-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VO6tQHwguwtAZsc2h2dVY6vviPOi8dxON7ajYFl/hIX5W600322SXMcZeVCqI1XE 5cWeFMNomFN9GYszPByBUQ== 0000950169-96-000428.txt : 19961107 0000950169-96-000428.hdr.sgml : 19961107 ACCESSION NUMBER: 0000950169-96-000428 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961106 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SWISS HELVETIA FUND INC CENTRAL INDEX KEY: 0000813623 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05128 FILM NUMBER: 96655055 BUSINESS ADDRESS: STREET 1: 630 FIFTH AVE STREET 2: STE 915 CITY: NEW YORK STATE: NY ZIP: 10111-0001 BUSINESS PHONE: 2128677660 MAIL ADDRESS: STREET 1: 630 FIFTH AVE STREET 2: STE 915 CITY: NEW YORK STATE: NY ZIP: 10111-0001 FORMER COMPANY: FORMER CONFORMED NAME: HELVETIA FUND INC DATE OF NAME CHANGE: 19900820 N-30D 1 ALEX BROWN SWISS HELVETIA FUND A Swiss THE SWISS Investments HELVETIA Fund FUND, INC. THE SWISS HELVETIA FUND, INC. Executive Offices The Swiss Helvetia Fund, Inc. 630 Fifth Avenue Suite 915 New York, New York 10111-0001 1-888-SWISS-00 (212) 332-2760 http://www.swz.com Quarterly Report For the Period Ended September 30, 1996 THE SWISS HELVETIA FUND, INC. - -------------------------------------------------------------------------------- Directors and Officers Paul Hottinguer Georges L. de Montebello Chairman and President Chief Executive Officer Rodolphe Hottinger Eric R. Gabus Executive Vice President Vice Chairman and Chief Operating Officer (Non officer) Rudolf Millisits Claude Frey Vice President Director Edward J. Veilleux Jean-Louis Gillieron Vice President and Treasurer Director Scott J. Liotta Baron Hottinger Vice President Director Paul R. Brenner, Esq. Claude Mosseri-Marlio Secretary Director Joseph A. Finelli Stephen K. West, Esq. Assistant Treasurer Director Samuel B. Witt III, Esq. Director Investment Advisor Hottinger Capital Corp. 630 Fifth Avenue Suite 915 New York, New York 10111-0001 (212) 332-7930 Administrator Investment Company Capital Corp. Custodian PNCBank, N.A. Transfer Agent PNC Bank, N.A. (800) 852-4750 Legal Counsel Paul R. Brenner, Esq. and 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 includes 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, Geneva, Paris and Luxembourg. Executive Offices The Swiss Helvetia Fund, Inc. 630 Fifth Avenue Suite 915 New York, New York 10111-0001 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 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 every Friday by 6:00 P.M. (Eastern Standard Time). The most recent calculation is available by calling 1-888-SWISS-00. Weekly Net Asset Value is also published in Barron's, the Monday edition of The Wall Street Journal and the Saturday edition of The New York Times. 1 THE SWISS HELVETIA FUND, INC. - -------------------------------------------------------------------------------- Letter to Stockholders Period in Review Low interest rates, low inflation rates, and limited domestic growth were prevalent in Switzerland throughout the first three quarters of 1996. The positive development of global multinational companies continues to dominate the Swiss market as investors flock to the pharmaceutical, chemical, and industrial sectors. In anticipation of the formation of NOVARTIS, the product of the Ciba-Geigy and Sandoz consolidation, the Fund has continued to add to its Ciba-Geigy position. As the Largest Increases in Large Caps table (top right) illustrates, this overweighting policy, in conjunction with a reduction in the Roche position (5% decrease over the same time period), has produced excellent results for the Fund and is expected to do so for the foreseeable future. Another positive development has been the successful startup of the Swiss Electronic Stock Exchange. The exchange, which commenced operations in August and is now running efficiently, has also helped the mid and small cap companies increase their publicity and availability to