TRI-CONTINENTAL Corp — Major Shareholding Notification 2006

Jan 6, 2006

SC 13D 1 sc13d06290008_12272005.htm sec document SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 -------------- SCHEDULE 13D (RULE 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) (Amendment No. )(1) Tri-Continental Corporation --------------------------- (Name of Issuer) COMMON STOCK, PAR VALUE $0.50 PER SHARE --------------------------------------- (Title of Class of Securities) 895436103 --------- (CUSIP Number) STEVEN WOLOSKY, ESQ. OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP Park Avenue Tower 65 East 55th Street New York, New York 10022 (212) 451-2300 -------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) December 27, 2005 ----------------- (Date of Event Which Requires Filing of This Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box / /. NOTE. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. SEE Rule 13d-7 for other parties to whom copies are to be sent. (Continued on following pages) (Page 1 of 63 Pages) ------------- (1) The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, SEE the NOTES). ---------------------- ---------------------- CUSIP No. 895436103 13D Page 2 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) WESTERN INVESTMENT LLC -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 3,140,515 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 3,140,515 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,140,515 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.8% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 3 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) ARTHUR D. LIPSON -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO, PF -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 3,141,516 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 3,141,516 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,141,516 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.8% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 4 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) WESTERN INVESTMENT HEDGED PARTNERS L.P. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 1,608,515 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,608,515 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,608,515 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.5% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 5 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY - 0 -(1) OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER - 0 -(1) ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 -(1) -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0%(1) -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! (1) As of the date of the event requiring the filing of this Statement, Western Investment Institutional Partners LLC owned 832,500 shares of common stock of the Issuer, all of which were transferred to Western Investment Activism Partners LLC on January 4, 2006. Western Investment Institutional Partners LLC does not currently own any securities of the Issuer. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 6 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) WESTERN INVESTMENT ACTIVISM PARTNERS LLC -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 1,532,000 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,532,000 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,532,000 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.4% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 7 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 1,371,250 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,371,250 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,371,250 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.2% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 8 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BENCHMARK PLUS PARTNERS, L.L.C. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 1,303,475 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,303,475 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,303,475 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.2% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 9 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) BENCHMARK PLUS MANAGEMENT, L.L.C. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 1,371,250 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,371,250 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,371,250 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.2% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 10 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) PARADIGM PARTNERS, N.W., INC. -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION WASHINGTON -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 1,303,475 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,303,475 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,303,475 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.2% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 11 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) SCOTT FRANZBLAU -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 1,371,250 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,371,250 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,371,250 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.2% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 12 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) ROBERT FERGUSON -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 2,674,725 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 2,674,725 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,674,725 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.4% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 13 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) MICHAEL DUNMIRE -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 2,674,725 OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 2,674,725 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,674,725 -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.4% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 14 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) MATTHEW S. CROUSE -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER - 0 - ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 15 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) PAUL DEROSA -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER - 0 - ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ================================================================================ SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 16 of 63 Pages ---------------------- ---------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) MARLENE A. PLUMLEE -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) /X/ (b) / / -------------------------------------------------------------------------------- 3 SEC USE ONLY -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION USA -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY - 0 - OWNED BY ----------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH - 0 - ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER - 0 - ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! ---------------------- ---------------------- CUSIP No. 895436103 13D Page 17 of 63 Pages ---------------------- ---------------------- The following constitutes the Schedule 13D filed by the undersigned (the "Schedule 13D"). Item 1. SECURITY AND ISSUER. This statement relates to shares of the Common Stock, par value $0.50 (the "Shares"), of Tri-Continental Corporation (the "Issuer"). The address of the principal executive offices of the Issuer is 100 Park Avenue, New York, New York 10017. Item 2. IDENTITY AND BACKGROUND. (a) This statement is filed by Western Investment LLC, a Delaware limited liability company ("WILLC"), Arthur D. Lipson, Western Investment Hedged Partners L.P., a Delaware limited partnership ("WIHP"), Western Investment Institutional Partners LLC, a Delaware limited liability company ("WIIP"), Western Investment Activism Partners LLC, a Delaware limited liability company ("WIAP"), Benchmark Plus Institutional Partners, L.L.C., a Delaware limited liability company ("BPIP"), Benchmark Plus Partners, L.L.C, a Delaware limited liability company ("BPP"), Benchmark Plus Management, L.L.C., a Delaware limited liability company ("BPM"), Paradigm Partners, N.W., Inc., a Washington corporation ("PPNW"), Scott Franzblau, Robert Ferguson, Michael Dunmire, Matthew S. Crouse, Paul DeRosa and Marlene A. Plumlee. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." WILLC provides recommendations from time to time to BPIP and BPP with respect to purchases and sales of Shares of the Issuer, pursuant to an oral agreement between WILLC and BPIP, and between WILLC and BPP. Each of WILLC, Mr. Lipson, WIHP, WIIP and WIAP disclaim beneficial ownership of the Shares beneficially owned by BPIP, BPP, BPM, PPNW, Mr. Franzblau, Mr. Ferguson and Mr. Dunmire. Each of BPIP, BPM and Mr. Franzblau disclaim beneficial ownership of the Shares beneficially owned by the other Reporting Persons. Each of BPP and PPNW disclaim beneficial ownership of the Shares beneficially owned by the other Reporting Persons. Each of Mr. Ferguson and Mr. Dunmire disclaim beneficial ownership of the Shares beneficially owned by the other Reporting Persons, with the exception of BPIP, BPM, BPP and PPNW. As of the close of business on January 4, 2006, WIIP no longer beneficially owned any securities of the Issuer. Accordingly, WIIP will no longer be deemed a Reporting Person after the filing of this Schedule 13D and will not be included in subsequent Schedules 13D filed by the remaining Reporting Persons relating to the securities of the Issuer. With the exception of WIIP, each of the Reporting Persons is party to that certain Joint Filing Agreement as defined and described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D. WILLC has sole voting and investment power over WIHP's, WIIP's and WIAP's security holdings and Mr. Lipson, in his role as the managing member of WILLC, controls WILLC's voting and investment decisions. BPM is the managing member of BPIP and Messrs. Franzblau, Ferguson and Dunmire in their role as managing members of BPM, have sole voting and investment control over BPIP's security holdings. PPNW is the managing member of BPP and Messrs. Ferguson and Dunmire, in their role as the sole officers and directors of BPP, have sole voting and investment control over BPP's security holdings. Neither WILLC, Mr. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 18 of 63 Pages ---------------------- ---------------------- Lipson, WIHP, WIIP nor WIAP has voting or dispositive control over the Shares beneficially owned by BPIP, BPP, BPM, PPNW, Mr. Franzblau, Mr. Ferguson or Mr. Dunmire. Neither BPIP, BPM nor Mr. Franzblau has voting or dispositive control over the Shares beneficially owned by the other Reporting Persons. Neither BPP nor PPNW has voting or dispositive control over the Shares beneficially owned by the other Reporting Persons. Neither Mr. Ferguson nor Mr. Dunmire has voting or dispositive control over the Shares beneficially owned by WILLC, WIHP, WIAP or Mr. Lipson. (b) The principal business address of WILLC, WIHP, WIIP, WIAP, Mr. Lipson and Mr. Crouse is 2855 East Cottonwood Parkway, Suite 110, Salt Lake City, UT 84121. The principal business address of BPIP, BPM, BPP, PPNW, Mr. Franzblau, Mr. Ferguson and Mr. Dunmire is 820 A Street, Suite 700, Tacoma, WA 98402. The principal business address of Mr. DeRosa is c/o MT Lucas, LLC, 730 Fifth Avenue, New York, NY 10019. The principal business address of Dr. Plumlee is c/o University of Utah, School of Accounting and Information Systems, 1645 E. Campus Center Drive, Salt Lake City, UT 84112. (c) The principal business of WILLC is acting as the general partner and managing member, as the case may be, of WIHP, WIIP and WIAP. The principal occupation of Mr. Lipson is acting as managing member of WILLC. The principal business of WIHP, WIIP and WIAP is acquiring, holding and disposing of investments in various companies. The principal business of BPM is acting as the managing member of BPIP. The principal business of BPIP is acquiring, holding and disposing of investments in various companies. The principal business of PPNW is acting as the managing member of BPP. The principal business of BPP is acquiring, holding and disposing of investments in various companies. The principal occupation of Scott Franzblau is acting as a managing member of BPM. The principal occupation of Robert Ferguson is acting as a managing member of BPM and as the President and director of PPNW. The principal occupation of Michael Dunmire is acting as a managing member of BPM and as Chairman of the Board of PPNW. The principal occupation of Mr. Crouse is serving as a portfolio manager at WILLC. The principal occupation of Mr. DeRosa is serving as a principal of Mt. Lucas Management Corporation, an asset management company. The principal occupation of Dr. Plumlee is serving as a Professor of Accounting at the University of Utah. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 19 of 63 Pages ---------------------- ---------------------- (d) No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. (f) Mr. Lipson, Mr. Franzblau, Mr. Ferguson, Mr. Dunmire, Mr. Crouse, Mr. DeRosa and Dr. Plumlee are citizens of the United States of America. Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. The aggregate purchase price of the 3,140,515 Shares beneficially owned by WILLC is approximately $54,934,748, including brokerage commissions. The Shares beneficially owned by WILLC were acquired with the working capital of each of WIHP and WIAP. The aggregate purchase price of the 1,001 Shares owned directly by Mr. Lipson is approximately $18,785, including brokerage commissions. The Shares owned directly by Mr. Lipson were acquired with personal funds. The aggregate purchase price of the 1,371,250 Shares beneficially owned by BPM is approximately $24,585,926, including brokerage commissions. The Shares beneficially owned by BPM were acquired with the working capital of BPIP. The aggregate purchase price of the 1,303,475 Shares beneficially owned by PPNW is approximately $22,906,458, including brokerage commissions. The Shares beneficially owned by PPNW were acquired with the working capital of BPP. As of the date of the event requiring the filing of this Statement, WIIP owned 832,500 Shares, all of which were transferred to WIAP on January 4, 2006. WIIP does not currently own any Shares. Item 4. PURPOSE OF TRANSACTION. The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase of additional Shares desirable, the Reporting Persons may endeavor to increase their position in the Issuer through, among other things, the purchase of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. The Reporting Persons are concerned by the persistent discount to net asset value at which the Shares of the Issuer have been trading. The Reporting Persons believe that the Board of Directors of the Issuer has not been taking appropriate action to cause the discount to net asset value to be eliminated or reduced. Accordingly, on December 30, 2005, WIHP and Mr. Lipson submitted a letter (the "Nomination Letter") to the Issuer nominating a slate of four nominees comprised of Arthur D. Lipson, Matthew S. Crouse, Paul DeRosa and Marlene A. Plumlee (collectively, the "Nominees") for election to the Board of ---------------------- ---------------------- CUSIP No. 895436103 13D Page 20 of 63 Pages ---------------------- ---------------------- Directors of the Issuer at the 2006 annual meeting of shareholders (the "Annual Meeting"). The Reporting Persons intend to engage in discussions with management and the Board of the Issuer and other shareholders about possible solutions to the discount to net asset value at which the Shares have been trading. The Reporting Persons reserve the right to take any other action they deem appropriate related to this issue. No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon completion of any of the actions discussed above. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and engage in discussions with management and the Board of Directors of the Issuer concerning the business, operations and future plans of the Issuer. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, seeking additional Board representation, making proposals to the Issuer concerning changes to the capitalization, ownership structure or operations of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares or changing their intention with respect to any and all matters referred to in Item 4. Item 5. INTEREST IN SECURITIES OF THE ISSUER. (a) The aggregate percentage of Shares reported owned by each person named herein in based upon 110,769,242 Shares outstanding as of June 30, 2005, as reported in the Issuer's Form N-CSRS filed with the Securities and Exchange Commission on September 8, 2005. As of the close of business on January 5, 2006, WIHP, WIAP, BPIP and BPP beneficially owned 1,608,515, 1,532,000, 1,371,250 and 1,303,475 Shares, respectively, constituting approximately 1.5%, 1.4%, 1.2% and 1.2%, respectively, of the Shares outstanding. WILLC beneficially owned 3,140,515 Shares, constituting approximately 2.8% of the Shares outstanding. Mr. Lipson beneficially owned 3,141,516 Shares, constituting approximately 2.8% of the Shares outstanding. Mr. Franzblau beneficially owned 1,371,250 Shares, constituting approximately 1.2% of the Shares outstanding. Messrs. Ferguson and Dunmire beneficially owned 2,674,725 Shares, constituting approximately 2.4% of the Shares outstanding. As of the date of the event requiring the filing of this Statement, WIIP owned 832,500 Shares, all of which were transferred to WIAP on January 4, 2006. WIIP does not currently own any Shares. As the general partner or managing member, as the case may be, of WIHP and WIAP, WILLC may be deemed to beneficially own the 3,140,515 Shares owned in the aggregate by WIHP and WIAP. As the managing member of WILLC, Mr. Lipson may be deemed to beneficially own the 3,140,515 Shares beneficially owned by WILLC, in addition to the 1,001 Shares owned directly by Mr. Lipson. As the managing member of BPIP, BPM may be deemed to beneficially own the 1,371,250 Shares owned by BPIP. As the managing members of BPM, Messrs. Franzblau, Ferguson and Dunmire ---------------------- ---------------------- CUSIP No. 895436103 13D Page 21 of 63 Pages ---------------------- ---------------------- may be deemed to beneficially own the 1,371,250 Shares beneficially owned by BPM. As the managing member of BPP, PPNW may be deemed to beneficially own the 1,303,475 Shares owned by BPP. As the sole officers and directors of PPNW, Messrs. Ferguson and Dunmire may be deemed to beneficially own the 1,303,475 Shares beneficially owned by PPNW. Currently, Mr. Crouse, Mr. DeRosa and Dr. Plumlee do not beneficially own any securities of the Issuer. (b) Each of WILLC and Mr. Lipson is deemed to have sole voting and dispositive power over the Shares reported as beneficially owned by WIHP and WIAP by virtue of their respective positions as described in paragraph (a). Neither WILLC, Mr. Lipson, WIHP, WIIP nor WIAP has voting or dispositive control over the Shares beneficially owned by BPIP, BPP, BPM, PPNW, Mr. Franzblau, Mr. Ferguson or Mr. Dunmire. Each of BPM, Mr. Franzblau, Mr. Ferguson and Mr. Dunmire is deemed to have sole voting and dispositive power over the Shares reported as beneficially owned owned by BPIP by virtue of their respective positions as described in paragraph (a). Neither BPIP, BPM nor Mr. Franzblau has voting or dispositive control over the Shares beneficially owned by the other Reporting Persons. Neither Mr. Ferguson nor Mr. Dunmire has voting or dispositive control over the Shares beneficially owned by the other Reporting Persons, with the exception of BPP and PPNW. Each of PPNW, Mr. Ferguson and Mr. Dunmire is deemed to have sole voting and dispositive power over the Shares reported as beneficially owned by BPP by virtue of their respective positions as described in paragraph (a). Neither BPP nor PPNW has voting or dispositive control over the Shares beneficially owned by the other Reporting Persons. Neither Mr. Ferguson nor Mr. Dunmire has voting or dispositive control over the Shares beneficially owned by the other Reporting Persons, with the exception of BPIP and BPM. (c) Exhibit A to the Nomination Letter attached as an exhibit hereto contains all transactions in the Shares by the Reporting Persons effected prior to delivery of the Nomination Letter. Schedule A attached hereto contains all transactions in the Shares by the Reporting Persons effected since the delivery of the Nomination Letter. Except where otherwise noted, all of such transactions were effected in the open market. (d) No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares. (e) Not applicable. