0000894189-19-003196.txt : 20190524 0000894189-19-003196.hdr.sgml : 20190524 20190524140847 ACCESSION NUMBER: 0000894189-19-003196 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190524 DATE AS OF CHANGE: 20190524 EFFECTIVENESS DATE: 20190524 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SWISS HELVETIA FUND, INC. CENTRAL INDEX KEY: 0000813623 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05128 FILM NUMBER: 19853403 BUSINESS ADDRESS: STREET 1: 875 THIRD AVENUE STREET 2: 22ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 8007302932 MAIL ADDRESS: STREET 1: 875 THIRD AVENUE STREET 2: 22ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: SWISS HELVETIA FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: HELVETIA FUND INC DATE OF NAME CHANGE: 19900820 N-Q 1 swiss-helvetia_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS





UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
 


811-05128
Investment Company Act file number:


The Swiss Helvetia Fund, Inc.
(Exact name of registrant as specified in charter)


 U.S. Bank Global Fund Services
615 East Michigan Street
 Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Andrew Dakos
Park 80 West
250 Pehle Avenue, Suite 708
Saddle Brook, NJ 07663
 (Name and address of agent for service)


1-800-730-2932
Registrant's telephone number, including area code



Date of fiscal year end: December 31


Date of reporting period:   January 1 2019 to March 31, 2019

 
Item 1. Schedule of Investments.



THE SWISS HELVETIA FUND, INC.

 Schedule of Investments by Industry (Unaudited)
 March 31, 2019

24.98

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
%
                       


See Notes to Schedule of Investments

THE SWISS HELVETIA FUND, INC.
 
 

 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
%


See Notes to Schedule of Investments

THE SWISS HELVETIA FUND, INC.
 
 

 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
%


See Notes to Schedule of Investments

THE SWISS HELVETIA FUND, INC.
 
 

 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
%
                     


See Notes to Schedule of Investments

THE SWISS HELVETIA FUND, INC.
 
 

 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
  


See Notes to Schedule of Investments

.5
THE SWISS HELVETIA FUND, INC.
 
 

 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
 


See Notes to Schedule of Investments


.5
THE SWISS HELVETIA FUND, INC.
 
 

 Schedule of Investments by Industry (Unaudited)
 March 31, 2019

PORTFOLIO HOLDINGS

  
% 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%
 


See Notes to Schedule of Investments


 
THE SWISS HELVETIA FUND, INC.
 
Notes to Schedule of Investments (Unaudited)
 
Note 1—Organization and Significant Accounting Policies
 
A. Organization
The Swiss Helvetia Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a non-diversified, closed-end management investment company. The Fund is organized as a corporation under the laws of the State of Delaware.
 
The investment objective of the Fund is to seek long-term growth of capital through investment in equity and equity-linked securities of Swiss companies. The Fund may also acquire and hold equity and equity-linked securities of non-Swiss companies in limited instances.
 
B. Securities Valuation
The Fund values its investments at fair value in accordance with accounting principles generally accepted in the United States (“GAAP”).
 
When valuing listed equity securities, the Fund uses the last sale price on the securities exchange or national securities market on which such securities primarily are traded (the “Primary Market”) prior to the calculation of the Fund’s net asset value (“NAV”). When valuing equity securities that are not listed (except privately-held companies and private equity limited partnerships) or that are listed but have not traded on a day on which the Fund calculates its NAV, the Fund uses the mean between the bid and asked prices for that day. If there are no asked quotations for such a security, the value of such security will be the most recent bid quotation on the Primary Market on that day. On any day when a security’s Primary Market is closed because of a local holiday or other scheduled closure, but the New York Stock Exchange is open, the Fund may use the prior day’s closing prices to value such security regardless of the length of the scheduled closing.
 
When valuing fixed-income securities, if any, the Fund uses the last bid price prior to the calculation of the Fund’s NAV. If there is no current bid price for a fixed-income security, the value of such security will be the mean between the last quoted bid and asked prices on that day. Overnight and certain other short-term fixed-income securities with maturities of less than 60 days will be valued by the amortized cost method, unless it is determined that the amortized cost method would not represent the fair value of such security.
 
It is the responsibility of the Fund’s Board of Directors (the “Board”) to establish procedures to provide for the valuation of the Fund’s portfolio holdings. When valuing securities for which market quotations are not readily available, or for which the market quotations that are available are considered unreliable, the Fund determines a fair value in good faith in accordance with these procedures (a “Fair Value”). The Fund may use these procedures to establish the Fair Value of securities when, for example, a significant event occurs between the time the market closes and the time the Fund values its investments. After consideration of various factors, the Fund may value the securities at their last reported price or at some other value.
 
