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TRI-CONTINENTAL Corp — Interim / Quarterly Report 2009
Dec 1, 2009
31803_rns_2009-12-01_d66fb8ae-0b96-4489-83c9-99416abb861a.zip
Interim / Quarterly Report
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Third Quarter Report
Tri-Continental Corporation
Quarterly Report for
the Period Ended
September 30, 2009
Tri-Continental Corporation seeks future growth of both capital and income, while providing reasonable current income.
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Letter to Stockholders callerid=109 iwidth=456 length=0
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Patrick T. Bannigan (left) Stephen R. Lewis, Jr. (right)
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Dear Stockholders:
We are pleased to present the third quarter stockholder report for Tri-Continental Corporation (the Fund). Within this report you will find the Funds investment results and portfolio of investments as of Sept. 30, 2009.
For the three months ended Sept. 30, 2009, the Funds total return based on net asset value rose 17.55%, and its total return based on market price rose 20.40%. During the same period, the S&P 500 Index gained 15.61%, the Lipper Large-Cap Core Funds Index increased 15.27%, and the Lipper Large-Cap Core Funds Average gained 15.11%.
Under the earned distribution policy adopted in January 2009, the Fund paid a distribution of $0.04 per common share during the third quarter of 2009. Total distributions paid thus far in 2009 aggregate $0.15 per common share. Distributions are based upon amounts distributed by underlying portfolio companies owned by the Fund.
The Fund continues to offer several distribution payment options and we continue to recommend that Stockholders assess their income needs and consider investing a portion of their distributions in additional shares of the Fund. The options available for receiving distribution payments are:
| > | 100% of distribution reinvested in
additional shares |
| --- | --- |
| > | 75% of distribution reinvested /
25% of distribution paid in cash |
| > | 50% of distribution reinvested /
50% of distribution paid in cash |
| > | 100% of distribution paid in cash |
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callerid=128 iwidth=456 length=0 2 TRI-CONTINENTAL CORPORATION 2009 QUARTERLY REPORT
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You may change your payment election by contacting your Financial Advisor or by calling Stockholder Services at 1(800) 221-2450.
On behalf of the Board, we would like to thank you for your continued support of Tri-Continental Corporation.
| ● | ● |
|---|---|
| Stephen R. Lewis, Jr. | Patrick T. Bannigan |
| Chairman of the Boards | President, RiverSource Family of Funds |
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Begin box 1
For more informationgo online to Tricontinental.comor Seligman.com; or call1(800) 221-2450.Customer Service Representativesare available to answeryour questions Mondaythrough Friday from7 a.m. to 6 p.m.Central time.
End box 1
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Your Fund at a Glance callerid=109 iwidth=336 length=0
(Unaudited)
FUND SUMMARY
callerid=999 iwidth=336 length=0
| > | Tri-Continental Corporation (the
Fund) common stock rose 17.55% based on net asset value and
20.40% based on market price for the three-month period ended Sept. 30, 2009. |
| --- | --- |
| > | The Fund outperformed its
benchmark, the S&P 500 Index, which gained 15.61% for
the three-month period. |
| > | The Fund outperformed the Lipper Large-Cap Core Funds Index, which gained 15.27% for the same period. |
ANNUALIZED TOTAL RETURNS (for period ended Sept. 30, 2009)
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| Tri-Continental Corporation Market Price | +20.40% | +13.62% | -20.05% | -12.09% | -2.39% | -3.21% |
|---|---|---|---|---|---|---|
| Net Asset Value | +17.55% | +17.32% | -11.18% | -10.95% | -2.70% | -2.87% |
| S&P 500 | ||||||
| Index (1) (unmanaged) | +15.61% | +19.26% | -6.91% | -5.43% | +1.02% | -0.15% |
| Lipper Large-Cap Core Funds | ||||||
| Index (2) | +15.27% | +21.44% | -5.47% | -4.64% | +1.17% | -0.27% |
| Lipper Large-Cap Core Funds | ||||||
| Average (3) | +15.11% | +20.60% | -5.78% | -5.06% | +1.14% | +0.25% |
- Not annualized.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting seligman.com.
The Funds returns reflect the effect of payments/expense reimbursements from the investment manager, including the predecessor investment manager, if any. Without such payments/reimbursements, the Funds returns would be lower.
Returns reflect changes in market price or net asset value, as applicable, and assume reinvestment of distributions. Returns do not reflect the deduction of taxes that investors may pay on distributions or the sale of shares.
The indices and the average do not reflect the effects of sales charges, expenses (excluding Lipper) and taxes. It is not possible to invest directly in an index or an average.
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| (1) | The
Standard & Poors 500 Composite Stock Price Index
(S&P 500 Index), an unmanaged index of common stocks,
is frequently used as a general measure of market performance.
