#United States #New York #Swiss Helvetia Fund #Bulldog Investors #Total Return Securities

Total Return Securities Fund Portfolio Snapshot

On June 5, 2025, the Total Return Securities Fund (formerly The Swiss Helvetia Fund, Inc.) provided shareholders with a comprehensive update on its portfolio after significant changes were implemented earlier this year. This initiative follows a board meeting on February 21, 2025, where stockholders ratified an investment advisory agreement with Bulldog Investors, LLP. The agreement, which came into effect on March 31, 2025, marks a pivotal shift for the Fund's investment strategy.

The Fund has transitioned its fundamental objective away from merely focusing on capital appreciation through investments in equity and equity-linked securities of Swiss companies. Instead, it now embraces a broader, non-fundamental objective that aims to deliver long-term total returns. This shift reflects the Fund's commitment to adaptability in a rapidly changing financial landscape, allowing for a more diverse investment approach.

To align with this new strategy, the Fund's directors approved amendments to fundamental investment restrictions. These changes empower the Fund to expand the scope of its investments, enabling a more flexible and diversified portfolio that responds to both market conditions and shareholder expectations.

Current Portfolio Breakdown

As part of transparency efforts spurred by shareholder requests, the Fund has released its portfolio composition as of 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%

The total net assets of the portfolio stand at approximately $92.4 million. This portfolio structure indicates a significant liquidity position, as nearly half of the assets are held in cash and equivalents. Such a robust cash position allows the Fund to quickly adapt to market opportunities, pursue new investments, or even return capital to shareholders as seen with the special cash distribution planned.

Upcoming Special Cash Distribution

In conjunction with the portfolio updates, the Fund has announced a special distribution of $3.00 per share, primarily sourced from long-term capital gains accrued. This payout is scheduled for April 14, 2025, targeting record holders from April 3, 2025. This distribution is anticipated to benefit shareholders while illustrating the Fund’s successful transition towards its updated objectives.

Looking Ahead

The shift in investment strategy and subsequent portfolio adjustments reflect a forward-thinking approach by the Total Return Securities Fund and Bulldog Investors. As markets continue to evolve, the Fund's new focus on total returns, alongside substantial cash reserves, positions it favorably for future growth and investor returns. Shareholders are encouraged to stay informed about developments and to reach out with inquiries as the Fund navigates this transitionary phase.

In conclusion, the Total Return Securities Fund has made significant strides in redefining its investment philosophy. As it moves towards a future centered on versatility and performance, shareholders can anticipate not just returns but a resilient investment strategy poised to engage with global financial opportunities.

For further inquiries, please contact Thomas Antonucci at 201-881-7102 or via email at [email protected].