Company: SWZ
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001839882-25-014961
Chunk: 1

Company: Total Return Securities Fund
Filing Date: 2025-03-11
Form: N-CSR
Chunk 1
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 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 return in relation to changes in net asset value is presented in the Financial Highlights. 1 THE SWISS HELVETIA FUND, INC. 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 return basis. For the same period, the Fund’s share price decreased by -2.49% in USD on a total return basis. 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