Form NPORT-P/A - Monthly Portfolio Investments Report on Form N-PORT (Public): [Amend]

THE SWISS HELVETIA FUND, INC.
Schedule of Investments by Industry (Unaudited)			September 30, 2023
					Percent
No. of					of Net
Shares		Security	Value		Assets
Common Stock — 96.29%
Advertising — 0.47%
8,100		DKSH Holding AG	549,415		0.47%
		An international marketing and services group. The company offers a comprehensive package of services that includes organizing and running the entire value chain for any product.
		(Cost $624,087)
			549,415		0.47%
Banks — 3.35%
895		St Galler Kantonalbank AG	488,689		0.42%
		Offers retail and commercial banking as well as private and institutional banking. Also provides asset management and financial planning services.
		(Cost $439,441)
138,800		UBS Group AG	3,442,689		2.93%
		Provides retail banking, corporate and institutional banking, wealth management, asset management and investment banking.
		(Cost $1,884,953)
			3,931,378		3.35%
Biotechnology — 2.11%
41,308		Idorsia Ltd. 1	116,952		0.10%
		Researches, develops, and manufactures pharmaceutical, biological, and diagnostic products.
		(Cost $1,141,326)
5,062		Lonza Group AG	2,355,036		2.01%
		Produces organic fine chemicals, biocides, active ingredients, and biotechnology products.
		(Cost $2,925,070)
			2,471,988		2.11%
Building Materials — 2.79%
820		Forbo Holding AG	1,002,142		0.85%
		Produces floor coverings, adhesives and belts for conveying and power transmission.
		(Cost $1,292,481)
8,912		Sika AG	2,270,865		1.94%
		Manufactures construction materials, producing concrete and mixtures, mortar, sealants and adhesives, tooling resins, anti-static industrial flooring, and acoustic materials. The company serves customers worldwide.
		(Cost $1,731,659)
			3,273,007		2.79%
Chemicals — 1.59%
570		Givaudan SA	1,865,523		1.59%
		Manufactures and markets fragrances and flavors from natural and synthetic ingredients. The Company sells its products to manufactures of perfumes, beverages, prepared foods, and consumer goods.
		(Cost $1,865,973)
			1,865,523		1.59%
Computers — 1.93%
26,400		Logitech International SA	1,826,183		1.56%
		Engages in the development and marketing of hardware and software products that enable or enhance digital navigation, music and video entertainment, gaming, social networking and audio and video communication.
		(Cost $357,937)
22,000		SoftwareONE Holding AG	436,489		0.37%
		Provides IT services. The Company offers cloud computing, portfolio management, procurment, unified communication, and other related solutions.
		(Cost $400,813)
			2,262,672		1.93%
Diversified Financial Services — 3.53%
24,600		Julius Baer Group Ltd.	1,582,811		1.35%
		Provides private banking services. The company advises on wealth management, financial planning and investments; offers mortgage and other lending, foreign exchange, securities trading, custody and execution services.
		(Cost $1,180,871)
8,235		Swissquote Group Holding SA	1,508,730		1.29%
		Through its subsidiaries, offers online financial services. The company operates an online trading system which offers customers real-time securities quotes on the Swiss Stock Exchange.
		(Cost $802,420)
10,030		VZ Holding AG	1,047,076		0.89%
		Provides independent financial advice to private individuals and companies. The company consults on investment, tax and inheritance planning and provides advice regarding insurance products and coverage.
		(Cost $327,269)
			4,138,617		3.53%
Electric — 2.01%
13,383		BKW AG	2,362,653		2.01%
		Provides energy supply services. The company focuses on the production, transportation, trading and sale of energy. In addition to energy supply, the company also develops, implements and operates energy solutions for its clients.
		(Cost $1,019,589)
			2,362,653		2.01%
Electronic Components & Equipment — 2.07%
43,024		ABB Ltd.	1,542,618		1.31%
		Provides power and automation technologies. The company operates under segments that include power products, power systems, automation products, process automation, and robotics.
		(Cost $872,256)
3,967		Comet Holding AG	886,374		0.76%
		Develops, produces, and distributes components and systems for x-ray tubes, vacuum condensers, and radio frequency, as well as other medical products.
		(Cost $1,012,150)
			2,428,992		2.07%
Food — 21.75%
1,480,000		Aryzta AG 1	2,536,773		2.16%
		Produces and retails specialty bakery products. The Company produces French breads, pastries, continental breads, confections, artisan breads, homestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and sweet baked goods.
		(Cost $1,589,760)
630		Barry Callebaut AG	1,004,088		0.85%
		Manufactures cocoa and chocolate products. The Company markets to industrial food manufacturers, chocolatiers, pastry chefs, bakers, and retailers globally.
		(Cost $1,230,486)
193,837		Nestle SA	21,981,472		18.74%
		One of the world’s largest food and beverage processing companies.
		(Cost $12,557,687)
			25,522,333		21.75%
Healthcare - Products — 6.02%
26,357		Alcon, Inc.	2,043,906		1.74%
		Manufactures eye care products. The company produces and markets vitreoretinal and cataract surgery, contact lenses, and refractive technology products.
		(Cost $1,752,716)
125,416		Eyesense AG, Series A 1,2,3	49,355		0.04%
		A spin-out from Ciba Vision AG. Develops novel ophthalmic self- diagnostic systems for glucose monitoring of diabetes patients.
		(Cost $3,007,048)
5,990		Medacta Group SA	758,244		0.65%
		Produces and distributes medical devices. The company develops, manufactures, and distributes orthopedic and neurosurgical medical devices.
		(Cost $627,328)
6,848		SKAN Group AG	582,394		0.50%
		Provides health care supplies. The Company offers isolators, cleanroom devices, and decontamination processes for the aseptic production of the biopharmaceutical products.
		(Cost $530,142)
3,855		Sonova Holding AG	917,396		0.78%
		Designs and produces wireless analog and digital in-the-ear and behind-the-ear hearing aids and miniaturized voice communications systems.
