UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
  
FORM N-CSR
  
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 
  
Investment Company Act file number 811-00266 
  
Tri-Continental Corporation 
(Exact name of registrant as specified in charter) 
  
290 Congress Street, Boston, MA 02210 

(Address of principal executive offices) (Zip code) 
  
Daniel J. Beckman 
c/o Columbia Management Investment Advisers, LLC 
290 Congress Street 
Boston, MA 02210 
  
Ryan C. Larrenaga, Esq. 
c/o Columbia Management Investment Advisers, LLC 
290 Congress Street 
Boston, MA 02210 

(Name and address of agent for service) 
  
Registrant's telephone number, including area code: (800) 345-6611 
  
Date of fiscal year end:  December 31 
  
Date of reporting period:  June 30, 2023 
  
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. 
  
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100  F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507. 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
Item 1. Reports to Stockholders. 
Semiannual Report
June 30, 2023 (Unaudited)
Tri-Continental Corporation
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Letter to the Stockholders
(Unaudited)
Dear Stockholders,
We are pleased to present the semiannual stockholder report for Tri-Continental Corporation (the Fund). The report includes the Fund’s investment results, the portfolio of investments and financial statements as of June 30, 2023.
The Fund’s common shares (Common Stock) returned 9.64%, based on net asset value, and 9.54%, based on market price, for the six months ended June 30, 2023. During the same six-month period, the S&P 500 Index returned 16.89% and the Fund’s Blended Benchmark returned 11.32%.
During the first half of 2023, the Fund paid two distributions in accordance with its distribution policy that aggregated to $0.6198 per share of Common Stock of the Fund. These distributions were based upon amounts distributed by underlying portfolio companies owned by the Fund. One of the distributions paid during the year included a capital gain distribution of $0.0434 per share of Common Stock. The Fund has paid dividends on its Common Stock for 79 consecutive years.
On June 20, 2023, the Fund held its 93rd Annual Meeting of Stockholders (the “Meeting”) in Minneapolis, Minnesota. Stockholders voted in favor of the recommendations of the Fund’s Board of Directors (the “Board”) on each of two proposals at the Meeting.
Specifically, Stockholders re-elected four Directors, Mses. Janet Langford Carrig, Patricia M. Flynn and Catherine James Paglia and Mr. Brian J. Gallagher to the Board. The term for Ms. Carrig will expire at the Fund’s 2025 Annual Meeting of Stockholders and the terms for Mses. Flynn and Paglia and Mr. Gallagher will expire at the Fund’s 2026 Annual Meeting of Stockholders. Stockholders also ratified the Board’s selection of PricewaterhouseCoopers LLP as the Fund’s independent registered public accounting firm for 2023.
Information about the Fund, including daily pricing, current performance, Fund holdings, stockholder reports, the current prospectus for the Fund, distributions and other information can be found at columbiathreadneedleus.com/investor/ under the Closed-End Funds tab.
On behalf of the Board, I would like to thank you for your continued support of Tri-Continental Corporation.
Regards,
Pamela G. Carlton
Chair of the Board
Tri-Continental Corporation   |  Semiannual Report 2023

Table of Contents
Tri-Continental Corporation (the Fund) mails one stockholder report to each stockholder address. If you would like more than one report, please call shareholder services at 800.345.6611, option 3 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 at 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 servicing agent
Columbia Management Investment Services Corp.
P.O. Box 219371
Kansas City, MO 64121-9371
Tri-Continental Corporation  |  Semiannual Report 2023

Fund at a Glance
(Unaudited)
Investment objective
The Fund seeks future growth of both capital and income while providing reasonable current income.
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
Average annual total returns (%) (for the period ended June 30, 2023)
Inception 6 Months
cumulative
1 Year 5 Years 10 Years
Market Price 01/05/29 9.54 11.96 9.64 11.18
Net Asset Value 01/05/29 9.64 11.70 9.76 11.07
S&P 500 Index 16.89 19.59 12.31 12.86
Blended Benchmark 11.32 14.00 9.62 10.24
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting columbiathreadneedleus.com/investor/.
Returns reflect changes in market price or net asset value, as applicable, and assume reinvestment of distributions. Returns do not reflect the deduction of taxes that investors may pay on distributions or the sale of shares.
The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.
The Blended Benchmark, a weighted custom composite established by the Investment Manager, consists of a 50% weighting in the S&P 500 Index, a 16.68% weighting in the Russell 1000 Value Index, a 16.66% weighting in the Bloomberg U.S. Corporate Investment Grade & High Yield Index and a 16.66% weighting in the Bloomberg U.S. Convertible Composite Index. 
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Price Per Share
June 30, 2023 March 31, 2023 December 31, 2022
Market Price ($) 27.42 26.55 25.63
Net Asset Value ($) 31.13 30.16 29.07
    
Distributions Paid Per Common Share(a)
Payable Date Per Share Amount ($)
March 21, 2023 0.2900
June 21, 2023 0.3298(b)
(a) Preferred Stockholders were paid dividends totaling $1.25 per share.
(b) Includes a distribution of $0.2864 from ordinary income and a capital gain distribution of $0.0434 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.
2 Tri-Continental Corporation  | Semiannual Report 2023

Fund at a Glance   (continued)
(Unaudited)
Portfolio breakdown (%) (at June 30, 2023)
Common Stocks 71.2
Convertible Bonds 7.2
Convertible Preferred Stocks 3.1
Corporate Bonds & Notes 16.7
Money Market Funds 1.6
Preferred Debt 0.2
Warrants 0.0(a)
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at June 30, 2023)
Communication Services 7.5
Consumer Discretionary 8.6
Consumer Staples 6.2
Energy 6.1
Financials 15.2
Health Care 12.8
Industrials 8.6
Information Technology 23.3
Materials 3.0
Real Estate 3.6
Utilities 5.1
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
Tri-Continental Corporation  | Semiannual Report 2023 3