The index reflects reinvestment of all distributions and changes
in market prices. |
| --- | --- |
| (2) | The
Lipper Large-Cap Core Funds Index (the Lipper Index) includes
the 30 largest open-end large-cap core funds tracked by Lipper
Inc. The Lipper Indexs returns include net reinvested
dividends. |
| (3) | The
Lipper Large-Cap Core Funds Average (the Lipper Average)
includes open-end funds that, by portfolio practice, invest at
least 75% of their assets in companies with market
capitalizations (on a three-year weighted basis) above
Lippers U.S. Diversified Equity large-cap floor. Large-cap
core funds typically have an average price-to-earnings ratio,
price-to-book ratio, and three-year sales-per-share growth value relative to the S&P 500 Index. The Lipper
Averages returns include net reinvested dividends. |
- The Lipper Index replaced the Lipper Average as the Funds secondary benchmark. The Lipper Average includes all funds categorized by Lipper within the broad universe of open-end funds in the Lipper Average, whereas the Lipper Index includes only a select group of open-end funds from the Lipper Average, as described above. This change was made to bring the selection of the secondary benchmark in line with the practice of the RiverSource Family of Funds, which would permit a common stockholder experience and provide a more focused peer group for performance comparison purposes. Information on both the Lipper Index and the Lipper Average will be included for a transition period. Thereafter, only the Lipper Index will be included.
PRICE PER SHARE
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| | Sept. 30,
2009 | June 30,
2009 | March 31,
2009 | Dec. 31,
2008 |
| --- | --- | --- | --- | --- |
| Market price | $ 11.02 | $ 9.19 | $ 8.42 | $ 9.86 |
| Net asset value | 13.03 | 11.13 | 9.74 | 11.29 |
DIVIDEND AND CAPITAL GAIN INFORMATION PER COMMON SHARE (for the nine months ended Sept. 30, 2009)
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| Distributions
paid (a) | Capital gain
(loss) — Realized | | Unrealized
gain (b) | Unrealized
loss (b) | |
| --- | --- | --- | --- | --- | --- |
| $0.15 | $ (2.24 | ) | $ 1.37 | $ (1.96 | ) |
| (a) | Preferred
Stockholders were paid dividends totaling $1.875 per share. |
| --- | --- |
| (b) | Represents
the per Common share amount of gross unrealized gain or loss on
portfolio securities as of Sept. 30, 2009. |
The net asset value of the Funds shares may not always correspond to the market price of such shares. Common stock of many closed-end funds frequently trade at a discount from their net asset value. The Fund 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.
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Your Fund at a Glance (continued) callerid=109 iwidth=456 length=0
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STYLE MATRIX
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Shading within the style matrix indicates areas in which the Fund is designed to generally invest.
The style matrix can be a valuable tool for constructing and monitoring your portfolio. It provides a frame of reference for distinguishing the types of stocks or bonds owned by a fund, and may serve as a guideline for helping you build a portfolio.
Investment products, including shares of funds, are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
PORTFOLIO COMPOSITION (1) (at Sept. 30, 2009; % of portfolio assets)
| Stocks | 99.3% |
|---|---|
| Consumer Discretionary | 11.1% |
| Consumer Staples | 5.7% |
| Energy | 12.4% |
| Financials | 18.9% |
| Health Care | 17.1% |
| Industrials | 7.0% |
| Information Technology | 17.9% |
| Materials | 3.2% |
| Telecommunication Services | 3.7% |
| Utilities | 2.3% |
| Equity-Linked Notes | 0.4% |
| Other (2) | 0.3% |
| (1) | Sectors
can be comprised of several industries. Please refer to the
section entitled Portfolio of Investments for a
complete listing. No single industry exceeds 25% of portfolio
assets. |
| --- | --- |
| | Percentages
indicated are based upon total investments (excluding
Investments of Cash Collateral Received for Securities on Loan)
as of Sept. 30, 2009. The Funds composition is
subject to change. |
| (2) | Cash &
Cash Equivalents. |
The sectors identified above are based on the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poors, a division of The McGraw-Hill Companies, Inc.
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TOP TEN HOLDINGS (at Sept. 30, 2009; % of portfolio assets)
| Chevron | 5.0% |
|---|---|
| Johnson & Johnson | 3.8% |
| Pfizer | 3.5% |
| Apple | 3.0% |
| IBM | 2.6% |
| Home Depot | 2.6% |
| Bank of America | 2.3% |
| General Electric | 1.9% |
| Rovi | 1.9% |
| Goldman Sachs Group | 1.7% |
Excludes cash & cash equivalents.
For further detail about these holdings, please refer to the section entitled Portfolio of Investments.
Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.
