Schedule of Investments by Industry (Unaudited)
|
March 31, 2019
|
No. of
Shares |
Security
|
Fair
Value |
Percent
of Net Assets |
||||||||
Common Stock —89.08%
|
|||||||||||
Banks—8.70%
|
|||||||||||
16,000
|
Cembra Money Bank AG1
Provides financial services. The company's services include personal loans, vehicle financing, credit cards and savings and insurance services. (Cost $953,010) |
$
|
1,512,602
|
1.31
|
%
|
||||||
238,000
|
Credit Suisse Group
AG1
A global diversified financial services company with significant activity in private banking, investment banking and asset management. (Cost $3,029,183) |
2,773,361
|
2.40
|
%
|
|||||||
42,000
|
Julius Baer Group
Ltd.1
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 $2,073,438) |
1,696,616
|
1.47
|
%
|
|||||||
336,000
|
UBS Group AG1
Provides retail banking, corporate and institutional banking, wealth management, asset management and investment banking. (Cost $5,418,307) |
4,072,216
|
3.52
|
%
|
|||||||
10,054,795
|
8.70
|
%
|
|||||||||
Biotechnology—4.43%
|
|||||||||||
90,000
|
Kuros Biosciences AG1
Develops and produces biopharmaceuticals. The company produces vaccines that immunize the patient against disease related proteins. (Cost $559,770) |
239,482
|
0.21
|
%
|
|||||||
6,191
|
NovImmune SA1,2,3
Discovers and develops therapeutic monoclonal antibodies (mAbs) to treat patients suffering from immune-related disorders. (Cost $3,613,416) |
4,880,564
|
4.22
|
%
|
|||||||
5,120,046
|
4.43
|
%
|
|||||||||
Construction & Materials—2.34%
|
|||||||||||
310
|
Belimo Holding AG
Market leader in damper and volume control actuators for ventilation and air-conditioning equipment. (Cost $767,008) |
|
1,548,599
|
1.34
|
%
|
||||||
319
|
Forbo Holding AG
Produces floor coverings, adhesives and belts for conveying and power transmission. (Cost $474,301) |
500,330
|
0.43
|
%
|
|||||||
22,024
|
Implenia AG
Provides construction, civil and underground engineering services. The company's projects include residential and industrial buildings, tunnels, bridges and roads. The company also provides real estate and facilities management and marketing services. (Cost $1,183,694) |
655,921
|
0.57
|
%
|
|||||||
2,704,850
|
2.34
|
%
|
|||||||||
Electric Utilities—0.94%
|
|||||||||||
16,000
|
BKW AG
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 $990,911) |
1,090,873
|
0.94
|
%
|
|||||||
1,090,873
|
0.94
|
%
|
|||||||||
Financial Services—2.25%
|
|||||||||||
1,050
|
Partners Group
Holding AG
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 $682,793) |
763,330
|
0.66
|
%
|
|||||||
Schedule of Investments by Industry (Unaudited)
|
March 31, 2019
|
No. of
Shares |
Security
|
Fair
Value |
Percent
of Net Assets |
||||||||
Common Stock — (continued)
|
|||||||||||
Financial Services — (continued)
|
|||||||||||
7,000
|
VZ Holding AG
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 $1,160,403) |
$
|
1,831,007
|
1.59
|
%
|
||||||
2,594,337
|
2.25
|
%
|
|||||||||
Food & Beverage—14.73%
|
|||||||||||
1,080,000
|
Aryzta AG1
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 $4,435,098) |
1,478,100
|
1.28
|
%
|
|||||||
163,000
|
Nestlé SA
One of the world's largest food and beverage processing companies. (Cost $9,283,054) |
15,532,383
|
13.45
|
%
|
|||||||
17,010,483
|
14.73
|
%
|
|||||||||
Industrial Engineering—0.70%
|
|||||||||||
3,900
|
Schindler Holding AG
Manufactures and installs elevators, escalators, and moving walkways internationally. The company's products are used in airports, subway stations, railroad terminals, shopping centers, cruise ships, hotels, and office buildings. The company also offers maintenance services. (Cost $822,641) |
808,274
|
0.70
|
%
|
|||||||
808,274
|
0.70
|
%
|
|||||||||
Industrial Goods & Services—8.42%
|
|||||||||||
117,500
|
ABB Ltd.
