NEW YORK, May 29, 2018 /PRNewswire/ -- The Swiss
Helvetia Fund, Inc. (NYSE: SWZ), a non-diversified registered
closed-end investment company, announced today that the Fund's
Board of Directors has approved the adoption of a managed
distribution plan (the "Plan") in reliance on exemptive relief
granted on May 21, 2018 by the
Securities and Exchange Commission to permit the Fund to distribute
long-term capital gains more frequently than once per year as
permitted by the Investment Company Act of 1940, as amended.
The primary purpose of the Plan is to provide the Fund's
stockholders with a more consistent, but not guaranteed, fixed
minimum rate of distribution on a regular, quarterly basis.
The Plan also may have the effect of narrowing the discount to net
asset value per share at which the Fund's shares trade.
The Fund's Board of Directors currently anticipates that,
commencing in June 2018, the Fund
will make quarterly distributions pursuant to the Plan stated in
terms of a fixed amount of $0.2025
per share of the Fund's common stock. This distribution
amount equates to an annualized distribution rate of 6.00% based on
the Fund's net asset value of $13.50
and an annual distribution rate of 6.59% based on the closing share
price of $12.30 as of May 25, 2018. The Board will review
periodically the terms of the Plan, including at least annually to
determine whether to adjust the distribution rate, which may be
affected by numerous factors, including changes in realized and
projected market returns, Fund performance and other
factors.
Distributions under the Plan may consist of net investment
income, net realized short-term capital gains, net realized
long-term capital gains and, to the extent necessary, return of
capital (or other capital sources). With each distribution
that does not consist solely of net investment income, the Fund
will issue a notice to stockholders and an accompanying press
release that will provide detailed information regarding the amount
and composition of the distribution, as well as certain other
related information. The amounts and sources of distributions
reported in each notice will be estimated, are likely to change
over time and are not provided for tax reporting purposes.
The actual amounts and sources of the amounts 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 will tell
stockholders how to report distributions for federal income tax
purposes.
Unless a stockholder has otherwise elected, distributions
declared pursuant to the Plan will be reinvested automatically in
shares of the Fund's common stock as provided in the Fund's
automatic dividend reinvestment plan.
The Board may amend the terms of the Plan or terminate the Plan
at any time without prior notice to the Fund's stockholders.
The amendment or termination of the Plan could have an adverse
effect on the market price of the Fund's shares of common
stock.
About The Swiss Helvetia Fund, Inc.
The Fund (www.swzfund.com) is a non-diversified, closed-end
investment company seeking long-term capital appreciation through
investment in equity and equity-linked securities of Swiss
companies. Its shares are listed on the NYSE under the symbol
"SWZ." The Fund seeks to achieve its investment objective by
investing generally in Swiss equity and equity-linked securities
that are traded on a Swiss stock exchange, traded at the pre-bourse
level of one or more Swiss stock exchanges, traded through a market
maker or traded over the counter in Switzerland. The Fund
also may invest in Swiss equity and equity-linked securities of
Swiss companies that are traded on other major European stock
exchanges.
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 frequently trade at a discount 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.
The Fund is managed by Schroder Investment Management North
America Inc. and Schroder Investment Management North America
Limited.
About Schroder Investment Management North America
Inc.
Schroder Investment Management North America Inc. and Schroder
Investment Management North America Limited, investment advisors
registered with the U.S. SEC, are units of Schroders plc (SDR.L), a
global asset management company with approximately $614.6 billion under management and
administration as of March 31,
2018. Schroder's clients include major financial institutions
including banks and insurance companies, as well as local and
public authorities, public and private pension funds, endowments
and foundations, intermediaries and advisors, as well as high net
worth individuals and retail investors. The firm has built
one of the largest networks of offices of any dedicated asset
management company with more than 500 portfolio managers and
analysts covering the world's investment markets, offering a
comprehensive range of products and services.
Schroder Investment Management North America Inc. provides asset
management products and services to clients in the U.S. and
Canada. Schroder Investment Management North America Inc. is
an indirect, wholly-owned subsidiary of Schroders plc, a U.K.
public company with shares listed on the London Stock Exchange.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of the Fund's
shares in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
Contact:
Jennifer Brogadir
212-641-3863
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SOURCE The Swiss Helvetia Fund, Inc.
