<SEC-DOCUMENT>0000899681-07-000336.txt : 20160426
<SEC-HEADER>0000899681-07-000336.hdr.sgml : 20160426
<ACCEPTANCE-DATETIME>20070503144705
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000899681-07-000336
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20070503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SWISS HELVETIA FUND, INC.
		CENTRAL INDEX KEY:			0000813623
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		STREET 2:		22ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		8007302932

	MAIL ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		STREET 2:		22ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SWISS HELVETIA FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HELVETIA FUND INC
		DATE OF NAME CHANGE:	19900820
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>CORRESP</TITLE>
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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Stroock &amp; Stroock
&amp; Lavan LLP<BR>
180 Maiden Lane<BR>
New York, New York 10038 </FONT></H1>

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<TR VALIGN=TOP>
<TD WIDTH=50%>May 3, 2007</TD>
<TD WIDTH=50% ALIGN=RIGHT>Nicole M. Runyan<BR>
Direct Dial 212.806.6443<BR>
Direct Fax 212.806.7143<BR>
nrunyan@stroock.com</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The Securities and
Exchange Commission<BR>
Division of Investment Management<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549<BR>
Attn: Ms. Linda Stirling </FONT></P>

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<TD WIDTH=5%>Re:</TD>
<TD WIDTH=95%>The Swiss Helvetia Fund--Registration Statement on Form N-2<BR>
<U>(File Nos: 333-141652; 811-5128)</U></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Ladies and Gentlemen: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>On behalf of The Swiss Helvetia Fund,
Inc. (the &#147;Fund&#148;), transmitted for filing under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;), and the Investment Company Act of 1940, as
amended, is Pre-Effective Amendment No. 1 (the &#147;Amendment&#148;) to the Fund&#146;s
Registration Statement on Form N-2 filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) on March 29, 2007 (the &#147;Registration Statement&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The Amendment is marked to show
changes made in response to comments of the Commission&#146;s staff (the
&#147;Staff&#148;) on the Registration Statement that were provided by Linda Stirling of
the Staff in a letter dated April 27, 2007. For the convenience of the Staff, written
comments have been restated below in their entirety. The Fund&#146;s response follows each
comment. References in the responses to the Fund&#146;s prospectus (the
&#147;Prospectus&#148;) or statement of additional information (the &#147;SAI&#148;) are
to those filed as part of the Amendment. Capitalized terms used but not defined herein
have the meanings assigned to them in the Amendment. Certain other stylistic and
clarifying changes have been made in the Amendment. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>PROSPECTUS</U> </FONT></H1>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>1. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          <U>Staff Comment</U>: In the summary of the Fund&#146;s investment strategies,
          please disclose how the individual securities in which the [F]und invests are
          selected. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Response</U>:
The requested disclosure has been added under the heading &#147;Prospectus
Summary&#151;Investment Objective and Policies&#151;Investment Strategies.&#148; The
Adviser utilizes a macro-economic top-down approach to narrow the universe of possible
investments, focusing on certain factors, including market volatility, interest rates and
inflation forecasts, capacity, gross domestic product growth and earnings growth. Next,
the Adviser relies on a fundamental analysis of each industry, and, within that industry,
each company. Securities are evaluated for the opportunity for capital appreciation as
well as for their potential to provide regular income and growth of income. The Adviser
reviews each company&#146;s potential for success in light of general economic and
industry trends, as well as the company&#146;s quality of management, financial condition,
business plan, industry and sector market position, dividend payout ratio and corporate
governance. </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>2. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          <U>Staff Comment</U>: If the [F]und&#146;s investments in &#147;private equity
          funds&#148; include investing in hedge funds, please disclose that fact and the
          attendant risks. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Response</U>:
The Fund&#146;s investments in private equity funds or in funds of private equity funds
(so-called &#147;fund of funds&#148;) are not expected to include so-called &#147;hedge
funds.&#148; As such, the Fund believes that the disclosure in the Registration Statement
about the types of the Fund&#146;s permitted investments in private equity funds and the
attendant risks associated with investment in private equity (lack of liquidity,
dependence on an exit strategy, dependence on management/third party assistance, valuation
difficulty) and in such funds (layering of fees, longer lock-up periods, reliance on the
fund&#146;s adviser) is sufficient. </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>3. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          <U>Staff Comment</U>: In the section regarding Swiss Real Estate Companies, the
