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:  December 31, 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. 

Annual Report
December 31, 2023 
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 annual stockholder report for Tri-Continental Corporation (the Fund). The report includes the Fund’s investment results, a discussion with the Fund’s portfolio managers, the portfolio of investments and financial statements as of December 31, 2023.
The Fund’s common shares (Common Stock) returned 17.74%, based on net asset value, and 17.88%, based on market price, for the 12 months ended December 31, 2023. During the same 12-month period, the S&P 500 Index returned 26.29% and the Fund’s Blended Benchmark returned 18.73%.
During 2023, the Fund paid four distributions in accordance with its distribution policy that aggregated to $1.2580 per share of Common Stock of the Fund. These distributions were based upon amounts distributed by underlying portfolio companies owned by the Fund. Two of the distributions paid during the year included capital gain distributions of $0.1444 per share of Common Stock. The Fund has paid dividends on its Common Stock for 79 consecutive years.
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  | Annual 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 | Annual 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 December 31, 2023)
 
 
Inception
1 Year
5 Years
10 Years
Market Price
01/05/1929
17.88
12.82
10.60
Net Asset Value
01/05/1929
17.74
12.88
10.37
S&P 500 Index
26.29
15.69
12.03
Blended Benchmark
18.73
12.35
9.58
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
 
December 31, 2023
September 30, 2023
June 30, 2023
March 31, 2023
Market Price ($)
28.83
26.59
27.42
26.55
Net Asset Value ($)
32.66
30.33
31.13
30.16

Distributions Paid Per Common Share(a)
Payable Date
Per Share Amount ($)
March 21, 2023
0.2900
June 21, 2023
0.3298
(b)
September 19, 2023
0.2607
December 19, 2023
0.3775
(c)
(a) Preferred Stockholders were paid dividends totaling $2.50 per share.
(b) Includes a distribution of $0.2864 from ordinary income and a capital gain distribution of $0.0434 per share.
(c) Includes a distribution of $0.2765 from ordinary income and a capital gain distribution of $0.1010 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  | Annual Report 2023

Fund at a Glance  (continued)
(Unaudited)
Performance of a hypothetical $10,000 investment (December 31, 2013 — December 31, 2023)
The chart above shows the change in value of a hypothetical $10,000 investment in Tri-Continental Corporation during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the sale of Fund shares.

Portfolio breakdown (%) (at December 31, 2023)
Common Stocks
70.7
Convertible Bonds
7.3
Convertible Preferred Stocks
2.7
Corporate Bonds & Notes
17.3
Money Market Funds
1.7
Preferred Debt
0.3
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 December 31, 2023)
Communication Services
7.5
Consumer Discretionary
9.3
Consumer Staples
5.6
Energy
4.7
Financials
16.4
Health Care
12.9
Industrials
9.1
Information Technology
23.3
Materials
3.2
Real Estate
4.2
Utilities
3.8
Total
100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Tri-Continental Corporation  | Annual Report 2023
3