investors. The Fund has been a strong advocate for the Electronic Stock Exchange development for the past ten years, and we are pleased to see the capabilities of the Swiss market advance. We believe it is a major step in making Switzerland one of the most efficient markets in Europe. Financial Highlights Since January 1, 1996, the Fund's net assets in Swiss francs have increased 11.8%. As the Financial Highlights table (bottom right) illustrates, the value of the U.S. dollar against the Swiss franc has increased 9.6% during the past nine months. As a result of the U.S. dollar's strength, the Fund's closing net asset value per share of $25.23 on September 30, - -------------------------------------------------------------------------------- The Swiss Helvetia Fund-- Largest Increases in Large Caps - -------------------------------------------------------------------------------- Market Price Market Price in US$ in US$ % as of as of Change 9/30/96 12/31/95 in US$ - -------------------------------------------------------------------------------- 1.Ciba-Geigy AG* (R) $1,278 $881 45.1% 2.Sandoz AG* (R) 1,200 916 31.0 3.Societe Generale de Surveillance Holding AG (R) 430 343 25.4 4.SMH (R) 151 131 15.3 5.Compagnie Financiere Richemont AG (B) 1,626 1,501 8.3 6.ABB Asea Brown Boveri Ltd. (B) 1,222 1,163 5.1 *To be renamed NOVARTIS, after completion of the Ciba-Geigy/Sandoz consolidation. (R)=Registered Shares. (B)=Bearer Shares. - -------------------------------------------------------------------------------- Financial Highlights - -------------------------------------------------------------------------------- September 30, December 31, % 1996 1995 Change - -------------------------------------------------------------------------------- Net Asset Value per Share $25.23 $24.56 2.7% Total Net Assets In million U.S. $ 309.3* 301.2* 2.7 In million SFr. 388.2* 347.2 11.8 Exchange Rate (per U.S. $) 1.26 1.15 9.6 Market Price per Share (U.S. $) 21.25 21.25 0.0 Shares Outstanding 12,261,692* 12,261,692* 0.0 *Includes 1995 Rights Offering proceeds and additional shares issued to stockholders. 2 THE SWISS HELVETIA FUND, INC. - -------------------------------------------------------------------------------- 1996 is only 2.7% higher than the net asset value per share of $24.56 on December 31, 1995. Since the Fund has a policy of not engaging in currency hedging, its net asset value in U.S. dollars is affected by the U.S. dollar/Swiss franc exchange rate. New Phone Number & Website Address The Fund has instituted a toll-free number to handle any inquiries or report requests. This number will also provide the Fund's current NAV and market price, which are updated every Friday by 6:00 P.M. (Eastern Standard Time). The new toll free number is 1-888-SWISS-00 (1-888-794-7700). This information is also available at the Fund's new Website address, http://www.swz.com. Thank you for your continued interest in the Fund. Sincerely, /s/Paul Hottinger Paul Hottinguer Chairman and Chief Executive Officer /s/ Georges L. de Montebello Georges L. de Montebello President October 18, 1996 - -------------------------------------------------------------------------------- The Swiss Helvetia Fund--Ten Largest Holdings (in U.S. dollars) As of September 30, 1996 - -------------------------------------------------------------------------------- % of Total Cost Market Value Net Assets - -------------------------------------------------------------------------------- 1. Roche Holding AG $ 16,329,129 $ 43,779,978 14.2% 2. Sandoz AG* 13,843,034 34,197,275 11.1 3. Ciba-Geigy AG* 17,347,434 33,227,631 10.7 4. Nestle AG 18,418,475 32,301,809 10.4 5. Zurich Insurance 9,778,047 14,929,488 4.8 6. Union Bank of Switzerland 7,479,757 14,425,145 4.7 7. Credit Suisse Holding 10,607,620 14,226,755 4.6 8. Swiss Reinsurance 6,669,935 14,219,584 4.6 9. ABB Asea Brown Boveri Ltd. 10,422,492 13,444,347 4.3 10. Swiss Bank Corporation 7,576,684 9,541,656 3.1 - -------------------------------------------------------------------------------- Total $118,472,607 $224,293,668 72.5% - -------------------------------------------------------------------------------- *To be renamed NOVARTIS, after completion of the Ciba-Geigy/Sandoz consolidation. 