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 22 of 63 Pages ---------------------- ---------------------- Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. On January 6, 2006, WILLC, WIHP, WIAP, BPIP, BPM, BPP, PPNW, Mr. Franzblau, Mr. Ferguson, Mr. Dunmire and each of the Nominees (collectively, the "Group") entered into a Joint Filing and Solicitation Agreement (the "Joint Filing Agreement") in which, among other things, (a) the parties agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law, (b) the parties agreed to solicit proxies or written consents for the election of the Nominees, or any other person(s) nominated by WIHP and Mr. Lipson, to the Issuer's Board at the Annual Meeting (the "Solicitation"), and (c) WILLC agreed to bear all expenses incurred in connection with the Group's activities, including approved expenses incurred by any of the parties in connection with the Solicitation, subject to certain limitations. The Joint Filing Agreement is attached as an exhibit hereto and is incorporated herein by reference. Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer. Item 7. MATERIAL TO BE FILED AS EXHIBITS. 1. Nomination Letter from Western Investment Hedged Partners, L.P. and Arthur D. Lipson to Tri-Continental Corporation, dated December 30, 2005. 2. Joint Filing and Solicitation Agreement by and among Western Investment LLC, Arthur D. Lipson, Western Investment Hedged Partners L.P., Western Investment Activism Partners LLC, Benchmark Plus Institutional Partners, L.L.C., Benchmark Plus Partners, L.L.C, Benchmark Plus Management, L.L.C., Paradigm Partners, N.W., Inc., Scott Franzblau, Robert Ferguson, Michael Dunmire, Matthew S. Crouse, Paul DeRosa and Marlene A. Plumlee, dated January 6, 2006. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 23 of 63 Pages ---------------------- ---------------------- SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: January 6, 2006 WESTERN INVESTMENT LLC By: /s/ Arthur D. Lipson ----------------------------------- Name: Arthur D. Lipson Title: Sole Member WESTERN INVESTMENT HEDGED PARTNERS L.P. By: Western Investment LLC, Its General Partner By: /s/ Arthur D. Lipson ----------------------------------- Name: Arthur D. Lipson Title: Managing Member WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC By: Western Investment LLC, Its Managing Member By: /s/ Arthur D. Lipson ----------------------------------- Name: Arthur D. Lipson Title: Managing Member WESTERN INVESTMENT ACTIVISM PARTNERS LLC By: Western Investment LLC, Its Managing Member By: /s/ Arthur D. Lipson ----------------------------------- Name: Arthur D. Lipson Title: Managing Member ---------------------- ---------------------- CUSIP No. 895436103 13D Page 24 of 63 Pages ---------------------- ---------------------- BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C. By: Benchmark Plus Management, L.L.C., Its Managing Member By: /s/ Scott Franzblau ----------------------------------- Name: Scott Franzblau Title: Managing Member By: /s/ Robert Ferguson ------------------------------------ Name: Robert Ferguson Title: Managing Member By: /s/ Michael Dunmire ------------------------------------ Name: Michael Dunmire Title: Managing Member BENCHMARK PLUS MANAGEMENT, L.L.C. By: /s/ Scott Franzblau ----------------------------------- Name: Scott Franzblau Title: Managing Member By: /s/ Robert Ferguson ------------------------------------ Name: Robert Ferguson Title: Managing Member By: /s/ Michael Dunmire ------------------------------------ Name: Michael Dunmire Title: Managing Member BENCHMARK PLUS PARTNERS, L.L.C. By: Paradigm Partners, N.W., Inc. Its Managing Member By: /s/ Robert Ferguson ------------------------------------ Name: Robert Ferguson Title: President By: /s/ Michael Dunmire ------------------------------------ Name: Michael Dunmire Title: Chairman of the Board ---------------------- ---------------------- CUSIP No. 895436103 13D Page 25 of 63 Pages ---------------------- ---------------------- PARADIGM PARTNERS, N.W., INC. By: /s/ Robert Ferguson ------------------------------------ Name: Robert Ferguson Title: President By: /s/ Michael Dunmire ------------------------------------ Name: Michael Dunmire Title: Chairman of the Board /s/ Arthur D. Lipson -------------------------------------- ARTHUR D. LIPSON /s/ Scott Franzblau --------------------------------------- SCOTT FRANZBLAU /s/ Robert Ferguson --------------------------------------- ROBERT FERGUSON /s/ Michael Dunmire --------------------------------------- MICHAEL DUNMIRE /s/ Matthew S. Crouse --------------------------------------- MATTHEW S. CROUSE /s/ Paul DeRosa --------------------------------------- Paul Derosa /s/ Marlene A. Plumlee --------------------------------------- MARLENE A. PLUMLEE ---------------------- ---------------------- CUSIP No. 895436103 13D Page 26 of 63 Pages ---------------------- ---------------------- SCHEDULE A TRANSACTIONS IN THE COMMON STOCK OF TRI-CONTINENTAL SINCE DELIVERY OF THE NOMINATION LETTER Transaction Quantity Date Price ($) ----------- -------- ---- --------- WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC Sell 116,300 01/04/06 18.8591 Sell 716,200 01/04/06 18.8593 WESTERN INVESTMENT ACTIVISM PARTNERS LLC Buy 198,000 01/03/06 18.6467 Buy 832,500 01/04/06 18.8603 Buy 52,500 01/04/06 18.8811 Buy 14,300 01/05/06 18.9374 Sell 4,200 01/05/06 18.9800 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 27 of 63 Pages ---------------------- ---------------------- EXHIBIT INDEX Exhibit Page ------- ---- 1. Nomination Letter from Western Investment Hedged Partners, 28 to 58 L.P. and Arthur D. Lipson to Tri-Continental Corporation, dated December 30, 2005. 2. Joint Filing and Solicitation Agreement by and among Western 59 to 63 Investment LLC, Arthur D. Lipson, Western Investment Hedged Partners L.P., Western Investment Activism Partners LLC, Benchmark Plus Institutional Partners, L.L.C., Benchmark Plus Partners, L.L.C, Benchmark Plus Management, L.L.C., Paradigm Partners, N.W., Inc., Scott Franzblau, Robert Ferguson, Michael Dunmire, Matthew S. Crouse, Paul DeRosa and Marlene A. Plumlee, dated January 6, 2006. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 28 of 63 Pages ---------------------- ---------------------- WESTERN INVESTMENT HEDGED ARTHUR D. LIPSON PARTNERS, L.P. C/O WESTERN INVESTMENT LLC 2855 EAST COTTONWOOD PARKWAY, SUITE 110 2855 EAST COTTONWOOD PARKWAY, SUITE 110 SALT LAKE CITY, UTAH 84121 SALT LAKE CITY, UTAH 84121 December 30, 2005 BY HAND AND FEDERAL EXPRESS Tri-Continental Corporation 100 Park Avenue New York, New York 10017 Attn: Corporate Secretary Re: NOTICE OF INTENTION TO NOMINATE INDIVIDUALS FOR ELECTION AS DIRECTORS AT THE 2006 ANNUAL MEETING OF STOCKHOLDERS OF TRI-CONTINENTAL CORPORATION Dear Sir: This letter shall serve to satisfy the advance notice requirements of Article II, Section 10 of the Amended and Restated Bylaws (the "Bylaws") of Tri-Continental Corporation ("Tri-Continental") as to the nomination by each of Western Investment Hedged Partners, L.P., a Delaware limited partnership ("Western Investment"), and Arthur D. Lipson of four (4) nominees for election to the Board of Directors of Tri-Continental (the "Tri-Continental Board") at the 2006 annual meeting of stockholders of Tri-Continental, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the "2006 Annual Meeting"). This letter and all Exhibits attached hereto are collectively referred to as the "Notice." Western Investment is the beneficial owner of 1,608,515 shares of common stock, $.50 par value per share (the "Common Stock"), of Tri-Continental, 1,000 shares of which are held of record by Western Investment. Arthur D. Lipson is the beneficial owner of 2,880,916 shares of Common Stock, 1,000 shares of which are held of record by Arthur D. Lipson. Western Investment's address, as believed to appear on Tri-Continental's books, is 2855 East Cottonwood Parkway, Suite 110, Salt Lake City, Utah 84121. Arthur D. Lipson's address, as believed to appear on Tri-Continental's books, is P.O. Box 71869, Salt Lake City, Utah 84171. Through this Notice, Western Investment and Arthur D. Lipson hereby nominate and notify you of their intent to nominate Arthur D. Lipson, Matthew S. Crouse, Paul DeRosa and Marlene A. Plumlee as nominees (the "Nominees") to be elected to the Tri-Continental Board at the 2006 Annual Meeting. Western Investment and Arthur D. Lipson believe that the terms of four (4) directors currently serving on the Tri-Continental Board expire at the 2006 Annual Meeting. To the extent there are in excess of four (4) vacancies on the Tri-Continental Board to be filled by election at the 2006 Annual Meeting or Tri-Continental increases the size of the Tri-Continental Board above its existing size, Western Investment and Arthur D. Lipson reserve the right to ---------------------- ---------------------- CUSIP No. 