<SEC-DOCUMENT>0001145549-22-042289.txt : 20220713
<SEC-HEADER>0001145549-22-042289.hdr.sgml : 20220713
<ACCEPTANCE-DATETIME>20220713170354
ACCESSION NUMBER:		0001145549-22-042289
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220630
FILED AS OF DATE:		20220713
DATE AS OF CHANGE:		20220713
PERIOD START:           	20221231

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:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05128
		FILM NUMBER:		221081552

	BUSINESS ADDRESS:	
		STREET 1:		C/O U.S. BANK GLOBAL FUND SERVICES
		STREET 2:		615 EAST MICHIGAN STREET
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		8007302932

	MAIL ADDRESS:	
		STREET 1:		C/O U.S. BANK GLOBAL FUND SERVICES
		STREET 2:		615 EAST MICHIGAN STREET
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000813623</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>




    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>SWISS HELVETIA FUND, INC.</regName>
      <regFileNumber>811-05128</regFileNumber>
      <regCik>0000813623</regCik>
      <regLei>549300HQZ0XPGTS5Q724</regLei>
      <regStreet1>615 East Michigan Street</regStreet1>
      <regCity>Milwaukee</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>53202</regZipOrPostalCode>
      <regPhone>1-800-730-2932</regPhone>
      <seriesName>SWISS HELVETIA FUND, INC.</seriesName>
      <seriesLei>549300HQZ0XPGTS5Q724</seriesLei>
      <repPdEnd>2022-12-31</repPdEnd>
      <repPdDate>2022-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>116705645.750000000000</totAssets>
      <totLiabs>2031347.840000000000</totLiabs>
      <netAssets>114674297.910000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>1733000.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn rtn1="-6.94" rtn2="-1.28" rtn3="-5.13"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="1076787.460000000000" netUnrealizedAppr="-9527443.720000000000"/>
        <othMon2 netRealizedGain="37194.240000000000" netUnrealizedAppr="-4883258.450000000000"/>
        <othMon3 netRealizedGain="64809.210000000000" netUnrealizedAppr="-9565593.380000000000"/>
      </returnInfo>
      <mon1Flow redemption=".000000000000" reinvestment=".000000000000" sales=".000000000000"/>
      <mon2Flow redemption=".000000000000" reinvestment=".000000000000" sales=".000000000000"/>
      <mon3Flow redemption=".000000000000" reinvestment=".000000000000" sales=".000000000000"/>


    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Forbo Holding AG</name>
        <lei>506700HR073894C16243</lei>
        <title>Forbo Holding AG</title>
        <cusip>H26865214</cusip>
        <identifiers>
          <isin value="CH0003541510"/>
          <ticker value="FORN"/>
        </identifiers>
        <balance>820.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1089507.490000000000</valUSD>
        <pctVal>0.9500886510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OC Oerlikon Corp AG</name>
        <lei>529900I8VLAZR2FJ0M10</lei>
        <title>OC Oerlikon Corp AG</title>
        <cusip>H59187106</cusip>
        <identifiers>
          <isin value="CH0000816824"/>
          <ticker value="OERL"/>
        </identifiers>
        <balance>234000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1624202.220000000000</valUSD>
        <pctVal>1.4163611634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Givaudan SA</name>
        <lei>213800SVRMQA1TD91D41</lei>
        <title>Givaudan SA</title>
        <cusip>H3238Q102</cusip>
        <identifiers>
          <isin value="CH0010645932"/>
          <ticker value="GIVN"/>
        </identifiers>
        <balance>78.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>273511.260000000000</valUSD>
        <pctVal>0.2385113883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zurich Insurance Group AG</name>
        <lei>529900QVNRBND50TXP03</lei>
        <title>Zurich Insurance Group AG</title>
        <cusip>H9870Y105</cusip>
        <identifiers>
          <isin value="CH0011075394"/>
          <ticker value="ZURN"/>
        </identifiers>
        <balance>11430.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>4957158.820000000000</valUSD>
        <pctVal>4.3228159320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Novartis AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>Novartis AG</title>
        <cusip>H5820Q150</cusip>
        <identifiers>
          <isin value="CH0012005267"/>
          <ticker value="NOVN"/>
        </identifiers>
        <balance>150000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>12667780.850000000000</valUSD>
        <pctVal>11.0467481213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABB Ltd</name>
        <lei>5493000LKVGOO9PELI61</lei>
        <title>ABB Ltd</title>
        <cusip>H0010V101</cusip>