Manager Discussion of Fund Performance
(Unaudited)
For the 12-month period that ended December 31, 2023, the common stock of Tri-Continental Corporation returned 17.74% based on net asset value and 17.88% based on market price. The Fund’s Blended Benchmark returned 18.73% and the broad U.S. equity market, as measured by the S&P 500 Index, returned 26.29%.
The Fund is divided into two approximately equal segments, each of which is managed with its own approach. The equity segment uses quantitative models to select individual stocks. The flexible capital income segment invests across a company’s investable capital structure, including stocks, bonds and convertible securities.  
Market overview
Following weak performance in 2022, the U.S. equity market, as measured by the S&P 500 Index, rebounded with a robust return in 2023, closing the calendar year with the best fourth quarter performance since 2003. Despite a wide range of potential challenges, including a regional bank crisis in March, U.S. equities overall were propelled through most of the first half of the year by economic data, including cooling inflation, which investors thought might indicate an end — or at least a slowing — to the tightening cycle of the U.S. Federal Reserve (Fed). Following two quarters of strong equity market gains, the broad U.S. equity market stumbled in the third calendar quarter amid disruption in the auto industry and an eleventh-hour avoidance of a U.S. government shutdown. U.S. stocks continued to decline in October, as fresh data muted any near-term expectations for a dovish pivot from the Fed. (Dovish tends to suggest lower interest rates; opposite of hawkish.) However, equities broke a multi-month losing streak in November. Concerns around the federal deficit persisted, but the U.S. Treasury announced it would issue less long-term debt in the coming months than previously expected. Additionally, the Fed kept rates steady, which investors viewed positively in tandem with its less hawkish tone. The rally was further supported by an October jobs report and inflation data that both showed signs of softening, reinforcing hopes the Fed could soon be done raising rates. The rally extended into December, as hopes for a soft economic landing were further propelled by fresh data and Fed signals. The Fed voted in December to hold rates steady and forecasted three rate cuts in 2024. The news amplified the stock market’s momentum, as strong performance broadened outside the “Magnificent 7” stocks, i.e., the seven largest stocks in the S&P 500 Index, which had driven equity performance for much of the year.
For the annual period overall, all capitalization segments within the U.S. equity market posted double-digit positive returns, with large-cap stocks the strongest. Mid-cap stocks and small-cap stocks followed, with these two market segments posting returns similar to each other. From a style perspective, growth-oriented stocks materially outperformed value-oriented stocks across the capitalization spectrum but most significantly within the large-cap segment of the market.
The Fund’s notable detractors during the period
The Fund’s equity segment
We divide the metrics for our stock selection model into three broad categories — quality, value and catalyst. We then rank the securities within a sector/industry from “1” (most attractive) to “5” (least attractive) based upon the metrics within these categories. During the annual period, the quality theme underperformed slightly, and the value theme generated rather neutral results. The performance of the catalyst theme was volatile through the year, reflecting the many rapid reversals in risk appetite, but ended the annual period overall with negative guidance. Of the portfolio’s 20 industry-specific models, ten provided positive stock selection guidance during the annual period. Communication services, health care (services) and consumer discretionary (autos and durables) contributed most positively to relative results. Information technology (semiconductors), health care (products) and financials (intermediaries) detracted most during the period.

Stock selection overall detracted from performance relative to the S&P 500 Index.

Stock selection in the health care, information technology and industrials sectors detracted most from the Fund’s relative performance during the period.

Among the individual stocks detracting most from relative performance was NVIDIA Corp., which designs and develops three-dimensional graphics processors and related software. NVIDIA’s shares rose significantly, as the company reported strong quarterly results and optimistic outlooks on strength in, and enthusiasm for, companies developing artificial intelligence (AI) technologies for which the company was widely seen as a leading beneficiary. However, the
4
Tri-Continental Corporation  | Annual Report 2023

Manager Discussion of Fund Performance (continued)
(Unaudited)
Fund was underweight NVIDIA during the annual period and so it proved a significant detractor. The portfolio’s underweight in NVIDIA was the result of a quite low value theme score despite an improving catalyst score, but the model delivered negative stock selection guidance.

Bristol-Myers Squibb Co., a large pharmaceuticals company, saw its shares decline on its series of frustrating quarters. Further, despite reporting revenue and earnings that met consensus expectations at the end of the annual period, its management lowered its mid-decade guidance due to its new product portfolio taking longer to gain sales traction than it anticipated, resulting in lower operating margin guidance. The decision to overweight Bristol-Myers Squibb was based on strong value and quality theme scores, but the models provided negative guidance.

