|
2 |
|
4 |
|
14 |
|
16 |
|
26 |
|
27 |
|
28 |
|
29 |
|
32 |
|
44 |
|
46 |
2 | Tri-Continental Corporation | Semiannual Report 2023 |
• | it keeps investments in individual issuers within the limits permitted diversified companies under the Investment Company Act of 1940, as amended (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; |
• | 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 last ten fiscal years are shown under Financial Highlights. |
4 | Tri-Continental Corporation | Semiannual Report 2023 |
• | may issue senior securities such as bonds, notes or other evidences of indebtedness if immediately after issuance the net assets of the Fund provide 300% coverage of the aggregate principal amount of all bonds, notes or other evidences of indebtedness and that amount does not exceed 150% of the capital and surplus of the Fund; |
• | may issue senior equity securities on a parity with, but not having preference or priority over, the preferred stock if immediately after issuance its net assets are equal to at least 200% of the aggregate amount (exclusive of any dividends accrued or in arrears) to which all shares of the preferred stock, then outstanding, shall be entitled as a preference over the common stock in the event of voluntary or involuntary liquidation, dissolution or winding up of the Fund; |
• | may borrow money for substantially the same purposes as it may issue senior debt securities, subject to the same restrictions and to any applicable limitations prescribed by law; |
• | may engage in the business of underwriting securities either directly or through majority-owned subsidiaries subject to any applicable restrictions and limitations prescribed by law; |
• | does not intend to concentrate its assets in any one industry although it may from time to time invest up to 25% of the value of its assets, taken at market value, in a single industry*; |
• | may not, with limited exceptions, purchase and sell real estate directly but may do so through majority-owned subsidiaries, so long as its real estate investments do not exceed 10% of the value of the Fund’s total assets; |
• | may not purchase or sell commodities or commodity contracts; and |
• | may make money loans (subject to restrictions imposed by law and by charter) (a) only to its subsidiaries, (b) as incidents to its business transactions or (c) for other purposes. The Fund will not lend securities if the total of all such loans would exceed 33 1/3% of the Fund’s total assets, except this fundamental investment policy shall not prohibit the Fund from purchasing money market securities, loans, loan participation or other debt securities, or from entering into repurchase agreements, and it may make loans represented by repurchase agreements, so long as such loans do not exceed 10% of the value of total assets. |
Tri-Continental Corporation | Semiannual Report 2023 |
5 |
6 | Tri-Continental Corporation | Semiannual Report 2023 |
• | 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. |
Tri-Continental Corporation | Semiannual Report 2023 |
7 |
8 | Tri-Continental Corporation | Semiannual Report 2023 |
Tri-Continental Corporation | Semiannual Report 2023 |
9 |
Assumed Return on Portfolio (net of expenses) | -10% | -5% | 0% | 5% | 10% |
Corresponding Return to Common Stockholders | ( |
( |
( |
10 | Tri-Continental Corporation | Semiannual Report 2023 |
Tri-Continental Corporation | Semiannual Report 2023 |
11 |
• | Information Technology Sector. The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities. |
12 | Tri-Continental Corporation | Semiannual Report 2023 |
Tri-Continental Corporation | Semiannual Report 2023 |
13 |
Stockholder Transaction Expenses | |
Cash Purchase Plan Fees | $ |
Annual Expenses ( |
|
Management fees(b) | |
Other expenses | |
Acquired fund fees and expenses | |
Total Annual Expenses Before Impact of Dividends on Preferred Stock(c) | |
Impact of Dividends on Preferred Stock | |
Total Annual Expenses, Including Impact of Dividends on Preferred Stock |
(a) |
(b) |
(c) |
• | 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 | $ |
$ |
$ |
$ |
14 | Tri-Continental Corporation | Semiannual Report 2023 |