Swiss exchange-listed options, if any, including Eurex-listed options, are valued at their most recent sale price (latest bid for long options and the latest ask for short options) on the Primary Market, or if there are no such sales, at the average of the most recent bid and asked quotations on such Primary Market, or if such quotations are not available, at the last bid quotation (in the case of purchased options) or the last asked quotation (in the case of written options). If, however, there are no such quotations, such options will be valued using the implied volatilities observed for similar options or from aggregated data as an input to a model. Options traded in the over-the-counter market, if any, are valued at the price communicated by the counterparty to the option, which typically is the price at which the counterparty would close out the transaction. Option contracts, if any, that are neither exchange-listed nor traded in the over-the-counter market, and where no broker can provide a quote or approved pricing vendor a price, may be valued using the implied volatilities observed for similar instruments or from aggregated market data received from services (e.g., Bloomberg) as an input to a widely accepted model.
 
The Fund is permitted to invest in investments that do not have readily available market quotations. For such investments, the Act requires the Board to determine their Fair Value. The aggregate value of these investments amounted to $7,344,423 or 6.36% of the Fund’s net assets at March 31, 2019, and are listed in Note 3 to the Schedule of Investments.
 
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, 2019:
 
 
  
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.
 
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 table below summarizes the techniques and unobservable inputs for the valuation of Level 3 investments.
 
 
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.
 
The Fund’s policy is to disclose transfers between Levels based on their market prices as of the beginning of the period.
 
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine 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.
 
C. Foreign Currency Translation
The Fund maintains its accounting records in U.S. dollars. The Fund’s assets are invested primarily in Swiss equities. In addition, the Fund can make its temporary investments in Swiss franc-denominated bank deposits, short-term debt securities and money market instruments. Substantially all income received by the Fund is in Swiss francs. The Fund’s NAV, however, is reported, and distributions from the Fund are made, in U.S. dollars, resulting in gain or loss from currency conversions in the ordinary course of business. Historically, the Fund has not entered into transactions designed to reduce currency risk and does not intend to do so in the future. The cost basis of foreign denominated assets and liabilities is determined on the date that they are first recorded within the Fund and translated to U.S. dollars. These assets and liabilities are subsequently valued each day at prevailing exchange rates. The difference between the original cost and current value denominated in U.S. dollars is recorded as unrealized foreign currency gain/loss. In valuing securities transactions, the receipt of income and the payment of expenses, the Fund uses the prevailing exchange rate on the transaction date.
 
Net realized and unrealized gains and losses on foreign currency shown in the Fund’s financial statements result from the sale of foreign currencies, from currency gains or losses realized between the trade and settlement dates of securities transactions, and from the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid.
 
When calculating realized and unrealized gains or losses on investments, the Fund does not separate the gain or loss attributable to changes in the foreign currency price of the security from the gain or loss attributable to the change in the U.S. dollar value of the foreign currency. Other foreign currency translations resulting in realized and unrealized gain or loss are disclosed separately.
 

 H. Concentration of Market Risk
The Fund primarily invests in securities of Swiss issuers. Such investments may carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, unfavorable movements in the Swiss franc relative to the U.S. dollar, and the possible imposition of exchange controls and changes in governmental law and restrictions. In addition, concentrations of investments in securities of issuers located in a specific region expose the Fund to the economic and government policies of that region and may increase risk compared to a fund whose investments are more diversified.
 
Note 2—Capital Commitments
As of March 31, 2019, the Fund maintains an illiquid investment in one private equity limited partnership. This investment appears in the Fund’s Schedule of Investments. The Fund’s capital commitment for this partnership is shown in the table below:
 
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.
 
 
Automatic Dividend Reinvestment Plan (Unaudited)
 
Terms and Conditions
Pursuant to this Automatic Dividend Reinvestment Plan (the “Plan”) of The Swiss Helvetia Fund, Inc. (the “Fund”), unless a holder (each, a “Shareholder”) of the Fund’s shares of common stock (the “Common Shares”) otherwise elects, all income dividends, capital gain distributions and returns of capital, if any (collectively referred to herein as “dividends”), on such Shareholder’s Common Shares will be automatically reinvested by American Stock Transfer & Trust Company, as agent for Shareholders in administering the Plan (the “Plan Administrator”), in additional Common Shares of the Fund. Shareholders who elect not to participate in the Plan will receive all dividends payable in cash directly to the Shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by American Stock Transfer & Trust Company LLC, as the Dividend Disbursing Agent. Shareholders may elect not to participate in the Plan and to receive all dividends in cash by contacting the Plan Administrator. Enrollment, purchase or sales of shares and other transactions or services offered by the Plan can be directed to the Plan Administrator through the following:
 
Telephone
Telephone the Plan Administrator: 1-888-556-0425.
 
