Tri-Continental Corporation

Item 1. Reports to Stockholders.

Semiannual Report

June 30, 2025 (Unaudited)

Not FDIC or NCUA Insured

No Financial Institution Guarantee

May Lose Value

Table of Contents

Fund at a Glance	3
Fund Investment Objective, Strategies, Policies and Principal Risks	5
Fees and Expenses, Share Price Data and Senior Securities	15
Portfolio of Investments	17
Statement of Assets and Liabilities	28
Statement of Operations	29
Statement of Changes in Net Assets	30
Financial Highlights	31
Notes to Financial Statements	34
Approval of Management Agreement	46
Results of Meeting of Stockholders	48

If you elect to receive the stockholder report for Tri-Continental Corporation (the Fund) in paper, mailed to you, the Fund

mails one stockholder report to each stockholder address, unless such stockholder elects to receive stockholder reports

from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s

stockholder report is available at the Columbia funds’ website (

columbiathreadneedleus.com/investor/

). If you would like

more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through

Postcard Notice, please call stockholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Directors is to vote the proxies of the companies in which the Fund holds investments consistent

with the procedures as stated in the SAI. You may obtain a copy of the SAI without charge by calling 800.345.6611, option 3;

contacting your financial intermediary; visiting

columbiathreadneedleus.com/investor/

; or searching the website of the SEC

sec.gov

. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August

31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting

columbiathreadneedleus.com/investor/

, or searching the website of the SEC at

sec.gov

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on

Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at

sec.gov

. The Fund’s complete schedule

of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611,

option 3.

Additional Fund information

For more information about the Fund, please visit

columbiathreadneedleus.com/investor/

or call 800.345.6611, option 3.

Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m.

Eastern time.

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Tri-Continental Corporation | 2025

Fund at a Glance

(Unaudited)

Portfolio management

David King, CFA

Co-Portfolio Manager

Managed Fund since 2011

Yan Jin

Co-Portfolio Manager

Managed Fund since 2012

Raghavendran Sivaraman, Ph.D., CFA

Co-Portfolio Manager

Managed Fund since 2020

Grace Lee, CAIA

Co-Portfolio Manager

Managed Fund since 2020

Oleg Nusinzon, CFA

Co-Portfolio Manager

Managed Fund since 2021

Price Per Share
	June 30, 2025	March 31, 2025	December 31, 2024
Market Price ($)	31.66	30.67	31.69
Net Asset Value ($)	35.62	34.41	35.48

Distributions Paid Per Common Share (a)
Payable Date	Per Share Amount ($)
March 26, 2025	0.2766
June 25, 2025	1.0520 (b)

(a) Preferred Stockholders were paid dividends totaling $1.25 per share.

(b) Includes a distribution of $0.2900 from ordinary income and a capital gain distribution of $0.7620 per share.

The net asset value of the Fund’s shares may not always correspond to the market price of such shares.

Common stock of many closed-end funds frequently trade at a discount from their net asset value. The Fund is

subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods,

adversely affecting the value of an investment in the Fund.

Tri-Continental Corporation | 2025

Fund at a Glance

(continued)

(Unaudited)

The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets as of June 30,

2025. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to

change.

Top Holdings
NVIDIA Corp.	4.4 %
Microsoft Corp.	3.3 %
Apple, Inc.	2.6 %
Alphabet, Inc., Class A	2.4 %
Meta Platforms, Inc., Class A	2.4 %
Amazon.com, Inc.	1.9 %
Bristol-Myers Squibb Co.	1.2 %
Booking Holdings, Inc.	1.1 %
Chevron Corp.	1.1 %
Citigroup, Inc.	1.1 %

Asset Categories
Common Stocks	66.1 %
Corporate Bonds & Notes	21.3 %
Convertible Bonds	5.9 %
Convertible Preferred Stocks	4.8 %
Other	1.2 %

Equity Sector Allocation
Information Technology	19.3 %
Financials	11.9 %
Health Care	7.3 %
Consumer Discretionary	6.3 %
Industrials	6.2 %
Communication Services	6.1 %
Consumer Staples	3.7 %
Energy	3.0 %
Utilities	2.8 %
Real Estate	2.2 %
Other	2.1 %

Tri-Continental Corporation | 2025

Fund Investment Objective, Strategies, Policies

and Principal Risks

(Unaudited)

Fund Investment Objective

The Fund seeks to produce future growth of both capital and income while providing reasonable current income. The Fund’s

investment objective is not a fundamental policy and may be changed by the Fund Board without stockholder approval.

Fund Investment Strategies and Policies

The Fund invests primarily for the longer term and has no charter restrictions with respect to its investments. With respect

to the Fund’s investments, assets may be held in cash or invested in all types of securities, that is, in common stocks, bonds,

convertible bonds (including high yield instruments), debentures, notes, preferred and convertible preferred stocks, rights,

and other securities or instruments, in whatever amounts or proportions the Investment Manager believes best suited to

current and anticipated economic and market conditions.

The Fund may invest in debt/fixed income instruments and convertible securities that, at the time of purchase, are rated

below investment grade or are unrated but determined to be of comparable quality (commonly referred to as “high yield”

investments or “junk” bonds). The Fund may invest in debt instruments of any maturity and does not seek to maintain a

particular dollar-weighted average maturity. A bond is issued with a specific maturity date, which is the date when the issuer

must pay back the bond’s principal (face value). Bond maturities range from less than 1 year to more than 30 years.

Typically, the longer a bond’s maturity, the more price risk the Fund and the Fund’s investors face as interest rates rise, but

the Fund could receive a higher yield in return for that longer maturity and higher interest rate risk.

The Fund may invest up to 25% of its net assets in foreign investments, including emerging markets. The Fund also employs

leverage through its outstanding shares of preferred stock.

The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to

Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory restrictions.

The Fund may invest in derivatives, such as futures contracts (including equity futures and index futures), to equitize cash.

As of June 30, 2025, the Fund had invested 67.0% of its net assets in equity securities, 21.6% of its net assets in debt/fixed

income instruments and 10.7% of its net assets in convertible securities.

The Fund’s current investment policies, in respect to which it has freedom of action, are:

• it keeps investments in individual issuers within the limits permitted diversified companies under the Investment Company

Act of 1940, as amended (the 1940 Act) (i.e., 75% of its total assets must be represented by cash items, government

securities, securities of other investment companies, and securities of other issuers which, at the time of investment, do not

exceed 5% of the Fund’s total assets at market value in the securities of any issuer and do not exceed 10% of the voting

securities of any issuer);

• it does not make investments with a view to exercising control or management;

• it ordinarily does not invest in other investment companies, but it may purchase up to 3% of the voting securities of such

investment companies, provided purchases of securities of a single investment company do not exceed in value 5% of the

total assets of the Fund and all investments in investment company securities do not exceed 10% of total assets; and

• it has no fixed policy with respect to portfolio turnover and purchases and sales in the light of economic, market and

investment considerations. The portfolio turnover rates for the last ten fiscal years are shown under

Financial Highlights

The foregoing investment objective and policies may be changed by the Fund’s Board without stockholder approval, unless

such a change would change the Fund’s status from a “diversified” to a “non-diversified” company under the 1940 Act. For

purposes of applying the limitation set forth in its issuer diversification policy, under certain circumstances, the Fund may

treat an investment, if any, in a municipal bond refunded with escrowed

U.S.

Government securities

an investment in

U.S. Government securities.

Tri-Continental Corporation | 2025

Fund Investment Objective, Strategies, Policies

and Principal Risks

(

continued

)

(Unaudited)

The Fund may not invest 25% or more of its total assets in securities of companies in any one industry. The Fund may,

however, invest a substantial percentage of its assets in certain industries or economic sectors believed to offer good

investment opportunities, including the information technology sector. If an industry or economic sector in which the Fund is

invested falls out of favor, the Fund’s performance may be negatively affected. The Fund may not acquire any illiquid

investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid

investments that are assets.

The Fund’s stated fundamental policies, which may not be changed without a vote of stockholders, are listed below. Within

the limits of these fundamental policies, the Investment Manager has reserved freedom of action. The Fund:

• may issue senior securities such as bonds, notes or other evidences of indebtedness if immediately after issuance the net

assets of the Fund provide 300% coverage of the aggregate principal amount of all bonds, notes or other evidences of

indebtedness and that amount does not exceed 150% of the capital and surplus of the Fund;

• may issue senior equity securities on a parity with, but not having preference or priority over, the preferred stock if

immediately after issuance its net assets are equal to at least 200% of the aggregate amount (exclusive of any dividends

accrued or in arrears) to which all shares of the preferred stock, then outstanding, shall be entitled as a preference over the

common stock in the event of voluntary or involuntary liquidation, dissolution or winding up of the Fund;

• may borrow money for substantially the same purposes as it may issue senior debt securities, subject to the same

restrictions and to any applicable limitations prescribed by law;

• may engage in the business of underwriting securities either directly or through majority-owned subsidiaries subject to any

applicable restrictions and limitations prescribed by law;

• does not intend to concentrate its assets in any one industry although it may from time to time invest up to 25% of the

value of its assets, taken at market value, in a single industry*;

* For purposes of applying the limitation set forth in its concentration policy above, the Fund will generally use the industry classifications provided by the Global Industry

Classification Standard (GICS) for classification of issuers of equity securities and the classifications provided by the Bloomberg U.S. Aggregate Bond Index for

classification of issues of fixed-income securities. The Fund considers the investments of any underlying funds in which it invests, and will consider the portfolio positions

applying the Time of Purchase Standard, which in the case of unaffiliated underlying funds is based on portfolio information made publicly available by them. The Fund

does not consider futures or swaps clearinghouses or securities clearinghouses, where the Fund has exposure to such clearinghouses in the course of making investments

in futures and securities, to be part of any industry.

• may not, with limited exceptions, purchase and sell real estate directly but may do so through majority-owned subsidiaries,

so long as its real estate investments do not exceed 10% of the value of the Fund’s total assets;

• may not purchase or sell commodities or commodity contracts; and

• may make money loans (subject to restrictions imposed by law and by charter) (a) only to its subsidiaries, (b) as incidents

to its business transactions or (c) for other purposes. The Fund will not lend securities if the total of all such loans would

exceed 33 1/3% of the Fund’s total assets, except this fundamental investment policy shall not prohibit the Fund from

purchasing money market securities, loans, loan participation or other debt securities, or from entering into repurchase

agreements, and it may make loans represented by repurchase agreements, so long as such loans do not exceed 10% of the

value of total assets.

If the Fund issues senior securities, the Fund may not, to the extent required by the 1940 Act, declare dividends (except

dividends payable in stock of the Fund) or other distributions on stock or purchase its stock (including through tender offers)

if, immediately after doing so, it will have an asset coverage ratio of less than 300% or 200%, as applicable.

During its last three fiscal years, the Fund did not: (a) issue senior securities; (b) borrow any money; (c) underwrite securities;

(d) concentrate investments in particular industries or groups of industries; (e) purchase or sell real estate, commodities, or

commodity contracts; or (f) make money loans.

Tri-Continental Corporation | 2025

Fund Investment Objective, Strategies, Policies

and Principal Risks

(continued)

(Unaudited)

Principal Risks

An investment in the Fund involves risks. In particular, investors should consider Market Risk, Large-Cap Stock Risk, Interest

Rate Risk, Credit Risk, and Convertible Securities Risk, among others. Descriptions of these and other principal risks of

investing in the Fund are provided below. There is no assurance that the Fund will achieve its investment objective and you

may lose money. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go

down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance

Corporation or any other government agency. The significance of any specific risk to an investment in the Fund will vary over

time depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the

risk information below carefully, because any one or more of these risks may result in losses to the Fund. See also the

Fund’s "Significant Risks" in the Notes to Financial Statements section.

Active Management Risk.

