Annual Report by Investment Company (Form N-CSR)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-05128

Investment Company Act file number

The Swiss Helvetia Fund, Inc.
(Exact name of registrant as specified in charter)

c/o U.S. Bank Global Fund Services

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Andrew Dakos, President and Chief Executive Officer

c/o U.S. Bank Global Fund Services

Milwaukee, WI 53202
(Name and address of agent for service)

1-800-730-2932

Registrant's telephone number, including area code

Date of fiscal year end: December 31, 2024

Date of reporting period: December 31, 2024

Item 1. Reports to Stockholders.

(a)

The Swiss Helvetia Fund, Inc. Executive Offices 615 East Michigan Street Milwaukee, WI 53202 (212) 641-3800

Managed Distribution Policy Disclosure

In May 2023, The Swiss Helvetia Fund, Inc. (the "Fund"), acting pursuant to an SEC exemptive order and with the approval of the Fund's Board of Directors (the "Board"), adopted a managed distribution policy. Under that policy, as resumed by the Board and as currently in effect, the Fund will pay a quarterly distribution stated in terms of a fixed amount of $0.12900 per share of the Fund's common stock, which equates to an annualized distribution rate of 6.00% based on the Fund's net asset value of $8.60 as of October 31, 2023. In accordance with the policy, the Fund distributed on March 31, 2024, June 30, 2024, and September 18, 2024, $0.12900 per share to stockholders of record on March 18, 2024, June 18, 2024 and September 19, 2024, respectively. Commencing in December 2024, the Fund began making quarterly distributions pursuant to the policy of $0.1458 per share, which equates to an annualized distribution rate of 6.00% based on the Fund's net asset value of $9.72 per share as of October 31, 2024. In accordance with the policy, the Fund distributed on December 31, 2024, $0.1458 per share to stockholders of record on December 17, 2024.

You should not draw any conclusions about the Fund's investment performance from the amount of the Fund's distribution or from the terms of the Fund's managed distribution policy. The Board reviews the Fund's managed distribution policy periodically and may amend or terminate the managed distribution policy at any time without prior notice to Fund stockholders, which could have an adverse effect on the market price of the Fund's shares.

With each distribution, the Fund will issue a notice to stockholders and a press release which will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to stockholders are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Please refer to "Federal Income Tax and Investment Transactions" under Note 5 of the Notes to Financial Statements for information regarding the tax character of the Fund's distributions. A copy of the Fund's Section 19(a) notices is available on the Fund's website at www.swzfund.com.

The Fund's total retuin relation to changes in net asset value is presented in the Financial Highlights.

Management Discussion and Analysis (as of December 31, 2024)

For the twelve-month period ended December 31, 2024, The Swiss Helvetia Fund, Inc. (the "Fund"), as measured by the change in value in the Fund's net asset value ("NAV"), decreased by -3.09% in US dollars ("USD") on a total retubasis. For the same period, the Fund's share price decreased by -2.49% in USD on a total retubasis. This compares with a decrease of -1.55% in the Swiss Performance Index (the "Index" or the "SPI") in USD.

Economic environment during the period under review

Global economic review

The global economy experienced modest growth in 2024 amidst easing inflation and shifting monetary policies. The year marked the beginning of an interest rate-cutting cycle across many major developed economies.

The US Federal Reserve ("Fed") kept interest rates at a 23-year high in July, prompting concerns among investors that the Fed had waited too long to lower rates. This delay heightened fears of a potential hard landing or recession, particularly after weaker economic data and a lower-than-expected jobs report [was released in July]. The Fed started its monetary easing in September with a rate cut of 50 basis points, followed by additional reductions of 25 basis points in November and December. The presidential election victory of Donald Trump fuelled optimism, driven by expectations that his policy programme will lift growth, lower taxes and cut regulation. However, Donald Trump's election victory also raised expectations that the Fed might be forced to keep interest rates higher for longer, as his proposed policies are likely to bring inflationary pressures.

The European Central Bank ("ECB") continued its rate cutting cycle after cutting rates by 25 basis points in June, with additional rate cuts of 25 basis points in September, October, and December. While consumer demand showed signs of improvement, structural challenges in the manufacturing sector remain, pointing only to a gradual economic recovery. Meanwhile, political instability in Germany and France, coupled with fears of trade wars following Trump's election, added to Europe's economic uncertainty.