Provides power and automation technologies. The company operates under segments that include power products, power systems, automation products, process automation, and robotics. (Cost $2,903,382) |
|
2,207,476
|
1.91
|
%
|
||||||
1,700
|
Bucher Industries AG
Manufactures food processing machinery, vehicles and hydraulic components. Produces fruit and vegetable juice processing machinery, fodder harvesters, plows, seed drills, feed mixers, plant sprayers, spreaders, street sweepers, and snow blowers. The Company operates worldwide.
(Cost $501,895) |
568,430
|
0.49
|
%
|
|||||||
1,000
|
Burckhardt
Compression Holding AG
Produces compressors for oil refining and the chemical and petrochemical industries, industrial gases and gas transport and storage. (Cost $301,679) |
272,116
|
0.24
|
%
|
|||||||
20,000
|
DKSH Holding AG
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 $1,345,985) |
1,152,726
|
1.00
|
%
|
|||||||
14,000
|
Feintool
International Holding AG1
Manufactures integrated systems for fineblanking and forming technologies. The company produces presses and special tooling capable of manufacturing precision parts, automation systems, riveting machines and extruded plastic and metal components. (Cost $1,353,935) |
946,079
|
0.82
|
%
|
Schedule of Investments by Industry (Unaudited)
|
March 31, 2019
|
No. of
Shares |
Security
|
Fair
Value |
Percent
of Net Assets |
||||||||
Common Stock — (continued)
|
|||||||||||
Industrial Goods & Services — (continued)
|
|||||||||||
950
|
Georg Fischer AG
Provides piping systems, automotive, and machining solutions. The Company supplies piping systems made of plastics and metal, and manufactures lightweight cast components and systems made of ductile iron, aluminium, and magnesium for the global automotive industry as well as a variety of other industrial applications. (Cost $790,905) |
$
|
865,197
|
0.75
|
%
|
||||||
79,000
|
OC Oerlikon Corp. AG1
Manufactures industrial equipment. The Company produces protective coatings for precision tools and components, equipment for textile production, and propulsion technology drive systems. (Cost $940,543) |
1,010,603
|
0.87
|
%
|
|||||||
20,000
|
Sensirion Holding AG1
The company, through its subsidiaries, manufactures gas and liquid flow sensors for the measurement of humidity and temperature, volatile organic compounds and carbon dioxide. The company serves automotive, industrial, medical, and consumer goods sectors worldwide. (Cost $794,200) |
815,343
|
0.71
|
%
|
|||||||
12,545
|
SFS Group AG1
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 $858,097) |
1,089,610
|
0.94
|
%
|
|||||||
8,218
|
Sulzer AG
Manufactures machinery and equipment, and operates in a surfacing technology business. The Company provides pumping and surface technology solution and services, services and repair of thermal turbo machinery, and service for separation and static mixing. (Cost $764,949) |
|
801,253
|
0.69
|
%
|
||||||
9,728,833
|
8.42
|
%
|
|||||||||
Insurance—6.80%
|
|||||||||||
11,000
|
Baloise Holding AG
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 $1,699,591) |
1,816,949
|
1.57
|
%
|
|||||||
6,200
|
Swiss Life Holding
AG1
Provides life insurance and institutional investment management. (Cost $1,883,174) |
2,729,893
|
2.36
|
%
|
|||||||
10,000
|
Zurich Insurance
Group AG
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 $3,249,842) |
3,309,569
|
2.87
|
%
|
|||||||
7,856,411
|
6.80
|
%
|
|||||||||
Machinery—1.33%
|
|||||||||||
150,000
|
SIG Combibloc Group
AG1