3 THE SWISS HELVETIA FUND, INC. - -------------------------------------------------------------------------------- Statement of Net Assets September 30, 1996 (Unaudited) Percent No. of of Net Shares Security Value Assets - -------------------------------------------------------------------------------- Common Stocks and Warrants - 97.1% Banks - 12.9% Baer Holdings Ltd. 1,200 Bearer Shares $ 1,249,622 0.4% Banking group specializing in asset management, investment consulting and securities trading. Banque Cantonale Vaudoise 1,000 Bearer Shares 278,065 0.1 Cantonal bank in the western part of Switzerland. Credit Suisse Holding* 144,000 Registered Shares 14,226,755 4.6 A global financial services institution whose main holding is Credit Suisse, one of Switzerland's "Big Three" banks. Schweizerische Bankgesellschaft* (Union Bank of Switzerland) 15,000 Bearer Shares 14,425,145 4.7 Largest Swiss full-service bank. Schweizerischer Bankverein* (Swiss Bank Corporation) 50,000 Bearer Shares 9,531,113 3.1 3,950 Warrants Expiring 6/30/00** 10,543 -- One of the three largest international Swiss banks. 39,721,243 12.9 Building Contractors & Materials - 1.3% Holderbank Financiere Glarus AG 3,100 Bearer Shares 2,247,630 0.7 Large cement producer with worldwide operations. Keramik Holding AG Laufen 3,500 Bearer Shares 1,952,035 0.6 One of the largest suppliers in the world of floor and wall tiles, sanitary fittings, crockery and ceramics. 4,199,665 1.3 Percent No. of of Net Shares Security Value Assets - -------------------------------------------------------------------------------- Chemicals - 13.5% Ciba-Geigy AG* 26,000 Registered Shares $ 33,227,631 10.7% The largest chemical company in Switzerland. Clariant AG 3,000 Registered Shares** 1,039,758 0.3 Specializes in color chemistry and manufactures a range of dyestuffs, pigments, chemicals, additives and masterbatches for the textile, paper, leather, plastics, synthetic fibers and paint industries. Gurit-Heberlein AG 1,100 Bearer Shares 2,020,158 0.7 European market leader for wind screen bonding systems, ski bases and optically pure thermoplastic sheeting for the auto industry. Immuno International AG 1,800 Bearer Shares 1,274,958 0.4 Develops, manufactures and supplies biological products, blood products and human plasma derivatives. Siegfried AG 3,200 Registered Shares 2,875,946 0.9 International producer and supplier of chemicals and pharma- ceuticals for major businesses. Schweizerhall Holding AG 1,400 Registered Shares 1,438,929 0.5 Wholesale trader in chemical and pharmaceutical intermediate products, as well as in the perfume and fertilizer businesses. 41,877,380 13.5 4 THE SWISS HELVETIA FUND, INC. - -------------------------------------------------------------------------------- Statement of Net Assets (continued) September 30, 1996 (Unaudited) Percent No. of of Net Shares Security Value Assets - -------------------------------------------------------------------------------- Common Stocks and Warrants - (continued) Electrical Engineering & Electronics - 7.7% ABB Asea Brown Boveri Ltd.