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Portfolio of Investments callerid=109 iwidth=336 length=0
Sept. 30, 2009 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in Securities
| Common
Stocks (99.6%) — Issuer | Shares | | Value(a) |
| --- | --- | --- | --- |
| Aerospace &
Defense (2.2%) | | | |
| Boeing | 59,616 | | $3,228,206 |
| General Dynamics | 96,271 | | 6,219,106 |
| Goodrich | 15,984 | | 868,571 |
| ITT | 18,839 | | 982,454 |
| Lockheed Martin | 45,098 | | 3,521,252 |
| Northrop Grumman | 59,209 | | 3,064,066 |
| Raytheon | 37,910 | | 1,818,543 |
| United Technologies | 21,912 | | 1,335,098 |
| Total | 21,037,296 | | |
| Air Freight &
Logistics (0.2%) | | | |
| CH Robinson Worldwide | 26,764 | (g) | 1,545,621 |
| FedEx | 4,668 | | 351,127 |
| Total | 1,896,748 | | |
| Auto Components
(%) | | | |
| Johnson Controls | 10,469 | (g) | 267,588 |
| Automobiles (0.1%) | | | |
| Harley-Davidson | 47,514 | | 1,092,822 |
| Beverages (2.2%) | | | |
| Brown-Forman Cl B | 20,369 | (g) | 982,193 |
| Coca-Cola | 191,183 | | 10,266,527 |
| Coca-Cola Enterprises | 91,210 | | 1,952,806 |
| Pepsi Bottling Group | 26,646 | | 970,980 |
| PepsiCo | 105,966 | | 6,215,966 |
| Total | 20,388,472 | | |
| Biotechnology (0.8%) | | | |
| Amgen | 71,779 | (b) | 4,323,249 |
| Biogen Idec | 21,192 | (b) | 1,070,620 |
| Cephalon | 31,037 | (b,g) | 1,807,595 |
| Total | 7,201,464 | | |
| Building
Products (0.1%) | | | |
| Masco | 68,608 | (g) | 886,415 |
| Capital
Markets (4.6%) | | | |
| Bank of New York Mellon | 166,834 | | 4,836,518 |
| Franklin Resources | 9,699 | | 975,719 |
| Goldman Sachs Group | 98,380 | | 18,136,354 |
| Morgan Stanley | 468,016 | (g) | 14,452,334 |
| State Street | 61,120 | | 3,214,912 |
| WCAS Capital Partners II LP | 4,292,803 | (i) | 1,622,679 |
| Total | 43,238,516 | | |
| Chemicals (1.5%) | | | |
| Air Products & Chemicals | 27,099 | | 2,102,340 |
| CF Inds Holdings | 9,852 | | 849,538 |
| Dow Chemical | 269,313 | | 7,020,991 |
| EI du Pont de Nemours & Co | 70,716 | (g) | 2,272,812 |
| PPG Inds | 26,162 | | 1,522,890 |
| Total | 13,768,571 | | |
| Commercial
Banks (3.0%) | | | |
| BB&T | 70,863 | (g) | 1,930,308 |
| Comerica | 50,712 | (g) | 1,504,625 |
| Fifth Third Bancorp | 98,736 | (g) | 1,000,196 |
| First Horizon Natl | 74,911 | (b) | 991,066 |
| KeyCorp | 123,471 | | 802,562 |
| Marshall & Ilsley | 140,663 | | 1,135,150 |
| PNC Financial Services Group | 158,238 | (g) | 7,688,784 |
| SunTrust Banks | 149,950 | (g) | 3,381,373 |
| Wells Fargo & Co | 359,945 | | 10,143,250 |
| Total | 28,577,314 | | |
| Commercial Services &
Supplies (0.3%) | | | |
| Avery Dennison | 27,121 | | 976,627 |
| Iron Mountain | 27,654 | (b) | 737,256 |
| RR Donnelley & Sons | 55,756 | | 1,185,372 |
| Total | 2,899,255 | | |
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| Common
Stocks (continued) — Issuer | Shares | | Value(a) |
| --- | --- | --- | --- |
| Communications
Equipment (1.5%) | | | |
| Cisco Systems | 173,076 | (b) | $4,074,209 |
| Motorola | 406,815 | | 3,494,541 |
| QUALCOMM | 137,914 | | 6,203,372 |
| Total | 13,772,122 | | |
| Computers &
Peripherals (8.0%) | | | |
| Apple | 172,384 | (b) | 31,954,823 |
| Dell | 351,031 | (b) | 5,356,733 |
| Hewlett-Packard | 110,964 | | 5,238,610 |
| IBM | 232,905 | (e) | 27,857,767 |
| Lexmark Intl Cl A | 64,655 | (b,g) | 1,392,669 |
| NetApp | 42,759 | (b) | 1,140,810 |
| QLogic | 9,925 | (b,g) | 170,710 |
| Western Digital | 78,329 | (b) | 2,861,358 |
| Total | 75,973,480 | | |
| Construction &
Engineering (0.1%) | | | |
| Fluor | 25,350 | | 1,289,048 |
| Construction
Materials (0.1%) | | | |
| Vulcan Materials | 16,377 | (g) | 885,504 |
| Consumer
Finance (0.8%) | | | |
| American Express | 29,059 | | 985,100 |
| Capital One Financial | 110,776 | (g) | 3,958,026 |
| Discover Financial Services | 99,564 | | 1,615,924 |
| SLM | 129,265 | (b,g) | 1,127,191 |
| Total | 7,686,241 | | |
| Distributors (0.1%) | | | |
| Genuine Parts | 29,421 | | 1,119,763 |
| Diversified Consumer
Services (0.5%) | | | |
| Apollo Group Cl A | 45,020 | (b) | 3,316,624 |
| H&R Block | 77,095 | | 1,417,006 |
| Total | 4,733,630 | | |
| Diversified Financial
