TRI-CONTINENTAL CORPORATION
To the Stockholders:
For the three months ended March 31, 2002, Tri-Continental Corporation
posted a total return of 0.22% based on net asset value and 3.57% based on
market price. During the same time period, the Lipper Closed-End Growth & Income
Funds Average returned 1.61% and the Standard & Poor's 500 Composite Stock Index
(S&P 500) returned 0.28%.
During the first quarter of 2002, signs continued to emerge that a US
economic recovery was underway. The US Commerce Department reported that gross
domestic product (GDP) expanded 1.7% in the fourth quarter of 2001, more than
previously thought. Industrial production, which had declined dramatically
during the recession, rose 0.7% in March, the biggest increase in nearly two
years. Consumer confidence was also high, according to the Conference Board.
Encouraged by these signs, the Federal Reserve Board effectively ended its
series of interest rate cuts by adopting a neutral stance. The Fed now feels the
risks are more evenly weighted between economic weakness and inflation.
While the US economy seemed to rebound, corporate profits remained in a
recession. Because earnings continued to be weak, stock prices were unable to
sustain any upward momentum during the quarter. Stocks were also shaken by the
various accounting scandals that came to light. There were other areas of
concern as well. Oil prices soared during the first quarter, largely because of
political tensions in the Middle East. Higher energy prices tend to negatively
impact both corporate earnings and consumer spending. Additionally, the
unemployment rate rose to 5.7% in March, demonstrating that the recovery is not
yet complete.
Going forward, we are guardedly optimistic about prospects for the US
economy and the stock market. The economy appears to be expanding steadily,
inventory levels have been reduced significantly, and demand for goods and
services seems poised for an upswing. We believe an increase in business
spending is crucial to any sustainable recovery.
We think corporate profits will follow the economy's lead, albeit at a more
muted pace. The next two quarters should see a slow, steady improvement in
corporate profitability. The stock market would likely respond well to improved
earnings. Risks remain, however, including a disruption of oil supplies or
another terrorist attack. During these uncertain times, we believe
Tri-Continental's time-tested philosophy of diversification and its emphasis on
high-quality companies makes more sense than ever.
We thank you for your continued support of Tri-Continental Corporation and
look forward to serving your investment needs for many years to come. A
discussion with your Portfolio Managers, as well as the Corporation's
performance history and portfolio of investments, follows this letter.
By order of the Board of Directors,
/s/ William C. Morris
William C. Morris
Chairman
/s/ Brian T. Zino
Brian T. Zino
President
May 3, 2002
1
TRI-CONTINENTAL CORPORATION
INTERVIEW WITH YOUR PORTFOLIO MANAGERS, BEN-AMI GRADWOHL AND DAVID GUY
HOW DID TRI-CONTINENTAL CORPORATION PERFORM DURING THE FIRST QUARTER OF 2002?
For the three months ended March 31, 2002, Tri-Continental posted a total
return of 0.22% based on net asset value and 3.57% based on market price,
compared to 0.28% for the Standard and Poor's 500 Composite Stock Index (S&P
500) and 1.61% for the Lipper Closed-End Growth & Income Funds Average.
WHAT ECONOMIC AND MARKET FACTORS AFFECTED TRI-CONTINENTAL'S RESULTS DURING THIS
TIME?
The first quarter of 2002 was an uncertain time. On the positive side,
there were increasing indications that the US economy was emerging from its
recession. The US Commerce Department estimated that the economy grew at a 1.7%
annual rate in the fourth quarter of 2001. In addition, consumer confidence was
up sharply and manufacturing activity increased. The Federal Reserve Board,
encouraged by signs of an economic rebound, switched to a neutral monetary
stance, effectively ending its unprecedented series of interest rate cuts.
However, despite the good economic news, the fourth quarter's stock market rally
did not continue into the first three months of 2002. This is largely because of
the continuing recession in corporate profits. Earnings have been battered
during the past year, and have yet to show definitive signs of recovery. During
the first quarter, profit disappointments tended to influence stock prices more
strongly than did encouraging macroeconomic data. At the same time, in the wake
of the Enron accounting scandal, the market was roiled by fears that other
companies would face similar problems. Further, political turmoil in the Middle
East caused oil prices to rise sharply during the quarter. Investors feared that
higher energy prices would be a significant drag on corporate profits, arresting
a profit recovery before it could begin. Some sectors saw gains during the
quarter, but these gains were based more on investors' changing perceptions of
which stocks would benefit in a recovery than on an actual improvement in
fundamentals. While much progress has been made in reducing high inventory
levels, there has yet to be a strong upturn in capital spending by businesses.