895436103 13D Page 29 of 63 Pages ---------------------- ---------------------- nominate additional nominees to be elected to the Tri-Continental Board at the 2006 Annual Meeting. Any additional nominations made pursuant to the preceding sentence are without prejudice to the position of Western Investment and Arthur D. Lipson that any attempt by Tri-Continental to increase the size of the Tri-Continental Board or to reconstitute or reconfigure the classes on which the current directors serve would constitute an unlawful manipulation of Tri-Continental's corporate machinery. If this Notice shall be deemed for any reason to be ineffective with respect to the nomination of the Nominees by either Western Investment or Arthur D. Lipson, this Notice shall continue to be effective with respect to the nomination of the Nominees by the other party. Additionally, if this Notice shall be deemed for any reason to be ineffective with respect to the nomination of any of the Nominees at the 2006 Annual Meeting, or if any individual Nominee shall be unable to serve for any reason, this Notice shall continue to be effective with respect to the remaining Nominee(s) and as to any replacement Nominee(s) selected by Western Investment and Arthur D. Lipson. The information concerning the Nominees required by Article II, Section 10(a) of the Bylaws is set forth below: (i) NAME, AGE, BUSINESS ADDRESS AND RESIDENCE ADDRESS OF THE NOMINEES: Name and Age Business Address Residence Address ------------ ---------------- ----------------- Arthur D. Lipson c/o Western Investment LLC 8011 S. Dazzling View Circle (Age 62) 2855 E. Cottonwood Parkway, Suite 110 Salt Lake City, UT 84121 Salt Lake City, UT 84121 Matthew S. Crouse c/o Western Investment LLC 3156 Old Ridge Circle (Age 34) 2855 E. Cottonwood Parkway, Suite 110 Salt Lake City, UT 84121 Salt Lake City, UT 84121 Paul DeRosa c/o MT Lucas, LLC 71 Forest Road (Age 64) 730 Fifth Avenue Tenafly, NJ 70670 New York, NY 10019 Marlene A. Plumlee c/o University of Utah 1650 East Laird Avenue (Age 48) School of Accounting and Information Salt Lake City, UT 84105 Systems 1645 E. Campus Center Drive Salt Lake City, UT 84112 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 30 of 63 Pages ---------------------- ---------------------- (ii) CLASS, SERIES AND NUMBER OF SHARES OF STOCK OF TRI-CONTINENTAL THAT ARE BENEFICIALLY OWNED BY THE NOMINEES: NAME CLASS/SERIES BENEFICIAL OWNERSHIP Arthur D. Lipson Common Stock, Mr. Lipson beneficially owns 2,880,916 $.50 par value shares of Common Stock consisting of 1,001 shares held directly by Mr. Lipson and 2,879,915 shares beneficially owned by Western Investment LLC ("WILLC"). Mr. Lipson may be deemed to beneficially own the 2,879,915 shares of Common Stock beneficially owned by WILLC by virtue of his ability to vote and dispose of such shares as the sole managing member of WILLC Matthew S. Crouse N/A None Paul DeRosa N/A None Marlene A. Plumlee N/A None (iii) THE DATE SUCH SHARES WERE ACQUIRED AND THE INVESTMENT INTENT OF SUCH ACQUISITION: Name Date Acquired Investment Intent ---- ------------- ----------------- Arthur D. Lipson The date of purchase and number of shares Mr. Lipson purchased the shares based on his acquired by Mr. Lipson and the Stockholder belief that the shares were undervalued at Associated Persons (as defined in the Bylaws) current market prices and represented an listed in Section (v) of this Notice are set attractive investment opportunity. In addition forth in EXHIBIT A. Mr.Lipson may be deemed to to the foregoing, Mr. Lipson reserves the right beneficially own the shares beneficially owned by to take any and all action permitted by law with WILLC but does not have the power to vote or respect to his investment in Tri-Continental. dispose, and disclaims beneficial ownership of, the shares beneficially owned by BPIP (as defined below) and BPP (as defined below). ---------------------- ---------------------- CUSIP No. 895436103 13D Page 31 of 63 Pages ---------------------- ---------------------- (iv) WHETHER THE STOCKHOLDERS GIVING THE NOTICE BELIEVE ANY NOMINEE IS, OR IS NOT, AN "INTERESTED PERSON" OF TRI-CONTINENTAL, AS DEFINED IN THE 1940 ACT, AND INFORMATION REGARDING SUCH INDIVIDUAL THAT IS SUFFICIENT, IN THE DISCRETION OF THE BOARD OF DIRECTORS OR ANY COMMITTEE THEREOF OR ANY AUTHORIZED OFFICER OF TRI-CONTINENTAL, TO MAKE SUCH DETERMINATION: Western Investment and Arthur D. Lipson do not believe any Nominee is an "interested person" of Tri-Continental, as defined in the 1940 Act. Western Investment and Arthur D. Lipson do not believe there is any relevant information other than the information already set forth herein regarding any of the Nominees that would allow the Tri-Continental Board or any committee thereof or any authorized officer to make a determination to the contrary. (V) CLASS, SERIES AND NUMBER OF SHARES OF STOCK OF TRI-CONTINENTAL WHICH ARE OWNED BY THE STOCKHOLDERS GIVING THE NOTICE AND STOCKHOLDER ASSOCIATED PERSONS (AS DEFINED IN THE BYLAWS), AND THE NOMINEE HOLDER FOR, AND NUMBER OF, SHARES OWNED BENEFICIALLY BUT NOT OF RECORD BY SUCH STOCKHOLDERS AND BY ANY SUCH STOCKHOLDER ASSOCIATED PERSONS: Name Class / Series Ownership / Nominee Holder ---- -------------- -------------------------- Western Investment Hedged Common Stock, 1,000 shares owned of record Partners, L.P. $.50 par value 1,607,515 shares owned beneficially (owned of record by Cede & Co.) Western Investment Institutional Common Stock, 832,500 shares owned beneficially Partners LLC ("WIIP") $.50 par value (owned of record by Cede & Co.) Western Investment Activism Common Stock, 438,900 shares owned beneficially Partners LLC ("WIAP") $.50 par value (owned of record by Cede & Co.) Western Investment LLC Common Stock, As the general partner or managing member, as $.50 par value the par value case may be, of Western Investment, WIIP and WIAP, WILLC may be deemed to beneficially own the 2,879,915 shares owned in the aggregate by Western Investment, WIIP and WIAP, as set forth in further detail in this Section (v). Arthur D. Lipson Common Stock, 1,000 shares owned of record $.50 par value 1 share owned beneficially (owned of record by Cede & Co.) ---------------------- ---------------------- CUSIP No. 895436103 13D Page 32 of 63 Pages ---------------------- ---------------------- Mr. Lipson may also be deemed to beneficially own the 2,879,915 shares of Common Stock beneficially owned by WILLC by virtue of his ability to vote and dispose of such shares as the sole managing member of WILLC. Benchmark Plus Institutional Common Stock, 1,371,250 shares owned beneficially Partners, L.L.C. ("BPIP") $.50 par value (owned of record by Cede & Co.) Benchmark Plus Management, Common Stock, BPM may be deemed to beneficially own the L.L.C. ("BPM") $.50 par value 1,371,250 shares of Common Stock beneficially owned by BPIP by virtue of its ability to vote and dispose of such shares as the managing member of BPIP. Benchmark Plus Partners, L.L.C. Common Stock, 1,303,475 shares owned beneficially ("BPP") $.50 par value (owned of record by Cede & Co.) Paradigm Partners, N.W., Inc. Common Stock, PPNW may be deemed to beneficially own the ("PPNW") $.50 par value 1,303,475 shares of Common Stock beneficially owned by BPP by virtue of its ability to vote and dispose of such shares as the managing member of BPP. Scott Franzblau Common Stock, Mr. Franzblau may be deemed to beneficially own $.50 par value the 1,371,250 shares of Common Stock beneficially owned by BPIP by virtue of his ability to vote and dispose of such shares as a managing member of BPM, which in turn is the managing member of BPIP. Robert Ferguson Common Stock, Mr. Ferguson may be deemed to beneficially own $.50 par value the 1,371,250 shares of Common Stock beneficially owned by BPIP by virtue of his ability to vote and dispose of such shares as a managing member of BPM, which in turn is the managing member of BPIP. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 33 of 63 Pages ---------------------- ---------------------- Mr. Ferguson may also be deemed to beneficially own the 1,303,475 shares of Common Stock beneficially owned by BPP by virtue of his ability to vote and dispose of such shares as a principal of PPNW, which in turn is the managing member of BPP. Michael Dunmire Common Stock, Mr. Dunmire may be deemed to beneficially own $.50 par value the 1,371,250 shares of Common Stock beneficially owned by BPIP by virtue of his ability to vote and dispose of such shares as a managing member of BPM, which in turn is the managing member of BPIP. Mr. Dunmire may also be deemed to beneficially own the 1,303,475 shares of Common Stock beneficially owned by BPP by virtue of his ability to vote and dispose of such shares as a principal of PPNW, which in turn is the managing member of BPP. (vi) THE NAME AND ADDRESS, AS BELIEVED TO APPEAR ON TRI-CONTINENTAL'S STOCK LEDGER, AND CURRENT NAME AND ADDRESS, IF DIFFERENT, OF THE STOCKHOLDERS GIVING THE NOTICE AND STOCKHOLDER ASSOCIATED PERSONS (AS DEFINED IN THE BYLAWS) WHO CURRENTLY BENEFICIALLY OWN SHARES: (a) STOCKHOLDERS GIVING THE NOTICE NAME / ADDRESS ON STOCK LEDGER Western Investment Hedged Partners, L.P. Same 2855 East Cottonwood Parkway, Suite 110 Salt Lake City, Utah 84121 Arthur D. Lipson Arthur D. Lipson c/o Western Investment LLC P.O. Box 71869 2855 East Cottonwood Parkway, Suite 110 Salt Lake City, Utah 84171 Salt Lake City, Utah 84121 (b) STOCKHOLDER ASSOCIATED PERSONS Western Investment Institutional Partners LLC N/A 2855 East Cottonwood Parkway, Suite 110 Salt Lake City, Utah 84121 Western Investment Activism Partners LLC N/A 2855 East Cottonwood Parkway, Suite 110 Salt Lake City, Utah 84121 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 34 of 63 Pages ---------------------- ---------------------- Western Investment LLC N/A 2855 East Cottonwood Parkway, Suite 110 Salt Lake City, Utah 84121 Benchmark Plus Institutional Partners, L.L.C. N/A 820 A Street, Suite 700 Tacoma, Washington 