In Writing
You may also write to the Plan Administrator at the following address: American Stock Transfer & Trust Company, PO Box 922, Wall Street Station, New York, NY 10269-0560. Be sure to include your name, address, daytime phone number, social security or tax I.D. number and a reference to The Swiss Helvetia Fund, Inc. on all correspondence.
 
 
Participation in the Plan is completely voluntary and may be terminated at any time without penalty by providing notice in writing to the Plan Administrator at least 3 business days prior to any dividend payment date for that dividend to be payable in cash. A request for termination that is received less than 3 business days prior to any dividend payment date will be processed by the Plan Administrator, but you will have that dividend reinvested in additional Common Shares. However, all subsequent dividends will be payable in cash unless and until you resume participation in the Plan. To resume participation in the Plan, your request to enroll in the Plan must be received by the record date for that dividend distribution. If received after the record date, your participation in the Plan will begin with the next dividend declaration.
 
Whenever the Fund declares a dividend, payable either in Common Shares or in cash, participants in the Plan will receive a number of Common Shares determined in accordance with the following provisions and non-participants in the Plan will receive cash. The Common Shares will be acquired by the Plan Administrator for the participants’ accounts, depending upon the circumstances described below, either: (i) through the receipt of additional unissued but authorized Common Shares from the Fund (“newly issued Common Shares”) or (ii) by purchase of outstanding Common Shares on the open market (“open-market purchases”) on the New York Stock Exchange, the primary national securities exchange on which the Common Shares are traded, or elsewhere.
 
If, on the payment date for any dividend, the net asset value (“NAV”) per Common Share is equal to or less than the market price per Common Share (plus estimated brokerage trading fees) (such condition being referred to herein as “market premium”), the Plan Administrator will invest the dividend amount in newly issued Common Shares on behalf of the participants. The number of newly issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV per Common Share on the date the Common Shares are issued, provided that, if the NAV per Common Share is less than or equal to 95% of the then current market price per Common Share on the date of issuance, the dollar amount of the dividend will be divided by 95% of the market price on the date of issuance for purposes of determining the number of shares issuable under the Plan.
 
If, on the payment date for any dividend, the NAV per Common Share is greater than the market price of the Common Shares (plus estimated brokerage trading fees) (such condition being referred to herein as “market discount”), the Plan Administrator will invest the dividend amount in Common Shares acquired on behalf of the participants in open-market purchases.
 
In the event of a market discount on the payment date for any dividend, the Plan Administrator will have until the last business day before the next date on which the Common Shares trade on an “ex-dividend” basis or in no event more than 30 days after the record date for such dividend, whichever is sooner (the “last purchase date”), to invest the dividend amount in Common Shares acquired in open-market purchases. If, before the Plan Administrator has completed its open-market purchases, the market price of a Common Share exceeds the NAV per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the NAV of the Common Shares, resulting in the acquisition of fewer Common Shares than if the dividend had been paid in newly issued Common Shares on the dividend
payment date. Because of the foregoing difficulty with respect to open-market purchases, if the Plan Administrator is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making open-market purchases and may invest the uninvested portion of the dividend amount in newly issued Common Shares at the NAV per Common Share at the close of business on the last purchase date provided that, if the NAV is less than or equal to 95% of the then current market price per Common Share, the dollar amount of the dividend will be divided by 95% of the market price on the date of issuance for purposes of determining the number of Common Shares issuable under the Plan.
 
The Plan Administrator maintains all registered Shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by Shareholders for tax records. Common Shares in the account of each Plan participant generally will be held by the Plan Administrator in non-certificated form in the name of the Plan participant, although the Plan Administrator will issue certificates for whole Common Shares upon your request. Certificates for fractional Common Shares will not be issued.
 
In the case of Shareholders such as banks, brokers or nominees that hold Common Shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Common Shares certified from time to time by the record Shareholder and held for the account of beneficial owners who participate in the Plan.
 