          disclosure states that &#147;revenue primarily consists of rent derived from
          owned, income producing real estate properties and capital gains from the sale
          of such properties.&#148; Please reconcile this disclosure with the disclosure
          that the Fund may invest in mortgage real estate investment trusts. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Response</U>:
The disclosure has been clarified, as follows: &#147;The Fund&#146;s investments in REITs
may including investing in &#147;equity&#148; REITs, &#147;mortgage&#148; REITs and
&#147;hybrid&#148; REITs. Equity REITs are companies that invest the majority of their
assets directly in real property and derive their income from rents, royalties and lease
payments, as well as from capital gains from the sale of such properties. Mortgage REITs
invest the majority of their assets in real estate mortgages and derive their revenues
primarily from the interest that they earn on the mortgage loans. Hybrid REITs combine the
characteristics of both equity REITs and mortgage REITs.&#133;.&#148; </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>4. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          <U>Staff Comment</U>: Under the heading &#147;Investment Adviser and Investment
          Advisory Agreement,&#148; please add disclosure regarding the business engaged
          in by the parent companies of the Adviser. See Item 9.1.b(1) of Form N-2. In
          addition, please add the disclosure provided by Item 9.1.b(4) regarding the
          board&#146;s approval of the advisory contract. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Response</U>:
The requested disclosure has been added. Hottinger et Cie (Zurich), whose principal office
is located at Dreikonigstrasse 55, 8027, Zurich, Switzerland, provides to its customers a
full range of investment services, including international portfolio management and
corporate finance. Hottinger U.S. Inc., whose principal office is located at 1270 Avenue
of the Americas, New York, New York, provides discretionary investment advisory services.
Hottinger U.S. Inc. is a registered investment adviser under the Investment Advisers Act
of 1940, as amended. Hottinger et Cie (Zurich) and Hottinger U.S. Inc. each belong to the
Hottinger Group. The Hottinger Group dates back to Banque Hottinguer, which was formed in
Paris in 1786 and is one of Europe&#146;s oldest private banking firms. The Hottinger
Group has remained under the control of the Hottinger family through seven generations. It
has offices in the Bahamas, Basel, Geneva, London, Lugano, Luxembourg, New York, Sion,
Toronto, Vienna and Zurich. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
In
addition, a discussion regarding the basis for the approval of the Investment Advisory
Agreement is available in the Fund&#146;s semi-annual report for the period ended June 30,
2006. </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>5. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          <U>Staff Comment</U>: Under the heading, &#147;Dividend Reinvestment Plan,&#148;
          please add the name, phone number and address of the person from whom additional
          information about the plan may be obtained. See Item 10.1.e(3) [sic] of Form
          N-2. In addition, please add disclosure regarding the income tax consequences of
          participation in the plan. See Item 10.1.e(5) [sic] of Form N-2. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Response</U>:
The requested disclosure has been added. Additional information about the Plan may be
obtained from American Stock Transfer &amp; Trust Company, Attention: Dividend
Reinvestment Department, 40 Wall Street, New York, New York 10005, telephone number (718)
921-8200. In addition, the automatic reinvestment of dividends and other distributions
pursuant to the Plan will not relieve participants of any income tax that may be payable
or required to be withheld on such dividends or distributions. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>STATEMENT OF ADDITIONAL
INFORMATION</U> </FONT></H1>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>6. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          <U>Staff Comment</U>: Please disclose whether the Fund has appointed an
          anti-money laundering compliance officer as required by the USA PATRIOT Act. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Response</U>:
The Fund is not required to appoint an anti-money laundering compliance officer. In April
2002, following the enactment of the USA PATRIOT Act, the Secretary of the Treasury
temporarily exempted investment companies other than open-end investment companies from
the requirement that they establish anti-money laundering programs (including the
requirement to appoint an anti-money laundering compliance officer), and to date no
regulations have been issued extending the Bank Secrecy Act requirements (as amended by
the USA PATRIOT Act) to closed-end investment companies (such as the Fund). See &#147;A
Report to Congress in Accordance with &sect;356(c) of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001 (USA PATRIOT Act),&#148; submitted by the Secretary of the Treasury, the Board of
Governors of the Federal Reserve System, the Securities and Exchange Commission (December
31, 2002) at 16. </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>7. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          <U>Staff Comment</U>: Under the heading &#147;Portfolio Managers,&#148; please
          disclose the structure of and the method used to determine the compensation of
