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THE SWISS HELVETIA FUND, INC. DECLARES SPECIAL DISTRIBUTION OF $3.00 PER SHARE

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The Swiss Helvetia Fund (NYSE: SWZ) has announced significant changes following stockholder approval on February 21, 2025. The Fund will implement a new investment advisory agreement with Bulldog Investors, LLP effective March 31, 2025, alongside a shift from its Swiss-focused investment strategy to a broader long-term total return objective.

The Fund declared a special cash distribution of $3.00 per share, representing approximately 30% of its net assets, payable on April 7, 2025, to stockholders of record as of April 3, 2025. Due to the distribution exceeding 25% of the current share price, NYSE will implement 'due bill' procedures for trades settling between April 4-7, 2025.

Additionally, the Fund will suspend its managed distribution plan and rebrand as 'Total Return Securities Fund' effective March 31, 2025. The Board has also authorized the sale of substantially all portfolio securities to align with these strategic changes.

Il Swiss Helvetia Fund (NYSE: SWZ) ha annunciato cambiamenti significativi a seguito dell'approvazione degli azionisti il 21 febbraio 2025. Il Fondo attuerà un nuovo accordo di consulenza sugli investimenti con Bulldog Investors, LLP a partire dal 31 marzo 2025, insieme a un passaggio dalla sua strategia di investimento focalizzata sulla Svizzera a un obiettivo più ampio di rendimento totale a lungo termine.

Il Fondo ha dichiarato un distribuzione speciale in contante di $3.00 per azione, che rappresenta circa il 30% dei suoi attivi netti, pagabile il 7 aprile 2025, agli azionisti registrati al 3 aprile 2025. Poiché la distribuzione supera il 25% del prezzo attuale delle azioni, la NYSE attuerà procedure di 'due bill' per le transazioni che si concludono tra il 4 e il 7 aprile 2025.

Inoltre, il Fondo sospenderà il suo piano di distribuzione gestita e si rinominerà 'Total Return Securities Fund' a partire dal 31 marzo 2025. Il Consiglio ha anche autorizzato la vendita di sostanzialmente tutti i titoli del portafoglio per allinearsi con questi cambiamenti strategici.

El Swiss Helvetia Fund (NYSE: SWZ) ha anunciado cambios significativos tras la aprobación de los accionistas el 21 de febrero de 2025. El Fondo implementará un nuevo acuerdo de asesoría de inversiones con Bulldog Investors, LLP a partir del 31 de marzo de 2025, junto con un cambio de su estrategia de inversión centrada en Suiza a un objetivo más amplio de rendimiento total a largo plazo.

El Fondo declaró una distribución especial en efectivo de $3.00 por acción, que representa aproximadamente el 30% de sus activos netos, pagadera el 7 de abril de 2025, a los accionistas registrados al 3 de abril de 2025. Debido a que la distribución excede el 25% del precio actual de la acción, la NYSE implementará procedimientos de 'due bill' para las operaciones que se liquidan entre el 4 y el 7 de abril de 2025.

Además, el Fondo suspenderá su plan de distribución administrada y se renombrará como 'Total Return Securities Fund' a partir del 31 de marzo de 2025. La Junta también ha autorizado la venta de prácticamente todos los valores de la cartera para alinearse con estos cambios estratégicos.

스위스 헬베티아 펀드 (NYSE: SWZ)는 2025년 2월 21일 주주 승인 후 중요한 변화를 발표했습니다. 펀드는 2025년 3월 31일부터 불독 인베스터스, LLP와 새로운 투자 자문 계약을 시행하고, 스위스 중심의 투자 전략에서 보다 광범위한 장기 총 수익 목표로 전환합니다.

펀드는 주당 $3.00의 특별 현금 배당금을 선언했으며, 이는 순자산의 약 30%에 해당하며, 2025년 4월 3일 기준 주주에게 2025년 4월 7일에 지급됩니다. 배당금이 현재 주가의 25%를 초과하므로, NYSE는 2025년 4월 4일부터 7일 사이에 결제되는 거래에 대해 'due bill' 절차를 시행할 것입니다.

