THE SWISS HELVETIA FUND, INC.
  
Schedule of Investments by Industry (Unaudited)
  
March 31, 2024
             
             
           
Percent
No. of
          
of Net
Shares
  
Security
  
Value
  
Assets
Common Stock — 97.83%
        
Advertising — 1.06%
          
19,000
  
DKSH Holding AG
  
            1,294,160
  
1.06%
   
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)
        
       
            1,294,160
  
1.06%
             
Banks — 2.93%
            
116,000
  
UBS Group AG
  
            3,572,599
  
2.93%
   
Provides retail banking, corporate and institutional banking, wealth management, asset management and investment banking.
        
   
(Cost $1,582,000)
        
       
            3,572,599
  
2.93%
             
Biotechnology — 3.14%
          
10,801
  
Bachem Holding AG
  
            1,036,090
  
0.85%
   
Specializes in the development and manufacture of peptides and oligonucleotides. The company provides products for research, clinical development and commercial application to pharamceutical and biotechnology companies.
        
   
(Cost $827,767)
        
4,650
  
Lonza Group AG
  
            2,788,864
  
2.29%
   
Produces organic fine chemicals, biocides, active ingredients, and biotechnology products.
        
   
(Cost $2,620,486)
        
       
            3,824,954
  
3.14%
             
Building Materials — 2.58%
        
500
  
Forbo Holding AG
  
               639,502
  
0.52%
   
Produces floor coverings, adhesives and belts for conveying and power transmission.
        
   
(Cost $753,949)
        
8,400
  
Sika AG
  
            2,504,985
  
2.06%
   
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 $1,566,770)
        
       
            3,144,487
  
2.58%
             
Chemicals — 1.50%
            
410
  
Givaudan SA
  
            1,828,089
  
1.50%
   
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 $1,239,873)
        
       
            1,828,089
  
1.50%
             
Computers — 1.65%
          
18,000
  
Logitech International SA
  
            1,613,945
  
1.32%
   
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 $244,048)
        
22,000
  
SoftwareONE Holding AG
  
               405,951
  
0.33%
   
Provides IT services. The Company offers cloud computing, portfolio management, procurment, unified communication, and other related solutions.
        
   
(Cost $400,813)
        
       
            2,019,896
  
1.65%
             
Diversified Financial Services — 3.36%
        
23,000
  
Julius Baer Group Ltd.
  
            1,329,899
  
1.09%
   
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 $1,065,134)
        
5,500
  
Swissquote Group Holding SA
  
            1,546,131
  
1.27%
   
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)
        
10,030
  
VZ Holding AG
  
            1,224,936
  
1.00%
   
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)
        
       
            4,100,966
  
3.36%
             
Electric — 1.64%
            
13,000
  
BKW AG
  
            1,997,557
  
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 $1,035,522)
        
       
            1,997,557
  
1.64%
             
Electronic Components & Equipment — 2.91%
        
35,500
  
ABB Ltd.
  
            1,651,044
  
1.36%
   
Provides power and automation technologies. The company operates under segments that include power products, power systems, automation products, process automation, and robotics.
        
   
(Cost $716,887)
        
2,000
  
Comet Holding AG
  
               697,679
  
0.57%
   
Develops, produces, and distributes components and systems for x-ray tubes, vacuum condensers, and radio frequency, as well as other medical products.
        
   
(Cost $402,700)
        
100,000
  
R&S Group Holding AG 2
  
            1,199,068
  
0.98%
   
Manufactures small and medium power and distribution transformers and other components in the utility, infrastructure, and industrial sectors.
        
   
(Cost $1,137,204)
        
       
            3,547,791
  
2.91%
             
Food — 18.73%
            
1,317,302
  
Aryzta AG 2
  
            2,394,164
  
1.96%
   
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)
        
900
  
Barry Callebaut AG
  
            1,307,983
  
1.07%
   
Manufactures cocoa and chocolate products. The Company markets to industrial food manufacturers, chocolatiers, pastry chefs, bakers, and retailers globally.
        
