OFFICER
March 31, 2002
6
THE SWISS HELVETIA FUND, INC.
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Schedule of Investments March 31, 2002
(Unaudited)
Percent
No. of of Net
Shares Security Value Assets
--------------------------------------------------------------------------------
COMMON STOCKS -- 97.05%
BANKS -- 7.21%
500 BANK SARASIN & CO.1
REGISTERED SHARES $ 890,683 0.27%
Specializes in
investment advisor services
and portfolio management
for private and
institutional customers
in Europe.
(cost $327,724)
3,300 JULIUS BAER HOLDINGS AG1
BEARER SHARES 1,056,172 0.33
Banking group specializing
in asset management,
investment consulting and
securities trading.
(cost $351,134)
435,000 UBS LTD.1,2
REGISTERED SHARES 21,387,091 6.61
Global bank with three
core business units:
UBS Switzerland, UBS
Asset Management and
UBS Warburg.
(cost $8,162,640)
----------- ------
23,333,946 7.21
BIOTECHNOLOGY -- 2.96%
5,500 BERNA BIOTECH AG1
REGISTERED SHARES 2,896,799 0.90
Produces vaccines for
influenza, hepatitis,
travel and general
immunization.
(cost $2,164,485)
7,600 SERONO SA1
BEARER SHARES 6,678,938 2.06
Develops and markets
biotechnology products.
(cost $5,432,408)
----------- ------
9,575,737 2.96
Percent
No. of of Net
Shares Security Value Assets
--------------------------------------------------------------------------------
CHEMICALS -- 7.40%
210,000 CLARIANT LTD.1
REGISTERED SHARES $4,782,079 1.48%
Specializes in color
chemistry and manufactures
a range of dyestuffs,
pigments, chemicals,
additives and master
batches for the textile,
paper, leather,
plastics, synthetic
fibers and paint industries.
(cost $4,515,837)
2,250 GURIT-HEBERLEIN AG1
BEARER SHARES 1,536,429 0.47
Specialty chemical company
active in advance
composites, chemical
fibers, dental materials
and medical products.
(cost $2,223,639)
15,200 LONZA AG1,2
REGISTERED SHARES 10,090,612 3.12
Produces chemicals,
plastics, and energy.
(cost $8,989,553)
2,523 SIKA FINANZ LTD.1
BEARER SHARES 531,836 0.16
Leading producer of
construction chemicals.
(cost $614,614)
115,000 SYNGENTA AG1
REGISTERED SHARES 7,016,359 2.17
Produces crop protection
products and seeds.
(cost $6,682,730)
----------- ------
23,957,315 7.40
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THE SWISS HELVETIA FUND, INC.
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Schedule of Investments (continued) March 31, 2002
(Unaudited)
Percent
No. of of Net
Shares Security Value Assets
--------------------------------------------------------------------------------
COMMON STOCKS -- (CONTINUED)
CONSTRUCTION -- 3.08%
44,000 HOLCIM LTD.1,2
REGISTERED SHARES $9,954,278 3.08%
Produces and markets
various building materials,
in addition to providing
consulting and engineering
services in all areas
of the cement
manufacturing process.
(cost $8,518,239)
----------- ------
9,954,278 3.08
CYCLICAL GOODS & SERVICES -- 2.27%
270,000 COMPAGNIE FINANCIERE
RICHEMONT AG1
BEARER SHARES 6,212,517 1.92
Investment company with
principal interests in
luxury goods and tobacco.
(cost $3,309,623)
11,000 THE SWATCH GROUP, LTD.1
BEARER SHARES 1,118,550 0.35
Manufactures watches, watch
components and
microelectronics. Produces
machine tools for scientific,
medical and industrial use.
(cost $673,362)
----------- ------
7,331,067 2.27
FINANCIAL SERVICES -- 5.42%
463,000CREDIT SUISSE GROUP1,2
REGISTERED SHARES 17,526,424 5.42
A global operating
financial group.
(cost $8,942,685)
----------- ------
17,526,424 5.42
Percent
No. of of Net
Shares Security Value Assets
--------------------------------------------------------------------------------
FOOD & BEVERAGES -- 14.74%
300 LINDT & SPRUNGLI AG1
REGISTERED SHARES $1,717,238 0.53%
Major manufacturer of
premium Swiss chocolates.
(cost $1,196,399)
207,000 NESTLE LTD.1,2
REGISTERED SHARES 45,969,954 14.21
Largest food and beverage
processing company in the
world.
(cost $12,427,540)
----------- ------
47,687,192 14.74
HEALTH CARE SERVICES -- 0.15%
546 GALENICA HOLDING LTD.1
REGISTERED SHARES 482,423 0.15
Manufactures and distributes
prescription and
over-the-counter drugs,
toiletries and hygiene
products.
(cost $490,462)
----------- ------
482,423 0.15
INDUSTRIAL GOODS & SERVICES -- 6.95%
106,500 ADECCO SA1
BEARER SHARES 6,750,713 2.09
Leading personnel and
temporary employment company.
(cost $5,031,633)
4,055 BELIMO AUTOMATION AG1
REGISTERED SHARES 1,396,532 0.43
World market leader in
damper and volume control
actuators for ventilation
and air conditioning
equipment.
(cost $1,259,329)
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THE SWISS HELVETIA FUND, INC.
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Schedule of Investments (continued) March 31, 2002
(Unaudited)
Percent
No. of of Net
Shares Security Value Assets
--------------------------------------------------------------------------------
COMMON STOCKS -- (CONTINUED)
INDUSTRIAL GOODS & SERVICES -- (CONTINUED)
750 DAETWYLER HOLDING INC.1
BEARER SHARES $1,002,019 0.31%
Manufactures cable, rubber
and plastic products, steel
tubing, pharmaceutical
packaging and industrial
components.
