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<SEC-DOCUMENT>0001193125-07-122533.txt : 20070524
<SEC-HEADER>0001193125-07-122533.hdr.sgml : 20070524
<ACCEPTANCE-DATETIME>20070524152421
ACCESSION NUMBER:		0001193125-07-122533
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070331
FILED AS OF DATE:		20070524
DATE AS OF CHANGE:		20070524
EFFECTIVENESS DATE:		20070524

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05128
		FILM NUMBER:		07876795

	BUSINESS ADDRESS:	
		STREET 1:		1270 AVENUE OF THE AMERICAS
		STREET 2:		SUITE 400
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10111-0001
		BUSINESS PHONE:		2128677660

	MAIL ADDRESS:	
		STREET 1:		1270 AVENUE OF THE AMERICAS
		STREET 2:		SUITE 400
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10111-0001

	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>N-Q
<SEQUENCE>1
<FILENAME>dnq.txt
<DESCRIPTION>SWISS HELVETIA FUND DATED 3/31/2007
<TEXT>
<PAGE>

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

                                   FORM N-Q

            QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANY

                 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, 2007

          Date of reporting period: January 1, 2007 - March 31, 2007

<PAGE>

Item 1. Schedule of Investments.

                         THE SWISS HELVETIA FUND, INC.

SCHEDULE OF INVESTMENTS (UNAUDITED)                              MARCH 31, 2007

<TABLE>
<CAPTION>
                                                                                      PERCENT
  NO. OF                                                                              OF NET
  SHARES                              SECURITY                               VALUE    ASSETS
- ---------------------------------------------------------------------------------------------
<C>  <C>     <S>                                                          <C>         <C>
COMMON STOCKS - 99.38%

BANKS - 15.64%

     380,000 CREDIT SUISSE GROUP/2/
             REGISTERED SHARES                                            $27,142,857   5.12%
             A global diversified financial service company with large
             activity in private banking, investment banking, asset
             management and insurance service.
             (Cost $12,095,927)

     100,000 EFG INTERNATIONAL
             REGISTERED SHARES                                              4,341,415   0.82%
             Holding company of EFG Bank. The Bank offers private
             banking and asset management services.
             (Cost $3,249,443)

     870,000 UBS AG/2/
             REGISTERED SHARES                                             51,453,146   9.70%
             A global diversified financial service company with large
             activity in private banking, investment banking, and asset
             management.
             (Cost $7,403,841)
                                                                          -----------  -----
                                                                           82,937,418  15.64%
BASIC RESOURCES - 3.29%

      93,236 PRECIOUS WOODS HOLDING AG/1/
             REGISTERED SHARES                                              7,790,033   1.47%
             Through subsidiaries, manages tropical forests using
             ecologically sustainable forest management
             methods. Harvests tropical trees and processes them into
             lumber.
             (Cost $8,284,983)

      94,260 SCHMOLZ AND BICKENBACH AG
             REGISTERED SHARES                                              8,037,734   1.51%
             Manufactures industrial and construction steel.
             (Cost $2,979,941)

      75,000 UMS SCHWEIZERISCHE METALLWERKE/1/
             BEARER SHARES                                                  1,658,748   0.31%
             Produces profiles and large dimension rods for electrical
             engineering, mechanical engineering, and construction
             companies, lead-free brass wire for batteries, billets, and
             small diameter wire and rods for the consumer goods and
             electronics industries.
             (Cost $1,655,849)
                                                                          -----------  -----
                                                                           17,486,515   3.29%
</TABLE>


                                      1

<PAGE>

<TABLE>
<C>     <C>     <S>                                                          <C>        <C>
BIOTECHNOLOGY - 15.50%

        132,931 ACTELION LTD./1/,/2/
                REGISTERED SHARES                                            30,842,649  5.81%
                Biotechnology company that develops and markets synthetic
                small-molecule drugs against diseases related to the
                endothelium.
                (Cost $17,871,161)

        156,200 BASILEA PHARMACEUTICA/1/,/2/
                REGISTERED SHARES                                            36,113,573  6.81%
                Conducts research into the development of drugs for the
                treatment of infectious diseases and dermatological
                problems.
                (Cost $21,602,083)