WHAT WAS YOUR INVESTMENT STRATEGY?
With so much uncertainty in the marketplace, it is difficult to predict
which companies and sectors will see strength first. The stock market continues
to be driven by perception and emotion. In the management of Tri-Continental's
portfolio, we did not significantly overweight any sectors. Rather, we focused
on fairly valued companies that we feel are likely to see strong earnings
acceleration. Risk tolerance typically increases as the economy emerges from a
recession, and we believe investors can afford
--------------------------------------------------------------------------------
A TEAM APPROACH
Tri-Continental Corporation is managed by the Seligman Disciplined Investment
Group, headed by Ben-Ami Gradwohl and David Guy. They are assisted by a group of
seasoned professionals who are responsible for research and trading consistent
with Tri-Continental's investment objective. Group members include Bettina
Abrams, Jackson Chow, Frank Fay (trader), Amy Fujii, Ray Lam, David Levy
(trader), Michael McGarry, Hendra Soetjahja, Jonathan Roth (trader), Brian
Turner, and Nancy Wu.
--------------------------------------------------------------------------------
(CONTINUED ON PAGE 4)
2
TRI-CONTINENTAL CORPORATION
--------------------------------------------------------------------------------
INVESTMENT RESULTS PER COMMON SHARE
TOTAL RETURNS
FOR PERIODS ENDED MARCH 31, 2002
Average Annual
------------------------------
Three One Five 10
*Months* Year Years Years
-------- ---- ----- -----
MARKET PRICE** 3.57% 0.34% 9.08% 9.84%
NET ASSET VALUE** 0.22 (0.40) 7.41 10.55
LIPPER CLOSED-END
GROWTH &INCOME
FUNDS AVERAGE*** 1.61 5.83 8.57 10.37
S&P 500*** 0.28 0.24 10.18 13.26
PRICE PER SHARE
March 31, 2002 December 31, 2001
-------------- -----------------
MARKET PRICE $19.35 $18.75
NET ASSET VALUE 21.67 21.69
DIVIDEND AND CAPITAL GAIN INFORMATION
FOR THE THREE MONTHS ENDED MARCH 31, 2002
Capital Gain (Loss)
--------------------------
Dividend Paid+ Realized Unrealized
-------------- -------- ----------
$0.07 $(1.01) $1.29++
------------------------------------------------------------------
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.
Past performance is not indicative of future investment results. An investment
in Tri-Continental Corporation is not insured by the Federal Deposit Insurance
Corporation or any other government agency.
* 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 investment of dividends. The Lipper
Closed-End Growth & Income Funds Average excludes the effect of any costs
associated with the purchase of shares, and the S&P 500 excludes the effect
of fees and sales charges. Investors cannot invest directly in an index or
an average.
+ Preferred Stockholders were paid dividends totaling $0.625 per share.
++ Represents the per share amount of net unrealized appreciation of portfolio
securities as of March 31, 2002.
3
TRI-CONTINENTAL CORPORATION
INTERVIEW WITH YOUR PORTFOLIO MANAGERS (continued)
to be slightly more aggressive in order to get more return. Tri-Continental's
portfolio was slightly overweighted in defensive areas such as materials
(specifically, paper and forest products and chemicals), capital goods, and
consumer discretionary stocks in areas such as media and retailing. The
portfolio was slightly underweighted in consumer staples, utilities, and
communications equipment stocks.
WHAT SECTORS OF THE PORTFOLIO CONTRIBUTED MOST POSITIVELY TO TRI-CONTINENTAL'S
PERFORMANCE?
The sectors that helped Tri-Continental's performance most were consumer
discretionary (specifically, retailers), financials, and energy. Chemical and
paper stocks also performed well. Because of the sharp increase in defense
spending beginning last year, defense-related technology stocks performed well,
even though many of the portfolio's other technology stocks performed poorly.
WHAT SECTORS OF THE PORTFOLIO DETRACTED FROM PERFORMANCE?
The areas that detracted most from performance were software and services,
telecommunications services, and capital goods. Although demand may be
increasing slightly, a true recovery in information technology spending has yet
to fully materialize, and this was behind the continued weakness in these
stocks.
