Notice is hereby given that the Annual Meeting of Stockholders (the "Meeting"“Meeting”) of The Swiss Helvetia Fund, Inc. (the "Fund"“Fund”) will be held at 11 a.m.1:00 p.m., on September 11, 2020,9, 2021, at the offices of Sullivan & Cromwell LLP, 535 Madison Avenue, New York, New York 10036, for the following purposes:

3. To consider a non-binding proposal by the Fund’s Board of Directors to ratify approval by stockholders in 2006 to permit the Fund to leverage up to 10% of the Fund’s total assets (including the amount borrowed).

4. To consider and act upon any other business as may properly come before the Meeting or any adjournment thereof.

This Proxy Statement is furnished by the Board of Directors of The Swiss Helvetia Fund, Inc. (the "Fund"“Fund”) in connection with the solicitation of Proxies for use at the Annual Meeting of Stockholders (the "Meeting"“Meeting”), to be held at 11:1:00 a.m.p.m., on Friday,Thursday, September 11, 2020,9, 2021, at the offices of Sullivan & Cromwell LLP, 535 Madison Avenue, New York, New York.  The purpose of the Meeting and the matters to be acted upon are set forth in the accompanying Notice of Annual Meeting of Stockholders.  It is expected that the Notice of Annual Meeting of Stockholders, Proxy Statement and form of Proxy will first be mailed to stockholders of record on or about July 24, 2020.[ ], 2021.

If the accompanying form of Proxy is executed properly and returned, the shares represented by it will be voted at the Meeting in accordance with the instructions on the Proxy.  However, if no instructions are specified, the shares will be voted "FOR"“FOR” the election of each nominee for Director,  and "FOR"“FOR” the ratification of the Fund'sFund’s independent registered public accounting firm.firm and “ABSTAIN” the ratification of the Board of Directors’ non-binding proposal on the use of leverage.  A Proxy may be revoked at any time before it is voted by written notice to the Secretary of the Fund revoking it, by submitting a properly executed Proxy bearing a later date, or by attending the Meeting and voting in person.  Attending the Meeting will not automatically revoke a previously executed Proxy.  Shares represented by a Proxy marked to withhold authority to vote for a Director, abstentions and "broker non-votes"“broker non-votes” will be included in determining the existence of a quorum at the Meeting, but will not constitute a vote in favor of a Proposal.  As a result, because approval of Proposal 2 requiresand Proposal 3 require a majority of the Fund's shares present in person or representedvotes cast at the meeting by Proxy andthe stockholders entitled to vote on the Proposal to vote "FOR" such Proposalthereon, and abstentions and "broker non-votes"“broker non-votes” are not votes cast "FOR" awith respect to Proposal 2 or Proposal 3, they will have theno effect of a vote "AGAINST"on the outcome of  Proposal 2.2 or Proposal 3.  A "broker non-vote"“broker non-vote” occurs when a broker holding shares for a beneficial owner does not vote on a particular matter because the broker does not have discretionary voting power with respect to that matter and has not received instructions from the beneficial owner.

The Board of Directors has fixed the close of business on July 17, 202015, 2021 as the record date for the determination of stockholders entitled to notice of, and to vote at, the Meeting and at any adjournment thereof.  On that date, the Fund had 13,262,011[13,262,011] shares of common stock outstanding and entitled to vote.  Stockholders are entitled to one vote for each Fund share held and fractional votes for each fractional Fund share held.  Stockholders are not entitled to any appraisal rights as the result of any Proposal.

The Board of Directors knows of no business other than that mentioned in the Notice of Annual Meeting of Stockholders which will be presented for consideration at the Meeting.  If any other matter is properly presented, it is the intention of the persons named in the enclosed Proxy to vote in accordance with their best judgment.

The Fund has completed its transition from a classified structure in which each class of directors has historically been elected for a three-year term to a non-classified structure in which each director is elected annually for one year. Accordingly, each Director is now elected annually for a one year term to serve until the next annual meeting of stockholders and until his respective successor is duly elected and qualifies.

Unless authority is withheld, it is the intention of the persons named in the accompanying form of Proxy to vote each Proxy "FOR"“FOR” the election of the nominees of the Fund listed above.  Each nominee has indicated he or she will serve, if elected, but if either such nominee should be unable to serve, Proxies will be voted for an alternate nominee, if any, designated by the Board of Directors.  The Board of Directors has no reason to believe that any of the nominees will be unable to serve as a Director.  Each of the nominees currently is a member of the Board of Directors.

The following tables set forth certain information about each person nominated for election as a Director by the Board of Directors of the Fund, each person currently serving and continuing as a Director and each person who currently serves as an Executive Officer of the Fund.  All of the information is as of December 31, 2019,2020, except that information regarding age and shares beneficially owned is as of July 17, 2020.15, 2021.  The information with respect to the Directors is separately stated for Directors who are not "interested persons"“interested persons” (as defined in the 1940 Act) of the Fund (each such Director, a "Non-Interested Director"“Non-Interested Director”) and the Director who is deemed to be an "interested person"“interested person” of the Fund under the 1940 Act.