The Fund is actively managed and its performance therefore will reflect, in part, the ability of the

portfolio managers to make investment decisions that seek to achieve the Fund’s investment objective. Due to its active

management, the Fund could underperform its benchmark index and/or other funds with similar investment objectives

and/or strategies.

Changing Distribution Level Risk

The Fund normally expects to receive income which may include interest, dividends and/or

capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary and generally depend on

the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A

decline in the Fund’s income or net capital gains arising from its investments may reduce its distribution level.

Convertible Securities Risk.

Convertible securities are subject to the usual risks associated with debt instruments, such as

interest rate risk (the risk of losses attributable to changes in interest rates) and credit risk (the risk that the issuer of a debt

instrument will default or otherwise become unable, or be perceived to be unable or unwilling, to honor a financial obligation,

such as making payments to the Fund when due). Convertible securities also react to changes in the value of the common

stock into which they convert, and are thus subject to market risk (the risk that the market values of securities or other

investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise). Because the value of a

convertible security can be influenced by both interest rates and the common stock’s market movements, a convertible

security generally is not as sensitive to interest rates as a similar debt instrument, and generally will not vary in value in

response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing

company, holders of convertible securities would typically be paid before the company’s common stockholders but after

holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it

otherwise would choose to do so, which may decrease the Fund’s return.

Counterparty Risk

. The risk exists that a counterparty to a transaction in a financial instrument held by the Fund or by a

special purpose or structured vehicle in which the Fund invests may become insolvent or otherwise fail to perform its

obligations, including making payments to the Fund, due to financial difficulties. The Fund may obtain no or limited recovery

in a bankruptcy or other reorganizational proceedings, and any recovery may be significantly delayed. Transactions that the

Fund enters into may involve counterparties in the financials sector and, as a result, events affecting the financials sector

may cause the Fund’s NAV to fluctuate.

Credit Risk

. Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or otherwise

becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making

payments to the Fund when due. Various factors could affect the actual or perceived willingness or ability of the issuer to

make timely interest or principal payments, including changes in the financial condition of the issuer or in general economic

conditions. Credit rating agencies, such as S&P Global Ratings, Moody’s Ratings, Fitch, DBRS and KBRA, assign credit

ratings to certain debt instruments to indicate their credit risk. A rating downgrade by such agencies can negatively impact

the value of such instruments. Lower rated or unrated instruments held by the Fund may present increased credit risk as

compared to higher-rated instruments. Non-investment grade debt instruments may be subject to greater price fluctuations

Tri-Continental Corporation | 2025

Fund Investment Objective, Strategies, Policies

and Principal Risks

(continued)

(Unaudited)

and are more likely to experience a default than investment grade debt instruments and therefore may expose the Fund to

increased credit risk. If the Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are

lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual.

Derivatives Risk

Derivatives may involve significant risks. Derivatives are financial instruments, traded on an exchange or in

the over-the-counter (OTC) markets, with a value in relation to, or derived from, the value of an underlying asset(s) (such as a

security, commodity or currency) or other reference, such as an index, rate or other economic indicator (each an underlying

reference). Derivatives may include those that are privately placed or otherwise exempt from SEC registration, including

certain Rule 144A eligible securities. Derivatives could result in Fund losses if the underlying reference does not perform as

anticipated. Use of derivatives is a highly specialized activity that can involve investment techniques, risks, and tax planning

different from those associated with more traditional investment instruments. The Fund’s derivatives strategy may not be

successful and use of certain derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of

the Fund’s actual investment. A relatively small movement in the price, rate or other economic indicator associated with the

underlying reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of

investments. Derivatives can increase the Fund’s risk exposure to underlying references and their attendant risks, including

the risk of an adverse credit event associated with the underlying reference (credit risk), the risk of an adverse movement in

the value, price or rate of the underlying reference (market risk), the risk of an adverse movement in the value of underlying

currencies (foreign currency risk) and the risk of an adverse movement in underlying interest rates (interest rate risk).

Derivatives may expose the Fund to additional risks, including the risk of loss due to a derivative position that is imperfectly

correlated with the underlying reference it is intended to hedge or replicate (correlation risk), the risk that a counterparty will

fail to perform as agreed (counterparty risk), the risk that a hedging strategy may fail to mitigate losses, and may offset

gains (hedging risk), the risk that the return on an investment may not keep pace with inflation (inflation risk), the risk that

losses may be greater than the amount invested (leverage risk), the risk that the Fund may be unable to sell an investment at

an advantageous time or price (liquidity risk), the risk that the investment may be difficult to value (pricing risk), and the risk

that the price or value of the investment fluctuates significantly over short periods of time (volatility risk). The value of

derivatives may be influenced by a variety of factors, including national and international political and economic

developments. Potential changes to the regulation of the derivatives markets may make derivatives more costly, may limit

the market for derivatives, or may otherwise adversely affect the value or performance of derivatives.

Derivatives Risk – Futures Contracts Risk

. A futures contract is an exchange-traded derivative transaction between two

parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future date for delivery

of an underlying reference from a seller (holding the “short” position). The seller hopes that the market price on the delivery

date is less than the agreed upon price, while the buyer hopes for the contrary. Certain futures contract markets are highly

volatile, and futures contracts may be illiquid. Futures exchanges may limit fluctuations in futures contract prices by

imposing a maximum permissible daily price movement. The Fund may be disadvantaged if it is prohibited from executing a

trade outside the daily permissible price movement. At or prior to maturity of a futures contract, the Fund may enter into an

offsetting contract and may incur a loss to the extent there has been adverse movement in futures contract prices. The

liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking

delivery. To the extent participants make or take delivery, liquidity in the futures market could be reduced. Positions in futures

contracts may be closed out only on the exchange on which they were entered into or through a linked exchange, and no

secondary market exists for such contracts. Futures positions are marked to market each day and variation margin payment

must be paid to or by the Fund. Because of the low margin deposits normally required in futures trading, it is possible that

the Fund may employ a high degree of leverage in the portfolio. As a result, a relatively small price movement in a futures

contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. For certain types of futures

contracts, losses are potentially unlimited. Futures markets are highly volatile and the use of futures may increase the

volatility of the Fund’s NAV. Futures contracts executed (if any) on foreign exchanges may not provide the same protection

as U.S. exchanges. Futures contracts can increase the Fund’s risk exposure to underlying references and their attendant

risks, such as credit risk, market risk, foreign currency risk, and interest rate risk, while potentially exposing the Fund to

correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.

• An

equity future

is a derivative that is an agreement for the contract holder to buy or sell a specified amount of an

individual equity, a basket of equities, or the securities in an equity index on a specified date at a predetermined price.

Tri-Continental Corporation | 2025

Fund Investment Objective, Strategies, Policies

and Principal Risks

(continued)

(Unaudited)

Emerging Market Securities Risk.

Securities issued by foreign governments or companies in emerging market countries,

such as China, Russia and certain countries in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely

to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In

addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or

developments in social, political, economic or other conditions. Their economies are usually less mature and their securities

markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) than

more developed countries. Emerging market securities tend to be more volatile, and may be more susceptible to market

manipulation, than securities in more developed

markets

. Many emerging market countries are heavily dependent on

international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and

economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and

some of these countries may experience periods of high inflation or rapid changes in inflation rates and may have hostile

relations with other countries. Due to the differences in the nature and quality of financial information of issuers of emerging

market securities, including auditing and financial reporting standards, financial information and disclosures about such

issuers may be unavailable or, if made available, may be considerably less reliable than publicly available information about

other foreign securities.

Foreign Securities Risk

. Investments in or exposure to securities of foreign companies may involve heightened risks relative

to investments in or exposure to securities of U.S. companies. For example, foreign markets can be extremely volatile.

Foreign securities may also be less liquid, making them more difficult to trade, than securities of U.S. companies so that the

Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial costs

and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of

default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign

governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the disposition

of foreign securities, which could reduce the Fund’s return on such securities. In some cases, such withholding or other

taxes could potentially be confiscatory. Other risks include: possible delays in the settlement of transactions or in the

payment of income; generally less publicly available information about foreign companies; the impact of economic, political,

social, diplomatic or other conditions or events (including, for example, military confrontations and actions, war, other

conflicts, terrorism and disease/virus outbreaks and epidemics), possible seizure, expropriation or nationalization of a

company or its assets or the assets of a particular investor or category of investors; accounting, auditing and financial

reporting standards that may be less comprehensive and stringent than those applicable to domestic companies; the

imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses

within the country; and the generally less stringent standard of care to which local agents may be held in the local markets.

In addition, it may be difficult to obtain reliable information about the securities and business operations of certain foreign

issuers. Governments or trade groups may compel local agents to hold securities in designated depositories that are not

subject to independent evaluation. The less developed a country’s securities market is, the greater the level of risks.

Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or

individuals. Economic sanctions and other similar governmental actions could, among other things, effectively restrict or

eliminate the Fund’s ability to purchase or sell securities, and thus may make the Fund’s investments in such securities less

liquid or more difficult to value. In addition, as a result of economic sanctions, the Fund may be forced to sell or otherwise

dispose of investments at inopportune times or prices, which could result in losses to the Fund and increased transaction

costs. These conditions may be in place for a substantial period of time and enacted with limited advance notice to the

Fund. The risks posed by sanctions against a particular foreign country, its nationals or industries or businesses within the

country may be heightened to the extent the Fund invests significantly in the affected country or region or in issuers from

the affected country that depend on global markets. Additionally, investments in certain countries may subject the Fund to a

number of tax rules, the application of which may be uncertain. Countries may amend or revise their existing tax laws,

regulations and/or procedures in the future, possibly with retroactive effect. Changes in or uncertainties regarding the laws,

regulations or procedures of a country could reduce the after-tax profits of the Fund, directly or indirectly, including by

reducing the after-tax profits of companies located in such countries in which the Fund invests, or result in unexpected tax

liabilities for the Fund. The performance of the Fund may also be negatively affected by fluctuations in a foreign currency’s

strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its

assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Currency rates in foreign

Tri-Continental Corporation | 2025

Fund Investment Objective, Strategies, Policies

and Principal Risks

(continued)

(Unaudited)

countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in

interest rates, imposition of currency exchange controls and economic or political developments in the U.S. or abroad. The

Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars and vice versa.

Frequent Trading Risk

. The portfolio managers may actively and frequently trade investments in the Fund’s portfolio to carry

out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as relevant, will realize

taxable capital gains (including short-term capital gains, which are generally taxable to shareholders at higher rates than

long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund’s after-tax return. Frequent

trading can also mean higher brokerage and other transaction costs, which could reduce the Fund’s return. The trading costs

and tax effects associated with portfolio turnover may adversely affect the Fund’s

performance

High-Yield Investments Risk

. Securities and other debt instruments held by the Fund that are rated below investment grade

(commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality tend to be more sensitive

to credit risk than higher-rated debt instruments and may experience greater price fluctuations in response to perceived

changes in the ability of the issuing entity or obligor to pay interest and principal when due than to changes in interest rates.

These investments are generally more likely to experience a default than higher-rated debt instruments. High-yield debt

instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay

principal. These debt instruments typically pay a premium – a higher interest rate or yield – because of the increased risk of

loss, including default. High-yield debt instruments may require a greater degree of judgment to establish a price, may be

difficult to sell at the time and price the Fund desires, may carry high transaction costs, and also are generally less liquid

than higher-rated debt instruments. The ratings provided by third party rating agencies are based on analyses by these

ratings agencies of the credit quality of the debt instruments and may not take into account every risk related to whether

interest or principal will be timely repaid. In adverse economic and other circumstances, issuers of lower-rated debt

instruments are more likely to have difficulty making principal and interest payments than issuers of higher-rated debt

instruments.

