Company: SWZ
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001839882-25-014961
Chunk: 17

Company: Total Return Securities Fund
Filing Date: 2025-03-11
Form: N-CSR
Chunk 17
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 of $120,928. The weighted average discount of these purchases comparing the average purchase price to net asset value at the close of the New York Stock Exchange was 14.09%. On December 15, 2022, the Board approved the Fund’s stock repurchase program for 2023 of up to 250,000 shares of common stock. During the year ended December 31, 2023, the Fund repurchased 205,045 shares of its capital stock in the open market at a cost of $1,687,724. The weighted average discount of these purchases comparing the average purchase price to net asset value at the close of the New York Stock Exchange was 16.32%. On December 8, 2023, the Board approved the Fund’s stock repurchase program for 2024 of up to 250,000 shares of common stock. During the year ended December 31, 2024, the Fund did not repurchase shares of its capital stock. The Fund intends to repurchase shares of its common stock, at such times and in such amounts as is deemed advisable and in accordance with applicable law, subject to various factors, including the limitations imposed by the federal securities laws governing the repurchase of an issuer’s stock by the issuer and the Fund’s available cash to repurchase shares of the Fund’s common stock below NAV. Note 7—Capital Commitments As of December 31, 2024, the Fund maintains an illiquid investment in one private equity limited partnership. This investment appears in the Fund’s Schedule of Investments. The Fund’s capital commitment for this partnership is shown in the table below: 34 THE SWISS HELVETIA FUND, INC. Notes to Financial Statements (continued)

|                                                     | Original Capital | Unfunded    |
| Investments                                         |      Commitment* | Commitment* |
| Private Equity Limited Partnership—International(a) |                  |             |
| Aravis Biotech II, Limited Partnership              |       $3,586,207 | $   —       |

| *   | The original capital commitment represents 3,250,000 Swiss francs, which has been fully funded as of December 31, 2024. The Swiss franc/U.S. dollar exchange rate as of                                                                        
 December 31, 2024 was used for conversion and equaled 0.9063 as of such date.                                                                                                                                                                  |
| (a) | This category consists of one private equity limited partnership that invests primarily in venture capital