09/09/2024 | Press release | Distributed by Public on 09/09/2024 10:48
The Swiss Helvetia Fund, Inc.
Executive Offices
615 East Michigan Street
Milwaukee, WI 53202
(800) 730-2932
|
A Swiss Investments Fund
www.swzfund.com
|
Semi-Annual Report
|
|
For the Six Months Ended
|
||
June 30, 2024
|
Net asset value returns
|
1 year
|
5 years
|
10 years
|
The Swiss Helvetia Fund, Inc.
|
4.17%
|
6.42%
|
5.32%
|
Market price returns
|
|||
The Swiss Helvetia Fund, Inc.
|
4.65%
|
7.17%
|
5.31%
|
Index returns
|
|||
Swiss Performance Index
|
6.66%
|
7.63%
|
6.39%
|
Share price as of 6/30/2024
|
|||
Net asset value
|
$9.59
|
||
Market price
|
$8.07
|
Schedule of Investments by Industry (Unaudited)
|
June 30, 2024
|
Percent
|
|||||||||||
No. of
|
of Net
|
||||||||||
Shares
|
Security
|
Value
|
Assets
|
||||||||
Common Stock - 97.08%
|
|||||||||||
Advertising - 1.03%
|
|||||||||||
19,000
|
DKSH Holding AG
|
$
|
1,283,441
|
1.03
|
%
|
||||||
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 $1,301,774)
|
|||||||||||
1,283,441
|
1.03
|
%
|
|||||||||
Banks - 3.32%
|
|||||||||||
1,500
|
St Galler Kantonalbank AG
|
721,956
|
0.58
|
%
|
|||||||
St. Galler Kantonalbank
|
|||||||||||
AG is a Swiss Regional
|
|||||||||||
bank. The Bank offers retail
|
|||||||||||
and commercial banking
|
|||||||||||
as well as private and
|
|||||||||||
institutional banking.
|
|||||||||||
SGKB also provides asset
|
|||||||||||
management and financial
|
|||||||||||
planing services. The Bank
|
|||||||||||
offers its services in the
|
|||||||||||
Canton of St. Gall through
|
|||||||||||
a network of branches.
|
|||||||||||
(Cost $753,505)
|
|||||||||||
116,000
|
UBS Group AG
|
3,414,423
|
2.74
|
%
|
|||||||
Provides retail banking,
|
|||||||||||
corporate and institutional
|
|||||||||||
banking, wealth
|
|||||||||||
management, asset
|
|||||||||||
management and
|
|||||||||||
investment banking.
|
|||||||||||
(Cost $1,582,000)
|
|||||||||||
4,136,379
|
3.32
|
%
|
|||||||||
Biotechnology - 2.81%
|
|||||||||||
10,801
|
Bachem Holding AG
|
991,033
|
0.80
|
%
|
|||||||
Specializes in the
|
|||||||||||
development and
|
|||||||||||
manufacture of peptides
|
|||||||||||
and oligonucleotides.
|
|||||||||||
The company provides
|
|||||||||||
products for research,
|
|||||||||||
clinical development and
|
|||||||||||
commercial application to
|
|||||||||||
pharmaceutical and
|
|||||||||||
biotechnology companies.
|
|||||||||||
(Cost $827,767)
|
|||||||||||
4,600
|
Lonza Group AG
|
2,510,394
|
2.01
|
%
|
|||||||
Produces organic fine
|
|||||||||||
chemicals, biocides, active
|
|||||||||||
ingredients, and
|
|||||||||||
biotechnology products.
|
|||||||||||
(Cost $2,585,236)
|
|||||||||||
3,501,427
|
2.81
|
%
|
|||||||||
Building Materials - 1.86%
|
|||||||||||
8,100
|
Sika AG
|
2,318,406
|
1.86
|
%
|
|||||||
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 $1,482,802)
|
|||||||||||
2,318,406
|
1.86
|
%
|
Schedule of Investments by Industry (Unaudited)
|
June 30, 2024
|
(continued)
|
Percent
|
|||||||||||
No. of
|
of Net
|
||||||||||
Shares
|
Security
|
Value
|
Assets
|
||||||||
Common Stock - (continued)
|
|||||||||||
Chemicals - 1.52%
|
|||||||||||
400
|
Givaudan SA
|
$
|
1,896,283
|
1.52
|
%
|
||||||
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 $1,207,567)
|
|||||||||||
1,896,283
|
1.52
|
%
|
|||||||||
Computers - 1.26%
|
|||||||||||
12,000
|
Logitech International SA
|
1,160,739
|
0.93
|
%
|
|||||||
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 $162,698)
|
|||||||||||
22,000
|
SoftwareONE Holding AG
|
413,755
|
0.33
|
%
|
|||||||
Provides IT services. The
|
|||||||||||
Company offers cloud
|
|||||||||||
computing, portfolio
|
|||||||||||
management, procurement,
|
|||||||||||
unified communication,
|
|||||||||||
and other related solutions.
|
|||||||||||
(Cost $400,813)
|
|||||||||||
1,574,494
|
1.26
|
%
|
|||||||||
Diversified Financial Services - 3.39%
|
|||||||||||
22,400
|
Julius Baer Group Ltd.
|
1,251,369
|
1.01
|
%
|
|||||||
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 $1,027,660)
|
|||||||||||
5,500
|
Swissquote Group
|
||||||||||
Holding SA
|
1,735,811
|
1.39
|
%
|
||||||||
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 $532,333)
|
|||||||||||
9,600
|
VZ Holding AG
|
1,230,714
|
0.99
|
%
|
|||||||
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 $313,230)
|
|||||||||||
4,217,894
|
3.39
|
%
|
Schedule of Investments by Industry (Unaudited)
|
June 30, 2024
|
(continued)
|
Percent
|
|||||||||||
No. of
|
of Net
|
||||||||||
Shares
|
Security
|
Value
|
Assets
|
||||||||
Common Stock - (continued)
|
|||||||||||
Electric - 1.64%
|
|||||||||||
12,824
|
BKW AG
|
$
|
2,045,047
|
1.64
|
%
|
||||||
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 $1,009,310)
|
|||||||||||
2,045,047
|
1.64
|
%
|
|||||||||
Electronic Components & Equipment - 3.34%
|
|||||||||||
35,000
|
ABB Ltd.
