Belimo Holding AG

THE SWISS HELVETIA FUND, INC.
Schedule of Investments by Industry (Unaudited)			March 31, 2021


					Percent
No. of			Fair		of Net
Shares		Security	Value		Assets

Common Stock — 98.00%
Advertising — 0.48%
	8,390	DKSH Holding AG	$	646,756		0.48	%
		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 $523,137)
				646,756		0.48	%

Banks — 5.06%
	10,700	Cembra Money Bank AG		1,183,520		0.88	%
		Provides financial services. The company's services include personal loans, vehicle financing, credit cards and savings and insurance services.
		(Cost $636,061)
	221,000	Credit Suisse Group AG		2,325,179		1.73	%
		A global diversified financial services company with significant activity in private banking, investment banking and asset management.
		(Cost $2,755,941)
	212,000	UBS Group AG		3,296,626		2.45	%
		Provides retail banking, corporate and institutional banking, wealth management, asset management and investment banking.
		(Cost $2,953,768)
				6,805,325		5.06	%

Biotechnology — 1.39%
	36,000	Idorsia Ltd. ¹		969,282		0.72	%
		Researches, develops, and manufactures pharmaceutical, biological, and diagnostic products.
		(Cost $1,027,734)
	1,600	Lonza Group AG		898,306		0.67	%
		Produces organic fine chemicals, biocides, active ingredients, and biotechnology products.
		(Cost $1,004,768)
				1,867,588		1.39	%

Building Materials — 3.96%
	145	Belimo Holding AG		1,177,071		0.88	%
		Market leader in damper and volume control actuators for ventilation and air-conditioning equipment.
		(Cost $344,115)
	660	Forbo Holding AG		1,199,171		0.89	%
		Produces floor coverings, adhesives and belts for conveying and power transmission.
		(Cost $1,054,700)
	2,550	Geberit AG		1,630,006		1.21	%
		Manufactures and supplies water supply pipes and fittings, installation, and drainage and flushing systems such as visible cisterns other sanitary systems for the commercial and residential construction markets.
		(Cost $1,228,762)
	4,600	Sika AG		1,319,662		0.98	%
		Manufactures construction materials, producing concrete and mixtures, mortar, sealants and adhesives, tooling resins, anti-static industrial flooring, and acoustic materials. The company serves customers worldwide.
		(Cost $667,980)
				5,325,910		3.96	%

Chemicals — 1.01%
	116,411	OC Oerlikon Corp. AG		1,351,934		1.01	%
		Manufactures industrial equipment. The Company produces protective coatings for precision tools and components, equipment for textile production, and propulsion technology drive systems.
		(Cost $1,243,284)
				1,351,934		1.01	%

Commercial Services — 0.47%
	221	SGS SA		629,550		0.47	%
		Provides industrial inspection, analysis, testing, and verification services.
		(Cost $553,249)
				629,550		0.47	%

Computers — 5.52%
	56,000	Logitech International SA		5,898,996		4.39	%
		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 $759,260)
	58,611	SoftwareONE Holding AG ¹		1,519,533		1.13	%
		Provides IT services. The Company offers cloud computing, portfolio management, procurment, unified communication, and other related solutions.
		(Cost $1,267,799)
				7,418,529		5.52	%

Diversified Financial Services — 3.80%
	38,458	Julius Baer Group Ltd.		2,469,746		1.84	%
		Provides private banking services. The company advises on wealth management, financial planning and investments; offers mortgage and other lending, foreign exchange, securities trading, custody and execution services.
		(Cost $1,700,037)
	11,737	Swissquote Group Holding SA		1,521,451		1.13	%
		Through its subsidiaries, offers online financial services. The company operates an online trading system which offers customers real-time securities quotes on the Swiss Stock Exchange.
		(Cost $1,233,061)
	13,408	VZ Holding AG		1,112,644		0.83	%
		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 $438,472)
				5,103,841		3.80	%

Electric — 1.60%
	19,654	BKW AG		2,146,769		1.60	%
		Provides energy supply services. The company focuses on the production, transportation, trading and sale of energy. In addition to energy supply, the company also develops, implements and operates energy solutions for its clients.
		(Cost $1,253,650)
				2,146,769		1.60	%

Electronics — 2.48%
	110,000	ABB Ltd.		3,338,044		2.48	%
		Provides power and automation technologies. The company operates under segments that include power products, power systems, automation products, process automation, and robotics.
		(Cost $2,596,253)
				3,338,044		2.48	%

