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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Swiss Helvetia Fund Inc | NYSE:SWZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.06 | -0.73% | 8.14 | 8.18 | 8.11 | 8.18 | 9,161 | 01:00:00 |
![]() |
|
|
|
The Swiss Helvetia Fund, Inc.
|
![]() |
Executive Offices
|
|
615 East Michigan Street
|
|
Milwaukee, WI 53202
|
|
(800) 730-2932
|
|
|
|
|
|
|
|
A Swiss Investments Fund
|
Annual Report
|
www.swzfund.com
|
|
For the Year Ended
|
|
December 31, 2022
|
Net asset value returns
|
1 year
|
5 years
|
10 years
|
The Swiss Helvetia Fund, Inc.
|
-17.97%
|
4.62%
|
7.02%
|
Market price returns
|
|||
The Swiss Helvetia Fund, Inc.
|
-17.62%
|
4.21%
|
7.25%
|
Index returns
|
|||
Swiss Performance Index
|
-17.16%
|
6.17%
|
8.02%
|
Share price as of 12/31/2022
|
|||
Net asset value
|
$
|
||
Market price
|
$
|
Schedule of Investments by Industry |
December 31, 2022 |
Schedule of Investments by Industry |
December 31, 2022 |
(continued)
|
Schedule of Investments by Industry |
December 31, 2022 |
(continued)
|
Schedule of Investments by Industry |
December 31, 2022 |
(continued)
|
Schedule of Investments by Industry |
December 31, 2022 |
(continued)
|
Schedule of Investments by Industry |
December 31, 2022 |
(continued)
|
Schedule of Investments by Industry |
December 31, 2022 |
(continued)
|
Schedule of Investments by Industry |
December 31, 2022 |
(continued)
|
Schedule of Investments by Industry |
December 31, 2022 |
(continued)
|
1
|
Non-income producing security.
|
2
|
Value determined using significant unobservable inputs.
|
3
|
Illiquid. There is not a public market for these securities in the United States or in any foreign jurisdiction, including Switzerland. Securities are priced at Fair Value in accordance
with the Fund’s valuation policy and procedures. At the end of the period, the aggregate Fair Value of these securities amounted to $2,735,124 or 2.35% of the Fund’s net assets. Additional information on these securities is as follows:
|
Security
|
Acquisition Date
|
Cost
|
|||
Aravis Biotech II, Limited Partnership
|
July 31, 2007 – May 29, 2018
|
$
|
1,810,184
|
||
Eyesense AG – Common Shares
|
July 22, 2010 – October 3, 2011
|
3,007,048
|
|||
SelFrag AG – Class A – Preferred Shares
|
December 15, 2011 – January 28, 2014
|
1,932,198
|
|||
Spineart SA – Common Shares
|
December 22, 2010 – December 20, 2020
|
1,554,486
|
|||
$
|
8,303,916
|
4
|
Affiliated Company. An affiliated company is a company in which the Fund has ownership of at least 5% of the company’s outstanding voting securities or an equivalent interest in the
company. Details related to affiliated company holdings are as follows:
|
Value
|
Change in
|
Value
|
||||||||||||||||||||||||||
as of
|
Gross
|
Gross
|
Realized
|
Unrealized
|
Interest
|
as of
|
||||||||||||||||||||||
Name of Issuer
|
12/31/21
|
Additions
|
Reductions
|
Gain/(Loss)
|
Gain/(Loss)
|
Income
|
12/31/22
|
|||||||||||||||||||||
Aravis Biotech II,
|
||||||||||||||||||||||||||||
Limited Partnership
|
$
|
1,024,517
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
277,625
|
$
|
—
|
$
|
1,302,142
|
||||||||||||||
$
|
1,024,517
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
277,625
|
$
|
—
|
$
|
1,302,142
|
5
|
Rate shown is the seven day annualized yield as of December 31, 2022.
|
6
|
All of the Fund's investments and other assets are pledged as collateral in accordance with a credit agreement with U.S. Bank, National Association.