|
1,944,358
|
1.56
|
%
|
|||||||
Provides power and
|
|||||||||||
automation technologies.
|
|||||||||||
The company operates
|
|||||||||||
under segments that
|
|||||||||||
include power products,
|
|||||||||||
power systems, automation
|
|||||||||||
products, process
|
|||||||||||
automation, and robotics.
|
|||||||||||
(Cost $706,563)
|
|||||||||||
1,900
|
Comet Holding AG
|
765,413
|
0.61
|
%
|
|||||||
Develops, produces, and
|
|||||||||||
distributes components
|
|||||||||||
and systems for x-ray tubes,
|
|||||||||||
vacuum condensers, and
|
|||||||||||
radio frequency, as well as
|
|||||||||||
other medical products.
|
|||||||||||
(Cost $381,063)
|
|||||||||||
100,000
|
R&S Group Holding AG2
|
1,463,388
|
1.17
|
%
|
|||||||
Manufactures small and
|
|||||||||||
medium power and
|
|||||||||||
distribution transformers
|
|||||||||||
and other components in
|
|||||||||||
the utility, infrastructure,
|
|||||||||||
and industrial sectors.
|
|||||||||||
(Cost $1,137,204)
|
|||||||||||
4,173,159
|
3.34
|
%
|
|||||||||
Food - 17.49%
|
|||||||||||
1,317,302
|
Aryzta AG2
|
2,345,519
|
1.88
|
%
|
|||||||
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 $1,411,109)
|
|||||||||||
840
|
Barry Callebaut AG
|
1,368,529
|
1.10
|
%
|
|||||||
Manufactures cocoa and
|
|||||||||||
chocolate products. The
|
|||||||||||
Company markets to
|
|||||||||||
industrial food
|
|||||||||||
manufacturers, chocolatiers,
|
|||||||||||
pastry chefs, bakers, and
|
|||||||||||
retailers globally.
|
|||||||||||
(Cost $1,554,845)
|
|||||||||||
177,000
|
Nestle SA
|
18,066,370
|
14.51
|
%
|
|||||||
One of the world's largest
|
|||||||||||
food and beverage
|
|||||||||||
processing companies.
|
|||||||||||
(Cost $10,753,330)
|
|||||||||||
21,780,418
|
17.49
|
%
|
Schedule of Investments by Industry (Unaudited)
|
June 30, 2024
|
(continued)
|
Percent
|
|||||||||||
No. of
|
of Net
|
||||||||||
Shares
|
Security
|
Value
|
Assets
|
||||||||
Common Stock - (continued)
|
|||||||||||
Health Care - 2.93%
|
|||||||||||
76,000
|
Sandoz Group AG
|
$
|
2,752,103
|
2.21
|
%
|
||||||
Manufactures and
|
|||||||||||
distributes generic and
|
|||||||||||
biosimilar medicines for the
|
|||||||||||
treatment of patients with
|
|||||||||||
diseases such as cancer,
|
|||||||||||
diabetes, and arthritis.
|
|||||||||||
(Cost $1,763,484)
|
|||||||||||
2,000
|
Ypsomed Holding AG
|
899,177
|
0.72
|
%
|
|||||||
Develops and manufactures
|
|||||||||||
custom-made injection
|
|||||||||||
systems for pharmaceutical
|
|||||||||||
and bio-technology
|
|||||||||||
companies.
|
|||||||||||
(Cost $583,146)
|
|||||||||||
3,651,280
|
2.93
|
%
|
|||||||||
Healthcare - Products - 7.76%
|
|||||||||||
29,600
|
Alcon, Inc.
|
2,642,457
|
2.12
|
%
|
|||||||
Manufactures eye care
|
|||||||||||
products. The company
|
|||||||||||
produces and markets
|
|||||||||||
vitreoretinal and cataract
|
|||||||||||
surgery, contact lenses,
|
|||||||||||
and refractive
|
|||||||||||
technology products.
|
|||||||||||
(Cost $1,948,164)
|
|||||||||||
8,300
|
Medacta Group SA
|
1,128,711
|
0.91
|
%
|
|||||||
Produces and distributes
|
|||||||||||
medical devices. The
|
|||||||||||
company develops,
|
|||||||||||
manufactures, and
|
|||||||||||
distributes orthopedic
|
|||||||||||
and neurosurgical
|
|||||||||||
medical devices.
|
|||||||||||
(Cost $913,516)
|
|||||||||||
6,848
|
SKAN Group AG
|
608,135
|
0.49
|
%
|
|||||||
Provides health care
|
|||||||||||
supplies. The Company
|
|||||||||||
offers isolators,
|
|||||||||||
cleanroom devices, and
|
|||||||||||
decontamination processes
|
|||||||||||
for the aseptic production
|
|||||||||||
of the biopharmaceutical
|
|||||||||||
products.
|
|||||||||||
(Cost $530,142)
|
|||||||||||
3,000
|
Sonova Holding AG
|
926,775
|
0.74
|
%
|
|||||||
Designs and produces
|
|||||||||||
wireless analog and digital
|
|||||||||||
in-the-ear and behind-the-ear
|
|||||||||||
hearing aids and
|
|||||||||||
miniaturized voice
|
|||||||||||
communications systems.
|
|||||||||||
(Cost $457,261)
|
|||||||||||
221,085
|
Spineart SA1,2
|
1,458,974
|
1.17
|
%
|
|||||||
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)
|
Schedule of Investments by Industry (Unaudited)
|
June 30, 2024
|
(continued)
|
Percent
|
|||||||||||
No. of
|
of Net
|
||||||||||
Shares
|
Security
|
Value
|
Assets
|
||||||||
Common Stock - (continued)
|
|||||||||||
Healthcare - Products - (continued)
|
|||||||||||
8,000
|
Straumann Holding AG
|
$
|
990,875
|
0.80
|
%
|
||||||
Straumann Holding AG
|
|||||||||||
develops, produces and
|
|||||||||||
sells dental implants. The
|
|||||||||||
company manufactures
|
|||||||||||
metal devices implantable
|
|||||||||||
in the jaw, in place of
|
|||||||||||
missing teeth, to which
|
|||||||||||
prosthetic teeth are attached.