Market Price ($) | Corresponding NAV ($) | Corresponding (Discount)/Premium to NAV (%) | ||||
High | Low | High | Low | High | Low | |
2021 | ||||||
1st Quarter | ( |
( |
||||
2nd Quarter | ( |
( |
||||
3rd Quarter | ( |
( |
||||
4th Quarter | ( |
( |
||||
2022 | ||||||
1st Quarter | ( |
( |
||||
2nd Quarter | ( |
( |
||||
3rd Quarter | ( |
( |
||||
4th Quarter | ( |
( |
||||
2023 | ||||||
1st Quarter | ( |
( |
||||
2nd Quarter | ( |
( |
Year | Total Shares Outstanding |
Year-End Asset Coverage Per Share ($) |
Involuntary Liquidation Preference Per Share ($) |
Average Daily Market Value Per Share ($) |
2022 | ||||
2021 | ||||
2020 | ||||
2019 | ||||
2018 | ||||
2017 | ||||
2016 | ||||
2015 | ||||
2014 | ||||
2013 |
Tri-Continental Corporation | Semiannual Report 2023 |
15 |
16 | Tri-Continental Corporation | Semiannual Report 2023 |
Tri-Continental Corporation | Semiannual Report 2023 |
17 |
18 | Tri-Continental Corporation | Semiannual Report 2023 |
Tri-Continental Corporation | Semiannual Report 2023 |
19 |
20 | Tri-Continental Corporation | Semiannual Report 2023 |
Tri-Continental Corporation | Semiannual Report 2023 |
21 |
22 | Tri-Continental Corporation | Semiannual Report 2023 |
Long futures contracts | ||||||
Description | Number of contracts |
Expiration date |
Trading currency |
Notional amount |
Value/Unrealized appreciation ($) |
Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 56 | 09/2023 | USD | 12,567,100 | 408,801 | — |
(a) | Non-income producing investment. |
(b) | This security or a portion of this security has been pledged as collateral in connection with derivative contracts. |
(c) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At June 30, 2023, the total value of these securities amounted to $278,230,325, which represents 16.37% of total net assets. |
(d) | Represents a security purchased on a when-issued basis. |
(e) | Represents a security in default. |
(f) | Perpetual security with no specified maturity date. |
(g) | Represents fair value as determined in good faith under procedures approved by the Board of Directors. At June 30, 2023, the total value of these securities amounted to $2,605,790, which represents 0.15% of total net assets. |
(h) | Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
(i) | Valuation based on significant unobservable inputs. |
(j) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of June 30, 2023. |
(k) | The rate shown is the seven-day current annualized yield at June 30, 2023. |
(l) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2023 are as follows: |
Affiliated issuers | Beginning of period($) |
Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Realized gain (loss)($) |
Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.323% | ||||||||
16,252,323 | 153,333,883 | (142,670,803) | 660 | 26,916,063 | (7,622) | 666,718 | 26,926,833 |
ADR | American Depositary Receipt |
Tri-Continental Corporation | Semiannual Report 2023 |
23 |
USD | US Dollar |
■ | Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments. |
■ | Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
■ | Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 94,155,734 | — | — | 94,155,734 |
Consumer Discretionary | 107,995,770 | — | — | 107,995,770 |
Consumer Staples | 77,570,654 | — | — | 77,570,654 |
Energy | 76,301,030 | — | — | 76,301,030 |
Financials | 178,330,150 | — | — | 178,330,150 |
Health Care | 161,154,754 | — | — | 161,154,754 |
Industrials | 98,136,978 | — | — | 98,136,978 |
Information Technology | 293,611,963 | — | — | 293,611,963 |
Materials | 38,349,440 | — | — | 38,349,440 |
Real Estate | 45,084,477 | — | — | 45,084,477 |
Utilities | 34,625,477 | — | — | 34,625,477 |
Total Common Stocks | 1,205,316,427 | — | — | 1,205,316,427 |
Convertible Bonds | — | 121,530,724 | — | 121,530,724 |
Convertible Preferred Stocks | ||||
Financials | — | 12,217,940 | — | 12,217,940 |
Industrials | — | 10,465,050 | — | 10,465,050 |
Utilities | — | 29,151,608 | — | 29,151,608 |
Total Convertible Preferred Stocks | — | 51,834,598 | — | 51,834,598 |
24 | Tri-Continental Corporation | Semiannual Report 2023 |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Corporate Bonds & Notes | — | 280,440,346 | 3,010,790 | 283,451,136 |
Preferred Debt | 4,269,000 | — | — | 4,269,000 |