Pfizer Inc., a global biopharmaceutical company, was another top detractor from the Fund’s relative results. Pfizer lowered its forward sales and earnings guidance for 2024 well below analyst expectations, driven primarily by ongoing weakness in the company’s COVID franchise sales. The portfolio’s overweight in Pfizer was established based on its quality and catalyst investment theme scores, but the models provided negative guidance until later in the period when both of those theme scores did decline.
The Fund’s flexible capital segment

Equity holdings within the health care and energy sector weighed on Fund performance during the period.

Pharmaceutical companies Pfizer, Inc.and Bristol-Myers Squib Co. were notable detractors, as was wood pellet producer Enviva Inc.

Pfizer shares came under pressure due to waning COVID-19 revenues and the company’s lack of a compelling pipeline of new drugs.

Shares of Bristol-Myers Squibb fell out of favor due to its defensive characteristics and concerns about the company’s ability to meet its growth targets.

Enviva reported disappointing results during the period, struggling with liquidity concerns and lower commercial activity. The Fund did not hold Enviva at the close of the reporting period.

Within the segment’s convertible holdings, online luxury platform Farfetch Ltd. disappointed, as did electric utility NextEra Energy, Inc.

Farfetch announced a sale to a Korean firm to avoid bankruptcy, a deal that essentially wiped out the value of its unsecured convertible debt.

NextEra disappointed in late September after a subsidiary slashed its growth outlook in response to rising capital costs, raising questions about NextEra’s business model.

Within fixed income, a holding in fintech Diebold Nixdorf detracted. The automated teller machine producer was having difficulties, but we expected it would survive. In late May, however, it filed for bankruptcy and its securities declined as a result.
The Fund’s notable contributors during the period
The Fund’s equity segment                       

We maintained a relatively neutral stance on sector allocation, though sector allocation did contribute positively, albeit modestly, to relative performance during the annual period.

Stock selection in the communication services, energy and materials sectors contributed most positively to the Fund’s relative performance during the annual period.

Among the Fund’s greatest individual positive contributors was Meta Platforms, Inc. (Class A). The social media giant and parent company of Facebook was a beneficiary during the annual period of increased ad campaign spending across its platform, where it enjoys deep engagement from customers, suggesting ongoing robust growth going forward. The company was also seen as a beneficiary of AI enthusiasm. The portfolio’s overweight in Meta Platforms was driven by our quality and catalyst themes, and the models delivered effective stock selection guidance.
Tri-Continental Corporation  | Annual Report 2023
5

Manager Discussion of Fund Performance (continued)
(Unaudited)

Alphabet Inc. (Class A) is the parent company of search engine giant Google. Alphabet remained focused during the annual period on the long-term opportunities in search, AI and cloud, and, as such, was seen as a leading beneficiary of the market’s enthusiasm surrounding AI and was no longer seen as lagging in the AI race after announcing several product initiatives featuring generative AI functionality. The portfolio’s overweight in Alphabet (Class A) was based on strong quality and catalyst scores, and the models provided positive guidance.

Lam Research Corp., a semiconductor capital equipment manufacturer, generated strong returns during the year. The company was seen as a beneficiary of the increased capital spending forecasts announced by technology companies in an effort to build out their AI programs, specifically leading-edge semiconductors that are made by Lam Research’s machinery. Additionally, the company reported AI and domestic China as bright spots driving an incremental uptick in spending on wafer fabrication equipment during the second half of 2023. Further, the company’s cost efficiencies drove improvement in its margins and its reports of solid earnings. The portfolio’s overweight in Lam Research was driven by attractive quality and catalyst scores, and the models delivered effective stock selection guidance.
The Fund’s flexible capital segment

Equity holdings were the source of largest contribution within the Fund’s flexible capital segment during the period. Convertible and fixed-income securities also contributed to absolute returns within the segment.

Within the segment’s equity holdings, information technology holdings benefited most. The sector performed well broadly, driven by investor enthusiasm for all things AI. Semiconductor companies Broadcom, Inc. and QUALCOMM, Inc., as well as International Business Machines Corp. in the IT services industry, were top individual contributors within the sector.