|
|||||||||||
Straumann has subsidiaries
|
|||||||||||
throughout Europe and
|
|||||||||||
North America. The
|
|||||||||||
Company sells its
|
|||||||||||
products worldwide.
|
|||||||||||
(Cost $1,058,271)
|
|||||||||||
5,700
|
Tecan Group AG
|
1,908,035
|
1.53
|
%
|
|||||||
Manufactures and
|
|||||||||||
distributes laboratory
|
|||||||||||
automation components
|
|||||||||||
and systems. The products
|
|||||||||||
are mainly used by research
|
|||||||||||
and diagnostic laboratories.
|
|||||||||||
(Cost $785,966)
|
|||||||||||
9,663,962
|
7.76
|
%
|
|||||||||
Healthcare - Services - 0.74%
|
|||||||||||
11,300
|
Galenica AG
|
924,900
|
0.74
|
%
|
|||||||
Retails pharmaceutical
|
|||||||||||
products, and services
|
|||||||||||
customers in Switzerland.
|
|||||||||||
The Company offers health,
|
|||||||||||
beauty, and related
|
|||||||||||
products and services.
|
|||||||||||
(Cost $902,693)
|
|||||||||||
924,900
|
0.74
|
%
|
|||||||||
Industrials - 1.77%
|
|||||||||||
1,252
|
Belimo Holding AG
|
627,811
|
0.50
|
%
|
|||||||
Manufactures heating,
|
|||||||||||
ventilation and air
|
|||||||||||
conditioning equipment.
|
|||||||||||
(Cost $144,479)
|
|||||||||||
4,976
|
Georg Fischer AG
|
333,634
|
0.27
|
%
|
|||||||
Greorg Fischer AG is a
|
|||||||||||
global supplier in the safe
|
|||||||||||
transportation of liquids
|
|||||||||||
and gases, in the
|
|||||||||||
production of lightweight
|
|||||||||||
casting components and
|
|||||||||||
high-precision
|
|||||||||||
manufacturing technologies.
|
|||||||||||
Headquartered in
|
|||||||||||
Switzerland, it was founded
|
|||||||||||
in 1802. The company is
|
|||||||||||
located in over 30 countries.
|
|||||||||||
Georg fischer comprises
|
|||||||||||
of three divisions: GF Piping
|
|||||||||||
Systems, GF Casting
|
|||||||||||
Solutions, and
|
|||||||||||
GF Machining.
|
|||||||||||
(Cost $342,850)
|
|||||||||||
230,000
|
OC Oerlikon Corp. AG
|
1,240,864
|
1.00
|
%
|
|||||||
Manufactures industrial
|
|||||||||||
equipment. The Company
|
|||||||||||
produces protective
|
|||||||||||
coatings for precision tools
|
|||||||||||
and components,
|
|||||||||||
equipment for textile
|
|||||||||||
production, and propulsion
|
|||||||||||
technology drive systems.
|
|||||||||||
(Cost $2,526,045)
|
|||||||||||
2,202,309
|
1.77
|
%
|
Schedule of Investments by Industry (Unaudited)
|
June 30, 2024
|
(continued)
|
Percent
|
|||||||||||
No. of
|
of Net
|
||||||||||
Shares
|
Security
|
Value
|
Assets
|
||||||||
Common Stock - (continued)
|
|||||||||||
Insurance - 7.80%
|
|||||||||||
6,600
|
Baloise Holding AG
|
$
|
1,161,941
|
0.93
|
%
|
||||||
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 $980,329)
|
|||||||||||
9,000
|
Helvetia Holding AG
|
1,216,893
|
0.98
|
%
|
|||||||
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 $889,706)
|
|||||||||||
2,870
|
Swiss Life Holding AG
|
2,109,862
|
1.69
|
%
|
|||||||
Provides life insurance
|
|||||||||||
and institutional
|
|||||||||||
investment management.
|
|||||||||||
(Cost $657,120)
|
|||||||||||
9,800
|
Zurich Insurance
|
||||||||||
Group AG
|
5,224,994
|
4.20
|
%
|
||||||||
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 $3,153,010)
|
|||||||||||
9,713,690
|
7.80
|
%
|
|||||||||
Machinery-Diversified - 0.85%
|
|||||||||||
27,000
|
Accelleron Industries AG
|
1,057,645
|
0.85
|
%
|
|||||||
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 $477,992)
|
|||||||||||
1,057,645
|
0.85
|
%
|
|||||||||
Metal Fabricate/Hardware - 1.23%
|
|||||||||||
11,500
|
SFS Group AG
|
1,528,044
|
1.23
|
%
|
|||||||
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 $778,227)
|
|||||||||||
1,528,044
|
1.23
|
%
|
Schedule of Investments by Industry (Unaudited)
|
June 30, 2024
|
(continued)
|
Percent
|
|||||||||||
No. of
|
of Net
|
||||||||||
Shares
|
Security
|
Value
|
Assets
|
||||||||
Common Stock - (continued)
|
|||||||||||
Packaging & Containers - 1.43%
|
|||||||||||
97,000
|
SIG Combibloc Group AG
|
$
|
1,775,707
|
1.43
|
%
|
||||||
The company, through
|
|||||||||||
its subsidiaries,
|
|||||||||||
manufactures and produces
|
|||||||||||
bottling machines and
|
|||||||||||
systems for the food
|
|||||||||||
and beverage industries.
|
|||||||||||
The company serves
|
|||||||||||
customers worldwide.
|
|||||||||||
(Cost $1,384,254)
|
|||||||||||
1,775,707
|
1.43
|
%
|
|||||||||
Pharmaceuticals - 23.25%
|
|||||||||||
24,000
|
Galderma Group AG2
|
1,975,339
|
1.59
|
%
|
|||||||
Delivers science-based
|
|||||||||||
portfolio of brands and
|
|||||||||||
services that span the
|
|||||||||||
full spectrum of self-care
|
|||||||||||
dermatology market
|
|||||||||||
through injectable
|
|||||||||||
aesthetics, dermatological
|
|||||||||||
skincare, and therapeutic
|
|||||||||||
dermatology. The company
|
|||||||||||
serves customerss
|
|||||||||||
worldwide.
