Total Return Securities Fund — Director's Dealing 2007

Jul 2, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SWISS HELVETIA FUND, INC. (SWZ)
CIK: 0000813623
Period of Report: 2007-06-28

Reporting Person: Kraynak Michael Jr (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-06-22	Common Stock	X	834	$16.6	Acquired	3334	Direct
2007-06-22	Common Stock	X	476	$16.6	Acquired	3810	Direct
2007-06-29	Common Stock	P	1300	$17.65	Acquired	5110	Direct
2007-07-02	Common Stock	P	4890	$17.9374	Acquired	10000	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	2502	Disposed	2007-06-22	Common Stock (834)	Direct
2007-06-12	Subscription Rights (right to buy)	$16.6	P	2	Acquired	2007-06-29	Common Stock (0)	Direct

Footnotes

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

F2: Record Date Stockholders who fully exercised their rights were entitled to an over-subscription privilege under which they were permitted to subscribe for additional shares of Common Stock at the Subscription Price.

F3: 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 2502 rights issued to Mr. Kraynak were acquired on June 28, 2007.

F4: These rights were purchased on 6/12/07. The Broker could not determine the price charged Mr. Kraynak for these rights; the price used is the highest trading price of 6/12/07.