TY Tri Continental Corp

NEW YORK, June 1 /PRNewswire-FirstCall/ -- The Board of Directors of Tri-Continental Corporation (NYSE:TY) today declared a second quarter distribution of $0.707 per share of common stock and $0.625 per share of preferred stock. Distributions on common stock will be paid on July 26, 2007 to Stockholders of record on July 17, 2007, and distributions on preferred stock will be paid on July 2, 2007 to Stockholders of record on June 13, 2007. The ex-dividend date for the common stock is July 13, 2007 and for the preferred stock is June 11, 2007. Common Stockholders may elect to receive all, or a portion of, their distribution in additional shares. The $0.707 per share distribution on the common stock is in accordance with the Corporation's new distribution policy approved by Stockholders on May 30, 2007. The new distribution policy calls for quarterly distributions 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 more of net realized capital gains and returns of capital. The final determination of the source of all distributions in 2007 for tax purposes, including the percentage of qualified dividend income, will be made after year-end. 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. Seligman Advisors, Inc. is the principal underwriter of the Seligman mutual funds. 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. DATASOURCE: Tri-Continental Corporation CONTACT: Media, Mary Ann Susco, +1-212-850-1382, , or Stockholders, Marco Acosta, 1-800-597-6068, Option #1, , both for Tri-Continental Corporation

Copyright