Within the financial sector, equity holdings in JPMorgan Chase contributed as the banking giant was well positioned to navigate the backdrop of rising rates and the issues affecting smaller banks.

Within the segment’s convertibles holdings, biotech companies BridgeBio Pharma, Inc. and Cytokinetics, Inc. stood out, as did cruise line Royal Caribbean Cruises Ltd. and online retailer Wayfair, Inc.

Pharmaceutical company BridgeBio Pharma saw its stock soar on positive heart disease drug trials for patients who suffer from genetic diseases and cancers with clear genetic drivers.

Biotech Cytokinetics announced a successful trial for its heart-failure treatment in late December, helping its convertibles register a gain of over 100%. The Fund did not hold Cytokinetics at the close of the reporting period.

Royal Caribbean contributed, as the cruise line segment continued to rebound from its difficulties during the COVID-19 pandemic period.

Wayfair experienced a sharp downturn in sales as the economy re-opened from COVID-19, but earnings reports during the period showed an unexpectedly strong recovery in revenues.

Cruise company Carnival Corp. was a notable contributor among the segment’s fixed-income holdings as the company performed well, in line with other cruise lines operators, on anticipation of increased bookings.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market issuers. The Fund’s use of leverage allows for investment exposure in excess of net assets, thereby magnifying volatility of returns and risk of loss. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Convertible securities are subject to issuer default risk. A rise in interest rates may result in a price decline of convertible securities held by the Fund. Falling rates may result in the Fund investing in lower yielding securities, lowering the Fund’s income and yield. The Fund may also be forced to convert a convertible security at an inopportune time, which may decrease the Fund’s return. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to
6
Tri-Continental Corporation  | Annual Report 2023

Manager Discussion of Fund Performance (continued)
(Unaudited)
update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
Tri-Continental Corporation  | Annual Report 2023
7

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 December 31, 2023, the Fund had invested 71.9% of its net assets in equity securities, 17.4% of its net assets in debt/fixed income instruments and 9.9% 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.
8
Tri-Continental Corporation  | Annual 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. The 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  | Annual Report 2023
9

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
10
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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. Because of the low margin deposits normally required in futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited.  Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk, and interest rate risk, while 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.
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11

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
12
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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). The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease.
Issuer Risk. An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the Fund and could result in a greater premium or discount between the market price and the NAV of the Fund’s shares and wider bid/ask spreads than those experienced by other closed-end funds.
Tri-Continental Corporation  | Annual Report 2023
13

Fund Investment Objective, Strategies, Policies and Principal Risks (continued)
(Unaudited)
Large-Cap Stock Risk. Investments in larger, more established companies (larger companies) may involve certain risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially during extended periods of economic expansion.
Leverage Risk. Senior securities issued or money borrowed to raise funds for investment have a prior fixed dollar claim on the Fund’s assets and income. Any gain in the value of securities purchased or income received in excess of the cost of the amount borrowed or interest or dividends payable causes the net asset value of the Fund’s common stock or the income available to it to increase more than otherwise would be the case. Conversely, any decline in the value of securities purchased or income received on them that is less than the asset or income claims of the senior securities or cost of borrowed money causes the net asset value of the common stock or income available to it to decline more sharply than would be the case if there were no prior claim. Funds obtained through senior securities or borrowings thus create investment opportunity, but they also increase exposure to risk. This influence ordinarily is called “leverage.” As of December 31, 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 December 31, 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 December 31, 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
(10.33)%
(5.22)%
(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
14
Tri-Continental Corporation  | Annual Report 2023

Fund Investment Objective, Strategies, Policies and Principal Risks (continued)
(Unaudited)
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 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 continue to 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 continue to 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).
Tri-Continental Corporation  | Annual Report 2023
15