WHAT IS YOUR OUTLOOK?
While we are cautiously optimistic, we expect the remainder of 2002 to be
challenging. The macroeconomic recovery should continue at a robust pace,
accompanied by a more muted rebound in corporate profits. Weak corporate profits
will likely continue to cause difficulties in the stock market. Investor
perception, rather than fundamentals, will likely continue to play a major role,
at least over the near term. We are, however, encouraged by improvements in both
consumer and commercial credit trends, and we have also noted a slight pickup in
demand for technology. While we cannot predict with any degree of certainty
which stocks will rebound first, we believe Tri-Continental's broad
diversification will allow it to participate in every stage of the recovery.
4
TRI-CONTINENTAL CORPORATION
LARGEST PORTFOLIO CHANGES
January 1 to March 31, 2002
LARGEST PURCHASES LARGEST SALES
3M Company* Fannie Mae**
Bank of America Corporation American International Group, Inc.**
J.P. Morgan Chase & Co.* Sears, Roebuck and Co.**
Oracle Corporation Johnson & Johnson**
Linear Technology Corporation* Exxon Mobil Corporation
Raytheon Company* St. Jude Medical, Inc.
Marsh & McLennan Companies, Inc.* Microsoft Corporation
Flextronics International Ltd.* News Corporation Limited (ADRs)**
Deere & Company* Baxter International Inc.
Bristol-Myers Squibb Company XL Capital Ltd. Class "A"
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
March 31, 2002
------------------------------------------------------------
SECURITY VALUE
-------- ------------
General Electric Company $124,315,275
Bank of America Corporation 107,696,066
United Technologies Corporation 95,135,530
Pfizer Inc. 86,005,308
J.P. Morgan Chase & Co. 83,556,470
Citigroup Inc. 82,450,800
3M Company 81,473,084
Bank of New York Company, Inc. 79,006,004
Wal-Mart Stores, Inc. 74,519,447
Oracle Corporation 72,040,968
------------------------------------------------------------
5
TRI-CONTINENTAL CORPORATION
PORTFOLIO OF INVESTMENTS (unaudited) March 31, 2002
Shares Value
--------- --------------
COMMON STOCKS - 96.0%
AUTOMOBILES AND COMPONENTS - 1.3%
Delphi Corporation 1,054,000 $ 16,853,460
General Motors Corporation 354,100 21,405,345
--------------
$ 38,258,805
--------------
CAPITAL GOODS - 16.0%
3M Company 708,400 $ 81,473,084
Deere & Company 709,700 32,326,835
General Dynamics Corporation 325,700 30,599,515
General Electric Company 3,319,500 124,315,275
Northrop Grumman Corporation 24,000 2,713,200
Raytheon Company 1,594,400 65,450,120
Textron Inc. 549,000 28,053,900
United Technologies Corporation 1,282,150 95,135,530
--------------
$ 460,067,459
--------------
CHEMICALS - 1.9%
Air Products and Chemicals, Inc. 1,063,600 $ 54,934,940
--------------
COMMERCIAL SERVICES AND SUPPLIES - 1.3%
McGraw-Hill Companies, Inc. (The) 284,400 $ 19,410,300
Pitney Bowes, Inc. 441,200 18,883,360
--------------
$ 38,293,660
--------------
COMMUNICATIONS EQUIPMENT - 1.0%
QUALCOMM Incorporated* 764,000 $ 28,737,860
--------------
CONSUMER DURABLES AND APPAREL - 1.6%
Black & Decker Corporation (The) 321,200 $ 14,948,648
Whirlpool Corporation 415,300 31,375,915
--------------
$ 46,324,563
--------------
CONSUMER STAPLES - 5.2%
Kraft Foods Inc. Class "A"* 1,240,000 $ 47,926,000
Philip Morris Companies, Inc. 1,118,380 58,905,075
Procter & Gamble Company (The) 285,000 25,675,650
R.J. Reynolds Tobacco Holdings, Inc. 248,800 16,109,800
--------------
$ 148,616,525
--------------
ELECTRONIC EQUIPMENT AND INSTRUMENTS - 1.4%
Flextronics International Ltd. 1,656,500 $ 30,289,102
PerkinElmer, Inc. 582,500 10,776,250
--------------
$ 41,065,352
--------------
ENERGY - 4.2%
Amerada Hess Corporation 319,400 $ 25,347,584
Conoco, Inc. 1,023,100 29,854,058
Exxon Mobil Corporation 1,129,100 49,488,453
Occidental Petroleum Corporation 569,500 16,600,925
--------------
$ 121,291,020
--------------
FINANCIALS - 21.2%
Bank of America Corporation 1,583,300 $ 107,696,066
Bank of New York Company, Inc. (The) 1,880,200 79,006,004
BB&T Corporation 385,200 14,679,972
Chubb Corporation (The) 904,000 66,082,400
Citigroup Inc. 1,665,000 82,450,800
Comerica Incorporated 356,800 22,324,976
Equity Office Property Trust++ 292,520 8,772,675
Equity Residential Properties Trust++ 313,130 8,999,356
J.P. Morgan Chase & Co. 2,343,800 83,556,470
KeyCorp 716,200 19,086,730
Marsh & McLennan Companies, Inc. 509,700 57,463,578
National City Corporation 681,400 20,959,864
ProLogis Trust++ 247,260 5,773,521
Simon Property Group, Inc.++ 183,150 5,976,185
St. Paul Companies, Inc. (The) 287,900 13,200,215
XL Capital Ltd. Class "A" (Bermuda) 147,900 13,806,465
--------------
$ 609,835,277
--------------
HEALTH CARE EQUIPMENT AND SERVICES - 2.8%
Baxter International Inc. 741,400 $ 44,128,128
St. Jude Medical, Inc.* 468,200 36,121,630
--------------
$ 80,249,758
--------------
HOTELS, RESTAURANTS AND LEISURE - 1.2%
Starwood Hotels & Resorts Worldwide, Inc. 878,100 $ 33,025,341
--------------
----------
See footnotes on page 7.
6
TRI-CONTINENTAL CORPORATION
PORTFOLIO OF INVESTMENTS (unaudited) (continued) March 31, 2002
Shares Value
--------- --------------
MEDIA - 4.1%
Clear Channel Communications, Inc.* 365,100 $ 18,769,791
Interpublic Group of Companies, Inc. 565,400 19,381,912
Knight-Ridder, Inc. 450,000 30,910,500
Viacom Inc. Class "B"* 977,900 47,301,023
--------------
$ 116,363,226
--------------
PAPER AND FOREST PRODUCTS - 3.0%
Bowater Incorporated 646,700 $ 32,205,660
WeyerHaeuser Company 877,000 55,128,220
--------------
$ 87,333,880
--------------
PHARMACEUTICALS AND BIOTECHNOLOGY - 5.2%
Abbott Laboratories 241,700 $ 12,713,420
Bristol-Myers Squibb Company 1,212,200 49,081,978
Pfizer Inc. 2,164,200 86,005,308
--------------
$ 147,800,706
--------------
RETAILING - 5.5%
Home Depot, Inc. (The) 691,100 $ 33,594,371
May Department Stores Company 1,400,800 48,817,880
Wal-Mart Stores, Inc. 1,215,850 74,519,447
--------------
$ 156,931,698
--------------
SEMICONDUCTOR EQUIPMENT AND PRODUCTS - 6.4%
Analog Devices, Inc.* 1,325,200 $ 59,687,008
Intel Corporation 649,600 19,757,584
Linear Technology Corporation 1,617,000 71,544,165
Novellus Systems, Inc.* 619,700 33,544,361
--------------
$ 184,533,118
--------------
SOFTWARE AND SERVICES - 5.4%
Check Point Software Technologies Ltd.* 474,100 $ 14,407,899
Microsoft Corporation* 838,200 50,505,741
Oracle Corporation* 5,630,400 72,040,968
VERITAS Software Corporation* 400,500 17,547,907
--------------
$ 154,502,515
--------------
TELECOMMUNICATION SERVICES - 3.7%
AT&T Corp. 1,334,500 $ 20,951,650
SBC Communications, Inc. 1,532,100 57,361,824
Verizon Communications 580,400 26,495,260
--------------
$ 104,808,734
--------------
TRANSPORTATION - 0.6%
AMR Corporation* 681,100 $ 17,987,851
--------------
UTILITIES - 3.0%
American Electric Power Company, Inc. 327,600 $ 15,099,084
El Paso Corporation 800,000 35,224,000
Southern Company 551,400 14,606,586
Xcel Energy Inc. 791,992 20,076,997
--------------
$ 85,006,667
--------------
TOTAL COMMON STOCKS
(Cost $2,586,540,285) $2,755,968,955
--------------
TRI-CONTINENTAL FINANCIAL DIVISION+ - 0.3%
(Cost $8,741,471) $ 7,404,199
--------------
SHORT-TERM HOLDING - 1.5%
(Cost $44,700,000) $ 44,700,000
--------------
TOTAL INVESTMENTS - 97.8%
(Cost $2,639,981,756) $2,808,073,154
OTHER ASSETS LESS LIABILITIES - 2.2% 61,811,811
--------------
Net Assets - 100.0% $2,869,884,965
==============
----------
* Non-income producing security.
+ Restricted security.
++ Real Estate Investment Trust.
Note: Investments in common stocks, limited partnership interests, and
short-term holdings maturing in more than 60 days are valued at current market
values or, in their absence, at fair values determined in accordance with
procedures approved by the Board of Directors. Securities traded on an exchange
are valued at last sales prices 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.
7
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
isno charge for this service. Stockholders may alsopurchase 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 701/2 may contribute up to $3,000 per year to a
Traditional IRA for 2002. A working or non-working spouse may also contribute up
to $3,000 to a separate Traditional IRA for 2002. 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 IRAmay be deductible or
non-deductible. If you are single and NOT covered by an employer's retirement
plan, your contribution will always be deductible. For individuals who are
covered by a plan, contributions will be deductible if your modified adjusted
gross income (MAGI) in 2002 is less than $34,000. For spouses who are both
covered by a plan, contributions will be fully deductible if your MAGI is less
than $54,000. If one spouse does not work or is not covered by a retirement
plan, that spouse's 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 IRAprovided 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
IRAcontribution 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 591/2, 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 701/2 (if you have earned income), and you are not
required to take minimum distributions at age 701/2. You may convert an existing
Traditional IRAto a Roth IRAto take advantage of tax-free distributions. You
must pay taxes on any earnings and deductible contributions in your Traditional
IRAwhen converting it to a Roth IRA. Talk to your financial advisor for more
details on converting your Traditional IRA.
8
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 2002 and future years (subject
to adjustments to reflect cost of living increases). 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 employer's retirement plan, you may be eligible to establish
another plan based upon income from other sources, such as director's 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. In November 2001, the Board of Directors authorized
the renewal of Tri-Continental's ongoing share repurchase program. The program
authorizes the Corporation to repurchase up to 7.5% of the Corporation's shares
over a 12-month period, provided that the discount of a share's market price to
its net asset value ("NAV") remains wider than 10%. The Board's decision
benefits all stockholders, allowing them to continue to enjoy the advantages of
Tri-Continental's closed-end structure, while increasing the NAV of the
Corporation's outstanding shares.
As of March 31, 2002, 3.3 million shares had been repurchased. This is
approximately 2.6% of the shares outstanding as of November 16, 2001. The
repurchase of additional shares is expected to continue between April and
November 2002, as long as the discount remains above 10%.
9
TRI-CONTINENTAL CORPORATION
For information about your Corporation, write to Corporate Communications, J.&W.
Seligman & Co. Incorporated, 100 ParkAvenue, New York, NY10017. If you want
information about your investment account, write to Stockholder
Services,Seligman Data Corp., at the same address. You may also call Stockholder
Services at the telephone number listed below.
Important Telephone Numbers
STOCKHOLDER RETIREMENT PLAN 24-HOUR AUTOMATED
SERVICES SERVICES TELEPHONE ACCESS SERVICE
(800) TRI-1092 (800) 445-1777 (800) 622-4597
(8:30 a.m. to 6:00 p.m. (8:30 a.m. to 6:00 p.m.
Eastern Time) Eastern Time)
212-682-7600 OUTSIDE THE CONTINENTAL UNITED STATES
10
TRI-CONTINENTAL CORPORATION
INVESTS TO PRODUCE
FUTURE GROWTH OF BOTH
CAPITAL AND INCOME,
WHILE PROVIDING REASONABLE
CURRENT INCOME.
TRI-CONTINENTAL CORPORATION
MANAGED BY
[SELIGMAN LOGO]
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
CETRI3A 3/02
FIRST QUARTER REPORT 2002
TRI-CONTINENTAL
CORPORATION
AN INVESTMENT YOU CAN LIVE WITH