          each portfolio manager, and any differences between the method used to determine
          compensation with respect to the Fund and other accounts. See Items 21.2 and
          21.3 of Form N-2. In addition, please disclose the dollar range of equity
          securities in the Fund beneficially owned by each portfolio manager. See Item
          21.3 of Form N-2. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Response</U>:
The requested disclosure has been added. For the Fund&#146;s fiscal year ended December
31, 2006, the portfolio managers were compensated by a competitive salary and bonus
structure, which was determined both quantitatively and qualitatively. The portfolio
managers are compensated on the performance of the aggregate group of portfolios they
manage rather than for a specific fund or account, including the Fund. Various factors are
considered in the determination of the portfolio managers&#146; compensation. All of the
portfolios managed by the portfolio managers are comprehensively evaluated to determine
each portfolio manager&#146;s positive and consistent performance contribution over time. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Variable
bonus is based on the portfolio managers&#146; quantitative performance as measured by
their ability to make investment decisions that contribute to the pre-tax absolute and
relative returns of the accounts managed by the portfolio manager, by comparison to
predetermined benchmarks (for the Fund, the Swiss Market Index and the Swiss Performance
Index) over the current fiscal year and the longer-term performance, as well as
performance relative to peers. The portfolio managers&#146; bonuses also can be influenced
by subjective measurement of the managers&#146; ability to help others make investment
decisions. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Additionally,
as of December 31, 2006, Mr. Comby owned between $50,000-$100,000 and Mr. Millisits owned
over $100,000 of the Fund&#146;s shares of common stock. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>8.</TD>
<TD WIDTH=95%><U>Staff Comment</U>: Please provide the disclosure required by Item 22.2.b of
Form N-2.</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Response</U>:
The requested disclosure has been added. In 2006, the Fund&#146;s payment of $38,108 to
Hottinger &amp; Cie, an affiliate of the Adviser, accounted for 5.69% of the Fund&#146;s
aggregate brokerage commissions of $669,649. In 2006, Hottinger &amp; Cie effected 10.34%
of the Fund&#146;s total brokerage transactions, which totaled $40,815,213. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>GENERAL</U> </FONT></H1>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>9. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          <U>Staff Comment</U>: We note that significant portions of the filing are
          incomplete. We may have additional comments on such portions when you complete
          them in a pre-effective amendment, on disclosures made in response to this
          letter, on information supplied supplementally, or on exhibits added in any
          pre-effective amendments. Review of the missing portions may take more time as
          much pertinent information is lacking. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Response</U>:
Substantial information has been added to the Amendment to further complete the
Registration Statement, including required exhibits. We understand that you may have
further comments on the new portions of the Amendment, disclosures made in response to the
Staff&#146;s comments, information supplied supplementally or exhibits added in the
Amendment. As discussed with the Staff, the Registration Statement did not contain
material pricing, fee and other related information, including dates of the offering, as
that information was not&#151;and could not have been&#151;available at the time the
Registration Statement was filed. </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>10. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          <U>Staff Comment</U>: If you intend to omit certain information from the form of
          prospectus included with the registration statements that are declared effective
          in reliance on Rule 430A under the Securities Act, please identify the omitted
          information to us supplementally, preferably before filing the final
          pre-effective amendments. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Response</U>:
The Fund may rely on Rule 430A under the Securities Act and will supplementally notify the
Staff, before filing the final pre-effective amendment to its Registration Statement, if
the Fund does intend to rely on Rule 430A and will identify the omitted information to the
Staff. </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>11. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          <U>Staff Comment</U>: Please advise us if you have submitted or expect to submit
          an exemptive application or no-action request in connection with your
          registration statements. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Response</U>:
The Fund has not submitted, and does not expect to submit, an exemptive application or
no-action request in connection with the Registration Statement. </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>12. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          <U>Staff Comment</U>: Response to this letter should be in the form of
          pre-effective amendments filed pursuant to Rule 472 under the Securities Act.