		(Cost $632,400)
221,085		Spineart SA 1,2,3	1,230,130		1.05%
		Designs and markets an innovative full range of spine products, including fusion and motion preservation devices, focusing on easy to implant high-end products to simplify the surgical act.
		(Cost $1,554,486)
4,382		Tecan Group AG	1,481,105		1.26%
		Manufactures and distributes laboratory automation components and systems. The products are mainly used by research and diagnostic laboratories.
		(Cost $401,116)
			7,062,530		6.02%
Healthcare - Services — 0.71%
11,300		Galenica AG	836,877		0.71%
		Retails pharmaceutical products, and services customers in Switzerland. The Company offers health, beauty, and related products and services.
		(Cost $902,693)
			836,877		0.71%
Industrials — 1.73%
1,252		Belimo Holding AG	596,438		0.51%
		Manufactures heating, ventilation and air conditioning equipment.
		(Cost $144,479)
234,000		OC Oerlikon Corp. AG	995,549		0.85%
		Manufactures industrial equipment. The Company produces protective coatings for precision tools and components, equipment for textile production, and propulsion technology drive systems.
		(Cost $2,574,223)
1,200		VAT Group AG	431,570		0.37%
		Developer, manufacturer and supplier of vacuum valves, multi-valve modules and edge-welded bellows for use in semiconductor, display and solar panel manufacturing.
		(Cost $251,785)
			2,023,557		1.73%
Insurance — 9.64%
17,500		Baloise Holding AG	2,542,359		2.17%
		Offers group and individual life, health, accident, liability property, and transportation insurance to customers in Europe. The Company also offers private banking and asset management services.
		(Cost $2,684,612)
6,700		Helvetia Holding AG	940,402		0.80%
		Provides a broad range of life, casualty, liability, accident and transportation insurance in Switzerland and in other European countries. The Company insures individuals, property such as vehicles and buildings, and consumer goods and personal belongings
		(Cost $579,944)
4,130		Swiss Life Holding AG	2,580,573		2.20%
		Provides life insurance and institutional investment management.
		(Cost $1,109,486)
11,430		Zurich Insurance Group AG	5,248,954		4.47%
		Provides insurance-based financial services. The company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.
		(Cost $3,698,494)
			11,312,288		9.64%
Machinery-Diversified — 0.59%
26,500		Accelleron Industries AG	690,020		0.59%
		Develops, produces, and services turbochargers and large turbocharging components. The Company offers turbocharging technologies and optimization solutions for engines thereby reducing the environmental impact with less fuel emissions.
		(Cost $453,434)
			690,020		0.59%
Metal Fabricate/Hardware — 1.10%
11,806		SFS Group AG	1,293,136		1.10%
		Provides automotive products, building and electronic components, flat roofing and solar fastening systems. The company operates production facilities in Asia, Europe and North America.
		(Cost $778,990)
			1,293,136		1.10%
Packaging & Containers — 1.44%
68,000		SIG Combibloc Group AG	1,682,903		1.44%
		The company, through its subsidiaries, manufactures and produces bottling machines and systems for the food and beverage industries. The company serves customers worldwide.
		(Cost $746,444)
			1,682,903		1.44%
Pharmaceuticals — 22.98%
142,229		Novartis AG	14,594,487		12.44%
		One of the leading manufacturers of branded and generic pharmaceutical products.
		(Cost $7,366,895)
45,177		Roche Holding AG	12,368,364		10.54%
		Develops and manufactures pharmaceutical and diagnostic products. Produces prescription drugs to treat cardiovascular, infectious and autoimmune diseases and for other areas including dermatology and oncology.
		(Cost $8,109,729)
			26,962,851		22.98%
Private Equity — 2.82%
2,928		Partners Group Holding AG	3,311,124		2.82%
		A global private markets investment management firm with investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland.
		(Cost $2,512,468)
			3,311,124		2.82%
Retail — 5.62%
43,104		Cie Financiere Richemont SA	5,277,271		4.50%
		Manufactures and retails luxury goods. Produces jewelry, watches, leather goods, writing instruments and men’s and women’s wear.
		(Cost $3,305,992)
26,807		Swatch Group AG - Registered Shares	1,314,270		1.12%
		Manufactures finished watches, movements and components. Produces components necessary to its various watch brand companies. The company also operates retail boutiques.
		(Cost $1,786,839)
			6,591,541		5.62%
Semiconductors — 0.39%
95,940		AMS AG 1	452,642		0.39%
		Designs and manufactures advanced sensor solutions. The company also delivers a broad range of technology solutions for consumer electronics and communication device manufactures.
		(Cost $1,266,338)
			452,642		0.39%
Transportation — 1.65%
6,802		Kuehne + Nagel International AG	1,940,667		1.65%
		Transports freight worldwide. The company operates sea, land, and rail freight transportation businesses and warehousing and distribution facilities.
		(Cost $1,848,698)
			1,940,667		1.65%
		Total Common Stock
		(Cost $81,883,007)	112,966,714		96.29%
Preferred Stock — 0.03%
Industrial Goods & Services — 0.03%
500,863		SelFrag AG Class A 1,2,3	34,493		0.03%
		Designs, manufactures and sells industrial machines and processes using selective fragmentation technology.
		(Cost $1,932,198)
			34,493		0.03%
		Total Preferred Stock
		(Cost $1,932,198)	34,493		0.03%
Limited Partnership — 0.94%
Biotechnology — 0.94%
3,294,705		Aravis Biotech II, Limited Partnership 1,3,4	1,103,409		0.94%
		Makes early stage venture investments in the biotechnology & pharmaceuticals industry.
		(Cost $213,885)
			1,103,409		0.94%
		Total Limited Partnership
		(Cost $213,885)	1,103,409		0.94%
		Total Investments 5
		(Cost $84,029,090)	114,104,616		97.26%
		Other Assets Less Liabilities 5	3,217,527		2.74%
		Net Assets	$      117,322,143		100.00%
Net Asset Value Per Share:
		($117,322,143 ÷12,990,705 shares outstanding, $0.001 par value: 50 million shares authorized)			$   9.03
See Notes to Schedule of Investments