The Fund'sFund’s Executive Officers are elected annually by the Board of Directors generally at its regular meeting in connection with the Annual Meeting of Stockholders.

As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Fund have the primary responsibility for the day-to-day management of the Fund, which includes responsibility for risk management (including management of investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk).  As part of its oversight, the Board, acting at its scheduled meetings, or the Chairman, acting between Board meetings, regularly interacts with and receives reports from senior personnel of service providers, including SIMNA'sSIMNA’s Chief Operating Officer, the Fund'sFund’s and SIMNA'sSIMNA’s Chief Compliance Officer and portfolio management personnel.  The Board'sBoard’s Audit Committee meets during its scheduled meetings, and, between meetings, the Audit Committee chair maintains contact, with the Fund'sFund’s independent registered public accounting firm and the Fund'sFund’s Principal Financial Officer.  The Board also receives periodic presentations from senior personnel of Schroders or their affiliates regarding risk management generally, as well as periodic presentations regarding specific operational, compliance or investment areas.  The Board has adopted policies and procedures designed to address certain risks to the Fund.  In addition, Schroders and other service providers to the Fund have adopted a variety of policies, procedures and controls designed to address particular risks to the Fund.  Different processes, procedures and controls are employed with respect to different types of risks.  However, it is not possible to eliminate all of the risks applicable to the Fund.  The Board also receives reports from the Fund'sFund’s Chief Compliance Officer and counsel to the Fund regarding regulatory compliance and governance matters.  The Board'sBoard’s oversight role does not make the Board a guarantor of the Fund'sFund’s investments or activities.

Board Composition and Leadership Structure.  The 1940 Act requires that at least 40% of a fund'sfund’s board members not be "interested persons"“interested persons” (as defined in the 1940 Act) of the fund and as such are not affiliated with the fund'sfund’s investment adviser ("(“Independent Board members"members”).  To rely on certain exemptive rules under the 1940 Act, a majority of a fund'sfund’s board members must be Independent Board members, and for certain important matters, such as the approval of investment advisory agreements or transactions with affiliates, the 1940 Act or the rules thereunder require the approval of a majority of the Independent Board members.  Currently, more than 75% of the Board of Directors and the chair of each of the Board'sBoard’s permanent committees, is comprised of Non-Interested Directors.  The Board has determined that its leadership structure is appropriate in light of the services that Schroders provides to the Fund and potential conflicts of interest that could arise from that relationship.

The Board has three standing Committees:  the Audit Committee, the Governance and Nominating Committee and the Pricing Committee.  Each Committee is composed entirely of Non-Interested Directors.  Where deemed appropriate, the Board may constitute ad hoc committees.

Pursuant to the Audit Committee Charter adopted by the Board, the function of the Audit Committee is to assist Board oversight of (i) the integrity of the Fund’s financial statements; (ii) the Fund’s compliance with legal and regulatory requirements; and (iii) the independent registered public accounting firm’s qualifications, independence and performance.  The Audit Committee has direct responsibility to appoint, retain, determine the compensation of, evaluate and terminate the Fund’s independent registered public accounting firm, including sole authority to approve all audit engagement fees and terms and, in connection therewith, to review and evaluate matters potentially affecting the independence and capabilities of the independent registered public accounting firm.  The Audit Committee also oversees the accounting and financial reporting processes of the Fund and the audits of the Fund’s financial statements as well as the administration of the Fund.  The Audit Committee held five meetings during the year ended December 31, 2019.2020.  The Fund’s Audit Committee Charter is available on the Fund’s website at www.swzfund.com.

Governance and Nominating Committee.  The Board has a Governance and Nominating Committee whose current members are Messrs. Dayan and Goldstein. Mr. Goldstein serves as Chair of the Governance and Nominating Committee.  Each member of the Committee is currently “independent” under the listing standards of the NYSE.

Among other responsibilities, the Governance and Nominating Committee selects and nominates persons for election or appointment by the Board and oversees the annual assessment of the effectiveness of the Board and such other matters of Fund governance as may be delegated to it by the Board or determined by the Governance and Nominating Committee to be appropriate.  In evaluating potential nominees, the Committee may consider whether a potential nominee’s professional experience, education, skills and other individual qualities and attributes, including gender, race or national origin, would provide beneficial diversity of skills, experience or perspective to the Board’s membership and collective attributes.  Such considerations will vary based on the Board’s existing membership and other factors, such as the strength of a potential nominee’s overall qualifications relative to diversity considerations.

During the year ended December 31, 2019,2020, the Board met ninefive times.  Each member of the Board attended at least 75% of the aggregate of (i) the total number of meetings of the Board and (ii) the total number of meetings held by all Committees of the Board on which he served.  The Fund has no formal written policy regarding Directors’ attendance at annual meetings of stockholders.  Messrs. Dakos and Goldstein attended the 20192020 Annual Meeting.