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, 2023, the Fund had invested 72.5% of its net assets in equity securities, 16.9% of its net assets in debt/fixed income instruments and 10.2% 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 as an investment in U.S. Government securities.
4 Tri-Continental Corporation  | Semiannual Report 2023

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 issuers of fixed-income securities. A Fund considers the concentration policies 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  | Semiannual Report 2023
5

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 financial services sector and, as a result, events affecting the financial services 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, 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 and are more
6 Tri-Continental Corporation  | Semiannual Report 2023

Fund Investment Objective, Strategies, Policies and Principal Risks  (continued)
(Unaudited)
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. 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. 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. 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 also 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  | Semiannual Report 2023
7

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 countries may fluctuate significantly over short
8 Tri-Continental Corporation  | Semiannual Report 2023

Fund Investment Objective, Strategies, Policies and Principal Risks  (continued)
(Unaudited)
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. 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). Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. 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 an investment in the Fund.
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.
Tri-Continental Corporation  | Semiannual Report 2023
9

Fund Investment Objective, Strategies, Policies and Principal Risks  (continued)
(Unaudited)
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, 2023, 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, 2023 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, 2023, the Fund’s portfolio requires an annual return of 0.11% 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 (10.34)% (5.23)% (0.11)% 5.00% 10.11%
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 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
10 Tri-Continental Corporation  | Semiannual Report 2023

Fund Investment Objective, Strategies, Policies and Principal Risks  (continued)
(Unaudited)
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.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter measures or responses thereto (including international sanctions, a downgrade in a country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.
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. 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
Tri-Continental Corporation  | Semiannual Report 2023
11

Fund Investment Objective, Strategies, Policies and Principal Risks  (continued)
(Unaudited)
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 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 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 more vulnerable to unfavorable developments in that group of industries or economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.
Information Technology Sector. The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. 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
12 Tri-Continental Corporation  | Semiannual Report 2023

Fund Investment Objective, Strategies, Policies and Principal Risks  (continued)
(Unaudited)
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 shareholders holding shares in a taxable account. 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. U.S. federal legislation has been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. These changes could restrict and/or impose significant costs or other burdens upon the Fund’s participation in derivatives transactions. 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 to 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  | Semiannual Report 2023
13

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 shares of the Fund’s 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 0.05%
Total Annual Expenses Before Impact of Dividends on Preferred Stock(c) 0.51%
Impact of Dividends on Preferred Stock 0.11%
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 a $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, $16, $29, and $64, respectively.
The purpose of the tables above is to assist you in understanding the various costs and expenses you will bear directly or indirectly.
14 Tri-Continental Corporation  | Semiannual Report 2023

Fees and Expenses, Share Price Data and Senior
Securities  (continued)
(Unaudited)
Share Price Data
The Fund’s Common Stock is traded primarily on the New York Stock Exchange (the Exchange). The following table shows the high and low closing prices of the Fund’s Common Stock on the Exchange for each calendar quarter since the beginning of 2021, as well as the net asset values and the range of the percentage (discounts)/premiums to net asset value per share that correspond to such prices.
  Market Price ($) Corresponding NAV ($) Corresponding (Discount)/Premium to NAV (%)
  High Low High Low High Low
2021            
1st Quarter 32.43 29.09 36.00 32.87 (9.92) (11.50)
2nd Quarter 34.91 32.66 38.15 36.37 (8.49) (10.20)
3rd Quarter 35.12 33.30 39.26 37.00 (10.55) (10.00)
4th Quarter 35.68 31.75 39.82 35.61 (10.40) (10.84)
2022            
1st Quarter 33.21 29.13 36.77 33.75 (9.68) (13.69)
2nd Quarter 31.36 25.42 35.57 29.18 (11.84) (12.89)
3rd Quarter 29.75 25.56 33.06 28.12 (10.01) (9.10)
4th Quarter 28.24 25.53 31.47 28.29 (10.26) (9.76)
2023            
1st Quarter 28.11 25.59 31.52 28.98 (10.82) (11.70)
2nd Quarter 27.42 25.91 31.13 29.77 (11.92) (12.97)
The Fund’s Common Stock has historically traded on the market at less than net asset value. The closing market price, net asset value and percentage discount to net asset value per share of the Fund’s Common Stock on June 30, 2023 were $27.42, $31.13, and (11.92)%, respectively.
Senior Securities — $2.50 Cumulative Preferred Stock
The following information is being presented with respect to the Fund’s Preferred Stock. The “Total Shares Outstanding” column presents the number of shares of Preferred Stock outstanding at the end of each year presented. “Year-End Asset Coverage Per Share” represents the total amount of net assets of the Fund in relation to each share of Preferred Stock outstanding as of the end of the respective year. The “Involuntary Liquidation Preference Per Share” is the amount each share of Preferred Stock would be entitled to upon involuntary liquidation of these shares. The “Average Daily Market Value Per Share” is the average daily market price per share of Preferred Stock throughout each respective year.
Year Total Shares
Outstanding
Year-End
Asset Coverage
Per Share ($)
Involuntary
Liquidation
Preference
Per Share ($)
Average Daily
Market Value
Per Share ($)
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
2014 752,740 2,058 50 46.32
2013 752,740 1,957 50 48.50
Tri-Continental Corporation  | Semiannual Report 2023
15