Warrants | ||||
Health Care | — | — | 0* | 0* |
Total Warrants | — | — | 0* | 0* |
Money Market Funds | 26,916,063 | — | — | 26,916,063 |
Total Investments in Securities | 1,236,501,490 | 453,805,668 | 3,010,790 | 1,693,317,948 |
Investments in Derivatives | ||||
Asset | ||||
Futures Contracts | 408,801 | — | — | 408,801 |
Total | 1,236,910,291 | 453,805,668 | 3,010,790 | 1,693,726,749 |
* | Rounds to zero. |
Tri-Continental Corporation | Semiannual Report 2023 |
25 |
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,460,206,859) | $1,666,401,885 |
Affiliated issuers (cost $26,913,409) | 26,916,063 |
Receivable for: | |
Investments sold | 4,341,808 |
Dividends | 2,077,343 |
Interest | 7,105,206 |
Foreign tax reclaims | 20,919 |
Variation margin for futures contracts | 162,750 |
Prepaid expenses | 169,297 |
Other assets | 42,612 |
Total assets | 1,707,237,883 |
Liabilities | |
Payable for: | |
Investments purchased | 1,670,577 |
Investments purchased on a delayed delivery basis | 4,200,000 |
Common Stock | 449,731 |
Preferred Stock dividends | 470,462 |
Variation margin for futures contracts | 5,415 |
Management services fees | 18,922 |
Stockholder servicing and transfer agent fees | 2,215 |
Compensation of board members | 281,414 |
Compensation of chief compliance officer | 158 |
Other expenses | 60,627 |
Total liabilities | 7,159,521 |
Net assets | $1,700,078,362 |
Preferred Stock | 37,637,000 |
Net assets for Common Stock | 1,662,441,362 |
Represented by | |
$ |
|
Shares issued and outstanding — |
37,637,000 |
Shares issued and outstanding — |
26,704,236 |
Capital surplus | 1,442,222,996 |
Total distributable earnings (loss) | 193,514,130 |
Net assets | $1,700,078,362 |
Net asset value per share of outstanding Common Stock | $31.13 |
Market price per share of Common Stock | $27.42 |
26 | Tri-Continental Corporation | Semiannual Report 2023 |
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $18,750,315 |
Dividends — affiliated issuers | 666,718 |
Interest | 14,899,201 |
Foreign taxes withheld | (18,975) |
Total income | 34,297,259 |
Expenses: | |
Management services fees | 3,387,114 |
Stockholder servicing and transfer agent fees | 190,564 |
Compensation of board members | 32,145 |
Custodian fees | 9,580 |
Printing and postage fees | 30,579 |
Stockholders’ meeting fees | 29,053 |
Accounting services fees | 25,245 |
Legal fees | 2,239 |
Interest on collateral | 241 |
Compensation of chief compliance officer | 155 |
Other | 59,045 |
Total expenses | 3,765,960 |
Net investment income(a) | 30,531,299 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (6,887,021) |
Investments — affiliated issuers | (7,622) |
Futures contracts | 918,337 |
Net realized loss | (5,976,306) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 116,845,787 |
Investments — affiliated issuers | 660 |
Futures contracts | 784,980 |
Net change in unrealized appreciation (depreciation) | 117,631,427 |
Net realized and unrealized gain | 111,655,121 |
Net increase in net assets resulting from operations | $142,186,420 |
(a) | Net investment income for Common Stock is $29,590,374, which is net of Preferred Stock dividends of $940,925. |
Tri-Continental Corporation | Semiannual Report 2023 |
27 |
Six Months Ended June 30, 2023 (Unaudited) |
Year Ended December 31, 2022 |
|
Operations | ||
Net investment income | $30,531,299 | $60,152,499 |
Net realized gain (loss) | (5,976,306) | 38,521,549 |
Net change in unrealized appreciation (depreciation) | 117,631,427 | (390,878,118) |
Net increase (decrease) in net assets resulting from operations | 142,186,420 | (292,204,070) |
Distributions to stockholders | ||
Net investment income and net realized gains | ||
Preferred Stock | (940,925) | (1,881,850) |
Common Stock | (33,185,110) | (120,129,762) |
Total distributions to stockholders | (34,126,035) | (122,011,612) |
Decrease in net assets from capital stock activity | (22,651,894) | (14,608,703) |
Total increase (decrease) in net assets | 85,408,491 | (428,824,385) |
Net assets at beginning of period | 1,614,669,871 | 2,043,494,256 |
Net assets at end of period | $1,700,078,362 | $1,614,669,871 |
Six Months Ended | Year Ended | |||
