Edgar Filing: SWISS HELVETIA FUND INC

As filed with the Securities and Exchange Commission on March 7, 2005

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-05128

THE SWISS HELVETIA FUND, INC.
1270 Avenue of the Americas, Suite 400
New York, New York 10020
1-888-SWISS-00

Rodolphe E. Hottinger, President
Hottinger et Cie
3 Place des Bergues
C.P. 395
CH-1201 Geneva
Switzerland

Date of fiscal year end: December 31, 2004

Date of reporting period: December 31, 2004

Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORT TO STOCKHOLDERS.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Directors and Officers

Paul Hottinguer Rodolphe E. Hottinger
CHAIRMAN PRESIDENT CHIEF EXECUTIVE OFFICER
Eric R. Gabus+ Rudolf Millisits
VICE CHAIRMAN (NON OFFICER) SENIOR VICE PRESIDENT TREASURER
Paul R. Brenner, Esq. Philippe R. Comby, CFA
DIRECTOR VICE PRESIDENT
Alexandre de Takacsy Edward J. Veilleux
DIRECTOR VICE PRESIDENT SECRETARY
Claude Frey Leslie K. Klenk
DIRECTOR ASSISTANT SECRETARY
Baron Hottinger Frederick Skillin
DIRECTOR ASSISTANT TREASURER
Claude Mosseri-Marlio* Sara M. Morris
DIRECTOR ASSISTANT TREASURER
Didier Pineau-Valencienne* Peter R. Guarino, Esq.
DIRECTOR CHIEF COMPLIANCE OFFICER
Stephen K. West, Esq.
DIRECTOR
Samuel B. Witt III, Esq.**
DIRECTOR
-------------------------------------------------------------------------------
*AUDIT COMMITTEE MEMBER +GOVERNANCE/NOMINATING COMMITTEE CHAIRMAN
**AUDIT COMMITTEE CHAIRMAN

INVESTMENT ADVISOR
Hottinger Capital Corp.
1270 Avenue of the Americas, Suite 400
New York, New York 10020
(212) 332-7930

ADMINISTRATOR
Forum Administrative Services, LLC
(member Citigroup Global Transaction Services)

CUSTODIAN
Swiss American Securities Inc.

TRANSFER AGENT
American Stock Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038

LEGAL COUNSEL
Stroock & Stroock & Lavan LLP

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
The Investment Advisor

The Swiss Helvetia Fund, Inc. (the "Fund") is managed by Hottinger Capital
Corp., which belongs to the Hottinger Group.

The Hottinger Group dates back to Banque Hottinguer, which was formed in Paris
in 1786 and is one of Europe's oldest private banking firms. The Hottinger
Group has remained under the control of the Hottinger family through seven
generations. It has offices in New York, Zurich, Luxembourg, Toronto, Geneva,
Vienna, London, and the Bahamas.

EXECUTIVE OFFICES
The Swiss Helvetia Fund, Inc.
1270 Avenue of the Americas, Suite 400
New York, New York 10020
1-888-SWISS-00 (1-888-794-7700)
(212) 332-2760

FOR INQUIRIES AND REPORTS:
1-888-SWISS-00 (1-888-794-7700)
Fax: (212) 332-7931
email: swz@swz.com

WEBSITE ADDRESS
http://www.swz.com

The Fund

The Swiss Helvetia Fund, Inc. 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,
listed on the New York Stock Exchange under the symbol "SWZ," is managed by
Hottinger Capital Corp.

The Fund had a Morningstar overall rating of three stars as of December 31,
2004. Of course, past performance is no guarantee of future results. See the
footnote on page 4 for more information.

Net Asset Value is calculated daily by 6:15 P.M. (Eastern Time). The most
recent calculation is available by calling 1-888-SWISS-00 or by accessing our
Website. Net Asset Value is also published weekly in BARRON'S, the Monday
edition of THE WALL STREET JOURNAL and the Sunday Edition of THE NEW YORK TIMES.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Letter to Stockholders

GLOBAL MARKET OVERVIEW
The pace of global growth experienced in 2004, currently estimated at close
to 5%, was the fastest for two decades. However, going forward growth should
slow as the global economy transitions from an above-trend recovery phase to a
slower paced expansion phase and as monetary policy is tightened.

In the U.S., fiscal stimulus will drop off in 2005. The Organisation for
Economic Co-operation and Development (OECD) forecasts US Gross Domestic
Product (GDP) growth of 3.3% for 2005 -- at or slightly above trend. Core
inflation is now annualizing at 2.4%. There appears to be more inflation in the
pipeline at the core crude material and the intermediate price stages, while
unit labor costs in the second and third quarters have risen at close to 2% as
productivity has declined. Further price pressures will come from diminishing
slack in the economy and a falling U.S. dollar.

The Japanese and Euroland economies have been the most badly affected by
the summer "soft patch." In Japan, real GDP growth has come to a complete
standstill as can be seen in the recently revised GDP data, which has been
recalculated using a new methodology. The new data appears to indicate that
inventories and a slump in public consumption were initially responsible for
the downturn. Interest rates are expected to remain on hold for at least the
first half of 2005 with the Consumer Price Index (CPI) hovering at around zero.
The OECD forecasts Japanese GDP growth of 2.1% in 2005, but that may be a
little optimistic.

Euroland has struggled this year with GDP growth very weak in the second
half of 2004 due to the slowdown in the global economy, a strong euro and
ongoing weak domestic demand. The drop in the Purchasing Managers Index (PMI)
surveys in December to just above 50 highlights just how much economic momentum
has been lost. The adjustment to domestic demand growth from export-led growth
in 2005 will be difficult. We think the European Central Bank will relent and
remain on hold until growth firms and the labor market improves.

The best stock market performances this year were the Emerging and the
Eastern European markets. As an asset class the mid- and small-cap sectors had
very strong performance. Their out-performance across the globe was almost
unprecedented. Very low interest rates, better access to financing due to
market interest in high yield instruments, and a decline in volatility and risk
aversion all contributed strongly to the performance of this asset class. It is
unlikely that 2005 will be so kind for small- and mid-cap stocks due to higher
borrowing rates and slower economic growth.

With regard to the much discussed weakness in the US dollar, it decreased
by 10.44% against the Swiss franc in 2003 and continued its decline
particularly after the election in 2004. It finished the year down 8% against
the Swiss franc.

ACCOUNTING CHANGES IMPACT ON THE MARKET
European markets are moving towards full adoption of the International
Financial

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Letter to Stockholders (continued)

Reporting Standards (IFRS) in 2005. In Switzerland, the Swiss stock exchange
has decided that all companies listed on the exchange are obliged to apply
either IFRS or US generally accepted accounting practices (GAAP) as their
accounting standard from 2005 onwards, in order to remain in the main trading
segment, namely the Swiss Performance Index (SPI). According to a study
conducted by UBS, 87% of the companies already apply IFRS accounting standards,
11% use US GAAP and 2% use Swiss GAAP. The main changes involve the
amortization of goodwill, the expensing of employee stock options, and the
funding of pensions.

SWISS ECONOMIC NOTES
Economic growth in Switzerland has lost some of its momentum. However, the
Swiss National Bank (SNB) still anticipates economic growth to be close to 2%
for the full year of 2004. On the assumption that the three-month LIBOR rate
will remain unchanged at 0.75%, the SNB expects growth of 1.5% to 2% for next
year and an inflation rate of 1.1% in 2005 and 1.3% in 2006.

The unemployment rate increased from 3.7% at the end of the third quarter
to 4% at the end of the year.

The flattening of the yield curve continues, as the ten-year spot interest
rate on Confederation bonds continued its decrease and short-term interest
rates (3-6 months) continued their increase. The rate on the 10-year government
bond reached 2.72% at the end of the year.

SWISS MARKET NEWS
On November 15, 2004, two new indices were launched to supplement the
existing Swiss Market Index (SMI): the SMI MID (SMIMX), which focuses on the
mid-cap segment and contains a maximum of 30 of the largest most liquid mid-cap
stocks in the Swiss equity market, which are NOT represented in the blue-chip
SMI index, and the SMI expanded (SMIEXX), which is composed of the SMI and the
SMIMX and therefore comprises a maximum of 60 stocks that are the largest and
most liquid stocks in the Swiss market.

SWISS MARKET REVIEW AND FUND PERFORMANCE
The Swiss market's 2004 return of 6.89% (in local currency) was a decent
performance when compared to the rest of continental Europe and to the US. A
closer look revealed that the SPI had a volatile year with significant ups and
downs. With regard to individual stocks, the year ended with reports of
accounting issues at Adecco and a provisions shortfall at Converium. With
regard to macro-economic and geo-political issues, the beginning of the year
was affected by the attacks in Madrid, the plunge in the US dollar starting in
mid-April and accentuated after the election, and the surge in oil prices to a
level of $50 in October.

The best performances were small and mid-sized stocks. Small stocks
returned 24.19% with very thinly traded companies like Swiss Steel returning
159%, Quadrant returning 128%, and Zurich Airport returning 126%. Mid-cap
stocks also performed

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Letter to Stockholders (continued)

well with a return of 11%. The big laggards were the large-cap stocks, as
indicated by the 3.74% return of the SMI, an index that represents the 30
largest stocks in Switzerland. Small and mid-cap companies have superior growth
and we can see an increasing interest in these areas in Switzerland. An
indication of this is the previously noted creation of an index of the largest
mid-cap stocks of Switzerland. We believe this is good news since it is likely
to increase the liquidity of these stocks.

The Fund's performance has been particularly rewarding for US stockholders.
The total return of the shares of the Fund, after a very strong 41.76% in 2003,
was again excellent with a 23.65% return in 2004 (based on market price). For
the same periods the S&P 500 Index returned 28.68% and 10.87%, respectively.
The return of the portfolio's stocks, the effect of the fall of the dollar, and
the reduction of the Fund's discount to net asset value to 10.96% as of
December 31, 2004 all contributed favorably to the Fund's performance.

The return on the Fund's net asset value was 7.75% in Swiss franc terms and
17.19% in US dollar terms. It outperformed the SMI thanks in part to its
exposure to small and mid-cap stocks such as Sulzer, Kuehne & Nagel, Logitech
and utility suppliers. Its overweight position in SMI's best performers such as
Syngenta (which increased by 47.3%) and Holcim (which increased by 24.02%) as
well as a shift out of the insurance stocks (which performed poorly by
declining -1.2%) helped as well. The Fund, however, was penalized by its low
exposure to banks (which outperformed towards the end of the year) and its
position in the biotechnology sector.

The Fund's cumulative performance continues to be superior to its Swiss
peers and its benchmark. As of December 31, 2004 the Fund had a rating of three
stars from Morningstar*.