|
|||||||||||
(Cost $1,414,512)
|
|||||||||||
140,000
|
Novartis AG
|
14,983,085
|
12.03
|
%
|
|||||||
One of the leading
|
|||||||||||
manufacturers of branded
|
|||||||||||
and generic
|
|||||||||||
pharmaceutical products.
|
|||||||||||
(Cost $6,851,499)
|
|||||||||||
43,200
|
Roche Holding AG
|
11,994,658
|
9.63
|
%
|
|||||||
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 $7,592,284)
|
|||||||||||
28,953,082
|
23.25
|
%
|
|||||||||
Private Equity - 2.42%
|
|||||||||||
2,350
|
Partners Group
|
||||||||||
Holding AG
|
3,017,917
|
2.42
|
%
|
||||||||
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 $1,796,137)
|
|||||||||||
3,017,917
|
2.42
|
%
|
Schedule of Investments by Industry (Unaudited)
|
June 30, 2024
|
(continued)
|
Percent
|
|||||||||||
No. of
|
of Net
|
||||||||||
Shares
|
Security
|
Value
|
Assets
|
||||||||
Common Stock - (continued)
|
|||||||||||
Retail - 6.75%
|
|||||||||||
43,400
|
Cie Financiere
|
||||||||||
Richemont SA
|
$
|
6,773,704
|
5.44
|
%
|
|||||||
Manufactures and retails
|
|||||||||||
luxury goods. Produces
|
|||||||||||
jewelry, watches, leather
|
|||||||||||
goods, writing instruments
|
|||||||||||
and men's and
|
|||||||||||
women's wear.
|
|||||||||||
(Cost $3,343,992)
|
|||||||||||
40,000
|
Swatch Group AG -
|
||||||||||
Registered Shares
|
1,633,652
|
1.31
|
%
|
||||||||
Manufactures finished
|
|||||||||||
watches, movements and
|
|||||||||||
components. Produces
|
|||||||||||
components necessary
|
|||||||||||
to its various watch brand
|
|||||||||||
companies. The company
|
|||||||||||
also operates retail
|
|||||||||||
boutiques.
|
|||||||||||
(Cost $2,466,618)
|
|||||||||||
8,407,356
|
6.75
|
%
|
|||||||||
Semiconductors - 0.78%
|
|||||||||||
701,100
|
ams-OSRAM AG2
|
970,976
|
0.78
|
%
|
|||||||
Designs and manufactures
|
|||||||||||
advanced sensor solutions.
|
|||||||||||
The company also delivers
|
|||||||||||
a broad range of
|
|||||||||||
technology solutions for
|
|||||||||||
consumer electronics and
|
|||||||||||
communication device
|
|||||||||||
manufactures.
|
|||||||||||
(Cost $2,147,015)
|
|||||||||||
970,976
|
0.78
|
%
|
|||||||||
Transportation - 1.71%
|
|||||||||||
7,400
|
Kuehne + Nagel
|
||||||||||
International AG
|
2,127,932
|
1.71
|
%
|
||||||||
Transports freight
|
|||||||||||
worldwide. The company
|
|||||||||||
operates sea, land, and
|
|||||||||||
rail freight transportation
|
|||||||||||
businesses and
|
|||||||||||
warehousing and
|
|||||||||||
distribution facilities.
|
|||||||||||
(Cost $2,030,349)
|
|||||||||||
2,127,932
|
1.71
|
%
|
|||||||||
Total Common Stock
|
|||||||||||
(Cost $78,604,356)
|
120,921,748
|
97.08
|
%
|
||||||||
Limited Partnership - 0.88%
|
|||||||||||
Biotechnology - 0.88%
|
|||||||||||
3,294,705
|
Aravis Biotech II, Limited
|
||||||||||
Partnership1,2
|
1,097,563
|
0.88
|
%
|
||||||||
Makes early stage venture
|
|||||||||||
investments in the
|
|||||||||||
biotechnology &
|
|||||||||||
pharmaceuticals industry.
|
|||||||||||
(Cost $213,885)
|
|||||||||||
1,097,563
|
0.88
|
%
|
|||||||||
Total Limited
|
|||||||||||
Partnership
|
|||||||||||
(Cost $213,885)
|
1,097,563
|
0.88
|
%
|
Schedule of Investments by Industry (Unaudited)
|
June 30, 2024
|
(continued)
|
Percent
|
|||||||||||
No. of
|
of Net
|
||||||||||
Shares
|
Security
|
Value
|
Assets
|
||||||||
Short-Term Investment - 0.42%
|
|||||||||||
526,978
|
U.S. Bank Money
|
||||||||||
Market Deposit
|
|||||||||||
Account, 1.55%
|
$
|
526,978
|
0.42
|
%
|
|||||||
(Cost $526,978)
|
|||||||||||
526,978
|
0.42
|
%
|
|||||||||
Total Short-Term
|
|||||||||||
Investment
|
|||||||||||
(Cost $526,978)
|
526,978
|
0.42
|
%
|
||||||||
Total Investments5
|
|||||||||||
(Cost $79,345,219)
|
122,546,289
|
98.38
|
%
|
||||||||
Other Assets
|
|||||||||||
Less Liabilities5
|
2,016,986
|
1.62
|
%
|
||||||||
Net Assets
|
$
|
124,563,275
|
100.00
|
%
|
|||||||
Net Asset Value Per Share:
|
|||||||||||
($124,563,275 ÷ 12,990,705
|
|||||||||||
shares outstanding,
|
|||||||||||
$0.001 par value: 50 million
|
|||||||||||
shares authorized)
|
$
|
9.59
|
Schedule of Investments by Industry (Unaudited)
|
June 30, 2024
|
(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 $1,458,974 or 1.17% 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
|
|||
Spineart SA - Common Shares
|
December 22, 2010 - December 20, 2020
|
1,554,486
|
||||
$
|
1,768,371
|
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
|
Corporate
|
Realized
|
Unrealized
|
Interest
|
as of
|
|||||||||||||||||||||||||
Name of Issuer
|
12/31/23
|
Additions
|
Reductions
|
Actions
|
Gain/(Loss)
|
Gain/(Loss)
|
Income
|
6/30/24
|
||||||||||||||||||||||||
Aravis Biotech II,
|
||||||||||||||||||||||||||||||||
Limited Partnership
|
$
|
997,278
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
100,285
|
$
|
-
|
$
|
1,097,563
|
||||||||||||||||
$
|
997,278
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
100,285
|
$
|
-
|
$
|
1,097,563
|
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.