|
Schedule of Investments by Industry |
December 31, 2022 |
(continued)
|
PORTFOLIO HOLDINGS
|
||||
% of Net Assets as of December 31, 2022
|
||||
Pharmaceuticals
|
23.27
|
%
|
||
Food
|
21.55
|
%
|
||
Insurance
|
8.99
|
%
|
||
Retail
|
6.64
|
%
|
||
Healthcare-Products
|
5.63
|
%
|
||
Biotechnology
|
3.86
|
%
|
||
Diversified Financial Services
|
3.49
|
%
|
||
Building Materials
|
3.41
|
%
|
||
Computers
|
2.92
|
%
|
||
Private Equity
|
2.87
|
%
|
||
Industrials
|
2.86
|
%
|
||
Banks
|
2.58
|
%
|
||
Electronic Components & Equipment
|
2.32
|
%
|
||
Electric
|
1.73
|
%
|
||
Packaging & Containers
|
1.52
|
%
|
||
Chemicals
|
1.30
|
%
|
||
Semiconductors
|
1.03
|
%
|
||
Transportation
|
1.00
|
%
|
||
Metal Fabricate/Hardware
|
0.96
|
%
|
||
Machinery-Diversified
|
0.42
|
%
|
||
Short-Term Investment
|
0.28
|
%
|
||
Industrial Goods & Services
|
0.05
|
%
|
||
Other Assets Less Liabilities
|
1.32
|
%
|
||
100.00
|
%
|
|||
TOP 10 PORTFOLIO HOLDINGS
|
||||
% of Net Assets as of December 31, 2022
|
||||
Nestle SA
|
19.45
|
%
|
||
Roche Holding AG
|
12.21
|
%
|
||
Novartis AG
|
11.06
|
%
|
||
Cie Financiere Richemont SA
|
5.41
|
%
|
||
Zurich Insurance Group AG
|
4.70
|
%
|
||
Partners Group Holding AG
|
2.87
|
%
|
||
UBS Group AG
|
2.32
|
%
|
||
Lonza Group AG
|
2.13
|
%
|
||
Logitech International SA
|
2.13
|
%
|
||
Aryzta AG
|
2.10
|
%
|
Statement of Assets and Liabilities |
December 31, 2022 |
Assets:
|
||||
Investments in unaffiliated issuers, at value (cost $87,877,343)
|
$
|
113,334,891
|
||
Investments in affiliated issuers, at value (cost $1,810,184)
|
1,302,142
|
|||
Total Investments, at value (cost $89,687,527)
|
114,637,033
|
|||
Foreign currency (cost $535,647)
|
540,424
|
|||
Interest receivable
|
2,947
|
|||
Tax reclaims receivable
|
1,297,888
|
|||
Prepaid expenses
|
20,436
|
|||
Total assets
|
116,498,728
|
|||
Liabilities:
|
||||
Accrued Fees and Expenses:
|
||||
Investment advisory
|
70,257
|
|||
Audit
|
55,500
|
|||
Legal
|
10,815
|
|||
Administration
|
20,624
|
|||
Custody
|
9,846
|
|||
Directors
|
75,329
|
|||
Officers
|
33,500
|
|||
Delaware franchise tax
|
20,900
|
|||
Reports and notices to shareholders
|
19,521
|
|||
Credit facility interest
|
7,311
|
|||
Other
|
812
|
|||
Total liabilities
|
324,415
|
|||
Net assets
|
$
|
116,174,313
|
||
Composition of Net Assets:
|
||||
Paid-in capital
|
$
|
90,585,443
|
||
Total distributable earnings
|
25,588,870
|
|||
Net assets
|
$
|
116,174,313
|
||
Net Asset Value Per Share:
|
||||
($116,174,313 ÷
shares outstanding, |
||||
$0.001 par value:
shares authorized) |
$
|
|
Statement of Operations
|
For the Year Ended December 31, 2022
|
Investment Income:
|
||||
Dividend (less of foreign tax withheld of $489,567)
|
$
|
2,984,433
|
||
Interest income
|
15,733
|
|||
Total income
|
3,000,166
|
|||
Expenses and Fees:
|
||||
Investment advisory (Note 2)
|
857,486
|
|||
Directors
|
312,779
|
|||
Legal (Note 3)
|
190,298
|
|||
Officer
|
134,995
|
|||
Administration (Note 3)
|
127,281
|
|||
Delaware franchise tax
|
80,900
|
|||
Printing and shareholder reports
|
68,704
|
|||
Credit facility interest (Note 9)
|
57,900
|
|||
Custody (Note 3)
|
57,341
|
|||
Audit (Note 3)
|
55,002
|
|||
Insurance
|
44,303
|
|||
Transfer agency (Note 3)
|
31,149
|
|||
Miscellaneous
|
61,214
|
|||
Total expenses
|
2,079,352
|
|||
Net investment income
|
920,814
|
|||
Realized and Unrealized Gains (Loss) on Investments and Foreign Currency Translations:
|
||||
Net realized gain (loss) from:
|
||||
Investments in unaffiliated issuers
|
2,185,645
|
|||
Foreign currency transactions
|
(105,463
|
)
|
||