Fund Investment Objective, Strategies, Policies and Principal Risks (continued)
(Unaudited)
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 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 vulnerable to unfavorable developments in that group of industries or economic sector.
• Information Technology Sector. The Fund may be vulnerable to the particular risks that may affect companies in the information technology sector. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
16
Tri-Continental Corporation  | Annual Report 2023

Fund Investment Objective, Strategies, Policies and Principal Risks (continued)
(Unaudited)
Transactions in Derivatives. The Fund may enter into derivative transactions or otherwise have exposure to derivative transactions through underlying investments. Derivatives are financial contracts whose values are, for example, based on (or “derived” from) traditional securities (such as a stock or bond), assets  (such as a commodity like gold or a foreign currency), reference rates (such as the Secured Overnight Financing Rate (commonly known as SOFR)) or market indices (such as the Standard & Poor’s 500® Index). The use of derivatives is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Derivatives involve special risks and may result in losses or may limit the Fund’s potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset directly. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility in the value of the derivative and/or the Fund’s shares, among other consequences. The use of derivatives may also increase the amount of taxes payable by 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  | Annual Report 2023
17

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
0.05%
Acquired fund fees and expenses
0.07%
Total Annual Expenses Before Impact of Dividends on Preferred Stock(c)
0.54%
Impact of Dividends on Preferred Stock
0.12%
Total Annual Expenses, Including Impact of Dividends on Preferred Stock
0.66%
(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
$7
$21
$37
$82
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 $6, $17, $30, and $68, respectively.
The purpose of the tables above is to assist you in understanding the various costs and expenses you will bear directly or indirectly.
18
Tri-Continental Corporation  | Annual 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 2022, 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
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
)
3rd Quarter
28.42
26.34
32.24
30.24
(11.85
)
(12.90
)
4th Quarter
29.04
25.17
32.75
28.93
(11.33
)
(13.00
)
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 December 31, 2023 were $28.83, $32.66, and (11.73)%, 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 ($)
Average Daily
Market Value
Per Share ($)
2023
752,740
2,323
50
47.14
2022
752,740
2,145
50
50.54
2021
752,740
2,715
50
56.86
2020
752,740
2,368
50
56.23
2019
752,740
2,261
50
53.19
2018
752,740
1,951
50
50.71
2017
752,740
2,225
50
50.75
2016
752,740
2,004
50
51.61
2015
752,740
1,887
50
49.92
2014
752,740
2,058
50
46.32
Tri-Continental Corporation  | Annual Report 2023
19