        <identifiers>
          <isin value="CH0012221716"/>
          <ticker value="ABBN"/>
        </identifiers>
        <balance>77110.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>2050682.200000000000</valUSD>
        <pctVal>1.7882666276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Roche Holding AG</name>
        <lei>549300U41AUUVOAAOB37</lei>
        <title>Roche Holding AG</title>
        <cusip>H69293217</cusip>
        <identifiers>
          <isin value="CH0012032048"/>
          <ticker value="ROG"/>
        </identifiers>
        <balance>45700.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>15206282.970000000000</valUSD>
        <pctVal>13.2604107870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tecan Group AG</name>
        <lei>529900CSN9R3BLETSL26</lei>
        <title>Tecan Group AG</title>
        <cusip>H84774167</cusip>
        <identifiers>
          <isin value="CH0012100191"/>
          <ticker value="TECN"/>
        </identifiers>
        <balance>7980.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>2310603.230000000000</valUSD>
        <pctVal>2.0149268599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nestle SA</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
        <title>Nestle SA</title>
        <cusip>H57312649</cusip>
        <identifiers>
          <isin value="CH0038863350"/>
          <ticker value="NESN"/>
        </identifiers>
        <balance>209105.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>24340796.160000000000</valUSD>
        <pctVal>21.2260258869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baloise Holding AG</name>
        <lei>529900G5XKBZN48T6283</lei>
        <title>Baloise Holding AG</title>
        <cusip>H04530202</cusip>
        <identifiers>
          <isin value="CH0012410517"/>
          <ticker value="BALN"/>
        </identifiers>
        <balance>9760.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1589370.660000000000</valUSD>
        <pctVal>1.3859868244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sonova Holding AG</name>
        <lei>5299004A0QNX7FBNHS61</lei>
        <title>Sonova Holding AG</title>
        <cusip>H8024W106</cusip>
        <identifiers>
          <isin value="CH0012549785"/>
          <ticker value="SOON"/>
        </identifiers>
        <balance>4850.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1540084.610000000000</valUSD>
        <pctVal>1.3430076644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Swatch Group AG/The</name>
        <lei>529900NTES2LEON1JZ55</lei>
        <title>Swatch Group AG/The</title>
        <cusip>H83949133</cusip>
        <identifiers>
          <isin value="CH0012255144"/>
          <ticker value="UHRN"/>
        </identifiers>
        <balance>34200.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1516110.100000000000</valUSD>
        <pctVal>1.3221010528</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lonza Group AG</name>
        <lei>549300EFW4H2TCZ71055</lei>
        <title>Lonza Group AG</title>
        <cusip>H50524133</cusip>
        <identifiers>
          <isin value="CH0013841017"/>
          <ticker value="LONN"/>
        </identifiers>
        <balance>2386.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1268578.890000000000</valUSD>
        <pctVal>1.1062451771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Swiss Life Holding AG</name>
        <lei>5493000KUC3Z24U77V93</lei>
        <title>Swiss Life Holding AG</title>
        <cusip>H8404J162</cusip>
        <identifiers>
          <isin value="CH0014852781"/>
          <ticker value="SLHN"/>
        </identifiers>
        <balance>4130.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>2006006.160000000000</valUSD>
        <pctVal>1.7493075576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. Bank Money Market Deposit Account</name>
        <lei>N/A</lei>
        <title>U.S. Bank Money Market Deposit Account</title>
        <cusip>8AMMF0A84</cusip>
        <identifiers>
          <ticker value="USBFS03"/>
        </identifiers>
        <balance>681.560000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>681.560000000000</valUSD>
        <pctVal>0.0005943442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARAVIS BIOTECH II LP</name>
        <lei>N/A</lei>
        <title>ARAVIS BIOTECH II LP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AVARIS"/>
          <other otherDesc="USER DEFINED" value="ARAVIS"/>
        </identifiers>
        <balance>3294705.052400000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1224755.450000000000</valUSD>
        <pctVal>1.0680296041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SKAN Group AG</name>
        <lei>506700N25H370ZSEFR11</lei>
