The Fund is a non-diversified, closed-end investment company whose objective is to seek long-term capital appreciation through investment in equity and equity-linked securities of Swiss companies. The Fund also may acquire and hold equity and equity-linked securities of non-Swiss companies in limited instances.
The Fund is listed on the New York Stock Exchange under the symbol "SWZ."
Net Asset Value is calculated daily by 6:15 P.M. (Eastern Time). The most recent calculation is available by accessing our Website. Net Asset Value is also published weekly in Barron's, the Monday edition of The Wall Street Journal and the Sunday Edition of The New York Times.
Pursuant to a resolution of the Board of Directors, the Fund is required, under normal market conditions, to invest more than 80% of its assets in Swiss securities. The Fund is a non-diversified closed-end management investment company. As a non-diversified investment company, there is no restriction on the percentage of the Fund's assets that may be invested at any time in the securities of any one issuer, other than the diversification requirements applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended.
The Fund has, however, adopted the following fundamental investment restrictions that cannot be changed without the approval of the holders of a majority of the Fund's outstanding voting securities. For purposes of the restrictions listed below, all percentage limitations apply immediately after a purchase or initial investment, and any subsequent change in any applicable percentage resulting from market fluctuations will not be considered a violation of such restrictions.
The Fund may not:
- Invest 25% or more of the total value of its assets in a particular industry.
- Issue senior securities, borrow money or pledge its assets, except that the Fund may borrow money from banks in amounts not exceeding 10% of its total assets (including the amount borrowed) and may pledge its assets in connection with such permitted borrowing; provided that permitted derivative transactions are not deemed to be an issuance of a senior security.
- Make loans, except through the purchase of debt obligations consistent with the Fund's investment policies.
- Buy or sell commodities, commodity contracts, futures contracts, real estate or interests in real estate, except that the Fund may purchase and sell securities issued by Swiss Real Estate Companies (as defined in the Fund's prospectus), and the Fund may acquire, hold and sell real estate or mortgages on real estate as a result of default, liquidation or other distributions of an interest in real estate as a result of the Fund's ownership of securities of Swiss Real Estate Companies.
- Make short sales of securities or maintain a short position in any security.
- Purchase securities on margin, except such short-term credits as may be necessary or routine for the clearance or settlement of transactions.
- Act as an underwriter, except to the extent the Fund may be deemed to be an underwriter in connection with the sales of securities in its portfolio.
- Invest 10% or more of the total value of its assets in securities which cannot be readily resold because of legal or contractual restrictions or which are not otherwise readily marketable.