TOTAL RETURN SECURITIES FUND PORTFOLIO SNAPSHOT

Total Return Securities Fund (NYSE: SWZ), formerly The Swiss Helvetia Fund, has provided a portfolio snapshot following significant changes approved by stockholders in February 2025.

Rhea-AI Summary

Total Return Securities Fund (NYSE: SWZ), formerly The Swiss Helvetia Fund, has provided a portfolio snapshot following significant changes approved by stockholders in February 2025. The fund transitioned from focusing on Swiss companies to a broader total return objective under new advisor Bulldog Investors, LLP. As of May 30, 2025, the fund's $92.4 million portfolio consists of 31.8% Swiss Public Securities, 2.2% Swiss Non-Public Securities, 15.7% U.S. Public Securities, and 50.3% Cash and Cash Equivalents. The fund previously distributed a special cash distribution of $3.00 per share on April 14, 2025, to shareholders of record as of April 3, 2025.

Positive

• High cash position of 50.3% provides flexibility for new investment opportunities
• Broader investment mandate allows for more diverse investment options beyond Swiss securities
• Special cash distribution of $3.00 per share provided immediate value to shareholders

Negative

• Significant reduction in Swiss market exposure compared to previous mandate
• Large cash position may impact short-term returns in rising markets
• Portfolio currently in transition phase which may create uncertainty

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NEW YORK, June 5, 2025 /PRNewswire/ -- As previously announced, on February 21, 2025, stockholders of Total Return Securities Fund (f/k/a The Swiss Helvetia Fund, Inc.) (the "Fund") (NYSE: SWZ) approved the following: (1) an investment advisory agreement between the Fund and Bulldog Investors, LLP (which was effective March 31, 2025); (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. Also, as previously announced, the Fund's Board of Directors subsequently authorized (1) the sale of substantially all of the Fund's portfolio securities, and (2) a special cash distribution (consisting substantially or entirely of long-term capital gains) of $3.00 per share on April 14, 2025 to record holders as of April 3, 2025.

In response to requests from several shareholders to provide information about the Fund's current portfolio during this transitional phase, the Fund has elected to provide the following breakdown of its portfolio as of Friday, May 30, 2025:

Swiss Public Securities = 31.8%
Swiss Non-Public Securities = 2.2%
U.S. Public Securities = 15.7%
Cash and Cash Equivalents = 50.3%

Total Net Assets = $92.4 million

Contact: Thomas Antonucci, 201-881-7102, tantonucci@bulldoginvestors.com

 

View original content:https://www.prnewswire.com/news-releases/total-return-securities-fund-portfolio-snapshot-302474069.html

SOURCE Total Return Securities Fund

FAQ

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What is the current asset allocation of Total Return Securities Fund (SWZ) as of May 30, 2025?

As of May 30, 2025, SWZ's portfolio consists of 31.8% Swiss Public Securities, 2.2% Swiss Non-Public Securities, 15.7% U.S. Public Securities, and 50.3% Cash and Cash Equivalents, with total net assets of $92.4 million.

How much was the special cash distribution for SWZ shareholders in April 2025?

SWZ distributed a special cash distribution of $3.00 per share on April 14, 2025, to shareholders of record as of April 3, 2025.

Who is the new investment advisor for Total Return Securities Fund (SWZ)?

Bulldog Investors, LLP became the new investment advisor for SWZ, effective March 31, 2025.

What major changes were approved for SWZ in February 2025?

Shareholders approved a new investment advisory agreement, changed the fund's objective from Swiss equity focus to long-term total return, and modified investment restrictions to allow for expanded investment types.

What was Total Return Securities Fund previously known as?

Total Return Securities Fund was previously known as The Swiss Helvetia Fund, Inc.