Total net realized gain from unaffiliated and
|
||||
affiliated issuers and foreign currency transactions
|
2,080,182
|
|||
Net change in unrealized appreciation (depreciation) from:
|
||||
Investments in unaffiliated issuers
|
(30,609,884
|
)
|
||
Investments in affiliated issuers
|
277,625
|
|||
Foreign currency translations
|
(66,923
|
)
|
||
Total net change in unrealized appreciation (depreciation) from
|
||||
unaffiliated and affiliated issuers, and foreign currency translations
|
(30,399,182
|
)
|
||
Net Realized and Unrealized Loss on
|
||||
Investments and Foreign Currency Translations
|
(28,319,000
|
)
|
||
Net Decrease in Net Assets from Operations
|
$
|
(27,398,186
|
)
|
Statement of Cash Flows
|
For the Year Ended December 31, 2022
|
Cash flows from operating activities:
|
||||
Net decrease in net assets applicable to common shareholders
|
$
|
(27,398,186
|
)
|
|
Adjustments to reconcile net increase in net assets applicable to
|
||||
common shareholders resulting from operations to net cash
|
||||
provided by operating activities:
|
||||
Purchases of investments
|
(19,075,660
|
)
|
||
Proceeds from sales of investments
|
26,502,632
|
|||
Net purchases and sales of short-term investments
|
(49,102
|
)
|
||
Increase in dividends and interest receivable
|
(2,947
|
)
|
||
Increase in tax reclaims receivable
|
(13,871
|
)
|
||
Increase in other assets
|
(3,443
|
)
|
||
Decrease in payable to Adviser
|
(25,154
|
)
|
||
Decrease in accrued expenses and other liabilities
|
(8,051
|
)
|
||
Net realized gains from investments
|
(2,185,645
|
)
|
||
Net change in unrealized appreciation (depreciation) from investments
|
30,332,259
|
|||
Net cash provided by operating activities
|
8,072,832
|
|||
Cash flows from financing activities:
|
||||
Distributions paid to common shareholders
|
(8,218,847
|
)
|
||
Repurchase of common stock
|
(120,928
|
)
|
||
Net cash used in financing activities
|
(8,339,775
|
)
|
||
Net change in cash
|
$
|
(266,943
|
)
|
|
Cash:
|
||||
Beginning of year*
|
807,367
|
|||
End of year*
|
$
|
540,424
|
||
Cash financing activities not included herein consist of Interest paid
|
50,589
|
*
|
Cash included in the Statement of Cash Flows comprise of foreign currency.
|
For the
|
For the
|
|||||||
Year Ended
|
Year Ended
|
|||||||
December 31, 2022
|
December 31, 2021
|
|||||||
Increase (Decrease) in Net Assets:
|
||||||||
Operations:
|
||||||||
Net investment income
|
$
|
920,814
|
$
|
692,338
|
||||
Total net realized gain from unaffiliated and
|
||||||||
affiliated issuers and foreign currency transactions
|
2,080,182
|
3,732,741
|
||||||
Total net change in unrealized appreciation
|
||||||||
(depreciation) from unaffiliated and affiliated issuers,
|
||||||||
foreign currency and foreign currency translations
|
(30,399,182
|
)
|
17,099,533
|
|||||
Net increase (decrease) in net assets from operations
|
(27,398,186
|
)
|
21,524,612
|
|||||
Distributions to Stockholders:
|
||||||||
From earnings
|
(2,977,194
|
)
|
(1,984,457
|
)
|
||||
From return of capital
|
(5,241,653
|
)
|
(5,667,420
|
)
|
||||
Total distributions to stockholders
|
(8,218,847
|
)
|
(7,651,877
|
)
|
||||
Capital Stock Transactions:
|
||||||||
Value of shares repurchased through
|
||||||||
stock repurchase program (Note 6)
|
(120,928
|
)
|
(125
|
)
|
||||
Total decrease from capital share transactions
|
(120,928
|
)
|
(125
|
)
|
||||
Total increase (decrease) in net assets
|
(35,737,961
|
)
|
13,872,610
|
|||||
Net Assets:
|
||||||||
Beginning of year
|
151,912,274
|
138,039,664
|
||||||
End of year
|
$
|
116,174,313
|
$
|
151,912,274
|