(cost $1,249,175)
4,800 KABA HOLDING AG1
REGISTERED SHARES 1,083,071 0.33
Provides mechanical and
electronic security systems.
(cost $1,095,718)
11,025 KOMAX HOLDING AG1
REGISTERED SHARES 553,181 0.17
Seller of wire processing
machines. Most important
markets are the car,
household appliance,
telecommunications and
electronics industries.
(cost $415,378)
66,200 KUEHNE & NAGEL
INTERNATIONAL LTD.1
REGISTERED SHARES 4,402,589 1.36
Operates sea freight, land
and rail transportation
businesses and warehousing
and distribution
facilities.
(cost $3,446,629)
5,400 SAIA-BURGESS ELECTRONICS
HOLDING AG1
REGISTERED SHARES 1,571,166 0.49
Develops and produces
switches, motors and
programmable control
devices.
The company's products are
mainly used in the
automobile, heating & air
conditioning and
telecommunications industries.
(cost $1,485,298)
Percent
No. of of Net
Shares Security Value Assets
--------------------------------------------------------------------------------
INDUSTRIAL GOODS & SERVICES -- (CONTINUED)
5,263 SCHAFFNER HOLDING LTD.
REGISTERED SHARES $1,165,667 0.36%
Develops, manufactures and
markets electrical
components and test
equipment in the area
of EMC (Electro Magnetic
Compatibility).
(cost $1,469,991)
2,650 SCHINDLER HOLDING AG1
REGISTERED SHARES 4,563,268 1.41
One of the world's
largest elevator companies
and a leading Swiss
machinery enterprise.
(cost $3,510,746)
----------- ------
22,488,206 6.95
INSURANCE -- 6.41%
30,000 BALOISE HOLDING AG1
REGISTERED SHARES 2,333,591 0.72
Medium-sized insurer
active in all
sectors of insurance.
(cost $151,739)
80,000 CONVERIUM HOLDING AG1
BEARER SHARES 4,085,268 1.26
Provides life and non-life
reinsurance worldwide.
(cost $3,930,488)
156,000 SCHWEIZERISCHE RUCKVERSICHERUNGS-
GESELLSCHAFT (SWISS REINSURANCE
COMPANY)1,2
REGISTERED SHARES 14,334,659 4.43
Second largest reinsurance
company in the world.
(cost $6,931,866)
----------- ------
20,753,518 6.41
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THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------
Schedule of Investments (concluded) March 31, 2002
(Unaudited)
Percent
No. of of Net
Shares Security Value Assets
--------------------------------------------------------------------------------
COMMON STOCKS -- (CONCLUDED)
MISCELLANEOUS MEDICAL SERVICES -- 0.33%
14,500 STRAUMANN HOLDING AG1
REGISTERED SHARES $1,076,243 0.33%
Develops, produces and
sells surgical implants
and instruments for dental
medicine, jaw and face
surgery worldwide.
(cost $1,077,230)
----------- ------
1,076,243 0.33
NON-CYCLICAL GOODS & SERVICES -- 3.19%
32,200 GIVAUDAN1
REGISTERED SHARES 10,324,803 3.19
Manufactures and markets
fragrance and flavor
compounds with natural and
synthetic ingredients.
(cost $10,417,612)
----------- ------
10,324,803 3.19
PHARMACEUTICALS -- 30.46%
1,580,000 NOVARTIS AG2
REGISTERED SHARES 62,061,042 19.18
Life science group
created by the
consolidation of Sandoz
and Ciba-Geigy.
Manufactures health care
products for use in a
broad range of medical
fields, as well as
agricultural products.
The second largest
pharmaceutical entity
in the world.
(cost $21,636,239)
470,000 ROCHE HOLDINGS LTD.1,2
DIVIDEND RIGHTS
CERTIFICATES 36,489,817 11.28
Worldwide pharmaceutical
company.
(cost $10,193,328)
----------- ------
98,550,859 30.46
Percent
No. of of Net
Shares Security Value Assets
--------------------------------------------------------------------------------
TECHNOLOGY -- 2.94%
44,000 KUDELSKI SA1
BEARER SHARES $2,270,412 0.70%
Designs, produces
and distributes equipment
under the `Nagra' brand
name for professional
data display in audio
and video applications.
(cost $2,772,596)
152,800 LOGITECH INTERNATIONAL SA1,2
REGISTERED SHARES 7,231,257 2.24
Manufactures personal
computer input devices, as
well as producing trackballs,
desktop publishing programs
and related software.
(cost $2,807,051)
----------- ------
9,501,669 2.94
TELECOMMUNICATIONS -- 3.54%
38,000SWISSCOM AG1,2
REGISTERED SHARES 11,462,502 3.54
Operates public
telecommunication
networks and offers
network application
services.
(cost $10,137,063)
------------ ------
11,462,502 3.54
TOTAL COMMON STOCKS
(cost $164,042,183) $314,006,182 97.05%
OTHER ASSETS IN EXCESS
OF LIABILITIES 9,529,285 2.95
------------ ------
NET ASSETS $323,535,467 100.00%
============ ======
--------------------------------------------------------------------------------
1 NON-INCOME PRODUCING SECURITY FOR THE THREE MONTHS ENDED MARCH 31, 2002.
2 ONE OF THE TEN LARGEST PORTFOLIO HOLDINGS.
10
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