98402 Benchmark Plus Management, L.L.C. N/A 820 A Street, Suite 700 Tacoma, Washington 98402 Benchmark Plus Partners, L.L.C. N/A 820 A Street, Suite 700 Tacoma, Washington 98402 Paradigm Partners, N.W., Inc. N/A 820 A Street, Suite 700 Tacoma, Washington 98402 Scott Franzblau N/A 820 A Street, Suite 700 Tacoma, Washington 98402 Robert Ferguson N/A 820 A Street, Suite 700 Tacoma, Washington 98402 Michael Dunmire N/A 820 A Street, Suite 700 Tacoma, Washington 98402 (vii) TO THE EXTENT KNOWN BY THE STOCKHOLDERS GIVING THE NOTICE, THE NAME AND ADDRESS OF ANY OTHER STOCKHOLDER SUPPORTING THE NOMINEES FOR ELECTION AS A DIRECTOR ON THE DATE OF THIS NOTICE: As of the date hereof, Western Investment and Arthur D. Lipson are not aware of any other stockholder supporting the Nominees for election at the 2006 Annual Meeting other than the persons and entities named in this Notice. (viii) ALL OTHER INFORMATION RELATING TO THE NOMINEES THAT IS REQUIRED TO BE DISCLOSED IN SOLICITATIONS OF PROXIES FOR ELECTION OF DIRECTORS IN AN ELECTION CONTEST, OR IS OTHERWISE REQUIRED, IN EACH CASE PURSUANT TO REGULATION 14A UNDER THE EXCHANGE ACT AND THE RULES THEREUNDER: ---------------------- ---------------------- CUSIP No. 895436103 13D Page 35 of 63 Pages ---------------------- ---------------------- ARTHUR D. LIPSON has been the sole managing member of WILLC, a Delaware limited liability company that acts as the general partner and managing member, as the case may be, of Western Investment, WIAP and WIIP, since May 1997. The principal business of Western Investment, WIAP and WIIP is acquiring, holding and disposing of investments in various companies. Mr. Lipson received a Masters of Science from Columbia University and a Bachelor of Science from the California Institute of Technology. MATTHEW S. CROUSE has served as a portfolio manager at WILLC since February 2003. From January 2002 to January 2003, he served as the Manager of Market Risk Control for Duke Energy, a utility company with an affiliated real estate operation. From June 2000 to December 2001, he served as Manager/Director of Research for The New Power Company, a retail energy supplier. Mr. Crouse received a Ph.D. in Electrical Engineering from Rice University and a Masters of Business Administration from the University of Houston. PAUL DEROSA has been a principal of Mt. Lucas Management Corporation, an asset management company, since November 1998. From March 1988 to July 1995, he served as Managing Director of Eastbridge Capital Inc., a bond trading company. From July 1986 to March 1988, he served as Senior Vice President of the Capital Markets Division of E.F. Hutton Inc. Prior to such time he served in various capacities with Citibank NA, including as a Division Head and Vice President of Citicorp Investment Bank. Mr. De Rosa is currently a director of Intervest Bancshares Corporation, a financial holding company. Mr. DeRosa received a Ph.D. in Economics from Columbia University. MARLENE A. PLUMLEE has been a Professor of Accounting at the University of Utah since 1997. Dr. Plumlee received a Ph.D. in Business Administration (Accounting Emphasis) from the University of Michigan. For information regarding purchases and sales during the past two years of securities of Tri-Continental by Mr. Lipson, including purchases and sales by Western Investment, WIAP and WIIP, as well as Western Investment Total Return Fund Ltd. ("WITR"), an entity controlled by Mr. Lipson, of securities that may be or were deemed to be beneficially owned by Mr. Lipson, please see EXHIBIT A. Mr. Crouse, Mr. DeRosa and Dr. Plumlee have not purchased or sold any securities of Tri-Continental during the past two years. WITR does not currently beneficially own any securities of Tri-Continental. Other than as stated above, there are no arrangements or understandings between Western Investment and Arthur D. Lipson and each Nominee or any other person or persons pursuant to which the nominations described herein are to be made, other than the consents by the Nominees to be named as a nominee in this Notice, to be named as a nominee in any proxy statement filed by Western Investment and/or Arthur D. Lipson in connection with the 2006 Annual Meeting and to serve as a director of Tri-Continental, if so elected. Such consents are attached hereto as EXHIBIT B. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 36 of 63 Pages ---------------------- ---------------------- Except as set forth in this Notice (including the Exhibits hereto), (i) during the past 10 years, no Nominee has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); (ii) no Nominee directly or indirectly beneficially owns any securities of Tri-Continental; (iii) no Nominee owns any securities of Tri-Continental which are owned of record but not beneficially; (iv) no Nominee has purchased or sold any securities of Tri-Continental during the past two years; (v) no part of the purchase price or market value of the securities of Tri-Continental owned by any Nominee is represented by funds borrowed or otherwise obtained for the purpose of acquiring or holding such securities; (vi) no Nominee is, or within the past year was, a party to any contract, arrangements or understandings with any person with respect to any securities of Tri-Continental, including, but not limited to, joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving or withholding of proxies; (vii) no associate of any Nominee owns beneficially, directly or indirectly, any securities of Tri-Continental; (viii) no Nominee owns beneficially, directly or indirectly, any securities of any parent or subsidiary of Tri-Continental; (ix) no Nominee or any of his/her associates was a party to any transaction, or series of similar transactions, since the beginning of Tri-Continental's last fiscal year, or is a party to any currently proposed transaction, or series of similar transactions, to which Tri-Continental or any of its subsidiaries was or is to be a party, in which the amount involved exceeds $60,000; and (x) no Nominee or any of his/her associates has any arrangement or understanding with any person with respect to any future employment by Tri-Continental or its affiliates, or with respect to any future transactions to which Tri-Continental or any of its affiliates will or may be a party. A representative of Western Investment and Arthur D. Lipson intends to appear in person or by proxy at the 2006 Annual Meeting to nominate the persons specified in this Notice for election to the Tri-Continental Board. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 37 of 63 Pages ---------------------- ---------------------- Please address any correspondence to Western Investment LLC, Attention: Arthur D. Lipson, telephone (801) 942-7803, facsimile (801) 942-1625 (with a copy to our counsel, Olshan Grundman Frome Rosenzweig & Wolosky LLP, Park Avenue Tower, 65 East 55th Street, New York, New York 10022, Attention: Steven Wolosky, Esq., telephone (212) 451-2333, facsimile (212) 451-2222). The giving of this Notice is not an admission that any procedures for notice concerning the nomination of directors to the Tri-Continental Board are legal, valid or binding, and each of Western Investment and Arthur D. Lipson reserve the right to challenge their validity. Very truly yours, WESTERN INVESTMENT HEDGED PARTNERS, L.P. By: Western Investment LLC, Its General Partner By: /s/ Arthur D. Lipson ------------------------------ Name: Arthur D. Lipson Title: Managing Member /s/ Arthur D. Lipson ---------------------------------- ARTHUR D. LIPSON ---------------------- ---------------------- CUSIP No. 895436103 13D Page 38 of 63 Pages ---------------------- ---------------------- EXHIBIT A TRANSACTIONS IN THE COMMON STOCK OF TRI-CONTINENTAL Transaction Quantity Date Price ($) ----------- -------- ---- --------- WESTERN INVESTMENT HEDGED PARTNERS, L.P. Buy 100 02/26/99 28.0625 Sell 100 03/26/99 28.1240 Buy 3,000 01/12/00 26.9375 Buy 2,000 01/14/00 27.1875 Buy 3,000 02/08/00 25.6875 Buy 6,000 03/24/00 25.3203 Sell 3,000 04/27/00 25.1242 Sell 1,200 04/27/00 25.1242 Sell 600 05/10/00 24.4992 Sell 200 06/22/00 25.4551 Sell 3,000 06/22/00 25.4551 Sell 5,800 06/22/00 25.4551 Sell 200 06/23/00 25.4367 Buy 15,000 12/28/00 21.1875 Buy 5,000 01/04/01 21.5000 Sell 200 04/23/01 21.6493 Sell 4,000 04/24/01 21.6993 Sell 2,900 05/03/01 22.5192 Buy 1,000 08/10/01 20.8500 Buy 3,000 08/13/01 20.8433 Buy 400 08/15/01 20.7000 Sell 7,900 09/04/01 20.4168 Sell 100 09/04/01 20.4168 Sell 2,000 09/05/01 20.1443 Sell 2,000 09/19/01 18.6094 Sell 900 10/12/01 19.4494 Sell 1,000 10/12/01 19.4494 Sell 3,000 10/12/01 19.4494 Sell 400 10/12/01 19.4494 Buy 500 12/19/01 18.7100 Buy 3,000 12/20/01 18.5700 Buy 600 12/21/01 18.5000 Buy 1,400 12/21/01 18.5100 Buy 200 12/24/01 18.4600 Buy 2,000 12/26/01 18.5750 Buy 7,300 12/31/01 18.6374 Buy 100 01/02/02 18.6600 Sell 500 02/07/02 18.6982 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 39 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Sell 3,000 02/07/02 18.6982 Sell 600 02/07/02 18.6982 Sell 1,400 02/07/02 18.6982 Sell 200 02/07/02 18.6982 Sell 2,000 02/07/02 18.6982 Sell 7,300 02/07/02 18.6982 Sell 100 02/07/02 18.6982 Buy 2,000 04/11/02 18.6900 Sell 2,000 04/11/02 18.6499 Buy 8,500 07/03/02 15.5200 Sell 2,200 07/05/02 15.7495 Buy 2,300 07/08/02 15.9100 Buy 500 07/24/02 12.5500 Sell 6,300 08/05/02 13.7896 Sell 2,300 08/05/02 13.7896 Sell 500 08/05/02 13.7896 Buy 8,000 09/24/02 13.1950 Sell 1,700 11/04/02 14.9295 Sell 2,000 11/06/02 14.6996 Buy 1,000 11/11/02 13.8200 Buy 1,900 11/19/02 13.7726 Buy 400 11/25/02 14.2000 Buy 1,500 12/02/02 14.2000 Buy 4,000 12/03/02 14.0750 Buy 4,000 12/04/02 13.9925 Buy 2,000 12/17/02 13.7200 Buy 29,000 12/20/02 13.3961 Buy 36,600 12/23/02 13.4473 Buy 400 12/24/02 13.4400 Buy 12,100 12/24/02 13.4652 Buy 200 12/24/02 13.4400 Sell 400 12/24/02 13.4396 Buy 21,900 12/26/02 13.5399 Buy 3,300 12/27/02 13.3200 Buy 54,700 12/30/02 13.2416 Buy 56,700 12/31/02 13.2689 Buy 40,900 01/02/03 13.4718 