Tri-Continental Corporation
To the Stockholders:
Your third quarter Stockholder report for Tri-Continental Corporation follows this letter. This report contains Tri-Continentals investment results and its portfolio of investments at September 30, 2003.
For the three months ended September 30, 2003, Tri-Continental posted a total return of 2.97% based on net asset value, the S&P 500 returned 2.65%, and the Lipper Closed-End Growth & Income Funds Average returned 3.34%. During the same time period, Tri-Continental returned 1.48% based on market price.
We are pleased to announce that effective September 4, 2003, J. & W. Seligman & Co.s Core Equity Group assumed responsibility for Tri-Continentals portfolio. This change was made as part of the Managers commitment to improve Tri-Continentals investment results. Paul Guidone, who is a Managing Director and the Chief Investment Officer of J. & W. Seligman & Co., will lead a team of six dedicated analysts responsible for researching companies in the various sectors of the economy. Tri-Continentals investment objective remains unchanged, and it will continue to pursue a total return strategy in order to invest primarily to produce long-term growth of both capital and income, while providing reasonable current income.
Tri-Continentals net asset value increased 12.49% during the first three quarters of this year. However, the Corporation has a significant tax loss carryforward from net capital losses realized during the severe bear market of recent years. As a consequence, Tri-Continental will not have a capital gain payout this December. We realize that many Stockholders look forward to a capital gain payment in December, and we understand their disappointment.
Over time, we are confident that we will be able to offset Tri-Continentals net realized capital loss carryforward with realized gains and resume capital gain payments, though we cannot predict with any certainty when this will occur. In the interim, any net realized capital gains, like any unrealized gains, will be reflected in an increase in Tri-Continentals NAV and, importantly, will not be taxable to Stockholders who maintain their investment.
We thank you for your continued support of Tri-Continental Corporation and look forward to serving your investment needs for many years to come.
By order of the Board of Directors,
William C. Morris
Chairman
Brian T. Zino
President
November 4, 2003
1
Tri-Continental Corporation
Investment Results For Common Stock (unaudited) | ||||||||||||||||
TOTAL RETURNS | ||||||||||||||||
For Periods Ended September 30, 2003 | ||||||||||||||||
Average Annual | ||||||||||||||||
Three | Nine | One | Five | Ten | ||||||||||||
Months* | Months* | Year | Years | Years | ||||||||||||
Market Price** | 1.48 |
% |
13.96 |
% |
15.23 |
% |
(1.15) |
% |
6.66 |
% | ||||||
Net Asset Value** | 2.97 |
12.49 |
16.68 |
(1.98) |
6.73 |
|||||||||||
Lipper Closed-End | ||||||||||||||||
Growth & Income | ||||||||||||||||
Funds Average*** | 3.34 |
15.52 |
21.35 |
1.70 |
7.10 |
|||||||||||
S&P 500*** | 2.65 |
14.71 |
24.37 |
1.00 |
10.04 |
|||||||||||
PRICE PER SHARE | |||||||||||
September 30, 2003
|
June 30, 2003
|
March 31, 2003
|
December 31, 2002
|
||||||||
Market Price | $14.96
|
$14.78
|
$12.81
|
$13.25
|
|||||||
Net Asset Value | 17.52
|
17.06
|
14.98
|
15.72
|
DIVIDEND AND CAPITAL GAIN (LOSS) AND YIELD INFORMATION PER SHARE
For the Nine Months Ended September 30, 2003
Capital Gain (Loss) |
|||||||||
Dividends Paid |
Realized |
Unrealized |
YieldØ |
||||||
$0.13 |
$(0.43)
|
$0.37 |
0.96% |
The rates of return will vary and the principal value of an investment will fluctuate. Shares, if sold, may be worth more or less than their original cost. Performance data quoted does not
reflect the deduction of taxes that a stockholder may pay on Corporation distributions or on the sale of Corporation shares. Past performance is not indicative of future investment results. Due to market volatility, current performance may be higher
or lower than the performance quoted above. |
|
* |
Returns for periods of less than one year are not annualized. |
** |
These rates of return reflect changes in market price or net asset value, as applicable, and assume that all distributions within the period are taken in additional shares. |
*** |
The Lipper Closed-End Growth & Income Funds Average and the
S&P 500 are unmanaged benchmarks that assume reinvestment of all distributions.