The company, through its subsidiaries, manufactures and produces bottling machines and systems for the food and beverage industries. The company serves customers worldwide. (Cost $1,727,580) |
1,536,299
|
1.33
|
%
|
|||||||
1,536,299
|
1.33
|
%
|
Schedule of Investments by Industry (Unaudited)
|
March 31, 2019
|
No. of
Shares |
Security
|
Fair
Value |
Percent
of Net Assets |
||||||||
Common Stock — (continued)
|
|||||||||||
Medical Equipment—4.58%
|
|||||||||||
125,416
|
EyeSense AG, Series
A1,2,3
A spin-out from Ciba Vision AG. Develops novel ophthalmic self- diagnostic systems for glucose monitoring of diabetes patients. (Cost $3,007,048) |
$
|
236,753
|
0.21
|
%
|
||||||
5,450
|
Sonova Holding AG
Designs and produces wireless analog and digital in-the-ear and behind-the-ear hearing aids and miniaturized voice communications systems. (Cost $846,323) |
1,078,070
|
0.93
|
%
|
|||||||
3,731
|
Spineart SA1,2,3
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 $2,623,328) |
1,141,216
|
0.99
|
%
|
|||||||
12,000
|
Tecan Group AG
Manufactures and distributes laboratory automation components and systems. The products are mainly used by research and diagnostic laboratories. (Cost $1,128,110) |
2,829,200
|
2.45
|
%
|
|||||||
5,285,239
|
4.58
|
%
|
|||||||||
Personal & Household Goods—5.70%
|
|||||||||||
54,000
|
Cie Financiere
Richemont SA
Manufactures and retails luxury goods. Produces jewelry, watches, leather goods, writing instruments and men’s and women’s wear. (Cost $4,297,142) |
3,933,287
|
3.40
|
%
|
|||||||
48,000
|
Swatch Group AG -
Registered shares
Manufactures finished watches, movements and components. Produces components necessary to its various watch brand companies. The company also operates retail boutiques. (Cost $4,437,327) |
2,655,688
|
2.30
|
%
|
|||||||
6,588,975
|
5.70
|
%
|
Pharmaceuticals—24.87%
|
|||||||||||
167,000
|
Novartis AG
One of the leading manufacturers of branded and generic pharmaceutical products. (Cost $10,287,133) |
|
16,061,111
|
13.90
|
%
|
||||||
46,000
|
Roche Holding AG
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 $8,233,147) |
12,672,055
|
10.97
|
%
|
|||||||
28,733,166
|
24.87
|
%
|
|||||||||
Technology—2.95%
|
|||||||||||
87,000
|
Logitech
International SA
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 $1,179,564) |
3,409,589
|
2.95
|
%
|
|||||||
3,409,589
|
2.95
|
%
|
|||||||||
Telecommunications—0.34%
|
|||||||||||
5,250
|
Sunrise
Communications Group AG1
An integrated communications provider in Switzerland. The Company provides mobile voice and data, landline voice, landline Internet and IPTV services to residential customers, business customers and other carriers across Switzerland. The Company operates in Switzerland. (Cost $383,018) |
386,409
|
0.34
|
%
|
|||||||
386,409
|
0.34
|
%
|
|||||||||
Total Common Stock
|
|||||||||||
(Cost $90,984,924)
|
102,908,579
|
89.08
|
%
|
||||||||
Schedule of Investments by Industry (Unaudited)
|
March 31, 2019
|
No. of
Shares |
Security
|
Fair
Value |
Percent
of Net Assets |
||||||||
Preferred Stock —0.11%
|
|||||||||||
Biotechnology—0.01%
|
|||||||||||
8,400
|
Ixodes AG, Series B1,2,3,4
Develops and produces a topical product for the treatment of borreliosis infection and the prevention of Lyme disease from a tick bite. (Cost $2,252,142) |
$
|
7,254
|
0.01
|
%
|
||||||
7,254
|
0.01
|
%
|
|||||||||
Industrial Goods & Services—0.10%
|
|||||||||||
500,863
|
SelFrag AG Class A1,2,3
|
120,702
|
0.10
|
%
|
|||||||
Designs, manufactures and sells industrial machines and processes using selective fragmentation technology.