        103,903 SPEEDEL HOLDING AG/1/
                REGISTERED SHARES                                            15,260,328  2.88%
                Researches and develops therapies for cardiovascular and
                metabolic diseases
                (Cost $14,437,478)
                                                                             ---------- -----
                                                                             82,216,550 15.50%
CHEMICALS - 3.44%

         95,931 SYNGENTA AG/2/
                REGISTERED SHARES                                            18,269,952  3.44%
                Produces herbicides, insecticides and fungicides, and seeds
                for field crops, vegetables, and flowers.
                (Cost $7,696,272)
                                                                             ---------- -----
                                                                             18,269,952  3.44%
CONSTRUCTION & MATERIALS - 1.25%

          1,141 BELIMO HOLDING AG/1/
                REGISTERED SHARES                                             1,201,004  0.22%
                World market leader in damper and volume control actuators
                for ventilation and air-conditioning equipment.
                (Cost $231,391)

          3,220 SIKA AG
                BEARER SHARES                                                 5,446,674  1.03%
                Leading producer of construction chemicals.
                (Cost $891,989)
                                                                             ---------- -----
                                                                              6,647,678  1.25%
FINANCIAL SERVICES - 3.31%

        129,300 JULIUS BAER HOLDING AG
                REGISTERED SHARES                                            17,560,567  3.31%
                Offers private banking, institutional asset management,
                mutual fund, securities brokerage, and corporate finance
                services.
                (Cost $12,328,050)
                                                                             ---------- -----
                                                                             17,560,567  3.31%
</TABLE>


                                      2

<PAGE>

<TABLE>
<C>     <C>     <S>                                                                                        <C>        <C>

FOOD & BEVERAGES - 14.06%

          2,690 BARRY CALLEBAUT AG/1/
                REGISTERED SHARES                                                                           1,991,940  0.38%
                Manufactures cocoa, chocolate, and confectionary products.
                (Cost $1,399,816)

            340 LINDT & SPRUNGLI AG
                REGISTERED SHARES                                                                           9,626,556  1.81%
                Major manufacturer of premium
                Swiss chocolates.
                (Cost $1,977,813)

        162,500 NESTLE SA/2/
                REGISTERED SHARES                                                                          62,994,041 11.87%
                Largest food and beverage processing company in the world.
                (Cost $9,260,282)
                                                                                                           ---------- -----
                                                                                                           74,612,537 14.06%
INDUSTRIAL GOODS & SERVICES - 2.66%

        337,457 ABB LTD.
                REGISTERED SHARES                                                                           5,749,595  1.08%
                The holding company for ABB Group which is one of the largest electrical engineering
                firms in the world.
                (Cost $2,243,911)

        116,000 ADECCO SA
                REGISTERED SHARES                                                                           7,330,767  1.38%
                Leading personnel and temporary employment company.
                (Cost $5,464,982)

          6,440 INFICON HOLDING AG
                REGISTERED SHARES                                                                           1,036,582  0.20%
                Manufactures and markets vacuum instruments used to monitor and control production
                processes. Manufactures on-site chemical detection and monitoring system.
                (Cost $581,616)
                                                                                                           ---------- -----
                                                                                                           14,116,944  2.66%
INSURANCE - 3.22%

         44,500 SWISS LIFE HOLDING/1/
                REGISTERED SHARES                                                                          11,117,710  2.09%
                Offers financial services including life and property insurance, institutional investment
                management, and private banking services.
                (Cost $8,286,281)

         20,800 ZURICH FINANCIAL SERVICES AG
                REGISTERED SHARES                                                                           5,976,081  1.13%
                Offers property, accident, health, automobile, liability, financial risk and life
                insurance and retirement products.
                (Cost $3,338,952)
                                                                                                           ---------- -----
                                                                                                           17,093,791  3.22%
</TABLE>


                                      3

<PAGE>

<TABLE>
<C>     <C>     <S>                                                                                            <C>         <C>
MEDICAL TECHNOLOGY - 0.46%