*Morningstar is an independent fund performance monitor. Its ratings reflect
historic risk-adjusted performance and may change monthly. Its ratings of one
(low) and five (high) stars are based on a fund's three- and five-year average
annual total returns with fee adjustments, and a risk factor that reflects fund
performance relative to three-month Treasury Bill monthly returns. Only 33% of
the funds in an investment category may receive four or five stars. As of
December 31, 2004, there were 10 funds in the Fund's asset category rated by
Morningstar.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Letter to Stockholders (continued)

-------------------------------------------------------------------------------------------------------------
PEER GROUP/INDICES PERFORMANCE COMPARISON IN SWISS FRANCS/1/ (UNAUDITED)
-------------------------------------------------------------------------------------------------------------
TOTAL RETURN AS OF YEAR ENDED DECEMBER 31, CUMULATIVE
----- -------------------------------------------------- PERFORMANCE
2004 2003 2002 2001 2000 1999 1998 1997 12/31/96-12/31/04
---------------------------------- ----- ------ ------- ------- ------ ------ ------ ------ -----------------

SWISS HELVETIA FUND 7.75% 22.54% -20.40% -22.91% 14.06% 14.70% 15.57% 53.99% 88.61%
Swiss Performance Index (SPI) 6.89% 22.06% -25.95% -22.03% 11.91% 11.69% 15.36% 55.19% 68.56%
Swiss Market Index (SMI) 3.74% 18.51% -27.84% -21.11% 7.47% 5.71% 14.28% 58.93% 44.41%
Switzerland iShares/2/ (Formerly
called Webs Switzerland) 6.34% 19.14% -26.23% -23.12% 7.75% 12.22% 11.74% 47.79% 43.48%
CS Equity Swiss Blue Chips/3,7/ 2.75% 18.13% -28.75% -22.12% 10.97% 7.57% 14.21% 59.90% 46.83%
UBS Equity Inv. Switzerland/4,7/ 5.00% 18.14% -26.02% -22.04% 7.42% 6.43% 12.75% 55.94% 43.81%
Pictet (CH) -- Swiss Equities/5,7/ 7.05% 20.10% -27.93% -22.35% 7.34% 9.38% 11.05% 55.65% 46.01%
Saraswiss (Bank Sarasin)/6,7/ 2.93% 19.64% -28.51% -24.45% 9.72% 7.10% 14.41% 53.57% 37.32%

/1/ PERFORMANCE OF FUNDS IS BASED ON CHANGES IN THE FUND'S NAV OVER A SPECIFIED
PERIOD. IN EACH CASE TOTAL RETURN IS CALCULATED ASSUMING REINVESTMENT OF ALL
DISTRIBUTIONS. FUNDS LISTED, OTHER THAN SWITZERLAND ISHARES, ARE NOT REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION. PERFORMANCE AND DESCRIPTIVE
INFORMATION ABOUT THE FUNDS ARE DERIVED FROM THEIR PUBLISHED INVESTOR REPORTS
AND WEBSITES, WHICH ARE SUBJECT TO CHANGE.
/2/ SWITZERLAND ISHARES ARE TRADED ON THE NEW YORK STOCK EXCHANGE AND INVEST IN
MOST OF THE SAME STOCKS LISTED IN THE MORGAN STANLEY CAPITAL INTERNATIONAL
(SWITZERLAND) INDEX. THESE STOCKS REPRESENT SWITZERLAND'S LARGEST AND MOST
ESTABLISHED PUBLIC COMPANIES, ACCOUNTING FOR APPROXIMATELY 85% OF THE MARKET
CAPITALIZATION OF ALL OF SWITZERLAND'S PUBLICLY TRADED STOCKS. PERFORMANCE OF
ISHARES IS CALCULATED BASED UPON THE CLOSING PRICES OF THE PERIOD INDICATED
USING THE SWISS FRANC/U.S. DOLLAR EXCHANGE RATE AS OF NOON EACH SUCH DATE, AS
REPORTED BY BLOOMBERG. SUCH EXCHANGE RATES WERE AS FOLLOWS: 12/31/96 = 1.35,
12/31/97 = 1.46, 12/31/98 = 1.38, 12/31/99 = 1.60, 12/31/00 = 1.61, 12/31/01 =
1.67, 12/31/02 = 1.39, 12/31/03 = 1.24 AND 12/31/04 = 1.14.
/3/ THIS FUND INVESTS IN EQUITIES ISSUED BY LEADING SWISS COMPANIES. STOCK
SELECTION IS BASED ON ECONOMIC, SECTOR AND COMPANY ANALYSES. PREFERENCE IS
GIVEN TO LARGE-CAP COMPANIES.
/4/ THIS FUND INVESTS PRIMARILY IN MAJOR SWISS COMPANIES. QUALITY CRITERIA USED
FOR DETERMINING RELATIVE WEIGHTINGS OF COMPANIES INCLUDE: STRATEGIC
ORIENTATION, STRENGTH OF MARKET POSITION, QUALITY OF MANAGEMENT, SOUNDNESS OF
EARNINGS, GROWTH POTENTIAL AND POTENTIAL FOR IMPROVING SHAREHOLDER VALUE. THE
INVESTMENT OBJECTIVE SEEKS TO PROVIDE RESULTS THAT ARE ALIGNED WITH THE SPI
PERFORMANCE.
/5/ THIS FUND INVESTS IN SHARES OF SWISS COMPANIES LISTED ON THE SWISS STOCK
EXCHANGE (SWX) AND INCLUDED IN THE SPI.
/6/ THIS FUND INVESTS IN SHARES OF SWISS COMPANIES. IT WEIGHTS INDIVIDUAL
SECTORS RELATIVE TO THE SPI ON THE BASIS OF THEIR EXPECTED RELATIVE
PERFORMANCE. IT FOCUSES ON LIQUID BLUE-CHIP STOCKS.
/7/ THESE FUNDS ARE NOT AVAILABLE FOR U.S. RESIDENTS OR CITIZENS.
THE FUND'S CUMULATIVE TEN-YEAR PERFORMANCE FOR THE PERIOD ENDED 12/31/04 WAS
152.20%
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Letter to Stockholders (continued)

---------------------------------------------------------
YEAR ENDED
DECEMBER 31, 2004
--------------------------------------- -----------------

PERFORMANCE IN SWISS FRANCS
Swiss Performance Index (SPI) 6.89%
Swiss Helvetia Fund
Based on Net Asset Value 7.75%
CHANGE IN U.S. DOLLAR VS. SWISS FRANC -8.06%
SWISS HELVETIA FUND PERFORMANCE IN U.S.
DOLLARS
Based on Net Asset Value 17.19%
Based on Market Price 23.65%
S & P 500 Index 10.87%
MSCI EAFE Index 20.25%
Lipper European Fund Index (10 Largest) 20.18%
Lipper European Fund Universe Average 21.51%

OUTLOOK/STRATEGY
Stock indices' volatility has been below historical norms for some time
now. High corporate cash flows and the negative level of real short-term
interest rates in the US have contributed to this situation. Investors are
pricing risk too low and it makes profitable trades difficult. This could
continue until either short-term US interest rates go above expected inflation
or a negative external event happens.

The main characteristic of the market is the much higher correlation
between asset classes, which makes diversification difficult to achieve. In
addition, high leverage is frequently used by investors in order to squeeze out
the small returns currently found in most investment strategies.

Given all these factors, as well as a slower economic growth, 2005 will be
more difficult. Careful stock picking and longer holding periods could be the
only viable strategies for now. Management would favor large-cap stocks and
defensive stocks in such areas as pharmaceuticals and food. The outlook for the
Swiss market is probably better than average due to its defensive
characteristics.

Given the significant amount of free cash flow generated in 2004 by Swiss
companies, we expect 2005 to be a payback year for stockholders. Companies are
expected to launch new or continue share buybacks or increase dividend payouts.

On the currency side, management expects some short term rebound in the US
dollar due to a widening of the short-term interest rate differential with
Europe and Switzerland and the unwinding of short positions betting against the
US dollar.

STOCK REPURCHASE PROGRAM
Pursuant to authorization by its Board of Directors, the Fund began open
market purchases of its common stock on the New York Stock Exchange in 1999 and
has continued purchases in each subsequent year. The principal purpose of the
stock repurchase program is to enhance stockholder value by increasing the
Fund's net asset value per share without creating a meaningful adverse effect
upon the Fund's expense ratio and without realizing capital gains in order to
fund the repurchases. The Board has authorized the purchase of up to 250,000
shares

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Letter to Stockholders (concluded)

in 2005. During the year ended December 31, 2004, the Fund repurchased and
retired 189,100 shares at an average price of $13.42 per share (including
brokerage commissions) and a weighted average discount of 15.48%. These
repurchases, which had a total cost of $2,537,410, resulted in an increase of
$489,059 to the Fund's net asset value.

Sincerely,

/s/ Paul Hottinguer

Paul Hottinguer
CHAIRMAN

/s/ Rodolphe Hottinger

Rodolphe Hottinger
PRESIDENT AND CHIEF EXECUTIVE OFFICER

December 31, 2004

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Certain Information Concerning Directors

The following tables set forth certain information about each person
currently serving as a Director of the Fund, including his beneficial ownership
of Common Stock of the Fund. All information presented in the tables is as of
December 31, 2004. Information is presented separately with respect to
Directors who have been determined to be non-interested Directors and Directors
who are interested Directors under the Investment Company Act of 1940, as
amended.

CLASS I INTERESTED DIRECTOR
(TERM WILL EXPIRE IN 2007)
--------------------------------------------------------------------------------------------------
NAME, POSITION(S) TERM OF OFFICE PRINCIPAL
ADDRESS WITH FUND AND LENGTH OF OCCUPATION(S)
& AGE TIME SERVED DURING AT LEAST THE PAST FIVE YEARS

---------------------------------------------------------------------------------------------------

Mr. Alexandre Director/2/ Director from Senior Advisor to the Hottinger Group and
de Takacsy 1987 to President of Hottinger U.S., Inc. until December
Financiere February 8, 1994 2004; Vice Chairman of the Board, Director,
Hottinguer and since President and Secretary: Hottinger Capital
43, rue Taitbout September 17, Corp.; Retired Senior Executive: Royal Bank of
75009 Paris 1998. Canada.
France
Age 75
---------------------------------------------------------------------------------------------------
CLASS I NON-INTERESTED DIRECTOR
(TERM WILL EXPIRE IN 2007)
--------------------------------------------------------------------------------------------------
NAME, POSITION(S) TERM OF OFFICE PRINCIPAL
ADDRESS WITH FUND AND LENGTH OF OCCUPATION(S)
& AGE TIME SERVED DURING AT LEAST THE PAST FIVE YEARS

---------------------------------------------------------------------------------------------------
Mr. Claude Director; Director since President of the Swiss Parliament from 1994 to
W. Frey Member of 1995. 1995; the President of the Swiss Police
Clos 108 Nominating Academy (Neuchatel) from 1996 to 2003;
2012 Auvernier Committee from Member of the Swiss Parliament from 1979 to
Switzerland 1996 to 2002, 2003; Parliamentary Assembly of the Council of
Age 61 and the Europe (Strasbourg) from 1996 to 2004 and
Governance/ Executive Board of the "North-South Centre"
Nominating (Lisbon) since 1999; President of the National
Committee since Committee for Foreign Affairs from 2001 to
2002. 2003 (Vice President from 1991 to 2001);
Chairman of the Board: Berun Frais SA (Maria)
since 2002; Federation of Swiss Food Industries
(Berne) from 1991 to 2001; Association of Swiss
Chocolate Manufacturers (Berne) from 1991 to
2000; Swiss Association of Biscuits and Sugar
Confectioners Industries (Berne) from 1991 to
2000; Vice Chairman of the Board: Federation of
Swiss Employers' Association (Zurich) from
1997 to 2001.

None 700
$1-$10,000

---------------------------------------------------

----------------------------------------------------
OTHER DIRECTORSHIPS SHARES AND DOLLAR
HELD BY DIRECTOR RANGE OF
COMMON STOCK
BENEFICIALLY
OWNED AT
DEC. 31, 2004/1/
---------------------------------------------------
Chairman of the Board: Infra 1,814
Tunnel SA (Marin); Beton Frais SA $10,001-$50,000
(Marin); Member of the Board:
Dexia Banque Privee (Suisse),
Zurich; SCCM SA (Crans-
Montana); President of the
Steering Committee of
InterNutrition (Zurich); Chairman
of the Executive Board of the
"North-South Centre" (Lisbon);
Chairman of the Federal
Committee for Employee Pension
Plans (Berne).