Portfolio of Investments
December 31, 2023
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 70.2%
Issuer
Shares
Value ($)
Communication Services 5.4%
Diversified Telecommunication Services 0.6%
AT&T, Inc.
325,000
5,453,500
Verizon Communications, Inc.
135,000
5,089,500
Total
10,543,000
Interactive Media & Services 4.4%
Alphabet, Inc., Class A(a)
321,930
44,970,402
Meta Platforms, Inc., Class A(a)
89,511
31,683,313
Total
76,653,715
Media 0.4%
Comcast Corp., Class A
155,000
6,796,750
Fox Corp., Class A
37,704
1,118,678
Total
7,915,428
Total Communication Services
95,112,143
Consumer Discretionary 6.8%
Automobiles 0.4%
Tesla, Inc.(a)
28,572
7,099,571
Broadline Retail 2.3%
Amazon.com, Inc.(a)
144,995
22,030,540
eBay, Inc.
260,155
11,347,961
Macy’s, Inc.
350,000
7,042,000
Total
40,420,501
Hotels, Restaurants & Leisure 1.7%
Booking Holdings, Inc.(a)
4,369
15,497,804
Darden Restaurants, Inc.
30,000
4,929,000
MGM Resorts International(a)
34,453
1,539,360
Royal Caribbean Cruises Ltd.(a)
60,725
7,863,280
Total
29,829,444
Household Durables 1.3%
Lennar Corp., Class A
77,597
11,565,057
Newell Brands, Inc.
375,000
3,255,000
PulteGroup, Inc.
65,642
6,775,567
Total
21,595,624
Common Stocks (continued)
Issuer
Shares
Value ($)
Specialty Retail 1.0%
Home Depot, Inc. (The)
13,500
4,678,425
TJX Companies, Inc. (The)
142,613
13,378,526
Total
18,056,951
Textiles, Apparel & Luxury Goods 0.1%
lululemon athletica, Inc.(a)
3,400
1,738,386
Total Consumer Discretionary
118,740,477
Consumer Staples 4.1%
Consumer Staples Distribution & Retail 1.3%
Target Corp.
36,061
5,135,807
Walmart, Inc.
113,289
17,860,011
Total
22,995,818
Food Products 0.7%
General Mills, Inc.
51,444
3,351,062
Kraft Heinz Co. (The)
240,000
8,875,200
Total
12,226,262
Household Products 0.4%
Colgate-Palmolive Co.
65,026
5,183,223
Procter & Gamble Co. (The)
14,858
2,177,291
Total
7,360,514
Personal Care Products 0.3%
Kenvue, Inc.
225,000
4,844,250
Tobacco 1.4%
Altria Group, Inc.
371,537
14,987,803
Philip Morris International, Inc.
92,500
8,702,400
Total
23,690,203
Total Consumer Staples
71,117,047
Energy 3.4%
Oil, Gas & Consumable Fuels 3.4%
Chevron Corp.
72,500
10,814,100
EOG Resources, Inc.
37,500
4,535,625
Exxon Mobil Corp.
214,730
21,468,705
Marathon Petroleum Corp.
82,522
12,242,964
Valero Energy Corp.
84,848
11,030,240
Total
60,091,634
Total Energy
60,091,634
The accompanying Notes to Financial Statements are an integral part of this statement.
20
Tri-Continental Corporation  | Annual Report 2023

Portfolio of Investments (continued)
December 31, 2023
Common Stocks (continued)
Issuer
Shares
Value ($)
Financials 10.7%
Banks 3.2%
Citigroup, Inc.
347,802
17,890,935
JPMorgan Chase & Co.
60,000
10,206,000
M&T Bank Corp.
67,500
9,252,900
New York Community Bancorp, Inc.
500,000
5,115,000
Wells Fargo & Co.
273,152
13,444,541
Total
55,909,376
Capital Markets 3.1%
Ares Capital Corp.
450,000
9,013,500
Blackstone Secured Lending Fund
250,000
6,910,000
Carlyle Group, Inc. (The)
115,000
4,679,350
CME Group, Inc.
51,719
10,892,021
Morgan Stanley
100,000
9,325,000
State Street Corp.
172,662
13,374,399
Total
54,194,270
Consumer Finance 0.3%
Synchrony Financial
165,255
6,311,089
Financial Services 1.5%
Clovis Liquidation Trust(a),(b),(c)
9,371,357
773,137
Fiserv, Inc.(a)
118,523
15,744,595
Visa, Inc., Class A
35,628
9,275,750
Total
25,793,482
Insurance 1.9%
Marsh & McLennan Companies, Inc.
82,491
15,629,570
MetLife, Inc.
260,933
17,255,499
Total
32,885,069
Mortgage Real Estate Investment Trusts (REITS) 0.7%
Blackstone Mortgage Trust, Inc.
300,000
6,381,000
Starwood Property Trust, Inc.
300,000
6,306,000
Total
12,687,000
Total Financials
187,780,286
Common Stocks (continued)
Issuer
Shares
Value ($)
Health Care 9.4%
Biotechnology 2.3%
AbbVie, Inc.
107,555
16,667,798
Amgen, Inc.
37,196
10,713,192
BioMarin Pharmaceutical, Inc.(a)
25,138
2,423,806
Regeneron Pharmaceuticals, Inc.(a)
5,497
4,827,960
Vertex Pharmaceuticals, Inc.(a)
13,669
5,561,780
Total
40,194,536
Health Care Equipment & Supplies 2.7%
Abbott Laboratories
59,365
6,534,306
Align Technology, Inc.(a)
29,137
7,983,538
Baxter International, Inc.
209,900
8,114,734
Hologic, Inc.(a)
174,061
12,436,659
Medtronic PLC
141,901
11,689,804
Total
46,759,041
Health Care Providers & Services 1.8%
Cardinal Health, Inc.
140,976
14,210,381
CVS Health Corp.
62,500
4,935,000
Humana, Inc.
26,708
12,227,189
Total
31,372,570
Pharmaceuticals 2.6%
Bristol-Myers Squibb Co.
447,508
22,961,635
Merck & Co., Inc.
85,000
9,266,700
Pfizer, Inc.
140,000
4,030,600
Viatris, Inc.
866,526
9,384,477
Total
45,643,412
Total Health Care
163,969,559
Industrials 6.2%
Aerospace & Defense 1.2%
Lockheed Martin Corp.
34,387
15,585,564
RTX Corp.
52,500
4,417,350
Total
20,002,914
Air Freight & Logistics 1.2%
FedEx Corp.
56,355
14,256,124
United Parcel Service, Inc., Class B
45,000
7,075,350
Total
21,331,474
The accompanying Notes to Financial Statements are an integral part of this statement.
Tri-Continental Corporation  | Annual Report 2023
21

