For the three-month period ended September 30, 2017, the performance of The Swiss Helvetia Fund, Inc. (the “Fund”), as measured by the change in value in the Fund’s net asset value (“NAV”), increased 0.87% in US dollars (“USD”). For the same period, the Fund’s share price performance increased 0.62% in USD, as the discount at which the Fund traded its shares slightly widened. This compares with an increase of 2.05% in the Swiss Performance Index (the “Index” or “SPI”) in USD. Since the beginning of the year, the Fund’s NAV and its share price increased 20.42% and 25.17%, respectively, in USD. This compares with an increase of 22.28% in the Index in USD.

Economic environment during the period under review

Global economic review

The global macroeconomic environment remained positive in the third quarter of 2017. The International Monetary Fund (“IMF”) slightly increased its forecast from April by 0.1%, as the upward revisions in the euro area, Japan, emerging Asia, emerging Europe and Russia more than compensated for a downward revision in the United States (“US”). The Global Purchasing Manager Index (“PMI”) remained at 54.

Swiss economic review

The Swiss economy as measured by gross domestic product (“GDP”) grew by 0.3% in the second quarter of 2017 (quarter over quarter). Private and government consumption had a positive impact as well as investments in construction and equipment. The trade balance had a slightly negative impact on GDP growth. Due to lower than expected GDP growth in the first half of 2017, expectations for 2017 were revised downwards to 0.9% from 1.4% by the State Secretariat for Economic Affairs (“SECO”) in September 2017. The SECO also expects unemployment to decline moderately to 3.2%.

Market environment during the period under review

Equity markets experienced another positive quarter, both in local currency and USD terms for global, European, US and Swiss equities. Due to its defensive nature, in USD terms, the SPI underperformed the MSCI World, MSCI Europe and S&P 500 indices. This was driven in large part by the underperformance of Nestlé within the food and beverage sector. Due to its high weight in the Index, Nestlé contributed -0.78% to the performance. Small- and mid-cap stocks outperformed large-caps in Switzerland (3.4% compared to 1.8%).

Performance

In comparing the Fund’s NAV return of 0.87% to the Index’s return of 2.05% in USD, there was a positive relative performance impact from some of the Fund’s larger overweight positions, such as Tecan, Swatch Group (Reg.), Burckhardt

Compression, GAM and VAT. Furthermore, being underweight in Nestlé, ABB and Swiss Re had a positive impact on relative performance. However, negative contributions to relative performance came from overweight positions such as Belimo, Implenia, Feintool, Cembra Money Bank and Aryzta. With Sika,

Zurich Insurance and Givaudan, the Fund had negative contributions to relative performance from stocks not held by the Fund due to valuation concerns.

The Fund’s private equity positions as a whole experienced a minor positive re-valuation, primarily due to slight valuation increases for Aravis and Spineart.

Portfolio changes

In total, there were eight purchases and eight sales of listed equities on a net basis during the third quarter of 2017. As of September 30, 2017, there are 38 listed companies held by the Fund and seven direct private equity investments, including one participation in a private equity limited partnership.

The Fund established new positions in BKW and Autoneum. In addition, the Fund participated in the initial public offerings (“IPOs”) of Landis+Gyr and Zur Rose.

BKW primarily operates in the regulated part of the electricity market and therefore we believe that it should enjoy a stable price environment. Additionally, BKW has diversified into services related to installation and smart grids. As a consequence, we expect BKW to offer a more predictable stream of profits compared to more volatile electricity producers, a benefit that we think has not been priced into the shares.

Autoneum is an automotive supplier that is attractively valued and is expected to grow its profits. We are confident in management’s ability to sustainably increase margins by continuous cost improvements.

Landis+Gyr is one of the world’s leaders in smart meter solutions for utilities. We expect Landis+Gyr to be able to increase their margin in Europe.

Zur Rose is a leading online pharmacy, which we believe is well positioned for structural growth due to its potential to reduce healthcare costs.

After buying an initial position in Baloise during last quarter, which is a medium-sized insurance company, we continued to increase our position. Similarly, we increased our existing position in Forbo.

We used the weakness in Aryzta’s share price to increase our holding in the stock.

We reduced UBS further to an underweight, as we expect subdued private client activity levels to persist for some time. For the same reason, we reduced the Fund’s holdings in Credit Suisse and Julius Baer. Julius Baer remains an overweight position.

We sold our positions in Dufry, Swiss Re, OC Oerlikon and Bucher Industries. Both Oerlikon and Bucher were sold after strong share price performance. We sold Dufry after the release of its half year figures and its announcement to partially IPO its operations in the US. In our opinion, this is not in-line with the company’s previously announced strategy. Prior to Hurricane Irma making landfall, we decided to reduce our position in Swiss Re.