        <title>SKAN Group AG</title>
        <cusip>H11596105</cusip>
        <identifiers>
          <isin value="CH0013396012"/>
          <ticker value="SKAN"/>
        </identifiers>
        <balance>7111.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>384759.810000000000</valUSD>
        <pctVal>0.3355240163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Partners Group Holding AG</name>
        <lei>549300I3IVVWZWDHI788</lei>
        <title>Partners Group Holding AG</title>
        <cusip>H6120A101</cusip>
        <identifiers>
          <isin value="CH0024608827"/>
          <ticker value="PGHN"/>
        </identifiers>
        <balance>3550.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>3189752.960000000000</valUSD>
        <pctVal>2.7815761841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Schindler Holding AG</name>
        <lei>5299007DRLI319H7Q933</lei>
        <title>Schindler Holding AG</title>
        <cusip>H7258G209</cusip>
        <identifiers>
          <isin value="CH0024638196"/>
          <ticker value="SCHP"/>
        </identifiers>
        <balance>2980.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>541931.370000000000</valUSD>
        <pctVal>0.4725831157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kuehne + Nagel International A</name>
        <lei>529900Q0YED3805QXQ66</lei>
        <title>Kuehne + Nagel International AG</title>
        <cusip>H4673L145</cusip>
        <identifiers>
          <isin value="CH0025238863"/>
          <ticker value="KNIN"/>
        </identifiers>
        <balance>5000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1180341.570000000000</valUSD>
        <pctVal>1.0292991468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Logitech International SA</name>
        <lei>549300SN6PRK6IJJC215</lei>
        <title>Logitech International SA</title>
        <cusip>H50430232</cusip>
        <identifiers>
          <isin value="CH0025751329"/>
          <ticker value="LOGN"/>
        </identifiers>
        <balance>52800.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>2750442.370000000000</valUSD>
        <pctVal>2.3984819791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Geberit AG</name>
        <lei>52990093Z5OHD6T7BS47</lei>
        <title>Geberit AG</title>
        <cusip>H2942E124</cusip>
        <identifiers>
          <isin value="CH0030170408"/>
          <ticker value="GEBN"/>
        </identifiers>
        <balance>2100.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1006403.090000000000</valUSD>
        <pctVal>0.8776187065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Swissquote Group Holding SA</name>
        <lei>549300O3WME82RDPEN66</lei>
        <title>Swissquote Group Holding SA</title>
        <cusip>H8403Y103</cusip>
        <identifiers>
          <isin value="CH0010675863"/>
          <ticker value="SQN"/>
        </identifiers>
        <balance>17200.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1740032.380000000000</valUSD>
        <pctVal>1.5173691156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daetwyler Holding AG</name>
        <lei>52990096G2IJ89SWI669</lei>
        <title>Daetwyler Holding AG</title>
        <cusip>H17592157</cusip>
        <identifiers>
          <isin value="CH0030486770"/>
          <ticker value="DAE"/>
        </identifiers>
        <balance>1900.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>391372.020000000000</valUSD>
        <pctVal>0.3412900948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aryzta AG</name>
        <lei>549300W2PUDQQVRD8W85</lei>
        <title>Aryzta AG</title>
        <cusip>H0336B110</cusip>
        <identifiers>
          <isin value="CH0043238366"/>
          <ticker value="ARYN"/>
        </identifiers>
        <balance>1788449.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1982080.110000000000</valUSD>
        <pctVal>1.7284432049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Julius Baer Group Ltd</name>
        <lei>5299007MF0604ZGJER92</lei>
        <title>Julius Baer Group Ltd</title>
        <cusip>H4414N103</cusip>
        <identifiers>
          <isin value="CH0102484968"/>
          <ticker value="BAER"/>
        </identifiers>
        <balance>31835.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1464473.180000000000</valUSD>
        <pctVal>1.2770718519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BKW AG</name>
        <lei>549300IE30SKTUO98Q38</lei>
        <title>BKW AG</title>
        <cusip>H10053108</cusip>
        <identifiers>
          <isin value="CH0130293662"/>
          <ticker value="BKW"/>
        </identifiers>
        <balance>14700.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1530882.120000000000</valUSD>