Services (5.2%) | | | |
| Bank of America | 1,472,802 | | 24,919,810 |
| CIT Group | 137,161 | (g) | 165,965 |
| Citigroup | 2,617,393 | | 12,668,182 |
| IntercontinentalExchange | 14,207 | (b) | 1,380,778 |
| JPMorgan Chase & Co | 236,534 | | 10,364,920 |
| Total | 49,499,655 | | |
| Diversified Telecommunication
Services (3.3%) | | | |
| AT&T | 596,178 | | 16,102,768 |
| CenturyTel | 36,445 | | 1,224,552 |
| Frontier Communications | 80,589 | (g) | 607,641 |
| Qwest Communications Intl | 183,030 | (g) | 697,344 |
| Verizon Communications | 415,670 | | 12,582,331 |
| Total | 31,214,636 | | |
| Electric
Utilities (1.0%) | | | |
| Edison Intl | 29,772 | | 999,744 |
| FirstEnergy | 39,287 | | 1,796,202 |
| Northeast Utilities | 38,587 | | 916,055 |
| Pinnacle West Capital | 30,607 | | 1,004,522 |
| Progress Energy | 84,011 | (g) | 3,281,469 |
| Southern | 56,269 | | 1,782,039 |
| Total | 9,780,031 | | |
| Electrical
Equipment (0.2%) | | | |
| Emerson Electric | 43,778 | | 1,754,623 |
| Rockwell Automation | 1,979 | (g) | 84,305 |
| Total | 1,838,928 | | |
| Electronic Equipment,
Instruments & Components (1.0%) | | | |
| Corning | 403,276 | | 6,174,155 |
| Jabil Circuit | 23,163 | | 310,616 |
| Tyco Electronics | 121,885 | (c) | 2,715,598 |
| Total | 9,200,369 | | |
| Energy Equipment &
Services (1.9%) | | | |
| Baker Hughes | 67,743 | (g) | 2,889,916 |
| BJ Services | 96,118 | | 1,867,573 |
| Diamond Offshore Drilling | 11,999 | (g) | 1,146,144 |
| ENSCO Intl | 65,568 | (g) | 2,789,263 |
| Halliburton | 40,690 | | 1,103,513 |
| Nabors Inds | 63,575 | (b,c) | 1,328,718 |
| Natl Oilwell Varco | 76,799 | (b,g) | 3,312,340 |
| Noble | 62,178 | (g) | 2,360,277 |
| Smith Intl | 29,906 | | 858,302 |
| Weatherford Intl | 11,912 | (b,c) | 246,936 |
| Total | 17,902,982 | | |
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| Common
Stocks (continued) — Issuer | Shares | | Value(a) |
| --- | --- | --- | --- |
| Food & Staples
Retailing (1.1%) | | | |
| SYSCO | 75,211 | | $1,868,993 |
| Walgreen | 82,882 | | 3,105,589 |
| Wal-Mart Stores | 90,429 | | 4,439,159 |
| Whole Foods Market | 36,853 | (b,g) | 1,123,648 |
| Total | 10,537,389 | | |
| Food
Products (0.9%) | | | |
| Archer-Daniels-Midland | 150,534 | | 4,398,603 |
| ConAgra Foods | 57,717 | | 1,251,305 |
| Dean Foods | 40,694 | (b) | 723,946 |
| Sara Lee | 85,249 | | 949,674 |
| Tyson Foods Cl A | 79,202 | | 1,000,321 |
| Total | 8,323,849 | | |
| Gas
Utilities (0.2%) | | | |
| Nicor | 24,521 | (g) | 897,223 |
| Questar | 22,473 | | 844,086 |
| Total | 1,741,309 | | |
| Health Care
Equipment & Supplies (0.8%) | | | |
| Becton Dickinson & Co | 27,125 | | 1,891,969 |
| Boston Scientific | 97,433 | (b) | 1,031,815 |
| CareFusion | 28,672 | (b) | 625,050 |
| Medtronic | 59,523 | | 2,190,446 |
| St. Jude Medical | 49,498 | (b) | 1,930,917 |
| Total | 7,670,197 | | |
| Health Care
Providers & Services (2.7%) | | | |
| Aetna | 82,760 | | 2,303,211 |
| Cardinal Health | 92,911 | | 2,490,015 |
| CIGNA | 125,553 | | 3,526,784 |
| Coventry Health Care | 46,172 | (b,g) | 921,593 |
| Humana | 24,709 | (b) | 921,646 |
| Laboratory Corp of America Holdings | 12,563 | (b,g) | 825,389 |
| McKesson | 39,454 | | 2,349,486 |
| Quest Diagnostics | 31,680 | (g) | 1,653,379 |
| UnitedHealth Group | 281,928 | | 7,059,476 |
| WellPoint | 81,596 | (b) | 3,864,387 |
| Total | 25,915,366 | | |
| Hotels, Restaurants &
Leisure (1.5%) | | | |
| McDonalds | 153,102 | | 8,737,531 |
| Starbucks | 242,514 | (b,g) | 5,007,914 |
| Total | 13,745,445 | | |
| Household
Durables (0.2%) | | | |
| DR Horton | 99,489 | (g) | 1,135,169 |
| Pulte Homes | 81,133 | | 891,652 |
| Total | 2,026,821 | | |
| Household
Products (0.4%) | | | |
| Clorox | 19,549 | | 1,149,872 |
| Colgate-Palmolive | 35,231 | | 2,687,421 |
| Total | 3,837,293 | | |
| Independent Power
Producers & Energy Traders (0.1%) | | | |
| Constellation Energy Group | 35,925 | | 1,162,892 |
| Industrial
Conglomerates (2.8%) | | | |
| General Electric | 1,271,888 | | 20,884,401 |
| Textron | 66,356 | (g) | 1,259,437 |
| Tyco Intl | 115,005 | (c) | 3,965,372 |
| Total | 26,109,210 | | |
| Insurance (5.2%) | | | |