Interest Rate Risk

. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates

rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes

in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally

affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s

investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its

sensitivity to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by

3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. Interest rate declines also may increase

prepayments of debt obligations, which, in turn, would increase prepayment risk (the risk that the Fund will have to reinvest

the money received in securities that have lower yields). The Fund is subject to the risk that the income generated by its

investments may not keep pace with inflation. Actions by governments and central banking authorities can result in

increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such

actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s

performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to

decrease.

Issuer Risk

. An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and

the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of

an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on

suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military

confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions

and factors which may impair the value of your investment in the Fund and could result in a greater premium or discount

between the market price and the NAV of the Fund’s shares and wider bid/ask spreads than those experienced by other

closed-end funds.

Tri-Continental Corporation | 2025

Fund Investment Objective, Strategies, Policies

and Principal Risks

(continued)

(Unaudited)

Large-Cap Stock Risk.

Investments in larger, more established companies (larger companies) may involve certain risks

associated with their larger size. For instance, larger companies may be less able to respond quickly to new competitive

challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are

sometimes less able to achieve as high growth rates as successful

smaller

companies, especially during extended periods

of economic expansion.

Leverage Risk

. Senior securities issued or money borrowed to raise funds for investment have a prior fixed dollar claim on

the Fund’s assets and income. Any gain in the value of securities purchased or income received in excess of the cost of the

amount borrowed or interest or dividends payable causes the net asset value of the Fund’s common stock or the income

available to it to increase more than otherwise would be the case. Conversely, any decline in the value of securities

purchased or income received on them that is less than the asset or income claims of the senior securities or cost of

borrowed money causes the net asset value of the common stock or income available to it to decline more sharply than

would be the case if there were no prior claim. Funds obtained through senior securities or borrowings thus create

investment opportunity, but they also increase exposure to risk. This influence ordinarily is called “leverage.” As of June 30,

2025, the only senior securities of the Fund outstanding were 752,740 shares of its preferred stock, $50 par value. The

dividend rate as of June 30, 2025 on the preferred stock was $2.50 per annum payable quarterly. Based on the net asset

value of the Fund’s common stock on June 30, 2025, the Fund’s portfolio requires an annual return of 0.10% in order to cover

dividend payments on the preferred stock. For a description of such payments, see

Capital Stock, Long-Term Debt, and Other

Securities – Description of Capital Stock

in the Fund’s prospectus. The following table illustrates the effect of leverage

relating to presently outstanding preferred stock on the return available to a holder of the Fund’s common stock.

Assumed Return on Portfolio (net of expenses)	-10%	-5%	0%	5%	10%
Corresponding Return to Common Stockholders	(10.30)%	(5.20)%	(0.10)%	5.00%	10.10%

The purpose of the table above is to assist you in understanding the effects of leverage caused by the Fund’s preferred

stock. The percentages appearing in the table are hypothetical. Actual returns may be greater or less than those shown

above.

The use of leverage creates certain risks for the Fund’s common stockholders, including the greater likelihood of higher

volatility of the Fund’s return, its net asset value and the market price of the Fund’s common stock. Changes in the value of

the Fund’s total assets will have a disproportionate effect on the net asset value per share of common stock because of the

Fund’s leveraged assets. For example, if the Fund was leveraged equal to 50% of the Fund’s common stock equity, it would

show an approximately 1.5% increase or decline in net asset value for each 1% increase or decline in the value of its total

assets. An additional risk of leverage is that the cost of the leverage plus applicable Fund expenses may exceed the return

on the transactions undertaken with the proceeds of the leverage, thereby diminishing rather than enhancing the return to

the Fund’s common stockholders. These risks generally would make the Fund’s return to common stockholders more

volatile. The Fund also may be required to sell investments in order to make interest payments on borrowings used for

leverage when it may be disadvantageous to do so. Because the fees received by the Investment Manager are based on the

net assets of the Fund (including assets attributable to the Fund’s preferred stock and borrowings that may be outstanding),

the Investment Manager has a financial incentive for the Fund to maintain the preferred stock or use borrowings, which may

create a conflict of interest between the Investment Manager, on the one hand, and the common stockholders on the other

hand.

Liquidity Risk.

Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market

that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or

price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when

seeking to sell its portfolio investments, the Fund

could

find that selling is more difficult than anticipated, especially during

times of high market volatility. Decreases in the number of financial institutions, including banks and broker-dealers, willing

to make markets (match up sellers and buyers) in the Fund’s investments or decreases in their capacity or willingness to

trade such investments may increase the Fund’s exposure to this risk. The debt market has experienced considerable

growth, and financial institutions making markets in instruments purchased and sold by the Fund (e.g., bond dealers) have

been subject to increased regulation. The impact of that growth and regulation on the ability and willingness of financial

Tri-Continental Corporation | 2025

Fund Investment Objective, Strategies, Policies

and Principal Risks

(continued)

(Unaudited)

institutions to engage in trading or “making a market” in such instruments remains unsettled. Certain types of investments,

such as lower-rated securities or those that are purchased and sold in over-the-counter markets, may be especially subject

to liquidity risk. Securities or other assets in which the Fund invests may be traded in the over-the-counter market rather than

on an exchange and therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on

the Fund’s performance. Market participants attempting to sell the same or a similar instrument at the same time as the

Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the

holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion

of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The

liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased

by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or

other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the

liquidity and the price of the Fund’s investments. Judgment plays a larger role in valuing illiquid or less liquid investments as

compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as

a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid

investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of

loss or decline of value to the Fund. Overall market liquidity and other factors can negatively impact Fund performance and

NAV, including, for example, if the Fund is forced to sell investments in a down market.

Market Risk.

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These

declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market,

economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial

markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could

adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause

operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events

in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and

other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as

terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues,

recessions, depressions or other events – or the potential for such events – could have a significant negative impact on

global economic and market conditions and could result in a greater premium or discount between the market price and the

NAV of the Fund’s shares and wider bid/asked spreads than those experienced by other closed-end funds.

Preferred Stock Risk

. Preferred stock is a type of stock that may pay dividends at a different rate than common stock of the

same issuer, if at all, and that has preference over common stock in the payment of dividends and the liquidation of assets.

Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings,

type of products or services, projected growth rates, experience of management, liquidity, general market conditions of the

markets on which the stock trades. The most significant risks associated with investments in preferred stock include issuer

risk, market risk and interest rate risk (the risk of losses attributable to changes in interest rates).

Quantitative Models Risk

. Any quantitative models used by the Fund may not effectively identify purchases and sales of

Fund investments and may cause the Fund to underperform other investment strategies for short or long periods of time.

Performance will depend upon the quality and accuracy of the assumptions, theories and framework upon which a

quantitative model is based. The success of a quantitative model will depend upon its accurate reflection of market

conditions, with proper adjustments as market conditions change over time. Adjustments, or lack of adjustments, to the

quantitative model, including as conditions change, as well as any errors or imperfections in the quantitative model, could

adversely affect Fund performance. The performance of a quantitative model depends upon the quality of its design and

effective execution under actual market conditions. Even a well-designed quantitative model cannot be expected to perform

well in all market conditions or across all time intervals. Quantitative models may underperform in certain market

environments including stressed or volatile market conditions. Effective execution may depend, in part, upon subjective

selection and application of factors and data inputs used by the quantitative model. Discretion may be used by the portfolio

management team when determining the data collected and incorporated into a quantitative model. Shareholders should be

aware that there is no guarantee that any specific data or type of data can or will be used in a quantitative model. The

Tri-Continental Corporation | 2025

Fund Investment Objective, Strategies, Policies

and Principal Risks

(continued)

(Unaudited)

portfolio management team may also use discretion when interpreting and applying the results of a quantitative model,

including emphasizing, discounting or disregarding its outputs. It is not possible or practicable for a quantitative model to

factor in all relevant, available data. There is no guarantee that the data actually utilized in a quantitative model will be the

most accurate data available or be free from errors. There can be no assurance that the use of any quantitative models will

enable the Fund to achieve its objective.

Rule 144A and Other Exempted Securities Risk

. The Fund may invest in privately placed and other securities or instruments

exempt from SEC registration (collectively “private placements”), subject to certain regulatory restrictions. In the U.S. market,

private placements are typically sold only to qualified institutional buyers, or qualified purchasers, as applicable. An

insufficient number of buyers interested in purchasing private placements at a particular time could adversely affect the

marketability of such investments and the Fund might be unable to dispose of them promptly or at reasonable prices,

subjecting the Fund to liquidity risk (the risk that it may not be possible for the Fund to liquidate the instrument at an

advantageous time or price). The Fund’s holdings of private placements may increase the level of Fund illiquidity if eligible

buyers are unable or unwilling to purchase them at a particular time. The Fund may also have to bear the expense of

registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase

price and subsequent valuation of private placements typically reflect a discount, which may be significant, from the market

price of comparable securities for which a more liquid market exists. Issuers of Rule 144A eligible securities are required to

furnish information to potential investors upon request. However, the required disclosure is much less extensive than that

required of public companies and is not publicly available since the offering information is not filed with the SEC. Further,

issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Fund) to agree

contractually to keep the information confidential, which could also adversely affect the Fund’s ability to dispose of the

security.

Sector Risk

. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting

business in a related group of industries within one or more economic sectors, including the information technology sector.

Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions,

which may make the Fund vulnerable to unfavorable developments in that group of industries or economic sector.

• Information Technology Sector.

The Fund is vulnerable to the particular risks that may affect companies in the information

technology sector. Companies in the information technology sector are subject to certain risks, including the risk that new

services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete.

Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do

so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants,

competition for market share and short product cycles due to an accelerated rate of technological developments. Such

competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may

fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of

these companies’ securities historically have been more volatile than other securities, especially over the short term. Some

companies in the information technology sector are facing increased government and regulatory scrutiny and may be

subject to adverse government or regulatory action, which could negatively impact the value of their securities.

Transactions in Derivatives.

The Fund may enter into derivative transactions or otherwise have exposure to derivative

transactions through underlying investments. Derivatives are financial contracts whose values are, for example, based on (or

“derived” from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency),

reference rates (such as the Secured Overnight Financing Rate (commonly known as SOFR)) or market indices (such as the

Standard & Poor’s 500

Index). The use of derivatives is a highly specialized activity which involves investment techniques

and risks different from those associated with ordinary portfolio securities transactions. Derivatives involve special risks and

may result in losses or may limit the Fund’s potential gain from favorable market movements. Derivative strategies often

involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had

it invested in the underlying security or other asset directly. The values of derivatives may move in unexpected ways,

especially in unusual market conditions, and may result in increased volatility in the value of the derivative and/or the Fund’s

shares, among other consequences. The use of derivatives may also increase the amount of taxes payable by stockholders

holding shares in a taxable account. See the

Taxation

section in the Statement of Additional Information for more

Tri-Continental Corporation | 2025

Fund Investment Objective, Strategies, Policies

and Principal Risks

(continued)

(Unaudited)

information. Other risks arise from the Fund’s potential inability to terminate or to sell derivative positions. A liquid secondary

market may not always exist for the Fund’s derivative positions at times when the Fund might wish to terminate or to sell

such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in

derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The

use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative

may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find

a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is

deemed favorable to do so, or at all. The U.S. government and the European Union (and some other jurisdictions) have

enacted regulations and similar requirements that prescribe clearing, margin, reporting and registration requirements for

participants in the derivatives market. These requirements are evolving and their ultimate impact on the Fund remains

unclear, but such impact could include restricting and/or imposing significant costs or other burdens upon the Fund’s

participation in derivatives transactions. Additionally, in August 2022, regulations governing the use of derivatives by

registered investment companies, such as the Fund, became effective. Rule 18f-4 under the 1940 Act, among other things,

requires a fund that invests in derivative instruments beyond a specified limited amount apply a value-at-risk-based limit to

its portfolio and establish a comprehensive derivatives risk management program. As of the date of this report, the Fund is

not required to maintain a comprehensive derivatives risk management program under Rule 18f-4 given its more limited use

of derivatives. For more information on the risks of derivative investments and strategies, see the Statement of Additional

Information.

