Funds
Seligman
JWSeligman
J W Seligman
  Font Size:
Search | Advanced
 
Legal Notice
Contact Us
Business Continuity
Tri-Continental Corporation Fact Sheet (NYSE: TY)
PORTFOLIO MANAGEMENT*

Senior Portfolio Manager: Dimitris J. Bertsimas, Ph. D
Portfolio Manager: Gina K. Mourtzinou, Ph. D

* As of November 7, 2008

Current Corporation Returns



Fact Sheet
Prospectus
Statement of Additional Information
Stockholder Report
Download Adobe Acrobat

 
 
FUND OBJECTIVE
Tri-Continental Corporation invests to produce future growth of both capital and income, while providing reasonable current income.
 
 
DISTRIBUTION POLICY
Effective January 8, 2009, the Corporation has eliminated its level rate distribution policy, which called for quarterly distributions to Common Stockholders equal to 2.75% of the net asset value (NAV) attributable to the Corporation’s Common Stock at the end of the prior calendar quarter (or approximately 11% annually), consisting of distributions of income, and one or both of net realized capital gains and returns of capital (the “Level Distribution Policy”). The Corporation’s commitment to continue the Level Distribution Policy expired on December 31, 2008. Effective January 8, 2009, the Corporation has adopted an earned distribution policy, meaning that the Corporation intends to make distributions to Common Stockholders that are approximately equal to all distributions received by the Corporation from its underlying portfolio investments, less the Corporation’s expenses and dividends payable on the Corporation’s Preferred Stock. The change being implemented by the Corporation is driven largely by market factors and is consistent with the experience of other closed-end funds, many of which have reduced or are expected to reduce distributions to their stockholders.
 
 
TOP EQUITY HOLDINGS5
As of March 31, 2009
Represents 36.8% of net assets
Chevron
Wal-Mart Stores
Johnson & Johnson
Pfizer
Home Depot
International Business Machines
Macrovision Solutions
Procter and Gamble
PepsiCo
Amgen

 
 
PER SHARE CHARACTERISTICS
as of March 31, 2009
Net Asset Value7 $9.74
Market Price $8.42
Premium/(Discount) (13.55)%
Net Realized Capital Loss 6 $(2.01)
Net Unrealized Capital Loss 4
*$0.21 in Unrealized Gains and $(4.32) in Unrealized Losses. 		$(4.11)*
 
FUND FACTS1
as of March 31, 2009
Inception 1929
NYSE Symbol TY
Weighted Average Market Cap $23.6 billion
NAV Symbol XTYCX
Weighted Average Price/Earnings Ratio (2008)2 11.0
Weighted Average Price/Book Ratio (2008)3 2.27
Net Investment Assets $719 million

 
 
HOLDINGS BY SECTOR
as of March 31, 2009
  Tri-Continental Corporation S&P 500
Consumer Discretionary 11.1% 9.1%
Consumer Staples 15.7 12.5
Energy 15.9 13.0
Financials 12.3 10.8
Health Care 17.9 15.3
Industrials 8.8 9.7
Information Technology 14.3 18.0
Materials 2.5 3.3
Telecommunication Services 0.6 4.0
Utilities 0.9 4.3
+ Sectors are shown as a percent of the total equity holdings, which represent 95.9% total net investment assets.
 
YEAR-BY-YEAR ANNUAL TOTAL RETURNS
as of March 31, 2009


 
 
 
 
INVESTMENT RETURNS
Total returns for the periods ended March 31, 2009
  Average Annual
  One Month* Year-to-Date* One Year Three Years Five Years 10 Years
TY Net Asset Value 9.60% -13.12% -44.68% -18.34% -8.42% -5.84%
TY Market Price -0.24 -14.00 -46.14 -18.67 -8.23 -5.50
S&P 500 Index 8.76 -11.01 -38.09 -13.06 -4.77 -3.00
Lipper Closed-End Core Funds Average 7.75 -9.65 -40.03 -14.41 -5.48 -0.87
Lipper Large-Cap Core Funds Average 8.47 -9.81 -37.23 -13.13 -4.91 -2.79
 
* Not annualized.
 