          Where no change will be made in the filing in response to a comment, please
          indicate this fact in a supplemental letter and briefly state the basis for your
          position. Please note that comments we give in one section or prospectus apply
          to other sections of the prospectus in the filing that contain the same or similar
          disclosure. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Response</U>:
The Fund believes that the Amendment and this letter respond to the Staff&#146;s comments.
The Fund is aware that the Staff&#146;s comments given in one section apply to other
sections in the Registration Statement that contain the same or similar disclosure, and
such conforming changes have been made. </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TD ALIGN=LEFT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>13. </FONT></TD>
          <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          <U>Staff Comment</U>: We urge all persons who are responsible for the accuracy
          and adequacy of the disclosure in the filings reviewed by the staff to be
          certain that they have provided all information investors require for an
          informed decision. Since the funds and their management are in possession of all
          facts relating to the funds&#146; disclosure, they are responsible for the
          accuracy and adequacy of the disclosures they have made. Notwithstanding our
          comments, for each of the funds, please furnish a letter acknowledging that </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
should the Commission or the Staff, acting pursuant to delegated authority, declare the
filing effective, it does not foreclose the Commission from taking any action with
respect to the filing; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
the action of the Commission or the Staff, acting pursuant to delegated authority, in
declaring the filing effective, does not relieve the Fund from its full responsibility for
the adequacy and accuracy of the disclosure in the filing; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
the Fund may not assert this action as defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United States. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%><U>Response</U>: The requested letter from the Fund is filed with this letter.</TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>We hope the Staff finds the revisions
in the Amendment responsive to comments on the Registration Statement. The Fund would like
to have the Registration Statement declared effective on May 11, 2007 and, thus, we would
appreciate a prompt review by the Staff of the Amendment. Should members of the Staff have
any questions or comments regarding the Amendment, they should call the undersigned at
212.806.6443 or Stuart H. Coleman of this office at 212.806.6049. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Very truly yours, </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>/s/ Nicole M. Runyan</U><BR>
Nicole M. Runyan </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>cc:</TD>
<TD WIDTH=95%>Rudolf Millisits<BR>
Stuart H. Coleman, Esq.<BR>
Gary L. Granik, Esq.</TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The Swiss Helvetia
Fund, Inc.<BR>
1270 Avenue of the Americas, Suite 400<BR>
New York, New York 10020 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>May 3, 2007 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Securities and Exchange
Commission<BR>
Division of Investment Management<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549<BR>
Attention: Linda Stirling </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>Re:</TD>
<TD WIDTH=95%>The Swiss Helvetia Fund, Inc.<BR>
Registration Statement on Form N-2<BR>
<U>(File Nos: 333-141652; 811-5128)</U></TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Ladies and Gentlemen: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>At the request of the staff (the
&#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;),
the undersigned Registrant acknowledges the following: </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
should the Commission or the Staff, acting pursuant to delegated authority, declare the
filing effective, it does not foreclose the Commission from taking any action with
respect to the filing; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
the action of the Commission or the Staff, acting pursuant to delegated authority, in
declaring the filing effective, does not relieve the Registrant from its full
responsibility for the adequacy and accuracy of the disclosure in the filing; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
the Registrant may not assert this action as defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United States. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Sincerely, </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>THE SWISS HELVETIA FUND, INC. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>By:</TD>
<TD WIDTH=95%><U>/s/ Rudolf Millisits</U><BR>
<BR>
Rudolf Millisits<BR>
Chief Financial Officer</TD>
</TR>
</TABLE>
<BR>

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