Date Shares Price Per Share
3/20/2009 120 $8.73
3/23/2009 180 $8.91
3/25/2009 660 $8.87
3/27/2009 450 $8.62
3/30/2009 (30) $8.50
3/31/2009 455 $8.90
3/31/2009 (244) $8.90
4/9/2009 (4886) $8.91
4/13/2009 1016 $8.87
4/15/2009 250 $8.80
4/16/2009 (180) $8.90
4/20/2009 (300) $8.64
4/21/2009 550 $8.50
4/28/2009 200 $9.12
4/29/2009 (4500) $9.23
5/1/2009 (375) $9.56
5/4/2009 (337) $9.74
5/5/2009 (300) $9.58
5/6/2009 (2579) $9.70
5/8/2009 (761) $10.05
5/12/2009 (20500) $10.08
5/13/2009 (150) $9.80
5/14/2009 (2577) $9.93
5/18/2009 (894) $10.03
5/21/2009 (290) $9.97
The Accounts have the right to receive all dividends from, and any proceeds from the sale of the Shares. None of the Accounts has an interest in Shares constituting more than 5% of the Shares outstanding.
Item 6. Contracts, Arrangements, Understandings, or Relationships with Respect to Securities of the Issuer.
Except as described above, there are no contracts, arrangements, understandings or relationships of any kind among the Principals and KIM and between any of them and any other person with respect to any of the SWZ securities.
Item 7. Materials to be Filed as Exhibits.
As is indicated in Item 4, above, KIM has purchased SWZ for the Accounts for investment purposes. However, KIM has reserved the right to contact management with regard to concerns that they have with respect to the Fund, including letters to the Board and/or other communications with fund management. Accordingly, KIM sent a letter to the Fund on May 22, 2009. A copy of the letter is attached as Exhibit 1.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.
Karpus Management, Inc.
By: /s/
Name: Cody B. Bartlett Jr., CFA
Title: Managing Director of Investments
Date: May 26, 2009
EXHIBIT 1
Letter to the Fund
Transmitted May 22, 2009
The Swiss Helvetia Fund, Inc.
1270 Avenue of the Americas, Suite 400
New York, New York 10020
Attn: Edward J. Veilleux May 22, 2009
Re: The Swiss Helvetia Fund, Inc.
Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus") represents beneficial ownership of 536,678 shares or 1.65% of the outstanding common shares of The Swiss Helvetia Fund, Inc. ("SWZ" or the "Fund"). I write this letter to state our opposition to the Fund's proposal to approve changes to certain of the Fund's fundamental investment restrictions to permit the Fund to enter into futures and forward contracts and certain option contracts.
Specifically, we have concerns with the removal of this restriction because of the poor experiences the Fund had with option contracts implemented earlier this year, without the restrictions removed. After experiencing a distressful downturn and eminent rally, the Fund was victimized by its option strategy, which was a major contributing factor to the poor net asset value performance that lagged the performance of the overall Swiss market. In fact, the Fund's net asset value has underperformed the Swiss Market Index by 18.37% on a year-to-date basis (through May 20, 2009).
The fund originally implemented a traditional fundamental value investment strategy, which has induced shareholders to invest for many years. Option strategies, such as those proposed, have the potential to provide an excellent means for hedging; however, when implemented (managed) poorly it also has a great potential to expose the Fund to additional risks.
Overall, we feel that if the Fund chooses to remove these restrictions that they deemed "fundamental," they must allow those shareholders that relied on the restrictions a means of exiting their investment near the net asset value of the Fund. Should you wish to discuss these concerns, please do not hesitate to contact me.
Sincerely,
Mitchell Thomas
International Equities Analyst/Portfolio Manager