The Lipper Closed-End Growth & Income Funds Average excludes the effect
of taxes and any costs associated with the purchase of shares, and the
S&P 500 excludes the effect of taxes and fees. The Lipper Closed-End
Growth & Income Funds Average measures the performance of closed-end
mutual funds with objectives similar to
the Corporation. The S&P 500 measures the performance of 500 of the largest
US companies based on market capitalizations. Investors cannot invest directly
in an index or an average. |
|
Preferred Stockholders were paid dividends totaling $1.875 per share. |
|
Represents the per share amount of net unrealized appreciation of portfolio securities as of September 30, 2003. |
Ø |
Current yield, representing the annualized yield (after dividends on preferred stock) for the 30-day period ended September 30, 2003, has been computed in accordance with SEC regulations and will vary. |
2
Tri-Continental Corporation
Largest Portfolio Changes (unaudited)
July 1, 2003 to September 30, 2003
Largest Purchases | Largest Sales |
Goldman Sachs Group, Inc. (The)* | Bear Stearns Companies Inc. (The)** |
SPDR Trust, Series 1* | Devon Energy Corporation** |
eBay Inc. | Wal-Mart Stores, Inc. |
Dean Foods Company* | LSI Logic Corporation** |
Kohls Corporation* | Citigroup Inc. |
International Game Technology* | Bank of America Corporation |
Wendys International, Inc.* | J.P. Morgan Chase & Co. |
Prudential Financial, Inc.* | Limited Brands** |
L-3 Communications Holdings, Inc.* | General Electric Company |
General Dynamics Corporation* | Viacom Inc. Class B** |
Largest portfolio changes from the previous period to the current period are based on cost of purchases and proceeds from sales of securities, listed in descending order. |
|
* |
Position added during the period. |
** |
Position eliminated during the period. |
10 Largest Equity Holdings (unaudited)
September 30, 2003
Security |
Value |
Percent of Net Investment Assets |
||||
Citigroup Inc. | $ |
77,559,507 |
3.6 |
|||
Microsoft Corporation | 74,600,557 |
3.5 |
||||
eBay Inc. | 61,144,662 |
2.9 |
||||
Pfizer Inc. | 57,009,225 |
2.7 |
||||
Altria Group, Inc. | 53,824,944 |
2.5 |
||||
General Electric Company | 52,508,824 |
2.5 |
||||
American Express Company | 51,216,548 |
2.4 |
||||
Bank of America Corporation | 50,946,073 |
2.4 |
||||
Dell Inc. | 42,955,144 |
2.0 |
||||
SPDR Trust, Series 1 | 42,698,640 |
2.0 |
3
Tri-Continental Corporation | |
Portfolio of Investments (unaudited) | September 30, 2003 |
Shares | Value | |||
COMMON STOCKS 93.0% | ||||
AUTOMOBILES AND | ||||
COMPONENTS 0.7% | ||||
Lear Corporation* | 272,700 |
$ |
14,354,928 |
|
BANKS 6.8% | ||||
Bank of America Corporation | 652,820 |
50,946,073 |
||
Fannie Mae | 146,600 |
10,291,320 |
||
Radian Group Inc. | 285,800 |
12,689,520 |
||
U.S. Bancorp | 1,284,430 |
30,813,475 |
||
Wachovia Corporation | 1,002,763 |
41,303,808 |
||
146,044,196 |
||||
CAPITAL GOODS 7.6% | ||||
Deere & Company | 239,300 |
12,757,083 |
||
General Dynamics Corporation | 261,000 |
20,373,660 |
||
General Electric Company | 1,761,450 |
52,508,824 |
||
Illinois Tool Works Inc. | 311,180 |
20,618,787 |
||
L-3 Communications | ||||
Holdings, Inc.* | 465,300 |
20,124,225 |
||
PACCAR Inc. | 111,700 |
8,326,118 |
||
Parker Hannifin Corporation | 228,300 |
10,205,010 |
||
