Total Return Securities Fund — Director's Dealing 2007

Jul 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SWISS HELVETIA FUND, INC. (SWZ)
CIK: 0000813623
Period of Report: 2007-06-29

Reporting Person: CLAUDE FREY (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-06-22	Common Stock	X	772	$16.6	Acquired	3086	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-06-22	Subscription Rights (right to buy)	$16.6	X	2316	Acquired	2007-06-22	Common Stock (772)	Direct

Footnotes

F1: Subscription Price determined by 92.5% of the average of the last reported sales price per share on the NYSE for the five trading days ended June 22, 2007 (the Expiration Date).

F2: The shares of common stock under item 4 of table I were acquired through subscription in the Fund's 1-for-3 rights offering. Shares of common stock issued pursuant to the exercise of 2316 rights issued to Mr. Frey were acquired on June 29, 2007.

F3: Two rights were purchased of $.46 each in order to allow Mr. Frey to subscribe to whole shares.