        <pctVal>1.3349827711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cie Financiere Richemont SA</name>
        <lei>549300YIPGJ6UX2QPS51</lei>
        <title>Cie Financiere Richemont SA</title>
        <cusip>H25662182</cusip>
        <identifiers>
          <isin value="CH0210483332"/>
          <ticker value="CFR"/>
        </identifiers>
        <balance>51000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>5415104.190000000000</valUSD>
        <pctVal>4.7221603173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Comet Holding AG</name>
        <lei>506700PGOL747J76WC96</lei>
        <title>Comet Holding AG</title>
        <cusip>H15586151</cusip>
        <identifiers>
          <isin value="CH0360826991"/>
          <ticker value="COTN"/>
        </identifiers>
        <balance>5300.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>832631.740000000000</valUSD>
        <pctVal>0.7260840094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIG Group AG</name>
        <lei>5493004Z6P7TSVB1L042</lei>
        <title>SIG Group AG</title>
        <cusip>H76406117</cusip>
        <identifiers>
          <isin value="CH0435377954"/>
          <ticker value="SIGN"/>
        </identifiers>
        <balance>131300.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>2882880.870000000000</valUSD>
        <pctVal>2.5139729848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Idorsia Ltd</name>
        <lei>506700XOVZUB107S5720</lei>
        <title>Idorsia Ltd</title>
        <cusip>H3879B109</cusip>
        <identifiers>
          <isin value="CH0363463438"/>
          <ticker value="IDIA"/>
        </identifiers>
        <balance>41308.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>588973.940000000000</valUSD>
        <pctVal>0.5136058827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sika AG</name>
        <lei>549300R3N69ECGYPU434</lei>
        <title>Sika AG</title>
        <cusip>H7631K273</cusip>
        <identifiers>
          <isin value="CH0418792922"/>
          <ticker value="SIKA"/>
        </identifiers>
        <balance>5841.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1342267.720000000000</valUSD>
        <pctVal>1.1705044151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Medacta Group SA</name>
        <lei>506700P2PFU3A3DROC14</lei>
        <title>Medacta Group SA</title>
        <cusip>H7251B108</cusip>
        <identifiers>
          <isin value="CH0468525222"/>
          <ticker value="MOVE"/>
        </identifiers>
        <balance>5990.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>569999.480000000000</valUSD>
        <pctVal>0.4970594897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Helvetia Holding AG</name>
        <lei>529900SUJBXTORH0LT80</lei>
        <title>Helvetia Holding AG</title>
        <cusip>H3701P102</cusip>
        <identifiers>
          <isin value="CH0466642201"/>
          <ticker value="HELN"/>
        </identifiers>
        <balance>9100.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1061753.800000000000</valUSD>
        <pctVal>0.9258864622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Softwareone Holding AG</name>
        <lei>529900GBI88JKWXLGI05</lei>
        <title>Softwareone Holding AG</title>
        <cusip>H5682F102</cusip>
        <identifiers>
          <isin value="CH0496451508"/>
          <ticker value="SWON"/>
        </identifiers>
        <balance>64811.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>774468.940000000000</valUSD>
        <pctVal>0.6753640128</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SFS Group AG</name>
        <lei>391200RQ38WAM4BJBO16</lei>
        <title>SFS Group AG</title>
        <cusip>H7482F118</cusip>
        <identifiers>
          <isin value="CH0239229302"/>
          <ticker value="SFSN"/>
        </identifiers>
        <balance>11806.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1190033.950000000000</valUSD>
        <pctVal>1.0377512413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VZ Holding AG</name>
        <lei>529900JMJUZCFUVQ0Q82</lei>
        <title>VZ Holding AG</title>
        <cusip>H9239A111</cusip>
        <identifiers>
          <isin value="CH0528751586"/>
          <ticker value="VZN"/>
        </identifiers>
        <balance>13408.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>969168.640000000000</valUSD>
        <pctVal>0.8451489633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PolyPeptide Group AG</name>
        <lei>5067007JCKTPOX4G9758</lei>
        <title>PolyPeptide Group AG</title>
        <cusip>H6306W109</cusip>
        <identifiers>
          <isin value="CH1110760852"/>
          <ticker value="PPGN"/>
        </identifiers>