 
IMPORTANT PERFORMANCE INFORMATION
Performance data quoted herein represents past performance. Past performance does not guarantee or indicate future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Total returns for the Fund as of the most recent month-end will be made available at www.tricontinental. com by the seventh business day following that month-end

The Net Asset Value and Market Price investment results assume the reinvestment of all distributions, if any. The Lipper Closed-End Core Funds Average, the Lipper Large-Cap Core Funds Average, and the S&P 500 Index are unmanaged averages and an unmanaged benchmark, respectively, that assume the reinvestment of all distributions, if any, and exclude the effect of fees, taxes, and sales charges. The S&P 500 Index also excludes the effect of expenses. Investors cannot invest directly in an average or index.
 
 
ANNUAL EXPENSES (as a percentage of net assets attributable to Common Stock)
Total Annual Expenses 0.71%
 
 
A WORD ABOUT RISK
The net asset value of shares may not always correspond to the market price of such shares. Shares of many closed-end funds frequently trade at a discount from their net asset value. Tri-Continental Corporation is subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment in the Fund.

Distributions by the Corporation under its Distribution Policy may, as stated on the reverse side, include a return of capital. A return of capital is not net profits of the Corporation but instead a return of a portion of your original investment.

There is no guarantee that the Fund’s investment goals/objective will be met, and you could lose money.

On November 7, 2008, RiverSource Investments, LLC (“RiverSource Investments”) completed its acquisition of J. & W. Seligman & Co. Incorporated. In addition, at a special meeting held during the fourth quarter of 2008, the stockholders of the Fund approved a new investment management services agreement between the Fund and RiverSource Investments. With the completion of the acquisition and the approval of this new agreement by the Fund’s stockholders, RiverSource Investments is the new investment manager of the Fund with effect from November 7, 2008.

Tri-Continental is managed by RiverSource Investments, LLC, and distributed by RiverSource Fund Distributors, Inc., member FINRA. RiverSource Services, Inc. provides client services to shareholders of Tri- Continental.

© 2009 RiverSource Investments, LLC. All rights reserved.

FOR MORE INFORMATION
You should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. A prospectus containing information about the Fund (including its investment objectives, risks, charges, expenses, and other information about the Fund) may be obtained by contacting your financial advisor or visiting www.seligman.com. The prospectus should be read carefully before investing in the Fund.

The Net Asset Value and Market Price investment results assume the reinvestment of all distributions, if any. The Lipper Closed-End Core Funds Average, the Lipper Large-Cap Core Funds Average, and the S&P 500 Index are unmanaged averages and an unmanaged benchmark, respectively, that assume the reinvestment of all distributions, if any, and exclude the effect of fees, taxes, and sales charges. The S&P 500 Index also excludes the effect of expenses. Investors cannot invest directly in an average or index.

FOOTNOTES
1 Calculations are based upon information provided by FactSet as of 3/31/09 for the securities held by the Corporation.

2 Price/Earnings Ratio is the “multiple” of earnings at which a stock sells, determined by dividing current stock price by estimated earnings per share, adjusted for stock splits. A higher “multiple” indicates investors have greater expectations for future growth. The weighted average is the mean of the price/earnings ratios of all securities held in Tri-Continental’s portfolio, weighted by the percent of equity.

3 Price/Book Ratio is the comparison of a stock’s market value to the value of total assets less total liabilities (book value), determined by dividing current stock price by common stockholder equity per share, adjusted for stock splits. The weighted average is the mean of the price/book ratios of all securities held in Tri-Continental’s portfolio, weighted by the percent of equity.

4 Amount shown is based on the Fund’s accounting records and may not reflect certain tax adjustments. Represents net unrealized gains or losses as of March 31, 2009. Actual gains or losses that may be realized in the future may be different than this amount due to market fluctuation and the timing of any sales of portfolio securities.