   
(Cost $1,669,891)
        
180,000
  
Nestle SA
  
          19,135,117
  
15.70%
   
One of the world's largest food and beverage processing companies.
        
   
(Cost $11,068,564)
        
       
          22,837,264
  
18.73%
             
Health Care — 2.57%
          
77,000
  
Sandoz Group AG
  
            2,326,157
  
1.91%
   
Manufactures and distributes generic and biosimilar medicines for the treatment of patients with diseases such as cancer, diabetes, and arthritis.
        
   
(Cost $1,795,458)
        
2,000
  
Ypsomed Holding AG
  
               800,489
  
0.66%
   
Develops and manufactures custom-made injection systems for pharmaceutical and bio-technology companies.
        
   
(Cost $583,146)
        
       
            3,126,646
  
2.57%
             
Healthcare-Products — 7.39%
        
30,000
  
Alcon, Inc.
  
            2,489,397
  
2.04%
   
Manufactures eye care products. The company produces and markets vitreoretinal and cataract surgery, contact lenses, and refractive technology products.
        
   
(Cost $1,979,844)
        
8,500
  
Medacta Group SA
  
            1,155,102
  
0.95%
   
Produces and distributes medical devices. The company develops, manufactures, and distributes orthopedic and neurosurgical medical devices.
        
   
(Cost $940,840)
        
6,848
  
SKAN Group AG
  
               647,013
  
0.53%
   
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
  
               869,657
  
0.71%
   
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 SA 1,2
  
            1,443,299
  
1.18%
   
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)
        
5,800
  
Tecan Group AG
  
            2,407,061
  
1.98%
   
Manufactures and distributes laboratory automation components and systems. The products are mainly used by research and diagnostic laboratories.
        
   
(Cost $815,502)
        
       
            9,011,529
  
7.39%
             
Healthcare - Services — 0.77%
        
11,300
  
Galenica AG
  
               943,444
  
0.77%
   
Retails pharmaceutical products, and services customers in Switzerland. The Company offers health, beauty, and related products and services.
        
   
(Cost $902,693)
        
       
               943,444
  
0.77%
             
Industrials — 1.35%
            
1,252
  
Belimo Holding AG
  
               614,671
  
0.50%
   
Manufactures heating, ventilation and air conditioning equipment.
        
   
(Cost $144,479)
        
234,000
  
OC Oerlikon Corp. AG
  
            1,031,918
  
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)
        
       
            1,646,589
  
1.35%
             
Insurance — 8.41%
            
12,000
  
Baloise Holding AG
  
            1,882,536
  
1.54%
   
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 $1,807,178)
        
6,700
  
Helvetia Holding AG
  
               924,625
  
0.76%
   
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)
        
2,910
  
Swiss Life Holding AG
  
            2,042,525
  
1.68%
   
Provides life insurance and institutional investment management.
        
   
(Cost $666,355)
        
10,000
  
Zurich Insurance Group AG
  
            5,399,134
  
4.43%
   
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 $3,218,937)
        
       
          10,248,820
  
8.41%
             
Machinery-Diversified — 0.85%
        
27,600
  
Accelleron Industries AG
  
            1,035,115
  
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 $489,575)
        
       
            1,035,115
  
0.85%
             
Metal Fabricate/Hardware — 1.26%
        
11,700
  
SFS Group AG
  
            1,540,602
  
1.26%
   
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 $801,990)
        
       
            1,540,602
  
1.26%
             
Packaging & Containers — 1.77%
        
97,000
  
SIG Combibloc Group AG
  
            2,153,880
  
1.77%
   
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)
        
       
            2,153,880
  
1.77%
             
Pharmaceuticals — 22.19%
        
24,547
  
Galderma Group AG 2
  
            1,726,493
  
1.42%
   
Delivers scirnce-based portfolio of brands and services that span the full spectrum of self-care dermatology market through injectable aesteticss, dermatological skincare, and therapeutic dermatology. The company serves customerss worldwide..
        
