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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tri Continental Corp | NYSE:TY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.27 | 0.91% | 29.92 | 30.0319 | 29.75 | 29.75 | 62,202 | 22:30:00 |
Stockholder Transaction Expenses | |
Cash Purchase Plan Fees | $2.00 (a) |
Annual Expenses (as a percentage of net assets attributable to common shares) | |
Management fees(b) | 0.42% |
Other expenses(c) | 0.06% |
Acquired fund fees and expenses | 0.06% |
Total Annual Expenses Before Impact of Dividends on Preferred Stock(d) | 0.54% |
Impact of Dividends on Preferred Stock | 0.12% |
Total Annual Expenses, including Impact of Dividends on Preferred Stock | 0.66% |
(a) | Stockholders participating in the Fund’s Cash Purchase Plan (the Cash Purchase Plan) pay a $2.00 fee per cash purchase transaction; there is no fee for automatic dividend re-investment transactions in the Fund’s Automatic Dividend Investment Plan (the Automatic Dividend Investment Plan). See Buying and Selling Shares – Buying Shares – Investment Plans for a description of the related services. |
(b) | The Fund’s management fee is 0.415% of the Fund’s average daily net assets (which includes assets attributable to the Fund’s common and preferred stock) and is borne by the holders of the Fund’s common stock (Common Stockholders). The management rate noted in the table reflects the rate paid by Common Stockholders as a percentage of the Fund’s net assets attributable to Common Stock. |
(c) | Other expenses have been restated to reflect current fees paid by the Fund. |
(d) | “Total Annual Expenses Before Impact of Dividends on Preferred Stock” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than “Expenses to average net assets for Common Stock” shown in the Financial Highlights section of this prospectus because “Expenses to average net assets for Common Stock” does not include acquired fund fees and expenses. |
■ | you invest $1,000 in the Fund for the periods indicated, |
■ | your investment has a 5% return each year, and |
■ | the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table above (including the impact of dividends on preferred stock). |
1 year | 3 years | 5 years | 10 years | |
Tri-Continental Corporation Common Stock | $7 | $21 | $37 | $82 |
Prospectus 2020 | 3 |
4 | Prospectus 2020 |
Prospectus 2020 | 5 |
Year ended December 31, | 2019 | 2018 | 2017 |
Per share data | |||
Net asset value, beginning of period | $26.58 | $29.88 | $25.91 |
Income from investment operations: | |||
Net investment income | 1.03 | 0.99 | 0.93 |
Net realized and unrealized gain (loss) | 5.39 | (2.35) | 4.24 |
Total from investment operations | 6.42 | (1.36) | 5.17 |
Less distributions to Stockholders from: | |||
Net investment income — Preferred Stock | (0.04) | (0.03) | (0.03) |
Net investment income — Common Stock | (1.01) | (0.96) | (1.07) |
Net realized gains — Common Stock | (0.92) | (0.95) | (0.10) |
Total distributions to Stockholders | (1.97) | (1.94) | (1.20) |
Dilution in net asset value from dividend reinvestment | — | — | — |
Increase resulting from share repurchases | — | — | — |
Capital stock transactions at market price | — | — | — |
Net asset value, end of period | $31.03 | $26.58 | $29.88 |
Adjusted net asset value, end of period(a) | $30.92 | $26.48 | $29.77 |
Market price, end of period | $28.20 | $23.52 | $26.94 |
Total return | |||
Based upon net asset value | 25.20% | (4.10)% | 20.82% |
