Exhibit 99.1
|
Tri-Continental Corporation | FACT SHEET as of 6/30/04
an investment you can live with |
================================================================================
NYSE Symbol: TY www.tricontinental.com
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT
- --------------------------------------------------------------------------------
Portfolio Manager:
Richard R. Schmaltz
Investment Team:
Seligman Core Investment Team
- --------------------------------------------------------------------------------
FUND OBJECTIVE
- --------------------------------------------------------------------------------
Tri-Continental Corporation invests to produce future growth of both capital and
income, while providing reasonable current income.
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
- --------------------------------------------------------------------------------
The equity portfolio is widely diversified, covering 25 different industries and
101 issues, with not one holding representing more than 3.6% of the portfolio.
Common Stocks ........................................................ 98.9%
Other Investments .................................................... 0.2
Cash and Cash Equivalents ............................................ 0.9
Other Assets Less Liabilities ........................................ --
- --------------------------------------------------------------------------------
TOP EQUITY HOLDINGS
- --------------------------------------------------------------------------------
General Electric ..................................................... 3.6%
Citigroup ............................................................ 3.3
Microsoft ............................................................ 3.2
Exxon Mobil .......................................................... 2.8
Pfizer ............................................................... 2.6
American International Group ......................................... 2.1
Altria Group ......................................................... 2.1
International Business Machines ...................................... 1.8
Tyco International ................................................... 1.8
Wal-Mart Stores ...................................................... 1.7
- --------------------------------------------------------------------------------
PER SHARE CHARACTERISTICS
- --------------------------------------------------------------------------------
Net Asset Value $20.33
Market Price $16.83
Premium/(Discount) (17.22)%
Accumulated Realized Capital Loss ($ 5.55)
Net Unrealized Capital Gain $ 1.92
- --------------------------------------------------------------------------------
PORTFOLIO CHARACTERISTICS(1)
- --------------------------------------------------------------------------------
Median Market Cap $58.38 billion
Weighted Average Price/Earnings Ratio (2004)(2) 18.4
Weighted Average Price/Book Ratio (2004)(3) 2.8x
Net Investment Assets $ 2.39 billion
- --------------------------------------------------------------------------------
HOLDINGS BY SECTOR
- --------------------------------------------------------------------------------
Tri-Continental Corporation S&P 500
Consumer Discretionary 10.91% 10.94%
Consumer Staples 9.07 11.13
Energy 7.59 6.56
Financials 20.21 20.34
Health Care 12.80 13.41
Industrials 12.14 11.46
Information Technology 19.16 17.11
Materials 2.94 2.96
Telecommunication Services 3.35 3.42
Utilities 0.84 2.67
Unassigned 0.09 --
Cash 0.90 --
- --------------------------------------------------------------------------------
INVESTMENT RESULTS
- --------------------------------------------------------------------------------
Total returns for the periods ended June 30, 2004
Average Annual
----------------------------------
One Month* Year-to-Date* One Year Five Years 10 Years
Net Asset Value 1.89% 4.48% 20.35% (4.30)% 8.65%
Market Price 1.63 3.11 14.99 (4.33) 8.31
S&P 500 1.94 3.44 19.10 (2.20) 11.82
Lipper Closed-End Growth &
Income Funds Average 2.10 3.82 19.70 2.26 9.61
* Not annualized.
- --------------------------------------------------------------------------------
IMPORTANT PERFORMANCE INFORMATION
- --------------------------------------------------------------------------------
Performance data quoted herein represents past performance. Past performance
does not guarantee 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. The Lipper Closed-End Growth & Income Funds Average and
the S&P 500 are an unmanaged average and benchmark, respectively, that assume
the reinvestment of all distributions. The S&P 500 excludes the effect of fees.
Investors cannot invest directly in an average or index.
- ----------
The Corporation is actively managed, and its holdings are subject to change.
Holdings and Portfolio Composition are shown as a percentage of net assets.
(1) Calculations are based upon information provided by FactSet as of 6/30/04
for the securities held in 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.
NOT FDIC INSURED o NOT BANK GUARANTEED o MAY LOSE VALUE
Tri-Continental Corporation
an investment you can live with
FACT SHEET as of 6/30/04
NYSE Symbol: TY www.tricontinental.com
- --------------------------------------------------------------------------------
YEAR-BY-YEAR ANNUAL TOTAL RETURNS
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Year-to-date
1995 1996 1997 1998 1999 2000 2001 2002 2003 (5/31/04)
------------------------------------------------------------------------------------
Net Asset Value 28.0 22.0 27.9 26.2 12.6 -11.6 -5.2 -28.2 25.2 4.5
Market Value 30.8 21.4 26.6 25.8 10.7 -8.3 -10.2 -26.4 25.8 3.1
See Important Performance Information on page 1 of this fact sheet.
- --------------------------------------------------------------------------------
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 calling 800-TRI-1092. The
prospectus should be read carefully before investing in the Fund.
- --------------------------------------------------------------------------------
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.
NOT FDIC INSURED o NOT BANK GUARANTEED o MAY LOSE VALUE
CETRI8 6/04