|
Schedule of Investments by Industry (Unaudited)
|
June 30, 2024
|
(concluded)
|
PORTFOLIO HOLDINGS
|
||||
% of Net Assets as of June 30, 2024
|
||||
Pharmaceuticals
|
23.25
|
%
|
||
Food
|
17.49
|
%
|
||
Insurance
|
7.80
|
%
|
||
Healthcare-Products
|
7.76
|
%
|
||
Retail
|
6.75
|
%
|
||
Diversified Financial Services
|
3.39
|
%
|
||
Electronic Components & Equipment
|
3.34
|
%
|
||
Banks
|
3.32
|
%
|
||
Health Care
|
2.93
|
%
|
||
Biotechnology
|
2.81
|
%
|
||
Private Equity
|
2.42
|
%
|
||
Building Materials
|
1.86
|
%
|
||
Industrials
|
1.77
|
%
|
||
Transportation
|
1.71
|
%
|
||
Electric
|
1.64
|
%
|
||
Chemicals
|
1.52
|
%
|
||
Packaging & Containers
|
1.43
|
%
|
||
Computers
|
1.26
|
%
|
||
Metal Fabricate/Hardware
|
1.23
|
%
|
||
Advertising
|
1.03
|
%
|
||
Biotechnology
|
0.88
|
%
|
||
Machinery-Diversified
|
0.85
|
%
|
||
Semiconductors
|
0.78
|
%
|
||
Healthcare - Services
|
0.74
|
%
|
||
Short-Term Investment
|
0.42
|
%
|
||
Other Assets Less Liabilities
|
1.62
|
%
|
||
100.00
|
%
|
|||
TOP 10 PORTFOLIO HOLDINGS
|
||||
% of Net Assets as of June 30, 2024
|
||||
Nestle SA
|
14.51
|
%
|
||
Novartis AG
|
12.03
|
%
|
||
Roche Holding AG
|
9.63
|
%
|
||
Cie Financiere Richemont SA
|
5.44
|
%
|
||
ZURICH INSURANCE GROUP AG
|
4.20
|
%
|
||
UBS Group AG
|
2.74
|
%
|
||
Partners Group Holding AG
|
2.42
|
%
|
||
Sandoz Group AG
|
2.21
|
%
|
||
Alcon Inc
|
2.12
|
%
|
||
Lonza Group AG
|
2.01
|
%
|
Statement of Assets and Liabilities (Unaudited)
|
June 30, 2024
|
Assets:
|
||||
Investments in unaffiliated issuers, at value (cost $79,131,334)
|
$
|
121,448,726
|
||
Investments in affiliated issuers, at value (cost $213,885)
|
1,097,563
|
|||
Total Investments, at value (cost $79,345,219)
|
122,546,289
|
|||
Cash and cash equivalents
|
-
|
|||
Foreign currency (cost $505,142)
|
504,327
|
|||
Tax reclaims receivable
|
1,691,539
|
|||
Investment receivable
|
57,182
|
|||
Interest receivable
|
711
|
|||
Prepaid expenses
|
60,149
|
|||
Total assets
|
124,860,197
|
|||
Liabilities:
|
||||
Accrued Fees and Expenses:
|
||||
Investment advisory
|
73,104
|
|||
Directors
|
74,368
|
|||
Legal
|
17,557
|
|||
Audit
|
27,666
|
|||
Custody
|
9,849
|
|||
Credit facility interest
|
5,623
|
|||
Miscellaneous
|
88,755
|
|||
Total liabilities
|
296,922
|
|||
Net assets
|
$
|
124,563,275
|
||
Composition of Net Assets:
|
||||
Paid-in capital
|
87,513,782
|
|||
Total distributable earnings
|
37,049,493
|
|||
Net assets
|
$
|
124,563,275
|
||
Net Asset Value Per Share:
|
||||
($124,563,275 ÷ 12,990,705shares outstanding,
|
||||
$0.001 par value: 50 millionshares authorized)
|
$
|
9.59
|
Statement of Operations (Unaudited) |
For the Six Months Ended June 30, 2024 |
Investment Income:
|
||||
Dividend (less of foreign tax withheld of $444,000)
|
$
|
2,732,691
|
||
Interest income
|
5,238
|
|||
Total income
|
2,737,929
|
|||
Expenses:
|
||||
Investment advisory fees (Note 2)
|
429,067
|
|||
Directors'
|
153,900
|
|||
Legal (Note 3)
|
58,104
|
|||
Officers
|
67,222
|
|||
Administration (Note 3)
|
63,552
|
|||
Delaware franchise tax
|
19,150
|
|||
Printing and shareholder reports
|
32,665
|
|||
Audit (Note 3)
|
27,661
|
|||
Custody (Note 3)
|
25,370
|
|||
Insurance
|
23,924
|
|||
Transfer agency (Note 3)
|
18,547
|
|||
Listing fees
|
25,800
|
|||
Miscellaneous
|
30,850
|
|||
Total expenses
|
975,812
|
|||
Net investment income
|
1,762,117
|
|||
Realized and Unrealized Gains on Investments and Foreign Currency Translations:
|
||||
Net realized gain from:
|
||||
Investments in unaffiliated issuers
|
(5,044,134
|
)
|
||
Foreign currency transactions
|
(16,868
|
)
|
||
Total net realized gain from unaffiliated and
|
||||
affiliated issuers and foreign currency transactions
|
(5,061,002
|
)
|
||
Net change in unrealized appreciation from:
|
||||
Investments in unaffiliated issuers
|
4,283,152
|
|||
Investments in affiliated issuers
|
100,285
|
|||
Foreign currency translations
|
(931
|
)
|
||
Total net change in unrealized appreciation from unaffiliated
|
||||
and affiliated issuers, and foreign currency translations
|
4,382,506
|
|||
Net Realized and Unrealized Gain on
|
||||
Investments and Foreign Currency Translations
|
(678,496
|
)
|
||
Net Increase in Net Assets from Operations
|
$
|
1,083,621
|
Statement of Cash Flows (Unaudited)
|
For the Six Months Ended June 30, 2024
|
Cash flows from operating activities:
|
||||
Net increase in net assets applicable to common shareholders
|
$
|
1,083,621
|
||
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
|
(5,773,216
|
)
|
||
Proceeds from sales of investments
|
8,216,470
|
|||
Net purchases and sales of short-term investments
|
331,030
|
|||
Return of capital distributions received from underlying investments
|
-
|
|||
Increase in tax reclaims receivable
|
(260,520
|
)
|
||
Increase in dividends and interest receivable
|
(262
|
)
|
||
Increase in other assets