         32,205 PHONAK HOLDING AG
                REGISTERED SHARES                                                                                2,453,363  0.46%
                Designs and produces analog and digital hearing aids.
                (Cost $1,100,139)
                                                                                                               ----------- -----
                                                                                                                 2,453,363  0.46%

PERSONAL & HOUSEHOLD GOODS - 0.55%

         20,950 ADVANCED DIGITAL BROADCAST HOLDING SA/1/
                REGISTERED SHARES                                                                                1,235,583  0.23%
                Develops equipment and systems to view and interact with digital TV broadcast through cable,
                satellite, and telecommunication networks.
                (Cost $1,352,807)

          6,367 SWATCH GROUP AG
                BEARER SHARES                                                                                    1,675,458  0.32%
                Manufactures finished watches, movements and components. Produces components necessary to
                its eighteen watch brand companies. Also operates retail boutiques.
                (Cost $859,824)
                                                                                                               ----------- -----
                                                                                                                 2,911,041  0.55%
PHARMACEUTICALS - 21.96%

        899,000 NOVARTIS AG/2/
                REGISTERED SHARES                                                                               51,327,244  9.67%
                One of the leading manufacturers of branded and generic pharmaceutical products.
                The company also manufactures nutrition products.
                (Cost $9,855,249)

        370,200 ROCHE HOLDING AG/2/
                NON-VOTING EQUITY SECURITIES                                                                    65,197,412 12.29%
                Worldwide pharmaceutical company.
                (Cost $6,799,732)
                                                                                                               ----------- -----
                                                                                                               116,524,656 21.96%
RETAILERS - 5.85%

         75,950 GALENICA AG/2/
                REGISTERED SHARES                                                                               24,014,335  4.53%
                Manufactures and distributes prescription and over-the-counter drugs, toiletries and hygiene
                products.
                (Cost $14,745,078)

          2,100 JELMOLI HOLDING AG
                BEARER SHARES                                                                                    6,992,546  1.32%
                Owns and operates department and retail stores and provides mail-order catalog and real estate
                leasing services.
                (Cost $3,707,265)
                                                                                                               ----------- -----
                                                                                                                31,006,881  5.85%
</TABLE>


                                      4

<PAGE>

<TABLE>
<C>  <C>       <S>                                                          <C>          <C>       <C>          <C>
TECHNOLOGY - 2.14%

       123,000 KUDELSKI SA
               REGISTERED SHARES                                                                      4,312,254  0.81%
               Designs and manufactures digital security products under
               the brand name 'Nagra'.
               (Cost $3,897,054)

       369,200 TEMENOS GROUP AG/1/
               REGISTERED SHARES                                                                      7,076,738  1.33%
               Provides integrated software for the banking sector.
               (Cost $6,572,320)
                                                                                                   ------------ -----
                                                                                                     11,388,992  2.14%

UTILITY SUPPLIERS - 6.05%

           500 AARE-TESSIN AG FUR ELEKTRIZITAT (ATEL)
               REGISTERED SHARES                                                                      1,433,486  0.27%
               Generates, transmits, and distributes electricity in
               Switzerland and neighboring countries.
               (Cost $1,275,915)

       182,150 BKW FMB ENERGIE AG/2/
               REGISTERED SHARES                                                                     18,949,091  3.57%
               Produces electricity using nuclear, hydroelectric, solar,
               biomass and wind energy.
               (Cost $9,623,044)

        28,409 CENTRALSCHWEIZERISCHE KRAFTWERKE AG
               REGISTERED SHARES                                                                     10,029,717  1.89%
               Supplies electric power, operates and maintains
               distribution network facilities, constructs and installs
               equipment, and offers consulting services to its clients.
               (Cost $8,525,835)

           200 MOTOR-COLUMBUS LTD.
               BEARER SHARES                                                                          1,679,227  0.32%
               Generates, transmits and distributes electricity throughout
                 Europe.
               (Cost $1,665,611)
                                                                                                   ------------ -----
                                                                                                     32,091,521  6.05%

               TOTAL COMMON STOCKS
               (Cost $213,261,934)*                                                                $527,318,406 99.38%

CALL WARRANTS - 0.06%

       200,000 ABB LTD., EXPIRES 06/15/07                                                                70,446  0.01%

     1,100,000 ABB LTD., EXPIRES 12/21/07                                                               288,336  0.05%
                                                                                                   ------------ -----