Portfolio of Investments
June 30, 2023 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 70.9%
Issuer Shares Value ($)
Communication Services 5.5%
Diversified Telecommunication Services 0.8%
AT&T, Inc. 450,000 7,177,500
Verizon Communications, Inc. 160,000 5,950,400
Total   13,127,900
Entertainment 0.2%
Electronic Arts, Inc. 26,891 3,487,763
Interactive Media & Services 3.9%
Alphabet, Inc., Class A(a) 350,033 41,898,950
Meta Platforms, Inc., Class A(a) 87,034 24,977,017
Total   66,875,967
Media 0.6%
Comcast Corp., Class A 155,000 6,440,250
Fox Corp., Class A 124,231 4,223,854
Total   10,664,104
Total Communication Services 94,155,734
Consumer Discretionary 6.3%
Automobiles 0.5%
Tesla, Inc.(a) 29,769 7,792,631
Broadline Retail 1.3%
Amazon.com, Inc.(a) 107,054 13,955,560
Etsy, Inc.(a) 51,151 4,327,886
Macy’s, Inc. 265,000 4,253,250
Total   22,536,696
Hotels, Restaurants & Leisure 1.5%
Booking Holdings, Inc.(a) 3,122 8,430,430
Darden Restaurants, Inc. 27,500 4,594,700
Expedia Group, Inc.(a) 76,275 8,343,722
MGM Resorts International 92,015 4,041,299
Total   25,410,151
Household Durables 1.2%
Lennar Corp., Class A 80,850 10,131,314
Newell Brands, Inc. 325,000 2,827,500
PulteGroup, Inc. 102,852 7,989,543
Total   20,948,357
Common Stocks (continued)
Issuer Shares Value ($)
Specialty Retail 1.8%
Bath & Body Works, Inc. 32,243 1,209,112
Best Buy Co., Inc. 41,000 3,359,950
Home Depot, Inc. (The) 15,000 4,659,600
O’Reilly Automotive, Inc.(a) 13,926 13,303,508
TJX Companies, Inc. (The) 103,500 8,775,765
Total   31,307,935
Total Consumer Discretionary 107,995,770
Consumer Staples 4.6%
Consumer Staples Distribution & Retail 1.0%
Kroger Co. (The) 26,261 1,234,267
Walmart, Inc. 103,536 16,273,788
Total   17,508,055
Food Products 1.9%
Archer-Daniels-Midland Co. 168,008 12,694,685
Bunge Ltd. 47,500 4,481,625
General Mills, Inc. 88,223 6,766,704
Kraft Heinz Co. (The) 215,000 7,632,500
Total   31,575,514
Household Products 0.2%
Procter & Gamble Co. (The) 23,080 3,502,159
Personal Care Products 0.2%
Kenvue, Inc.(a) 98,826 2,610,983
Tobacco 1.3%
Altria Group, Inc. 299,959 13,588,143
Philip Morris International, Inc. 90,000 8,785,800
Total   22,373,943
Total Consumer Staples 77,570,654
Energy 4.5%
Oil, Gas & Consumable Fuels 4.5%
Chesapeake Energy Corp. 52,500 4,393,200
Chevron Corp. 55,000 8,654,250
Exxon Mobil Corp. 277,672 29,780,322
Marathon Petroleum Corp. 85,980 10,025,268
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Tri-Continental Corporation  | Semiannual Report 2023

Portfolio of Investments  (continued)
June 30, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Pioneer Natural Resources Co. 40,000 8,287,200
Valero Energy Corp. 129,248 15,160,790
Total   76,301,030
Total Energy 76,301,030
Financials 10.5%
Banks 2.5%
Citigroup, Inc. 184,819 8,509,067
JPMorgan Chase & Co. 62,500 9,090,000
M&T Bank Corp. 70,000 8,663,200
New York Community Bancorp, Inc. 425,000 4,777,000
Wells Fargo & Co. 259,933 11,093,940
Total   42,133,207
Capital Markets 3.7%
Ares Capital Corp. 475,000 8,925,250
Blackstone Secured Lending Fund 235,000 6,429,600
Blackstone, Inc. 47,500 4,416,075
Carlyle Group, Inc. (The) 140,000 4,473,000
CME Group, Inc. 13,743 2,546,441
Morgan Stanley 270,450 23,096,430
State Street Corp. 175,597 12,850,188
Total   62,736,984
Consumer Finance 0.3%
Synchrony Financial 172,181 5,840,380
Financial Services 1.2%
MasterCard, Inc., Class A 27,425 10,786,252
Visa, Inc., Class A 37,122 8,815,733
Total   19,601,985
Insurance 2.1%
Aon PLC, Class A 3,752 1,295,190
Lincoln National Corp. 40,401 1,040,730
Marsh & McLennan Companies, Inc. 85,948 16,165,100
MetLife, Inc. 309,996 17,524,074
Total   36,025,094
Mortgage Real Estate Investment Trusts (REITS) 0.7%
Blackstone Mortgage Trust, Inc. 250,000 5,202,500
Starwood Property Trust, Inc. 350,000 6,790,000
Total   11,992,500
Total Financials 178,330,150
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 9.5%
Biotechnology 2.0%
AbbVie, Inc. 114,651 15,446,929
Amgen, Inc. 30,496 6,770,722
BioMarin Pharmaceutical, Inc.(a) 26,192 2,270,323
Regeneron Pharmaceuticals, Inc.(a) 5,728 4,115,797
Vertex Pharmaceuticals, Inc.(a) 14,242 5,011,902
Total   33,615,673
Health Care Equipment & Supplies 2.1%
Abbott Laboratories 113,544 12,378,567
Baxter International, Inc. 95,000 4,328,200
Hologic, Inc.(a) 151,981 12,305,902
Medtronic PLC 77,500 6,827,750
Total   35,840,419
Health Care Providers & Services 1.8%
Cardinal Health, Inc. 81,168 7,676,058
Centene Corp.(a) 31,946 2,154,758
CVS Health Corp. 149,464 10,332,446
Humana, Inc. 7,794 3,484,931
McKesson Corp. 17,507 7,480,916
Total   31,129,109
Life Sciences Tools & Services 0.4%
IQVIA Holdings, Inc.(a) 29,092 6,539,009
Pharmaceuticals 3.2%
Bristol-Myers Squibb Co. 329,083 21,044,858
Merck & Co., Inc. 80,000 9,231,200
Pfizer, Inc. 555,470 20,374,639
Viatris, Inc. 338,662 3,379,847
Total   54,030,544
Total Health Care 161,154,754
Industrials 5.8%
Aerospace & Defense 1.7%
Lockheed Martin Corp. 30,895 14,223,440
Raytheon Technologies Corp. 87,500 8,571,500
Textron, Inc. 84,043 5,683,828
Total   28,478,768
Air Freight & Logistics 0.8%
United Parcel Service, Inc., Class B 79,397 14,231,912
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2023
17