Market environment during the period under review

Global equities performed strongly in 2024, driven in part by global monetary easing, with falling interest rates boosting returns in equities. US equities led the gains, driven by heightened demand for stocks linked to Artificial Intelligence and positive market reactions to the election of Donald Trump. However, the year was also characterised by volatility, including a short equity market sell-off in early August, which led to declines in major indices such as the MSCI World Index. For

the rest of the year, indications by the Fed that sticky inflation may result in fewer cuts in 2025, and the concerns about the impacts of Trump's proposed tariffs negatively impacted equity returns for emerging markets and Europe.

Fixed income markets experienced considerable volatility in 2024, primarily driven by geopolitical tensions, central bank decisions, and fluctuating inflation rates. The 10-year Treasury yield rose in the second half of 2024, finishing the year at 4.57%, suggesting market uncertainty regarding the Fed's future actions amidst rising expectations that inflation may continue if President-elect Trump were to implement all his economic policies.

Worldwide equities, measured by the MSCI World Index, increased +19.22% in USD for the year 2024.

With respect to European equities, the MSCI Europe Index increased by +9.25% in EUR, whilst the increase in USD was +2.19% due to the strengthening of the USD.

Swiss equities, as measured by the SPI, increased by +6.18% in 2024 (in CHF, which translates to a -1.55% USD decrease). Within Switzerland, small and mid-cap companies, represented by the SPI Extra Index (the "SPIEX"), decreased by -3.73% (in CHF) and slightly underperformed the large cap companies' segment. The total retufor Swiss equities is below long-term average equity performance.

Within the SPI, Financials showed the strongest performance with an increase of +12.15%, followed by Consumer Discretionary (+6.59%), Real Estate (+5.66%), Industrials (+4.87%) and Health Care (+3.45%).

IMPORTANT INFORMATION CONCERNING

MANAGEMENT DISCUSSION AND ANALYSIS

Except as otherwise specifically stated, all information and investment team commentary, including portfolio security positions, is as of December 31, 2024. The views expressed in this Management Discussion and Analysis section (the "MD&A") are those of the Fund's portfolio manager and are subject to change without notice. They do not necessarily represent the views of Schroders Investment Management North America Inc. The MD&A contains some forward-looking statements providing current expectations or forecasts of future events; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The Fund may buy, sell, or hold any security discussed herein, on the basis of factors described herein or the basis of other factors or other considerations. Fund holdings will change from time to time. Current and future portfolio holdings are subject to risk, including geopolitical and other risks.

Performance quoted represents past performance and does not guarantee or predict future results.

Swiss Performance Index for the year 2024 (GICS Sectors)

Source: Schroders, Blackrock Solutions / Aladdin Explore, as of December 31, 2024. Performance measured as total retuin USD. Sectors mentioned should not be viewed as a recommendation to buy/sell. Portfolio composition is subject to change over time. Investors cannot invest directly in the Index or sub-indices.

Performance

The Fund's NAV decreased by -3.09% in USD, which represents an underperformance after fees in comparison to the Index for the year under review.

For the full year of 2024 in Switzerland, the investment style characterized as value (MSCI Switzerland Value Index) outperformed growth (MSCI Switzerland Growth Index). Thus, the value bias applied by the Fund's investment adviser was positive during the year. However, the bias towards small and mid-cap companies was slightly negative as the SPIEX underperformed the SMIC (SMI Total Return).

In terms of stock picking, the biggest contributors to the Fund's relative performance came from overweights in Galderma, R&S, Swissquote, Sandoz, Accelleron, VZ Holdingand SFS. Other

contributors to performance came from underweights in Straumann, Adeccoand VAT.

On the other hand, overweights in ams-Osram, Tecan, Swatch, Kuehne & Nageland Medacta, as well as underweights in ABB, Swiss Re, Holcimand SGS(the latter three being zero weights) had a negative impact on the Fund's relative performance.

The Fund's private equity position in Aravis Biotechcontributed positively, whereas Spineartcontributed slightly negatively to the Fund's performance. Throughout 2024, the Fund's two private equity positions in Selfragand Eyesensewere sold.