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THE SWISS HELVETIA FUND, INC.
Schedule of Investments by Industry (Unaudited)																										September 30, 2023
(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 $2,417,387 or 2.06% 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																				$	213,885
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
																														$	6,707,617
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:
																						Change in
		Value				Gross				Gross				Corporate				Realized				Unrealized				Interest				Value
Name of Issuer		as of 12/31/22				Additions				Reductions				Actions				Gain/(Loss)				Gain/(Loss)				Income				as of 9/30/23
Aravis Biotech II, Limited Partnership		$	1,302,142			$	-			$	-			$	(1,814,239	)		$	217,940			$	1,397,566			$	-			$	1,103,409
		$	1,302,142			$	-			$	-			$	(1,814,239	)		$	217,940			$	1,397,566			$	-			$	1,103,409
5 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.
See Notes to Schedule of Investments

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PORTFOLIO HOLDINGS
% of Net Assets as of September 30, 2023
Pharmaceuticals			22.98	%
Food			21.75	%
Insurance			9.64	%
Healthcare - Products			6.02	%
Retail			5.62	%
Diversified Financial Services			3.53	%
Banks			3.35	%
Biotechnology			3.05	%
Private Equity			2.82	%
Building Materials			2.79	%
Electronic Components & Equipment			2.07	%
Electric			2.01	%
Computers			1.93	%
Industrials			1.73	%
Transportation			1.65	%
Chemicals			1.59	%
Packaging & Containers			1.44	%
Metal Fabricate/Hardware			1.10	%
Healthcare - Services			0.71	%
Machinery-Diversified			0.59	%
Advertising			0.47	%
Semiconductors			0.39	%
Industrial Goods & Services			0.03	%
Other Assets Less Liabilities			2.74	%
			100.00	%