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Certain Information Concerning Directors (continued)

CLASS I NON-INTERESTED DIRECTOR
(TERM WILL EXPIRE IN 2007)
---------------------------------------------------------------------------------------------------
NAME, POSITION(S) TERM OF OFFICE PRINCIPAL
ADDRESS WITH FUND AND LENGTH OF OCCUPATION(S)
& AGE TIME SERVED DURING AT LEAST THE PAST FIVE YEARS

----------------------------------------------------------------------------------------------------

Mr. Eric R. Director; Vice Director since Chairman of the Board: Societe Neuchateloise
Gabus Chairman (Non- 1987. de Presse and L'Express Communication
St. Dominique Officer) since (Neuchatel) until 2002.
1815 Clarens 1994; Chairman of
Switzerland the Nominating
Committee from
Age 77 1987 to 2002 and
the Governance/
Nominating
Committee since
2002.
----------------------------------------------------------------------------------------------------
CLASS II INTERESTED DIRECTORS/3/
(TERM WILL EXPIRE IN 2005)
---------------------------------------------------------------------------------------------------
NAME, POSITION(S) TERM OF OFFICE PRINCIPAL
ADDRESS WITH FUND AND LENGTH OF OCCUPATION(S)
& AGE TIME SERVED DURING AT LEAST THE PAST FIVE YEARS

----------------------------------------------------------------------------------------------------
The Baron Director/2/; Director since General Partner: Hottinger et Cie (Zurich);
Hottinger Chairman of the 1987. President: Conseil de Surveillance Credit
Hottinger et Cie Board of Directors Suisse/Hottinguer (Paris), Sofibus (Paris) (real
Dreikonigstrasse and Chief estate); Vice President and Director: Financiere
55 Executive Officer Hottinguer (holding company); Director:
8027 Zurich from 1987 to 1989. Hottinger U.S., Inc. (USA) until December 2004,
Switzerland Hottinguer Gestion (Luxembourg) (investment
advisor) until December 1998; Auditor: Didot
Age 70 Bottin, Financiere Provence de Participations
(FPP) (venture capital); Managing Director:
Intercom (holding company), Sofides (real
estate); Vice President: Gaspee (real estate);
Chairman of the Board and Director: Hottinger
Capital Corp.

----------------------------------------------------------------------------------------------------
Mr. Paul R. Director/2/; Director since Of Counsel: Salans since July 1996; Paul R.
Brenner Esq. Secretary from December 2002. Brenner, Attorney-at-Law since June 1993;
25 Moore Road 1987 to 2002. Counsel to the Fund from 1994 to 2002; Partner:
Bronxville, Kelly Drye & Warren LLP from 1976 to 1993.
New York
10708

Age 62

----------------------------------------------------------------------------------------------------

Chairman of the Board: Societe Neuchateloise Vice Chairman of the Board: 1,000
de Presse and L'Express Communication Fondation Denis de Rougement $10,001-$50,000
(Neuchatel) until 2002. pour l'Europe, Geneva since 1980;
Deputy Chairman: CSFB (London)
to 1986; Executive Vice President:
Nestle until 1982.

-------------------------------------------------------------------------------------------------------

-------------------------------------------------------
PRINCIPAL OTHER DIRECTORSHIPS SHARES AND DOLLAR
OCCUPATION(S) HELD BY DIRECTOR RANGE OF
DURING AT LEAST THE PAST FIVE YEARS COMMON STOCK
BENEFICIALLY
OWNED AT
DEC. 31, 2004/1/
-------------------------------------------------------------------------------------------------------
General Partner: Hottinger et Cie (Zurich); Member: Conseil de Surveillance 278,834/3/
President: Conseil de Surveillance Credit AXA; Administrator: over $100,000
Suisse/Hottinguer (Paris), Sofibus (Paris) (real Investissement Provence SA
estate); Vice President and Director: Financiere (holding company), AXA, AXA
Hottinguer (holding company); Director: Assurances IARD, AXA Courtage
Hottinger U.S., Inc. (USA) until December 2004, IARD, AXA Courtage VIE, AXA
Hottinguer Gestion (Luxembourg) (investment Assurances Vie, AXA France
advisor) until December 1998; Auditor: Didot Assurances, Alpha Assurances
Bottin, Financiere Provence de Participations Vie, Finaxa, Hottinger
(FPP) (venture capital); Managing Director: International Fund -- "U.S.
Intercom (holding company), Sofides (real Growth Fund" (publicly-held
estate); Vice President: Gaspee (real estate); Luxembourg mutual fund), ECU
Chairman of the Board and Director: Hottinger Invest (publicly-held Luxembourg
Capital Corp. mutual fund), Hottinguer
International Asset Management
(Luxembourg), Member of the
Board: Conseil de Surveillance of
EMBA N.V. (holding company);
Permanent Representative: AXA to
AXA Millesime.
-------------------------------------------------------------------------------------------------------
Of Counsel: Salans since July 1996; Paul R. Director: Harry Limited (Private 8,734
Brenner, Attorney-at-Law since June 1993; Investment Company ("P.I.C.")); over $100,000
Counsel to the Fund from 1994 to 2002; Partner: MFGAT, Inc. (P.I.C.); Strelsau, Inc.
Kelly Drye & Warren LLP from 1976 to 1993. (P.I.C.); MG Management Corp.
(P.I.C.); Marango Capital
Management Corp. (P.I.C.);
Howland Investment Corp.
(P.I.C.); Quercus Foundation, Inc.
(Private Foundation); Director and
Senior Trustee: The Louis Calder
Foundation (Private Foundation).
-------------------------------------------------------------------------------------------------------

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Certain Information Concerning Directors (continued)

CLASS II NON-INTERESTED DIRECTORS
(TERM WILL EXPIRE IN 2005)
------------------------------------------------------------------------------------------------
NAME, POSITION(S) TERM OF OFFICE PRINCIPAL
ADDRESS WITH FUND AND LENGTH OF OCCUPATION(S)
& AGE TIME SERVED DURING AT LEAST THE PAST FIVE YEARS

-------------------------------------------------------------------------------------------------

Mr. Didier Director; Member Director since Honorary Chairman: Schneider Electric SA
Pineau- of the Audit 1999. (industrial conglomerate) since 1999; Chairman
Valencienne Committee since of the Board and CEO: Schneider Electric SA
c/o Schneider 1999 and the (industrial conglomerate) from 1981 until
Electric SA Governance/ February 1999; Chairman: AFEP from 1999 to
64 Rue de Nominating 2001; Vice Chairman: Credit Suisse First Boston
Miromesnil Committee since (Europe) Limited (investment banking) from
75008 Paris 2002. 1999 to 2002; Senior Advisor: CSFB since 2002;
France Partner, SAGARD Private Equity Partners
(France).
Age 73

-------------------------------------------------------------------------------------------------
Samuel B. Witt, Director; Director since Senior Vice President and General Counsel:
III, Esq. Chairman of the 1987. Stateside Associates, Inc. from August 1993 to
Stateside Audit Committee May 30, 2004; Senior Consultant to Stateside
Associates, Inc. since 1993 and Associates, Inc. from June 1 to December 31,
2300 Clarendon Member of the 2004; Samuel B. Witt, III, Attorney-at-Law,
Blvd. Governance/ since August 1993.
Suite 407 Nominating
Arlington, Committee since
Virginia 2002.
22201-3367

Age 69
-------------------------------------------------------------------------------------------------

Honorary Chairman: Schneider Electric SA Director: Fleury Michon (France); 2,303
(industrial conglomerate) since 1999; Chairman AFEP (France); Wendel $10,001-$50,000
of the Board and CEO: Schneider Electric SA Investissements (formerly
(industrial conglomerate) from 1981 until Compagnie Generale d'Industrie
February 1999; Chairman: AFEP from 1999 to et de Participations (CGIP));
2001; Vice Chairman: Credit Suisse First Boston Member of the Board of Pernod
(Europe) Limited (investment banking) from Ricard since 2003; Member of
1999 to 2002; Senior Advisor: CSFB since 2002; Supervisory Board of AXA-UAP
Partner, SAGARD Private Equity Partners (France) (insurance) from 1998 to
(France). March 2001; Member of Advisory
Board: Booz Allen & Hamilton
(USA) from 1997 to December 30,
2002; Member: LaGardere (France)
(holding company).
------------------------------------------------------------------------------------------------------
Senior Vice President and General Counsel: Member and President of the 2,958
Stateside Associates, Inc. from August 1993 to Virginia Military Institute Board of $10,001-$50,000
May 30, 2004; Senior Consultant to Stateside Visitors; Trustee: The
Associates, Inc. from June 1 to December 31, Williamsburg Investment Trust
2004; Samuel B. Witt, III, Attorney-at-Law, (registered investment company).
since August 1993.

------------------------------------------------------------------------------------------------------

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Certain Information Concerning Directors (continued)

CLASS III INTERESTED DIRECTOR
(TERM WILL EXPIRE IN 2006)
--------------------------------------------------------------------------------------------------
NAME, POSITION(S) TERM OF OFFICE PRINCIPAL
ADDRESS WITH FUND AND LENGTH OF OCCUPATION(S)
& AGE TIME SERVED DURING AT LEAST THE PAST FIVE YEARS

---------------------------------------------------------------------------------------------------

Mr. Paul Director; Director since General Partner: Hottinger et Cie (Zurich);
Hottinguer Chairman of the 1987. President: Gaspee (real estate) since 1992;
Hottinger et Cie Board of Directors Financiere Hottinguer (holding company) since
Dreikonigstrasse since 1989; Chief 1990; Financiere Provence Participations
55 Executive Officer (venture capital firm) since 1990; AXA
8027 Zurich from 1989 to 2002. International Obligation (finance) since 1996;
Switzerland Managing Director: Intercom (holding
Age 62 company) since 1984; Vice Chairman of the
Board, Director and Member of Investment
Committee: Hottinger Capital Corp;
Administrator: Investissement Hottinger SA
since 1989; Finaxa (finance) since 1982;
Permanent Representative: Credit Suisse
Hottinguer to Provence International (publicly
held French mutual fund); Credit Suisse
Hottinguer to CS Oblig Euro Souverain (mutual
fund); Financiere Hottinguer to CS Institutions
Monetaire (mutual fund) from 1990 to 2002;
Financiere Hottinguer to CS Court Terme
(mutual fund) from 1990 to 2002; Censor -
Provence Europe (mutual fund); Credit Suisse
Hottinguer to PPC; Credit Suisse Hottinguer to
Croissance Britannia (investment fund); Credit
Suisse Hottinguer to Harwanne Allemagne;
Director: Hottinger U.S., Inc. until December
2004.
---------------------------------------------------------------------------------------------------

----------------------------------------------------
PRINCIPAL OTHER DIRECTORSHIPS SHARES AND DOLLAR
OCCUPATION(S) HELD BY DIRECTOR RANGE OF
DURING AT LEAST THE PAST FIVE YEARS COMMON STOCK
BENEFICIALLY
OWNED AT
DEC. 31, 2004/1/
---------------------------------------------------------------------------------------------------

General Partner: Hottinger et Cie (Zurich); Director: Drouot Securite; 278,834/4/
President: Gaspee (real estate) since 1992; Member: Conseil de Surveillance over $100,000
Financiere Hottinguer (holding company) since Credit Suisse Hottinguer; Societe
1990; Financiere Provence Participations pour le Financement de Bureaux et
(venture capital firm) since 1990; AXA d'Usines Sofibus (real estate).
International Obligation (finance) since 1996;
Managing Director: Intercom (holding
company) since 1984; Vice Chairman of the
Board, Director and Member of Investment
Committee: Hottinger Capital Corp;
Administrator: Investissement Hottinger SA
since 1989; Finaxa (finance) since 1982;
Permanent Representative: Credit Suisse
Hottinguer to Provence International (publicly
held French mutual fund); Credit Suisse
Hottinguer to CS Oblig Euro Souverain (mutual
fund); Financiere Hottinguer to CS Institutions
Monetaire (mutual fund) from 1990 to 2002;
Financiere Hottinguer to CS Court Terme
(mutual fund) from 1990 to 2002; Censor -
Provence Europe (mutual fund); Credit Suisse
Hottinguer to PPC; Credit Suisse Hottinguer to
Croissance Britannia (investment fund); Credit
Suisse Hottinguer to Harwanne Allemagne;
Director: Hottinger U.S., Inc. until December
2004.
---------------------------------------------------------------------------------------------------