   
(Cost $1,446,751)
        
142,229
  
Novartis AG
  
          13,796,545
  
11.32%
   
One of the leading manufacturers of branded and generic pharmaceutical products.
        
   
(Cost $6,989,680)
        
45,177
  
Roche Holding AG
  
          11,521,213
  
9.45%
   
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)
        
       
          27,044,251
  
22.19%
             
Private Equity — 2.87%
          
2,450
  
Partners Group Holding AG
  
            3,503,497
  
2.87%
   
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 $1,917,144)
        
       
            3,503,497
  
2.87%
             
Retail — 7.00%
            
44,000
  
Cie Financiere Richemont SA
  
            6,716,998
  
5.51%
   
Manufactures and retails luxury goods. Produces jewelry, watches, leather goods, writing instruments and men’s and women’s wear.
        
   
(Cost $3,421,020)
        
40,000
  
Swatch Group AG - Registered Shares
  
            1,816,365
  
1.49%
   
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)
        
       
            8,533,363
  
7.00%
             
Semiconductors — 0.59%
          
622,500
  
ams-OSRAM AG 2
  
               723,958
  
0.59%
   
Designs and manufactures advanced sensor solutions. The company also delivers a broad range of technology solutions for consumer electronics and communication device manufactures.
        
   
(Cost $2,043,636)
        
       
               723,958
  
0.59%
             
Transportation — 1.31%
          
5,720
  
Kuehne + Nagel International AG
  
            1,594,005
  
1.31%
   
Transports freight worldwide. The company operates sea, land, and rail freight transportation businesses and warehousing and distribution facilities.
        
   
(Cost $1,558,223)
        
       
            1,594,005
  
1.31%
             
   
Total Common Stock
        
   
(Cost $79,083,201)
  
        119,273,462
  
97.83%
             
Preferred Stock — 0.01%
          
Industrial Goods & Services — 0.01%
        
500,863
  
SelFrag AG Class A 1,2,3
  
                   4,838
  
0.01%
   
Designs, manufactures and sells industrial machines and processes using selective fragmentation technology.
        
   
(Cost $1,932,198)
        
       
                   4,838
  
0.01%
             
   
Total Preferred Stock
        
   
(Cost $1,932,198)
  
                   4,838
  
0.01%
             
Limited Partnership — 0.67%
        
Biotechnology — 0.67%
        
3,294,705
  
Aravis Biotech II, Limited Partnership 1,2
  
               820,428
  
0.67%
   
Makes early stage venture investments in the biotechnology & pharmaceuticals industry.
        
   
(Cost $213,885)
        
       
               820,428
  
0.67%
             
   
Total Limited Partnership
        
   
(Cost $213,885)
  
               820,428
  
0.67%
             
Short-Term Investment — 0.31%
        
382,172
  
U.S. Bank Money Market Deposit Account, 1.55%
  
               382,172
  
0.31%
             
   
(Cost $382,172)
        
       
               382,172
  
0.31%
             
   
Total Short-Term Investment
        
   
(Cost $382,172)
  
               382,172
  
0.31%
             
             
   
Total Investments 5
        
   
(Cost $81,611,456)
  
        120,480,900
  
98.82%
             
   
Other Assets Less Liabilities 5
  
            1,425,479
  
1.18%
   
Net Assets
 $
     121,906,379
  
100.00%

Net Asset Value Per Share:
      
  
   
($121,906,379 ÷ 12,990,705
shares outstanding,
$0.001 par value: 50 million
shares authorized)
     $
    9.38
             
See Notes to Schedule of Investments

THE SWISS HELVETIA FUND, INC.
  