* 11,000 Bearer Shares $ 13,444,347 4.3% One of the largest electrical engineering firms in the world. Ascom Holdings Ltd. 700 Bearer Shares 725,042 0.2 Through its subsidiaries, active in telecommunications, services automation and enterprise networks throughout Europe and the United States. Belimo Automation AG 2,500 Registered Shares 561,708 0.2 World market leader in damper and volume control actuators for ventilation and air conditioning equipment. Christ AG 495 Registered Shares** 394,391 0.1 Manufactures and markets water purification systems and produces customized systems for high-tech, industrial-scale water treatment plants as well as standard systems. Esec Holding AG 500 Bearer Shares 1,989,881 0.7 Market leader in the field of die bonding technology used by manufacturers of semiconductors. Kaba Holding 3,000 Registered Shares** 1,171,221 0.4 Specializes in mechanical and electronic security systems. Micronas Semiconductor Holding AG 970 Bearer Shares** 881,045 0.3 Develops, produces and markets mixed-signal integrated circuits and systems. Phonak Holding AG 2,000 Registered Shares 1,880,328 0.6 A leader in hearing aids, ranked fourth in the world. Percent No. of of Net Shares Security Value Assets - -------------------------------------------------------------------------------- Electrical Engineering & Electronics - (continued) Swiss Corporation for Micro- electronics and Watchmaking Industries Ltd. (SMH) 15,000 Registered Shares $ 2,264,760 0.7% Watchmaking company. TAG Heuer International SA 1,000 Registered Shares** 196,000 0.1 Designs, produces and markets Swiss sports watches and chronographs. The company's products are sold in over 100 countries. Zellweger Luwa AG 500 Bearer Shares 352,562 0.1 1,300 Warrants Expiring 5/21/97** 3,004 -- Worldwide diversified industrial and service company active mainly in textile electronics, air filtering and conditioning techniques. 23,864,289 7.7 Food, Luxury Goods - 11.7% Hero AG 3,000 Bearer Shares 1,455,661 0.5 Leading Swiss manufacturer of branded jams and preserves. Lindt & Spruengli AG 127 Registered Shares 2,347,542 0.8 Major manufacturer of premium Swiss chocolates. Nestle AG* 29,000 Registered Shares 32,301,809 10.4 Largest food and beverage processing company in the world and Switzerland's largest company. 36,105,012 11.7 5 THE SWISS HELVETIA FUND, INC. - -------------------------------------------------------------------------------- Statement of Net Assets (continued) September 30, 1996 (Unaudited) Percent No. of of Net Shares Security Value Assets - -------------------------------------------------------------------------------- Common Stocks and Warrants - (continued) Insurance - 11.3% Baloise-Holding 750 Registered Shares $ 1,568,600 0.5% Medium-sized insurer active in all sectors of insurance. Schweizerische Ruckversicherungs- Gesellschaft* (Swiss Reinsurance Company) 13,500 Registered Shares** 14,219,584 4.6 Second largest reinsurance company in the world. Swiss Life Insurance and Pension (Rentenanstalt) 2,500 Participation Certificates 824,635 0.3 Medium-sized Swiss life insurance company. Winterthur Schweizerische Versicherungs-Gesellschaft 5,500 Registered Shares 3,391,762 1.1 Leading Swiss international insurance company. Zurich Schweizerische Versicherungs-Gesellschaft* (Zurich Insurance) 54,000 Registered Shares 14,929,488 4.8 A large worldwide insurance operator. 34,934,069 11.3 Machinery - 3.6% Bobst Ltd. 1,000 Bearer Shares 1,298,701 0.4 Leading international manufacturer of cardboard packaging machines. Bossard Holding AG 1,500 Bearer Shares 560,513 0.2 Manufactures fastening elements, industrial adhesives, tools, pneumatics and handling modules and automated assembly systems. Percent No. of of Net Shares Security Value Assets - -------------------------------------------------------------------------------- Machinery - (continued) Bucher Holding Company 2,500 Bearer Shares $ 1,872,361 0.6% Manufacturer of agricultural machines, special vehicles, fruit juice equipment and plastics machines. Mikron Holding AG 11,500 Registered Shares** 1,227,791 0.4 Machine tools and milling machine producer. Nokia-Maillefer Holding SA 2,500 Bearer Shares 991,953 0.3 Europe's leading supplier of production systems and complete services to the electric wire and cable industry. Saurer Gruppe Holding AG 4,000 Registered Shares** 1,724,165 0.6 Machinery maker with dominant market share. Schindler Holding AG 1,000 Registered Shares 956,099 0.3 1,000 Warrants Expiring 12/16/96** 239 -- One of the world's largest elevator companies and a leading Swiss machinery enterprise. Schweizerische Industrie- Gesellschaft (SIG) 1,300 Registered Shares 1,522,588 0.5 Medium-sized machinery manufacturer with interests in the packaging, defense and railway industries. Sulzer Brothers Ltd. 1,800 Registered Shares 1,056,968 0.3 A machine manufacturer and worldwide leader in weaving machines and sewing machines. 