For the Years Ended December 31,
|
||||||||||||||||||||
2022
|
2021
|
2020
|
2019
|
2018
|
||||||||||||||||
Per Share Operating Performance:
|
||||||||||||||||||||
Net asset value at the beginning of year
|
$
|
11.50
|
$
|
10.45
|
$
|
9.71
|
$
|
7.96
|
$
|
14.10
|
||||||||||
Income from Investment Operations:
|
||||||||||||||||||||
Net investment income1
|
0.07
|
0.05
|
0.05
|
0.01
|
0.14
|
|||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||
gain (loss) on investments2
|
(2.15
|
)
|
1.58
|
1.24
|
1.88
|
(1.35
|
)
|
|||||||||||||
Total from investment activities
|
(2.08
|
)
|
1.63
|
1.29
|
1.89
|
(1.21
|
)
|
|||||||||||||
Gain from tender offer
|
—
|
—
|
—
|
—
|
0.30
|
4
|
||||||||||||||
Capital change resulting from the
|
||||||||||||||||||||
issuance of fund shares
|
—
|
—
|
—
|
—
|
(0.12
|
)4
|
||||||||||||||
Anti-dilutive effect of common
|
||||||||||||||||||||
share repurchase program
|
0.00
|
5
|
—
|
0.01
|
—
|
—
|
||||||||||||||
Less Distributions from:
|
||||||||||||||||||||
Net investment income
|
(0.06
|
)
|
(0.06
|
)
|
(0.08
|
)
|
(0.12
|
)
|
(0.10
|
)
|
||||||||||
Net realized gains
|
(0.16
|
)
|
(0.09
|
)
|
—
|
(0.02
|
)
|
(5.01
|
)
|
|||||||||||
Return of capital
|
(0.40
|
)
|
(0.43
|
)
|
(0.48
|
)
|
—
|
—
|
||||||||||||
Total distributions
|
(0.62
|
)
|
(0.58
|
)
|
(0.56
|
)
|
(0.14
|
)
|
(5.11
|
)
|
||||||||||
Net asset value at end of year
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Market value per share at the end of year
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Total Investment Returns:3
|
||||||||||||||||||||
Based on market value per share
|
-17.62
|
%
|
18.25
|
%
|
14.18
|
%
|
24.00
|
%
|
-10.90
|
%
|
||||||||||
Based on net asset value per share
|
-17.97
|
%
|
16.09
|
%
|
14.29
|
%
|
23.80
|
%
|
-6.98
|
%
|
||||||||||
Ratios to Average Net Assets:
|
||||||||||||||||||||
Net expenses
|
1.68
|
%6
|
1.40
|
%
|
1.80
|
%
|
2.13
|
%
|
1.44
|
%
|
||||||||||
Gross expenses
|
1.68
|
%6
|
1.40
|
%
|
1.80
|
%
|
2.13
|
%
|
1.44
|
%
|
||||||||||
Net investment income
|
0.74
|
%
|
0.48
|
%
|
0.48
|
%
|
0.10
|
%
|
1.12
|
%
|
||||||||||
Supplemental Data and Ratios
|
||||||||||||||||||||
Net assets at end of year (000’s)
|
$
|
116,174
|
$
|
151,912
|
$
|
138,040
|
$
|
128,864
|
$
|
105,577
|
||||||||||
Average net assets during the year (000’s)
|
$
|
123,684
|
$
|
144,019
|
$
|
125,666
|
$
|
118,960
|
$
|
305,270
|
||||||||||
Portfolio turnover rate
|
15
|
%
|
11
|
%
|
12
|
%
|
18
|
%
|
21
|
%
|
1
|
Calculated using the average shares method.
|
2
|
Includes net realized and unrealized currency gains and losses.
|
3
|
Total investment return at net asset value (“NAV”) is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions at net asset value during the year.
Total return at market value is based on changes in the market price at which the Fund's shares traded on the stock exchange during the period and assumes reinvestment of dividends and distributions at market value during the year.
|
4
|
On November 20, 2018, the Fund accepted for cash purchase 24,638,918 shares of the Fund’s common stock at a price equal to $7.86 per share, which represented 98% of the Fund’s NAV per share
of $8.02 as of the close of the regular trading session of the New York Stock Exchange on November 19, 2018. As a result of the purchase of the 24,638,918 shares, the Fund had 13,267,111 shares of common stock outstanding as of November 20,
2018.
|
5
|
Less than 0.5 cents per share.
|
6
|
If interest expense and commitment fees had been excluded, the expense ratios would have been lower by 0.05% for the year ended December 31, 2022.