|
(40,230
|
)
|
||
Increase in payable to Adviser
|
(3,575
|
)
|
||
Decrease in accrued expenses and other liabilities
|
(37,128
|
)
|
||
Net realized gains from investments
|
5,044,134
|
|||
Net change in unrealized appreciation (depreciation) from investments
|
(4,383,437
|
)
|
||
Net cash provided by operating activities
|
4,176,887
|
|||
Cash flows from financing activities:
|
||||
Distributions paid to common shareholders
|
(3,351,602
|
)
|
||
Repurchase of common stock
|
-
|
|||
Net cash used in financing activities
|
(3,351,602
|
)
|
||
Net change in cash
|
$
|
825,285
|
||
Cash:
|
||||
Beginning of period*
|
23,446
|
|||
End of period*
|
$
|
848,731
|
||
Cash financing activities not included herein consist of interest paid
|
63,834
|
For the
|
||||||||
Six Months Ended
|
For the
|
|||||||
June 30, 2024
|
Year Ended
|
|||||||
(Unaudited)
|
December 31, 2023
|
|||||||
Increase (Decrease) in Net Assets:
|
||||||||
Operations:
|
||||||||
Net investment income
|
$
|
1,762,117
|
$
|
896,303
|
||||
Total net realized gain from unaffiliated and
|
||||||||
affiliated issuers and foreign currency transactions
|
(5,061,002
|
)
|
4,057,172
|
|||||
Total net change in unrealized appreciation
|
||||||||
(depreciation) from unaffiliated and affiliated issuers,
|
||||||||
foreign currency and foreign currency translations
|
4,382,506
|
13,879,622
|
||||||
Net increase (decrease) in net assets from operations
|
1,083,621
|
18,833,097
|
||||||
Distributions to Stockholders:
|
||||||||
From earnings
|
(3,351,602
|
)
|
(5,796,462
|
)
|
||||
From return of capital
|
-
|
(691,968
|
)
|
|||||
Total distributions to stockholders
|
(3,351,602
|
)
|
(6,488,430
|
)
|
||||
Capital Stock Transactions:
|
||||||||
Value of shares repurchased through
|
||||||||
stock repurchase program (Note 6)
|
-
|
(1,687,724
|
)
|
|||||
Total decrease from capital share transactions
|
-
|
(1,687,724
|
)
|
|||||
Total increase (decrease) in net assets
|
(2,267,981
|
)
|
10,656,943
|
|||||
Net Assets:
|
||||||||
Beginning of period
|
126,831,256
|
116,174,313
|
||||||
End of period
|
$
|
124,563,275
|
$
|
126,831,256
|
For the Six
|
||||||||||||||||||||||||
Months Ended
|
For the Years Ended December 31,
|
|||||||||||||||||||||||
June 30, 2024
|
||||||||||||||||||||||||
(Unaudited)
|
2023
|
2022
|
2021
|
2020
|
2019
|
|||||||||||||||||||
Per Share Operating Performance:
|
||||||||||||||||||||||||
Net asset value at the beginning of period
|
$
|
9.76
|
$
|
8.80
|
$
|
11.50
|
$
|
10.45
|
$
|
9.71
|
$
|
7.96
|
||||||||||||
Income from Investment Operations:
|
||||||||||||||||||||||||
Net investment income1
|
0.14
|
0.07
|
0.07
|
0.05
|
0.05
|
0.01
|
||||||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain (loss) on investments2
|
0.19
|
1.36
|
(2.15
|
)
|
1.58
|
1.24
|
1.88
|
|||||||||||||||||
Total from investment activities
|
0.33
|
1.43
|
(2.08
|
)
|
1.63
|
1.29
|
1.89
|
|||||||||||||||||
Anti-dilutive effect of common
|
||||||||||||||||||||||||
share repurchase program
|
-
|
0.03
|
-
|
4
|
-
|
0.01
|
-
|
|||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Net investment income
|
(0.17
|
)
|
(0.17
|
)
|
(0.06
|
)
|
(0.06
|
)
|
(0.08
|
)
|
(0.12
|
)
|
||||||||||||
Net realized gains
|
(0.28
|
)
|
(0.28
|
)
|
(0.16
|
)
|
(0.09
|
)
|
-
|
(0.02
|
)
|
|||||||||||||
Return of Capital
|
(0.05
|
)
|
(0.05
|
)
|
(0.40
|
)
|
(0.43
|
)
|
(0.48
|
)
|
-
|
|||||||||||||
Total distributions
|
(0.50
|
)
|
(0.50
|
)
|
(0.62
|
)
|
(0.58
|
)
|
(0.56
|
)
|
(0.14
|
)
|
||||||||||||
Net asset value at end of year
|
$
|
9.59
|
$
|
9.76
|
$
|
8.80
|
$
|
11.50
|
$
|
10.45
|
$
|
9.71
|
||||||||||||
Market value per share at the end of period
|
$
|
8.07
|
$
|
8.20
|
$
|
7.56
|
$
|
9.94
|
$
|
8.94
|
$
|
8.41
|
||||||||||||
Total Investment Returns:3,5
|
||||||||||||||||||||||||
Based on market value per share
|
1.63
|
%
|
15.48
|
%
|
-17.62
|
%
|
18.25
|
%
|
14.18
|
%
|
24.00
|
%
|
||||||||||||
Based on net asset value per share
|
0.92
|
%
|
16.92
|
%
|
-17.97
|
%
|
16.09
|
%
|
14.29
|
%
|
23.80
|
%
|
||||||||||||
Ratios to Average Net Assets:6
|
||||||||||||||||||||||||
Net expenses
|
1.59
|
%7
|
1.66
|
%7
|
1.68
|
%7
|
1.40
|
%
|
1.80
|
%
|
2.13
|
%
|
||||||||||||
Gross expenses
|
1.59
|
%7
|
1.66
|
%7
|
1.68
|
%7
|
1.40
|
%
|
1.80
|
%
|
2.13
|
%
|
||||||||||||
Net investment income
|
2.87
|
%
|
0.73
|
%
|
0.74
|
%
|
0.48
|
%
|
0.48
|
%
|
0.10
|
%
|
||||||||||||
Supplemental Data and Ratios
|
||||||||||||||||||||||||
Net assets at end of year (000's)
|
$
|
124,563
|
$
|
126,831
|
$
|
116,174
|
$
|
151,912
|
$
|
138,040
|
$
|
128,864
|
||||||||||||
Average net assets during the year (000's)
|
$
|
123,264
|
$
|
123,139
|
$
|
123,684
|
$
|
144,019
|
$
|
125,666
|
$
|
118,960
|
||||||||||||
Portfolio turnover rate
|
5
|
%
|
14
|
%
|
15
|
%
|
11
|
%
|
12
|
%
|
18
|
%
|
1
|
Calculated using the average shares method.