또한, 펀드는 관리된 배당 계획을 중단하고 2025년 3월 31일부터 '총 수익 증권 펀드'로 브랜드를 변경합니다. 이사회는 이러한 전략적 변화에 맞추기 위해 포트폴리오 증권의 대부분을 판매하는 것도 승인했습니다.

Le Swiss Helvetia Fund (NYSE: SWZ) a annoncé des changements significatifs suite à l'approbation des actionnaires le 21 février 2025. Le Fonds mettra en œuvre un nouvel accord de conseil en investissement avec Bulldog Investors, LLP à compter du 31 mars 2025, tout en passant d'une stratégie d'investissement axée sur la Suisse à un objectif de rendement total à long terme plus large.

Le Fonds a déclaré une distribution spéciale en espèces de 3,00 $ par action, représentant environ 30 % de ses actifs nets, payable le 7 avril 2025, aux actionnaires enregistrés au 3 avril 2025. Étant donné que la distribution dépasse 25 % du prix actuel de l'action, la NYSE mettra en œuvre des procédures de 'due bill' pour les transactions réglées entre le 4 et le 7 avril 2025.

De plus, le Fonds suspendra son plan de distribution géré et se renommerait 'Total Return Securities Fund' à compter du 31 mars 2025. Le Conseil a également autorisé la vente de presque tous les titres du portefeuille pour s'aligner sur ces changements stratégiques.

Der Swiss Helvetia Fund (NYSE: SWZ) hat nach der Genehmigung durch die Aktionäre am 21. Februar 2025 bedeutende Änderungen angekündigt. Der Fonds wird ab dem 31. März 2025 eine neue Anlageberatungsvereinbarung mit Bulldog Investors, LLP umsetzen und von seiner auf die Schweiz fokussierten Anlagestrategie zu einem breiteren langfristigen Gesamtverzinsungsziel übergehen.

Der Fonds erklärte eine sonstige Barausschüttung von 3,00 $ pro Aktie, was etwa 30 % seines Nettovermögens entspricht, zahlbar am 7. April 2025 an die am 3. April 2025 registrierten Aktionäre. Da die Ausschüttung 25 % des aktuellen Aktienkurses übersteigt, wird die NYSE 'due bill'-Verfahren für Transaktionen einführen, die zwischen dem 4. und 7. April 2025 abgewickelt werden.

Darüber hinaus wird der Fonds seinen verwalteten Ausschüttungsplan aussetzen und sich ab dem 31. März 2025 in 'Total Return Securities Fund' umbenennen. Der Vorstand hat auch den Verkauf von nahezu allen Portfoliowertpapieren genehmigt, um sich an diese strategischen Änderungen anzupassen.

Positive
  • Special cash distribution of $3.00 per share announced
  • Distribution represents substantial 30% return of net assets to shareholders
  • Strategic repositioning to broader investment mandate provides more flexibility
Negative
  • Suspension of managed distribution plan
  • Substantial portfolio liquidation may result in significant trading costs
  • Complete shift away from Swiss focus represents major strategy change risk

Insights

The Swiss Helvetia Fund's announcement represents a transformative shift in its investment strategy with significant immediate rewards for shareholders. The $3.00 per share special distribution amounts to approximately 33.5% of the current share price ($8.949), representing around 30% of the fund's net assets.

This substantial distribution is part of a comprehensive restructuring that includes: (1) transitioning to Bulldog Investors as the new investment advisor; (2) changing from a Swiss equity focus to a broader "long-term total return" objective; and (3) selling substantially all existing portfolio holdings to enable this strategic pivot.

The fund is essentially reinventing itself, as evidenced by the upcoming name change to "Total Return Securities Fund." The suspension of the managed distribution plan further signals this fundamental repositioning.