|
Level 1—
|
unadjusted quoted prices in active markets for identical assets and liabilities
|
Level 2—
|
other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
|
Level 3—
|
significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
Level 2
|
Level 3
|
Investments
|
||||||||||||||||||
Level 1
|
Other Significant
|
Significant
|
Valued at
|
|||||||||||||||||
Quoted Prices
|
Observable Inputs
|
Unobservable Inputs
|
NAV**
|
Total
|
||||||||||||||||
Investments in Securities*
|
||||||||||||||||||||
Common Stock
|
$
|
111,570,878
|
$
|
—
|
$
|
1,384,260
|
$
|
—
|
$
|
112,955,138
|
||||||||||
Preferred Stock
|
—
|
—
|
48,722
|
—
|
48,722
|
|||||||||||||||
Limited Partnership
|
—
|
—
|
—
|
1,302,142
|
1,302,142
|
|||||||||||||||
Money Market Deposit Account
|
—
|
331,031
|
—
|
—
|
331,031
|
|||||||||||||||
Total Investments in Securities
|
$
|
111,570,878
|
$
|
331,031
|
$
|
1,432,982
|
$
|
1,302,142
|
$
|
114,637,033
|
*
|
Please see the Schedule of Investments for industry classifications.
|
**
|
As of December 31, 2022, certain of the Fund’s investments were valued using net asset value (“NAV”) per share (or its equivalent) as a practical expedient for fair value and have been
excluded from the fair value hierarchy in accordance with ASU 2015-07. The fair value amount presented in this table is intended to permit reconciliation of the amounts presented in the fair value hierarchy to the amounts presented in the
statement of assets and liabilities.
|
Value at
|
||||||||||
December 31, 2022
|
Valuation Technique
|
Unobservable Inputs
|
Range1
|
|||||||
Healthcare-Products
|
||||||||||
EyeSense AG, Series A—Common Shares
|
$
|
46,089
|
Market approach
|
Latest round of financing with
|
70-90
|
%
|
||||
an additional discount as a
|
||||||||||
going concern using a
|
||||||||||
probability weighted approach
|
||||||||||
Spineart SA—Common Shares
|
1,338,171
|
Market approach
|
Based on listed trading
|
15-24
|
%
|
|||||
multiples, cross checked to
|
||||||||||
secondary share purchase
|
||||||||||
with additional discount for
|
||||||||||
lack of marketability
|
||||||||||
Industrial Goods & Services
|
||||||||||
SelFrag AG Class A—Preferred Shares
|
48,722
|
Market approach
|
Latest round of financing
|
40-60
|
%
|
|||||
with an additional discount
|
||||||||||
as a going concern
|
||||||||||
Total
|
$
|
1,432,982
|
1
|
Significant changes in any of these ranges would result in a significantly higher or lower fair value measurement. A change in the discount rate is accompanied by a directionally opposite
change in fair value.
|
Common
|
Preferred
|
|||||||||||
Stock
|
Stock
|
Total
|
||||||||||
Balance as of December 31, 2021
|
$
|
1,573,030
|
$
|
49,473
|
$
|
1,622,503
|
||||||
Change in Unrealized Appreciation/(Depreciation)
|
(188,770
|
)
|
(751
|
)
|
(189,521
|
)
|
||||||
Net Realized Gain (Loss)
|
—
|
—
|
—
|
|||||||||
Gross Purchases
|
—
|
—
|
—
|
|||||||||
Gross Sales
|
—
|
—
|
—
|
|||||||||
Transfer out of Level 3
|
—
|
—
|
—
|
|||||||||
Balance as of December 31, 2022
|
$
|
1,384,260
|
$
|
48,722
|
$
|
1,432,982
|
||||||
Change in unrealized appreciation (depreciation) during the period
|
||||||||||||
for Level 3 investments held at December 31, 2022
|
(188,770
|
)
|
(751
|
)
|
(189,521
|
)
|
For the Year Ended
|
For the Year Ended
|
|||||||||||||||
December 31, 2022
|
December 31, 2021
|
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Dividends Reinvested
|
—
|
$
|
—
|
—
|
$
|
—
|
||||||||||
Repurchased through Stock Repurchase Program (Note 6)
|
(16,504
|
)
|
(120,928
|
)
|
—
|
(125
|
)*
|
|||||||||
Repurchased from Tender Offer (Note 7)
|
—
|
—
|
—
|
—
|
||||||||||||
Net Increase/(Decrease)
|
(16,504
|
)
|
$
|
(120,928
|
)
|
—
|
$
|
(125
|
)
|
2022
|
2021
|
|||||||
Ordinary Income
|
$
|
810,137
|
$
|
907,509
|
||||
Return of Capital
|
5,241,653
|
5,667,420
|
||||||
Long-Term Capital Gains
|
2,167,057
|
1,076,948
|
||||||
Total
|
$
|
8,218,847
|
$
|
7,651,877
|
Tax cost of investments
|
$
|
88,977,674
|
||