|
2
|
Includes net realized and unrealized currency gains and losses.
|
3
|
Total investment return based on market value differs from total investments return based on net asset value due to changes in the relationship between the market value of the Fund's shares and its NAV per share.
|
4
|
Less than 0.5 cents per share.
|
5
|
Not annualized for periods less than one year.
|
6
|
Annualized for periods less than one year.
|
7
|
If interest expense and commitment fees had been excluded, the expense ratios would have been lower by 0.05% for the years ended December 31, 2022 and December 31, 2023.
|
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
|
$
|
119,462,774
|
$
|
-
|
$
|
1,458,974
|
$
|
-
|
$
|
120,921,748
|
||||||||||
Preferred Stock
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Limited Partnership
|
-
|
-
|
-
|
1,097,563
|
1,097,563
|
|||||||||||||||
Short Term Investment
|
526,978
|
-
|
-
|
-
|
526,978
|
|||||||||||||||
Total Investments in Securities
|
$
|
119,989,752
|
$
|
-
|
$
|
1,458,974
|
$
|
1,097,563
|
$
|
122,546,289
|
*
|
Please see the Schedule of Investments for industry classifications.
|
**
|
As of June 30, 2024, 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.
|
Quantitative Information about certain Level 3 Fair Value Measurements
|
||||
Value at
|
||||
June 30, 2024
|
Valuation Technique
|
Unobservable Inputs
|
Range1
|
|
Healthcare-Products
|
||||
Spineart SA-Common Shares
|
$1,458,974
|
Market approach
|
Based on listed trading
|
15-25%
|
multiples, cross checked to
|
||||
secondary share purchase
|
||||
with additional discount
|
||||
for lack of marketability
|
||||
Total
|
$1,458,974
|
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, 2023
|
$
|
1,341,160
|
$
|
5,177
|
$
|
1,346,337
|
||||||
Change in Unrealized Appreciation/Depreciation
|
3,124,862
|
1,927,021
|
5,051,883
|
|||||||||
Net Realized Gain (Loss)
|
(3,005,586
|
)
|
(1,927,349
|
)
|
(4,932,935
|
)
|
||||||
Gross Purchases
|
-
|
-
|
-
|
|||||||||
Gross Sales
|
(1,462
|
)
|
(4,849
|
)
|
(6,311
|
)
|
||||||
Transfer out of Level 3
|
-
|
-
|
-
|
|||||||||
Balance as of June 30, 2024
|
$
|
1,458,974
|
$
|
-
|
$
|
1,458,974
|
||||||
Change in unrealized appreciation (depreciation) during the period
|
||||||||||||
for Level 3 investments held at June 30, 2024
|
117,814
|
(5,177
|
)
|
112,637
|
For the Period Ended
|
For the Year Ended
|
|||||||||||||||
June 30, 2024
|
December 31, 2023
|
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Dividends Reinvested
|
-
|
$
|
-
|
-
|
$
|
-
|
||||||||||
Repurchased through Stock Repurchase Program (Note 6)
|
-
|
-
|
(205,045
|
)
|
(1,687,724
|
)
|
||||||||||
Repurchased from Tender Offer
|
-
|
-
|
-
|
-
|
||||||||||||
Net Increase/(Decrease)
|
-
|
$
|
-
|
(205,045
|
)
|
$
|
(1,687,724
|
)
|
2023
|
2022
|
|||||||
Ordinary Income
|
$
|
2,489,577
|
$
|
810,137
|
||||
Return of Capital
|
691,968
|
5,241,653
|
||||||
Long-Term Capital Gains
|
3,306,885
|
2,167,057
|
||||||
Total
|
$
|
6,488,430
|
$
|
8,218,847
|
Tax cost of investments
|
$
|
86,488,037
|
||
Unrealized appreciation
|
48,523,318
|
|||
Unrealized depreciation
|
(9,986,563
|
)
|
||
Net unrealized appreciation
|
38,536,755
|
|||
Net unrealized on foreign currency
|
119,189
|
|||
Undistributed ordinary income
|
-
|
|||
Undistributed long-term capital gains
|
-
|
|||
Distributable earnings
|
-
|
|||
Other accumulated losses
|
(30,439
|
)
|
||
Total distributable earnings
|
$
|
38,625,505
|
Record Date
|
Payable Date
|
Ordinary Income
|
Return of Capital
|
ST Cap Gains
|
LT Cap Gains
|
Total Distribution
|
||||||||||||||||
3/22/23
|
3/31/23
|
$
|
0.04139848
|
$
|
0.01310152
|
$
|
0.00574
|
$
|
0.06261
|
$
|
0.12285
|
|||||||||||
6/21/23
|
6/30/23
|
0.04139848
|
0.01310152
|
0.00574
|
0.06261
|
0.12285
|
||||||||||||||||
9/20/23
|
9/29/23
|
0.04139848
|
0.01310152
|
0.00574
|
0.06261
|
0.12285
|
||||||||||||||||
12/19/23
|
12/29/23
|
0.04346261
|
0.01375739
|
0.00603
|
0.06575
|
0.12900
|
||||||||||||||||
$
|
0.49755
|
Original Capital
|
Unfunded
|
|
Investments
|
Commitment*
|
Commitment*
|
Private Equity Limited Partnership-International(a)
|
||
Aravis Biotech II, Limited Partnership
|
$3,616,737
|
$ -
|
*
|
The original capital commitment represents 3,250,000 Swiss francs, which has been fully funded as of June 30, 2024. The Swiss franc/U.S. dollar exchange rate as of June 30, 2024 was used for conversion and equaled 0.8986 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.