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Certain Information Concerning Directors (continued)

CLASS III NON-INTERESTED DIRECTORS
(TERM WILL EXPIRE IN 2006)
---------------------------------------------------------------------------------------------------
NAME, POSITION(S) TERM OF OFFICE PRINCIPAL
ADDRESS WITH FUND AND LENGTH OF OCCUPATION(S)
& AGE TIME SERVED DURING AT LEAST THE PAST FIVE YEARS

----------------------------------------------------------------------------------------------------

Mr. Claude Director; Director since E.B.R.D.-European Bank for Reconstruction and
Mosseri-Marlio Member of the 1993. Development; Senior Advisor: TAM Program
6 bis rue du Nominating (Turn Around Management) since 1999;
Cloitre Committee since Financial Consultant, portfolio management
Notre-Dame 1993 and the since 1982; Professor, Schiller University, Paris
75004 Paris Governance/ since 1989; Professor, American Business
France Nominating School, Paris, since 1995; Guest Lecturer, Kelley
Age 74 Committee since School of Business, Indiana University, since
2002. 1998; Guest Lecturer, Fox School of Business,
Temple University, since 2002; Visiting
Professor, Tyumen State Institute of
Management, Tyumen, Russia, since 2002;
Visiting Professor, Paris Chamber of
Commerce, Moscow Branch, since 2004.
----------------------------------------------------------------------------------------------------
Stephen K. Director; Director since Of Counsel: Sullivan & Cromwell since 1997;
West, Esq. Member of the 1995. Partner: Sullivan Cromwell from 1964 to 1996.
Sullivan & Audit Committee
Cromwell from 1996 to 2004
125 Broad Street and the
New York, Governance/
New York Nominating
10004 Committee since
Age 76 2002.

----------------------------------------------------------------------------------------------------

-----------------------------------------------------
PRINCIPAL OTHER DIRECTORSHIPS SHARES AND DOLLAR
OCCUPATION(S) HELD BY DIRECTOR RANGE OF
DURING AT LEAST THE PAST FIVE YEARS COMMON STOCK
BENEFICIALLY
OWNED AT
DEC. 31, 2004/1/
------------------------------------------------------------------------------------------------------

E.B.R.D.-European Bank for Reconstruction and None 6,992
Development; Senior Advisor: TAM Program $50,001-$100,000
(Turn Around Management) since 1999;
Financial Consultant, portfolio management
since 1982; Professor, Schiller University, Paris
since 1989; Professor, American Business
School, Paris, since 1995; Guest Lecturer, Kelley
School of Business, Indiana University, since
1998; Guest Lecturer, Fox School of Business,
Temple University, since 2002; Visiting
Professor, Tyumen State Institute of
Management, Tyumen, Russia, since 2002;
Visiting Professor, Paris Chamber of
Commerce, Moscow Branch, since 2004.
------------------------------------------------------------------------------------------------------
Of Counsel: Sullivan & Cromwell since 1997; Director: Pioneer Funds 19,217
Partner: Sullivan Cromwell from 1964 to 1996. (registered investment company) over $100,000
(52 portfolios); AMVESCAP PLC
(Investment Manager) from 1999
to 2005; First ING Insurance
Company of New York from 1983
to 2001; Winthrop Focus Funds
from 1988 to 1997; ING America
Holdings, Inc. (insurance and
broker-dealer holding company)
from 1988 to 1998; Dresdner RCM
Global Strategic Income Fund, Inc.
(registered investment company)
from 1997 to 2002.
------------------------------------------------------------------------------------------------------

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Certain Information Concerning Executive Officers

The following table sets forth certain information about each person
currently serving as an Executive Officer of the Fund, including his beneficial
ownership of Common Stock of the Fund. All information presented in the table
is as of December 31, 2004.

EXECUTIVE OFFICERS
---------------------------------------------------------------------------------------------------
NAME, POSITION(S) PRINCIPAL OCCUPATION(S) DURING AT LEAST SHARES OF
ADDRESS & AGE WITH FUND THE PAST FIVE YEARS COMMON STOCK
BENEFICIALLY
OWNED AT
DEC. 31, 2004/1/
---------------------------------------------------------------------------------------------------

Mr. Rodolphe E. President and Managing Partner: Hottinger et Cie 295,181/4/
Hottinger/2/ Chief Executive (Zurich) since 1987; President: Over $100,000
Hottinger et Cie Officer Hottinger Capital, S.A. (Geneva)
3 Place des Bergues (investment company) since 2000;
C.P. 395 Hottinger & Co. Ltd, UK (investment
CH-1201 Geneva advisor) since 2001; and Emba, NV
Switzerland (investment company) since 1990; Vice
Chairman of the Board, Director, Chief
Age 48 Executive Officer and Member of
Investment Committee: Hottinger Capital
Corp. ("HCC") since 1994; President:
Financiere Hottinger Paris; Director:
Hottinger U.S., Inc. until December
2004.
---------------------------------------------------------------------------------------------------
Mr. Rudolf Millisits/2/ Senior Vice Director: HCC since December 2000; 7,035
Hottinger Capital Corp. President, Chief Operating Officer: HCC since $50,001-$100,000
1270 Avenue of the Treasurer and December 1998; Executive Vice
Americas Suite 400 Chief Financial President, Portfolio Manager, Member of
New York, New York Officer Investment Committee and Chief
10020 Compliance Officer: HCC since September
1994; Assistant Secretary: HCC since
Age 47 August 1995; Chairman, CEO, Director:
Hottinger U.S., Inc since December
2004; President, CFO: Hottinger
Brothers LLC since 2004; Executive Vice
President and Assistant Secretary:
Hottinger U.S., Inc. until December 2004
---------------------------------------------------------------------------------------------------
Mr. Philippe R. Comby, Vice President Senior Vice President: HCC since 2002; 2,500
CFA/2/ Chief Investment Officer and Senior $10,001-$50,000
Hottinger Capital Corp. Vice President: Hottinger Brothers LLC
1270 Avenue of the since 2004; President, Secretary and
Americas Suite 400 Director: Hottinger U.S., Inc. since
New York, New York December 2004; First Vice President:
10020 HCC from 1998 to 2002; Vice President:
Hottinger U.S., Inc until December
Age 38 2004; Treasurer: HCC since 1997; Member
of Investment Committee: HCC since 1996.
---------------------------------------------------------------------------------------------------
Mr. Edward J. Veilleux/2/ Vice President President EJV Financial Services LLC 2,054
EJV Financial and Secretary (Investment Company Consulting) since $10,001-$50,000
Services LLC May 2002; Director: Deutsche Asset
5 Brook Farm Court Management from 1999 to 2002;
Hunt Valley, Maryland Principal: BT Alex Brown Incorporated
21030 from 1989 to 1999; Executive Vice
President, Investment Company Capital
Age 61 Corp. from 1987 to 2002.
---------------------------------------------------------------------------------------------------
Mr. Peter R. Guarino Chief Executive Director, Investment Company None
Two Portland Square Compliance Services of Forum Fund Services, LLC
Portland, Maine 04101 Officer since 2004; Independent Compliance
Consultant from 2002 to 2004; General
Age 47 Counsel and Global Compliance Director,
MiFund, Inc. (mutual fund services)
from 2000 to 2002; Western Division
Chief Operating Officer, Funds Services
Group, Merrill Corporation. (mutual
fund services) from 1998 to 2000;
Served in various senior legal and
compliance capacities with the G.T.
Global Group of Funds from 1991 to 1998
and The Dreyfus Corporation from 1989
to 1991.
---------------------------------------------------------------------------------------------------

/1/ALL DIRECTORS AND EXECUTIVE OFFICERS AS A GROUP (15 PERSONS) OWNED 341,754
SHARES WHICH CONSTITUTES APPROXIMATELY 1.4% OF THE OUTSTANDING COMMON STOCK
OF THE FUND. SHARE NUMBERS IN THIS ANNUAL REPORT HAVE BEEN ROUNDED TO THE
NEAREST WHOLE SHARE.
/2/INDICATES "INTERESTED PERSON," AS DEFINED IN THE INVESTMENT COMPANY ACT OF
1940, AS AMENDED (THE "1940 ACT"). PAUL HOTTINGUER AND THE BARON HOTTINGER
ARE BROTHERS AND RODOLPHE E. HOTTINGER IS THE SON OF THE BARON. PAUL
HOTTINGUER, THE BARON HOTTINGER, AND RODOLPHE E. HOTTINGER ARE "INTERESTED
PERSONS" BECAUSE OF THEIR AFFILIATION WITH HOTTINGER ET CIE (ZURICH) AND
HOTTINGER U.S., INC., CONTROLLING PERSONS OF HCC, THE FUND'S INVESTMENT
ADVISOR. ALEXANDRE DE TAKACSY IS AN "INTERESTED PERSON" BECAUSE OF HIS
AFFILIATION WITH HCC. PAUL R. BRENNER IS AN "INTERESTED PERSON" BECAUSE HE
SERVED AS COUNSEL TO THE FUND, COUNSEL TO HCC AND OF COUNSEL TO SALANS,
WHICH SERVED AS GENERAL COUNSEL FOR THE FUND DURING THE PRIOR TWO YEARS. IN
ADDITION, RODOLPHE E. HOTTINGER, RUDOLF MILLISITS, PHILIPPE R. COMBY, AND
EDWARD J. VEILLEUX ARE CONSIDERED "INTERESTED PERSONS" BECAUSE EACH IS AN
OFFICER OF THE FUND.
/3/EFFECTIVE JANUARY 1, 2005, THE BARON HOTTINGER RESIGNED FROM THE BOARD AND
PAUL R. BRENNER BECAME A NON-INTERESTED DIRECTOR.
/4/HOTTINGER ET CIE (ZURICH), A PARTNERSHIP, OWNS 126,382 SHARES OF THE FUND,
HCC OWNS 113,788 SHARES OF THE FUND, HOTTINGER TREUHAND AG OWNS 8,664 SHARES
OF THE FUND AND HOTTINGER BANK & TRUST LIMITED, NASSAU OWNS 30,000 SHARES OF
THE FUND. PAUL HOTTINGUER, THE BARON HOTTINGER, AND RODOLPHE E. HOTTINGER
ARE CONTROLLING PARTNERS OF HOTTINGER ET CIE (ZURICH) AND CONTROLLING
STOCKHOLDERS AND DIRECTORS OF HCC AND HOTTINGER TREUHAND AG AND THEREFORE
SHARE VOTING AND INVESTMENT POWER OVER THE 278,834 SHARES OF THE FUND OWNED
BY HOTTINGER ET CIE (ZURICH), HCC, HOTTINGER TREUHAND AG AND HOTTINGER BANK
& TRUST LIMITED, NASSAU. IN ADDITION, RODOLPHE E. HOTTINGER AND HIS CHILDREN
DIRECTLY OWN 16,347 SHARES OF THE FUND.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Review of Operations

Trading activity for 2004 involved changes in the following positions:

--------------------------------------------------------------------------------
NEW INVESTMENTS BY THE FUND
--------------------------------------------------------------------------------

BKW FMB Energie AG
Ciba Specialty Chemicals AG
Cytos Biotechnology AG
Elektrizitaets-Gesellschaft Laufenburg AG
Huber & Suhner AG
Kuoni Reisen Holding AG
SIG Holding AG
St. Galler Kantonalbank
Sulzer AG

--------------------------------------------------------------------------------
ADDITIONS TO EXISTING INVESTMENTS
--------------------------------------------------------------------------------

Actelion Ltd.
Holcim Ltd. -- Registered
Kuehne & Nagel International AG
Logitech International SA
Sika AG
Syngenta AG
Temenos Group AG
--------------------------------------------------------------------------------
SECURITIES DISPOSED OF
--------------------------------------------------------------------------------