Tyco International Ltd. | 837,740 |
17,115,028 |
||
162,028,735 |
||||
CHEMICALS 1.9% | ||||
Air Products and Chemicals, Inc. | 725,200 |
32,706,520 |
||
Praxair, Inc. | 143,100 |
8,865,045 |
||
41,571,565 |
||||
COMMUNICATIONS | ||||
EQUIPMENT 1.8% | ||||
Cisco Systems, Inc.* | 1,619,280 |
31,624,538 |
||
Motorola, Inc. | 518,510 |
6,206,565 |
||
37,831,103 |
||||
COMPUTERS AND | ||||
PERIPHERALS 5.5% | ||||
Dell Inc.* | 1,286,660 |
42,955,144 |
||
Hewlett-Packard Company | 1,040,930 |
20,152,405 |
||
International Business | ||||
Machines Corporation | 423,820 |
37,436,020 |
||
Sun Microsystems, Inc.* | 5,384,780 |
17,796,698 |
||
118,340,267 |
||||
Shares | Value | |||
CONSUMER DURABLES | ||||
AND APPAREL 2.0% | ||||
Mohawk Industries, Inc.* | 286,000 |
$ |
20,397,520 |
|
Pulte Homes, Inc. | 324,800 |
22,089,648 |
||
42,487,168 |
||||
CONSUMER STAPLES 7.0% | ||||
Altria Group, Inc. | 1,228,880 |
53,824,944 |
||
Dean Foods Company* | 863,400 |
26,791,302 |
||
Procter & Gamble | ||||
Company (The) | 291,056 |
27,015,818 |
||
Wal-Mart Stores, Inc. | 761,920 |
42,553,232 |
||
150,185,296 |
||||
DIVERSIFIED | ||||
FINANCIALS 12.6% | ||||
American Express Company | 1,136,630 |
51,216,548 |
||
Bank of New York | ||||
Company, Inc. (The) | 328,380 |
9,559,142 |
||
Citigroup Inc. | 1,704,230 |
77,559,507 |
||
Goldman Sachs | ||||
Group, Inc. (The) | 468,600 |
39,315,540 |
||
J.P. Morgan Chase & Co. | 1,172,100 |
40,238,193 |
||
Mellon Financial Corporation | 684,410 |
20,628,117 |
||
Merrill Lynch & Co., Inc. | 393,100 |
21,042,643 |
||
Morgan Stanley | 184,070 |
9,288,172 |
||
268,847,862 |
||||
ELECTRONIC EQUIPMENT | ||||
AND INSTRUMENTS 1.0% | ||||
Jabil Circuit, Inc. | 822,940 |
21,437,587 |
||
ENERGY 7.2% | ||||
BP p.l.c. ADR (United Kingdom) 433,800 | 18,262,980 |
|||
ChevronTexaco Corporation | 150,200 |
10,731,790 |
||
ConocoPhillips | 297,703 |
16,299,239 |
||
Exxon Mobil Corporation | 734,525 |
26,883,615 |
||
Noble Energy, Inc. | 391,880 |
15,009,004 |
||
Occidental Petroleum | ||||
Corporation | 304,200 |
10,716,966 |
||
Rowan Companies, Inc.* | 1,019,600 |
25,061,768 |
||
Royal Dutch Petroleum | ||||
Company NY shares | ||||
(Netherlands) | 383,100 |
16,933,020 |
||
Weatherford International Ltd.* | 392,600 |
14,832,428 |
||
154,730,810 |
||||
4
Tri-Continental Corporation |
|
Portfolio of Investments (unaudited) (continued) | September 30, 2003 |
Shares | Value | |||
HOTELS, RESTAURANTS | ||||
AND LEISURE 3.4% | ||||
International Game Technology | 805,200 |
$ |
22,666,380 |
|
Royal Caribbean Cruises Ltd. | 988,850 |
27,796,574 |
||
Wendys International, Inc. | 673,700 |
21,760,510 |
||
72,223,464 |
||||
INSURANCE 5.2% | ||||
American International | ||||
Group, Inc. | 630,700 |
36,391,390 |
||
W. R. Berkley Corporation | 717,645 |
24,586,518 |
||
Hartford Financial | ||||
Services Group, Inc. (The) | 212,400 |
11,178,612 |
||
PartnerRe Ltd. | 309,900 |
15,702,633 |
||
Prudential Financial, Inc. | 595,800 |
22,259,088 |
||
110,118,241 |
||||
MEDIA 3.0% | ||||
Clear Channel | ||||
Communications, Inc. | 362,200 |
13,872,260 |
||
Time Warner Inc.* | 1,074,100 |
16,229,651 |
||
Tribune Company | 483,000 |
22,169,700 |
||
Univision Communications Inc. | ||||
Class A* | 373,300 |
11,919,469 |
||
64,191,080 |
||||
PAPER AND FOREST | ||||
PRODUCTS 1.6% | ||||