Automatic Dividend Reinvestment Plan (Unaudited) (concluded)
 
 
There will be no brokerage charges with respect to Common Shares issued directly by the Fund as a result of dividends payable either in Common Shares or in cash. However, each participant will pay a pro rata share of brokerage trading fees incurred with respect to the Plan Administrator’s open-market purchases of Common Shares in connection with the reinvestment of dividends under the Plan.
 
Participants in the Plan may sell any or all of their Common Shares in their Plan accounts by contacting the Plan Administrator. The Plan Administrator currently charges $15.00 for the transaction, plus $0.10 per Common Share for this service. Participants also may withdraw their Common Shares from their Plan accounts and sell those Common Shares through their broker.
 
Neither the Fund nor the Plan Administrator will provide any advice, make any recommendations, or offer any opinion with respect to whether or not you should purchase or sell your Common Shares or otherwise participate in the Plan. You must make independent investment decisions based on your own judgment and research. The Common Shares held in Plan accounts are not subject to protection under the Securities Investor Protection Act of 1970.
 
Neither the Fund nor the Plan Administrator will be liable for any good faith act or for any good faith omission to act, including, without limitation, any claim or liability arising out of failure to terminate a participant’s account upon the participant’s death, the prices at which Common Shares are purchased or sold for a participant’s account, the times when purchases or sales of Common Shares are made, or fluctuations in the market value of Common Shares. However, nothing contained in this provision affects a Shareholder’s right to bring a cause of action based on alleged violations of the federal securities laws.
 
Voting
Each Shareholder proxy will include those Common Shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for Common Shares held pursuant to the Plan in accordance with the instructions of the participants.
 
Taxation
The automatic reinvestment of dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends.
 
Amendments to Plan
The Fund reserves the right to suspend, amend or terminate the Plan at any time. All Shareholders of record, both participants and non-participants in the Plan, will be notified of any suspension, termination or significant amendment of the Plan. If the Plan is terminated, Common Shares held in the participants’ accounts will be distributed to the participants. Any change in the source of purchase of Common Shares under the Plan from open market purchases or direct issuance by the Plan Administrator does not constitute an amendment to the Plan.
 
 
Directors and Officers
 
   
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

Investment Adviser
Schroder Investment Management North America, Inc.
7 Bryant Park
New York, NY 10018-3706
(800) 730-2932
 
Investment Sub-adviser
Schroder Investment Management North America Ltd.
31 Gresham Street
London, EC2V 7QA United Kingdom
 
Administrator
U.S. Bank Global Fund Services
 
Custodian
U.S Bank, N.A.
 
Transfer Agent
American Stock Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
(888) 556-0425
 
Legal Counsel
Sullivan & Cromwell LLP
 
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
 
 
The Investment Adviser
 
The Swiss Helvetia Fund, Inc. (the “Fund”) is managed by Schroder Investment Management North America Inc. (“SIMNA Inc.”)
 
SIMNA Inc. is an investment adviser registered with the U.S. Securities & Exchange Commission (the “SEC”). It provides asset management products and services to a broad range of clients including Schroder Series Trust and Schroder Global Series Trust, investment companies registered with the SEC. SIMNA Inc. is part of a global asset management firm with approximately $553.0 billion in assets under management and administration as of March 31, 2019.
 
Executive Offices
The Swiss Helvetia Fund, Inc.
7 Bryant Park
New York, NY 10018-3706
(800) 730-2932
 
For inquiries and reports:
(800) 730-2932
email: swzintermediary@schroders.com
 
Website Address
www.swzfund.com
 
The Fund
 
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 the Fund’s website www.swzfund.com. 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.

Item 2. Controls and Procedures.
 
(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.

 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.
 

 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)  The Swiss Helvetia Fund, Inc.                                                                                        


By (Signature and Title)  /s/ Andrew Dakos                                                                                        
Andrew Dakos, President and Chief Executive Officer

Date  May 24, 2019                                                                                                                              


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)  /s/ Andrew Dakos                                                                                       
Andrew Dakos, President and Chief Executive Officer

Date  May 24, 2019                                                                                                                             


By (Signature and Title)  /s/ Thomas Antonucci                                                                                
Thomas Antonucci, Chief Financial Officer

Date  May 24, 2019                                                                                                                             

 

 
 EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS


 
CERTIFICATION
 
I, Andrew Dakos certify that:

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/ Andrew Dakos                                                    
 
Andrew Dakos
President and Chief Executive Officer
 

 
CERTIFICATION
 
I, Thomas Antonucci certify that:

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