Food — 16.02%
	192,300	Nestle SA		21,523,542		16.02	%
		One of the world's largest food and beverage processing companies.
		(Cost $12,374,998)
				21,523,542		16.02	%

Hand/Machine Tools — 1.00%
	4,550	Schindler Holding AG		1,342,060		1.00	%
		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 $977,749)
				1,342,060		1.00	%

Healthcare-Products — 4.68%
	10,200	Alcon, Inc. ¹		717,246		0.53	%
		Manufactures eye care products. The company produces and markets vitreoretinal and cataract surgery, contact lenses, and refractive technology products.
		(Cost $667,799)
	125,416	Eyesense AG, Series A ^1,2,3		45,308		0.03	%
		A spin-out from Ciba Vision AG. Develops novel ophthalmic self- diagnostic systems for glucose monitoring of diabetes patients.
		(Cost $3,007,048)
	3,500	Medacta Group SA ¹		377,836		0.28	%
		Produces and distributes medical devices. The company develops, manufactures, and distributes orthopedic and neurosurgical medical devices.
		(Cost $341,248)
	5,486	Sonova Holding AG		1,459,591		1.09	%
		Designs and produces wireless analog and digital in-the-ear and behind-the-ear hearing aids and miniaturized voice communications systems.
		(Cost $846,271)
	250,550	Spineart SA ^1,2,3		1,331,084		0.99	%
		Designs and markets an innovative full range of spine products, including fusion and motion preservation devices, focusing on easy to implant high-end products to simplify the surgical act.
		(Cost $1,761,659)
	5,295	Tecan Group AG		2,359,585		1.76	%
		Manufactures and distributes laboratory automation components and systems. The products are mainly used by research and diagnostic laboratories.
		(Cost $492,937)
				6,290,650		4.68	%

Healthcare-Services — 0.55%
	11,900	Galenica AG		746,002		0.55	%
		Retails pharmaceutical products, and services customers in Switzerland. The Company offers health, beauty, and related products and services.
		(Cost $613,838)
				746,002		0.55	%


Insurance — 11.72%
	12,400	Baloise Holding AG		2,118,600		1.58	%
		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 $1,945,182)
	18,100	Helvetia Holding AG		2,134,729		1.59	%
		Provides a broad range of life, casualty, liability, accident and transportation insurance in Switzerland and in other European countries. The Company insures individuals, property such as vehicles and buildings, and consumer goods and personal belongings
		(Cost $1,878,827)
	8,100	Swiss Life Holding AG		3,998,576		2.97	%
		Provides life insurance and institutional investment management.
		(Cost $2,724,393)
	17,766	Swiss Re AG		1,754,797		1.31	%
		Offers reinsurance, insurance, and insurance linked financial market products.
		(Cost $1,475,944)
	13,400	Zurich Insurance Group AG		5,743,569		4.27	%
		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 $4,409,802)
				15,750,271		11.72	%

Metal Fabricate/Hardware — 1.18%
	12,700	SFS Group AG		1,584,211		1.18	%
		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 $846,209)
				1,584,211		1.18	%

Miscellaneous Manufacturing — 1.38%
	14,620	Stadler Rail AG		699,660		0.52	%
		Engineers and manufactures trains. The company offers suburban and regional transport trains, light rail vehicles, and trams.
		(Cost $608,027)
	10,200	Sulzer AG		1,152,058		0.86	%
		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 $964,564)
				1,851,718		1.38	%

Packaging & Containers — 2.11%
	122,000	SIG Combibloc Group AG¹		2,833,682		2.11	%
		The company, through its subsidiaries, manufactures and produces bottling machines and systems for the food and beverage industries. The company serves customers worldwide.
		(Cost $1,493,097)
				2,833,682		2.11	%

Pharmaceuticals — 23.68%
	182,000	Novartis AG		15,619,338		11.63	%
		One of the leading manufacturers of branded and generic pharmaceutical products.
		(Cost $10,237,492)
	49,901	Roche Holding AG		16,195,357		12.05	%
		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 $9,346,153)
				31,814,695		23.68	%

Private Equity — 1.91%
	2,000	Partners Group Holding AG		2,564,947		1.91	%
		A global private markets investment management firm with investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland.
		(Cost $1,374,849)
				2,564,947		1.91	%