| AFLAC | 24,619 | | 1,052,216 |
| Allstate | 353,880 | | 10,835,805 |
| Aon | 84,339 | | 3,431,754 |
| Assurant | 28,410 | | 910,825 |
| Chubb | 59,901 | | 3,019,609 |
| Hartford Financial Services Group | 61,987 | (g) | 1,642,656 |
| Lincoln Natl | 49,430 | (g) | 1,280,731 |
| MetLife | 172,900 | | 6,582,303 |
| Principal Financial Group | 62,611 | (g) | 1,714,915 |
| Progressive | 196,964 | (b) | 3,265,663 |
| Prudential Financial | 31,793 | | 1,586,789 |
| Torchmark | 41,023 | (g) | 1,781,629 |
| Travelers Companies | 213,982 | | 10,534,334 |
| Unum Group | 57,272 | | 1,227,912 |
| Total | 48,867,141 | | |
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| Common
Stocks (continued) — Issuer | Shares | | Value(a) |
| --- | --- | --- | --- |
| Internet & Catalog
Retail (0.7%) | | | |
| Amazon.com | 62,858 | (b) | $5,868,423 |
| Expedia | 41,043 | (b) | 982,980 |
| Total | 6,851,403 | | |
| Internet Software &
Services (0.2%) | | | |
| eBay | 72,729 | (b) | 1,717,132 |
| IT
Services (1.2%) | | | |
| Affiliated Computer Services Cl A | 28,552 | (b) | 1,546,662 |
| Automatic Data Processing | 79,712 | | 3,132,681 |
| Cognizant Technology Solutions Cl A | 37,822 | (b) | 1,462,199 |
| Computer Sciences | 29,428 | (b) | 1,551,150 |
| Fiserv | 20,080 | (b,g) | 967,856 |
| MasterCard Cl A | 15,243 | (g) | 3,081,372 |
| Total | 11,741,920 | | |
| Leisure Equipment &
Products (0.1%) | | | |
| Mattel | 66,506 | | 1,227,701 |
| Life Sciences Tools &
Services (0.1%) | | | |
| Life Technologies | 22,582 | (b) | 1,051,192 |
| Machinery (1.1%) | | | |
| Cummins | 26,032 | | 1,166,494 |
| Eaton | 30,441 | | 1,722,656 |
| Illinois Tool Works | 67,069 | | 2,864,517 |
| Ingersoll-Rand | 108,637 | (c,g) | 3,331,897 |
| PACCAR | 30,371 | (g) | 1,145,290 |
| Total | 10,230,854 | | |
| Media (1.3%) | | | |
| CBS Cl B | 202,002 | | 2,434,124 |
| Gannett | 82,836 | (g) | 1,036,278 |
| News Corp Cl A | 442,638 | | 5,307,230 |
| Viacom Cl B | 137,269 | (b) | 3,849,023 |
| Total | 12,626,655 | | |
| Metals &
Mining (1.7%) | | | |
| Alcoa | 162,736 | (g) | 2,135,096 |
| Allegheny Technologies | 24,486 | (g) | 856,765 |
| Freeport-McMoRan Copper & Gold | 84,494 | (g) | 5,797,134 |
| Newmont Mining | 95,433 | | 4,200,961 |
| Nucor | 29,439 | (g) | 1,383,927 |
| United States Steel | 30,531 | (g) | 1,354,660 |
| Total | 15,728,543 | | |
| Multiline
Retail (1.1%) | | | |
| Family Dollar Stores | 71,498 | | 1,887,547 |
| JC Penney | 29,136 | | 983,340 |
| Kohls | 83,558 | (b) | 4,766,984 |
| Macys | 65,125 | | 1,191,136 |
| Nordstrom | 33,368 | (g) | 1,019,059 |
| Sears Holdings | 11,412 | (b,g) | 745,318 |
| Total | 10,593,384 | | |
| Multi-Utilities (0.9%) | | | |
| Consolidated Edison | 61,365 | (g) | 2,512,283 |
| PG&E | 101,954 | (g) | 4,128,117 |
| SCANA | 27,155 | (g) | 947,710 |
| Xcel Energy | 66,717 | (g) | 1,283,635 |
| Total | 8,871,745 | | |
| Office
Electronics (0.1%) | | | |
| Xerox | 123,011 | | 952,105 |
| Oil, Gas & Consumable
Fuels (10.5%) | | | |
| Apache | 14,688 | (g) | 1,348,799 |
| Chesapeake Energy | 41,568 | | 1,180,531 |
| Chevron | 768,328 | | 54,113,340 |
| ConocoPhillips | 332,245 | | 15,004,184 |
| Hess | 53,467 | | 2,858,346 |
| Marathon Oil | 236,306 | | 7,538,161 |
| Murphy Oil | 34,239 | (g) | 1,971,139 |
| Noble Energy | 20,977 | (g) | 1,383,643 |
| Occidental Petroleum | 88,644 | | 6,949,690 |
| Peabody Energy | 22,475 | (g) | 836,520 |
| Range Resources | 20,203 | (g) | 997,220 |
| Sunoco | 24,149 | (g) | 687,039 |
| Tesoro | 44,673 | (g) | 669,202 |
| Valero Energy | 207,889 | | 4,030,968 |
| Total | 99,568,782 | | |
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| Common
Stocks (continued) — Issuer | Shares | | Value(a) |
| --- | --- | --- | --- |
| Pharmaceuticals (12.8%) | | | |
| Abbott Laboratories | 36,220 | | $1,791,803 |
| Allergan | 51,107 | | 2,900,833 |
| Bristol-Myers Squibb | 72,690 | | 1,636,979 |
| Eli Lilly & Co | 69,672 | | 2,301,266 |
| Forest Laboratories | 114,465 | (b) | 3,369,850 |
| Johnson & Johnson | 671,478 | | 40,886,296 |
| King Pharmaceuticals | 64,212 | (b,g) | 691,563 |
| Merck & Co | 396,929 | (g) | 12,554,864 |
| Mylan | 80,061 | (b,g) | 1,281,777 |