June 30, 2023 (Unaudited) | December 31, 2022 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Common Stock issued at market price in distributions | 398,129 | 10,408,144 | 1,934,544 | 52,472,273 |
Common Stock issued to cash purchase plan participants | 18,912 | 504,285 | 53,732 | 1,587,056 |
Common Stock purchased from cash purchase plan participants | (299,499) | (7,975,630) | (610,768) | (17,333,752) |
Common Stock purchased in the open market | (958,971) | (25,589,345) | (1,793,484) | (51,334,280) |
Net proceeds from issuance of shares of Common Stock upon exercise of warrants | 702 | 652 | — | — |
Total net decrease | (840,727) | (22,651,894) | (415,976) | (14,608,703) |
28 | Tri-Continental Corporation | Semiannual Report 2023 |
Tri-Continental Corporation | Semiannual Report 2023 |
29 |
Six Months Ended June 30, 2023 (Unaudited) |
Year ended December 31, | |||
2022 | 2021 | 2020 | ||
Per share data | ||||
Net asset value, beginning of period | $29.07 | $36.69 | $33.26 | $31.03 |
Income from investment operations: | ||||
Net investment income | 0.57 | 1.11 | 1.07 | 1.05 |
Net realized and unrealized gain (loss) | 2.08 | (6.53) | 7.28 | 2.86 |
Total from investment operations | 2.65 | (5.42) | 8.35 | 3.91 |
Less distributions to Stockholders from: | ||||
Net investment income — Preferred Stock | (0.02) | (0.03) | (0.04) | (0.04) |
Net investment income — Common Stock | (0.58) | (1.08) | (1.05) | (1.07) |
Net realized gains — Common Stock | (0.04) | (1.15) | (3.64) | (0.57) |
Total distributions to Stockholders | (0.64) | (2.26) | (4.73) | (1.68) |
(Dilution) Anti-dilution in net asset value from share purchases (via dividend reinvestment program and cash purchase plan)(a) | (0.03) | (0.10) | (0.32) | — |
Anti-dilution in net asset value from share buy-backs (via stock repurchase program and cash purchase plan)(a) | 0.08 | 0.16 | 0.13 | — |
Net asset value, end of period | $31.13 | $29.07 | $36.69 | $33.26 |
Adjusted net asset value, end of period(b) | $31.02 | $28.97 | $36.57 | $33.14 |
Market price, end of period | $27.42 | $25.63 | $33.19 | $29.47 |
Total return | ||||
Based upon net asset value | 9.64% | (14.10%) | 26.76% | 14.17% |
Based upon market price | 9.54% | (16.28%) | 29.41% | 11.31% |
Ratios to average net assets | ||||
Expenses to average net assets for Common Stock(c) | 0.47%(d) | 0.46%(d) | 0.46%(d) | 0.48% |
Net investment income to average net assets for Common Stock | 3.66% | 3.35% | 2.77% | 3.45% |
Supplemental data | ||||
Net assets, end of period (000’s): | ||||
Common Stock | $1,662,441 | $1,577,033 | $2,005,857 | $1,745,135 |
Preferred Stock | $37,637 | $37,637 | $37,637 | $37,637 |
Total net assets | $1,700,078 | $1,614,670 | $2,043,494 | $1,782,772 |
Portfolio turnover | 25% | 48% | 56% | 67% |
Notes to Financial Highlights | |
(a) | Prior to the period ended December 31, 2022, per share amounts were only presented if the net dilution/anti-dilution impact was material relative to the Fund’s average net assets for Common Stock. |
(b) | Assumes the exercise of outstanding warrants. |
(c) | 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. |
(d) | Ratios include interest on collateral expense which is less than 0.01%. |
30 | Tri-Continental Corporation | Semiannual Report 2023 |
Year ended December 31, | ||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
$26.58 | $29.88 | $25.91 | $23.49 | $24.76 | $23.11 | $18.77 |
1.03 | 0.99 | 0.93 | 0.90 | 0.81 | 0.73 | 0.69 |
5.39 | (2.35) | 4.24 | 2.33 | (1.37) | 1.70 | 4.36 |
6.42 | (1.36) | 5.17 | 3.23 | (0.56) | 2.43 | 5.05 |
(0.04) | (0.03) | (0.03) | (0.03) | (0.03) | (0.03) | (0.03) |
(1.01) | (0.96) | (1.07) | (0.91) | (0.81) | (0.75) | (0.68) |
(0.92) | (0.95) | (0.10) | — | — | — | — |
(1.97) | (1.94) | (1.20) | (0.94) | (0.84) | (0.78) | (0.71) |
— | — | — | (0.06) | (0.05) | — | — |
— | — | — | 0.19 | 0.18 | — | — |
$31.03 | $26.58 | $29.88 | $25.91 | $23.49 | $24.76 | $23.11 |
$30.92 | $26.48 | $29.77 | $25.83 | $23.42 | $24.68 | $23.04 |
$28.20 | $23.52 | $26.94 | $22.05 | $20.02 | $21.41 | $19.98 |
25.20% | (4.10%) | 20.82% | 15.25% | (1.36%) | 11.09% | 27.76% |
28.59% | (5.88%) | 28.00% | 15.08% | (2.78%) | 11.11% | 29.58% |
0.49% | 0.49% | 0.49% | 0.50% | 0.50% | 0.49% | 0.50% |