(Cost $1,932,198) |
|||||||||||
120,702
|
0.10
|
%
|
|||||||||
Total Preferred Stock
|
|||||||||||
(Cost $4,184,340)
|
127,956
|
0.11
|
%
|
||||||||
Limited Partnership —0.83%
|
|||||||||||
Biotechnology—0.83%
|
|||||||||||
Aravis Biotech II,
Limited Partnership1,3,4
(Cost $1,810,184) |
957,934
|
0.83
|
%
|
||||||||
Total Investments*
|
|||||||||||
(Cost $96,979,448)
|
103,994,469
|
90.02
|
%
|
||||||||
Other Assets Less Liabilities
|
11,528,065
|
9.98
|
%
|
||||||||
Net Assets
|
$
|
115,522,534
|
100.00
|
%
|
|||||||
Net Asset Value Per Share:
|
($115,522,534 ÷
13,267,111
shares outstanding,
$0.001 par value: 50 million
shares authorized)
|
$
|
8.71
|
Schedule of Investments by Industry (Unaudited)
|
March 31, 2019
|
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 $7,344,423 or 6.36% 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
|
$1,810,184
|
Eyesense AG – Common Shares
|
July 22, 2010 – October 3, 2011
|
3,007,048
|
Ixodes AG – Preferred Shares B
|
April 7, 2011 – June 1, 2012
|
2,252,142
|
NovImmune SA – Common Shares
|
October 7, 2009 – December 11, 2009
|
3,613,416
|
SelFrag AG – Class A – Preferred Shares
|
December 15, 2011 – January 28, 2014
|
1,932,198
|
Spineart SA – Common Shares
|
December 22, 2010
|
2,623,328
|
$15,238,316
|
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:
|
Name of Issuer
|
Fair Value as of
12/31/18 |
Gross
Additions |
Gross
Reductions |
Realized Gain/(Loss)
|
Change in
Unrealized Gain/(Loss)
|
Interest
Income
|
Fair Value as of
3/31/19 |
|||||||||||||||||||||
Aravis Biotech II, Limited Partnership
|
$
|
980,070
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
(22,136
|
)
|
$
|
—
|
$
|
957,934
|
|||||||||||||
Ixodes AG – Preferred Shares B
|
7,328
|
—
|
—
|
—
|
(74
|
)
|
—
|
7,254
|
||||||||||||||||||||
$
|
987,398
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
(22,210
|
)
|
$
|
—
|
$
|
965,188
|
*
|
Cost for Federal income tax purposes is $97,121,779 and net unrealized appreciation
(depreciation) consists of:
|
Gross Unrealized Appreciation
|
|
$
|
25,555,136
|
|
Gross Unrealized Depreciation
|
|
|
(18,682,446
|
)
|
Net Unrealized Appreciation (Depreciation)
|
|
|
6,872,690
|
|
Schedule of Investments by Industry (Unaudited)
|
March 31, 2019
|
|
|
% of Net Assets as of March 31, 2019
|
|
Pharmaceuticals
|
24.87%
|
Food & Beverage
|
14.73%
|
Banks
|
8.70%
|
Industrial Goods & Services
|
8.52%
|
Insurance
|
6.80%
|
Personal & Household Goods
|
5.70%
|
Biotechnology
|
5.27%
|
Medical Equipment
|
4.58%
|
Technology
|
2.95%
|
Construction & Materials
|
2.34%
|
Financial Services
|
2.25%
|
Machinery
|
1.33%
|
Electric Utilities
|
0.94%
|
Industrial Engineering
|
0.70%
|
Telecommunications
|
0.34%
|
Other Assets Less Liabilities
|
9.98%
|
100.00%
|
|
|
TOP 10 PORTFOLIO HOLDINGS
|
|
% of Net Assets as of March 31, 2019
|
|
Novartis AG
|
13.90%
|
Nestlé SA
|
13.45%
|
Roche Holding AG
|
10.97%
|
NovImmune SA
|
4.22%
|
UBS Group AG
|
3.52%
|
Cie Financiere Richemont SA
|
3.40%
|
Logitech International SA
|
2.95%
|
Zurich Insurance Group AG
|
2.87%
|
Tecan Group AG
|
2.45%
|
Credit Suisse Group AG
|
2.40%
|
|
|
Level 1
Quoted Prices |
Level 2
Other Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Investments
Valued at NAV** |
Total
|
|||||||||||||||
Investments in Securities*
|
||||||||||||||||||||
Common Stock
|
$
|
96,650,046
|
$
|
—
|
$
|
6,258,533
|
$
|
—
|
$
|
102,908,579
|
||||||||||
Preferred Stock
|
—
|
—
|
127,956
|
—
|
127,956
|
|||||||||||||||
Limited Partnership
|
—
|
—
|
—
|
957,934
|
957,934
|
|||||||||||||||
|
||||||||||||||||||||
Total Investments in Securities
|
$
|
96,650,046
|
$
|
—
|
$
|
6,386,489
|
$
|
957,934
|
$
|
103,994,469
|
||||||||||
|
*
|
Please see the Schedule of Investments for industry classifications.