Portfolio changes

In total, there were 16 purchases and 28 sales of listed equities in 2024. As of December 31, 2024, there were 46 listed companies held by the Fund and 2 direct private equity investments, including two participations in private equity limited partnerships.

New Investments by the Fund

Also

Galderma

Straumann

Additions to Existing Investments

ams-Osram

Comet

Helvetia

Kuehne und Nagel

Oerlikon

SFS

SIG

Sika

Positions Entirely Disposed of

Reductions in Existing Investments

Accelleron

BKW

DKSH

Givaudan

Logitech

Lonza

R&S

Sonova

The Fund established new positions in Also, Galderma, Georg Fischerand Straumann.

Alsois a leading provider of information and communication technology solutions. Alsooffers hardware, software, cloud-based digital platforms, and additional IT services and solutions. Also'send markets are growing rapidly as small, medium and large companies invest in services that Alsooffers due to the increased complexity of the overall IT environment. We believe Alsowill benefit from trends towards hybrid cloud solutions, as well as Artificial Intelligence.

Galdermais a leading dermatology specialist that went public on SIX Swiss Exchange on March 22, 2024. The Fund participated in the IPO of Galderma. We believe the business model of Galdermais convincing, and the end markets indicate good growth. IPOs of private equity-held companies can at times be unpredictable. However, after the announcement of the transaction details, our valuation model led us to conclude that the transaction would take place at an attractive price. Since its IPO in March, Galderma'sshare price has nearly doubled, making it one of the strongest positive contributors to the Fund's relative performance.

Georg Fischeris a quality industrial company. Over the past several years, its management has shifted the business focus towards the segment of piping, giving it less weight in the automotive industry. We believe Georg Fischer'slatest acquisition of Uponorcould lead to synergy potential and, thus, improved profitability that should benefit shareholder value.

Straumannis a world leading player in the dental replacement and correction market. Straumannhas in the past experienced strong growth, and it has diversified its business in terms of applications and geography. The Fund's position was bought after some stock price weakness following its first quarter result.

The Fund sold its entire positions in Forbo, Idorsiaand SoftwareOne.

Forbowas sold before it reported a disappointing first half result because of the challenging market environment for its two businesses. As a result of declining volumes, some factories ran below capacity. Management has stated that it addressed the issues, but we think Forbowill need more time until profits can grow again.

Idorsiawas sold as it did not meet the expected progress in terms of sales of its main products.

SoftwareOnewas sold due to governance and credibility issues in their mid-term growth guidance.

Outlook

We expect the global economy to continue to deliver growth in the region of 2.5-3% over the next couple of years. However, the relative stability of our global forecast masks some major shifts at the country level, as stronger growth in the US is expected to be offset by weaker growth elsewhere.

We continue to believe that expectations for the US economy are slightly pessimistic. Consumers are in good shape and, with the labor market cooling rather than collapsing, household spending should continue to drive growth. However, there is uncertainty about the policy outlook following the election of Donald Trump. We believe pro-growth policies, along with relatively mild supply-side measures, will boost growth to around 2.5% in 2025, with a slight acceleration to 2.7% in 2026. Faster growth may result in inflation remaining higher than previously assumed and that, after some more near-term easing, the focus of the Fed will tuto rate hikes in 2026.

We expect the eurozone economy to register some improvement in 2025/26, but from a low level. While consumers have benefited from lower inflation, sticky price pressures are likely to limit the room for further interest rate cuts. We think the ECB's terminal rate will be 2.5%, higher than market expectations. Meanwhile, we believe there is no end in sight to the drag from the structural decline of European manufacturing.

In Switzerland, the State Secretary of Economic Affairs ("SECO") reduced its estimates for GDP growth to 0.9% for 2024 (September forecast was 1.2%) and slightly reduced its forecast for 2025 to 1.5% (September forecast was 1.6%). Inflation forecasts have been further reduced to 1.1% for 2024 (September forecast was 1.2%) and 0.3% in 2025 (September forecast was 0.7%). This low inflation rate allowed the Swiss National Bank ("SNB") to make the decision to lower interest rates by another 0.5% in December to 0.5%.