ABB Ltd.
Adecco SA
Charles Voegele Holding AG
Converium Holding AG
Kudelski SA
Unaxis Holding AG

--------------------------------------------------------------------------------
REDUCTIONS IN EXISTING INVESTMENTS
--------------------------------------------------------------------------------

Credit Suisse Group
Geberit AG
Micronas Semiconductor Holding AG
Phonak Holding AG
SGS Societe Generale de Surveillance Holding SA
Swiss Reinsurance Company

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Schedule of Investments December 31, 2004

Percent
No. of of Net
Shares Security Value Assets
---------------------------------------
COMMON STOCKS -- 101.82%

BANKS -- 14.36%

243,000 CREDIT SUISSE GROUP
REGISTERED SHARES $ 10,214,933 2.54%
A global operating financial group.
(Cost $6,482,308)

43,846 ST. GALLER KANTONALBANK
REGISTERED SHARES 10,989,456 2.74%
A Swiss regional bank that offers
retail, commercial, private and
institutional banking. It also
provides asset management and
financial planning services.
(Cost $10,163,365)

435,000 UBS AG/2/
REGISTERED SHARES 36,476,343 9.08%
Largest Swiss bank. It offers
consumer, business and
construction loans, mortgages,
mutual funds, export and structured
finance and securities brokerage
services, advises on mergers and
acquisitions, invests pension funds
and sponsors credit cards.
(Cost $7,578,949)
------------- -------
57,680,732 14.36%

BIOTECHNOLOGY -- 5.12%

195,916 ACTELION LTD./1,2/
REGISTERED SHARES 20,123,990 5.01%
Pharmaceutical company that
develops and markets synthetic
small-molecule drugs against
diseases related to the endothelium.
The company's drugs, Veletri and
Tracleer, are used in the treatment
of heart and pulmonary conditions.
(Cost $15,302,732)

Percent
No. of of Net
Shares Security Value Assets
-----------------------------

BIOTECHNOLOGY -- (CONTINUED)

12,273 CYTOS BIOTECHNOLOGY AG/1/
REGISTERED SHARES $ 431,730 0.11%
Develops and produces
biopharmaceuticals. Produces
vaccines that immunize the patient
against disease-related proteins.
This instructs the immune system to
produce antibodies to reverse or
prevent disease progression.
(Cost $439,327)
------------- -------
20,555,720 5.12%

CHEMICALS -- 9.74%

95,000 CIBA SPECIALTY CHEMICALS AG
REGISTERED SHARES 7,226,717 1.80%
Develops, manufactures, and
markets specialty chemicals.
(Cost $6,918,753)

18,598 SIKA AG
BEARER SHARES 11,154,548 2.78%
Leading producer of construction
chemicals.
(Cost $5,039,641)

194,931 SYNGENTA AG/2/
REGISTERED SHARES 20,708,526 5.16%
Produces herbicides, insecticides
and fungicides, and seeds for field
crops, vegetables, and flowers.
(Cost $12,135,720)
------------- -------
39,089,791 9.74%

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Schedule of Investments (continued) December 31, 2004

Percent
No. of of Net
Shares Security Value Assets
---------------------------------------
COMMON STOCKS -- (CONTINUED)

CONSTRUCTION -- 4.18%

6,012 GEBERIT AG
REGISTERED SHARES $ 4,398,895 1.10%
Manufactures and supplies water
supply pipes and fittings, installation
systems, drainage and flushing
systems such as visible cisterns,
and other sanitary systems for the
commercial and residential
construction markets.
(Cost $1,999,305)

205,143 HOLCIM LTD.
REGISTERED SHARES 12,358,012 3.08%
Produces and markets various
building materials, in addition to
providing consulting and
engineering services in all areas of
the cement manufacturing process.
(Cost $9,945,825)
------------- -------
16,756,907 4.18%

CYCLICAL GOODS & SERVICES -- 0.22%

2,000 KUONI REISEN HOLDING AG
REGISTERED SHARES 879,430 0.22%
Operates travel agencies and
provides travel planning services.
(Cost $865,972)
------------- -------
879,430 0.22%

Percent
No. of of Net
Shares Security Value Assets
------------------------------------------

FOOD & BEVERAGES -- 14.58%

300 LINDT & SPRUNGLI AG
REGISTERED SHARES $ 4,392,754 1.09%
Major manufacturer of premium
Swiss chocolates.
(Cost $1,196,399)

207,000 NESTLE AG/2/
REGISTERED SHARES 54,157,506 13.49%
Largest food and beverage
processing company in the world.
(Cost $12,427,541)
------------- -------
58,550,260 14.58%

INDUSTRIAL GOODS & SERVICES -- 8.69%

2,055 BELIMO HOLDING AG
REGISTERED SHARES 1,219,880 0.30%
World market leader in damper and
volume control actuators for
ventilation and air-conditioning
equipment.
(Cost $450,523)

4,500 KABA HOLDINGS AG
BEARER SHARES 1,394,996 0.35%
Provides mechanical and electronic
security systems.
(Cost $809,667)

64,885 KUEHNE & NAGEL INTERNATIONAL AG/2/
REGISTERED SHARES 13,980,147 3.48%
Operates sea freight, land and rail
transportation businesses and
warehousing and distribution
facilities.
(Cost $4,508,211)

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Schedule of Investments (continued) December 31, 2004

Percent
No. of of Net
Shares Security Value Assets
------------------------------------------
COMMON STOCKS -- (CONTINUED)

INDUSTRIAL GOODS & SERVICES -- (CONTINUED)

6,598 SGS SOCIETE GENERALE DE
SURVEILLANCE HOLDING SA
REGISTERED SHARES $ 4,621,675 1.15%
Provides a variety of industrial
inspection, analysis, testing and
verification services worldwide.
(Cost $1,709,324)

5,076 SIG HOLDING AG
REGISTERED SHARES 1,160,637 0.29%
Manufactures packaging machinery
through subsidaries. Produces
beverage bottling machines,
beverage cartons, and filling
machines.
(Cost $1,012,065)

31,460 SULZER AG
REGISTERED SHARES 12,512,343 3.12%
Manufactures and sells industrial
equipment, machinery, and medical
devices.
(Cost $11,011,925)
------------- -------
34,889,678 8.69%

INSURANCE -- 1.21%

68,088 SWISS REINSURANCE COMPANY
REGISTERED SHARES 4,856,158 1.21%
Second largest reinsurance
company in the world.
(Cost $4,038,842)
------------- -------
4,856,158 1.21%

Percent
No. of of Net
Shares Security Value Assets
-----------------------------------

MEDICAL TECHNOLOGY -- 0.67%

81,867 PHONAK HOLDING AG
REGISTERED SHARES $ 2,699,861 0.67%
Designs and produces wireless
analog and digital hearing aids,
transmitters, remote controls,
microphones and receivers for use
in wireless communications within
broadcasting and sports.
(Cost $700,046)
------------- -------
2,699,861 0.67%

PHARMACEUTICALS -- 28.54%

1,315,000 NOVARTIS AG/2/
REGISTERED SHARES 66,264,621 16.50%
One of the leading manufacturers of
pharmaceutical and nutrition
products.
(Cost $16,301,451)

420,000 ROCHE HOLDING AG/2/
DIVIDEND RIGHTS CERTIFICATES 48,349,310 12.04%
Worldwide pharmaceutical
company.
(Cost $8,467,363)
------------- -------
114,613,931 28.54%

RETAILERS -- 1.13%

24,767 GALENICA HOLDING AG
REGISTERED SHARES 4,541,306 1.13%
Manufactures and distributes
prescription and over-the-counter
drugs, toiletries and hygiene
products.
(Cost $3,158,881)
------------- -------
4,541,306 1.13%

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Schedule of Investments (continued) December 31, 2004

Percent
No. of of Net
Shares Security Value Assets
------------------------------------
COMMON STOCKS -- (CONTINUED)

TECHNOLOGY -- 6.40%

22,454 HUBER & SUHNER AG
REGISTERED SHARES $ 1,559,991 0.39%
Manufactures a wide range of
products, extending from cables for
energy and electrical submission to
special products such as rubber.
(Cost $1,291,221)

311,001 LOGITECH INTERNATIONAL SA/1,2/
REGISTERED SHARES 19,008,504 4.73%
Manufactures personal computer
input devices, as well as producing
trackballs, desktop publishing
programs and related software.
(Cost $12,846,414)

41,577 MICRONAS SEMICONDUCTOR HOLDING AG/1/
REGISTERED SHARES 2,038,447 0.51%
Develops and manufactures a wide
range of semiconductors and
modules used by the automotive
and consumer goods industries.
(Cost $1,398,556)

334,661 TEMENOS GROUP AG/1/
REGISTERED SHARES 3,090,265 0.77%
Provides integrated software for the
banking sector. Develops,
distributes, implements, and
supports its process-oriented real-
time enterprise software designed
for the management of
administrative tasks in Europe,
North America, Asia, and the Middle
East.
(Cost $2,500,403)
------------- -------
25,697,207 6.40%

Percent
No. of of Net
Shares Security Value Assets
-----------------------------

UTILITY SUPPLIERS -- 6.98%

22,445 BKW FMB ENERGIE AG/2/
REGISTERED SHARES $ 13,718,472 3.42%
Generates and distributes electricity.
Produces electricity using nuclear,
hydroelectric, solar, biomass and
wind energy.
(Cost $12,145,317)

17,144 ELEKTRIZITAETS-GESELLSCHAFT
LAUFENBURG AG/2/
REGISTERED SHARES 14,308,026 3.56%
Generates and sells electricity.
Operates nuclear and hydroelectric
generating plants. Sells excess
power throughout Europe.
(Cost $12,807,688)
------------- -------
28,026,498 6.98%

TOTAL COMMON STOCKS
(Cost $185,653,734)* $ 408,837,479 101.82%

OTHER LIABILITIES LESS ASSETS (7,323,139) (1.82)%
------------- -------

NET ASSETS $ 401,514,340 100.00%
============= =======

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Schedule of Investments (concluded) December 31, 2004

PORTFOLIO HOLDINGS
% OF TOTAL INVESTMENTS
Pharmaceuticals 28.03%
Food & Beverages 14.32%
Banks 14.11%
Chemicals 9.56%
Industrial Goods & Services 8.53%
Utility Suppliers 6.85%
Technology 6.29%
Biotechnology 5.03%
Construction 4.10%
Insurance 1.19%
Retailers 1.11%
Medical Technology 0.66%
Cyclical Goods & Services 0.22%
------
100.00%
------

--------------------------------------------------------------------------------
/1/NON-INCOME PRODUCING SECURITY.
/2/ONE OF THE TEN LARGEST PORTFOLIO HOLDINGS.
*COST FOR FEDERAL INCOME TAX PURPOSES IS $186,488,688 AND NET UNREALIZED
APPRECIATION (DEPRECIATION) CONSISTS OF:

GROSS UNREALIZED APPRECIATION $222,493,141
GROSS UNREALIZED DEPRECIATION (144,350)
------------
NET UNREALIZED APPRECIATION $222,348,791
============

SEE NOTES TO THE FINANCIAL STATEMENTS.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Statement of Assets and Liabilities December 31, 2004

ASSETS:
Investments, at value (cost $185,653,734)....................................... $408,837,479
Cash............................................................................ 1,215,800
Foreign currency (cost $6,998,981).............................................. 8,212,486
Tax reclaims receivable......................................................... 859,815
Prepaid expenses and other...................................................... 46,033
------------
Total assets................................................................ 419,171,613
------------
LIABILITIES:
Capital gain distribution payable............................................... 17,142,909
Advisory fees payable (Note 2).................................................. 260,084
Directors' fees and expenses.................................................... 70,538
Accrued expenses and other...................................................... 183,742
------------
Total liabilities........................................................... 17,657,273
------------
Net assets.................................................................. $401,514,340
------------
COMPOSITION OF NET ASSETS:
Paid in capital................................................................. 169,781,066
Distributable earnings
Undistributed net investment income.................................. 514,998
Accumulated net realized gain from investment and foreign currency
transactions....................................................... 6,714,780
Net unrealized appreciation on investments and foreign currency...... 224,503,496
-----------
Total distributable earnings................................................ 231,733,274
------------
Net assets............................................................................ $401,514,340
------------
NET ASSET VALUE PER SHARE:
($401,514,340 / 23,909,218 shares outstanding).................................. $ 16.79
============