Retail — 6.20%
	53,500	Cie Financiere Richemont SA		5,158,147		3.84	%
		Manufactures and retails luxury goods. Produces jewelry, watches, leather goods, writing instruments and men’s and women’s wear.
		(Cost $4,052,626)
	56,628	Swatch Group AG - Registered Shares		3,167,895		2.36	%
		Manufactures finished watches, movements and components. Produces components necessary to its various watch brand companies. The company also operates retail boutiques.
		(Cost $4,903,863)
				8,326,042		6.20	%

Semiconductors — 1.80%
	105,000	AMS AG ¹		2,101,897		1.56	%
		Designs and manufactures advanced sensor solutions. The company also delivers a broad range of technology solutions for consumer electronics and communication device manufactures.
		(Cost $1,780,070)
	4,813	Sensirion Holding AG ¹		323,202		0.24	%
		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 sectorsworldwide.
		(Cost $182,551)
				2,425,099		1.80	%

		Total Common Stock
		(Cost $92,549,227)		131,687,165		98.00	%

Preferred Stock — 0.04%
Biotechnology — 0.01%
	8,400	Ixodes AG, Series B ^1,2,3,4		7,676		0.01	%
		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)
				7,676		0.01	%

Industrial Goods & Services — 0.03%
	500,863	SelFrag AG Class A ^1,2,3		47,896		0.03	%
		Designs, manufactures and sells industrial machines and processes using selective fragmentation technology.
		(Cost $1,932,198)
				47,896		0.03	%

		Total Preferred Stock
		(Cost $4,184,340)		55,572		0.04	%

Limited Partnership — 0.72%
Biotechnology — 0.72%
	3,294,705	Aravis Biotech II, Limited Partnership ^1,3,4		968,090		0.72	%
		Makes early stage venture investments in the biotechnology & pharmaceuticals industry.
		(Cost $1,810,184)
				968,090		0.72	%

		Total Limited Partnership
		(Cost $1,810,184)		968,090		0.72	%

Short-Term Investment — 0.13%
	180,407	U.S. Bank Money Market Deposit Account, 0.003% ⁵		180,407		0.13	%
		(Cost $180,407)
				180,407		0.13	%

		Total Short-Term Investment
		(Cost $180,407)		180,407		0.13	%


		Total Investments
		(Cost $98,724,158)		132,891,234		98.89	%

		Other Assets Less Liabilities		1,487,646		1.11	%
		Net Assets	$	134,378,880		100.00	%

Net Asset Value Per Share:
		($134,378,880 ÷13,212,254 shares outstanding, $0.001 par value: 50 million shares authorized)			$	10.17


See Notes to Schedule of Investments

THE SWISS HELVETIA FUND, INC.

Schedule of Investments by Industry (Unaudited)

March 31, 2021

(continued)

¹ Non-income producing security.

² Value determined using significant unobservable inputs.

³ Illiquid. There is not a public market for these securities in the United States or in any foreign jurisdiction, including Switzerland. Securities are priced

at Fair Value in accordance with the Fund's valuation policy and procedures. At the end of the period, the aggregate Fair Value of these securities amounted

to $2,400,054 or 1.79% 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

SelFrag AG – Class A – Preferred Shares

December 15, 2011 – January 28, 2014

1,932,198

Spineart SA – Common Shares

December 22, 2010 - December 20, 2020

1,761,659

$10,763,231

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:

Change in

Fair Value

Gross

Realized

Unrealized

Interest

Fair Value

Name of Issuer

as of 12/31/20

Additions

Reductions

Gain/(Loss)

Income

as of 3/31/21

Aravis Biotech II, Limited Partnership

$ 1,072,405

$ -

$ (104,315)

$ -

$ 968,090

Ixodes AG – Preferred Shares B

8,172

(496)

7,676

$ 1,080,577

$ -

$ (104,811)

$ -

$ 975,766

5 Rate shown is the seven day annualized yield as of March 31, 2021.

See Notes to Schedule of Investments

PORTFOLIO HOLDINGS
% of Net Assets as of March 31, 2021
Pharmaceuticals	23.68%
Food	16.02%
Insurance	11.72%
Retail	6.20%
Computers	5.52%
Banks	5.06%
Healthcare-Products	4.68%
Building Materials	3.96%
Diversified Financial Services	3.80%
Electronics	2.48%
Biotechnology	2.12%
Packaging & Containers	2.11%
Private Equity	1.91%
Semiconductors	1.80%
Electric	1.60%
Miscellaneous Manufacturing	1.38%
Metal Fabricate/Hardware	1.18%
Chemicals	1.01%
Hand/Machine Tools	1.00%
Healthcare-Services	0.55%
Advertising	0.48%
Commercial Services	0.47%
Short-Term Investment	0.13%
Industrial Goods & Services	0.03%
Other Assets Less Liabilities	1.11%
	100.00%