The overall environment for equities remains positive, supported by a low but stable GDP growth environment and declining interest rates. Although we expect the change in administration in the US to be positive for equity markets, there is a substantial risk that Trump's policies could be far more aggressive than anticipated, potentially mired in stagflation for the US economy and pushing the rest of the world towards recession. Such developments could exacerbate macroeconomic divergences even further.

Regarding Swiss equities, two concerns arise:

The companies in the Fund's portfolio derive approximately 27% of their revenue from the US, making it the most important market. Switzerland ranks as the second most important market and accounts for about 8% of revenue exposure. The composition of the Fund's portfolio revenue exposure is illustrated in the following chart. The percentage represents the US revenue contribution to the Fund's overall portfolio, while the colours indicate each company's revenue share in the US.

As an example, Roche, one of the larger companies in the Fund's portfolio, has a relatively high percentage of its total revenue from the US and accounts for one fifth, i.e., 5.8%, of the 27% of the Fund's total revenue derived from the US. The purple colour indicates that between 40 to 50% of Roche'srevenue comes from the US.

US Exposure Breakdown by Security

Source: Schroders, Holdings as at 11 December 2024.

Although a 27% revenue share from the US may seem relatively high, much of this revenue is generated locally within the US rather than being imported.

In nominal terms, the Swiss franc has consistently appreciated against other currencies. However, its development in real terms has remained stable over time. *According to the SNB, the trade-weighted Swiss franc index in real terms has been stable since 2012. We believe this stability implies that the significant nominal appreciation of approximately 40% over this period is largely attributable to differences in inflation levels. Consequently, we believe Swiss exporters are not disproportionately disadvantaged, as lower inflation in Switzerland offsets the effects of nominal appreciation, resulting in a neutral impact on export-oriented companies.

Trade weighted currency index - real, CPI-based vs. nominal

Source: Swiss National Bank, December 2011=100, 31 December 2024.

In summary, we believe the outlook for Swiss equities remains positive and neither potential US trade duties nor further nominal appreciation of the Swiss franc is expected to significantly impact the long-term attractiveness of the Fund's investment universe. The resilience of Swiss companies, supported by stable real currency development and a limited exposure to import-dependent revenues, underscores their strong position in navigating external challenges.

* the nominal exchange rate looks just at the amount of foreign currency that the Swiss franc can buy: e.g. in 2007, one CHF bought 0.6 EUR, today one gets 1.07 EUR. However, inflation that has been faster in the Eurozone has eroded what one EUR bought - and the real exchange rate adjusts for that. Assume that in 2007 a small bottle of branded mineral water sold in a retail shop for 0.60 EUR in 2007. Now its price is 1.07. This devaluation is taken out of the real exchange rate to express what a basket of goods purchased abroad costs you in Swiss francs. The mineral water example is simplified, as it neglects the inflation that occurred in Switzerland: normally a bottle of water would also rise in price in Switzerland over time. However, inflation has been so low in Switzerland since 2007 that the example is not far from reality: the Swiss consumer price index at the end of 2007 was 100.37, and it fluctuated around the 100-level for an extended period until 2021, from where it started to rise in 2022 and 2023, to stand at 106.9 in November 2024.

Performance at a glance (unaudited)

Average annual total returns for the Fund's common stock for the periods ended 12/31/2024

Past performance does not predict future performance. The retuand value of an investment will fluctuate so that an investor's share, when sold, may be worth more or less than their original cost. The Fund's common stock net asset value ("NAV") retuassumes, for illustration only, that dividends and other distributions, if any, were reinvested at the NAV on the ex-dividend date. The Fund's common stock market price returns assume that all dividends and other distributions, if any, were reinvested at the lower of the NAV or the closing market price on the ex-dividend date. NAV and market price returns for the period of less than one year have not been annualized. Returns do not reflect the deduction of taxes that a stockholder could pay on Fund dividends and other distributions, if any, or the sale of Fund shares.

The Swiss Performance Index (SPI) is considered Switzerland's overall stock market index. It comprises practically all of the SIX Swiss Exchange-traded equity securities of companies that are domiciled in Switzerland or the Principality of Liechtenstein. You cannot invest directly in an index.

See Notes to Financial Statements.

See Notes to Financial Statements.

See Notes to Financial Statements.

See Notes to Financial Statements.

See Notes to Financial Statements.

See Notes to Financial Statements.