Portfolio of Investments  (continued)
June 30, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Building Products 0.2%
Masco Corp. 43,169 2,477,037
Commercial Services & Supplies 0.5%
Cintas Corp. 15,383 7,646,582
Ground Transportation 0.1%
CSX Corp. 72,440 2,470,204
Machinery 2.0%
AGCO Corp. 32,500 4,271,150
Caterpillar, Inc. 45,787 11,265,891
Parker-Hannifin Corp. 32,913 12,837,387
Stanley Black & Decker, Inc. 57,500 5,388,325
Total   33,762,753
Passenger Airlines 0.1%
Delta Air Lines, Inc.(a) 21,019 999,243
Southwest Airlines Co. 19,436 703,778
Total   1,703,021
Professional Services 0.4%
Automatic Data Processing, Inc. 33,517 7,366,701
Total Industrials 98,136,978
Information Technology 17.3%
Communications Equipment 1.6%
Cisco Systems, Inc. 528,171 27,327,568
Electronic Equipment, Instruments & Components 0.5%
Corning, Inc. 250,000 8,760,000
IT Services 0.5%
International Business Machines Corp. 62,500 8,363,125
Semiconductors & Semiconductor Equipment 4.5%
Advanced Micro Devices, Inc.(a) 56,061 6,385,908
Applied Materials, Inc. 8,800 1,271,952
Broadcom, Inc. 10,000 8,674,300
Lam Research Corp. 26,834 17,250,505
NVIDIA Corp. 29,946 12,667,757
QUALCOMM, Inc. 170,418 20,286,559
Texas Instruments, Inc. 50,000 9,001,000
Total   75,537,981
Common Stocks (continued)
Issuer Shares Value ($)
Software 5.8%
Adobe, Inc.(a) 38,115 18,637,854
Autodesk, Inc.(a) 53,652 10,977,736
Fortinet, Inc.(a) 166,278 12,568,954
Microsoft Corp. 164,305 55,952,424
Total   98,136,968
Technology Hardware, Storage & Peripherals 4.4%
Apple, Inc.(b) 355,917 69,037,221
HP, Inc. 210,000 6,449,100
Total   75,486,321
Total Information Technology 293,611,963
Materials 2.3%
Chemicals 1.4%
CF Industries Holdings, Inc. 48,559 3,370,966
Dow, Inc. 165,000 8,787,900
Mosaic Co. (The) 196,940 6,892,900
Nutrien Ltd. 70,000 4,133,500
Total   23,185,266
Metals & Mining 0.9%
Newmont Corp. 102,500 4,372,650
Nucor Corp. 65,810 10,791,524
Total   15,164,174
Total Materials 38,349,440
Real Estate 2.6%
Hotel & Resort REITs 0.4%
Host Hotels & Resorts, Inc. 394,939 6,646,823
Industrial REITs 0.2%
Prologis, Inc. 35,000 4,292,050
Real Estate Management & Development 0.0%
WeWork, Inc., Class A(a) 972,000 248,249
Residential REITs 0.3%
Invitation Homes, Inc. 150,000 5,160,000
Retail REITs 0.5%
Realty Income Corp. 70,000 4,185,300
Simon Property Group, Inc. 40,000 4,619,200
Total   8,804,500
 
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Tri-Continental Corporation  | Semiannual Report 2023

Portfolio of Investments  (continued)
June 30, 2023 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Specialized REITs 1.2%
American Tower Corp. 22,500 4,363,650
SBA Communications Corp. 18,898 4,379,800
VICI Properties, Inc. 135,000 4,243,050
Weyerhaeuser Co. 207,292 6,946,355
Total   19,932,855
Total Real Estate 45,084,477
Utilities 2.0%
Electric Utilities 1.8%
American Electric Power Co., Inc. 139,593 11,753,730
Duke Energy Corp. 45,000 4,038,300
Entergy Corp. 40,000 3,894,800
Evergy, Inc. 107,173 6,261,047
FirstEnergy Corp. 110,000 4,276,800
Total   30,224,677
Multi-Utilities 0.2%
DTE Energy Co. 40,000 4,400,800
Total Utilities 34,625,477
Total Common Stocks
(Cost $942,900,519)
1,205,316,427
    