Tri-Continental Corporation | 2025

Fees and Expenses, Share Price Data and Senior

Securities

(Unaudited)

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold and sell Common Stock.

You may pay other

fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and

examples below.

Stockholder Transaction Expenses
Cash Purchase Plan Fees	$2.00 (a)

Annual Expenses (as a percentage of net assets attributable to common shares)
Management fees (b)	0.42%
Other expenses	0.04%
Acquired fund fees and expenses	0.06%
Total Annual Expenses Before Impact of Dividends on Preferred Stock (c)	0.52%
Impact of Dividends on Preferred Stock	0.10%
Total Annual Expenses, Including Impact of Dividends on Preferred Stock	0.62%

(a)

Stockholders participating in the Fund’s Cash Purchase Plan (the Cash Purchase Plan) pay

$2.00 fee per cash purchase transaction; there is no fee for automatic

dividend re-investment transactions in the Fund’s Automatic Dividend Investment Plan (the Automatic Dividend Investment Plan). See Automatic Dividend Investment

Plan and Cash Purchase Plan below for a description of the related services.

(b)

The Fund’s management fee is 0.41% of the Fund’s average daily net assets (which includes assets attributable to the Fund’s common and preferred stock) and is borne

by the holders of the Fund’s common stock (Common Stockholders). The management fee rate noted in the table reflects the rate paid by Common Stockholders as a

percentage of the Fund’s net assets attributable to Common Stock.

(c)

“Total Annual Expenses Before Impact of Dividends on Preferred Stock” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its

investments in other investment companies) and may be higher than “Expenses to average net assets for Common Stock” shown in the

Financial Highlights

section of

this report because “Total gross expenses” does not include acquired fund fees and expenses.

Example

The following example is intended to help you compare the

cost

of investing in the Fund with the cost of investing in other

funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes

that:

• you invest $1,000 in the Fund for the periods indicated,

• your investment has a 5% return each year, and

• the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table

above (including the impact of dividends on preferred stock).

Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

	1 year	3 years	5 years	10 years
Tri-Continental Corporation Common Stock	$6	$20	$35	$77

If dividends on the Fund’s $2.50 cumulative preferred stock (Preferred Stock) were not

included

, the total expenses incurred

for 1, 3, 5 and 10 years would be $5, $17, $29, and $65, respectively.

The purpose of the tables above is to assist you in understanding the various costs and expenses you will bear directly or

indirectly.

Tri-Continental Corporation | 2025

Portfolio of Investments

(continued)

June 30, 2025 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Restaurants 0.5%
Fertitta Entertainment LLC/Finance Co., Inc. (e)
01/15/2030	6.750%	10,500,000	9,697,210
Retailers 0.5%
Hanesbrands, Inc. (e)
02/15/2031	9.000%	4,200,000	4,445,742
Magic MergeCo, Inc. (e)
05/01/2029	7.875%	7,500,000	4,944,379
Total			9,390,121
Supermarkets 0.2%
Safeway, Inc.
02/01/2031	7.250%	4,200,000	4,479,881
Technology 2.7%
Broadcom, Inc. (e)
02/15/2041	3.500%	6,200,000	4,905,080
Cloud Software Group, Inc. (e)
09/30/2029	9.000%	4,500,000	4,665,519
Consensus Cloud Solutions, Inc. (e)
10/15/2026	6.000%	5,000,000	4,975,020
Hewlett Packard Enterprise Co.
10/15/2054	5.600%	5,200,000	4,798,424
International Business Machines Corp.
02/06/2053	5.100%	5,500,000	5,006,134
Minerva Merger Sub, Inc. (e)
02/15/2030	6.500%	8,000,000	7,871,099
Neptune Bidco US, Inc. (e)
04/15/2029	9.290%	7,254,000	7,063,878
Picard Midco, Inc. (e)
03/31/2029	6.500%	4,700,000	4,742,743
Rocket Software, Inc. (e)
02/15/2029	6.500%	7,575,000	7,362,728
Total			51,390,625
Tobacco 0.3%
Philip Morris International, Inc.
04/30/2030	4.375%	5,000,000	4,986,976
Transportation Services 0.3%
Hertz Corp. (The) (e)
07/15/2029	12.625%	4,600,000	4,810,735
Total Corporate Bonds & Notes (Cost $426,094,138)			405,087,724

Preferred Debt 0.3%
Issuer	Coupon Rate	Shares	Value ($)
Banking 0.3%
Citigroup Capital XIII (i)
10/30/2040	10.911%	165,000	4,854,300
Total Preferred Debt (Cost $4,356,642)			4,854,300

Warrants —%
Issuer	Shares	Value ($)
Health Care —%
Health Care Equipment & Supplies —%
Quotient Ltd. (a),(b),(c) 10/13/2026	39,425	0
Quotient Ltd. (a),(b),(c) 07/06/2027	181,609	0
Total		0
Total Health Care		0
Total Warrants (Cost $—)		0

Money Market Funds 0.9%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 4.473% (l),(m)	17,441,089	17,437,601
Total Money Market Funds (Cost $17,434,523)		17,437,601
Total Investments in Securities (Cost: $1,502,879,560)		1,887,788,655
Other Assets & Liabilities, Net		13,719,625
Net Assets		1,901,508,280

At June 30, 2025, securities and/or cash totaling $2,728,761 were pledged as collateral.

The accompanying Notes to Financial Statements are an integral part of this statement.

Tri-Continental Corporation | 2025

Portfolio of Investments

(continued)

June 30, 2025 (Unaudited)

Investments in derivatives

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
S&P 500 Index E-mini	52	09/2025	USD	16,259,750	374,284	—

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	Represents fair value as determined in good faith under procedures approved by the Board of Directors. At June 30, 2025, the total value of these securities amounted to $3,529,901, which represents 0.19% of total net assets.
(c)	Valuation based on significant unobservable inputs.
(d)	This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(e)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At June 30, 2025, the total value of these securities amounted to $276,732,453, which represents 14.55% of total net assets.
(f)	Zero coupon bond.
(g)	Represents a security in default.
(h)	Perpetual security with no specified maturity date.
(i)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of June 30, 2025.
(j)	Variable rate security. The interest rate shown was the current rate as of June 30, 2025.
(k)	Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.
(l)	The rate shown is the seven-day current annualized yield at June 30, 2025.
(m)	Under Section 2(a)(3) of the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2025 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 4.473%
	24,998,794	186,435,213	(193,996,923 )	517	17,437,601	(707 )	423,946	17,441,089

Abbreviation Legend

SOFR	Secured Overnight Financing Rate

Currency Legend

USD

US Dollar

Fair value measurements

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable

inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based

on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market

participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to

the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For

example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may

not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments

are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

The accompanying Notes to Financial Statements are an integral part of this statement.

Tri-Continental Corporation | 2025

Portfolio of Investments

(continued)

June 30, 2025 (Unaudited)

Fair value measurements

(continued)

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either

observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the

volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other

relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of

market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be

reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments.

However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation

models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs

and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account

balances, discount rates and estimated cash flows, and comparable company data.

The Fund’s Board of Directors (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for

determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee

consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and

investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding

pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies

address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a

determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a

potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of

vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review

time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its

regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2025:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	116,249,199	—	—	116,249,199
Consumer Discretionary	119,603,655	—	—	119,603,655
Consumer Staples	70,398,748	—	—	70,398,748
Energy	57,606,408	—	—	57,606,408
Financials	196,050,736	—	327,997	196,378,733
Health Care	132,624,409	—	—	132,624,409
Industrials	100,438,408	—	—	100,438,408
Information Technology	350,179,277	—	—	350,179,277
Materials	33,648,341	—	—	33,648,341
Real Estate	41,815,269	—	—	41,815,269
Utilities	36,980,527	—	—	36,980,527
Total Common Stocks	1,255,594,977	—	327,997	1,255,922,974
Convertible Bonds	—	112,440,791	—	112,440,791
Convertible Preferred Stocks
Financials	—	30,959,331	—	30,959,331
Health Care	—	6,372,882	—	6,372,882
Industrials	—	17,986,175	—	17,986,175
Information Technology	—	17,607,817	—	17,607,817
Materials	—	4,825,500	—	4,825,500
Utilities	—	14,293,560	—	14,293,560
Total Convertible Preferred Stocks	—	92,045,265	—	92,045,265
Corporate Bonds & Notes	—	401,885,820	3,201,904	405,087,724
Preferred Debt	4,854,300	—	—	4,854,300
Warrants
Health Care	—	—	0 *	0 *
Total Warrants	—	—	0 *	0 *
Money Market Funds	17,437,601	—	—	17,437,601
Total Investments in Securities	1,277,886,878	606,371,876	3,529,901	1,887,788,655
Investments in Derivatives

The accompanying Notes to Financial Statements are an integral part of this statement.

Tri-Continental Corporation | 2025

Notes to Financial Statements

June 30, 2025 (Unaudited)

Note 1.

Organization

Tri-Continental Corporation (the Fund) is a diversified fund. The Fund is registered under the Investment Company Act of

1940, as amended (the 1940 Act), as a closed-end management investment company.

The Fund has 1 million authorized shares of preferred capital stock (Preferred Stock) and 159 million authorized shares of

common stock (Common Stock). The issued and outstanding Common Stock trades primarily on the New York Stock

Exchange under the symbol "TY".

The Fund’s Preferred Stock is entitled to two votes per share and the Common Stock is entitled to one vote per share at all

meetings of Stockholders. In the event of a default in payments of dividends on the Preferred Stock equivalent to six

quarterly dividends, the holders of the Fund’s Preferred Stock (Preferred Stockholders) are entitled, voting separately as a

class to the exclusion of the holders of the Fund’s Common Stock (Common Stockholders), to elect two additional directors,

with such right to continue until all arrearages have been paid and current Preferred Stock dividends are provided for.

Generally, the vote of Preferred Stockholders is required to approve certain actions adversely affecting their rights.

Note 2.

Summary of significant accounting policies

Basis of preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting

Standards Board (FASB) Accounting Standards Codification Topic 946,

Financial Services - Investment Companies

(ASC

946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which

requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities,

the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of

income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial

statements.

Segment reporting

The intent of ASU 2023-07, Segment Reporting is to enable investors to better understand an entity’s overall performance

and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker

(CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and

Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation.

The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results

of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms

of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team.

The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial

statements.

Security valuation

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the

close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any

exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common

stocks are valued using an evaluated price from a pricing service.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market

transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques

that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics

and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not

readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an

approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market

value, unless this method results in a valuation that management believes does not approximate fair value.

Tri-Continental Corporation | 2025

Notes to Financial Statements

(continued)

June 30, 2025 (Unaudited)

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of

business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the

securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency

exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and

exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for

securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close

of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by

the Board of Directors. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The

third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency

fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the

current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different

from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net

asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their

principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are

not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by

the Board of Directors. If a security or class of securities (such as foreign securities) is valued at fair value, such value is

likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use

assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various

sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in

valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed

following the Fund’s Portfolio of Investments.

Derivative instruments

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives.

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more

securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment

flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management

(hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may

also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest

rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its

obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to

sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains

or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial

instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in

value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are

computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or

reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded

in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable

change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not

perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter

derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund

and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With

Tri-Continental Corporation | 2025

Notes to Financial Statements

(continued)

June 30, 2025 (Unaudited)

exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse

or central counterparty provides some protection in the case of clearing member default. The clearinghouse or

central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or

central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or

centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While

clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker

becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by

the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy

laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund),

potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk in

respect of over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc.

Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master

Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign

exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event

of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset

with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and

create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the

event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that

bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of

offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or

central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the

minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory

requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as

well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically

calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount

to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of

collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has

to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or

otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on

cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund

attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the

financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives

contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time

period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate

payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet

certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would

consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the

counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to

netting arrangements in the Statement of Assets and Liabilities.

Futures contracts

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a

specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market

exposure while keeping sufficient cash. These instruments may be used for other purposes in future periods. Upon entering

Tri-Continental Corporation | 2025

Notes to Financial Statements

(continued)

June 30, 2025 (Unaudited)

into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may

realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the

value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission

merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be

maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement

of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of

Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin

payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and

are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund

recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk

of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Effects of derivative transactions in the financial statements

The following tables are intended to provide additional information about the effect of derivatives on the financial

statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the

Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations,

including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments

present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for

accounting disclosure purposes) at June 30, 2025:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	374,284 *

*	Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting

disclosure purposes) in the Statement of Operations for the six months ended June 30, 2025:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Equity risk	(871,915 )

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Equity risk	627,698

The following table is a summary of the average daily outstanding volume by derivative instrument for the six months

ended June 30, 2025:

Derivative instrument	Average notional amounts ($)
Futures contracts — long	14,067,491

Tri-Continental Corporation | 2025

Notes to Financial Statements

(continued)

June 30, 2025 (Unaudited)

Security transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific

identification method for both financial statement and federal income tax purposes.

Income recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are

amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. For

convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable

that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may

also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be

received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when

collectability of interest is reasonably assured.

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the

ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs),

exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate

investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions

are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is

recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of

capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported,

estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a

wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are

subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a

proportionate change in return of capital to stockholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities

on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded

as realized gains.

The value of additional securities received as an income payment through a payment-in-kind, if any, is recorded as interest

income and increases the cost basis of such securities.

Determination of net asset value

The net asset value per share of the Fund is computed by dividing the value of the net assets for common stock of the Fund

by the total number of outstanding common shares of the Fund, rounded to the nearest cent, at the close of regular trading

(ordinarily 4:00 p.m. Eastern Time) every day the New York Stock Exchange is open.

Federal income tax status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue

Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any,

for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each

calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the

Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may

be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax

rules and regulations that exist in the markets in which it invests.

Tri-Continental Corporation | 2025

Notes to Financial Statements

(continued)

June 30, 2025 (Unaudited)

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund

accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable.

The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

Distributions to stockholders

The Fund has an earned distribution policy. Under this policy, the Fund intends to make quarterly distributions to holders of

Common Stock that are approximately equal to net investment income, less dividends payable on the Fund’s Preferred

Stock. Capital gains, when available, are distributed to Common Stockholders at least annually.

Dividends and other distributions to stockholders are recorded on ex-dividend dates.

Guarantees and indemnifications

Under the Fund’s organizational documents and, in some cases, by contract, its officers and directors are indemnified

against certain liabilities arising out of the performance of their duties to the Fund. In addition, certain of the Fund’s

contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these

arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined,

and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent accounting pronouncements and regulatory updates

Accounting Standards Update 2023-09 Income Taxes (Topic 740)

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to

Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax

disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for

annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of

the amendments will not have a material impact on its financial statements.

Note 3.

Fees and other transactions with affiliates

Management services fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the

Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management

Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative

and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net

assets (which includes assets attributed to the Fund’s Common and Preferred Stock) that declines from 0.415% to 0.385%

as the Fund’s net assets increase and it is borne by the holders of the Fund’s Common Stock. The annualized effective

management services fee rate for the six months ended June 30, 2025 was 0.42% of the Fund’s average daily net assets for

Common Stock, paid by Common Stockholders (and 0.41% of the Fund’s total average daily net assets).

Compensation of Board members

Members of the Board of Directors who are not officers or employees of the Investment Manager or Ameriprise Financial

are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation

Plan (the Deferred Plan), these members of the Board of Directors may elect to defer payment of up to 100% of their

compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain

funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and

remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan

constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Directors’ fees

deferred during the current period as well as any gains or losses on the Directors’ deferred compensation balances as a

result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

Tri-Continental Corporation | 2025

Notes to Financial Statements

(continued)

June 30, 2025 (Unaudited)

Compensation of Chief Compliance Officer

The Board of Directors has appointed a Chief Compliance Officer for the Fund in accordance with federal securities

regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is

allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment

Manager and its affiliates, based on relative net assets.

Stockholder servicing fees

Under a Stockholder Service Agent Agreement, Columbia Management Investment Services Corp. (the Servicing Agent), an

affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, maintains Fund stockholder

accounts and records and provides Fund stockholder services. Under the Stockholder Service Agent Agreement, the Fund

pays the Servicing Agent a monthly stockholder servicing and transfer agent fee based on the number of common stock

open accounts. The Servicing Agent is also entitled to reimbursement for out-of-pocket fees.

For the six months ended June 30, 2025, the Fund’s annualized effective stockholder servicing and transfer agent fee rate as

a percentage of common stock average net assets was 0.02%.

Note 4.

Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax

regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At June 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross

approximate unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
1,502,880,000	458,590,000	(73,307,000 )	385,283,000

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require

recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a

later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations

(including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to

examination by the Internal Revenue Service.

Note 5.

Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any,

aggregated to $456,572,812 and $503,631,691, respectively, for the six months ended June 30, 2025. The amount of

purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6.

Capital stock transactions

Under the Fund’s Charter, dividends on Common Stock cannot be declared unless net assets, after deducting the amount of

such dividends and all unpaid dividends declared on Preferred Stock, equal at least $100 per share of Preferred Stock

outstanding. The equivalent figure at June 30, 2025 was $2,526. The Preferred Stock is subject to redemption at the Fund’s

option at any time on 30 days’ notice at $55 per share (or a total of $41,400,700 for the shares outstanding at June 30,

2025) plus accrued dividends, and entitled in liquidation to $50 per share plus dividends accrued or in arrears, as the case

may be.

Tri-Continental Corporation | 2025

Notes to Financial Statements

(continued)

June 30, 2025 (Unaudited)

Automatic Dividend Investment Plan, Cash Purchase Plan and Stock Repurchase Program

The Fund makes available the Automatic Dividend Investment Plan and the Cash Purchase Plan (collectively, the Investment

Plans) to any Common Stockholder with a Direct-at-Fund Account (as defined below) that wishes to purchase additional

shares of the Fund. The Automatic Dividend Investment Plan provides stockholders with the option to add to their

investment with reinvested distributions from the Fund, and the Cash Purchase Plan provides stockholders with the option

to add to their investment with cash purchases. Direct-at-Fund Account holders may participate in one or both of the

Investment Plans. Direct-at-Fund Account stockholders will automatically be enrolled in the reinvested distributions option

under the Automatic Dividend Investment Plan, but must elect to participate in the cash purchase option under the Cash

Purchase Plan.

Automatic Dividend Investment Plan

. Under the Automatic Dividend Investment Plan, you may elect to purchase additional

shares of the Fund’s Common Stock with dividends or other distributions on shares of the Fund owned. For Direct-at-Fund

Accounts, unless the Service Agent is otherwise instructed by you as described below, 100% of distributions on the

Common Stock are automatically paid in book shares of Common Stock, which are entered in your Fund account as “book

credits.” You may otherwise elect to receive distributions 75% in shares and 25% in cash, 50% in shares and 50% in cash, or

100% in cash. Any request to change your distribution payment option must be received by the Service Agent by the record

date for a distribution in order for the change to take effect for such distribution. Elections received after a record date for a

distribution will be effective for the next distribution. Shares issued to the stockholder in respect of distributions will be at a

price equal to the lower of: (i) the closing sale or bid price, plus applicable commission, of the Common Stock on the New

York Stock Exchange on the ex-dividend date or (ii) the greater of NAV per share of Common Stock and 95% of the closing

price of the Common Stock on the New York Stock Exchange on the ex-dividend date (without adjustment for the exercise

of Warrants remaining outstanding). The issuance of Common Stock at less than NAV per share will dilute the NAV of all

Common Stock outstanding at that time.

The tax treatment of dividends and capital gain distributions as a participant in the Automatic Dividend Investment Plan are

the same whether you participate in the Plan and reinvest your Fund distributions or whether you elect not to participate in

the Plan and receive all your Fund distributions in cash (i.e., capital gains and income are realized, although cash is not

received by the shareholder).

At present there is no charge for reinvested distribution purchases made under the Automatic Dividend Investment Plan.

Cash Purchase Plan

. Under the Cash Purchase Plan, you may elect to purchase additional shares of the Fund’s Common

Stock with cash dividends paid by other corporations in which stock is owned, or with cash purchase payments (including

via ACH, as described below).

Under the Cash Purchase Plan, the Service Agent may receive and invest other corporations’ distributions or cash payments

made by you in additional shares of the Fund’s Common Stock (after deducting a $2 per-transaction fee) in your accounts,

as described above in the Fees and Expenses of the Fund table). Purchase orders received in connection with the Cash

Purchase Plan are generally priced one time per week, typically each Wednesday (or the next available business day if the

NYSE is not open for business on Wednesday), subject to the potential for the suspension of such purchases under certain

circumstances. Cash purchase payments forwarded by you under the Cash Purchase Plan should be made payable to

Tri-Continental Corporation and mailed to the following regular or overnight mail address:

Regular Mail:

Tri-Continental Corporation

P.O. Box 219371

Kansas City, MO 64121-9371

Overnight Mail:

Tri-Continental Corporation

801 Pennsylvania Ave., Ste 219371

Kansas City, MO 64105-1307

Tri-Continental Corporation | 2025

Notes to Financial Statements

(continued)

June 30, 2025 (Unaudited)

Checks for investment must be in U.S. dollars drawn on a domestic bank. You will be assessed a $15 fee for any checks

rejected by your financial institution due to insufficient funds or other reasons. The Fund does not accept cash, credit card,

convenience checks, money orders, traveler’s checks, starter checks, third or fourth party checks, or other cash equivalents.

Automated Clearing House (ACH)

. If you elect to participate in the Cash Purchase Plan, you may establish the ACH privilege

on your account, which allows you to transfer money directly from your bank account by electronic funds transfer to be

invested in additional shares of Common Stock for your Direct-at-Fund Account.

You may elect to participate, change your election, or terminate participation in any investment option available under the

Investment Plans at any time by completing the “Tri-Continental Corporation Authorization Form” (which provides details for

each of the investment options available under the Investment Plans) available at columbiathreadneedleus.com. There is no

minimum additional investment. Purchases and sales of shares of the Fund’s Common Stock (other than for tax-deferred

retirement plan accounts) are limited to a total of 12,500 shares transacted per calendar quarter, subject to a maximum

40,000 shares per calendar year, per account (including any related accounts, e.g., those under the same social security

number or tax identification number or otherwise under common control), subject to certain limited exceptions at the sole

discretion of the Fund.

Stockholders may elect to terminate participation in the Investment Plans at any time by contacting the Servicing Agent

(note that a minimum notice in advance of a pending transaction may be required) in writing. The Investment Plans, with

respect to a Direct-at-Fund Account, will terminate automatically upon full liquidation of the account. If your shares are held

in book credit form, you may terminate your participation in the Investment Plans and (i) receive a certificate for all or a part

of your shares, or (ii) have all or a part of your shares sold for you by the Fund, and retain any unsold shares in book credit

form or receive a certificate for any unsold shares. If you elect to have shares sold, you will receive the proceeds from the

sale. Only participants whose shares are held in book credit form may elect upon termination of their participation in the

Investment Plans to have shares sold in the above manner. Instructions must be signed by all registered stockholders and

should be sent to the Fund at the address above. This will not affect the date on which your instruction to sell shares is

actually processed. If your Direct-at-Fund Account is terminated between the record and payment dates of a Fund

distribution, the distribution payment will be made in cash. The Servicing Agent may amend or terminate the Investment

Plans at any time upon written notice to stockholders. Additional information about the Investment Plans is available by

contacting the Servicing Agent at the contact information noted above. As of August 8, 2025, 7,802 stockholders, owning

approximately 17,790,100 shares of Common Stock, were using the Investment Plans.