Weyerhaeuser Company | 568,220 |
33,212,459 |
||
PHARMACEUTICALS AND | ||||
BIOTECHNOLOGY 7.4% | ||||
Cephalon, Inc.* | 262,630 |
12,052,091 |
||
Johnson & Johnson | 625,463 |
30,972,928 |
||
Merck & Co., Inc. | 414,720 |
20,993,126 |
||
Pfizer Inc. | 1,876,538 |
57,009,225 |
||
Teva Pharmaceutical | ||||
Industries Ltd. | ||||
ADR (Israel) | 225,080 |
12,875,701 |
||
Wyeth | 530,100 |
24,437,610 |
||
158,340,681 |
||||
RETAILING 4.9% | ||||
eBay Inc.* | 1,143,960 |
61,144,662 |
||
Kohls Corporation* | 441,100 |
23,598,850 |
||
Michaels Stores, Inc. | 504,500 |
20,563,420 |
||
105,306,932 |
||||
Shares or | |||||
Partnership Interest | Value |
||||
SEMICONDUCTORS AND | |||||
SEMICONDUCTOR | |||||
EQUIPMENT 4.7% | |||||
Analog Devices, Inc.* | 89,550 shs. |
$ |
3,404,691 |
||
Intel Corporation | 1,177,590 |
32,377,837 |
|||
KLA-Tencor Corporation* | 49,200 |
2,532,570 |
|||
Maxim Integrated | |||||
Products, Inc. | 560,300 |
22,067,416 |
|||
National Semiconductor | |||||
Corporation* | 632,300 |
20,416,967 |
|||
Taiwan Semiconductor | |||||
Manufacturing | |||||
Company Ltd. | |||||
ADR (Taiwan)* | 845,800 |
9,160,014 |
|||
Texas Instruments | |||||
Incorporated | 413,180 |
9,420,504 |
|||
99,379,999 |
|||||
SOFTWARE AND | |||||
SERVICES 6.7% | |||||
Adobe Systems Incorporated | 672,940 |
26,412,895 |
|||
Check Point Software | |||||
Technologies Ltd. (Israel)* | 1,284,330 |
21,583,166 |
|||
Microsoft Corporation | 2,683,956 |
74,600,557 |
|||
Oracle Corporation* | 1,880,000 |
21,084,200 |
|||
143,680,818 |
|||||
MISCELLANEOUS 2.0% | |||||
SPDR Trust, Series 1 | 427,200 |
42,698,640 |
|||
TOTAL COMMON STOCKS | |||||
(Cost $1,939,098,401) | 1,987,011,831 |
||||
TRI-CONTINENTAL | |||||
FINANCIAL | |||||
DIVISION 0.2% | |||||
WCAS Capital | |||||
Partners II, L.P. | $ |
4,727,686 |
2,377,648 |
||
Whitney Subordinated | |||||
Debt Fund, L.P. | 2,464,665 |
1,708,809 |
|||
TOTAL TRI-CONTINENTAL | |||||
FINANCIAL DIVISION | |||||
(Cost $7,192,351) | 4,086,457 |
||||
5
Tri-Continental Corporation | |
Portfolio of Investments (unaudited) (continued) | September 30, 2003 |
Principal | |||||
Amount | Value | ||||
FIXED TIME | |||||
DEPOSIT 5.1% | |||||
BNP Paribas, Grand Cayman | |||||
1.1%, 10/1/03 | |||||
(Cost $109,600,000) | $ |
109,600,000 |
$ |
109,600,000 |
|
TOTAL | |||||
INVESTMENTS 98.3% | |||||
(Cost $2,055,890,752) | 2,100,698,288 |
||||
OTHER ASSETS | |||||
LESS LIABILITIES 1.7% | 36,271,173 |
||||
NET ASSETS 100.0% | $ |
2,136,969,461 |
|||
* Non-income producing security. | |||||
Restricted security. | |||||
Note:Investments in common stocks, American Depository Receipts | |||||
(ADR), limited partnership interests, and short-term holdings maturing | |||||
in more than 60 days are valued at current market value or, in their | |||||
absence, fair values determined in accordance with procedures | |||||
approved by the Board of Directors. Securities traded on an exchange | |||||
are valued at last sales price or, in their absence and in the case of over- | |||||
the-counter securities, at the mean of bid and ask prices. Short-term | |||||
holdings maturing in 60 days or less are valued at amortized cost. |
6
Tri-Continental Corporation
Stockholder Services
Tri-Continental provides a number of services to make maintaining an investment in its Common Stock more convenient.