Convertible Bonds 7.1%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Airlines 0.2%
American Airlines Group, Inc.
07/01/2025 6.500%   3,200,000 4,099,200
Automotive 0.3%
Lucid Group, Inc.(c)
12/15/2026 1.250%   3,500,000 2,236,500
Rivian Automotive, Inc.(c)
03/15/2029 4.625%   2,250,000 2,460,799
Total 4,697,299
Cable and Satellite 0.4%
DISH Network Corp.
Subordinated
08/15/2026 3.375%   12,500,000 6,343,750
Consumer Products 0.2%
Beauty Health Co. (The)(c)
10/01/2026 1.250%   5,300,000 4,157,187
Convertible Bonds (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Diversified Manufacturing 0.5%
Bloom Energy Corp.(c)
06/01/2028 3.000%   4,000,000 4,545,667
Greenbrier Companies, Inc. (The)
04/15/2028 2.875%   4,500,000 4,430,250
Total 8,975,917
Electric 0.5%
Duke Energy Corp.(c)
04/15/2026 4.125%   4,300,000 4,198,950
FirstEnergy Corp.(c)
05/01/2026 4.000%   4,300,000 4,278,500
Total 8,477,450
Finance Companies 0.3%
Bread Financial Holdings, Inc.(c)
06/15/2028 4.250%   4,200,000 4,295,431
Health Care 0.3%
CONMED Corp.
06/15/2027 2.250%   4,000,000 4,464,000
Healthcare REIT 0.3%
Welltower OP LLC(c)
05/15/2028 2.750%   4,200,000 4,231,500
Independent Energy 0.0%
Chesapeake Energy Escrow
09/15/2026 0.000%   9,000,000 157,500
Leisure 0.5%
NCL Corp., Ltd.
02/15/2027 2.500%   4,500,000 4,254,750
Royal Caribbean Cruises Ltd.(c)
08/15/2025 6.000%   2,000,000 4,396,000
Total 8,650,750
Media and Entertainment 0.2%
fuboTV, Inc.
02/15/2026 3.250%   6,000,000 3,423,487
Other Financial Institutions 0.3%
RWT Holdings, Inc.
10/01/2025 5.750%   6,750,000 5,838,570
Other REIT 0.8%
PennyMac Corp.
03/15/2026 5.500%   10,000,000 8,875,000
Redwood Trust, Inc.
06/15/2027 7.750%   1,000,000 841,250
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2023
19

Portfolio of Investments  (continued)
June 30, 2023 (Unaudited)
Convertible Bonds (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Starwood Property Trust, Inc.(d)
07/15/2027 6.750%   4,200,000 4,284,000
Total 14,000,250
Other Utility 0.2%
American Water Capital Corp.(c)
06/15/2026 3.625%   4,200,000 4,202,196
Pharmaceuticals 1.1%
Bridgebio Pharma, Inc.
03/15/2027 2.500%   5,500,000 4,304,948
BridgeBio Pharma, Inc.
02/01/2029 2.250%   3,500,000 2,148,570
Clovis Oncology, Inc.(e)
05/01/2025 0.000%   9,300,000 1,069,500
Cytokinetics, Inc.(c)
07/01/2027 3.500%   4,000,000 3,680,000
Mirum Pharmaceuticals, Inc.(c)
05/01/2029 4.000%   1,900,000 2,130,850
Tilray, Inc.
10/01/2023 5.000%   5,250,000 5,170,733
Total 18,504,601
Retailers 0.5%
Farfetch Ltd.
05/01/2027 3.750%   5,300,000 4,273,086
Wayfair, Inc.(c)
09/15/2027 3.250%   3,500,000 4,334,750
Total 8,607,836
Technology 0.5%
2U, Inc.
05/01/2025 2.250%   6,500,000 4,218,500
Infinera Corp.(c)
08/01/2028 3.750%   4,200,000 4,185,300
Total 8,403,800
Total Convertible Bonds
(Cost $134,369,061)
121,530,724
    
Convertible Preferred Stocks 3.0%
Issuer   Shares Value ($)
Financials 0.7%
Banks 0.5%
Bank of America Corp.(f) 7.250% 7,000 8,202,740
Convertible Preferred Stocks (continued)
Issuer   Shares Value ($)
Capital Markets 0.2%
AMG Capital Trust II 5.150% 80,000 4,015,200
Total Financials 12,217,940
Industrials 0.6%
Machinery 0.3%
Chart Industries, Inc., ADR 6.750% 85,000 5,525,850
Professional Services 0.3%
Clarivate PLC 5.250% 120,000 4,939,200
Total Industrials 10,465,050
Utilities 1.7%
Electric Utilities 0.5%
NextEra Energy, Inc. 6.926% 185,000 8,325,000
Gas Utilities 0.7%
Spire, Inc. 7.500% 130,000 6,067,058
UGI Corp. 7.250% 92,500 6,071,700
Total     12,138,758
Multi-Utilities 0.5%
NiSource, Inc. 7.750% 85,000 8,687,850
Total Utilities 29,151,608
Total Convertible Preferred Stocks
(Cost $54,405,673)
51,834,598
    
Corporate Bonds & Notes 16.7%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Aerospace & Defense 1.0%
Bombardier, Inc.(c)
06/15/2026 7.125%   8,200,000 8,145,439
Rolls-Royce PLC(c)
10/15/2027 5.750%   4,167,000 4,075,783
Spirit AeroSystems, Inc.(c)
04/15/2025 7.500%   4,500,000 4,467,036
Total 16,688,258
Airlines 0.3%
American Airlines, Inc.(c)
02/15/2028 7.250%   4,500,000 4,475,753
Automotive 0.2%
Ford Motor Credit Co. LLC
03/06/2026 6.950%   4,350,000 4,372,041
 