During the year ended December 31, 2019,2020, the Fund paid each Non-Interested Director an annual retainer of $42,000, except for the Chairman of the Board to whom the Fund paid $56,000 and for the Chairs of the three standing Committees to each of whom the Fund paid $48,000.  In addition, the Fund paid each Non-Interested Director $2,000 for each in-person Board meeting attended, and $750 for each telephonic Board meeting attended. The Fund also paid each Non-Interested Director who is a member of a Committee a fee of $750 for each Committee meeting attended.  Each Non-Interested Director may be compensated for incremental work over and above attending a meeting, including work performed as a member of an ad hoc committee, based upon the value added to the Fund.  Finally, the Fund reimburses the Directors for certain out-of-pocket expenses, such as travel expenses, in connection with Board meetings.

The selection of the Fund'sFund’s independent registered public accounting firm will be ratified if approved by a majority of shares present in person or represented by Proxyvotes cast at the Meeting andmeeting on Proposal 2 by the stockholders entitled to vote thereon.

The Audit Committee has exclusive oversight of the Fund'sFund’s financial reporting process.  The Committee operates pursuant to a Charter which has been approved by the Board, a copy of which is available on the Fund'sFund’s website at www.swzfund.com.  As set forth in the Charter, management of the Fund is responsible for the (i) preparation, presentation and integrity of the Fund'sFund’s financial statements, (ii) maintenance of appropriate accounting and financial reporting principles and policies and (iii) maintenance of internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations.  The Fund'sFund’s independent registered public accounting firm, Tait Weller, is responsible for auditing the Fund'sFund’s financial statements and expressing an opinion as to their conformity with generally accepted accounting principles.

Stockholders are reminded, however, that the members of the Audit Committee are not professionally engaged in the practice of auditing or accounting.  Members of the Committee rely without independent verification on the information provided to them and on the representations made by management and Tait Weller.  Accordingly, the Audit Committee'sCommittee’s oversight does not provide an independent basis to determine that management has maintained appropriate accounting and financial reporting principles or appropriate internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations.  Furthermore, the Audit Committee'sCommittee’s considerations and discussions referred to above do not assure that the audit of the Fund's 2019Fund’s 2020 financial statements has been carried out in accordance with generally accepted auditing standards or that the financial statements are presented in accordance with generally accepted accounting principles, nor do they assure Tait Weller'sWeller’s independence.  Based upon the reports and discussions described in this report, and subject to the limitations on the role and responsibilities of the Committee referred to above and in the Charter, the Committee determined that the Fund'sFund’s audited financial statements be included in the Fund'sFund’s Annual Report to Stockholders for the year ended December 31, 2019,2020, and filed with the Commission.

No business other than as set forth herein is expected to come before the Meeting.  Should any other matter requiring a vote of stockholders properly arise, however, including any question as to an adjournment of the Meeting, the persons named in the enclosed Proxy will vote thereon according to their best judgment in the interest of the Fund.

Stockholders who wish to communicate with the Directors should send communications to The Swiss Helvetia Fund, Inc., 615 East Michigan Street, Milwaukee, Wisconsin 53202, to the attention of the Secretary.  The Secretary is responsible for determining, in consultation with other officers of the Fund and Fund counsel, which stockholder communications will be directed to the Director or Directors indicated in the communication.

In accordance with Rule 14a-8 under the Exchange Act, stockholder proposals intended to be presented at the 20212022 Annual Meeting must be received by the Fund on or before March[March 23, 20212021] in order to be considered for inclusion in the Fund'sFund’s Proxy Statement and form of Proxy relating to that meeting.  In addition, the Fund'sFund’s By-Laws provide that if a stockholder of record entitled to vote desires to bring proposals (including Director nominations) before the 20212022 Annual Meeting, written notice of such proposals as prescribed in the By-Laws must be received by the Fund'sFund’s Secretary, The Swiss Helvetia Fund, Inc., 615 East Michigan Street, Milwaukee, Wisconsin 53202, between June 13, 202115, 2022 and May 14, 2021.

For additional requirements, stockholders may refer to the By-Laws, a current copy of which may be obtained without charge upon request from the Fund'sFund’s Secretary.  If the Fund does not receive timely notice pursuant to the By-Laws, the proposal will be excluded from consideration at the meeting.

The Fund will bear the cost of soliciting Proxies on behalf of the Board of Directors.  In addition to the use of mails, Proxy solicitations may be made by telephone, fax and personal interview by the Fund'sFund’s Directors and officers without additional compensation.  Brokerage houses, banks and other fiduciaries may be requested to forward Proxy solicitation material to their customers to obtain authorization for the execution of Proxies, and they will be reimbursed by the Fund for out-of-pocket expenses incurred in this connection.  If you have any questions concerning this Proxy solicitation, please contact USB at (414) 765-4255.

Please note that only one Annual Report or most recent Quarterly Report or Proxy Statement may be delivered to two or more stockholders of the Fund who share an address, unless the Fund has received instructions to the contrary.  To request a separate copy of an Annual Report or Semi-Annual Report or Proxy Statement, or for instructions as to how to request a separate copy of such documents or how to request a single copy if multiple copies of such documents are received, stockholders should contact the Fund at the address and phone number set forth above.  Pursuant to a request, a separate copy will be delivered promptly.

The Fund will advise stockholders of the voting results of the matters voted upon at the Meeting in the Semi-Annual Report to Stockholders first following the Meeting.