Automatic Dividend Investment and Cash Purchase Plan. Stockholders may automatically purchase additional shares with dividends and capital gains. There is no charge for this service. Stockholders may also purchase additional shares directly from the Corporation. There is a service fee of a maximum of $2.00 for each cash purchase transaction.
Automatic Cash Withdrawal Plan. Stockholders who hold common shares with a market value of $5,000 or more may elect to receive a fixed amount from their investment at regular intervals by selling their shares to the Corporation.
Traditional Individual Retirement Account (IRA). Stockholders who have earned income and are under age 70 1 / 2 may contribute up to $3,000 per year to a Traditional IRA for 2003. A working or non-working spouse may also contribute up to $3,000 to a separate Traditional IRA for 2003. Individuals who reach age 50 prior to the end of a taxable year may make additional catch-up contributions to a Traditional IRA of up to $500 (increasing to $1,000 for years beginning after 2005). Contributions to a Traditional IRA may be deductible or non-deductible. If you are single and not covered by an employers retirement plan, your contribution will always be deductible. For individuals who are covered by a plan, contributions will be fully deductible if your modified adjusted gross income (MAGI) in 2003 is less than $40,000. For spouses who are both covered by a plan, contributions will be fully deductible if your MAGI is less than $60,000. If one spouse does not work or is not covered by a retirement plan, that spouses contribution will be fully deductible provided your household MAGI does not exceed $150,000. If your contribution is not deductible, you may still take advantage of the tax-deferred accumulation of earnings in your Traditional IRA.
Rollover IRA. You may be eligible to roll over a distribution of assets received from another IRA, a qualified employee benefit plan, or tax-deferred annuity into a Rollover IRA with Tri-Continental. To avoid a tax penalty, the transfer to a Rollover IRA must occur within 60 days of receipt of the qualifying distribution. If you do not make a direct transfer of a distribution from a qualified employee benefit plan or a tax-deferred annuity to a Rollover IRA, the payor of the distribution must withhold 20% of the distribution.
Roth IRA. You (and a working or non-working spouse) may each make an after-tax contribution of up to $3,000 per year to a Roth IRA provided you have earned income and meet the eligibility requirements. Your MAGI must be less than $95,000 (individuals) or $150,000 (married couples) to be eligible to make a full contribution to a Roth IRA. You are eligible to make a partial Roth IRA contribution if your MAGI is below $110,000 (individuals) or $160,000 (married couples). Total combined contributions to a Roth IRA and a Traditional IRA cannot exceed $3,000 in any year. Individuals who reach age 50 prior to the end of a taxable year may make additional catch-up contributions to a Roth IRA of up to $500 (increasing to $1,000 for years beginning after 2005). Earnings grow tax-free and will be distributed to you tax-free and penalty-free provided that you hold your account for at least five years and you take the distribution either after age 59 1 / 2 , for disability, upon death, or to make a first-time home purchase (up to $10,000). Unlike a Traditional IRA, you may contribute to a Roth IRA even if you are over age 70 1 / 2 (if you have earned income), and you are not required to take minimum distributions at age 70 1 / 2 . You may convert an existing Traditional IRA to a Roth IRA to take advantage of tax-free distributions. You must pay taxes on any earnings and deductible contributions in your Traditional IRA when converting it to a Roth IRA. Talk to your financial advisor for more details on converting your Traditional IRA.
7
Tri-Continental Corporation
Stockholder Services (continued)
Retirement Planning Qualified Plans. Unincorporated businesses and the self-employed may take advantage of the same benefits in their retirement plans that are available to corporations. Contribution levels can go as high as 100% of earned income (reduced by plan contributions), to a maximum of $40,000 per participant. For retirement plan purposes, no more than $200,000 may be taken into account as earned income under the plan in 2003 (this amount will be increased to $205,000 for 2004). Social Security integration and employee vesting schedules are also available as options in the Tri-Continental prototype retirement plans. Although you already may be participating in an employers retirement plan, you may be eligible to establish another plan based upon income from other sources, such as directors fees.