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TOP 10 PORTFOLIO HOLDINGS
% of Net Assets as of September 30, 2023
Nestle SA			18.74	%
Novartis AG			12.44	%
Roche Holding AG			10.54	%
Cie Financiere Richemont SA			4.50	%
Zurich Insurance Group AG			4.47	%
UBS Group AG			2.93	%
Partners Group Holding AG			2.82	%
Swiss Life Holding AG			2.20	%
Baloise Holding AG			2.17	%
Aryzta AG			2.16	%

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THE SWISS HELVETIA FUND, INC.

 

Notes to Schedule of Investments (Unaudited)

 

Various inputs are used to determine the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

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)

 

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2023:

TOPIC 820 TABLE
Investments in Securities*		Level 1 Quoted Prices				Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Investments Valued at NAV**				Total
Common Stock		$	111,687,229			$	-			$	1,279,485			$	-			$	112,966,714
Preferred Stock			-				-				34,493				-				34,493
Limited Partnership			-				-				-				1,103,409				1,103,409
Total Investments in Securities		$	111,687,229			$	-			$	1,313,978			$	1,103,409			$	114,104,616

 

* Please see the Schedule of Investments for industry classifications.

**   As of September 30, 2023, 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 schedule of investments.

 

The Fund values its investment in a private equity limited partnership in accordance with Accounting Standards Codification 820-10-35, “Investments in Certain Entities that Calculate Net Asset Value Per Share (Or its Equivalent)” (“ASC 820-10-35”). ASC 820-10-35 permits a reporting entity to measure the fair value of an investment that does not have a readily determinable fair value, based on the NAV of the investment as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the NAV. If the NAV of the investment is not as of the Fund’s measurement date, then the NAV should be adjusted to reflect any significant events that may change the valuation. Inputs and valuation techniques for these adjustments may include fair valuations of the partnership and its portfolio holdings provided by the partnership’s general partner or manager, other available information about the partnership’s portfolio holdings, values obtained on redemption from other limited partners, discussions with the partnership’s general partner or manager and/or other limited partners and comparisons of previously-obtained estimates to the partnership’s audited financial statements. In using the unadjusted NAV as a practical expedient, certain attributes of the investment that may impact its fair value are not considered. Attributes of those investments include the investment strategies of the privately held companies and may also include, but are not limited to, restrictions on the investor’s ability to redeem its investments at the measurement date and any unfunded commitments.

Level 3 securities, which are listed in Note 3 to the Schedule of Investments, consist of the Fund’s investments in privately-held companies.

 

Inputs and valuation techniques used by the Fund to value its Level 3 investments in privately-held companies may include the following: acquisition cost; fundamental analytical data; discounted cash flow analysis; nature and duration of restrictions on disposition of the investment; public trading of similar securities of similar issuers; economic outlook and condition of the industry in which the issuer participates; financial condition of the issuer; and the issuer’s prospects, including any recent or potential management or capital structure changes. Although these valuation inputs may be observable in the marketplace as is characteristic of Level 2 investments, the privately-held companies, categorized as Level 3 investments, generally are highly illiquid in terms of resale.

 

When valuing Level 3 investments, management also may consider potential events that could have a material impact on the operations of a privately-held company. Not all of these factors may be considered or available, and other relevant factors may be considered on an investment-by-investment basis.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

LEVEL 3 ROLLFORWARD TABLE
		Common Stock				Preferred Stock				Total
Balance as of December 31, 2022		$	1,384,260			$	48,722			$	1,432,982
Change in Unrealized Appreciation/Depreciation (a)			(104,775	)			(14,229	)			(119,004	)
Net Realized Gain (Loss)			-				-				-
Gross Purchases			-				-				-
Gross Sales			-				-				-
Transfer out of Level 3			-				-				-
Balance as of September 30, 2023		$	1,279,485			$	34,493			$	1,313,978
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2023			(104,775	)			(14,229	)			(119,004	)

 

(a)	The noted amounts of change in unrealized appreciation/depreciation relate to the fair value of Level 3 assets held on September 30, 2023.

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