Tri-Continental (TY) on Tuesday declared a quarterly distribution of $0.2850 per share, payable on Dec. 23 to common stockholders of record on Dec. 13.

The company also set a capital gain distribution of $1.9520 per share, consisting of $0.3669 in short-term and $1.5851 in long-term gains, which will be paid in stock, although shareholders of record as of Dec. 13 may elect to receive it as 75% in shares and 25% in cash, 50% in shares and 50% in cash or 100% in cash.

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