11,211,378 3.6 6 THE SWISS HELVETIA FUND, INC. - -------------------------------------------------------------------------------- Statement of Net Assets (continued) September 30, 1996 (Unaudited) Percent No. of of Net Shares Security Value Assets - -------------------------------------------------------------------------------- Common Stocks and Warrants - (continued) Miscellaneous Industries - 4.3% Alusuisse-Lonza Holding AG 4,500 Registered Shares $ 3,373,835 1.1% A major aluminum producing and processing company. AFG Arbonia-Forster Holding AG 2,000 Bearer Shares 1,003,904 0.3 Manufacturer of heating radiators, refrigeration kitchen equipment and steel tubing. Baumgartner Papiers S.A. 1,100 Registered Shares 380,368 0.1 Swiss paper company active in the field of wholesale paper, paper processing, manufacturing of cigarette filters and capillary reservoirs. Datwyler Holding AG 370 Bearer Shares 598,438 0.2 Diversified manufacturer of telecom- munication cable, floor coverings and precision steel tubing. Disetronic 800 Bearer Shares** 1,685,921 0.5 Leading company in medical technology. Manufactures and markets infusion systems and injection systems used to administer insulin and growth hormones. Huber & Suhner AG 800 Registered Shares 834,993 0.3 Manufactures a wide range of products, from cables for energy and electrical transmission to special products such as rubber. Kardex AG 2,000 Bearer Shares 581,627 0.2 1,000 Participation Certificates 286,830 0.1 Specializes in industrial and office storage systems, office machinery, safety and computer software. Percent No. of of Net Shares Security Value Assets - -------------------------------------------------------------------------------- Miscellaneous Industries - (continued) Oerlikon-Buhrle Holding AG 15,000 Registered Shares** $ 1,508,844 0.5% The diversified holding company includes Bally (shoes and accessories), Balzers and Leybold (surface technologies), Oerlikon Contraves (military products and space technology), Pilatus (aircraft), Kunz and Dietfurt (threads and yarns), real estate and hotels. Phoenix Mecano AG 2,700 Bearer Shares 1,301,490 0.4 Leading Swiss packaging manufacturer for the mechanical engineering and electronics industry. Stratec Holding AG 1,500 Registered Shares** 1,601,466 0.5 Develops, produces and distributes instruments and implants used in orthopedic and maxilofacial surgery. Vetropack Holding Ltd. 800 Bearer Shares 180,385 0.1 Through its subsidiaries, the company manufactures packaging materials. 13,338,101 4.3 Miscellaneous Services - 4.4% Compagnie Financiere Richemont AG 3,200 Bearer Shares 5,203,729 1.7 Investment company with principal interests in luxury goods and tobacco. Edipresse SA 2,500 Bearer Shares 517,887 0.2 Operates printing companies, newspapers, kiosks and bookshops. Intershop Holding Ltd. 1,500 Bearer Shares 834,196 0.3 Involved in the construction and funding of shopping centers and property for commercial use, both nationally and internationally. 7 THE SWISS HELVETIA FUND, INC. - -------------------------------------------------------------------------------- Statement of Net Assets (continued) September 30, 1996 (Unaudited) Percent No. of of Net Shares Security Value Assets - -------------------------------------------------------------------------------- Common Stocks and Warrants - (concluded) Miscellaneous Services- (continued) Kuoni Travel Holding Ltd. 850 Registered Shares $ 1,896,263 0.6% Leader in the Swiss travel and tourism sector with subsidiaries in the United Kingdom, Germany, France and Austria. Publicitas Holding SA 4,500 Participation Certificates 745,757 0.2 Largest Swiss advertising intermediary. Societe Generale d'Affichage SA 2,000 Participation Certificates 878,018 0.3 Swiss advertising firm. Societe Generale de Surveillance Holding AG 8,000 Registered Shares 3,441,957 1.1 World's leading inspection company and adjusting group. 