--------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Statement of Operations For the Year Ended December 31, 2004

INVESTMENT INCOME:
Dividends (less foreign taxes withheld of $728,070)...................... $ 3,950,874
Interest................................................................. 54,049
Securities lending income................................................ 31,447
-----------
Total income........................................................... 4,036,370
-----------
EXPENSES:
Investment advisory fees (Note 2)........................................ 2,968,162
Professional fees........................................................ 177,261
Directors' fees & expenses............................................... 247,106
Administration fees...................................................... 284,103
Custody fees............................................................. 179,076
Printing and shareholder reports......................................... 113,671
Accounting fees.......................................................... 97,818
Transfer agent fees...................................................... 16,808
Miscellaneous............................................................ 237,714
-----------
Total expenses......................................................... 4,321,719
-----------
Expenses in excess of net investment income............................ (285,349)
-----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain from:
Investment transactions................................................ 24,407,382
Foreign currency transactions.......................................... 800,502
Net change in unrealized appreciation/depreciation from:
Investment transactions................................................ 31,782,290
Foreign currency translations.......................................... 737,959
-----------
Net Realized and Unrealized Gain on Investments and Foreign Currency... 57,728,133
-----------
NET INCREASE IN NET ASSETS FROM OPERATIONS.................................. $57,442,784
===========

--------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Statement of Changes in Net Assets

For the Years Ended December 31,
--------------------------------
2004 2003

INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Expenses in excess of net investment income..................... $ (285,349) $ (224,573)
Net realized gain from:
Investment transactions....................................... 24,407,382 15,418,356
Foreign currency transactions................................. 800,502 6,289,626
Net change in unrealized appreciation/depreciation from:
Investments................................................... 31,782,290 84,616,279
Foreign currency.............................................. 737,959 (3,997,843)
------------ ------------
Net increase in net assets from operations...................... 57,442,784 102,101,845
------------ ------------
DISTRIBUTIONS TO STOCKHOLDERS FROM:
Net investment income and net realized gains from foreign
currency transactions......................................... (2,309,546) (3,470,158)
In excess of net investment income.............................. (285,504) --
Net realized capital gains...................................... (19,781,630) (13,579,287)
------------ ------------
Total distributions to stockholders........................... (22,376,680) (17,049,445)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Value of shares issued in reinvestment of dividends and
distributions................................................. -- 5,961,904
Value of shares repurchased through stock buyback............... (2,537,410) (1,827,374)
------------ ------------
Total increase (decrease) from capital share transactions....... (2,537,410) 4,134,530
------------ ------------
Total increase in net assets.................................... 32,528,694 89,186,930
NET ASSETS:
Beginning of period............................................. 368,985,646 279,798,716
------------ ------------
End of period (including undistributed net investment income of
$514,998 and $2,594,895, respectively)........................ $401,514,340 $368,985,646
============ ============

--------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Financial Highlights

For the Years Ended December 31,
-------------------------------------------------------
2004 2003 2002 2001 2000
------------------------------------------------------------------- -------- -------- -------- -------- --------

PER SHARE OPERATING PERFORMANCE:
Net asset value at beginning of period............................ $ 15.31 $ 11.82 $ 13.16 $ 17.92 $ 17.52
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (expenses in excess of income).............. (0.01) (0.01) (0.02) (0.03) --/1/
Net realized and unrealized gain (loss) on investments/2/......... 2.41 4.24 (0.71) (4.34) 1.68
-------- -------- -------- -------- --------
Total from investment operations.................................. 2.40 4.23 (0.73) (4.37) 1.68
-------- -------- -------- -------- --------
Gain from capital share repurchases............................... 0.02 0.02 0.02 0.06 0.21
Capital charge resulting from the issuance of fund shares......... -- (0.06) -- (0.14) (0.12)
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income and net realized gains from
foreign currency transactions.................................... (0.10) (0.14) (0.06) -- --
Dividends in excess of net investment income...................... (0.01) -- (0.01) -- --
Distributions from net realized capital gains..................... (0.83) (0.56) (0.56) (0.31) (1.37)
-------- -------- -------- -------- --------
Total distributions............................................... (0.94) (0.70) (0.63) (0.31) (1.37)
-------- -------- -------- -------- --------
Net asset value at end of period.................................. $ 16.79 $ 15.31 $ 11.82 $ 13.16 $ 17.92
======== ======== ======== ======== ========
Market value per share at end of period........................... $ 14.95 $ 12.92 $ 9.64 $ 11.00 $ 14.50
======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN/3/:
Based on market value per share................................... 23.65% 41.76% (4.46)% (22.10)% 15.06%
Based on net asset value per share................................ 17.19% 37.00% (6.92)% (24.94)% 12.11%
RATIOS TO AVERAGE NET ASSETS:
Expenses.......................................................... 1.14% 1.30% 1.31% 1.39%/4/ 1.16%
Net investment income (expenses in excess of income).............. (0.08)% (0.07)% (0.14)% (0.23)% 0.01%
SUPPLEMENTAL DATA:
Net assets at end of period (000s)................................ $401,514 $368,986 $279,799 $314,436 $415,315
Average net assets during period (000's).......................... $378,205 $306,563 $308,018 $341,806 $422,426
Stockholders of record/5/......................................... 926 964 1,001 1,067 1,125
Portfolio turnover rate........................................... 41% 89% 83% 32% 25%

--------------------------------------------------------------------------------
/1/LESS THAN $.01 PER SHARE.
/2/INCLUDES NET REALIZED AND UNREALIZED CURRENCY GAIN (LOSS).
/3/TOTAL INVESTMENT RETURN BASED ON MARKET VALUE DIFFERS FROM TOTAL INVESTMENT
RETURN BASED ON NET ASSET VALUE DUE TO CHANGES IN THE RELATIONSHIP BETWEEN
THE FUND'S MARKET PRICE AND ITS NET ASSET VALUE PER SHARE.
/4/THE INCREASE IN THE FUND'S EXPENSE RATIO WAS ATTRIBUTABLE TO EXTRAORDINARY
EXPENSES IN CONNECTION WITH A STOCKHOLDER'S PROXY CONTEST FOR THE ELECTION
OF DIRECTORS AND TERMINATION OF THE MANAGEMENT CONTRACT AND DEFENSE AGAINST
A LAWSUIT AGAINST THE FUND AND ITS DIRECTORS PLUS THE IMPACT OF A DECLINE IN
THE FUND'S NET ASSETS.
/5/NOT AUDITED BY DELOITTE & TOUCHE LLP.
SEE NOTES TO FINANCIAL STATEMENTS.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Notes to Financial Statements

NOTE 1--ORGANIZATIONAND 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
investment management 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.

B. VALUATION OF SECURITIES
The Fund values its investments at market value.

When valuing listed equity securities, the Fund uses the last sale price prior
to the calculation of the Fund's net asset value. When valuing equity
securities that are not listed or that are listed but have not traded, the Fund
uses the mean between the bid and asked prices for that day.

When valuing fixed income securities, the Fund uses the last bid price prior to
the calculation of the Fund's net asset value. If a current bid price is not
available, the Fund uses the mean between the latest quoted bid and asked
prices. When valuing fixed income securities that mature within sixty days, the
Fund uses amortized cost.

It is the responsibility of the Fund's Board of Directors (the "Board") to
establish fair valuation procedures. 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. 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.
On December 31, 2004, there were no fair valued securities.

C. SECURITIES TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are recorded on the trade date. Realized gains and
losses are determined by comparing the proceeds of a sale or the cost of a
purchase with a specific offsetting transaction.

Dividend income, net of any foreign taxes withheld, is recorded on the
ex-dividend date. Interest income, including amortization of premiums and
accretion of discounts, is accrued daily. Estimated expenses are also accrued
daily.

The Fund records Swiss withholding tax as an expense, net of any amount
receivable from Swiss tax authorities in accordance with the tax treaty between
the United States and Switzerland.

D. DISTRIBUTIONS
The Fund pays dividends annually to the extent it has any net investment income
and net realized gains from foreign currency transactions and makes
distributions of any net realized capital gains to the extent they exceed any
capital loss carryforwards. The Fund determines the size and nature of these
distributions in accordance with provisions of the Internal Revenue Code.
Distributions may be paid either in cash or in stock with an option to take
cash. The Fund records dividends and distributions on its books on the
ex-dividend date.

E. FEDERAL INCOME TAXES
The Fund's policy is to continue to comply with the requirements of the
Internal Revenue Code that are applicable to regulated investment companies and
to distribute all its taxable income to its stockholders. Therefore, no federal
income tax provision is required.

Income and capital gain distributions are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles.

F. SECURITIES LENDING
The Fund may lend securities to financial institutions. The Fund retains
beneficial ownership of the securities it has loaned and continues to receive
amounts equivalent to the dividends paid on these securities and to participate
in any changes in their market value. For the initial transaction, the Fund
requires the borrowers of the securities to establish collateral with the Fund
in the form of cash and/or government securities equal to 105% of the value of
the securities loaned. Subsequent to the initial transaction, the Fund requires
the

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Notes to Financial Statements (continued)

borrowers to maintain collateral with the Fund equal to 100% of the value of
the securities loaned. The Fund receives fees as compensation for lending its
securities. Either the Fund or the borrower may terminate the securities loan
at any time. On December 31, 2004, there were no securities on loan.

G. FOREIGN CURRENCY TRANSLATION
The Fund maintains its accounting records in U.S. dollars. The Fund determines
the U.S. dollar value of foreign currency denominated assets, liabilities and
transactions by using prevailing exchange rates. In valuing assets and
liabilities, the Fund uses the prevailing exchange rate on the valuation date.
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 translations
shown on the Fund's financial statements result from the sale of foreign
currencies, from currency gains or losses realized between the trade and
settlement dates on 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 in
equity securities, 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 transactions resulting in realized and unrealized gain
(loss) are disclosed separately.

H. ESTIMATES
In preparing its financial statements in conformity with accounting principles
generally accepted in the United States, management makes estimates and
assumptions. Actual results may be different.

NOTE 2--FEESAND TRANSACTIONS WITH AFFILIATES
Hottinger Capital Corp. ("HCC"), which is owned jointly by Hottinger U.S., Inc.
and Hottinger & Cie (Zurich), is the Fund's advisor (the "Advisor"). The Fund
pays the Advisor an annual fee based on its month-end net assets which is
calculated and paid monthly at the following annual rates: 1.00% of the first
$60 million, 0.90% of the next $40 million, 0.80% of the next $100 million,
0.70% of the next $100 million, 0.65% of the next $100 million, 0.60% of the
next $100 million, 0.55% of the next $100 million, and 0.50% of such assets in
excess of $600 million. For the year ended December 31, 2004 the Fund paid the
Advisor $2,968,162 in investment advisory fees. The Fund paid Hottinger & Cie
$47,325 in brokerage commissions for the year ended December 31, 2004.

The Fund and the Advisor have agreed to share certain common expenses subject
to review and allocation by the Audit Committee (the "Committee") of the Board.
The Committee's allocations are based on its determination of the relative
benefits the Fund and the Advisor derive from the expenditures. During 2004,
the Committee allocated $9,300 of expenses incurred in connection with
publicizing the Fund as follows: $4,650 to the Fund and $4,650 to the Advisor.

Certain officers and directors of the Fund are also officers or directors of
HCC, Hottinger U.S., Inc. and Hottinger & Cie (Zurich). These persons are not
paid by the Fund for serving in these capacities.