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Tri-Continental Corporation  | Semiannual Report 2023

Portfolio of Investments  (continued)
June 30, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Cable and Satellite 0.4%
Comcast Corp.
08/15/2025 3.375%   4,500,000 4,344,557
Telesat Canada/LLC(c)
10/15/2027 6.500%   5,286,000 2,226,936
Total 6,571,493
Chemicals 0.5%
Innophos Holdings, Inc.(c)
02/15/2028 9.375%   4,300,000 4,297,102
Olympus Water US Holding Corp.(c)
10/01/2029 6.250%   5,500,000 3,969,760
Total 8,266,862
Construction Machinery 0.3%
PECF USS Intermediate Holding III Corp.(c)
11/15/2029 8.000%   7,800,000 4,462,897
Consumer Cyclical Services 0.2%
Staples, Inc.(c)
04/15/2026 7.500%   5,000,000 4,120,188
Consumer Products 0.9%
Mattel, Inc.(c)
04/01/2029 3.750%   3,100,000 2,721,978
Mattel, Inc.
10/01/2040 6.200%   1,430,000 1,283,556
11/01/2041 5.450%   745,000 620,860
Newell Brands, Inc.
09/15/2027 6.375%   2,900,000 2,784,660
09/15/2029 6.625%   2,900,000 2,783,113
SWF Escrow Issuer Corp.(c)
10/01/2029 6.500%   7,500,000 4,616,424
Total 14,810,591
Electric 0.3%
DTE Energy Co.
11/01/2024 4.220%   4,500,000 4,403,000
Food and Beverage 0.7%
Triton Water Holdings, Inc.(c)
04/01/2029 6.250%   8,442,000 7,229,808
United Natural Foods, Inc.(c)
10/15/2028 6.750%   6,280,000 5,204,017
Total 12,433,825
Gaming 0.4%
Scientific Games Holdings LP/US FinCo, Inc.(c)
03/01/2030 6.625%   7,500,000 6,600,985
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Health Care 0.9%
Quotient Ltd.(c),(g),(h),(i)
04/15/2030 12.000%   2,605,790 2,605,790
Surgery Center Holdings, Inc.(c)
07/01/2025 6.750%   4,200,000 4,194,015
Tenet Healthcare Corp.
10/01/2028 6.125%   8,500,000 8,181,251
Total 14,981,056
Independent Energy 1.4%
Hilcorp Energy I LP/Finance Co.(c)
04/15/2030 6.000%   9,000,000 8,208,209
Occidental Petroleum Corp.
07/15/2044 4.500%   6,500,000 4,924,348
04/15/2046 4.400%   6,400,000 5,017,035
Southwestern Energy Co.
02/01/2029 5.375%   6,763,000 6,384,313
Total 24,533,905
Leisure 1.2%
Carnival Corp.(c)
05/01/2029 6.000%   10,000,000 8,928,641
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC
10/01/2028 6.500%   4,400,000 4,293,241
NCL Corp., Ltd.(c)
02/15/2029 7.750%   6,000,000 5,716,032
Royal Caribbean Cruises Ltd.(c)
08/15/2027 11.625%   2,000,000 2,175,915
Total 21,113,829
Media and Entertainment 1.5%
Clear Channel Outdoor Holdings, Inc.(c)
04/15/2028 7.750%   10,000,000 7,844,614
Deluxe Corp.(c)
06/01/2029 8.000%   5,000,000 3,917,122
Lions Gate Capital Holdings LLC(c)
04/15/2029 5.500%   12,000,000 8,690,000
Mav Acquisition Corp.(c)
08/01/2029 8.000%   5,500,000 4,691,557
Total 25,143,293
Metals and Mining 0.0%
CONSOL Energy, Inc.(c)
11/15/2025 11.000%   960,000 999,748
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2023
21

Portfolio of Investments  (continued)
June 30, 2023 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Oil Field Services 0.6%
Nabors Industries Ltd.(c)
01/15/2026 7.250%   4,400,000 4,110,347
01/15/2028 7.500%   1,754,000 1,538,347
Transocean Titan Financing Ltd.(c)
02/01/2028 8.375%   4,313,000 4,402,519
Total 10,051,213
Other Financial Institutions 0.0%
WeWork Companies, Inc.(c),(h),(i)
08/15/2027 12.000%   4,500,000 405,000
Packaging 0.7%
ARD Finance SA(c),(h)
06/30/2027 6.500%   5,832,350 4,750,396
Mauser Packaging Solutions Holding Co.(c)
04/15/2027 9.250%   7,000,000 6,468,493
Total 11,218,889
Pharmaceuticals 0.7%
1375209 BC Ltd.(c)
01/30/2028 9.000%   1,415,000 1,418,523
Amgen, Inc.
03/02/2025 5.250%   4,500,000 4,477,807
Bausch Health Companies, Inc.(c)
09/30/2028 11.000%   2,515,000 1,789,104
10/15/2030 14.000%   502,000 300,574
Organon Finance 1 LLC(c)
04/30/2031 5.125%   5,000,000 4,124,301
Total 12,110,309
Restaurants 0.5%
Fertitta Entertainment LLC/Finance Co., Inc.(c)
01/15/2030 6.750%   10,000,000 8,491,582
Retailers 1.0%
Academy Ltd.(c)
11/15/2027 6.000%   4,867,000 4,686,644
Hanesbrands, Inc.(c)
02/15/2031 9.000%   4,200,000 4,231,753
L Brands, Inc.(c)
10/01/2030 6.625%   4,500,000 4,348,020
Magic MergeCo, Inc.(c)
05/01/2029 7.875%   5,000,000 3,374,681
Total 16,641,098
Supermarkets 0.3%
Safeway, Inc.
02/01/2031 7.250%   4,512,000 4,684,659
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Technology 2.4%
Cloud Software Group, Inc.(c)
09/30/2029 9.000%   2,600,000 2,272,451
Consensus Cloud Solutions, Inc.(c)
10/15/2026 6.000%   5,000,000 4,543,403
Diebold Nixdorf, Inc.(c),(e)
07/15/2025 0.000%   2,369,000 437,170
Diebold Nixdorf, Inc.(c),(e),(h)
10/15/2026 0.000%   7,732,788 71,273
Minerva Merger Sub, Inc.(c)
02/15/2030 6.500%   8,000,000 6,728,597
Neptune Bidco US, Inc.(c)
04/15/2029 9.290%   7,254,000 6,661,431
NortonLifeLock, Inc.(c)
09/30/2027 6.750%   5,500,000 5,487,638
09/30/2030 7.125%   3,000,000 3,005,830
Picard Midco, Inc.(c)
03/31/2029 6.500%   5,000,000 4,444,486
Rocket Software, Inc.(c)
02/15/2029 6.500%   8,875,000 7,474,606
Sabre GLBL, Inc.(c)
04/15/2025 9.250%   219,000 204,099
Total 41,330,984
Transportation Services 0.3%
XPO, Inc.(c)
06/01/2028 6.250%   4,600,000 4,539,678
Total Corporate Bonds & Notes
(Cost $324,614,531)
283,451,136
    