The Fund, in connection with its Investment Plans, acquires and issues shares of its own Common Stock, as needed, to

satisfy the requirements of the Investment Plans. A total of 20,421 shares were issued to the participants of the Cash

Purchase Plan during the period for proceeds of $591,557, a weighted average discount of 10.67% from the NAV of those

shares. In addition, a total of 1,064,825 shares were issued at market price in distributions during the period for proceeds of

$32,738,803, a weighted average discount of 12.03% from the NAV of those shares.

For the six months ended June 30, 2025, the Fund purchased 256,945 shares of its Common Stock from the Cash Purchase

Plan participants at a cost of $7,980,434, which represented a weighted average discount of 11.14% from the NAV of those

acquired shares.

The Fund’s Board re-approved the Fund’s stock repurchase program for 2025, which is identical to the Fund’s 2024 stock

repurchase program. Under the Fund’s stock repurchase program, the Fund repurchases up to 5% of the Fund’s outstanding

Common Stock during the year directly from Stockholders and in the open market, provided that, with respect to shares

purchased in the open market, the excess of the NAV of a share of Common Stock over its market price (the discount) is

greater than 10%. The intent of the stock repurchase program is, among other things, to moderate the growth in the number

of shares of Common Stock outstanding, increase the NAV of the Fund’s outstanding shares, reduce the dilutive impact on

stockholders who do not take capital gain distributions in additional shares, and increase the liquidity of the Fund’s Common

Stock in the marketplace. For the six months ended June 30, 2025, the Fund purchased 1,032,206 shares of its Common

Stock in the open market at an aggregate cost of $32,346,536, which represented a weighted average discount of 11.08%

from the NAV of those acquired shares.

Shares of Common Stock repurchased to satisfy the Plan requirements or in the open market pursuant to the Fund’s stock

repurchase program are no longer outstanding.

Tri-Continental Corporation | 2025

Notes to Financial Statements

(continued)

June 30, 2025 (Unaudited)

Warrants

At June 30, 2025, the Fund reserved 193,859 shares of Common Stock for issuance upon exercise of 8,014 Warrants, each

of which entitled the holder to purchase 24.19 shares of Common Stock at $0.93 per share.

Assuming the exercise of all Warrants outstanding at June 30, 2025, net assets would have increased by $180,289 and the

net asset value of the Common Stock would have been $35.49 per share. The number of Warrants exercised during the six

months ended June 30, 2025 was zero.

Note 7.

Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by

the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included

as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its

proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset

value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring

institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the

imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily

net redemptions exceed 5% of net assets.

Note 8.

Interfund Lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund entered into a master

interfund lending agreement (the Interfund Program) with certain other funds advised by the Investment Manager or its

affiliates (each a Participating Fund). The Interfund Program allows each Participating Fund to lend money directly to and,

other than closed-end funds (including the Fund) and money market funds, borrow money directly from other Participating

Funds for temporary purposes through the Interfund Program (each an Interfund Loan).

A Participating Fund may make unsecured borrowings under the Interfund Program if its outstanding borrowings from all

sources, including those outside of the Interfund Program, immediately after such unsecured borrowing under the Interfund

Program are equal to or less than 10% of its total assets, provided that if the borrowing Participating Fund has a secured

loan outstanding from any other lender, including but not limited to another Participating Fund, the borrowing Participating

Fund’s borrowing under the Interfund Program will be secured on at least an equal priority basis with at least an equivalent

percentage of collateral to loan value as any outstanding loan that requires collateral. A Participating Fund may not borrow

through the Interfund Program or from any other source if its total outstanding borrowings immediately after a borrowing

would be more than 33 1/3% of its total assets or any lower threshold provided for by a Participating Fund’s fundamental or

non-fundamental policy restriction.

No Participating Fund may lend to another Participating Fund through the Interfund Program if the loan would cause the

lending Participating Fund’s aggregate outstanding loans under the Interfund Program to exceed 15% of its current net

assets at the time of the loan. A Participating Fund’s Interfund Loans to any one Participating Fund may not exceed 5% of

the lending Participating Fund’s net assets at the time of the loan. The duration of Interfund Loans will be limited to the time

required to receive payment for securities sold, but in no event more than seven days. Interfund Loans effected within

seven days of each other will be treated as separate loan transactions for purposes of this limitation. Each Interfund Loan

may be called on one business day’s notice by a lending Participating Fund and may be repaid on any day by a borrowing

Participating Fund.

Loans under the Interfund Program are subject to the risk that the borrowing Participating Fund could be unable to repay the

loan when due, and a delay in repayment to the lending Participating Fund could result in a lost opportunity by the lending

Participating Fund to invest those loaned assets and additional lending costs. Because the Investment Manager provides

investment management services to both borrowing and lending Participating Funds, the Investment Manager may have a

potential conflict of interest in determining that an Interfund Loan is comparable in credit quality to other high-quality money

market instruments. The Participating Fund has adopted policies and procedures that are designed to manage potential

conflicts of interest, but the administration of the Interfund Program may be subject to such conflicts.

Tri-Continental Corporation | 2025

Notes to Financial Statements

(continued)

June 30, 2025 (Unaudited)

As noted above, the Fund may only participate in the Interfund Program as a Lending Fund. The Fund did not lend money

under the Interfund Program during the six months ended June 30, 2025.

Note 9.

Significant risks

Credit risk

Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or

otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as

making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate

their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to

higher-rated debt instruments.

Interest rate risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of

debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a

debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of

your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt

instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in

interest rates. For example, a three-year duration means a bond is expected to decrease in value by 3% if interest rates rise

1% and increase in value by 3% if interest rates fall 1%. Interest rate declines also may increase prepayments of debt

obligations, which, in turn, would increase prepayment risk. The Fund is subject to the risk that the income generated by its

investments may not keep pace with inflation. Actions by governments and central banking authorities can result in

increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such

actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s

performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to

decrease.

Liquidity risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the

investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the

interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to

accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment

opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss

or decline of value to the Fund.

Market risk

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be

due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or

social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and

reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely

affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause

operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events

in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and

other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as

terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues,

recessions, depressions or other events – or the potential for such events – could have a significant negative impact on

global economic and market conditions.

Tri-Continental Corporation | 2025

Notes to Financial Statements

(continued)

June 30, 2025 (Unaudited)

Note 10.

Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were

issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11.

Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which

include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with

the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is

not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending

legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of

Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make

quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal

and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by

accessing the SEC website at

www.sec.gov

Although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise

Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and,

as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably

estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these

proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims,

examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the

consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its

affiliates that provide services to the Fund.

Tri-Continental Corporation | 2025

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global

affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise

Financial), serves as the investment manager to Tri-Continental Corporation (the Fund). Under a management agreement

(the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and

other funds in the Columbia Fund family (collectively, the Columbia Funds).

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent

Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the

Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports

providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge),

and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel

to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition,

throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and

senior management personnel and reviews information prepared by the Investment Manager addressing the services the

Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations

and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the

Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the

Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement

for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees

various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to

such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment

Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement.

Among other things, the information and factors considered included the following:

•

Information on the investment performance of the Fund relative to the performance of a group of funds determined to

be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

•

Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses

to those of a group of comparable funds, as determined by Broadridge;

•

Terms of the Management Agreement;

•

Descriptions of an agreement with an affiliate of the Investment Manager relating to the provision of stockholder

services to the Fund;

•

Descriptions of various services performed by the Investment Manager under the Management Agreement, including

portfolio management and portfolio trading practices;

•

Information regarding the resources of the Investment Manager, including information regarding senior management,

portfolio managers and other personnel;

•

Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•

The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•

Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the

Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment

Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

Tri-Continental Corporation | 2025

Approval of Management Agreement

(continued)

(Unaudited)

The Board specifically considered the many developments during recent years concerning the services provided by the

Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research

departments. The Board further observed the enhancements to the investment risk management department’s processes,

systems and oversight over the past several years. The Board also took into account the broad scope of services provided

by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The

Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain

key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation

to investment personnel.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board

also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as

well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements

anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took

into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also

reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its

responsibilities under the Management Agreement and any other service agreement.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were

proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance

services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded,

within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under

the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of

analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods

(including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and

benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked

above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups

for purposes of performance and expense comparisons.

The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and

related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and

the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its

affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board

members considered detailed comparative information set forth in an annual report on fees and expenses, including, among

other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses

with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the

Investment Manager’s profitability.

The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses

and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective

of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund

family, while assuring that the overall fees for each Columbia Fund (with certain exceptions) are generally in line with the

Tri-Continental Corporation | 2025

Approval of Management Agreement

(continued)

(Unaudited)

current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median

expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense

ratio is below the peer universe’s median expense ratio shown in the reports.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels

of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the

Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment

Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its

affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and

Ameriprise Financial from managing the Columbia Funds. The Board considered that the profitability generated by the

Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets

under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment

Manager or its affiliates in connection with managing the Columbia Funds, such as the enhanced ability to offer various

other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The

Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its

personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related

factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the

profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of

the Management Agreement.

Economies of scale

The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the

extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that

management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board

observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow

opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through

other means for sharing economies of scale with shareholders. The Board observed, however, that there is limited potential

for economies of scale that would inure to the benefit of shareholders, given the closed-end nature of the Fund.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management

Agreement. In reaching its conclusions, no single factor was determinative.

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management

Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the

Management Agreement.

RESULTS OF MEETING OF STOCKHOLDERS

(Unaudited)

The 95th Annual Meeting of Stockholders of Tri-Continental Corporation (the Fund) was held on June 24, 2025 at the

Marquette Hotel, 710 S. Marquette Avenue, Minneapolis, Minnesota 55402. Stockholders voted in favor of two Board of

Directors’ recommended proposals. The description of each proposal and number of shares voted are as follows:

Tri-Continental Corporation | 2025

RESULTS OF MEETING OF STOCKHOLDERS

(continued)

(Unaudited)

Proposal 1

To elect four directors to the Fund’s Board of Directors to serve until the 2028 Annual Meeting of Stockholders or until their

successors are duly elected and qualified was as follows:

Director	For	Withheld
Daniel J. Beckman	34,228,281	1,501,768
Janet L. Carrig	33,854,861	1,875,188
Douglas A. Hacker	33,267,768	2,462,281
Sandra L. Yeager	34,344,202	1,385,847

Proposal 2

To ratify the selection of PricewaterhouseCoopers LLP as the Fund’s independent registered public accounting firm for

2025:

For	Against	Abstain
34,613,468	701,380	415,201

Tri-Continental Corporation | 2025

[THIS PAGE INTENTIONALLY LEFT BLANK]

Tri-Continental Corporation

P.O. Box 219371

Kansas City, MO 64121-9371

You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus

containing information about the Fund (including its investment objectives, risks, charges, expenses and other information about the

Fund) may be obtained by contacting your financial advisor or Columbia Management Investment Services Corp. at 800.345.6611,

option 3. The prospectus should be read carefully before investing in the Fund. Tri-Continental Corporation is managed by Columbia

Management Investment Advisers, LLC.