For current shareholders, this represents both an immediate windfall and a complete transformation of their investment vehicle. The distribution consists primarily of long-term capital gains, which carries tax implications. The "due bill" procedures ensure proper allocation of the distribution during the transitional trading period.

This action follows stockholder approval of these changes on February 21, indicating shareholder support for this strategic shift away from the fund's historical Swiss investment focus toward a more flexible mandate.

NEW YORK, March 24, 2025 /PRNewswire/ -- As previously announced, on February 21, 2025, stockholders of The Swiss Helvetia Fund, Inc. (the "Fund") (NYSE: SWZ) met and voted to approve the following: (1) an investment advisory agreement between the Fund and Bulldog Investors, LLP (which will become effective on 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) an intent 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.  Consistent with these developments, the Fund today announced a special cash distribution of $3.00 per share of the Fund's common stock to be paid on April 7, 2025 to record holders as of April 3, 2025.

Since the cash distribution exceeds 25% of the Fund's current share price, the NYSE will apply "due bill" procedures, whereby the Fund's shares will trade with a $3.00 per share due bill (equal to the amount of the cash distribution) if such trades settle on any date from April 4, 2025 until April 7, 2025 (the "due bill period").  This means that a purchaser of shares of the Fund during the due bill period will be entitled to receive a due bill payment of $3.00 per share from the seller and a seller of the Fund's shares during the due bill period will be obligated to pay $3.00 per share to the buyer.  The ex-dividend date for trades made during the due bill period will be April 8, 2025, the first business day following the payment date of April 7, 2025.

Due bills obligate a seller of securities to deliver a cash payment equal to the cash distribution  payable on such securities to the buyer. Due bill obligations are customarily settled between the brokers representing buyers and sellers of the securities. The Fund has no obligation regarding the processing or taxable consequences related to the due bills. Buyers and sellers of the Fund's shares during the due bill period should consult their brokers before trading to ensure they understand the effect of the NYSE's due bill procedures.

The precise composition of the special distribution for accounting and tax reporting purposes will depend upon the Fund's investment experience during its full fiscal year and may be subject to changes based on tax regulations.  The Fund will send each stockholder a Form 1099-DIV for the calendar year that explains how to report all distributions for federal income tax purposes.

In view of the aforementioned developments, the Board has determined to (1) suspend the Fund's managed distribution plan until further notice, and (2) change the name of the Fund to "Total Return Securities Fund," which is expected to take effect on March 31, 2025.

About The Swiss Helvetia Fund, Inc.

The Fund (www.swzfund.com) is a non-diversified, closed-end investment company. Its shares are currently listed on the NYSE under the symbol "SWZ." 

Closed-end funds, unlike open-end funds, are not continuously offered. Typically, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds may trade at a discount or at a premium to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below, or above net asset value.

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

Cision View original content:https://www.prnewswire.com/news-releases/the-swiss-helvetia-fund-inc-declares-special-distribution-of-3-00-per-share-302409855.html

SOURCE The Swiss Helvetia Fund, Inc.

FAQ

What is the amount and timing of SWZ's special cash distribution?

SWZ announced a $3.00 per share special cash distribution, payable on April 7, 2025, to stockholders of record as of April 3, 2025.

How will the due bill process work for SWZ's special distribution?

During April 4-7, 2025, trades will include a $3.00 per share due bill, where buyers receive the distribution from sellers, with ex-dividend date set for April 8, 2025.

What major changes are happening to SWZ's investment strategy?

SWZ is shifting from Swiss equity investments to a broader long-term total return objective, with Bulldog Investors, LLP becoming the new advisor on March 31, 2025.

When will SWZ change its name and what is the new name?

SWZ will change its name to 'Total Return Securities Fund' effective March 31, 2025.

What percentage of SWZ's net assets does the special distribution represent?

The special cash distribution represents approximately 30% of the Fund's net assets.
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