        <balance>3788.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>257980.470000000000</valUSD>
        <pctVal>0.2249679961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Belimo Holding AG</name>
        <lei>506700339DLX749VEM23</lei>
        <title>Belimo Holding AG</title>
        <cusip>H07171129</cusip>
        <identifiers>
          <isin value="CH1101098163"/>
          <ticker value="BEAN"/>
        </identifiers>
        <balance>2900.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1017809.580000000000</valUSD>
        <pctVal>0.8875655649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ams-OSRAM AG</name>
        <lei>5299001JPPT2QFTV5D76</lei>
        <title>ams-OSRAM AG</title>
        <cusip>A0400Q115</cusip>
        <identifiers>
          <isin value="AT0000A18XM4"/>
          <ticker value="AMS"/>
        </identifiers>
        <balance>185000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1661492.660000000000</valUSD>
        <pctVal>1.4488797318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Straumann Holding AG</name>
        <lei>50670046ML5FVIM60Z37</lei>
        <title>Straumann Holding AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH1175448666"/>
          <ticker value="STMN"/>
        </identifiers>
        <balance>5510.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>659864.730000000000</valUSD>
        <pctVal>0.5754251319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS Group AG</name>
        <lei>549300SZJ9VS8SGXAN81</lei>
        <title>UBS Group AG</title>
        <cusip>H42097107</cusip>
        <identifiers>
          <isin value="CH0244767585"/>
          <ticker value="UBSG"/>
        </identifiers>
        <balance>216000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>3472335.090000000000</valUSD>
        <pctVal>3.0279976885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VAT Group AG</name>
        <lei>529900MVFK7NVALR7Y83</lei>
        <title>VAT Group AG</title>
        <cusip>H90508104</cusip>
        <identifiers>
          <isin value="CH0311864901"/>
          <ticker value="VACN"/>
        </identifiers>
        <balance>3137.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>745789.110000000000</valUSD>
        <pctVal>0.6503541976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EYESENSEC-EYESENSE AG COMMON</name>
        <lei>N/A</lei>
        <title>EYESENSEC-EYESENSE AG COMMON</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="EYESENSEC"/>
          <other otherDesc="USER DEFINED" value="EYESENSEC"/>
        </identifiers>
        <balance>125416.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>44541.120000000000</valUSD>
        <pctVal>0.0388414150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SELFRAG AG PREFERRED A</name>
        <lei>N/A</lei>
        <title>SELFRAG AG PREFERRED A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SELFRAG"/>
          <other otherDesc="USER DEFINED" value="SELFRAG"/>
        </identifiers>
        <balance>250447.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>23544.400000000000</valUSD>
        <pctVal>0.0205315406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SELFRAG AG PREFERRED A</name>
        <lei>N/A</lei>
        <title>SELFRAG AG PREFERRED A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SELFRAG2"/>
          <other otherDesc="USER DEFINED" value="SELFRAG2"/>
        </identifiers>
        <balance>78514.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>7381.060000000000</valUSD>
        <pctVal>0.0064365426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SELFRAG AG PREFERRED A</name>
        <lei>N/A</lei>
        <title>SELFRAG AG PREFERRED A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SELFRAG3"/>
          <other otherDesc="USER DEFINED" value="SELFRAG3"/>
        </identifiers>
        <balance>171902.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>16160.420000000000</valUSD>
        <pctVal>0.0140924517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPINEART SA</name>
        <lei>N/A</lei>
        <title>SPINEART SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SPINEARTS"/>
          <other otherDesc="USER DEFINED" value="SPINEARTS"/>
        </identifiers>
        <balance>221085.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt=".957350000000"/>
        <valUSD>1452577.060000000000</valUSD>
        <pctVal>1.2666980191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-07-13</ncom:dateSigned>
      <ncom:nameOfApplicant>SWISS HELVETIA FUND, INC.</ncom:nameOfApplicant>
      <ncom:signature>/s/ Andrew Dakos</ncom:signature>
      <ncom:signerName>Andrew Dakos</ncom:signerName>
      <ncom:title>President &amp; CEO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