Unrealized appreciation
|
37,699,931
|
|||
Unrealized depreciation
|
(12,040,572
|
)
|
||
Net unrealized appreciation
|
25,659,359
|
|||
Net unrealized on foreign currency
|
4,375
|
|||
Undistributed ordinary income
|
—
|
|||
Undistributed long-term capital gains
|
—
|
|||
Distributable earnings
|
—
|
|||
Other accumulated losses
|
(74,864
|
)
|
||
Total distributable earnings
|
$
|
25,588,870
|
Record Date
|
Payable Date
|
Ordinary Income
|
Return of Capital
|
ST Cap Gains
|
LT Cap Gains
|
Total Distribution
|
|||||||||||||||
3/22/22
|
3/31/22
|
$
|
0.01641201
|
$
|
0.10618706
|
$
|
—
|
$
|
0.04390093
|
$
|
0.16650
|
||||||||||
6/21/22
|
6/30/22
|
0.01641201
|
0.10618706
|
—
|
0.04390093
|
0.16650
|
|||||||||||||||
9/21/22
|
9/30/22
|
0.01641201
|
0.10618706
|
—
|
0.04390093
|
0.16650
|
|||||||||||||||
12/20/22
|
12/30/22
|
0.01210940
|
0.07834883
|
—
|
0.03239176
|
0.12285
|
|||||||||||||||
$
|
0.62235
|
Original Capital
|
Unfunded
|
|
Investments
|
Commitment*
|
Commitment*
|
Private Equity Limited Partnership—International(a)
|
||
Aravis Biotech II, Limited Partnership
|
$3,512,754
|
$ —
|
*
|
The original capital commitment represents 3,250,000 Swiss francs, which has been fully funded as of December 31, 2022. The Swiss franc/U.S. dollar exchange rate as of December 31, 2022 was
used for conversion and equaled 0.9252 as of such date.
|
(a)
|
This category consists of one private equity limited partnership that invests primarily in venture capital companies in the biotechnology and medical technology sectors. There is no
redemption right for the interest in this limited partnership. Instead, the nature of investments in this category is that distributions are received through the realization of the underlying assets of the limited partnership.
|
Weighted
|
|||||
Maximum Amount
|
Average Daily
|
Maximum Amount
|
Interest
|
Commitment
|
Average
|
Available
|
Borrowings
|
Outstanding
|
Expense
|
Fee
|
Interest Rate
|
$15,000,000
|
$756,915
|
$3,915,000
|
$30,964
|
$26,936
|
4.09%
|
Fund Investment Objective, Principal Investment
|
December 31, 2022
|
Strategies and Principal Risks (Unaudited)
|
Fund Investment Objective, Principal Investment
|
December 31, 2022
|
Strategies and Principal Risks (Unaudited) (continued)
|
Fund Investment Objective, Principal Investment
|
December 31, 2022
|
Strategies and Principal Risks (Unaudited) (continued)
|
Fund Investment Objective, Principal Investment
|
December 31, 2022
|
Strategies and Principal Risks (Unaudited) (continued)
|
Fund Investment Objective, Principal Investment
|
December 31, 2022
|
Strategies and Principal Risks (Unaudited) (continued)
|
Fund Investment Objective, Principal Investment
|
December 31, 2022
|
Strategies and Principal Risks (Unaudited) (continued)
|
Fund Investment Objective, Principal Investment
|
December 31, 2022
|
Strategies and Principal Risks (Unaudited) (continued)
|
Fund Investment Objective, Principal Investment
|
December 31, 2022
|
Strategies and Principal Risks (Unaudited) (continued)
|
Fund Investment Objective, Principal Investment
|
December 31, 2022
|
Strategies and Principal Risks (Unaudited) (concluded)
|
Gross Foreign
|
Foreign Taxes
|
Gross Foreign
|
Foreign Taxes
|
Shares Outstanding
|
Source Income
|
Pass-through
|
Source Income Per Share
|
Pass-through Per Share
|
at 12/31/22
|
$3,473,999
|
$489,567
|
$0.26326651
|
$0.03710035
|
13,195,750
|
|
Position(s)
|
|
Other Directorships
|
Name,
|
with Fund
|
Principal Occupation(s)
|
Held By Director
|
Address1 & Age
|
(Since)
|
During At Least The Past Five Years
|
During At Least The Past Five Years
|
Class I
|
|||
Richard Dayan
|
Director (2018);
|
President and owner of
|
Trustee of High Income Securities
|
|
Member of the
|
Cactus Trading since 1990
|
Fund since 2018
|
Age: 79
|
Audit Committee (2018);
|
|
|
|
Member of the
|
|
|
|
Governance/
|
|
|
|
Nominating
|
|
|
|
Committee (2018)
|
|
|
Moritz A. Sell
|
Director (2017);
|
Principal, Edison Holdings GmbH;
|
Trustee of High Income Securities