Schedule of Investments by Industry
                  
March 31, 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 $1,448,137 or 1.19% 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
  
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
  
                             
$3,700,569
  
                                 
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
    
Gross
    
Gross
    
Corporate
    
Realized
    
Unrealized
    
Interest
    
Value
  
Name of Issuer
  
as of 12/31/23
    
Additions
    
Reductions
    
Actions
    
Gain/(Loss)
    
Gain/(Loss)
    
Income
    
as of 3/31/24
  
Aravis Biotech II, Limited Partnership
  
$
997,278
    
$
-
    
$
-
    
$
-
    
$
-
    
$
(176,850
)
  
$
-
    
$
820,428
  
   
$
997,278
    
$
-
    
$
-
    
$
-
    
$
-
    
$
(176,850
)
  
$
-
    
$
820,428
  
                                                                 
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
  

PORTFOLIO HOLDINGS
      
% of Net Assets as of March 31, 2024
      
Pharmaceuticals
    
22.19
%
Food
    
18.73
%
Insurance
    
8.41
%
Healthcare-Products
    
7.39
%
Retail
    
7.00
%
Diversified Financial Services
    
3.36
%
Biotechnology
    
3.14
%
Banks
    
2.93
%
Electronic Components & Equipment
    
2.91
%
Private Equity
    
2.87
%
Building Materials
    
2.58
%
Health Care
    
2.57
%
Packaging & Containers
    
1.77
%
Computers
    
1.65
%
Electric
    
1.64
%
Chemicals
    
1.50
%
Industrials
    
1.35
%
Transportation
    
1.31
%
Metal Fabricate/Hardware
    
1.26
%
Advertising
    
1.06
%
Machinery-Diversified
    
0.85
%
Healthcare - Services
    
0.77
%
Biotechnology
    
0.67
%
Semiconductors
    
0.59
%
Short-Term Investment
    
0.31
%
Industrial Goods & Services
    
0.01
%
Other Assets Less Liabilities
    
1.18
%
     
100
%
TOP 10 PORTFOLIO HOLDINGS
      
% of Net Assets as of March 31, 2024
      
Nestle SA
    
15.70
%
Novartis AG
    
11.32
%
Roche Holding AG
    
9.45
%
Cie Financiere Richemont SA
    
5.51
%
ZURICH INSURANCE GROUP AG
    
4.43
%
UBS Group AG
    
2.93
%
Partners Group Holding AG
    
2.87
%
Lonza Group AG
    
2.29
%
Sika AG
    
2.06
%
Alcon Inc
    
2.04
%

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 March 31, 2024:

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
  
$
117,830,163
    
$
-
    
$
1,443,299
    
$
-
    
$
119,273,462
  
Preferred Stock
    
-
      
-
      
4,838
      
-
      
4,838
  
Limited Partnership
    
-
      
-
      
-
      
820,428
      
820,428
  
Short Term Investment
    
382,172
      
-
      
-
      
-
      
382,172
  
Total Investments in Securities
  
$
118,212,335
    
$
-
    
$
1,448,137
    
$
820,428
    
$
120,480,900
  

*
Please see the Schedule of Investments for industry classifications.
**
As of March 31, 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 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, 2023
  
$
1,341,160
    
$
5,177
    
$
1,346,338
  
Change in Unrealized Appreciation/Depreciation (a)
    
3,109,187
      
(339
)
    
3,108,848
  
Net Realized Gain (Loss)
    
(3,005,586
)
    
-
      
(3,005,586
)
Gross Purchases
    
-
      
-
      
-
  
Gross Sales
    
(1,462
)
    
-
      
(1,462
)
Transfer out of Level 3
    
-
      
-
      
-
  
Balance as of March 31, 2024
  
$
1,443,299
    
$
4,838
    
$
1,448,137
  
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at March 31, 2024
    
3,109,187
      
(339
)
    
3,108,848
  
(a)
The noted amounts of change in unrealized appreciation/depreciation relate to the fair value of Level 3 assets held on March 31, 2024.


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