Three Foreign Closed-ends to Buy Now

SWISS HELVETIA FUND $17.44 (New York symbol SWZ; CWA Rating: Conservative) invests mainly in large-capitalization Swiss stocks. The manager of the fund is Hottinger Group, which, as Banque Hottinger, dates back to 1786.

The Swiss economy has picked up lately, despite slower growth in the U.S., one of Switzerland’s largest markets. Switzerland’s growth rate is now forecast at 2.5% this year, just under its 2.6% growth in 2006. Still, a longer-term recovery in the U.S. will help the export-oriented Swiss economy even further.

The fund’s top holdings are Roche Holdings (pharmaceuticals) at 12.2%; Nestle SA (food & beverages), 11.6%; UBS AG (banking), 10.4%; Novartis AG (health care and pharmaceuticals), 8.1%; Basilea Pharaceutica (biopharma), 6.5%; Actelion NV (Swiss biopharma), 5.3%; Credit Suisse Group (financial services), 5.3%; Galenica Holding (Swiss pharma), 4.8%; Julius Baer (Swiss-based private bank), 3.4%; and Syngenta AG (agribusiness), 3.3%.

The industry exposure of the stocks in the $666.7 million fund is as follows: Pharmaceuticals, 22.0%; Banks, 15.6%; Biotechnology, 15.5%; Food & beverages, 14.1%; Utility suppliers, 6.1%; Retailers, 5.9%; Chemicals, 3.4%; Financial services, 3.3%; Basic resources, 3.3%; Insurance, 3.2%; Industrial goods & services, 2.7%; Technology, 2.1%; Construction, 1.3%; Personal & household goods, 0.6%; and Medical technology, 0.5%.

Swiss Helvetia Fund rose 30.6% in 2006. This included a $1.725 a share capital gains dividend in December, 2006. It’s down 6.2% so far this year, but its five-year gain has still averaged 20.8% annually. The fund’s expense ratio is 1.17%. Swiss Helvetia Fund sells for a 15% discount from the current value of its assets.

Swiss Helvetia Fund is still a buy.

SINGAPORE FUND $18.08 (New York symbol SGF; CWA Rating: Aggressive) is fully invested in Singapore stocks. The manager of Singapore Fund is the Development Bank of Singapore.

Singapore has a highly developed and successful free-market economy, an open and corruption-free business environment, stable prices, and the fifth-highest per capita GDP in the world. The country is a major exporter of electronics and chemicals, and a big provider of services such as finance and telecommunications. The government promotes high levels of savings and investment, and spends heavily on education and technology.

Singapore Fund will continue to benefit from global economic growth. As the premier developed economy in Asia, the country is also benefiting from rapid growth in China and India, with exports of high-tech and manufactured goods to those countries increasing steadily.

The Singapore Fund’s top holdings are: United Overseas Bank, 11.4%; Overseas-Chinese Banking 9.3%; Singapore Telecom, 7.1%; Cosco Corporation (shipping), 5.9%; Capital Land (property), 4.2%; Keppel Corp. (varied industries), 4.1%; Mapletree Logistics Trust (real estate), 3.1%; City Developments (real estate), 2.9%; Sia Engineering (aircraft maintenance), 2.8%; and Singapore Airlines (transportation), 2.7%.

The principal industry exposure of the stocks in Singapore Fund is as follows: Banks & financial services, 22.2%; Property development, 13.6%; Real estate investment trusts, 10.3%; Telecommunications, 8.9%; Transportation-Marine, 5.9%; and Conglomerates, 4.3%.

The Singapore stock market is one of the most stable in Asia. But it’s still more volatile than the U.S. or Canadian markets. The $158 million Singapore Fund was up 50.7% in 2006. It’s up 14.8% so far this year, and its five-year gain has averaged 30.1% annually. Its expense ratio is 1.86%.

The Singapore Fund sells for 10% less than the value of its assets. Buy.

NEW IRELAND FUND $28.43 (New York symbol IRL; CWA Rating: Aggressive) (formerly the Irish Investment Fund) invests in Irish companies. The fund is now fully invested in stocks, with 97.3% of its holdings in Irish common stocks and 1.2% in UK stocks. The manager of the Irish Investment Fund is the Bank of Ireland, which dates back to 1783.

Ireland’s economy is growing steady, with growth forecast this year at 5.0% The country’s tax cuts, openness to foreign investment, and deregulation continue to pay off. Ireland is part of the Euro currency system. It’s a major exporter to Europe, as well as the U.S.

The New Ireland Fund’s top holdings at last report were: CRH plc (building materials), 16.5%; Allied Irish Banks at 14.9%; Kerry Group (food products), 6.2%; Ryanair Holdings (airline), 6.2%; Kingspan Group (construction), 6.2%; Grafton Group (home building stores), 5.4%; C&C Group (beverages & snacks), 4.5%; IAWS Group plc (agriculture & food), 4.0%; DCC (distribution), 3.9%; and Independent News & Media plc (publishing & news), 3.8%.

Many of the fund’s stocks trade on the U.S. Nasdaq exchange, as well as the Irish Stock Exchange. The industry exposure of the stocks in the New Ireland Fund is as follows: Construction/building materials, 30.7%; Financial, 19.4%; Food & beverages, 13.8%; Transportation, 6.4%; and Healthcare services, 5.6%.

The $168 million fund gained 53.2% in 2006. This included a $2.64 a share capital gains dividend in December, 2006. Year-to-date, it’s down 22.7%, but its five-year gain has averaged 29.9% annually. Its expense ratio is 1.40%.

The New Ireland Fund trades for 11% less than the value of its assets. The fund is still a buy.