|
Maximum Amount
|
Average Daily
|
Maximum Amount
|
Interest
|
Commitment
|
Weighted Average
|
Available
|
Borrowings
|
Outstanding
|
Expense
|
Fee
|
Interest Rate
|
$15,000,000
|
$319,203
|
$4,811,000
|
$21,036
|
$48,472
|
6.50%
|
Gross Foreign
|
Foreign Taxes
|
Gross Foreign
|
Foreign Taxes
|
Shares Outstanding
|
Source Income
|
Pass-through
|
Source Income Per Share
|
Pass-through Per Share
|
at 12/31/23
|
3,402,387
|
489,651
|
0.26190932
|
0.03769238
|
12,990,705
|
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: 80
|
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
|
|
Age: 56
|
Chair of the Audit
|
International LLC until 2019; Director,
|
DMF (BNY Mellon Municipal
|
Committee (2017);
|
Market Strategist and Head of
|
Income, Inc.) since 2024, FAX (Aberdeen
|
|
Lead Independent
|
Proprietary Trading (London Branch),
|
Asia Pacific Income Fund) and
|
|
Director (2018)
|
Landesbank Berlin AG and
|
FCO (Aberdeen Global Income Fund)
|
|
Landesbank Berlin Holding AG
|
since 2018; Director of IAF (Aberdeen
|
||
(formerly, Bankgesellschaft Berlin AG)
|
Australia Equity Fund) since 2004;
|
||
from 1996 to 2013
|
Director of Aberdeen Greater China
|
||
Fund until 2018; 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
|
Partner, Ryan Heritage, LLP;
|
Opportunities Fund, Inc. since
|
|
Age: 58
|
Chairman (2018)
|
Principal of the former general partner
|
2009; Trustee, Crossroads
|
of several private investment
|
Liquidating Trust (formerly,
|
||
partnerships in the Bulldog
|
Crossroads Capital, Inc.) from
|
||
Investors group of private funds;
|
2015-2020; President and Trustee of
|
||
Principal of the managing general
|
High Income Securities Fund since
|
||
partner of Bulldog Investors
|
2018; Director, Brookfield DTLA
|
||
General Partnership
|
Fund Office Trust Investor Inc.
|
||
since 2017, and BNY Mellon
|
|||
Municipal Income, Inc. since 2024
|
*
|
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; Partner of Ryan
|
Mexico Equity and Income Fund,
|
|
Age: 79
|
Chair of the
|
Heritage, LLP; Principal of the former
|
Inc. since 2000; Chairman,
|
Governance/
|
general partner of several private
|
Director and Secretary of Special
|
|
Nominating
|
investment partnerships in the
|
Opportunities Fund, Inc. since
|
|
Committee (2018)
|
Bulldog Investors group of private
|
2009; Chairman, Trustee and Secretary
|
|
funds since 2009; Principal of the
|
of High Income Securities Fund since
|
||
managing general partner of
|
2018; Director of Brookfield DTLA
|
||
Bulldog Investors General Partnership
|
Fund Office Trust Investor Inc.
|
||
since 2017 and BNY Mellon Municipal
|
|||
Income, Inc. since 2024;
|
|||
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: 86
|
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
|
from 2017-2023; 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;
|
Partner, Ryan Heritage, LLP;
|
|
Age: 58
|
Officer; Director
|
Chairman since 2018;
|
Principal of the former general
|
and Chairman.
|
Director since 2017
|
partner of several private
|
|
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: 55
|
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: 54
|
Investors, LLP; Chief Compliance
|
||
Officer of Ryan Heritage, LLP,
|
|||
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
|
Investors, LLP
|
|||
Age: 55
|
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.
|
Andrew Dakos
|
Gerald Hellerman1,4
|
Chairman, President and
|
Director
|
Chief Executive Officer
|
Thomas Antonucci
|
Richard Dayan1,5
|
Chief Financial Officer
|
Director
|
Stephanie Darling
|
Phillip Goldstein2
|
Chief Compliance Officer
|
Director
|
Rajeev Das
|
Moritz Sell3,6
|
Secretary
|
Director
|
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
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
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
|
Month #1
01/01/24-01/31/24
|
N/A
|
N/A
|
N/A
|
N/A
|
Month #2
02/01/24-02/29/24
|
N/A
|
N/A
|
N/A
|
N/A
|
Month #2
03/01/24-03/31/24
|
N/A
|
N/A
|
N/A
|
N/A
|
Month #4
04/01/24-04/30/24
|
N/A
|
N/A
|
N/A
|
N/A
|
Month #5
05/01/24-05/31/24
|
N/A
|
N/A
|
N/A
|
N/A
|
Month #6
06/01/24-06/30/24
|
N/A
|
N/A
|
N/A
|
N/A
|
Total
|
N/A
|
N/A
|
N/A
|
N/A
|
(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.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.
|
(c)
|
A copy of the Registrant's notice to shareholders pursuant to Rule 19a-1 under the 1940 Act which accompanied distributions paid during the period ended June 30, 2024 pursuant to the Registrant's Managed Distribution Plan are filed herewith as required by the terms of the Registrant's exemptive order issued on May 21, 2018. Filed herewith.
|