Retirement Plan Services provides information about our prototype retirement plans. The toll-free telephone number is (800) 445-1777 in the US and (212) 682-7600 outside the US.
Gifts Free of Federal Tax are often made using Tri-Continental Common Stock. You may give as much as $11,000 a year to as many individuals as desired free of federal gift tax, and a married couple may give up to $22,000 a year.
Stock Repurchase Program. On November 21, 2002, the Board of Directors authorized the renewal of Tri-Continentals ongoing share repurchase program. The program authorizes the Corporation to repurchase up to 7.5% of the Corporations shares over a 12-month period, provided that the discount of a shares market price to its net asset value (NAV) remains wider than 10%. The Boards decision benefits all Stockholders, allowing them to continue to enjoy the advantages of Tri-Continentals closed-end structure, while increasing the NAV of the Corporations outstanding shares.
Between November 21, 2002 and September 30, 2003, 6.7 million shares were repurchased. This is approximately 5.3% of the shares outstanding at the beginning of the period. The repurchase of additional shares is expected to continue during October and November 2003, as long as the discount remains above 10%.
8
Tri-Continental Corporation
Board of Directors | ||
Robert B. Catell (3,4) | William C. Morris (1) |
|
Chairman and Chief Executive Officer, | Chairman of the Board, |
|
KeySpan Corporation | J. & W. Seligman & Co. Incorporated | |
Chairman, Carbo Ceramics Inc. | ||
John R. Galvin (2,4) | ||
Dean Emeritus, Fletcher School of Law and | Leroy C. Richie (2,4) | |
Diplomacy at Tufts University | Chairman and CEO, Q Standards | |
Worldwide, Inc. | ||
Paul C. Guidone (1) | Director, Kerr-McGee Corporation | |
Chief Investment Officer, | ||
J. & W. Seligman & Co. Incorporated | Robert L. Shafer (3,4) | |
Retired Vice President, Pfizer Inc. | ||
Alice S. Ilchman (3,4) | ||
President Emerita, Sarah Lawrence College | James N. Whitson (2,4) | |
Trustee, Committee for Economic | Director, C-SPAN | |
Development | Director, CommScope, Inc. | |
Frank A. McPherson (3,4) | Brian T. Zino (1) | |
Director, ConocoPhillips | President, J. & W. Seligman & Co. Incorporated | |
Director, Integris Health | Chairman, Seligman Data Corp. | |
Chairman, ICI Mutual Insurance Company | ||
John E. Merow (2,4) | Member of the Board of Governors, | |
Director, Commonwealth Industries, Inc. | Investment Company Institute | |
Trustee, New York-Presbyterian Hospital | ||
Retired Chairman and Senior Partner, | ||
Sullivan & Cromwell LLP | Member: | (1) Executive Committee |
(2) Audit Committee | ||
Betsy S. Michel (2,4) | (3) Director Nominating Committee | |
Trustee, The Geraldine R. Dodge Foundation | (4) Board Operations Committee |
9
Tri-Continental Corporation
Executive Officers
William C. Morris | Thomas G. Rose |
Chairman | Vice President |
Brian T. Zino | Lawrence P. Vogel |
President and Chief Executive Officer | Vice President and Treasurer |
Paul C. Guidone | Frank J. Nasta |
Vice President | Secretary |
Charles W. Kadlec | |
Vice President |
Manager | Important Telephone Numbers |
|
J. & W. Seligman & Co. Incorporated | (800) TRI-1092 | Stockholder Services |
100 Park Avenue | (800) 445-1777 | Retirement Plan Services |
New York, NY 10017 | (212) 682-7600 | Outside the United States |
(800) 622-4597 | 24-Hour Automated | |
Stockholder Service Agent | Telephone Access Service | |
Seligman Data Corp. | ||
100 Park Avenue | ||
New York, NY 10017 |
www.tri-continental.com
10
Tri-Continental Corporation
Managed by
J. & W. SELIGMAN CO.
INCORPORATED
INVESTMENT MANAGERS
AND ADVISORS
ESTABLISHED 1864
100 Park Avenue, New York, NY 10017
This report is intended only for the information of Stockholders or those who have received the current prospectus covering shares of Common Stock of Tri-Continental Corporation, which contains information about management fees and other costs.
www.tri-continental.com
CETRI3c
9/03
Third Quarter Report 2003
Tri-Continental
Corporation
an investment you can live with