Buy 14,900 01/03/03 13.6960 Buy 30,600 01/06/03 13.8474 Buy 3,000 01/08/03 13.7567 Buy 2,000 01/10/03 13.9000 Buy 4,900 01/28/03 13.1229 Buy 1,700 01/29/03 13.1100 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 40 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Buy 1,900 01/30/03 13.0858 Buy 1,000 02/13/03 12.4000 Buy 19,600 02/14/03 12.4880 Buy 2,000 02/19/03 12.7500 Buy 800 02/20/03 12.7800 Buy 1,000 03/04/03 12.6000 Buy 6,300 03/08/03 12.4946 Buy 3,800 03/10/03 12.3911 Buy 8,100 03/11/03 12.2923 Buy 2,000 03/13/03 12.3200 Sell 1,000 03/13/03 12.5696 Sell 3,000 03/13/03 12.5696 Buy 2,000 03/14/03 12.6400 Sell 2,000 03/14/03 12.6696 Buy 4,000 03/17/03 12.8215 Buy 2,900 03/20/03 12.9672 Buy 3,700 03/21/03 13.4286 Buy 4,800 03/31/03 12.7375 Buy 2,800 04/01/03 12.7400 Buy 2,000 04/02/03 13.0900 Sell 1,000 04/03/03 13.5944 Sell 1,300 04/29/03 14.0493 Sell 3,500 04/30/03 14.0379 Sell 7,700 05/01/03 13.9755 Sell 2,400 05/02/03 14.0738 Sell 2,000 05/02/03 14.0738 Sell 800 05/02/03 14.0738 Sell 1,000 05/02/03 14.0738 Sell 1,100 05/02/03 14.0738 Sell 2,600 05/06/03 14.2842 Sell 1,000 05/06/03 14.2842 Sell 1,900 05/06/03 14.2842 Sell 400 05/06/03 14.2842 Sell 1,500 05/06/03 14.2842 Sell 200 05/06/03 14.2843 Sell 3,800 05/07/03 14.2741 Sell 4,000 05/07/03 14.2741 Sell 600 05/07/03 14.2741 Sell 1,400 05/09/03 14.3307 Sell 12,600 05/09/03 14.3307 Sell 8,300 05/12/03 14.5201 Sell 3,800 05/13/03 14.5972 Sell 3,800 05/15/03 14.5593 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 41 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Sell 400 05/19/03 14.2193 Sell 1,000 05/20/03 14.1818 Sell 3,800 05/20/03 14.1818 Sell 3,200 05/20/03 14.1818 Buy 22,500 05/22/03 14.1503 Buy 7,100 05/23/03 14.1837 Buy 600 05/29/03 14.4533 Buy 4,500 06/04/03 14.9742 Buy 10,800 06/05/03 14.9308 Buy 2,000 06/06/03 15.1000 Buy 3,600 06/09/03 14.7900 Buy 3,100 06/10/03 14.8345 Buy 10,100 06/11/03 14.9627 Buy 600 06/12/03 15.0600 Buy 3,100 06/13/03 15.0132 Buy 2,100 06/16/03 15.1786 Buy 6,900 06/17/03 15.2401 Buy 2,300 06/18/03 15.1500 Buy 800 06/19/03 15.2100 Buy 2,300 06/26/03 14.8700 Buy 3,600 07/02/03 14.9658 Buy 2,700 07/03/03 14.9056 Buy 2,000 07/16/03 15.1700 Sell 200 07/17/03 15.0493 Buy 2,000 08/04/03 14.6860 Buy 2,100 08/12/03 14.6638 Buy 2,600 08/13/03 14.7638 Buy 5,300 08/14/03 14.7170 Buy 1,800 08/19/03 14.9300 Buy 1,600 08/22/03 15.1200 Buy 1,400 09/08/03 15.3033 Buy 1,000 09/09/03 15.2400 Buy 4,000 12/15/03 15.9423 Buy 6,900 12/16/03 15.8063 Buy 1,200 12/17/03 15.7983 Buy 11,000 12/23/03 15.9080 Buy 2,200 12/24/03 15.9373 Buy 5,000 12/31/03 16.3005 Buy 3,200 01/07/04 16.5816 Buy 8,300 01/12/04 16.6722 Buy 1,300 01/13/04 16.6338 Buy 11,400 01/15/04 16.8835 Buy 2,000 01/16/04 16.9093 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 42 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Buy 600 01/20/04 16.9983 Buy 6,800 01/21/04 17.0568 Buy 1,800 01/22/04 17.1128 Buy 1,000 01/23/04 17.2250 Buy 8,700 10/04/04 16.9404 Buy 8,200 10/05/04 16.8862 Buy 12,300 10/06/04 16.9110 Buy 14,600 10/07/04 16.8854 Buy 3,000 10/08/04 16.7602 Buy 6,100 10/12/04 16.6721 Buy 1,500 10/13/04 16.7425 Buy 400 10/19/04 16.4910 Buy 13,000 10/20/04 16.3751 Buy 13,500 10/21/04 16.5128 Buy 18,600 10/22/04 16.5008 Buy 3,100 10/25/04 16.3207 Buy 21,900 10/26/04 16.5234 Buy 17,500 10/27/04 16.6873 Buy 12,800 10/28/04 16.8541 Buy 300 10/29/04 16.9352 Buy 27,500 11/01/04 16.9027 Buy 32,600 11/02/04 17.0161 Buy 8,300 11/02/04 16.9971 Buy 4,000 11/12/04 17.6973 Buy 5,000 11/15/04 17.7822 Buy 36,400 12/15/04 18.0468 Buy 8,400 12/27/04 18.1645 Buy 12,200 12/28/04 18.1363 Buy 16,000 12/31/04 18.2800 Buy 62,900 12/31/04 18.2800 Buy 700 01/10/05 17.9328 Buy 2,600 01/11/05 17.8423 Buy 3,000 01/13/05 17.6618 Buy 10,900 01/14/05 17.7564 Buy 17,500 01/18/05 17.7912 Buy 9,600 01/19/05 17.8072 Buy 2,000 01/21/05 17.6535 Buy 2,500 01/24/05 17.4681 Buy 200 01/27/05 17.5835 Buy 10,600 01/28/05 17.5634 Buy 7,500 01/31/05 17.6454 Buy 6,900 02/02/05 17.7666 Buy 24,400 04/18/05 17.2760 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 43 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Buy 11,500 04/19/05 17.3535 Buy 10,700 04/20/05 17.1833 Buy 17,900 05/20/05 17.8302 Buy 13,800 05/23/05 17.9107 Buy 11,300 05/24/05 17.8940 Buy 26,500 05/25/05 17.8479 Buy 56,400 05/26/05 17.9034 Buy 5,300 05/27/05 17.9496 Buy 1,700 05/27/05 17.9585 Buy 2,000 06/03/05 18.0011 Sell 1,000 07/18/05 18.2707 Sell 1,300 07/21/05 18.4107 Buy 400 07/29/05 18.4800 Buy 2,300 10/04/05 18.2565 Buy 19,000 10/05/05 18.1118 Buy 30,400 10/06/05 17.9522 Buy 17,200 10/07/05 17.9067 Buy 1,800 10/10/05 17.8944 Buy 300 10/11/05 17.8200 Buy 2,700 10/12/05 17.6804 Buy 100 10/13/05 17.6200 Buy 27,600 10/14/05 17.6910 Buy 31,800 10/17/05 17.7842 Buy 59,800 10/18/05 17.8096 Buy 95,300 10/19/05 17.8047 Buy 5,400 10/20/05 17.9100 Buy 47,200 10/21/05 17.7650 Buy 76,500 10/24/05 17.8869 Buy 7,300 10/25/05 17.9377 Buy 8,200 10/26/05 17.9571 Buy 500 10/27/05 17.8360 Buy 11,300 10/28/05 17.8881 Buy 12,400 10/31/05 18.0410 Buy 5,900 11/02/05 18.1234 Buy 1,400 11/08/05 18.2100 Buy 6,800 11/09/05 18.2501 Buy 1,000 12/01/05 18.7680 Buy 315 12/02/05 18.7100 Buy 500 12/27/05 18.7300 Buy 15,100 12/27/05 18.7342 Buy 3,800 12/29/05 18.6602 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 44 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- WESTERN INVESTMENT INSTITUTIONAL PARTNERS LLC Buy 19,300 02/02/04 17.1323 Buy 19,400 02/03/04 17.1311 Buy 12,900 02/04/04 17.0913 Buy 10,300 02/05/04 17.0558 Buy 28,900 02/06/04 17.1913 Buy 40,300 02/06/04 17.1744 Buy 26,700 02/09/04 17.2388 Buy 6,500 02/10/04 17.2815 Buy 26,500 02/10/04 17.2812 Buy 22,600 02/11/04 17.4326 Buy 7,100 02/13/04 17.4293 Buy 2,300 02/14/04 17.4365 Buy 34,000 02/15/04 17.4559 Buy 21,300 02/18/04 17.4872 Buy 16,900 02/19/04 17.4747 Buy 10,100 02/20/04 17.3394 Buy 6,000 02/21/04 17.2513 Buy 3,000 02/24/04 17.2533 Buy 28,000 02/25/04 17.3117 Buy 38,400 02/26/04 17.3473 Buy 40,500 02/27/04 17.4350 Buy 16,800 03/01/04 17.5171 Buy 49,600 03/02/04 17.5557 Buy 44,900 03/03/04 17.5540 Buy 1,700 03/09/04 17.4459 Buy 200 03/11/04 17.1300 Buy 5,000 03/12/04 17.0758 Buy 8,000 03/15/04 17.0413 Buy 9,600 03/16/04 17.0139 Buy 3,000 03/17/04 17.1406 Buy 100 03/18/04 17.2200 Buy 2,300 03/19/04 17.0443 Buy 2,300 03/22/04 16.8043 Buy 2,300 03/26/04 16.9443 Buy 4,800 03/29/04 17.1034 Buy 1,400 03/30/04 17.1614 Buy 5,000 03/31/04 17.1900 Buy 7,300 03/31/04 17.1637 Buy 13,400 04/01/04 17.2599 Buy 4,800 04/02/04 17.3284 Buy 12,200 04/05/04 17.3588 Buy 3,000 04/06/04 17.3456 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 45 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Buy 3,000 04/08/04 17.4833 Buy 4,900 04/15/04 17.0487 Buy 8,400 04/20/04 17.1703 Buy 12,200 04/23/04 17.1780 Buy 7,400 04/26/04 17.1802 Buy 8,000 04/27/04 17.1946 Buy 8,100 10/05/04 16.8862 Buy 12,300 10/06/04 16.9117 Buy 5,300 12/03/04 17.9389 Buy 11,900 12/07/04 17.8839 Buy 15,000 12/08/04 17.7830 Buy 14,100 12/09/04 17.8686 Buy 3,000 12/10/04 17.8785 Buy 3,000 12/10/04 17.8585 Buy 42,600 12/10/04 17.8571 Buy 21,100 12/13/04 17.9713 Buy 70,000 12/15/04 18.0466 Buy 3,200 12/22/04 18.0429 Buy 6,400 12/23/04 18.1597 Buy 42,000 12/27/04 18.1635 Buy 22,500 12/29/04 18.1905 Buy 6,000 12/30/04 18.2264 Buy 4,300 12/30/04 18.2279 Buy 400 12/31/04 18.2835 Sell 5,300 03/29/05 17.6185 Sell 11,900 03/29/05 17.6185 Sell 15,000 03/29/05 17.6185 Sell 14,100 03/29/05 17.6185 Sell 42,600 03/29/05 17.6185 Sell 21,100 03/29/05 17.6185 Sell 10,000 03/29/05 17.6185 Sell 1,300 07/21/05 18.4107 WESTERN INVESTMENT ACTIVISM PARTNERS LLC Buy 2,100 11/02/04 17.0084 Buy 8,500 11/03/04 17.1680 Buy 5,600 11/04/04 17.2500 Buy 52,400 11/04/04 17.3245 Buy 27,600 11/05/04 17.5197 Buy 30,500 11/05/04 17.5075 Buy 700 11/08/04 17.5028 Buy 9,200 11/10/04 17.5350 Buy 5,500 11/11/04 17.5808 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 46 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Buy 7,500 11/12/04 17.7413 Buy 15,900 11/12/04 17.6966 Buy 19,300 11/15/04 17.7817 Buy 5,400 11/23/04 17.5320 Buy 5,500 12/03/04 17.9445 Buy 8,700 12/06/04 17.8893 Buy 27,100 12/06/04 17.8657 Buy 24,000 12/08/04 17.7823 Buy 20,900 12/13/04 17.9710 Buy 1,800 12/14/04 18.0085 Buy 9,100 12/14/04 18.0289 Buy 3,000 12/16/04 18.1185 Buy 5,400 12/16/04 18.0866 Buy 7,100 12/17/04 18.0631 Buy 9,000 12/23/04 18.1587 Buy 61,000 12/28/04 18.2007 Buy 30,200 12/29/04 18.1908 Buy 6,000 01/03/05 18.2943 Buy 6,000 01/04/05 17.8693 Buy 3,000 02/03/05 17.6802 Buy 9,200 02/04/05 17.7951 Buy 3,600 02/07/05 17.9199 Buy 3,000 02/09/05 17.9302 Sell 300 02/09/05 17.9242 Buy 5,400 02/15/05 18.0863 WESTERN INVESTMENT TOTAL RETURN FUND LTD. Buy 500 12/04/96 26.4880 Sell 500 12/20/96 24.6596 Buy 10,000 03/17/97 25.1471 Sell 500 03/19/97 25.2835 Sell 9,500 03/24/97 24.9804 Buy 10,000 08/18/97 28.1250 Buy 1,700 08/20/97 28.0625 Sell 4,800 08/26/97 27.9991 Sell 5,200 08/27/97 27.7491 Sell 1,700 08/27/97 27.7491 Buy 10,000 08/28/98 24.8750 Sell 7,500 09/21/98 25.2492 Buy 12,300 09/23/98 25.8125 Sell 2,500 09/23/98 25.9991 Sell 4,000 09/24/98 25.6866 Sell 5,800 09/28/98 25.9690 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 47 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Sell 2,500 09/28/98 25.9690 Buy 3,100 12/02/98 29.1875 Sell 3,100 12/18/98 28.4990 Buy 5,000 01/10/00 27.1875 Buy 1,300 01/25/00 25.8125 Buy 6,900 03/22/00 25.1250 Sell 3,000 03/23/00 25.4992 Buy 2,000 03/24/00 25.3203 Sell 2,000 04/20/00 24.9992 Sell 1,300 04/20/00 24.9992 Sell 6,700 04/20/00 24.9992 Sell 200 06/22/00 25.4551 Sell 2,000 06/22/00 25.4551 Buy 48 06/28/00 25.2188 Buy 2,000 01/03/01 21.5625 Sell 48 04/24/01 21.6994 Sell 1,952 04/24/01 21.6993 Sell 48 05/03/01 22.5192 Buy 5,000 04/25/02 18.5400 Sell 5,000 04/25/02 18.4994 Buy 6,200 11/21/02 14.2000 Buy 13,200 12/23/02 13.4473 Buy 12,100 12/24/02 13.4652 Buy 200 12/24/02 13.4400 Buy 3,000 12/26/02 13.5399 Buy 1,000 12/27/02 13.3200 Buy 2,100 01/02/03 13.4718 Sell 6,200 05/08/03 14.2250 Sell 700 05/08/03 14.2250 Sell 5,500 06/24/03 14.7993 Sell 7,000 06/25/03 14.9561 