|
|
Member and
|
Senior Advisor, Markston
|
Fund since 2018; Director of FAX
|
Age: 55
|
Chair of the Audit
|
International LLC until 2019; Director,
|
(Aberdeen Asia Pacific Income
|
|
Committee (2017);
|
Market Strategist and Head of
|
Fund) and FCO (Aberdeen Global
|
|
Lead Independent
|
Proprietary Trading (London Branch),
|
Income Fund) since 2018; Director of
|
|
Director (2018)
|
Landesbank Berlin AG and
|
IAF (Aberdeen Australia Equity Fund)
|
|
|
Landesbank Berlin Holding AG
|
since 2004; Director of Aberdeen
|
|
|
(formerly, Bankgesellschaft Berlin AG)
|
Greater China Fund until 2018;
|
|
|
from 1996 to 2013
|
Chairman and Director of
|
|
|
|
Aberdeen Singapore Fund
|
|
|
|
until 2018
|
Class II
|
|||
Andrew Dakos*
|
Director
|
Partner, Bulldog Investors, LLP;
|
President and Director of Special
|
|
(2017) and
|
Principal of the former general partner
|
Opportunities Fund, Inc. since
|
Age: 56
|
Chairman (2018)
|
of several private investment
|
2009; Trustee, Crossroads
|
|
|
partnerships in the Bulldog
|
Liquidating Trust (formerly,
|
|
|
Investors group of private funds;
|
Crossroads Capital, Inc.) from
|
|
|
Principal of the managing general
|
2015-2020; President and Trustee of
|
|
|
partner of Bulldog Investors
|
High Income Securities Fund since
|
|
|
General Partnership
|
2018; Director, Brookfield DTLA
|
|
|
|
Fund Office Trust Investor Inc.
|
|
|
|
since 2017
|
*
|
Mr. Dakos is considered an “interested person” of the Fund within the meaning of the 1940 Act (and a Class II Interested Director of the Fund) as a result of his position as President and
Chief Executive Officer of the Fund.
|
|
Position(s)
|
Other Directorships
|
|
Name,
|
with Fund
|
Principal Occupation(s)
|
Held By Director
|
Address1 & Age
|
(Since)
|
During At Least The Past Five Years
|
During At Least The Past Five Years
|
Class III
|
|||
Phillip F. Goldstein
|
Director (2018);
|
Partner of Bulldog Investors, LLP
|
Chairman and Director of The
|
|
Member and
|
since 2009; Principal of the former
|
Mexico Equity and Income Fund,
|
Age: 78
|
Chair of the
|
general partner of several private
|
Inc. since 2000; Chairman,
|
|
Governance/
|
investment partnerships in the
|
Director and Secretary of Special
|
|
Nominating
|
Bulldog Investors group of private
|
Opportunities Fund, Inc. since
|
|
Committee (2018)
|
funds since 2009
|
2009; Chairman and Secretary of
|
|
|
|
High Income Securities Fund since
|
|
|
|
2018; Director of Brookfield DTLA
|
|
|
|
Fund Office Trust Investor Inc.
|
|
|
|
since 2017; MVC Capital, Inc. from
|
|
|
|
2012-2020; Trustee of Crossroads
|
|
|
|
Liquidating Trust (formerly,
|
|
|
|
Crossroads Capital, Inc.) from
|
|
|
|
2016-2020
|
Gerald Hellerman
|
Director (2018);
|
Chief Compliance Officer of
|
Director of Mexico Equity and
|
|
Member of the
|
The Mexico Equity and Income Fund,
|
Income Fund, Inc. since 2001;
|
Age: 85
|
Audit Committee
|
Inc. from 2001 through March 31,
|
Special Opportunities Fund, Inc.
|
|
(2018); Member
|
2020 and Special Opportunities
|
since 2009; Fiera Capital Series Trust
|
|
and Chair of the
|
Fund, Inc. from 2009 through
|
since 2017; Trustee of High
|
|
Pricing Committee
|
March 31, 2020; Managing Director
|
Income Securities Fund since 2018;
|
|
(2018)
|
of Hellerman Associates (a financial
|
MVC Capital, Inc. from
|
|
|
and corporate consulting firm)
|
2003-2020; Trustee of Crossroads
|
|
|
since 1993 (which terminated
|
Liquidating Trust (formerly, Crossroads
|
|
|
activities as of December 31, 2013)
|
Capital, Inc.) from 2017-2020
|
Officers2
|
|||
Name,
|
Position(s)
|
Term of Office and
|
Principal Occupation(s)
|
Address1 & Age
|
with Fund
|
Length of Time Served
|
During At Least The Past Five Years
|
Andrew Dakos
|
President and
|
President and Chief
|
Partner, Bulldog Investors, LLP;
|
|
Chief Executive
|
Executive Officer since 2019;
|
Principal of the former general
|
Age: 56
|
Officer; Director
|
Chairman since 2018;
|
partner of several private
|
|
and Chairman.