Columbia Threadneedle Investments

(Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of

columbiathreadneedleus.com/investor/

SAR240_12_R01_(08/25)

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	Market Price ($)		Corresponding NAV ($)		Corresponding (Discount)/Premium to NAV (%)
	High	Low	High	Low	High	Low
2023
1 st Quarter	28.11	25.59	31.52	28.98	(10.82 )	(11.70 )
2 nd Quarter	27.42	25.91	31.13	29.77	(11.92 )	(12.97 )
3 rd Quarter	28.42	26.34	32.24	30.24	(11.85 )	(12.90 )
4 th Quarter	29.04	25.17	32.75	28.93	(11.33 )	(13.00 )
2024
1 st Quarter	30.80	28.35	35.06	32.38	(12.15 )	(12.45 )
2 nd Quarter	31.03	29.24	35.18	33.57	(11.80 )	(12.90 )
3 rd Quarter	33.04	29.86	37.37	34.40	(11.59 )	(13.20 )
4 th Quarter	34.67	31.01	39.24	35.36	(11.65 )	(12.30 )
2025
1 st Quarter	32.91	30.40	36.82	34.30	(10.62 )	(11.37 )
2 nd Quarter	31.84	27.37	36.10	31.52	(11.80 )	(13.17 )

Year	Total Shares Outstanding	Year-End Asset Coverage Per Share ($)	Involuntary Liquidation Preference Per Share ($)	Average Daily Market Value Per Share ($)
2024	752,740	2,526	50	46.02
2023	752,740	2,323	50	47.14
2022	752,740	2,145	50	50.54
2021	752,740	2,715	50	56.86
2020	752,740	2,368	50	56.23
2019	752,740	2,261	50	53.19
2018	752,740	1,951	50	50.71
2017	752,740	2,225	50	50.75
2016	752,740	2,004	50	51.61
2015	752,740	1,887	50	49.92

Common Stocks 66.1%
Issuer	Shares	Value ($)
Communication Services 6.1%
Diversified Telecommunication Services 0.9%
AT&T, Inc.	340,000	9,839,600
Verizon Communications, Inc.	165,000	7,139,550
Total		16,979,150
Interactive Media & Services 4.8%
Alphabet, Inc., Class A	263,399	46,418,806
Meta Platforms, Inc., Class A	61,014	45,033,823
Total		91,452,629
Media 0.4%
Comcast Corp., Class A	137,500	4,907,375
Fox Corp., Class A	51,928	2,910,045
Total		7,817,420
Total Communication Services		116,249,199
Consumer Discretionary 6.3%
Automobiles 0.5%
Tesla, Inc. (a)	26,480	8,411,637
Broadline Retail 2.2%
Amazon.com, Inc. (a)	168,052	36,868,928
Macy’s, Inc.	415,000	4,838,900
Total		41,707,828
Hotels, Restaurants & Leisure 1.5%
Booking Holdings, Inc.	3,773	21,842,803
Darden Restaurants, Inc.	22,500	4,904,325
Expedia Group, Inc.	14,662	2,473,186
Total		29,220,314
Household Durables 0.7%
Newell Brands, Inc.	600,000	3,240,000
PulteGroup, Inc.	89,834	9,473,894
Total		12,713,894
Specialty Retail 0.2%
Best Buy Co., Inc.	67,500	4,531,275

Common Stocks (continued)
Issuer	Shares	Value ($)
Textiles, Apparel & Luxury Goods 1.2%
Ralph Lauren Corp.	47,848	13,123,749
Tapestry, Inc.	112,686	9,894,958
Total		23,018,707
Total Consumer Discretionary		119,603,655
Consumer Staples 3.7%
Beverages 0.6%
Molson Coors Beverage Co., Class B	122,248	5,878,907
PepsiCo, Inc.	40,000	5,281,600
Total		11,160,507
Consumer Staples Distribution & Retail 0.4%
Target Corp.	82,685	8,156,875
Food Products 0.7%
ConAgra Foods, Inc.	258,924	5,300,174
Mondelez International, Inc., Class A	107,500	7,249,800
Total		12,549,974
Household Products 0.5%
Colgate-Palmolive Co.	95,105	8,645,045
Kimberly-Clark Corp.	9,282	1,196,635
Total		9,841,680
Personal Care Products 0.3%
Kenvue, Inc.	310,000	6,488,300
Tobacco 1.2%
Altria Group, Inc.	293,243	17,192,837
Philip Morris International, Inc.	27,500	5,008,575
Total		22,201,412
Total Consumer Staples		70,398,748
Energy 3.0%
Oil, Gas & Consumable Fuels 3.0%
Chevron Corp.	145,461	20,828,561
Diamondback Energy, Inc.	32,500	4,465,500
EOG Resources, Inc.	40,000	4,784,400
Exxon Mobil Corp.	153,149	16,509,462

Common Stocks (continued)
Issuer	Shares	Value ($)
Marathon Petroleum Corp.	10,471	1,739,338
Valero Energy Corp.	69,031	9,279,147
Total		57,606,408
Total Energy		57,606,408
Financials 10.3%
Banks 2.7%
Citigroup, Inc.	240,809	20,497,662
JPMorgan Chase & Co.	39,820	11,544,216
M&T Bank Corp.	52,500	10,184,475
U.S. Bancorp	215,000	9,728,750
Total		51,955,103
Capital Markets 2.9%
Ares Capital Corp.	340,000	7,466,400
Blackrock, Inc.	16,103	16,896,073
Blackstone Secured Lending Fund	235,000	7,226,250
CME Group, Inc.	47,826	13,181,802
Morgan Stanley	75,000	10,564,500
Total		55,335,025
Consumer Finance 0.9%
Synchrony Financial	247,788	16,537,371
Financial Services 1.7%
Berkshire Hathaway, Inc., Class B (a)	3,165	1,537,462
Clovis Liquidation Trust (a),(b),(c)	9,371,357	327,997
Fiserv, Inc. (a)	96,483	16,634,634
Visa, Inc., Class A	40,993	14,554,565
Total		33,054,658
Insurance 1.7%
Allstate Corp. (The)	44,671	8,992,719
Marsh & McLennan Companies, Inc.	71,988	15,739,457
MetLife, Inc.	92,500	7,438,850
Total		32,171,026
Mortgage Real Estate Investment Trusts (REITS) 0.4%
Starwood Property Trust, Inc.	365,000	7,325,550
Total Financials		196,378,733

Convertible Bonds 5.9%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Automotive 0.2%
Rivian Automotive, Inc.
03/15/2029	4.625%	4,800,000	4,878,000

Convertible Bonds (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Brokerage/Asset Managers/Exchanges 0.3%
Galaxy Digital Holdings LP (e)
12/01/2029	2.500%	4,000,000	4,890,475
Consumer Products 0.3%
LCI Industries (e)
03/01/2030	3.000%	4,900,000	4,893,875
Diversified Manufacturing 0.5%
Bloom Energy Corp.
06/01/2028	3.000%	3,000,000	4,437,000
Greenbrier Companies, Inc. (The)
04/15/2028	2.875%	4,500,000	4,775,850
Total			9,212,850
Electric 0.6%
PG&E Corp.
12/01/2027	4.250%	4,500,000	4,465,350
WEC Energy Group, Inc.
06/01/2029	4.375%	6,300,000	7,254,450
Total			11,719,800
Finance Companies 0.3%
Hercules Capital, Inc. (e)
09/01/2028	4.750%	5,100,000	4,929,150
Healthcare REIT 0.2%
Welltower OP LLC (e)
07/15/2029	3.125%	3,500,000	4,639,250
Leisure 0.3%
Carnival Corp.
12/01/2027	5.750%	2,500,000	5,498,750
Other Financial Institutions 0.7%
MARA Holdings, Inc. (e),(f)
06/01/2031	0.000%	9,500,000	8,127,250
RWT Holdings, Inc.
10/01/2025	5.750%	6,000,000	5,982,000
Total			14,109,250
Other REIT 0.8%
PennyMac Corp.
03/15/2026	5.500%	9,500,000	9,390,750
Redwood Trust, Inc.
06/15/2027	7.750%	1,000,000	987,987
Starwood Property Trust, Inc.
07/15/2027	6.750%	4,500,000	4,806,000
Total			15,184,737

Convertible Preferred Stocks 4.8%
Issuer		Shares	Value ($)
Financials 1.6%
Banks 0.5%
Bank of America Corp. (h)	7.250%	8,000	9,710,360
Capital Markets 0.9%
AMG Capital Trust II	5.150%	22,000	1,257,300
Ares Management Corp.	6.750%	95,000	5,165,150
KKR & Co., Inc.	6.250%	185,000	9,914,796
Total			16,337,246
Financial Services 0.2%
Shift4 Payments, Inc.	6.000%	42,500	4,911,725
Total Financials			30,959,331

Convertible Preferred Stocks (continued)
Issuer		Shares	Value ($)
Health Care 0.3%
Health Care Providers & Services 0.3%
BrightSpring Health Services, Inc.	6.750%	77,500	6,372,882
Total Health Care			6,372,882
Industrials 0.9%
Aerospace & Defense 0.6%
Boeing Co. (The)	6.000%	160,000	10,918,400
Trading Companies & Distributors 0.3%
QXO, Inc.	5.500%	115,000	7,067,775
Total Industrials			17,986,175
Information Technology 0.9%
Semiconductors & Semiconductor Equipment 0.4%
Microchip Technology, Inc.	7.500%	117,500	7,830,200
Technology Hardware, Storage & Peripherals 0.5%
Hewlett Packard Enterprise Co.	7.625%	165,000	9,777,617
Total Information Technology			17,607,817
Materials 0.3%
Chemicals 0.3%
Albemarle Corp.	7.250%	150,000	4,825,500
Total Materials			4,825,500
Utilities 0.8%
Electric Utilities 0.8%
Nextera Energy, Inc.	7.234%	110,000	4,860,900
NextEra Energy, Inc.	7.299%	100,000	4,712,628
PG&E Corp.	6.000%	125,000	4,720,032
Total			14,293,560
Total Utilities			14,293,560
Total Convertible Preferred Stocks (Cost $86,263,308)			92,045,265

Corporate Bonds & Notes 21.3%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Aerospace & Defense 0.7%
Boeing Co. (The)
05/01/2054	6.858%	4,500,000	4,928,530
United Technologies Corp.
06/01/2042	4.500%	8,500,000	7,527,855
Total			12,456,385

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,485,445,037)	$ 1,870,351,054
Affiliated issuers (cost $17,434,523)	17,437,601
Receivable for:
Investments sold	4,390,762
Dividends	2,135,912
Interest	8,841,186
Foreign tax reclaims	61,866
Variation margin for futures contracts	78,000
Prepaid expenses	101,556
Other assets	34,920
Total assets	1,903,432,857
Liabilities
Due to custodian	6,564
Payable for:
Investments purchased	731,816
Common Stock	218,073
Preferred Stock dividends	470,462
Management services fees	63,611
Stockholder servicing and transfer agent fees	6,171
Compensation of chief compliance officer	171
Compensation of board members	25,615
Other expenses	60,996
Deferred compensation of board members	341,098
Total liabilities	1,924,577
Net assets	$1,901,508,280
Preferred Stock	37,637,000
Net assets for Common Stock	1,863,871,280
Represented by
$2.50 Cumulative Preferred Stock, $50 par value, asset coverage per share $2,526
Shares issued and outstanding — 752,740	37,637,000
Common Stock, $0.50 par value:
Shares issued and outstanding — 52,329,153	26,164,577
Capital surplus	1,413,343,121
Total distributable earnings (loss)	424,363,582
Net assets	$1,901,508,280
Net asset value per share of outstanding Common Stock	$35.62
Market price per share of Common Stock	$31.66

Net investment income
Income:
Dividends — unaffiliated issuers	$ 16,758,077
Dividends — affiliated issuers	423,946
Interest	17,228,857
Foreign taxes withheld	(15,533 )
Total income	34,395,347
Expenses:
Management services fees	3,771,265
Stockholder servicing and transfer agent fees	167,183
Custodian fees	10,753
Printing and postage fees	36,032
Stockholders’ meeting fees	27,406
Accounting services fees	26,562
Legal fees	6,158
Interest on collateral	431
Compensation of chief compliance officer	164
Compensation of board members	27,990
Deferred compensation of board members	(3,176 )
Other	56,204
Total expenses	4,126,972
Net investment income (a)	30,268,375
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	47,485,913
Investments — affiliated issuers	(707 )
Futures contracts	(871,915 )
Net realized gain	46,613,291
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(903,900 )
Investments — affiliated issuers	517
Futures contracts	627,698
Net change in unrealized appreciation (depreciation)	(275,685 )
Net realized and unrealized gain	46,337,606
Net increase in net assets resulting from operations	$76,605,981