5 Top equity holdings are shown as a percentage of total net assets. The Corporation is actively managed, and its holdings are subject to change. There can be no assurance that the securities listed above have remained or will remain in the Fund’s portfolio. Holdings should not be construed as a recommendation to buy or sell any security, an indication that any security is suitable for a particular investor or that any of the securities listed were or will be profitable. Portfolio holdings information is available at www.seligman.com.

6 Amount shown does not reflect certain tax adjustments. It represents accumulated net losses on portfolio transactions through March 31, 2009.

7 Net asset value per share (NAV) represents the total value of all assets held by the Fund (minus its total liabilities and the par value of its preferred stock), divided by the total number of common shares outstanding. Market Price is the price at which investors may purchase or sell shares of the Fund. Market Price is determined in the open market by buyers and sellers, based on supply and demand. The Fund’s Market Price fluctuates throughout the day and may differ from its underlying NAV. Shares of the Fund may trade at a premium to (higher than) or a discount to (lower than) NAV. The difference between the market price and the NAV is expressed as a percentage.
NOT FDIC INSURED . NOT BANK GUARANTEED . MAY LOSE VALUE

Back to top
Sign up for
E-Delivery
New
Distribution
Policy
Monthly
Facts
Stockholder
Reports
Prospectus
Fund
Holdings
2008 Tax Information
Press
Releases

Home | About Us | Portfolio Facts | Distributions | Investor Education
Site Requirements | Privacy Policy

This information is authorized for use only in the case of concurrent or prior delivery of the offering prospectus of the Corporation. You should consider the investment objectives, risks, charges, and expenses of the Corporation carefully before investing. The prospectus, which contains information about these factors and other information about the Corporation, should be read carefully before investing in the Corporation. You can obtain the Corporation’s, prospectus and stockholder reports by clicking on the respective links. These reports and other information are also available on the Securities and Exchange Commission’s EDGAR Database.

On November 7, 2008, RiverSource Investments, LLC ("RiverSource Investments") completed its acquisition of J. & W. Seligman & Co. Incorporated. In addition, at a special meeting held on October 28, 2008, the stockholders of the Fund approved a new investment management services agreement between the Fund and RiverSource Investments. With the completion of the acquisition and the approval of this new agreement by the Fund's stockholders, RiverSource Investments is the new investment manager of the Fund effective November 7, 2008.

Tri-Continental is managed by RiverSource Investments, LLC, and distributed by RiverSource Fund Distributors, Inc., member FINRA. RiverSource Services, Inc. provides client services to shareholders of Tri-Continental.

© 2009 RiverSource Investments, LLC. All rights reserved.

 

Forgot Your Password?

If you have forgotten your password, please contact the Dealer Services Internet Response Team at 888-597-1644.

Site Requirements

To fully experience the Seligman web site, you need either:
  • Internet Explorer 4 or greater
  • Netscape Navigator 4 or greater
  • any DOM/CSS compliant browser
In addition, both Javascript and cookies need to be enabled to access the entire site.

Legal Notice:

Past performance is not indicative of future results, and there can be no guarantee as to the accuracy of market forecasts. Opinions, estimates, and forecasts may be changed without notice. This material is not an offer, or a solicitation of an offer, to purchase any securities, including shares of any mutual fund, unless preceded or accompanied by a prospectus. The views and opinions expressed are provided for general information only, and do not constitute specific tax, legal, or investment advice to, or recommendations for, any person. We suggest that you consult your financial or tax advisor, accountant, or attorney with regard to your specific situation. The information in this Website is directed at, and is intended for distribution to and use by, US persons only. It is not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution would be contrary to local law or regulation, including the United Kingdom and Hong Kong. None of the services, investments or mutual funds referred to in this Website are intended for UK investors and prospectuses in respect of them will not be distributed to, and agreements in respect of them will not be entered into with, persons resident in the UK or Hong Kong, or any other territory, except where such agreements or distribution would not be contrary to local law or regulation.

The Corporation is managed by RiverSource Investments, LLC.

Netscape 4 Update Remider

We have detected that you are using version 4 of Netscape Navigator. Although the Seligman family of sites is viewable in this browser, to fully view all content on the site in the manner it was intended, we recommend that you upgrade to a later release.
Download Netscape 7