               TOTAL CALL WARRANTS                                                                      358,782  0.06%
               (Cost $601,846)

OTC CALL OPTION - 0.10%
                                                                            Strike Price Exp. Date
                                                                            ------------ ---------
        34,400 SWATCH GROUP AG                                                  $320     08/15/07       535,105  0.10%
                                                                                                   ------------ -----

               TOTAL OPTION                                                                             535,105  0.10%
               (Cost $ 511,149)

PUT WARRANTS - 0.28%

     1,250,000 SMIM INDEX, EXPIRES 5/21/07                                                              348,132  0.07%

     2,250,000 SWISS MARKET INDEX, EXPIRES 09/21/07                                                   1,105,832  0.21%
</TABLE>

                                      5

<PAGE>

<TABLE>
              <S>                                      <C>          <C>
                                                       ------------ ------
              TOTAL PUT WARRANTS                          1,453,964   0.28%
              (Cost $1,863,063)

              TOTAL INVESTMENTS                         529,666,257  99.82%
              (Cost $216,237,992)

              OTHER ASSETS LESS OTHER LIABILITIES, NET      948,950   0.18%
                                                       ------------ ------
              NET ASSETS                               $530,615,207 100.00%
                                                       ============ ======
</TABLE>
- --------
/1/   NON-INCOME PRODUCING SECURITY.
/2/   ONE OF THE TEN LARGEST PORTFOLIO HOLDINGS.
*     COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
      FINANCIAL STATEMENT PURPOSES AND NET UNREALIZED APPRECIATION
      (DEPRECIATION) CONSISTS OF:

 GROSS UNREALIZED APPRECIATION                                    $314,692,602
 GROSS UNREALIZED DEPRECIATION                                     (1,264,337)
                                                                  ------------
 NET UNREALIZED APPRECIATION                                      $313,428,265
                                                                  ============

THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE
FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED
IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS
INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES
AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND.

                                      6

<PAGE>

Item 2. Controls and Procedures.
(a) The registrant's President and Treasurer have concluded that the
registrant's disclosure controls and procedures (as defined in rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) are effective, based on
their evaluation of these disclosure controls and procedures required by Rule
30a-3(b) as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial
reporting (as defined in rule 30a-3(d) under the Act) that occurred during the
registrant's last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control over
financial reporting.

Item 3. Certifications as required by Rule 30a-2(a) under the Act are attached
hereto.

<PAGE>

                                  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.

THE SWISS HELVETIA FUND, INC.

By:   /s/ Rodolphe E. Hottinger
      --------------------------------
      Rodolphe E. Hottinger, Chief Executive Officer

Date: 5/22/07

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, Chief Executive Officer

Date: 5/22/07

By:   /s/ Rudolf Millisits
      --------------------------------
      Rudolf Millisits, Chief Financial Officer

Date: 5/21/07
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>dex99cert.txt
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<PAGE>

                         THE SWISS HELVETIA FUND, INC.

I, Rodolphe E. Hottinger, certify that:

   1. I have reviewed this report on Form N-Q of The Swiss Helvetia Fund, Inc.;

   2. Based on my knowledge, this report does not contain any untrue statement
   of a material fact or omit to state a material fact necessary to make the
   statements made, in light of the circumstances under which such statements
   were made, not misleading with respect to the period covered by this report;

   3. Based on my knowledge, the financial statements, and other financial
   information included in this report, fairly present in all material respects
   the financial condition, results of operations, changes in net assets, and
   cash flows (if the financial statements are required to include a statement
   of cash flows) of the registrant as of, and for, the periods presented in
   this report;

   4. The registrant's other certifying officer(s) and I are responsible for
   establishing and maintaining disclosure controls and procedures (as defined
   in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
   control over financial reporting (as defined in Rule 30a-3(d) under the
   Investment Company Act of 1940) for the registrant and have:

   (a) Designed such disclosure controls and procedures, or caused such
   disclosure controls and procedures to be designed under our supervision, to
   ensure that material information relating to the registrant, including its
   consolidated subsidiaries, is made known to us by others within those
   entities, particularly during the period in which this report is being
   prepared;