TOP 10 PORTFOLIO HOLDINGS
% of Net Assets as of March 31, 2021
Nestle SA	16.02%
Roche Holding AG	12.05%
Novartis AG	11.63%
Logitech International SA	4.39%
Zurich Insurance Group AG	4.27%
Cie Financiere Richemont SA	3.84%
Swiss Life Holding AG	2.97%
ABB Ltd.	2.48%
UBS Group AG	2.45%
Swatch Group AG - Registered Shares	2.36%

THE SWISS HELVETIA FUND, INC.

Notes to Schedule of Investments (Unaudited)

Various inputs are used to determine the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical assets and liabilities

Level 2—other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2021:

TOPIC 820 TABLE

Investments in Securities*	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Investments Valued at NAV**		Total
Common Stock	$	130,310,773	$	-	$	1,376,392	$	-	$	131,687,165
Preferred Stock		-		-		55,572		-		55,572
Limited Partnership		-		-		-		968,090		968,090
Money Market Deposit Account		-		180,407		-		-		180,407
Total Investments in Securities	$	130,310,773	$	180,407	$	1,431,964	$	968,090	$	132,891,234

* Please see the Schedule of Investments for industry classifications.

** As of March 31, 2021, certain of the Fund’s investments were valued using net asset value (“NAV”) per share (or its equivalent) as a practical expedient for fair value and have been excluded from the fair value hierarchy in accordance with ASU 2015-07. The fair value amount presented in this table is intended to permit reconciliation of the amounts presented in the fair value hierarchy to the amounts presented in the schedule of investments.

The Fund values its investment in a private equity limited partnership in accordance with Accounting Standards Codification 820-10-35, “Investments in Certain Entities that Calculate Net Asset Value Per Share (Or its Equivalent)” (“ASC 820-10-35”). ASC 820-10-35 permits a reporting entity to measure the fair value of an investment that does not have a readily determinable fair value, based on the NAV of the investment as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the NAV. If the NAV of the investment is not as of the Fund’s measurement date, then the NAV should be adjusted to reflect any significant events that may change the valuation. Inputs and valuation techniques for these adjustments may include fair valuations of the partnership and its portfolio holdings provided by the partnership’s general partner or manager, other available information about the partnership’s portfolio holdings, values obtained on redemption from other limited partners, discussions with the partnership’s general partner or manager and/or other limited partners and comparisons of previously-obtained estimates to the partnership’s audited financial statements. In using the unadjusted NAV as a practical expedient, certain attributes of the investment that may impact its fair value are not considered. Attributes of those investments include the investment strategies of the privately held companies and may also include, but are not limited to, restrictions on the investor’s ability to redeem its investments at the measurement date and any unfunded commitments.

Level 3 securities, which are listed in Note 3 to the Schedule of Investments, consist of the Fund’s investments in privately-held companies.

Inputs and valuation techniques used by the Fund to value its Level 3 investments in privately-held companies may include the following: acquisition cost; fundamental analytical data; discounted cash flow analysis; nature and duration of restrictions on disposition of the investment; public trading of similar securities of similar issuers; economic outlook and condition of the industry in which the issuer participates; financial condition of the issuer; and the issuer’s prospects, including any recent or potential management or capital structure changes. Although these valuation inputs may be observable in the marketplace as is characteristic of Level 2 investments, the privately-held companies, categorized as Level 3 investments, generally are highly illiquid in terms of resale.

When valuing Level 3 investments, management also may consider potential events that could have a material impact on the operations of a privately-held company. Not all of these factors may be considered or available, and other relevant factors may be considered on an investment-by-investment basis.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

LEVEL 3 ROLLFORWARD TABLE

	Common Stock			Preferred Stock			Total
Balance as of December 31, 2020	$	1,465,458		$	59,168		$	1,524,626
Change in Unrealized Appreciation/Depreciation (a)		(89,066	)		(3,596	)		(92,662	)
Net Realized Gain (Loss)		-			-			-
Gross Purchases		-			-			-
Gross Sales		-			-			-
Transfer out of Level 3		-			-			-
Balance as of March 31, 2021	$	1,376,392		$	55,572		$	1,431,964

(a)	The noted amounts of change in unrealized appreciation/depreciation relate to the fair value of Level 3 assets held on March 31, 2021.