Sell 200 06/25/03 14.9561 Sell 1,600 06/25/03 14.9561 Sell 4,800 06/27/03 14.7616 Buy 500 08/04/03 14.6860 Buy 500 08/12/03 14.6638 Buy 600 08/13/03 14.7638 Buy 1,300 08/14/03 14.7170 Buy 500 08/19/03 14.9300 Buy 400 08/22/03 15.1200 Buy 400 09/08/03 15.3033 Buy 1,000 12/15/03 15.9498 Buy 1,700 12/16/03 15.8108 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 48 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Buy 2,600 12/18/03 15.9113 Buy 500 12/19/03 15.9550 Buy 1,500 12/23/03 15.9984 Buy 1,200 12/30/03 16.3078 Buy 800 01/07/04 16.5925 Buy 2,000 01/12/04 16.6765 Buy 1,200 01/14/04 16.6283 Buy 2,800 01/15/04 16.8867 Buy 500 01/16/04 16.9268 Buy 1,700 01/21/04 17.0620 Buy 500 01/22/04 17.1300 Buy 44,900 09/27/04 16.4402 Sell 5,700 12/31/04 18.2796 Sell 3,000 12/31/04 18.2796 Sell 1,000 12/31/04 18.2796 Sell 2,100 12/31/04 18.2796 Sell 500 12/31/04 18.2796 Sell 500 12/31/04 18.2796 Sell 600 12/31/04 18.2796 Sell 1,300 12/31/04 18.2796 Sell 500 12/31/04 18.2796 Sell 400 12/31/04 18.2796 Sell 400 12/31/04 18.2796 Sell 1,000 12/31/04 18.2800 Sell 1,700 12/31/04 18.2800 Sell 2,600 12/31/04 18.2800 Sell 500 12/31/04 18.2800 Sell 1,500 12/31/04 18.2800 Sell 1,200 12/31/04 18.2800 Sell 800 12/31/04 18.2800 Sell 2,000 12/31/04 18.2800 Sell 1,200 12/31/04 18.2800 Sell 2,800 12/31/04 18.2800 Sell 500 12/31/04 18.2800 Sell 1,700 12/31/04 18.2800 Sell 500 12/31/04 18.2800 Sell 44,900 12/31/04 18.2800 BENCHMARK PLUS PARTNERS, L.L.C. Buy 1,100 09/07/04 16.6800 Buy 1,900 09/08/04 16.6700 Buy 24,900 09/09/04 16.6491 Buy 20,300 09/13/04 16.7549 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 49 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Buy 17,200 09/14/04 16.7595 Buy 5,300 09/15/04 16.6670 Buy 9,700 09/16/04 16.6727 Buy 12,700 09/20/04 16.7035 Buy 11,900 09/21/04 16.7356 Buy 300 09/22/04 16.6100 Buy 100 09/23/04 16.5100 Buy 17,100 09/24/04 16.5025 Buy 18,800 09/27/04 16.4260 Buy 17,100 09/28/04 16.4936 Buy 7,000 09/29/04 16.5233 Buy 36,800 09/30/04 16.5586 Buy 32,900 10/01/04 16.7452 Buy 1,900 10/25/04 16.3500 Buy 10,600 10/26/04 16.5300 Buy 11,000 10/27/04 16.7375 Buy 14,400 11/22/04 17.6445 Buy 9,600 11/23/04 17.6415 Buy 11,700 11/24/04 17.7291 Buy 10,300 11/26/04 17.8250 Buy 3,500 11/29/04 17.8229 Buy 3,400 11/30/04 17.7088 Buy 12,700 12/14/04 18.0650 Buy 9,000 02/15/05 18.1029 Buy 3,100 02/16/05 18.1014 Buy 16,625 02/17/05 18.0405 Buy 13,700 02/18/05 18.0168 Buy 29,500 02/22/05 17.8765 Buy 41,200 02/23/05 17.8677 Buy 19,600 02/24/05 17.9110 Buy 10,000 02/25/05 18.1343 Buy 13,200 02/28/05 18.0367 Buy 8,300 03/01/05 18.1270 Buy 18,700 03/02/05 18.1543 Buy 2,000 03/02/05 18.1300 Buy 800 03/03/05 18.1750 Buy 12,300 03/03/05 18.1712 Buy 15,400 03/04/05 18.3163 Buy 13,000 03/07/05 18.4154 Buy 10,900 03/08/05 18.3435 Buy 7,000 03/09/05 18.2186 Buy 4,000 03/10/05 18.1409 Buy 4,000 03/11/05 18.1417 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 50 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Buy 4,900 03/14/05 18.0937 Buy 1,700 03/15/05 18.1881 Buy 2,900 03/23/05 17.5895 Buy 3,600 03/24/05 17.6830 Buy 11,300 03/28/05 17.6806 Buy 7,500 03/29/05 17.6043 Buy 11,900 03/30/05 17.6705 Buy 5,100 03/31/05 17.7907 Buy 3,900 04/01/05 17.6739 Buy 6,500 04/04/05 17.6396 Buy 4,300 04/05/05 17.8015 Buy 1,800 04/06/05 17.9002 Buy 2,500 04/07/05 17.9313 Buy 1,800 04/08/05 17.8366 Buy 3,100 04/11/05 17.7921 Buy 5,500 04/12/05 17.7106 Buy 2,500 04/13/05 17.7822 Buy 12,600 04/14/05 17.6489 Buy 5,700 04/15/05 17.4753 Buy 700 04/18/05 17.2760 Buy 26,400 04/21/05 17.3440 Buy 4,900 04/22/05 17.3303 Buy 31,700 04/25/05 17.4545 Buy 17,300 04/26/05 17.4420 Buy 17,800 04/27/05 17.2971 Buy 17,600 04/29/05 17.3154 Buy 3,600 05/02/05 17.4098 Buy 1,800 05/03/05 17.4200 Buy 7,200 05/04/05 17.5924 Buy 17,800 05/05/05 17.6490 Buy 5,000 05/06/05 17.6689 Buy 14,800 05/09/05 17.6438 Buy 20,500 05/10/05 17.5859 Buy 27,100 05/11/05 17.5609 Buy 33,600 05/12/05 17.5536 Buy 29,200 05/13/05 17.4242 Buy 58,400 05/16/05 17.4859 Buy 48,000 05/17/05 17.5502 Buy 10,700 05/18/05 17.7169 Buy 24,000 05/27/05 17.9496 Buy 19,700 05/31/05 17.8876 Buy 17,900 06/01/05 17.9896 Buy 1,900 06/02/05 17.9994 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 51 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Buy 3,250 06/03/05 18.0011 Buy 500 06/07/05 18.0594 Buy 1,400 06/09/05 17.9495 Buy 4,700 06/10/05 17.9077 Buy 6,500 06/13/05 17.9750 Buy 5,500 06/14/05 17.9682 Buy 2,600 06/15/05 17.9993 Buy 5,200 06/16/05 18.0634 Buy 7,600 06/17/05 18.1829 Buy 6,200 06/20/05 18.1638 Buy 16,100 06/21/05 18.1730 Buy 17,000 06/22/05 18.1789 Buy 23,000 06/23/05 18.1218 Buy 5,000 06/24/05 17.9375 Buy 1,300 06/27/05 17.8266 Buy 4,100 07/05/05 17.8661 Buy 700 07/06/05 17.8917 Buy 3,000 07/07/05 17.8001 Buy 4,200 07/08/05 17.9972 Buy 4,900 07/11/05 18.1280 Buy 4,200 07/12/05 18.1842 Buy 9,800 07/13/05 18.1949 Buy 2,800 07/15/05 18.2989 Buy 2,600 07/20/05 18.3866 Buy 1,100 07/27/05 18.4300 Buy 5,700 07/28/05 18.5230 Buy 1,200 08/01/05 18.4268 Buy 5,000 08/02/05 18.5069 Buy 600 08/04/05 18.4879 Buy 3,200 08/09/05 18.4103 Buy 6,500 08/10/05 18.5466 Buy 800 08/11/05 18.4636 Buy 1,000 09/09/05 18.4800 Buy 3,000 09/19/05 18.2570 BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C. Buy 17,000 03/10/05 18.1409 Buy 15,800 03/11/05 18.1417 Buy 19,400 03/14/05 18.0937 Buy 6,600 03/15/05 18.1881 Buy 200 03/16/05 17.9400 Buy 11,400 03/23/05 17.5895 Buy 14,600 03/24/05 17.6830 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 52 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Buy 44,000 03/28/05 17.6806 Buy 29,800 03/29/05 17.6043 Buy 120,000 03/29/05 17.6209 Buy 47,700 03/30/05 17.6705 Buy 20,200 03/31/05 17.7907 Buy 15,400 04/01/05 17.6739 Buy 25,600 04/04/05 17.6396 Buy 17,200 04/05/05 17.8015 Buy 7,300 04/06/05 17.9002 Buy 10,200 04/07/05 17.9313 Buy 7,200 04/08/05 17.8366 Buy 12,500 04/11/05 17.7921 Buy 21,800 04/12/05 17.7106 Buy 9,900 04/13/05 17.7822 Buy 29,300 04/14/05 17.6489 Buy 22,700 04/15/05 17.4753 Buy 31,300 04/18/05 17.2760 Buy 8,000 04/21/05 17.3440 Buy 2,200 04/22/05 17.3303 Buy 10,600 04/25/05 17.4545 Buy 5,700 04/26/05 17.4420 Buy 6,000 04/27/05 17.2971 Buy 5,800 04/29/05 17.3154 Buy 1,200 05/02/05 17.4098 Buy 600 05/03/05 17.4200 Buy 1,800 05/04/05 17.5924 Buy 4,400 05/05/05 17.6490 Buy 1,200 05/06/05 17.6689 Buy 3,700 05/09/05 17.6438 Buy 5,100 05/10/05 17.5859 Buy 19,700 05/31/05 17.8876 Buy 17,900 06/01/05 17.9896 Buy 10,500 06/02/05 17.9994 Buy 4,250 06/03/05 18.0011 Buy 7,000 06/06/05 17.9114 Buy 3,000 06/07/05 18.0594 Buy 6,500 06/08/05 17.9800 Buy 7,700 06/09/05 17.9495 Buy 26,900 06/10/05 17.9077 Buy 36,600 06/13/05 17.9750 Buy 31,000 06/14/05 17.9682 Buy 14,600 06/15/05 17.9993 Buy 20,800 06/16/05 18.0634 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 53 of 63 Pages ---------------------- ---------------------- Transaction Quantity Date Price ($) ----------- -------- ---- --------- Buy 31,300 06/17/05 18.1829 Buy 24,800 06/20/05 18.1638 Buy 64,500 06/21/05 18.1730 Buy 69,500 06/22/05 18.1789 Buy 84,300 06/23/05 18.1218 Buy 20,600 06/24/05 17.9375 Buy 5,100 06/27/05 17.8266 Buy 1,300 07/01/05 17.7731 Buy 16,600 07/05/05 17.8661 Buy 2,900 07/06/05 17.8917 Buy 11,100 07/07/05 17.8001 Buy 9,000 07/08/05 17.9972 Buy 19,500 07/11/05 18.1280 Buy 16,900 07/12/05 18.1842 Buy 39,000 07/13/05 18.1949 Buy 300 07/14/05 18.2800 Buy 11,300 07/15/05 18.2989 Buy 10,500 07/20/05 18.3866 Buy 3,300 07/27/05 18.4300 Buy 22,800 07/28/05 18.5230 Buy 4,800 08/01/05 18.4268 Buy 19,800 08/02/05 18.5069 Buy 700 08/03/05 18.4700 Buy 2,200 08/04/05 18.4879 Buy 12,800 08/09/05 18.4103 Buy 26,200 08/10/05 18.5466 Buy 3,100 08/11/05 18.4636 Buy 1,600 08/17/05 18.3700 Buy 1,400 08/18/05 18.3300 Buy 200 08/22/05 18.3900 Buy 200 09/06/05 18.2800 Buy 1,000 09/09/05 18.4800 Buy 600 09/16/05 18.3700 Buy 12,200 09/19/05 18.2570 ARTHUR D. LIPSON Buy 1 11/06/95 23.5000 Buy 1,000 12/02/05 18.6900 ---------------------- ---------------------- CUSIP No. 895436103 13D Page 54 of 63 Pages ---------------------- ---------------------- EXHIBIT B CONSENTS OF NOMINEES ---------------------- ---------------------- CUSIP No. 895436103 13D Page 55 of 63 Pages ---------------------- ---------------------- ARTHUR D. LIPSON C/O WESTERN INVESTMENT LLC 2855 E. COTTONWOOD PARKWAY, SUITE 110 SALT LAKE CITY, UTAH 84121 December 29, 2005 Tri-Continental Corporation 100 Park Avenue New York, New York 10017 Attn: Corporate Secretary Dear Sir: You are hereby notified that the undersigned consents to (i) being named as a nominee in the notice provided by Western Investment Hedged Partners, L.P. ("Western") and Arthur D. Lipson of their intention to nominate the undersigned as a director of Tri-Continental Corporation ("Tri-Continental") at the 2006 annual meeting of stockholders, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the "Annual Meeting"), (ii) being named as a nominee in any proxy statement filed by Western and/or Mr. Lipson in connection with the solicitation of proxies or written consents for election of the undersigned at the Annual Meeting, and (iii) serving as a director of Tri-Continental if elected at the Annual Meeting. Very truly yours, /s/ Arthur D. Lipson Arthur D. Lipson ---------------------- ---------------------- CUSIP No. 895436103 13D Page 56 of 63 Pages ---------------------- ---------------------- MATTHEW S. CROUSE C/O WESTERN INVESTMENT LLC 2855 E. COTTONWOOD PARKWAY, SUITE 110 SALT LAKE CITY, UTAH 84121 December 29, 2005 Tri-Continental Corporation 100 Park Avenue New York, New York 10017 Attn: Corporate Secretary Dear Sir: You are hereby notified that the undersigned consents to (i) being named as a nominee in the notice provided by Western Investment Hedged Partners, L.P. ("Western") and Arthur D. Lipson of their intention to nominate the undersigned as a director of Tri-Continental Corporation ("Tri-Continental") at the 2006 annual meeting of stockholders, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the "Annual Meeting"), (ii) being named as a nominee in any proxy statement filed by