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SIGNATURE CHARLES RIZZO
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> SWISS HELVETIA FUND, INC.
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INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders
of
The Swiss Helvetia Fund, Inc.
In planning and performing our audit of the
financial statements of The Swiss Helvetia
Fund, Inc. (the "Fund") for the year ended
December 31, 1999 (on which we have
issued our report dated January 24, 2000),
we considered its internal control, including
control activities for safeguarding securities,
in order to determine our auditing
procedures for the purpose of expressing our
opinion on the financial statements and to
comply with the requirements of Form N-
SAR, and not to provide assurance on the
Fund's internal control.
The management of the Fund is responsible
for establishing and maintaining internal
control. In fulfilling this responsibility,
estimates and judgments by management are
required to assess the expected benefits and
related costs of controls. Generally, controls
that are relevant to an audit pertain to the
entity's objective of preparing financial
statements for external purposes that are
fairly presented in conformity with generally
accepted accounting principles. Those
controls include the safeguarding of assets
against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in any
internal control, misstatments due to error or
fraud may occur and not be detected. Also,
projections of any evaluation of internal
control to future periods are subject to the
risk that the internal control may become
inadequate because of changes in conditions,
or that the degree of compliance with
policies or procedures may deteriorate.
Our consideration of the Fund's internal
control would not necessarily disclose all
matters in the internal control that might be
material weaknesses under standards
established by the American Institute of
Certified Public Accountants. A material
weakness is a condition in which the design
or operation of one or more of the internal
control components does not reduce to a
relatively low level the risk that
misstatments caused by error or fraud in
amounts that would be material in relation to
the financial statements being audited may
occur and not be detected within a timely
period by employees in the normal course of
performing their assigned functions.
However, we noted no matters involving the
Fund's internal control and its operation,
including controls for safeguarding
securities, that we consider to be material
weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the
information and use of management, the
Board of Directors of The Swiss Helvetia
Fund, Inc., and the Securities and Exchange
Commission and is not intended to be and
should not be used by anyone other than
these specified parties.
DELOITTE & TOUCHE LLP
Princeton, New Jersey
January 24, 2000
