Company: SWZ
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001839882-25-014961
Chunk: 8

Company: Total Return Securities Fund
Filing Date: 2025-03-11
Form: N-CSR
Chunk 8
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 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. 9 THE SWISS HELVETIA FUND, INC. Performance at a glance (unaudited) Average annual total returns for the Fund’s common stock for the periods ended 12/31/2024

| Net asset value returns       | 1 year | 5 years | 10 years |
| The Swiss Helvetia Fund, Inc. | -3.09% | 4.28%   |    5.71% |
| Market price returns          |        |         |          |
| The Swiss Helvetia Fund, Inc. | -2.49% | 4.61%   |    5.86% |
| Index returns                 |        |         |          |
| Swiss Performance Index       | -1.55% | 5.20%   |    6.67% |
| Share price as of 12/31/2024  |        |         |          |
| Net