NOTE 3--OTHERFEES
Citigroup Global Transaction Services, through its various affiliates, provides
certain administration and portfolio accounting services to the Fund.

American Stock Transfer & Trust Company is the Fund's transfer agent. The Fund
pays the transfer agent an annual fee which is accrued daily and paid monthly.

Swiss American Securities Inc. is the Fund's U.S. custodian. Credit Suisse
First Boston is the Fund's Swiss sub-custodian. The Fund pays the custodian and
sub-custodian an annual fee.

The Fund pays each director who is not an interested person (as such term is
defined in the Act) of the Fund, its Advisor, or Forum Administrative Services,
LLC, approximately $16,400 per annum in compensation, except for the Chairmen
of the Audit Committee and the Governance/Nominating Committee, to whom the
Fund pays an annual fee of approximately $18,000. In addition, the Fund pays
each disinterested director $750 for each Board meeting attended and $750 for
each committee meeting attended, if it is held separately. In addition, the
Fund reimburses directors who are not employees of

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Notes to Financial Statements (continued)

or affiliated with the Advisor for out-of-pocket expenses incurred in
conjunction with attendance at meetings.

NOTE 4--CAPITALSHARE TRANSACTIONS
The Fund is authorized to issue up to 50 million shares of capital stock. HCC
owned 113,788 of the 23,909,218 shares outstanding on December 31, 2004.
Transactions in capital shares were as follows:

For the Year Ended For the Year Ended
December 31, 2004 December 31, 2003
------------------ ------------------
Shares Amount Shares Amount
------ ------ ------ ------

Dividends
Reinvested -- $ -- 597,409 $ 5,961,904/(a)/
Repurchased (189,100) (2,537,410) (172,100) (1,827,374)
-------- ----------- -------- -----------
Net increase
(decrease) (189,100) $(2,537,410) 425,309 $ 4,134,530
======== =========== ======== ===========

(A)REPRESENTS SHARES ISSUED TO STOCKHOLDERS WHO DID NOT ELECT CASH IN
CONJUNCTION WITH A CAPITAL GAINS DISTRIBUTION OF $0.541 PER SHARE PAID
JANUARY 14, 2003 TO STOCKHOLDERS OF RECORD ON DECEMBER 19, 2002.

NOTE 5--FEDERALINCOME TAX AND INVESTMENT TRANSACTIONS
At December 31, 2004, accumulated net investment income and accumulated net
realized gain (loss) from investments and foreign currency transactions have
been adjusted for current period permanent book/tax differences which arose
principally from differing book/tax treatments of foreign currency
transactions. The following reclassification was a result of currency gains and
has no impact on the net assets of the Fund.

Undistributed Net Undistributed Net
Investment Income Realized Gain
----------------- -----------------

$800,502 $(800,502)

The aggregate cost of purchases and proceeds from sales of investments, other
than short-term obligations, for the year ended December 31, 2004, were
$147,047,851 and $155,699,044, respectively.

The tax character of distributions paid during 2004 and 2003 was as follows
(see page 29 for details):

2004 2003
---- ----

Ordinary income $10,287,151 $10,771,948
Long-term capital gains $12,089,529 $ 6,277,497

At December 31, 2004, the components of distributable earnings on a tax basis
were as follows:

2004
----

Ordinary income $ 1,758,691
Long-term capital gains $ 6,306,041
Unrealized appreciation $223,668,542

NOTE 6--STOCKREPURCHASE PROGRAM
Pursuant to authorization by the Board, the Fund began open market purchases of
its common stock on the New York Stock Exchange in 1999 and has continued
purchases in each subsequent year. The principal purpose of the stock
repurchase program is to enhance stockholder value by increasing the Fund's net
asset value per share without creating a meaningful adverse effect upon the
Fund's expense ratio and without realizing capital gains in order to fund the
repurchases. The Board has authorized the purchase of up to 250,000 shares in
2005. During the year ended December 31, 2004, the Fund repurchased and retired
189,100 shares at an average price of $13.42 per share (including brokerage
commissions) and a weighted average discount of 15.48%. These repurchases,
which had a total cost of $2,537,410, resulted in an increase of $489,059 to
the Fund's net asset value.

NOTE 7--SUBSEQUENTEVENT
Effective January 20, 2005, a transfer of ownership interests in Hottinger et
Cie (Zurich), a 48.5% owner of the Advisor, occurred within the Hottinger
Group. Although the transfer has not caused any dimunition in the overall
control of the Advisor by the Hottinger Group, it is possible that the transfer
may be considered an "assignment" of the Fund's Investment Advisory Agreement
with the Advisor, as such term is defined in the Act, with the effect of
causing the Investment Advisory Agreement to terminate in accordance with its
terms. Because of uncertainty whether this transfer has resulted in an
"assignment" of the Investment Advisory Agreement, the Board of Directors of
the Fund has determined to seek the approval of the Fund's stockholders of a
new investment advisory agreement at its Annual Meeting of Stockholders
scheduled for May, 2005. The Advisor has continued to provide services pursuant
to an interim advisory agreement which was approved by the Board of Directors
at a meeting held on December 7, 2004.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors of The Swiss Helvetia Fund, Inc.:

We have audited the accompanying statement of assets and liabilities of The
Swiss Helvetia Fund, Inc. (the "Fund"), including the schedule of investments,
as of December 31, 2004, and the related statement of operations for the year
then ended, statement of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of material
misstatement. An audit includes consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2004, by correspondence with the custodian
and brokers. We believe that our audit provides a reasonable basis for our
opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
the Fund as of December 31, 2004, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended, in conformity with accounting principles generally
accepted in the United States of America.

DELOITTE & TOUCHE LLP
Philadelphia, Pennsylvania
February 9, 2005

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Additional Information (Unaudited)

This report is sent to the stockholders of The Swiss Helvetia Fund, Inc. for
their information. It is not a prospectus, circular or representation intended
for use in the purchase or sale of shares of the Fund or of any securities
mentioned in this report.

Proxy Voting Information
A description of the policies and procedures that the Fund uses to determine
how to vote proxies relating to portfolio securities is available, without
charge and upon request, by calling 1-888-SWISS-00 and on the SEC's website at
http://www.sec.gov. The Fund's proxy voting record for the twelve-month period
ended June 30, 2004 is available, without charge and upon request, by calling
1-888-SWISS-00 and on the SEC's website at http://www.sec.gov.

Availability of Quarterly Portfolio Schedules
Effective June 30, 2004, the Fund files its complete schedule of portfolio
holdings with the SEC for the first and third quarters of each fiscal year on
Form N-Q. The Fund's Form N-Q is available, without charge and upon request, on
the SEC's website at http://www.sec.gov or may be reviewed and copied at the
SEC's Public Reference Room in Washington, DC. Information on the operation of
the Public Reference Room may be obtained by calling (800) SEC-0330.

Code of Ethics
The Board of Directors of the Fund and the Advisor have adopted Codes of Ethics
pursuant to provisions of the Investment Company Act of 1940 (the "Codes"). The
Codes apply to the personal investing activities of various individuals
including directors and officers of the Fund and designated officers, directors
and employees of the Advisor. The provisions of the Codes place restrictions on
individuals who are involved in managing the Fund's portfolio, who help execute
the portfolio manager's decisions or who come into possession of
contemporaneous information concerning the investment activities of the Fund.

The fundamental principle of the Codes is that the individuals covered by
the Codes have a fiduciary responsibility to the Fund and its stockholders.
They are therefore required at all times to place the interests of the Fund and
the stockholders first and to conduct all personal securities transactions in a
manner so as to avoid any actual or potential conflict of interest or abuse of
their position of trust.

Portfolio managers and other individuals with knowledge of Fund investment
activities are prohibited from purchasing or selling a security during a
blackout period of 30 calendar days before and after the date on which the Fund
effects a trade in the same or a similar security. They are also prohibited
from engaging in short term trading of Swiss equity or equity linked
securities. Additionally, the Fund's portfolio managers are prohibited from
participating in any initial public offering or private placement of Swiss
equity and equity linked securities and other covered individuals must obtain
prior clearance before doing so.

Any individual who violates the provisions of the Codes is required to
reverse the transaction and to turn over any resulting profits to the Fund. The
Fund and the Advisor have adopted compliance procedures and have appointed
compliance officers to ensure that all covered individuals comply with the
Codes.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Additional Information (Unaudited) (concluded)

Distributions
The following information summarizes all distributions declared by the Fund
during the year ended December 31, 2004.

Record Payable
Distribution Date Date Amount
------------ -------- ------- --------

Income 6/7/04 6/18/04 $0.18659
Long-Term Capital Gains 6/7/04 6/18/04 $0.03153
Income 12/17/04 1/21/05 $0.24300
Long-Term Capital Gains 12/17/04 1/21/05 $0.47400
--------
Total Distributions $0.93512
========

The Fund elects to pass through $.02993 per share to its stockholders as a
credit for taxes paid to Switzerland during its fiscal year ended December 31,
2004.

The Fund designates 30.15% of its income distribution for the qualified
dividend rate (QDI) as defined in Section 1(h)(11) of the Internal Revenue Code.

--------------------------------------------------------------------------------

Tax Information For the Year Ended December 31, 2004 (Unaudited)

The amounts may differ from those elsewhere in this report because of
differences between tax and financial reporting requirements. The Fund's
distributions to stockholders of long-term capital gains included $756,560 in
connection with the distribution paid June 18, 2004 to stockholders of record
on June 7, 2004, and $11,332,969 in connection with the distribution to be paid
January 21, 2005 to stockholders of record on December 17, 2004.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Dividend Reinvestment Plan (Unaudited)

The Plan
The Fund's Dividend Reinvestment Plan (the "Plan") offers a convenient way for
you to reinvest capital gains distributions and ordinary income dividends,
payable in whole or in part in cash, in additional shares of the Fund.

Some of the Plan features are:

. Once you enroll in the Plan, all of your future distributions and
dividends payable in whole or in part in cash will be automatically
reinvested in Fund shares in accordance with the terms of the Plan.
. You will receive shares valued at the lower of the Fund's net asset value
or the Fund's market price as described below. The entire amount of your
distribution or dividend will be reinvested automatically in additional
Fund shares. For any balance that is insufficient to purchase full shares
of the Fund, your account will be credited with fractional shares.
. Your shares will be held in an account with the Plan agent. You will be
sent regular statements for your records.
. You may terminate participation in the Plan at any time.

The following are answers to frequently asked questions about the Plan.

How do I enroll in the Plan?
If you are holding certificates for your shares, contact American Stock
Transfer & Trust Company (AST) at the address shown below. If your shares are
held in a brokerage account, contact your broker. Not all brokerage firms
permit their clients to participate in dividend reinvestment plans such as the
Plan and, even if your brokerage firm does permit participation, you may not be
able to transfer your Plan shares to another broker who does not permit
participation. Your brokerage firm will be able to advise you about its
policies.

How does the Plan work?
Any dividends or distributions you receive, payable in whole or in part in
cash, will be reinvested in shares of the Fund. The number of shares credited
to your Plan account as a result of the reinvestment will depend upon the
relationship between the Fund's market price and its net asset value per share
on the record date of the distribution or dividend, as described below:

. If the net asset value is greater than the market price (the Fund is
trading at a discount), AST, as Plan Agent, will buy Fund shares for your
account on the open market on the New York Stock Exchange or elsewhere.
Your dividends or distributions will be reinvested at the average price
AST pays for those purchases.
. If the net asset value is equal to the market price (the Fund is trading
at parity), the Fund will issue for your account new shares at net asset
value.
. If the net asset value is less than but within 95% of the market price
(the Fund is trading at a premium of less than 5%), the Fund will issue
for your account new shares at net asset value.
. If the net asset value is less than 95% of the market price (the Fund is
trading at a premium of 5% or more), the Fund will issue for your account
new shares at 95% of the market price.

