#United States #New York #Portfolio Update #Total Return Fund #Bulldog Investors

Overview of Recent Changes at Total Return Securities Fund

The Total Return Securities Fund, previously known as The Swiss Helvetia Fund, Inc., has undergone significant updates following the recent stockholder meeting held on February 21, 2025. In a move to adapt to changing market conditions and investor demands, the Fund made crucial decisions regarding its investment strategies and portfolio management.

Key Decisions Made by Stockholders

In the meeting, stockholders agreed on several important resolutions:
1. Investment Advisory Agreement: An agreement with Bulldog Investors, LLP was approved, effective March 31, 2025. This partnership aims to enhance the Fund's investment strategies and operational efficiency.
2. Revised Investment Objective: The Fund's original goal of capital appreciation through investments in Swiss equity and related securities has transitioned to a non-fundamental objective focused on long-term total return.
3. Expanded Investment Restrictions: To align with the new investment objective, essential changes to the Fund's fundamental investment restrictions were authorized. These modifications will facilitate a broader range of investment opportunities moving forward.

Portfolio Composition as of April 17, 2025

In response to shareholder inquiries about the current state of the portfolio, the Fund provided a detailed breakdown of its assets. Here are the key components of the portfolio as of April 17:

• - Swiss Public Securities: Comprising 31.4% of the total assets, these securities remain integral to the Fund's investment strategy, targeting stability and potential growth within the Swiss market.
• - Swiss Non-Public Securities: A smaller portion, 2.1%, reflects the Fund's interest in private Swiss investments, which might present unique opportunities not available in public markets.
• - U.S. Public Securities: At 7.5%, these investments indicate the Fund’s diversification strategy, gaining exposure to the robust U.S. financial markets.
• - Cash and Cash Equivalents: Remarkably, cash and equivalents represent a significant 59.0% of the total portfolio, suggesting a cautious approach amid market volatility and potential future acquisitions.

With total net assets now standing at $90.4 million, this allocation strategy embodies the Fund's commitment to ensuring liquidity while navigating broader investment landscapes.

Special Cash Distribution Update

An essential step following these strategic updates was the decision to execute a special cash distribution. On April 14, 2025, record holders as of April 3, received a distribution of $3.00 per share, primarily sourced from long-term capital gains. This gesture reaffirmed the Fund's dedication to providing value to its shareholders amid a transitional phase.

Looking Ahead

As the Total Return Securities Fund implements these strategies, it remains focused on optimizing shareholder value through wise investments and prudent management. The collaboration with Bulldog Investors is expected to yield comprehensive market insights and innovative investment approaches tailored for contemporary challenges and opportunities.

Overall, the adjustments within Total Return Securities Fund aim to align its operations with current market dynamics and shareholder interests. Investors closely watching the Fund can expect further updates regarding its progress in executing the new investment strategy and overall financial performance.

For additional information on the Fund, please contact:
Thomas Antonucci
Phone: 201-881-7102
Email: [email protected]

This portfolio snapshot signals the Fund's strategic evolution and an ongoing commitment to its investors, as it embraces a future focused on total return objectives and diversified investment practices.