UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 30, 2007
TRI-CONTINENTAL CORPORATION
(Exact name of Registrant as specified in its charter)
Maryland 811-00266 13-5441850
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
100 Park Avenue,
New York, New York 10017
(Address of principal executive offices, zip code)
Registrant's telephone number, including area code (212) 850-1864
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange
Act (17CFR 240.13e-4(c))
SECTION 8 - OTHER EVENTS.
Item 8.01 Other Events.
Registrant is furnishing as Exhibit 99.1 the attached Press Release dated
May 30, 2007.
FOR IMMEDIATE RELEASE
MEDIA CONTACT: STOCKHOLDER CONTACT:
Mary Ann Susco Marco Acosta
212-850-1382 800-597-6068
suscom@jwseligman.com acostam@jwseligman.com
TRI-CONTINENTAL CORPORATION (NYSE: TY) HOLDS
77TH ANNUAL MEETING OF STOCKHOLDERS
Stockholders Elect Three Directors and
Approve Proposal for Managed Distribution Policy
NEW YORK, May 30, 2007 - Tri-Continental Corporation (NYSE: TY) today held its
2007 annual meeting of Stockholders in Baltimore, Maryland. Stockholders were
asked to vote on three recommendations: the election of three Directors,
approval of a new Distribution Policy, and the ratification of Deloitte & Touche
LLP as auditors for 2007.
The three re-elected Directors are Frank A. McPherson, Leroy C. Richie and John
F. Maher, whose current terms would have expired at the 2007 Annual Meeting.
Their new terms will expire in 2010.
Over 90 percent of the votes cast voted in favor of the new Distribution Policy
that provides for quarterly distributions to Stockholders equal to 2.75% of the
net asset value (NAV) attributable to the Fund's common stock at the end of the
prior calendar quarter (or approximately 11% annually), consisting of
distributions of net income and one or both of net realized capital gains, and
return of capital. The first payment is expected to be declared on June 1, 2007.
Brian T. Zino, President of Tri-Continental Corporation, explained that the new
Distribution Policy would provide regular, periodic distributions to
Stockholders. "Importantly, the Corporation's investment objective and
closed-end structure remain unchanged, and Stockholders will continue to be able
to fully maintain their investment in the Corporation by reinvesting all of
their distributions in shares of the Corporation."
Mr. Zino added that distribution policies, such as the one being adopted, have
historically had a favorable impact on the market price of closed-end fund
shares relative to their net asset value trading at lower discounts or at
premiums. "We are pleased that Stockholders have overwhelmingly voted in favor
of the new Distribution Policy," he said.
Stockholders also ratified the appointment of Deloitte & Touche LLP as
independent auditors of Tri-Continental for 2007. Deloitte & Touche LLP and its
predecessor firms have been auditors for Tri-Continental since its inception in
1929.
- more -
Tri-Continental Corporation is one of the nation's largest, diversified,
publicly traded closed-end equity investment companies, and has paid dividends
for 63 consecutive years. The Corporation is managed by J. & W. Seligman & Co.
Incorporated, a New York-based investment manager and advisor, which was founded
in 1864.
You should consider the investment objectives, risks, charges, and expenses of
the Corporation carefully before investing. A prospectus containing information
about the Corporation (including its investment objectives, risks, charges,
expenses, and other information) may be obtained by calling 800-TRI-1092. The
prospectus should be read carefully before investing in the Corporation.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRI-CONTINENTAL CORPORATION
Date: May 30, 2007
By: /s/ Joseph D'Alessandro
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Joseph D'Alessandro
Assistant Secretary