Based upon market price | 28.59% | (5.88)% | 28.00% |
Ratios to average net assets | |||
Expenses to average net assets for Common Stock(b) | 0.49% | 0.49% | 0.49% |
Net investment income to average net assets for Common Stock | 3.32% | 3.14% | 3.21% |
Supplemental data | |||
Net assets, end of period (000's): | |||
Common Stock | $1,664,401 | $1,431,211 | $1,637,553 |
Preferred Stock | $37,637 | $37,637 | $37,637 |
Total net assets | $1,702,038 | $1,468,848 | $1,675,190 |
Portfolio turnover | 60% | 63% | 95% |
(a) | Assumes the exercise of outstanding warrants. |
(b) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
6 | Prospectus 2020 |
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
$23.49 | $24.76 | $23.11 | $18.77 | $16.77 | $15.96 | $13.73 |
0.90 | 0.81 | 0.73 | 0.69 | 0.63 | 0.33 | 0.30 |
2.33 | (1.37) | 1.70 | 4.36 | 2.00 | 0.79 | 2.28 |
3.23 | (0.56) | 2.43 | 5.05 | 2.63 | 1.12 | 2.58 |
(0.03) | (0.03) | (0.03) | (0.03) | (0.03) | (0.03) | (0.03) |
(0.91) | (0.81) | (0.75) | (0.68) | (0.60) | (0.28) | (0.25) |
— | — | — | — | — | — | — |
(0.94) | (0.84) | (0.78) | (0.71) | (0.63) | (0.31) | (0.28) |
(0.06) | (0.05) | — | — | — | — | — |
0.19 | 0.18 | — | — | — | — | — |
— | — | — | — | — | — | (0.07) |
$25.91 | $23.49 | $24.76 | $23.11 | $18.77 | $16.77 | $15.96 |
$25.83 | $23.42 | $24.68 | $23.04 | $18.71 | $16.72 | $15.90 |
$22.05 | $20.02 | $21.41 | $19.98 | $16.00 | $14.23 | $13.76 |
15.25% | (1.36%) | 11.09% | 27.76% | 16.24% | 7.15% | 18.58% |
15.08% | (2.78%) | 11.11% | 29.58% | 16.77% | 5.46% | 21.85% |
0.50% | 0.50% | 0.49% | 0.50% | 0.52% | 0.59% | 0.60% |
3.59% | 3.16% | 2.91% | 3.12% | 3.28% | 1.80% | 1.84% |
$1,470,843 | $1,382,712 | $1,511,285 | $1,435,734 | $1,183,285 | $1,078,160 | $1,061,251 |
$37,637 | $37,637 | $37,637 | $37,637 | $37,637 | $37,637 | $37,637 |
$1,508,480 | $1,420,349 | $1,548,922 | $1,473,371 | $1,220,922 | $1,115,797 | $1,098,888 |
82% | 76% | 76% | 62% | 68% | 97% | 86% |
Prospectus 2020 | 7 |
Year |
Total
Shares
Outstanding |
Year-End
Asset Coverage Per Share |
Involuntary
Liquidation Preference Per Share |
Average
Daily
Market Value Per Share |
2019 | 752,740 | $2,261 | $50 | $53.19 |
2018 | 752,740 | 1,951 | 50 | 50.71 |
2017 | 752,740 | 2,225 | 50 | 50.75 |
2016 | 752,740 | 2,004 | 50 | 51.61 |
2015 | 752,740 | 1,887 | 50 | 49.92 |
2014 | 752,740 | 2,058 | 50 | 46.32 |
2013 | 752,740 | 1,957 | 50 | 48.50 |
2012 | 752,740 | 1,622 | 50 | 50.02 |
2011 | 752,740 | 1,482 | 50 | 46.33 |
2010 | 752,740 | 1,460 | 50 | 46.62 |
Title of Class | Amount Authorized |
Amount
Held by
Fund or for its Account |
Amount
Outstanding
Exclusive of Amount Held by Fund |
$2.50 Cumulative Preferred Stock, $50 par value | 1,000,000 shares | 0 shares | 752,740 shares |
Common Stock, $0.50 par value | 159,000,000 shares* | 0 shares | 53,509,011 shares |
Warrants to purchase Common Stock | 8,043 warrants | 0 warrants | 8,043 warrants |
* | 194,560 shares of Common Stock were reserved for issuance upon the exercise of the Warrants. |
8 | Prospectus 2020 |
Prospectus 2020 | 9 |
■ | it keeps investments in individual issuers within the limits permitted diversified companies under the 1940 Act (i.e., 75% of its total assets must be represented by cash items, government securities, securities of other investment companies, and securities of other issuers which, at the time of investment, do not exceed 5% of the Fund’s total assets at market value in the securities of any issuer and do not exceed 10% of the voting securities of any issuer); |