|
**
|
As of March 31, 2019 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
|
||||||
Fair Value
at March 31, 2019 |
Valuation Technique
|
Unobservable inputs
|
Range1
|
|||
Biotechnology
|
|
|
|
|
||
NovImmune SA—Common Shares
|
$4,880,564 |
Discounted cash flow
|
Weighted Average Cost of Capital
|
6-13%
|
||
|
|
|||||
Ixodes AG—Preferred Shares
|
7,254 |
Asset Based Approach
|
Operational Cash Expenditure
|
0-20%
|
||
Industrial Goods & Services
|
|
|
|
|||
SelFrag AG—Preferred Shares
|
120,702 |
Market approach
|
Recent round of financing
|
N/A
|
||
Medical Equipment
|
|
|
|
|||
EyeSense AG—Common Shares
|
236,753 |
Market approach
|
Recent round of financing
|
N/A
|
||
Spineart SA—Common Shares
|
1,141,216 |
Market Comparable Companies
|
Discount for lack of marketability
|
20-35%
|
||
Total
|
$6,386,489 |
1
|
Significant changes in any of these ranges would result in a significantly higher or lower fair value measurement.
Generally, a change in the probability of success rate on research and development is accompanied by a directionally similar change in fair value. Conversely, a change in the discount rate is
accompanied by a directionally opposite change in fair value.
|
|
Common
Stock |
Preferred
Stock |
Total
|
|||||||||
Balance as of December 31, 2018
|
$
|
6,322,654
|
$
|
129,267
|
$
|
6,451,921
|
||||||
Change in Unrealized Appreciation/Depreciation (a)
|
(64,121
|
)
|
(1,311
|
)
|
(65,432
|
)
|
||||||
Net Realized Gain (Loss)
|
—
|
—
|
—
|
|||||||||
Gross Purchases
|
—
|
—
|
—
|
|||||||||
Gross Sales
|
—
|
—
|
—
|
|||||||||
Transfer out of Level 3
|
—
|
—
|
—
|
|||||||||
Balance as of March 31, 2019
|
$
|
6,258,533
|
$
|
127,956
|
$
|
6,386,489
|
(a)
|
The noted amounts of change in unrealized appreciation/depreciation relate to the fair value of Level 3
assets held on March 31, 2019.
|
Investments
|
Original Capital
Commitment* |
Unfunded
Commitment* |
||||||
Private Equity Limited
Partnership—International (a)
|
||||||||
Aravis Biotech II, Limited Partnership
|
$
|
3,263,380
|
$
|
—
|
*
|
The original capital commitment represents 3,250,000 Swiss francs, which has been fully funded as at March 31,
2019. The Swiss franc/U.S. dollar exchange rate as of March 31, 2019 was used for conversion and equaled 0.9959 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.
|
Andrew Dakos
Chairman, President and
Chief Executive Officer
(Non-executive)
Richard Dayan1,5
Director
Phillip Goldstein2
Director
Moritz Sell3,6
Director
|
Gerald Hellerman1,4
Director
Thomas Antonucci
Chief Financial Officer
Stephanie Darling
Chief Compliance Officer
Rajeev Das
Secretary
|
1 Audit Committee Member
|
4 Pricing Committee Chair
|
2 Governance/Nominating
3 Audit Committee Chair
|
5 Governance Committee Member
6 Lead Independent
Director
|
(a) |
The Registrant’s President and Treasurer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c))
are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).
|
(b) |
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to
materially affect, the Registrant's internal control over financial reporting.
|
1. |
I have reviewed this report on Form N-Q of The Swiss Helvetia Fund Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of
the end of the fiscal quarter for which the report is filed;
|
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal
quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
Date: May 24, 2019
|
/s/ Andrew Dakos |
Andrew Dakos
President and Chief Executive Officer
|
1. |
I have reviewed this report on Form N-Q of The Swiss Helvetia Fund, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of
the end of the fiscal quarter for which the report is filed;
|
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal
quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting.
|
Date: May 24, 2019
|
/s/ Thomas Antonucci |
Thomas Antonucci
Chief Financial Officer
|