Preferred Debt 0.3%
Issuer Coupon
Rate
  Shares Value ($)
Banking 0.3%
Citigroup Capital XIII(j)
10/30/2040 11.643%   150,000 4,269,000
Total Preferred Debt
(Cost $3,917,075)
4,269,000
 
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Tri-Continental Corporation  | Semiannual Report 2023

Portfolio of Investments  (continued)
June 30, 2023 (Unaudited)
Warrants —%
Issuer Shares Value ($)
Health Care —%
Health Care Equipment & Supplies —%
Quotient Ltd.(a),(i) 39,425 0
Quotient Ltd.(a),(i) 181,609 0
Total   0
Total Health Care 0
Total Warrants
(Cost $—)
0
Money Market Funds 1.6%
  Shares Value ($)
Columbia Short-Term Cash Fund, 5.323%(k),(l) 26,926,833 26,916,063
Total Money Market Funds
(Cost $26,913,409)
26,916,063
Total Investments in Securities
(Cost: $1,487,120,268)
1,693,317,948
Other Assets & Liabilities, Net   6,760,414
Net Assets 1,700,078,362
 
At June 30, 2023, securities and/or cash totaling $1,512,966 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
S&P 500 Index E-mini 56 09/2023 USD 12,567,100 408,801
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(c) 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, 2023, the total value of these securities amounted to $278,230,325, which represents 16.37% of total net assets.
(d) Represents a security purchased on a when-issued basis.
(e) Represents a security in default.
(f) Perpetual security with no specified maturity date.
(g) Represents fair value as determined in good faith under procedures approved by the Board of Directors. At June 30, 2023, the total value of these securities amounted to $2,605,790, which represents 0.15% of total net assets.
(h) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.
(i) Valuation based on significant unobservable inputs.
(j) 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, 2023.
(k) The rate shown is the seven-day current annualized yield at June 30, 2023.
(l) As defined in the Investment Company Act of 1940, as amended, 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, 2023 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, 5.323%
  16,252,323 153,333,883 (142,670,803) 660 26,916,063 (7,622) 666,718 26,926,833
Abbreviation Legend
ADR American Depositary Receipt
The accompanying Notes to Financial Statements are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2023
23

Portfolio of Investments  (continued)
June 30, 2023 (Unaudited)
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).
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 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, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 94,155,734 94,155,734
Consumer Discretionary 107,995,770 107,995,770
Consumer Staples 77,570,654 77,570,654
Energy 76,301,030 76,301,030
Financials 178,330,150 178,330,150
Health Care 161,154,754 161,154,754
Industrials 98,136,978 98,136,978
Information Technology 293,611,963 293,611,963
Materials 38,349,440 38,349,440
Real Estate 45,084,477 45,084,477
Utilities 34,625,477 34,625,477
Total Common Stocks 1,205,316,427 1,205,316,427
Convertible Bonds 121,530,724 121,530,724
Convertible Preferred Stocks        
Financials 12,217,940 12,217,940
Industrials 10,465,050 10,465,050
Utilities 29,151,608 29,151,608
Total Convertible Preferred Stocks 51,834,598 51,834,598
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Tri-Continental Corporation  | Semiannual Report 2023

Portfolio of Investments  (continued)
June 30, 2023 (Unaudited)
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Corporate Bonds & Notes 280,440,346 3,010,790 283,451,136
Preferred Debt 4,269,000 4,269,000
Warrants        
Health Care 0* 0*
Total Warrants 0* 0*
Money Market Funds 26,916,063 26,916,063
Total Investments in Securities 1,236,501,490 453,805,668 3,010,790 1,693,317,948
Investments in Derivatives        
Asset        
Futures Contracts 408,801 408,801
Total 1,236,910,291 453,805,668 3,010,790 1,693,726,749
    
* Rounds to zero.
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
Derivative instruments are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2023
25