■ | it does not make investments with a view to exercising control or management except that, as of the date hereof, it has an investment in Seligman Data Corp., the former shareholder servicing agent for the Fund; |
■ | it ordinarily does not invest in other investment companies, but it may purchase up to 3% of the voting securities of such investment companies, provided purchases of securities of a single investment company do not exceed in value 5% of the total assets of the Fund and all investments in investment company securities do not exceed 10% of total assets; and |
■ | it has no fixed policy with respect to portfolio turnover and purchases and sales in the light of economic, market and investment considerations. The portfolio turnover rates for the ten fiscal years ended December 31, 2019 are shown under Financial Highlights. |
10 | Prospectus 2020 |
Prospectus 2020 | 11 |
12 | Prospectus 2020 |
■ | An equity future is a derivative that is an agreement for the contract holder to buy or sell a specified amount of an individual equity, a basket of equities or the securities in an equity index on a specified date at a predetermined price. |
Prospectus 2020 | 13 |
14 | Prospectus 2020 |
Assumed Return on Portfolio (net of expenses) | -10% | -5% | 0% | 5% | 10% |
Corresponding Return to Common Stockholders | (10.37)% | (5.25)% | (0.12)% | 5.00% | 10.12% |
Prospectus 2020 | 15 |
16 | Prospectus 2020 |
Prospectus 2020 | 17 |
18 | Prospectus 2020 |
Portfolio Manager | Title | Role with Fund | Managed Fund Since | |||
Brian Condon, CFA, CAIA* | Senior Portfolio Manager and Head of Quantitative Strategies | Co-Portfolio Manager | 2010 | |||
David King, CFA | Senior Portfolio Manager | Co-Portfolio Manager | 2011 | |||
Yan Jin | Senior Portfolio Manager | Co-Portfolio Manager | 2012 | |||
Peter Albanese | Senior Portfolio Manager | Co-Portfolio Manager | 2014 | |||
Raghavendran Sivaraman, Ph.D., CFA | Senior Portfolio Manager | Co-Portfolio Manager | April 2020 |
* | Brian Condon has announced that he plans to retire from the Investment Manager on May 31, 2020. Until then, Mr. Condon will continue to serve as a Co-Portfolio Manager of the Fund. |
Prospectus 2020 | 19 |
20 | Prospectus 2020 |
Prospectus 2020 | 21 |
22 | Prospectus 2020 |
Prospectus 2020 | 23 |
24 | Prospectus 2020 |
Prospectus 2020 | 25 |
26 | Prospectus 2020 |
Prospectus 2020 | 27 |
28 | Prospectus 2020 |
Prospectus 2020 | 29 |
30 | Prospectus 2020 |
■ |
Automatic Dividend Investment
Plan. Under the Automatic Dividend Investment Plan, you may elect to purchase additional shares of the Fund’s Common Stock with dividends or other distributions on shares of the Fund owned. For Direct-at-Fund
Accounts, unless the Service Agent is otherwise instructed by you as described below, 100% of distributions on the Common Stock are automatically paid in book shares of Common Stock which are entered in your Fund account as “book
credits.” You may otherwise elect to receive distributions 75% in shares and 25% in cash, 50% in shares and 50% in cash, or 100% in cash. Any request to change your distribution payment option must be received by the Service Agent by the
record date for a distribution in order for the change to take effect for such distribution. Elections received after a record date for a distribution will be effective for next distribution. Shares issued to you in respect of distributions will be
priced as described above (see Buying and Selling Shares – Buying Shares).