If AST begins to buy Fund shares for your account at a discount to net asset
value but, during the course of the purchases, the Fund's market price
increases to a level above the net asset value, AST will complete its
purchases, even though the result may be that the average price paid for the
purchases exceeds net asset value.

THE SWISS HELVETIA FUND, INC.
--------------------------------------------------------------------------------

Dividend Reinvestment Plan (Unaudited) (concluded)

Will the entire amount of my distribution or dividend be reinvested?
The entire amount of your distribution or dividend will be reinvested in
additional Fund shares. If a balance remains after the purchase of whole
shares, your account will be credited with any fractional shares (rounded to
three decimal places) necessary to complete the reinvestment.

How can I sell my shares?
You can sell any or all of the shares in your Plan account by contacting AST.
AST charges $15 for the transaction plus $.10 per share for this service. You
can also withdraw your shares from your Plan account and sell them through your
broker.

Does participation in the Plan change the tax status of my distributions or
dividends?
No. The distributions and dividends are paid in cash and their taxability is
the same as if you received the cash. It is only after the payment of
distributions and dividends that AST reinvests the cash for your account.

Can I get certificates for the shares in the Plan?
AST will issue certificates for whole shares upon your request. Certificates
for fractional shares will not be issued.

Is there any charge to participate in the Plan?
There is no charge to participate in the Plan. You will, however, pay a pro
rata share of brokerage commissions incurred with respect to AST's open market
purchases of shares for your Plan account.

How can I discontinue my participation in the Plan?
Contact your broker or AST in writing. If your shares are in a Plan account,
AST will send you a certificate for your whole shares and a check for any
fractional shares.

Where can I direct my questions and correspondence?
Contact your broker, or contact AST as follows:

By mail:
American Stock Transfer & Trust
Company
PO Box 922
Wall Street Station
New York, NY 10269-0560

Through the Internet:
www.amstock.com

Through AST's automated voice response System:
1-888-556-0425

AST will furnish you with a copy of the Terms and Conditions of the Plan
without charge.

A SWISS THE SWISS
INVESTMENTS -------------------
FUND HELVETIA
-------------------
FUND, INC.
-------------------
www.swz.com

THE SWISS HELVETIA FUND, INC.
EXECUTIVE OFFICES
The Swiss Helvetia Fund, Inc.
1270 Avenue of the Americas ANNUAL REPORT
Suite 400 FOR THE YEAR ENDED
New York, NY 10020 DECEMBER 31, 2004
1-888-SWISS-00
(212) 332-2760
http://www.swz.com

ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, The Swiss Helvetia Fund,
Inc. has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that
applies to its President and Treasurer. A copy of the code of ethics is filed as
an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The Registrant's Board of Directors
(the "Board") has determined that Messrs. Didier Pineau-Valencienne and Samuel
B. Witt, III, Esq., each a member of the audit committee of the Board, are audit
committee financial experts as defined by the Securities and Exchange Commission
(the "SEC"). Messrs. Pineau-Valencienne and Witt each are "independent" as
defined by the SEC for purposes of audit committee financial expert
determinations.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) The aggregate fees billed for each of the last two fiscal years (the
"Reporting Periods") for professional services rendered by the Registrant's
principal accountant for the audit of the Registrant's annual financial
statements, or services that are normally provided by the principal accountant
in connection with the statutory and regulatory filings or engagements for the
Reporting Periods, were $34,500 in 2003 and $36,000 in 2004.

(b) There were no audit-related fees billed to the Registrant in the Reporting
Periods for assurance and related services rendered by the principal accountant
that were reasonably related to the performance of the audit of the Registrant's
financial statements and are not reported under paragraph (a) of this Item 4.

There were no fees billed in the Reporting Periods for assurance and related
services rendered by the principal accountant to the Registrant's investment
adviser and any entity controlling, controlled by or under common control with
the investment adviser that provides ongoing services to the Registrant
(collectively the "investment adviser") which were required to be pre-approved
by the audit committee as described in paragraph (e)(1) of this Item 4.

(c) The aggregate fees billed in the Reporting Periods for professional services
rendered by the principal accountant to the Registrant for tax compliance, tax
advice and tax planning ("Tax Services") were $4,000 in 2003 and $4,000 in 2004.
These services consisted of review or preparation of U.S. federal, state, local
and excise tax returns.

(d) The aggregate fees billed in the Reporting Periods for products and services
provided by the principal accountant to the Registrant, other than the services
reported in paragraphs (a) through (c) of this Item, were $17,600 in 2003 and $0
in 2004. These services related to work performed for internal control
consulting services.

(e) (1) The Registrant's Audit Committee pre-approves the principal accountant's
engagements for audit and non-audit services to the Registrant, and certain
non-audit services to the investment adviser that are required to be
pre-approved on a case-by-case basis. Pre-approval considerations include
whether the proposed services are compatible with maintaining the principal
accountant's independence.

(e) (2) No services included in (b) - (d) above were approved pursuant to
paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None.

(g) The aggregate non-audit fees billed by the principal accountant for services
rendered to the Registrant for the Reporting Periods were $21,600 in 2003 and
$4,000 in 2004. There were no fees billed in each of the Reporting Periods for
non-audit services rendered by the principal accountant to the investment
adviser.

(h) The Registrant's Audit Committee has considered whether the provision of any
non-audit services rendered to the investment adviser which were not
pre-approved (not requiring pre-approval) is compatible with maintaining the
principal accountant's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The Registrant has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934,
as amended. It is composed of the following Directors, each of who is not an
"interested person" as defined in the Investment Company Act of 1940, as amended
(the "Act"):

Didier Pineau-Valencienne
Claude Mosseri-Marlio
Samuel B. Witt, III, Esq.

ITEM 6. SCHEDULE OF INVESTMENTS.
Not Applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
The Registrant has delegated voting of proxies in respect of portfolio holdings
to its investment adviser, Hottinger Capital Corp. (the "Advisor"), to vote the
Registrant's proxies in accordance with Advisor's proxy voting guidelines and
procedures. The Advisor has adopted proxy voting guidelines (the "Voting
Guidelines") that provide as follows:

o The Advisor votes proxies in respect of a client's securities in the
client's best economic interests and without regard to the interests
of the Advisor or any other client of the Advisor.

o Unless the Advisor's Proxy Voting Committee (the "Committee")
otherwise determines (and documents the basis for its decision) or as
otherwise provided below, the Advisor votes proxies in a manner
consistent with the Voting Guidelines.

o To avoid material conflicts of interest, the Advisor applies the
Voting Guidelines in an objective and consistent manner across client
accounts. Where a material conflict of interest has been identified
and the matter is covered by the Voting Guidelines, the Committee
votes in accordance with the Voting Guidelines. Where a conflict of
interest has been identified and the matter is not covered by the
Voting Guidelines, the Advisor will disclose the conflict and the
Committee's determination of the manner in which to vote to the
Registrant's Audit Committee.

o The Advisor also may determine not to vote proxies in respect of
securities of any issuer if it determines that it would be in the
client's overall best interests not to vote.

The Advisor's Voting Guidelines address how it will vote proxies on particular
types of matters such as the election for directors, adoption of option plans
and anti-takeover proposals. For example, the Advisor generally will:

o support management in most elections for directors, unless the board
gives evidence of acting contrary to the best economic interests of
shareholders;

o support option plans, if it believes that they provide for their
administration by disinterested parties and provide incentive to
directors, managers and other employees by aligning their economic
interests with those of the shareholders while limiting the transfer
of wealth out of the company; and

o oppose anti-takeover proposals unless they are structured in such a
way that they give shareholders the ultimate decision on any proposal
or offer.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

REGISTRANT PURCHASE OF EQUITY SECURITIES

----------------------------------------------------------------------------------------------------------------------------------
(d) Maximum Number
(c) Total Number of (or Approximate Dollar)
Shares (or Units) Value) of Shares that
Purchased as Part of May Yet Be Purchased
(a) Total Number of (b) Average Price Paid Publicly Announced Under the Plans or
Period Shares Purchased per Share Plans or Programs Programs
----------------------------------------------------------------------------------------------------------------------------------
07/01/04 - 07/31/04 - - - 371,600
----------------------------------------------------------------------------------------------------------------------------------
08/01/04 - 08/31/04 6,600 12.5500 6,600 365,000
----------------------------------------------------------------------------------------------------------------------------------
09/01/04 - 09/30/04 - - - 365,000
----------------------------------------------------------------------------------------------------------------------------------
10/01/04 - 10/31/04 - - - 365,000
----------------------------------------------------------------------------------------------------------------------------------
11/01/04 - 11/30/04 4,100 13.9917 4,100 360,900
----------------------------------------------------------------------------------------------------------------------------------
12/01/04 - 12/31/04 50,000 14.8302 50,000 310,900
----------------------------------------------------------------------------------------------------------------------------------
Total 60,700 14.2903 60,700 310,900
----------------------------------------------------------------------------------------------------------------------------------

At the December 7, 2004 meeting of the Board, the Board approved the purchase,
by the Advisor, of 250,000 shares. The approved plan, announced to the public in
a December 23, 2004 press release, expires December 31, 2005.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Registrant has a Nominating Committee, which is responsible for selecting
and nominating persons for election or appointment by the Board as Board
members. The Nominating Committee has adopted a Nominating Committee Charter
(the "Charter"). Pursuant to the Charter, the Nominating Committee will consider
recommendations for nominees from shareholders submitted to the Secretary of the
Registrant, c/o The Swiss Helvetia Fund, Inc., 1270 Avenue of the Americas,
Suite 400, New York, New York 10020. A nominating submission must include
information regarding the recommended nominee as specified in the Charter. This
information includes all information relating to a recommended nominee that is
required to be disclosed in solicitations or proxy statements for the election
of Board members, as well as information sufficient to evaluate the factors to
be considered by the Nominating Committee, including character and integrity;
experience in business, investment and economic matters in Europe, the United
States, or Switzerland or political matters of Switzerland; and whether the
person has the ability to apply sound and independent business judgment and
would act in the interests of the Registrant and its shareholders. Nomination
submissions are required to be accompanied by a written consent of the
individual to stand for election if nominated by the Board and to serve if
elected by the shareholders, and such additional information must be provided
regarding the recommended nominee as reasonably requested by the Nominating
Committee.

ITEM 11. CONTROLS AND PROCEDURES
(a) The Registrant's principal executive and principal financial officers have
concluded, based on their evaluation of the Registrant's disclosure controls and
procedures as of a date within 90 days of the filing date of this report, that
the Registrant's disclosure controls and procedures are reasonably designed to
ensure that information required to be disclosed by the Registrant on Form N-CSR
is recorded, processed, summarized and reported within the required time periods
and that information required to be disclosed by the Registrant in the reports
that it files or submits on Form N-CSR is accumulated and communicated to the
Registrant's management, including its principal executive and principal
financial officers, as appropriate to allow timely decisions regarding required
disclosure.

(b) There were no changes to the Registrant's internal control over financial
reporting that occurred during the Registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the Registrant's internal control over financial
reporting.

ITEM 12. EXHIBITS.

(a)(1) A copy of the Code of Ethics (Exhibit filed herewith).

(a)(2) Certifications pursuant to rule 30a-2(a) under the 1940 Act (Exhibit
filed herewith).

(a)(3) Not applicable.

(b) Certifications pursuant to rule 30a-2(b) under the 1940 Act (Exhibit 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 /s/ Rodolphe E. Hottinger
-------------------------
Rodolphe E. Hottinger, President

Date 2/25/05
-------------------------

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 /s/ Rodolphe E. Hottinger
-------------------------
Rodolphe E. Hottinger, President

Date 2/25/05
-------------------------

By /s/ Rudolf S. Millisits
-----------------------
Rudolf S. Millisits, Treasurer

Date 2/25/05
-------------------------