Statement of Assets and Liabilities
June 30, 2023 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,460,206,859) $1,666,401,885
Affiliated issuers (cost $26,913,409) 26,916,063
Receivable for:  
Investments sold 4,341,808
Dividends 2,077,343
Interest 7,105,206
Foreign tax reclaims 20,919
Variation margin for futures contracts 162,750
Prepaid expenses 169,297
Other assets 42,612
Total assets 1,707,237,883
Liabilities  
Payable for:  
Investments purchased 1,670,577
Investments purchased on a delayed delivery basis 4,200,000
Common Stock 449,731
Preferred Stock dividends 470,462
Variation margin for futures contracts 5,415
Management services fees 18,922
Stockholder servicing and transfer agent fees 2,215
Compensation of board members 281,414
Compensation of chief compliance officer 158
Other expenses 60,627
Total liabilities 7,159,521
Net assets $1,700,078,362
Preferred Stock 37,637,000
Net assets for Common Stock 1,662,441,362
Represented by  
$2.50 Cumulative Preferred Stock, $50 par value, asset coverage per share $2,259  
Shares issued and outstanding — 752,740 37,637,000
Common Stock, $0.50 par value:  
Shares issued and outstanding — 53,408,471 26,704,236
Capital surplus 1,442,222,996
Total distributable earnings (loss) 193,514,130
Net assets $1,700,078,362
Net asset value per share of outstanding Common Stock $31.13
Market price per share of Common Stock $27.42
The accompanying Notes to Financial Statements are an integral part of this statement.
26 Tri-Continental Corporation  | Semiannual Report 2023

Statement of Operations
Six Months Ended June 30, 2023 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $18,750,315
Dividends — affiliated issuers 666,718
Interest 14,899,201
Foreign taxes withheld (18,975)
Total income 34,297,259
Expenses:  
Management services fees 3,387,114
Stockholder servicing and transfer agent fees 190,564
Compensation of board members 32,145
Custodian fees 9,580
Printing and postage fees 30,579
Stockholders’ meeting fees 29,053
Accounting services fees 25,245
Legal fees 2,239
Interest on collateral 241
Compensation of chief compliance officer 155
Other 59,045
Total expenses 3,765,960
Net investment income(a) 30,531,299
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (6,887,021)
Investments — affiliated issuers (7,622)
Futures contracts 918,337
Net realized loss (5,976,306)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 116,845,787
Investments — affiliated issuers 660
Futures contracts 784,980
Net change in unrealized appreciation (depreciation) 117,631,427
Net realized and unrealized gain 111,655,121
Net increase in net assets resulting from operations $142,186,420
    
(a) Net investment income for Common Stock is $29,590,374, which is net of Preferred Stock dividends of $940,925.
The accompanying Notes to Financial Statements are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2023
27

Statement of Changes in Net Assets
  Six Months Ended
June 30, 2023
(Unaudited)
Year Ended
December 31, 2022
Operations    
Net investment income $30,531,299 $60,152,499
Net realized gain (loss) (5,976,306) 38,521,549
Net change in unrealized appreciation (depreciation) 117,631,427 (390,878,118)
Net increase (decrease) in net assets resulting from operations 142,186,420 (292,204,070)
Distributions to stockholders    
Net investment income and net realized gains    
Preferred Stock (940,925) (1,881,850)
Common Stock (33,185,110) (120,129,762)
Total distributions to stockholders (34,126,035) (122,011,612)
Decrease in net assets from capital stock activity (22,651,894) (14,608,703)
Total increase (decrease) in net assets 85,408,491 (428,824,385)
Net assets at beginning of period 1,614,669,871 2,043,494,256
Net assets at end of period $1,700,078,362 $1,614,669,871
    
  Six Months Ended Year Ended
  June 30, 2023 (Unaudited) December 31, 2022
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Common Stock issued at market price in distributions 398,129 10,408,144 1,934,544 52,472,273
Common Stock issued to cash purchase plan participants 18,912 504,285 53,732 1,587,056
Common Stock purchased from cash purchase plan participants (299,499) (7,975,630) (610,768) (17,333,752)
Common Stock purchased in the open market (958,971) (25,589,345) (1,793,484) (51,334,280)
Net proceeds from issuance of shares of Common Stock upon exercise of warrants 702 652
Total net decrease (840,727) (22,651,894) (415,976) (14,608,703)
The accompanying Notes to Financial Statements are an integral part of this statement.
28 Tri-Continental Corporation  | Semiannual Report 2023

Financial Highlights
Per share operating performance data is designed to allow investors to trace the operating performance, on a per Common Stock share basis, from the beginning net asset value to the ending net asset value, so that investors can understand what effect the individual items have on their investment, assuming it was held throughout the period. Generally, the per share amounts are derived by converting the actual dollar amounts incurred for each item, as disclosed in the financial statements, to their equivalent per Common Stock share amounts, using average Common Stock shares outstanding during the period.
Total return measures the Fund’s performance assuming that investors purchased shares of the Fund at the market price or net asset value as of the beginning of the period, invested all distributions paid, as provided for in the Fund’s Prospectus and then sold their shares at the closing market price or net asset value per share on the last day of the period. The computations do not reflect any sales commissions or transaction costs you may incur in purchasing or selling shares of the Fund, or taxes investors may incur on distributions or on the sale of shares of the Fund, and are not annualized for periods of less than one year.
The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any, and is not annualized for periods of less than one year. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
The ratios of expenses and net investment income to average net assets for Common Stock for the periods presented do not reflect the effect of dividends paid to Preferred Stockholders and are annualized for periods of less than one year.
The accompanying Notes to Financial Statements are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2023
29

Financial Highlights  (continued)
  Six Months Ended
June 30, 2023
(Unaudited)
Year ended December 31,
2022 2021 2020
Per share data
Net asset value, beginning of period $29.07 $36.69 $33.26 $31.03
Income from investment operations:
Net investment income