Western and/or Mr. Lipson in connection with the solicitation of proxies or written consents for election of the undersigned at the Annual Meeting, and (iii) serving as a director of Tri-Continental if elected at the Annual Meeting. Very truly yours, /s/ Matthew S. Crouse Matthew S. Crouse ---------------------- ---------------------- CUSIP No. 895436103 13D Page 57 of 63 Pages ---------------------- ---------------------- PAUL DEROSA C/O MT LUCAS, LLC 730 FIFTH AVENUE NEW YORK, NY 10019 December 29, 2005 Tri-Continental Corporation 100 Park Avenue New York, New York 10017 Attn: Corporate Secretary Dear Sir: You are hereby notified that the undersigned consents to (i) being named as a nominee in the notice provided by Western Investment Hedged Partners, L.P. ("Western") and Arthur D. Lipson of their intention to nominate the undersigned as a director of Tri-Continental Corporation ("Tri-Continental") at the 2006 annual meeting of stockholders, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the "Annual Meeting"), (ii) being named as a nominee in any proxy statement filed by Western and/or Mr. Lipson in connection with the solicitation of proxies or written consents for election of the undersigned at the Annual Meeting, and (iii) serving as a director of Tri-Continental if elected at the Annual Meeting. Very truly yours, /s/ Paul DeRosa Paul DeRosa ---------------------- ---------------------- CUSIP No. 895436103 13D Page 58 of 63 Pages ---------------------- ---------------------- MARLENE A. PLUMLEE C/O UNIVERSITY OF UTAH SCHOOL OF ACCOUNTING AND INFORMATION SYSTEMS 1645 E. CAMPUS CENTER DRIVE SALT LAKE CITY, UT 84112 December 29, 2005 Tri-Continental Corporation 100 Park Avenue New York, New York 10017 Attn: Corporate Secretary Dear Sir: You are hereby notified that the undersigned consents to (i) being named as a nominee in the notice provided by Western Investment Hedged Partners, L.P. ("Western") and Arthur D. Lipson of their intention to nominate the undersigned as a director of Tri-Continental Corporation ("Tri-Continental") at the 2006 annual meeting of stockholders, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the "Annual Meeting"), (ii) being named as a nominee in any proxy statement filed by Western and/or Mr. Lipson in connection with the solicitation of proxies or written consents for election of the undersigned at the Annual Meeting, and (iii) serving as a director of Tri-Continental if elected at the Annual Meeting. Very truly yours, /s/ Marlene A. Plumlee Marlene A. Plumlee ---------------------- ---------------------- CUSIP No. 895436103 13D Page 59 of 63 Pages ---------------------- ---------------------- JOINT FILING AND SOLICITATION AGREEMENT WHEREAS, certain of the undersigned are stockholders, direct or beneficial, of Tri-Continental Corporation, a Maryland corporation ("Tri-Continental"); WHEREAS, Western Investment LLC ("Western Investment"), Western Investment Hedged Partners, L.P. ("WIHP"), Western Investment Activism Partners LLC, Arthur D. Lipson, Matthew S. Crouse, Paul DeRosa, Marlene A. Plumlee, Benchmark Plus Institutional Partners, L.L.C., Benchmark Plus Management, L.L.C., Benchmark Plus Partners, L.L.C., Paradigm Partners, N.W., Inc., Scott Franzblau, Robert Ferguson and Michael Dunmire wish to form a group for the purpose of seeking representation on the Board of Directors of Tri-Continental; WHEREAS, WIHP and Mr. Lipson intend to nominate Arthur D. Lipson, Matthew S. Crouse, Paul DeRosa and Marlene A. Plumlee as nominees to be elected to the Board of Directors of Tri-Continental at the 2006 annual meeting of stockholders of Tri-Continental, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the "Annual Meeting"). NOW, IT IS AGREED, this 6th day of January 2006 by the parties hereto: 1. In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, each of the undersigned (collectively, the "Group") agrees to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of Tri-Continental to the extent required under applicable securities laws. Each member of the Group shall be responsible for the accuracy and completeness of his/her/its own disclosure therein. 2. So long as this agreement is in effect, each of the undersigned shall provide written notice to Olshan Grundman Frome Rosenzweig & Wolosky LLP ("Olshan") of (i) any of their purchases or sales of securities of Tri-Continental or (ii) any securities of Tri-Continental over which they acquire or dispose of beneficial ownership. Notice shall be given no later than 24 hours after each such transaction. 3. Each of the undersigned agrees to solicit proxies or written consents for the election of Arthur D. Lipson, Matthew S. Crouse, Paul DeRosa and Marlene A. Plumlee, or any other person(s) nominated by WIHP or Mr. Lipson, to the Board of Directors of Tri-Continental at the Annual Meeting (the "Nominees"). 4. Western Investment agrees to bear all expenses incurred in connection with the Group's activities, including expenses incurred by any of the parties in a solicitation of proxies or written consents by the members of the Group in connection with the Annual Meeting. Notwithstanding the foregoing, Western Investment shall not be required to reimburse any party for (i) out-of-pocket expenses incurred by a party in the aggregate in excess of $250 without Western Investment's prior written approval; (ii) the value of the time of any party; (iii) legal fees incurred without Western Investment's prior written approval; or (iv) the costs of any counsel, other than Olshan, employed in connection with any pending or threatened litigation without Western Investment's prior written approval. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 60 of 63 Pages ---------------------- ---------------------- 5. The relationship of the parties hereto shall be limited to carrying on the business of the Group in accordance with the terms of this Agreement. Such relationship shall be construed and deemed to be for the sole and limited purpose of carrying on such business as described herein. Nothing herein shall be construed to authorize any party to act as an agent for any other party, or to create a joint venture or partnership, or to constitute an indemnification. Nothing herein shall restrict any party's right to purchase or sell securities of Tri-Continental, as he/she/it deems appropriate, in his/her/its sole discretion, provided that all such purchases and sales are made in compliance with all applicable securities laws. 6. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute but one and the same instrument, which may be sufficiently evidenced by one counterpart. 7. In the event of any dispute arising out of the provisions of this Agreement, the parties hereto consent and submit to the exclusive jurisdiction of the Federal and State Courts in the State of New York. 8. Any party hereto may terminate his/her/its obligations under this agreement at any time on 24 hours' written notice to all other parties, with a copy by fax to Steven Wolosky at Olshan, Fax No. (212) 451-2222. 9. Each party acknowledges that Olshan shall act as counsel for both the Group and Western Investment. ---------------------- ---------------------- CUSIP No. 895436103 13D Page 61 of 63 Pages ---------------------- ---------------------- IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written. WESTERN INVESTMENT LLC By: /s/ Arthur D. Lipson ----------------------------------- Name: Arthur D. Lipson Title: Sole Member WESTERN INVESTMENT HEDGED PARTNERS L.P. By: Western Investment LLC, Its General Partner By: /s/ Arthur D. Lipson ----------------------------------- Name: Arthur D. Lipson Title: Managing Member WESTERN INVESTMENT ACTIVISM PARTNERS LLC By: Western Investment LLC, Its Managing Member By: /s/ Arthur D. Lipson ----------------------------------- Name: Arthur D. Lipson Title: Managing Member BENCHMARK PLUS INSTITUTIONAL PARTNERS, L.L.C. By: Benchmark Plus Management, L.L.C., Its Managing Member By: /s/ Scott Franzblau ----------------------------------- Name: Scott Franzblau Title: Managing Member By: /s/ Robert Ferguson ------------------------------------ Name: Robert Ferguson Title: Managing Member By: /s/ Michael Dunmire ------------------------------------ Name: Michael Dunmire Title: Managing Member ---------------------- ---------------------- CUSIP No. 895436103 13D Page 62 of 63 Pages ---------------------- ---------------------- BENCHMARK PLUS MANAGEMENT, L.L.C. By: /s/ Scott Franzblau ----------------------------------- Name: Scott Franzblau Title: Managing Member By: /s/ Robert Ferguson ------------------------------------ Name: Robert Ferguson Title: Managing Member By: /s/ Michael Dunmire ------------------------------------ Name: Michael Dunmire Title: Managing Member BENCHMARK PLUS PARTNERS, L.L.C. By: Paradigm Partners, N.W., Inc. Its Managing Member By: /s/ Robert Ferguson ------------------------------------ Name: Robert Ferguson Title: President By: /s/ Michael Dunmire ------------------------------------ Name: Michael Dunmire Title: Chairman of the Board PARADIGM PARTNERS, N.W., INC. By: /s/ Robert Ferguson ------------------------------------ Name: Robert Ferguson Title: President By: /s/ Michael Dunmire ------------------------------------ Name: Michael Dunmire Title: Chairman of the Board /s/ Arthur D. Lipson ----------------------------------------- ARTHUR D. LIPSON /s/ Matthew S. Crouse ----------------------------------------- MATTHEW S. CROUSE /s/ Paul Derosa ----------------------------------------- PAUL DEROSA ---------------------- ---------------------- CUSIP No. 895436103 13D Page 63 of 63 Pages ---------------------- ---------------------- /s/ Marlene A. Plumlee ----------------------------------------- MARLENE A. PLUMLEE /s/ Scott Franzblau ----------------------------------------- SCOTT FRANZBLAU /s/ Robert Ferguson ----------------------------------------- ROBERT FERGUSON /s/ Michael Dunmire ----------------------------------------- MICHAEL DUNMIRE