|
Director since 2017
|
investment partnerships in the
|
|
|
|
Bulldog Investors group of private
|
|
|
|
funds; Principal of the managing
|
|
|
|
general partner of Bulldog
|
|
|
|
Investors General Partnership
|
Thomas Antonucci
|
Chief Financial
|
Since 2019
|
Director of Operations,
|
|
Officer
|
|
Bulldog Investors, LLP;
|
Age: 54
|
|
|
Chief Financial Officer
|
|
|
|
and Treasurer of Special
|
|
|
|
Opportunities Fund; Treasurer
|
|
|
|
of High Income Securities Fund
|
Stephanie Darling
|
Chief Compliance
|
Since 2019
|
General Counsel and Chief
|
|
Officer
|
|
Compliance Officer of Bulldog
|
Age: 52
|
|
|
Investors, LLP; Chief Compliance
|
|
|
|
Officer of High Income Securities
|
|
|
|
Fund, Special Opportunities Fund,
|
|
|
|
Inc., and Mexico Equity and
|
|
|
|
Income Fund, Inc.; Principal of The
|
|
|
|
Law Office of Stephanie Darling;
|
|
|
|
Editor-in-Chief of The
|
|
|
|
Investment Lawyer
|
Rajeev Das
|
Secretary
|
Since 2019
|
Head of Trading, Bulldog
|
Investor, LLP
|
|||
Age: 54
|
|||
|
|
|
|
1
|
The address for each Director and Executive Officer is c/o The Swiss Helvetia Fund, Inc., 615 East Michigan Street, Milwaukee, WI 53202.
|
2
|
Each Executive Officer serves on a year-to-year basis for an indefinite term, until his or her successor is elected and qualified.
|
1
|
Audit Committee Member
|
4
|
Pricing Committee Chair
|
2
|
Governance Nominating
|
5
|
Governance Committee
|
Committee Chair
|
Member
|
||
3
|
Audit Committee Chair
|
6
|
Lead Independent Director
|
Number of
Accounts
|
Total Assets in
Accounts
|
Number of Accounts
where Advisory Fee
is Based on Account
Performance
|
Total Assets in
Accounts where
Advisory Fee is
Based on Account
Performance
|
|
Stefan
Frischknecht
|
|
|
|
|
Registered
Investment
Companies
|
None
|
None
|
None
|
None
|
Other Pooled
Investment
Vehicles
|
2
|
$55,305,064
|
None
|
None
|
Other Accounts
|
3
|
$844,484,222
|
None
|
None
|
Daniel Lenz
|
|
|
|
|
Registered
Investment
Companies
|
None
|
None
|
None
|
None
|
Other Pooled
Investment
Vehicles
|
4
|
$759,020,186
|
1
|
$216,589,540
|
Other Accounts
|
4
|
$717,168,916
|
None
|
None
|
Period
|
(a)
Total Number of
Shares (or Units)
Purchased
|
(b)
Average Price Paid
per Share (or Unit)
|
(c)
Total Number of
Shares (or Units)
Purchased as Part
of Publicly
Announced Plans
or Programs
|
(d)
Maximum Number
(or Approximate
Dollar Value) of
Shares (or Units)
that May Yet Be
Purchased Under
the Plans or
Programs
|
7/1/22 – 7/31/22
|
N/A
|
N/A
|
N/A
|
N/A
|
8/1/22 – 8/31/22
|
8,146
|
7.68
|
N/A
|
N/A
|
9/1/22 – 9/30/22
|
2,498
|
7.36
|
N/A
|
N/A
|
10/1/22 – 10/31/22
|
5,860
|
6.79
|
N/A
|
N/A
|
11/1/22 – 11/30/22
|
N/A
|
N/A
|
N/A
|
N/A
|
12/1/22 – 12/31/22
|
N/A
|
N/A
|
N/A
|
N/A
|
Total
|
16,504(1)
|
7.38
|
(a)
|
The Registrant’s President and Chief Executive Officer and Chief Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of
a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the
disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and
by the Registrant’s service provider.
|
(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 period covered by this report that have materially affected, or are reasonably
likely to materially affect, the Registrant's internal control over financial reporting.
|
1 Year Swiss Helvetia Chart |
1 Month Swiss Helvetia Chart |
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