	Six Months Ended June 30, 2025 (Unaudited)	Year Ended December 31, 2024
Operations
Net investment income	$ 30,268,375	$ 59,523,817
Net realized gain	46,613,291	139,396,563
Net change in unrealized appreciation (depreciation)	(275,685 )	121,829,237
Net increase in net assets resulting from operations	76,605,981	320,749,617
Distributions to stockholders
Net investment income and net realized gains
Preferred Stock	(940,925 )	(1,881,850 )
Common Stock	(68,528,693 )	(171,556,614 )
Total distributions to stockholders	(69,469,618 )	(173,438,464 )
Increase (decrease) in net assets from capital stock activity	(6,996,610 )	5,329,556
Total increase in net assets	139,753	152,640,709
Net assets at beginning of period	1,901,368,527	1,748,727,818
Net assets at end of period	$1,901,508,280	$1,901,368,527

	Six Months Ended		Year Ended
	June 30, 2025 (Unaudited)		December 31, 2024
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Common Stock issued at market price in distributions	1,064,825	32,738,803	2,608,910	82,584,081
Common Stock issued to cash purchase plan participants	20,421	591,557	23,711	736,127
Common Stock purchased from cash purchase plan participants	(256,945 )	(7,980,434 )	(510,267 )	(16,034,327 )
Common Stock purchased in the open market	(1,032,206 )	(32,346,536 )	(1,986,238 )	(61,956,325 )
Total net increase (decrease)	(203,905 )	(6,996,610 )	136,116	5,329,556

	Six Months Ended June 30, 2025 (Unaudited)	Year ended December 31,
	Six Months Ended June 30, 2025 (Unaudited)	2024	2023	2022
Per share data
Net asset value, beginning of period	$35.48	$32.66	$29.07	$36.69
Income from investment operations:
Net investment income	0.58	1.15	1.12	1.11
Net realized and unrealized gain (loss)	0.90	5.06	3.66	(6.53 )
Total from investment operations	1.48	6.21	4.78	(5.42 )
Less distributions to Stockholders from:
Net investment income — Preferred Stock	(0.02 )	(0.04 )	(0.04 )	(0.03 )
Net investment income — Common Stock	(0.57 )	(1.12 )	(1.12 )	(1.08 )
Net realized gains — Common Stock	(0.76 )	(2.24 )	(0.14 )	(1.15 )
Total distributions to Stockholders	(1.35 )	(3.40 )	(1.30 )	(2.26 )
(Dilution) Anti-dilution in net asset value from share purchases (via dividend reinvestment program and cash purchase plan) (a)	(0.09 )	(0.20 )	(0.07 )	(0.10 )
Anti-dilution in net asset value from share buy-backs (via stock repurchase program and cash purchase plan) (a)	0.10	0.21	0.18	0.16
Net asset value, end of period	$35.62	$35.48	$32.66	$29.07
Adjusted net asset value, end of period (b)	$35.49	$35.35	$32.54	$28.97
Market price, end of period	$31.66	$31.69	$28.83	$25.63
Total return
Based upon net asset value	4.77 %	20.53 %	17.74 %	(14.10 %)
Based upon market price	4.26 %	21.96 %	17.88 %	(16.28 %)
Ratios to average net assets
Expenses to average net assets for Common Stock (c)	0.46 % (d)	0.47 % (d)	0.47 % (d)	0.46 % (d)
Net investment income to average net assets for Common Stock	3.25 %	3.13 %	3.54 %	3.35 %
Supplemental data
Net assets, end of period (000’s):
Common Stock	$1,863,871	$1,863,732	$1,711,091	$1,577,033
Preferred Stock	$37,637	$37,637	$37,637	$37,637
Total net assets	$1,901,508	$1,901,369	$1,748,728	$1,614,670
Portfolio turnover	25 %	48 %	48 %	48 %

Common Stocks (continued)
Issuer	Shares	Value ($)
Health Care 7.0%
Biotechnology 1.8%
AbbVie, Inc.	82,350	15,285,807
Amgen, Inc.	34,210	9,551,774
BioMarin Pharmaceutical, Inc. (a)	21,253	1,168,278
Regeneron Pharmaceuticals, Inc.	4,204	2,207,100
Vertex Pharmaceuticals, Inc. (a)	11,827	5,265,380
Total		33,478,339
Health Care Equipment & Supplies 1.6%
Baxter International, Inc.	286,858	8,686,060
Hologic, Inc. (a)	79,036	5,149,986
Medtronic PLC	201,605	17,573,908
Total		31,409,954
Health Care Providers & Services 1.2%
Cigna Group (The)	5,184	1,713,727
CVS Health Corp.	181,191	12,498,555
McKesson Corp.	11,794	8,642,407
Total		22,854,689
Life Sciences Tools & Services 0.2%
IQVIA Holdings, Inc. (a)	18,376	2,895,874
Pharmaceuticals 2.2%
Bristol-Myers Squibb Co.	492,289	22,788,058
Merck & Co., Inc.	92,500	7,322,300
Pfizer, Inc.	200,000	4,848,000
Viatris, Inc.	786,920	7,027,195
Total		41,985,553
Total Health Care		132,624,409
Industrials 5.3%
Aerospace & Defense 0.4%
Lockheed Martin Corp.	7,936	3,675,479
RTX Corp.	32,500	4,745,650
Total		8,421,129
Air Freight & Logistics 0.3%
United Parcel Service, Inc., Class B	50,000	5,047,000

Common Stocks (continued)
Issuer	Shares	Value ($)
Building Products 1.7%
Johnson Controls International PLC	151,139	15,963,301
Masco Corp.	96,401	6,204,369
Trane Technologies PLC	20,878	9,132,246
Total		31,299,916
Ground Transportation 0.4%
Uber Technologies, Inc. (a)	22,234	2,074,432
Union Pacific Corp.	22,500	5,176,800
Total		7,251,232
Machinery 1.2%
Pentair PLC	55,424	5,689,828
Snap-On, Inc.	38,006	11,826,707
Stanley Black & Decker, Inc.	75,000	5,081,250
Total		22,597,785
Passenger Airlines 0.5%
Delta Air Lines, Inc.	153,525	7,550,359
United Airlines Holdings, Inc. (a)	33,119	2,637,266
Total		10,187,625
Professional Services 0.8%
Automatic Data Processing, Inc.	50,693	15,633,721
Total Industrials		100,438,408
Information Technology 18.4%
Communications Equipment 1.4%
Arista Networks, Inc. (a)	164,779	16,858,539
Cisco Systems, Inc.	146,108	10,136,973
Total		26,995,512
Electronic Equipment, Instruments & Components 0.5%
Corning, Inc.	190,000	9,992,100
IT Services 0.4%
International Business Machines Corp.	17,500	5,158,650
VeriSign, Inc.	4,945	1,428,116
Total		6,586,766

Common Stocks (continued)
Issuer	Shares	Value ($)
Semiconductors & Semiconductor Equipment 6.4%
Broadcom, Inc.	36,657	10,104,502
NVIDIA Corp.	525,202	82,976,664
Qorvo, Inc. (a)	43,013	3,652,234
QUALCOMM, Inc.	109,228	17,395,651
Texas Instruments, Inc.	37,500	7,785,750
Total		121,914,801
Software 6.2%
Adobe, Inc. (a)	29,049	11,238,477
Fortinet, Inc. (a)	36,714	3,881,404
Microsoft Corp.	125,694	62,521,453
Palo Alto Networks, Inc. (a)	79,213	16,210,148
Salesforce, Inc.	70,673	19,271,820
ServiceNow, Inc. (a)	4,345	4,467,008
Total		117,590,310
Technology Hardware, Storage & Peripherals 3.5%
Apple, Inc. (d)	242,536	49,761,111
HP, Inc.	300,000	7,338,000
NetApp, Inc.	93,859	10,000,677
Total		67,099,788
Total Information Technology		350,179,277
Materials 1.8%
Chemicals 1.3%
CF Industries Holdings, Inc.	140,552	12,930,784
Eastman Chemical Co.	27,690	2,067,336
LyondellBasell Industries NV, Class A	85,000	4,918,100
Nutrien Ltd.	85,000	4,950,400
Total		24,866,620
Containers & Packaging 0.3%
International Paper Co.	110,000	5,151,300
Metals & Mining 0.2%
Newmont Corp.	39,975	2,328,943
Steel Dynamics, Inc.	10,167	1,301,478
Total		3,630,421
Total Materials		33,648,341
Real Estate 2.2%
Hotel & Resort REITs 0.1%
Host Hotels & Resorts, Inc.	86,342	1,326,213

Common Stocks (continued)
Issuer	Shares	Value ($)
Industrial REITs 0.3%
Prologis, Inc.	47,500	4,993,200
Office REITs 0.2%
BXP, Inc.	72,500	4,891,575
Residential REITs 0.2%
Invitation Homes, Inc.	145,000	4,756,000
Retail REITs 0.3%
Realty Income Corp.	90,000	5,184,900
Specialized REITs 1.1%
American Tower Corp.	33,793	7,468,929
Equinix, Inc.	4,599	3,658,367
SBA Communications Corp.	19,437	4,564,585
VICI Properties, Inc.	152,500	4,971,500
Total		20,663,381
Total Real Estate		41,815,269
Utilities 2.0%
Electric Utilities 1.6%
Duke Energy Corp.	42,500	5,015,000
Edison International	92,762	4,786,519
Entergy Corp.	60,000	4,987,200
Exelon Corp.	57,100	2,479,282
FirstEnergy Corp.	120,000	4,831,200
PG&E Corp.	579,812	8,082,579
Total		30,181,780
Gas Utilities 0.3%
UGI Corp.	140,000	5,098,800
Independent Power and Renewable Electricity Producers 0.1%
AES Corp. (The)	161,592	1,699,947
Total Utilities		36,980,527
Total Common Stocks (Cost $864,214,305)		1,255,922,974

Notes to Financial Highlights
(a)	Prior to the period ended December 31, 2022, per share amounts were only presented if the net dilution/anti-dilution impact was material relative to the Fund’s average net assets for Common Stock.
(b)	Assumes the exercise of outstanding warrants.
(c)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(d)	Ratios include interest on collateral expense which is less than 0.01%.

				(3) Total Number of	(4) Maximum Number of
	(1) Total Number	(2) Average		Shares Purchased as	(4) Maximum Number of
	(1) Total Number	(2) Average		Part of Publicly	Shares that May Yet Be
	of Shares	Price Paid		Announced Plans or	Purchased Under the
Period	Purchased	Per Share		Programs	Plans or Programs
01-01-25 to 01-31-25	273,031	$	32.17	273,031	2,357,518
02-01-25 to 02-28-25	262,153	$	32.58	262,153	2,098,492
03-01-25 to 03-31-25	193,441	$	31.25	193,441	1,907,363
04-01-25 to 04-30-25	211,942	$	29.11	211,942	1,705,277
05-01-25 to 05-31-25	208,085	$	30.79	208,085	1,498,198
06-01-25 to 06-30-25	248,178	$	18.09	248,178	1,250,759

(registrant)	Tri-Continental Corporation

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer

Date	August 21, 2025

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice President

Date	August 21, 2025

By (Signature and Title)	/s/ Charles H. Chiesa
	Charles H. Chiesa, Treasurer, Chief Accounting
	Officer and Principal Financial Officer

Date	August 21, 2025