Outlook and Investment View

The recovery in global activity remains intact while inflation appears to have peaked following a stabilization in energy costs. We continue to forecast global growth at 3.0% this year after 2.6% in 2016, but have trimmed our inflation forecast to

2.3% from 2.4%. The combination of steady growth and low inflation could mean we remain in a goldilocks environment where activity is neither too hot nor too cold with little inflation risk.

On a regional level, our US growth forecast is unchanged for 2017 while an upgrade to the Eurozone has been accompanied by a stronger forecast for China and the wider emerging markets. On inflation, we have reduced our forecasts across the board to reflect a lower oil price profile and subdued core readings. In Switzerland, the SECO reduced its growth expectations for 2017 from 1.4% to 0.9%. For 2018, however, the forecast has been slightly increased from 1.9% to 2.0%. Notably, the export sector is expected to contribute to this growth, supported by good global activity as well as the weaker Swiss franc. Sector wise, various segments should benefit in Switzerland; besides pharmaceuticals and chemicals, machining, electronics, watches, and tourism are each expected to accelerate.

On the policy front, the long road from financial crisis to recovery passed another milestone in September when the Federal Reserve (“Fed”) announced that it would start to reduce its $4.5 trillion balance sheet from October. The asset purchase programme, or Quantitative Easing (“QE”), is finally being unwound with the Fed set to allow maturing bonds to run off its balance sheet rather than continuing to roll them over. The shift

away from QE is a welcome development as it signals another step toward normality after the global financial crisis.

In summary, we expect continued global growth, but the acceleration in activity that began in mid-2016 seems to have run its course. Near-term indicators support this view with the PMIs for both developed and emerging markets peaking at a high level. Our G7 activity indicator (based on surveys from the US, Europe and Japan) has levelled out. Also in Switzerland, the latest PMI reading of 61.7 is at a high level.

The positive economic environment is also reflected in feedback we receive from company representatives. In addition to

strong end markets, the appreciation of the euro against the Swiss franc should support earnings for Swiss companies. For the moment, as long as the economic environment remains favorable and as long as there are no significant external shocks, we don’t see a high probability for a significant correction of stock markets. Looking ahead to 2018, however, further positive earnings momentum is necessary in our view as stock markets seem to be late in the cycle and valuation multiples are rich, at least in absolute terms. Relative to bond markets, equities still remain attractive with a current dividend yield of 3% for the Swiss market, versus slightly negative interest rates. As long as interest rates stay low, we believe equities should not lose their attractiveness.

Terms and Conditions

Pursuant to this Automatic Dividend Reinvestment Plan (the “Plan”) of The Swiss Helvetia Fund, Inc. (the “Fund”), unless a holder (each, a “Shareholder”) of the Fund’s shares of common stock (the “Common Shares”) otherwise elects, all income dividends, capital gain distributions and returns of capital, if any (collectively referred to herein as “dividends”), on such Shareholder’s Common Shares will be automatically reinvested by American Stock Transfer & Trust Company, as agent for Shareholders in administering the Plan (the “Plan Administrator”), in additional Common Shares of the Fund. Shareholders who elect not to participate in the Plan will receive all dividends payable in cash directly to the Shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by American Stock Transfer & Trust Company LLC, as the Dividend Disbursing Agent. Shareholders may elect not to participate in the Plan and to receive all dividends in cash by contacting the Plan Administrator. Enrollment, purchase or sales of shares and other transactions or services offered by the Plan can be directed to the Plan Administrator through the following:

Telephone

Telephone the Plan Administrator: 1-888-556-0425.

In Writing

You may also write to the Plan Administrator at the following address: American Stock Transfer & Trust Company, PO Box 922, Wall Street Station, New York, NY 10269-0560. Be sure to include your name, address, daytime phone number, social security or tax I.D. number and a reference to The Swiss Helvetia Fund, Inc. on all correspondence.

Participation in the Plan is completely voluntary and may be terminated at any time without penalty by providing notice in writing to the Plan Administrator at least 3 business days prior to any dividend payment date for that dividend to be payable in cash. A request for termination that is received less than 3 business days prior to any dividend payment date will be processed by the Plan Administrator, but you will have that dividend reinvested in additional Common Shares. However, all subsequent dividends will be payable in cash unless and until you resume participation in the Plan. To resume participation in the Plan, your request to enroll in the Plan must be received by the record date for that dividend distribution. If received after the record date, your participation in the Plan will begin with the next dividend declaration.

Whenever the Fund declares a dividend, payable either in Common Shares or in cash, participants in the Plan will receive a number of Common Shares determined in accordance with the following provisions and non-participants in the Plan will receive cash. The Common Shares will be acquired by the Plan Administrator for the participants’ accounts, depending upon the circumstances described below, either (i) through the receipt of additional unissued but authorized Common Shares from the Fund (“newly issued Common Shares”) or (ii) by purchase of outstanding Common Shares on the open market (“open-market purchases”) on the New York Stock Exchange, the primary national securities exchange on which the Common Shares are traded, or elsewhere.