|
The tax treatment of
dividends and capital gain distributions is the same whether you take them in cash or reinvest them (partly or entirely) to buy additional shares of the Fund’s Common Stock. For more information regarding distributions and taxes, see Capital Stock, Long-Term Debt and Other Securities – Distributions and Taxes.
|
|
At present there is no charge for reinvested distribution purchases made under the Automatic Dividend Investment Plan. |
■ |
Cash Purchase Plan. Under the Cash Purchase Plan, you may elect to purchase additional shares of the Fund’s Common Stock with cash dividends paid by other corporations in which stock is owned, or with cash purchase payments (including
via ACH, as described below).
|
Under the Cash Purchase Plan, the Service Agent may receive and invest other corporation’s distributions or cash payments made by you in additional shares of the Fund’s Common Stock (after deducting a transaction fee) in your accounts, as described above (see Buying and Selling Shares – Buying Shares). Purchase orders received in connection with the Cash Purchase Plan are generally priced one time per week, typically each Wednesday (or the next available business day if the Exchange is not open for business on Wednesday), subject to the potential for the suspension of such purchases as described above (see Buying and Selling Shares – Buying Shares). Cash purchase payments forwarded by you under the Cash Purchase Plan should be made payable to Tri-Continental Corporation and mailed to the regular or overnight mail address noted in Buying and Selling Shares – Direct-at-Fund Accounts above. Checks for investment must be in U.S. dollars drawn on a domestic bank. You will be assessed a $15 fee for any checks rejected by your financial institution due to insufficient funds or other reasons. The Fund does not accept cash, credit card convenience checks, money orders, traveler’s checks, starter checks, third or fourth party checks, or other cash equivalents. |
|
At present, stockholders
participating in the Cash Purchase Plan will pay a transaction fee of $2.00 for each cash purchase transaction.
|
|
Automated Clearing House (ACH). If you elect to participate in the Cash Purchase Plan you may establish the ACH privilege on your account, which allows you to transfer money directly from your bank account by electronic funds transfer to be invested in additional shares of Common Stock for your Direct-at-Fund Account. |
Prospectus 2020 | 31 |
32 | Prospectus 2020 |
Prospectus 2020 | 33 |
34 | Prospectus 2020 |
SAI PRIMER | 2 |
ABOUT THE FUND | 5 |
ADDITIONAL INVESTMENT POLICIES | 6 |
ABOUT FUND INVESTMENTS | 8 |
Types of Investments | 8 |
Information Regarding Risks | 43 |
Lending of Portfolio Securities | 71 |
Interfund Lending | 71 |
INVSESTMENT MANAGEMENT AND OTHER SERVICES | 73 |
The Investment Manager | 73 |
Potential Conflicts of Interest | 75 |
Structure of Compensation | 76 |
The Administrator | 77 |
Other Services Provided | 77 |
Other Roles and Relationships of Ameriprise Financial and Its Affiliates – Certain Conflicts of Interest | 78 |
Code of Ethics | 82 |
Proxy Voting Policies and Procedures | 82 |
FUND GOVERNANCE | 84 |
Board of Directors and Officers | 84 |
Compensation | 93 |
BROKERAGE ALLOCATION AND RELATED PRACTICES | 95 |
General Brokerage Policy, Brokerage Transactions and Broker Selection | 95 |
Brokerage Commissions | 98 |
Directed Brokerage | 99 |
Securities of Regular Broker-Dealers | 99 |
TAXATION | 100 |
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES | 111 |
INFORMATION REGARDING PENDING AND SETTLED LEGAL PROCEEDINGS | 112 |
OTHER INFORMATION | 113 |
Conduct of the Fund’s Business | 113 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON FINANCIAL STATEMENT SCHEDULE | 114 |
APPENDIX A – DESCRIPTION OF RATINGS | A-1 |
APPENDIX B – CORPORATE GOVERNANCE AND PROXY VOTING PRINCIPLES | B-1 |
Prospectus 2020 | 35 |
1 Year Tri Continental Chart |
1 Month Tri Continental Chart |
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