| Pfizer | 2,293,822 | | 37,962,755 |
| Schering-Plough | 352,988 | | 9,971,911 |
| Wyeth | 112,068 | | 5,444,263 |
| Total | 120,794,160 | | |
| Road & Rail
(%) | | | |
| Norfolk Southern | 6,836 | | 294,700 |
| Semiconductors &
Semiconductor Equipment (3.0%) | | | |
| Analog Devices | 37,608 | | 1,037,229 |
| Broadcom Cl A | 55,259 | (b) | 1,695,899 |
| Intel | 743,067 | | 14,541,821 |
| Linear Technology | 28,598 | (g) | 790,163 |
| MEMC Electronic Materials | 75,552 | (b,g) | 1,256,430 |
| Microchip Technology | 48,510 | (g) | 1,285,515 |
| Micron Technology | 162,962 | (b) | 1,336,288 |
| NVIDIA | 142,105 | (b,g) | 2,135,838 |
| Texas Instruments | 162,715 | | 3,854,718 |
| Total | 27,933,901 | | |
| Software (3.1%) | | | |
| BMC Software | 17,722 | (b) | 665,107 |
| Intuit | 59,727 | (b) | 1,702,220 |
| Microsoft | 61,794 | | 1,599,847 |
| Red Hat | 36,860 | (b) | 1,018,810 |
| Rovi | 590,649 | (b,g) | 19,845,805 |
| Symantec | 214,023 | (b,g) | 3,524,959 |
| Total | 28,356,748 | | |
| Specialty
Retail (4.7%) | | | |
| Abercrombie & Fitch Cl A | 42,922 | (g) | 1,411,275 |
| AutoNation | 50,188 | (b,g) | 907,399 |
| AutoZone | 8,613 | (b) | 1,259,393 |
| Bed Bath & Beyond | 36,849 | (b,g) | 1,383,311 |
| Best Buy | 63,399 | (g) | 2,378,730 |
| Gap | 136,021 | | 2,910,849 |
| Home Depot | 1,028,999 | | 27,412,534 |
| Lowes Companies | 63,968 | | 1,339,490 |
| OReilly Automotive | 49,800 | (b,g) | 1,799,772 |
| Sherwin-Williams | 60,838 | (g) | 3,660,015 |
| Total | 44,462,768 | | |
| Textiles, Apparel &
Luxury Goods (0.7%) | | | |
| Coach | 47,997 | | 1,580,061 |
| Nike Cl B | 53,138 | | 3,438,029 |
| VF | 19,467 | (g) | 1,409,995 |
| Total | 6,428,085 | | |
| Thrifts & Mortgage
Finance (0.2%) | | | |
| Peoples United Financial | 94,327 | (g) | 1,467,728 |
| Tobacco (1.1%) | | | |
| Altria Group | 446,561 | | 7,953,251 |
| Lorillard | 37,660 | | 2,798,138 |
| Total | 10,751,389 | | |
| Trading Companies &
Distributors (%) | | | |
| Fastenal | 23 | (g) | 890 |
| Wireless Telecommunication
Services (0.4%) | | | |
| Sprint Nextel | 933,158 | (b) | 3,685,974 |
| Total Common Stocks | | | |
| (Cost: $956,509,960) | | | $941,425,521 |
| Equity-Linked
Notes (0.4%)(j) | Coupon | Principal | | |
| --- | --- | --- | --- | --- |
| Issuer | rate | amount | | Value(a) |
| Lehman Brothers Holdings Sr Unsecured | | | | |
| 09-14-08 | 53.51 % | $14,844,000 | (b,d,f,h) | $1,757,682 |
| 10-02-08 | 39.50 | 14,844,000 | (b,d,f,h) | 2,176,353 |
| Total Equity-Linked Notes | | | | |
| (Cost: $29,688,000) | | | | $3,934,035 |
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| Money
Market Fund (0.3%) — Shares | | | Value(a) |
| --- | --- | --- | --- |
| RiverSource Short-Term Cash Fund, 0.28% | 2,655,700 | (k) | $2,655,700 |
| Total Money Market
Fund | | | |
| (Cost: $2,655,700) | | | $2,655,700 |
| Investments
of Cash Collateral Received | | | |
| for Securities on
Loan (13.1%) | | | |
| Shares | | | Value(a) |
| Cash Collateral Reinvestment
Fund (8.9%) | | | |
| JPMorgan Prime Money Market Fund | 83,622,218 | | $83,622,218 |
| Issuer | Coupon — rate | Principal — amount | Value(a) |
|---|---|---|---|
| Asset-Backed Commercial | |||
| Paper (1.7%) | |||
| Belmont Funding LLC | |||
| 10-06-09 | 0.52 % | $3,999,596 | $3,999,596 |
| Ebbets Funding LLC | |||
| 10-06-09 | 0.47 | 3,999,634 | 3,999,634 |
| Rhein-Main Securitisation | |||
| 10-20-09 | 0.32 | 4,998,889 | 4,998,889 |
| Tasman Funding | |||
| 10-23-09 | 0.30 | 2,999,250 | 2,999,250 |
| Total | 15,997,369 | ||
| Certificates of | |||
| Deposit (2.0%) | |||
| Banco Espirito Santo e Comm London | |||
| 10-06-09 | 0.30 | 5,000,000 | 5,000,000 |
| Dexia Credit Local du France | |||
| 10-09-09 | 0.42 | 3,999,347 | 3,999,347 |
| Monte de Paschi | |||
| 11-02-09 | 0.40 | 5,000,000 | 5,000,000 |
| Raiffeisen Zentralbank Oest Vienna | |||
| 10-05-09 | 0.29 | 5,000,000 | 5,000,000 |
| Total | 18,999,347 | ||
| Commercial | |||
| Paper (0.5%) | |||
| KBC Financial Products | |||
| 11-02-09 | 0.48 | 4,997,691 | 4,997,691 |
| Total Investments of Cash | |||
| Collateral Received for Securities on Loan | |||
| (Cost: $123,616,625) | $123,616,625 | ||
| Total Investments in | |||