If, on the payment date for any dividend, the net asset value (“NAV”) per Common Share is equal to or less than the market price per Common Share (plus estimated brokerage

trading fees) (such condition being referred to herein as “market premium”), the Plan Administrator will invest the dividend amount in newly issued Common Shares on behalf of the participants. The number of newly issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV per Common Share on the date the Common Shares are issued, provided that, if the NAV per Common Share is less than or equal to 95% of the then current market price per Common Share on the date of issuance, the dollar amount of the dividend will be divided by 95% of the market price on the date of issuance for purposes of determining the number of shares issuable under the Plan.

If, on the payment date for any dividend, the NAV per Common Share is greater than the market price of the Common Shares (plus estimated brokerage trading fees) (such condition being referred to herein as “market discount”), the Plan Administrator will invest the dividend amount in Common Shares acquired on behalf of the participants in open-market purchases.

In the event of a market discount on the payment date for any dividend, the Plan Administrator will have until the last business day before the next date on which the Common Shares trade on an “ex-dividend” basis or in no event more than 30 days after the record date for such dividend, whichever is sooner (the “last purchase date”), to invest the dividend amount in Common Shares acquired in open-market purchases. If, before the Plan Administrator has completed its open-market purchases, the market price of a Common Share exceeds the NAV per Common Share, the average per Common Share purchase price paid by the Plan Administrator may

exceed the NAV of the Common Shares, resulting in the acquisition of fewer Common Shares than if the dividend had been paid in newly issued Common Shares on the dividend payment date. Because of the foregoing difficulty with respect to open-market purchases, if the Plan Administrator is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making open-market purchases and may invest the uninvested portion of the dividend amount in newly issued Common Shares at the NAV per Common Share at the close of business on the last purchase date provided that, if the NAV is less than or equal to 95% of the then current market price per Common Share, the dollar amount of the dividend will be divided by 95% of the market price on the date of issuance for purposes of determining the number of Common Shares issuable under the Plan.

The Plan Administrator maintains all registered Shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by Shareholders for tax records. Common Shares in the account of each Plan participant generally will be held by the Plan Administrator in non-certificated form in the name of the Plan participant, although the Plan Administrator will issue certificates for whole Common Shares upon your request. Certificates for fractional Common Shares will not be issued.

In the case of Shareholders such as banks, brokers or nominees that hold Common Shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of

Common Shares certified from time to time by the record Shareholder and held for the account of beneficial owners who participate in the Plan.

There will be no brokerage charges with respect to Common Shares issued directly by the Fund as a result of dividends payable either in Common Shares or in cash. However, each participant will pay a pro rata share of brokerage trading fees incurred with respect to the Plan Administrator’s open-market purchases of Common Shares in connection with the reinvestment of dividends under the Plan.

Participants in the Plan may sell any or all of their Common Shares in their Plan accounts by contacting the Plan Administrator. The Plan Administrator currently charges $15.00 for the transaction, plus $0.10 per Common Share for this service. Participants also may withdraw their Common Shares from their Plan accounts and sell those Common Shares through their broker.

Neither the Fund nor the Plan Administrator will provide any advice, make any recommendations, or offer any opinion with respect to whether or not you should purchase or sell your Common Shares or otherwise participate in the Plan. You must make independent investment decisions based on your own judgment and research. The Common Shares held in Plan accounts are not subject to protection under the Securities Investor Protection Act of 1970.

Neither the Fund nor the Plan Administrator will be liable for any good faith act or for any good faith omission to act, including, without limitation, any claim or liability arising out of

failure to terminate a participant’s account upon the participant’s death, the prices at which Common Shares are purchased or sold for a participant’s account, the times when purchases or sales of Common Shares are made, or fluctuations in the market value of Common Shares. However, nothing contained in this provision affects a Shareholder’s right to bring a cause of action based on alleged violations of the federal securities laws.

Voting

Each Shareholder proxy will include those Common Shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for Common Shares held pursuant to the Plan in accordance with the instructions of the participants.

Taxation

The automatic reinvestment of dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends.

Amendments to Plan

The Fund reserves the right to suspend, amend or terminate the Plan at any time. All Shareholders of record, both participants and non-participants in the Plan, will be notified of any suspension, termination or significant amendment of the Plan. If the Plan is terminated, Common Shares held in the participants’ accounts will be distributed to the participants. Any change in the source of purchase of Common Shares under the Plan from open market purchases or direct issuance by the Plan Administrator does not constitute an amendment to the Plan.

Directors and Officers