3.32% | 3.14% | 3.21% | 3.59% | 3.16% | 2.91% | 3.12% |
$1,664,401 | $1,431,211 | $1,637,553 | $1,470,843 | $1,382,712 | $1,511,285 | $1,435,734 |
$37,637 | $37,637 | $37,637 | $37,637 | $37,637 | $37,637 | $37,637 |
$1,702,038 | $1,468,848 | $1,675,190 | $1,508,480 | $1,420,349 | $1,548,922 | $1,473,371 |
60% | 63% | 95% | 82% | 76% | 76% | 62% |
Tri-Continental Corporation | Semiannual Report 2023 |
31 |
32 | Tri-Continental Corporation | Semiannual Report 2023 |
Tri-Continental Corporation | Semiannual Report 2023 |
33 |
34 | Tri-Continental Corporation | Semiannual Report 2023 |
Asset derivatives | ||
Risk exposure category |
Statement of assets and liabilities location |
Fair value ($) |
Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | 408,801* |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Equity risk | 918,337 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Equity risk | 784,980 |
Derivative instrument | Average notional amounts ($)* |
Futures contracts — long | 13,731,500 |
* | Based on the ending quarterly outstanding amounts for the six months ended June 30, 2023. |
Tri-Continental Corporation | Semiannual Report 2023 |
35 |
36 | Tri-Continental Corporation | Semiannual Report 2023 |
Tri-Continental Corporation | Semiannual Report 2023 |
37 |
Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized appreciation ($) |
1,487,120,000 | 314,121,000 | (107,514,000) | 206,607,000 |
38 | Tri-Continental Corporation | Semiannual Report 2023 |
Tri-Continental Corporation | Semiannual Report 2023 |
39 |
40 | Tri-Continental Corporation | Semiannual Report 2023 |
Tri-Continental Corporation | Semiannual Report 2023 |
41 |
42 | Tri-Continental Corporation | Semiannual Report 2023 |
Tri-Continental Corporation | Semiannual Report 2023 |
43 |
• | Information on the investment performance of the Fund relative to the performance of a group of funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks; |
• | Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable funds, as determined by Broadridge; |
• | Terms of the Management Agreement; |
• | Descriptions of an agreement with an affiliate of the Investment Manager relating to the provision of stockholder services to the Fund; |
• | Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices; |
• | Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel; |
• | Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services; |
• | The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and |
• | Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL). |
44 | Tri-Continental Corporation | Semiannual Report 2023 |
Tri-Continental Corporation | Semiannual Report 2023 |
45 |
46 | Tri-Continental Corporation | Semiannual Report 2023 |
Director | For | Withheld |
Janet Langford Carrig | 36,475,290 | 1,423,638 |
Patricia M. Flynn | 36,371,835 | 1,527,093 |
Brian J. Gallagher | 36,463,885 | 1,435,043 |
Catherine James Paglia | 36,421,416 | 1,477,512 |
For | Against | Abstain |
36,612,453 | 925,970 | 406,682 |
Tri-Continental Corporation | Semiannual Report 2023 |
47 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) |
Tri-Continental Corporation |
|
|
By (Signature and Title) |
/s/ Daniel J. Beckman |
|
Daniel J. Beckman, President and Principal Executive Officer |
|
|
Date |
August 22, 2023 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) |
/s/ Daniel J. Beckman |
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Daniel J. Beckman, President and Principal Executive Officer |
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Date |
August 22, 2023 |
By (Signature and Title) |
/s/ Michael G. Clarke |
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Michael G. Clarke, Chief Financial Officer, |
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Principal Financial Officer and Senior Vice President |
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Date |
August 22, 2023 |
By (Signature and Title) |
/s/ Joseph Beranek |
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Joseph Beranek, Treasurer, Chief Accounting |
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Officer and Principal Financial Officer |
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Date |
August 22, 2023 |