| Securities | |||
| (Cost: $1,112,470,285)(l) | $1,071,631,881 |
Investments in Derivatives
Futures Contracts Outstanding at Sept. 30, 2009
| Number of — contracts | Notional | Expiration | Unrealized — appreciation | |
|---|---|---|---|---|
| Contract | ||||
| description | long | |||
| (short) | market | |||
| value | date | (depreciation) | ||
| S&P 500 Index | 3 | $789,675 | Dec. 2009 | $11,727 |
Notes to Portfolio of Investments
(a) The Fund adopted Financial Accounting Standards Board (FASB) Staff Position FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (FSP 157-4), on June 30, 2009. FSP 157-4 provides guidance on estimating the fair value of an investment when the trade volume and level of activity for the investment have significantly decreased relative to historical levels. FSP 157-4 requires funds to disclose in interim and annual periods the inputs and valuation techniques used to measure fair value and any changes in valuation
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| | inputs
or techniques. In addition, investments shall be disclosed by
major category. There was no impact to the Funds net
assets or results of operations upon adoption. This disclosure
can be found as part of the Fair Value Measurements disclosure
in the Portfolio of Investments. |
| --- | --- |
| | All
securities are valued at the close of each business day of the
NYSE. Securities traded on national securities exchanges or
included in national market systems are valued at the last
quoted sales price. Debt securities are generally traded in the
over-the-counter market and are valued by an independent pricing
service using an evaluated bid. When market quotes are not
readily available, the pricing service, in determining fair
values of debt securities, takes into consideration such factors
as current quotations by broker/dealers, coupon, maturity,
quality, type of issue, trading characteristics, and other yield
and risk factors it deems relevant in determining valuations.
Foreign securities are valued based on quotations from the
principal market in which such securities are normally traded.
The procedures adopted by the Board of Directors (the Board)
generally contemplate the use of fair valuation in the event
that price quotations or valuations are not readily available,
price quotations or valuations from other sources are not
reflective of market value and thus deemed unreliable, or a
significant event has occurred in relation to a security or
class of securities (such as foreign securities) that is not
reflected in price quotations or valuations from other sources.
A fair value price is a good faith estimate of the value of a
security at a given point in time. |
| | Many
securities markets and exchanges outside the U.S. close prior to
the close of the NYSE and therefore the closing prices for
securities in such markets or on such exchanges may not fully
reflect events that occur after such close but before the close
of the NYSE, including significant movements in the U.S. market
after foreign exchanges have closed. Accordingly, in those
situations, Ameriprise Financial, Inc. (Ameriprise Financial),
parent company of RiverSource Investments, LLC (RiverSource
Investments or the Investment Manager), as administrator to the
Corporation, will fair value foreign securities pursuant to
procedures adopted by the Board, including utilizing a third
party pricing service to determine these fair values. These
procedures take into account multiple factors, including
movements in the U.S. securities markets, to determine a good
faith estimate that reasonably reflects the current market
conditions as of the close of the NYSE. |
| | Short-term
securities maturing in more than 60 days from the valuation
date are valued at the market price or approximate market value
based on current interest rates. Typically, those maturing in
60 days or less that originally had maturities of more than
60 days at acquisition date are valued at amortized cost
using the market value on the
61 st day
before maturity. Short-term securities maturing in 60 days
or less at acquisition date are valued at amortized cost.
