Company: SWZ
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001839882-25-014961
Chunk: 20

Company: Total Return Securities Fund
Filing Date: 2025-03-11
Form: N-CSR
Chunk 20
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21, 2025, the Fund held a special meeting (the “Meeting”) of the Fund’s stockholders to consider and vote upon (1) an investment advisory agreement between the Fund and Bulldog Investors, LLP; (2) replacement of the Fund’s fundamental investment objective of capital appreciation by investing in equity and equity-linked securities of Swiss companies with a non-fundamental investment objective of providing long-term total return; and (3) changes to the Fund’s fundamental investment restrictions in order to expand the types of investments the Fund can make to meet its new investment objective. All proposals were approved at the Meeting. Further to the above, the Fund’s Board of Directors intends to authorize the sale of substantially all of the Fund’s portfolio securities and to declare a special cash distribution (consisting substantially or entirely of long-term capital gains) equal to approximately 30% of the Fund’s net assets. 36 THE SWISS HELVETIA FUND, INC. Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors of The Swiss Helvetia Fund, Inc. Opinion on the Financial Statements We have audited the accompanying statement of assets and liabilities of The Swiss Helvetia Fund, Inc. (the “Fund”), including the schedule of investments, as of December 31, 2024, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange