<SEC-DOCUMENT>0001193125-14-162009.txt : 20140701
<SEC-HEADER>0001193125-14-162009.hdr.sgml : 20140701
<ACCEPTANCE-DATETIME>20140428123457
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-162009
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRI-CONTINENTAL CORP
		CENTRAL INDEX KEY:			0000099614
		IRS NUMBER:				135441850
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		50606 AMERIPRISE FINANCIAL CENTER
		STREET 2:		H27/5228
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55474
		BUSINESS PHONE:		612-671-4321

	MAIL ADDRESS:	
		STREET 1:		50606 AMERIPRISE FINANCIAL CENTER
		STREET 2:		H27/5228
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55474

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRI CONTINENTAL CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;28, 2014 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;John Grzeskiewicz </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">RE:</TD>
<TD ALIGN="left" VALIGN="top">Tri-Continental Corporation (the &#147;Corporation&#148;) </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">File No.&nbsp;333-104669/811-00266 </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Post-Effective Amendment to a Registration Statement on Form N-2</U> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Grzeskiewicz: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter responds to comments received by telephone on April&nbsp;24, 2014 for the above-referenced Post-Effective Amendment (&#147;Filing&#148;). Comments
and responses are outlined below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Comment&nbsp;1:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Please confirm that the Corporation will file another POS-8C, completing the information that was left bracketed in the POS-8C filing made on March&nbsp;17, 2014.</TD></TR>
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<TD VALIGN="top">Response:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">So confirmed.</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Comment 2:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Please review and, if necessary, tailor the disclosure in the &#147;Investment Objective and Other Policies and Related Risks&#148; section of the Corporation&#146;s prospectus relating to the use of derivatives in response to the
letter from Mr.&nbsp;Barry Miller, Associate Director of the SEC&#146;s Office of Legal and Disclosure, to Ms.&nbsp;Karrie McMillian, General Counsel, Investment Company Institute, dated July&nbsp;30, 2010 (&#147;Barry Miller
Letter&#148;).</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Response:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">The Corporation&#146;s portfolio managers were in the process of reviewing the Corporation&#146;s registration statement, including with respect to derivatives use by the Corporation, at the time of the Corporation&#146;s POS-8C
filing made on March&nbsp;17, 2014. In connection with such review, the Corporation&#146;s prospectus, with respect to use of derivatives, has been revised in light of the Barry Miller Letter.</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Comment 3:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">The &#147;Investment Objective and Other Policies and Related Risks&#148; section of the Corporation&#146;s prospectus currently states: &#147;The Corporation may not invest 25% or more of its total assets in securities of companies
in any one industry. The Corporation may, however, invest a substantial percentage of its assets in certain industries or economic sectors believed to offer good investment opportunities.&#148; If the Corporation is currently investing or plans to
invest significantly in a particular industry or economic sector, please add disclosure regarding the specific risks of that sector or industry.</TD></TR>
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<TD HEIGHT="16"></TD>
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<TD VALIGN="top">Response:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">The Corporation has reviewed this disclosure and has determined that no change is currently warranted thereto with respect to highlighting any particular sector or industry.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Comment 4:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">In the &#147;Investment Objective and Other Policies and Related Risks&#148; section of the Corporation&#146;s prospectus, the disclosure indicates that the Corporation may engage in swaps. Please provide a description of the types
of swaps in which the Corporation may engage.</TD></TR>
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<TD VALIGN="top">Response:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Please see response to Comment 2. References to investments in swaps have been removed from the Corporation&#146;s prospectus.</TD></TR>
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<TD VALIGN="top">Comment&nbsp;5:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">If the Corporation invests in total return swaps, please confirm that the Corporation will segregate the appropriate amount to cover its obligations. See generally Investment Company Act Release No.&nbsp;10666 (Apr. 18, 1979).
Please note that the Commission recently issued a concept release exploring issues relating to the use of derivatives by funds. See Investment Company Act Release No.&nbsp;29776 (Aug. 31, 2011). Accordingly, please be aware that the Commission or
its staff could issue future guidance related to derivatives (such as total return swaps), including guidance related to coverage requirements, which could impact the Corporation.</TD></TR>
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<TD VALIGN="top">Response:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">For total return swaps that are cash settled, the Corporation would designate the net payable amount (the difference between the receivable and payable leg of the swap) minus any collateral on deposit in a tri-party collateral
account. For total return swaps that are physically settled, the Corporation would designate the notional amount of the trade or underlying security.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Comment 6:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Please confirm that, if the Corporation is to invest in credit default swaps, the Corporation will cover the full notional value of the swap.</TD></TR>
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<TD VALIGN="top">Response:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">For bilateral credit default swaps (CDS) where the Corporation is the seller of protection, the Corporation will cover the full notional amount of the swap minus any collateral on deposit. For bilateral CDS where the Corporation is
the buyer of protection and the Corporation does not hold the underlying security, the Corporation will cover the market value of the underlying position minus any collateral on deposit. For bilateral CDS where the Corporation is the buyer of
protection and the Corporation holds the underlying security as an offset, the Corporation will cover the market value of the underlying position minus the notional amount of the swap minus any collateral on deposit.&nbsp;When buying CDS that are
centrally cleared, the Corporation will cover the daily marked-to-market obligation (i.e., the daily net liability) minus any margin on deposit with the exchange.</TD></TR>
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<TD VALIGN="top">Comment 7:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">In the &#147;Legal Proceedings&#148; section of the Corporation&#146;s prospectus, please indicate the relationship between the Corporation and Ameriprise Financial, Inc.</TD></TR>
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<TD VALIGN="top">Response:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">The first sentence of the &#147;Legal Proceedings&#148; section of the Corporation&#146;s prospectus has been revised as follows: &#147;Ameriprise Financial, the parent company of Columbia Management (the Corporation&#146;s
investment adviser), and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in
connection with the conduct of their business activities.&#148;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the above-referenced Filing, the Corporation hereby acknowledges the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The disclosures in the filing are the responsibility of the Corporation and the Corporation is fully responsible for the adequacy or accuracy
of the disclosures in this filing. The Corporation represents to the Commission that comments made by the Commission, or the staff acting pursuant to delegated authority, or changes to disclosure in response to staff comments in the filing reviewed
by the staff, do not foreclose the Commission from taking any action with respect to the filing, and the Corporation represents that it will not assert this action as a defense in any proceeding initiated by the Commission or any person, under the
federal securities laws of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions, please contact either me at (212)&nbsp;850-1354 or Joseph D&#146;Alessandro at
(212)&nbsp;850-1703. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/ Megan E. Garcy </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Megan E. Garcy </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Associate Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ameriprise Financial, Inc. </P>
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