Amortized cost is an approximation of market value. Investments
in money market funds are valued at net asset value. |
| (b) | Non-income
producing. For long-term debt securities, item identified is in
default as to payment of interest and/or principal. |
| (c) | Foreign
security values are stated in U.S. dollars. At Sept. 30,
2009, the value of foreign securities, excluding short-term
securities, represented 1.2% of net assets. |
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| (d) | Represents
a security sold under Rule 144A, which is exempt from
registration under the Securities Act of 1933, as amended. This
security may be determined to be liquid under guidelines
established by the Funds Board of Directors. These
securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At
Sept. 30, 2009, the value of these securities amounted to
$3,934,035 or 0.4% of net assets. |
| --- | --- |
| (e) | At
Sept. 30, 2009, investments in securities included
securities valued at $1,794,150 that were partially pledged as
collateral to cover initial margin deposits on open stock index
futures contracts. |
| (f) | This
position is in bankruptcy. |
| (g) | At
Sept. 30, 2009, security was partially or fully on loan. |
| (h) | Identifies
issues considered to be illiquid as to their marketability. The
aggregate value of such securities at Sept. 30, 2009 was
$3,934,035, representing 0.4% of net assets. Information
concerning such security holdings at Sept. 30, 2009 is as
follows: |
| Security | Acquisition — dates | Cost |
|---|---|---|
| Lehman Brothers Holdings Sr Unsecured 53.51% 2008 | 03-07-08 | $14,844,000 |
| 39.50% 2008 | 03-26-08 | 14,844,000 |
| (i) | Restricted
security. |
| --- | --- |
| (j) | Equity-Linked
Notes (ELNs) are notes created by a counterparty, typically an
investment bank, that may bear interest at a fixed or floating
rate. At maturity, the notes must be exchanged for an amount
based on the value of one or more equity securities of third
party issuers or the value of an index. The exchanged value may
be limited to an amount less than the actual value of the
underlying stocks or value of an index at the maturity date. Any
difference between the exchange amount and the original cost of
the notes will be a gain or loss. |
| (k) | Affiliated
Money Market Fund The Fund may invest its daily cash
balance in RiverSource Short-Term Cash Fund, a money market fund
established for the exclusive use of funds in the RiverSource
Family of Funds and other institutional clients of RiverSource
Investments. The rate shown is the seven-day current annualized yield at Sept. 30, 2009. |
| (l) | At
Sept. 30, 2009, the cost of securities for federal income
tax purposes was approximately $1,112,470,000 and the
approximate aggregate gross unrealized appreciation and
depreciation based on that cost was: |
| Unrealized appreciation | $95,862,000 | |
|---|---|---|
| Unrealized depreciation | (136,700,000 | ) |
| Net unrealized depreciation | $(40,838,000 | ) |
The industries identified above are based on the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poors, a division of The McGraw-Hill Companies, Inc.
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Fair Value Measurements
Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Funds assumptions about the information market participants would use in pricing an investment. An investments level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liabilitys fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
| | 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 Funds own assumptions and judgment in determining the
fair value of investments). |
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Fund Administrator, along with any other relevant factors in the calculation of an investments fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note (a) to the Portfolio of Investments.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as
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Fair Value Measurements (continued)
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Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Fund Administrator. Inputs used in a valuation model may include, but are not limited to, financial statement analysis, discount rates and estimated cash flows, and comparable company data.
The following table is a summary of the inputs used to value the Funds investments as of Sept. 30, 2009:
| | Fair value at
Sept. 30, 2009 — Level 1 | Level 2 | | |
| --- | --- | --- | --- | --- |
| | quoted prices | other | Level 3 | |
| | in active | significant | significant | |
| | markets for | observable | unobservable | |
| Description | identical
assets | inputs | inputs | Total |
| Equity Securities | | | | |
| Common Stocks | | | | |
| Capital Markets | $41,615,837 | $ | $1,622,679 | $43,238,516 |
| All Other Industries(a) | 898,187,005 | | | 898,187,005 |
| Total Equity Securities | 939,802,842 | | 1,622,679 | 941,425,521 |
| Other | | | | |
| Equity-Linked Notes | | 3,934,035 | | 3,934,035 |
| Affiliated Money Market Fund(b) | 2,655,700 | | | 2,655,700 |
| Investments of Cash Collateral Received for Securities
on Loan(c) | 83,622,218 | 39,994,407 | | 123,616,625 |
| Total Other | 86,277,918 | 43,928,442 | | 130,206,360 |
| Investments in Securities | 1,026,080,760 | 43,928,442 | 1,622,679 | 1,071,631,881 |
| Other Financial Instruments(d) | 11,727 | | | 11,727 |
| Total | $1,026,092,487 | $43,928,442 | $1,622,679 | $1,071,643,608 |
| (a) | All
industry classifications are identified in the Portfolio of
Investments. |
| --- | --- |
| (b) | Money
market fund that is a sweep investment for cash balances in the
Fund at Sept. 30, 2009. |
| (c) | Asset
categories for Investments of Cash Collateral are identified in
the Portfolio of Investments. |
| (d) | Other
Financial Instruments are derivative instruments, which are
valued at the unrealized appreciation (depreciation) on the
instrument. Derivative descriptions are located in the
Investments in Derivatives section of the Portfolio of
Investments. |
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Fair Value Measurements (continued)
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The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
| Stocks | ||
| Balance as of Dec. 31, 2008 | $1,893,126 | |
| Accrued discounts/premiums | | |
| Realized gain (loss) | | |
| Change in unrealized appreciation (depreciation)* | (270,447 | ) |
| Net purchases (sales) | | |
| Transfers in and/or out | ||
| of Level 3 | | |
| Balance as of Sept. 30, 2009 | $1,622,679 |
- Change in unrealized appreciation (depreciation) relating to securities held at Sept. 30, 2009 was $(270,447).
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Tri-Continental Corporation
734 Ameriprise Financial Center
Minneapolis, MN 55474
tricontinental.com
This report must be accompanied or preceded by the Funds current prospectus. Tri-Continental Corporation is managed by RiverSource Investments, LLC. This material is distributed by RiverSource Fund Distributors, Inc. Member FINRA. © 2009 RiverSource Investments, LLC. SL-99483 A (11/09)
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