Foreign Closed-ends With Long-term Appeal

SWISS HELVETIA FUND $16.50 (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 will likely show growth of 2.5% in 2007, 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 Nestle SA (food & beverages), 10.7%; Roche Holdings (pharmaceuticals) at 9.7%; UBS AG (banking), 6.9%; Novartis AG (health care and pharmaceuticals), 6.3%; Galenica Holding (Swiss pharma), 5.6%; Actelion NV (Swiss biopharma), 5.4%; Basilea Pharaceutica (biopharma), 5.2%; Credit Suisse Group (financial services), 4.4%; OC Oerlikon Corp. (Industrial technology), 3.8%; and Syngenta AG (agribusiness), 3.0%.

The industry exposure of the stocks in the $666.7 million fund is as follows: Pharmaceuticals, 16.0%; Biotechnology, 14.3%; Food & beverages, 12.9%; Banks, 12.2%; Retailers, 6.8%; Technology, 6.1%; Utility suppliers, 5.2%; Industrial goods & services, 4.8%; Chemicals, 4.0%; Basic resources, 4.0%; Personal & household goods, 2.6%; Financial services, 1.5%; Oil & gas, 1.4%; Construction & materials, 1.1%; and Insurance, 0.9%.

Swiss Helvetia Fund rose 30.6% in 2006. This included a $1.725 a share capital gains dividend in December, 2006. It made 12.5% in 2007. The fund’s five-year gain has averaged 23.1% annually. The fund’s expense ratio is 1.17%. Swiss Helvetia Fund sells for a 16% discount from the current value of its assets.

Swiss Helvetia Fund is still a buy.

SINGAPORE FUND $17.17 (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: Cosco Corporation (shipping), 9.9%; United Overseas Bank, 9.6%; Overseas-Chinese Banking 7.9%; Singapore Telecom, 7.3%; Keppel Corp. (varied industries), 5.2%; Capital Land (property), 3.5%; City Developments (real estate), 3.4%; Singapore Exchange (Singpore stock exchange), 3.0%; CWT Limited (transportation), 2.8%; and CDL Hospitality Trust (Hotels & real estate), 2.8%.

The principal industry exposure of the stocks in Singapore Fund is as follows: Banks & financial services, 17.5%; Property development, 15.8%; Transportation- Marine, 12.7%; Telecommunications, 9.0%; Real estate investment trusts, 5.6%; and Shipyards, 5.2%.

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 gained 18.5% in 2007, and its five-year gain has averaged 33.3% annually. Its expense ratio is 1.86%.

The Singapore Fund sells for 11% less than the value of its assets. Buy.

NEW IRELAND FUND $20.90 (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, likely growing 5.0% in 2007. 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), 16.0%; Allied Irish Banks at 14.6%; Ryanair Holdings (airline), 7.4%; IAWS Group plc (agriculture & food), 6.2%; Kingspan Group (construction), 5.9%; Kerry Group (food products), 5.4%; Grafton Group (home building stores), 4.8%; DCC (distribution), 3.8%; FBD Holdings (diversified financial services), 3.3%; and Irish Life & Permanent plc (financial services), 2.8%.

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, 28.5%; Financial, 17.4%; Transportation, 9.4%; Food & beverages, 8.9%; Food & agriculture, 6.2%; and Diversified financial services, 5.5%.

The $145.8 million fund gained 53.2% in 2006. This included a $2.64 a share capital gains dividend in December, 2006. In 2007, it fell 19.0%, but its five-year gain has averaged 27.1% annually. Its expense ratio is 1.40%.

The New Ireland Fund trades for 8% less than the value of its assets. The fund is still a buy.