13,517,807 4.4 Pharmaceuticals - 25.6% Ares Serono 1,200 Bearer Shares 1,185,563 0.3 Develops and markets pharmaceutical and diagnostic products, and is the worldwide market leader in pharma- ceutical products for the treatment of infertility. Roche Holding AG* 5,950 Dividend Rights Certificates 43,779,978 14.2 Worldwide pharmaceutical company. Sandoz AG* 28,500 Registered Shares 34,197,275 11.1 Second largest pharmaceutical entity in Switzerland. 79,162,816 25.6 Percent No. of of Net Shares Security Value Assets - -------------------------------------------------------------------------------- Retailers - 0.6% Fust AG 2,500 Bearer Shares $ 663,294 0.2% Active in the electrical goods and entertainment electronics business. Involved in a rental, service/repair business and has interests in real estate. Jelmoli Holding Ltd. 1,200 Bearer Shares 573,659 0.2 Operates a network of retail/ service outlets throughout Switzerland, including local dry cleaners, auto body shops, opticians, interior decorators, travel agencies, restaurants, pharmacies and retailers. Prodega AG 1,800 Bearer Shares 570,074 0.2 Swiss market leader that operates "Cash and Carry." 1,807,027 0.6 Transport - 0.2% Danzas Holding AG 3,500 Participation Certificates 672,058 0.2 Third largest forwarding agent in the world and the market leader in Europe. 533,462 Total Common Stocks and Warrants (Cost $183,300,618) 300,410,845 97.1 8 THE SWISS HELVETIA FUND, INC. - -------------------------------------------------------------------------------- Statement of Net Assets (concluded) September 30, 1996 (Unaudited) Percent Par of Net (000) Security Value Assets - -------------------------------------------------------------------------------- Time Deposits - 2.9% 11,200 Credit Suisse Holding 1.75%, due 10/1/96 (Cost $8,921,459) $ 8,923,592 2.9% Total Investments (Cost $192,222,077)*** 309,334,437 100.0 Percent of Net Value Assets - -------------------------------------------------------------------------------- Other Assets in Excess of Liabilities $ 2,998 -- Net Assets Applicable to 12,261,692 Shares of Common Stock Outstanding $309,337,435 100.0% Net Asset Value Per Share ($309,337,435 / 12,261,692) $25.23 - -------------------------------------------------------------------------------- *One of the ten largest portfolio holdings. **Non-income producing security. ***Also aggregate cost for federal tax purposes. 9 THE SWISS HELVETIA FUND, INC. - -------------------------------------------------------------------------------- Dividend Reinvestment Plan - -------------------------------------------------------------------------------- The Dividend Reinvestment Plan offers you a convenient and automatic way to reinvest your income dividends and capital gains distributions in additional shares of the Fund. For an enrollment form and detailed information about the Plan, please contact the Fund's transfer agent at PNC Bank, N.A., P.O. Box 8950, Wilmington, DE, 19899, (800) 852-4750. If your shares are held by your brokerage firm, please contact your investment representative. This report is sent to the stockholders of The Swiss Helvetia Fund, Inc. for their information. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report. Notice is hereby given in accordance with section 23(c) of The Investment Company Act of 1940 that the Fund may purchase at market prices from time to time shares of its common stock in the open market. 10 THIS PAGE INTENTIONALLY LEFT BLANK -----END PRIVACY-ENHANCED MESSAGE-----