   (b) Designed such internal control over financial reporting, or caused such
   internal control over financial reporting to be designed under our
   supervision, to provide reasonable assurance regarding the reliability of
   financial reporting and the preparation of financial statements for external
   purposes in accordance with generally accepted accounting principles;

   (c) Evaluated the effectiveness of the registrant's disclosure controls and
   procedures and presented in this report our conclusions about the
   effectiveness of the disclosure controls and procedures, as of a date within
   90 days prior to the filing date of this report based on such evaluation; and

   (d) Disclosed in this report any change in the registrant's internal control
   over financial reporting that occurred during the second fiscal quarter
   covered by this report that has materially affected, or is reasonably likely
   to materially affect, the registrant's internal control over financial
   reporting; and

   5. The registrant's other certifying officer(s) and I have disclosed to the
   registrant's auditors and the audit committee of the registrant's board of
   directors (or persons performing the equivalent functions):

   (a) All significant deficiencies and material weaknesses in the design or
   operation of internal control over financial reporting which are reasonably
   likely to adversely affect the registrant's ability to record, process,
   summarize, and report financial information; and

   (b) Any fraud, whether or not material, that involves management or other
   employees who have a significant role in the registrant's internal control
   over financial reporting.

Date: 5/22/07                /s/ Rodolphe E. Hottinger
                             -----------------------------------------------
                             Rodolphe E. Hottinger, Chief Executive Officer

<PAGE>

                         THE SWISS HELVETIA FUND, INC.

I, Rudolf Millisits, certify that:

   1. I have reviewed this report on Form N-Q of The Swiss Helvetia Fund, Inc.;

   2. Based on my knowledge, this report does not contain any untrue statement
   of a material fact or omit to state a material fact necessary to make the
   statements made, in light of the circumstances under which such statements
   were made, not misleading with respect to the period covered by this report;

   3. Based on my knowledge, the financial statements, and other financial
   information included in this report, fairly present in all material respects
   the financial condition, results of operations, changes in net assets, and
   cash flows (if the financial statements are required to include a statement
   of cash flows) of the registrant as of, and for, the periods presented in
   this report;

   4. The registrant's other certifying officer(s) and I are responsible for
   establishing and maintaining disclosure controls and procedures (as defined
   in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
   control over financial reporting (as defined in Rule 30a-3(d) under the
   Investment Company Act of 1940) for the registrant and have:

   (a) Designed such disclosure controls and procedures, or caused such
   disclosure controls and procedures to be designed under our supervision, to
   ensure that material information relating to the registrant, including its
   consolidated subsidiaries, is made known to us by others within those
   entities, particularly during the period in which this report is being
   prepared;

   (b) Designed such internal control over financial reporting, or caused such
   internal control over financial reporting to be designed under our
   supervision, to provide reasonable assurance regarding the reliability of
   financial reporting and the preparation of financial statements for external
   purposes in accordance with generally accepted accounting principles;

   (c) Evaluated the effectiveness of the registrant's disclosure controls and
   procedures and presented in this report our conclusions about the
   effectiveness of the disclosure controls and procedures, as of a date within
   90 days prior to the filing date of this report based on such evaluation; and

   (d) Disclosed in this report any change in the registrant's internal control
   over financial reporting that occurred during the second fiscal quarter
   covered by this report that has materially affected, or is reasonably likely
   to materially affect, the registrant's internal control over financial
   reporting; and

   5. The registrant's other certifying officer(s) and I have disclosed to the
   registrant's auditors and the audit committee of the registrant's board of
   directors (or persons performing the equivalent functions):

   (a) All significant deficiencies and material weaknesses in the design or
   operation of internal control over financial reporting which are reasonably
   likely to adversely affect the registrant's ability to record, process,
   summarize, and report financial information; and

   (b) Any fraud, whether or not material, that involves management or other
   employees who have a significant role in the registrant's internal control
   over financial reporting.

Date: 5/21/07                /s/ Rudolf Millisits
                             -----------------------------------------------
                             Rudolf Millisits, Chief Financial Officer
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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