Portfolio of Investments (continued)
December 31, 2023
Common Stocks (continued)
Issuer
Shares
Value ($)
Building Products 0.4%
Builders FirstSource, Inc.(a)
27,700
4,624,238
Masco Corp.
41,432
2,775,115
Total
7,399,353
Ground Transportation 0.3%
Union Pacific Corp.
20,000
4,912,400
Machinery 2.3%
AGCO Corp.
37,500
4,552,875
Caterpillar, Inc.
47,571
14,065,318
Parker-Hannifin Corp.
32,863
15,139,984
Stanley Black & Decker, Inc.
62,500
6,131,250
Total
39,889,427
Professional Services 0.8%
Automatic Data Processing, Inc.
59,508
13,863,579
Total Industrials
107,399,147
Information Technology 17.0%
Communications Equipment 1.5%
Cisco Systems, Inc.
536,115
27,084,530
Electronic Equipment, Instruments & Components 0.4%
Corning, Inc.
225,000
6,851,250
IT Services 0.5%
International Business Machines Corp.
55,000
8,995,250
Semiconductors & Semiconductor Equipment 4.8%
Applied Materials, Inc.
11,538
1,869,964
Broadcom, Inc.
4,000
4,465,000
Lam Research Corp.
21,275
16,663,856
NVIDIA Corp.
56,414
27,937,341
QUALCOMM, Inc.
176,107
25,470,355
Texas Instruments, Inc.
42,500
7,244,550
Total
83,651,066
Software 5.8%
Adobe, Inc.(a)
34,651
20,672,786
Autodesk, Inc.(a)
48,814
11,885,233
Fortinet, Inc.(a)
165,389
9,680,218
Microsoft Corp.
155,841
58,602,450
Total
100,840,687
Common Stocks (continued)
Issuer
Shares
Value ($)
Technology Hardware, Storage & Peripherals 4.0%
Apple, Inc.(d)
327,109
62,978,296
HP, Inc.
225,000
6,770,250
Total
69,748,546
Total Information Technology
297,171,329
Materials 2.4%
Chemicals 1.5%
CF Industries Holdings, Inc.
61,963
4,926,058
Dow, Inc.
175,000
9,597,000
Mosaic Co. (The)
168,224
6,010,644
Nutrien Ltd.
80,000
4,506,400
Total
25,040,102
Metals & Mining 0.9%
Newmont Corp.
110,000
4,552,900
Nucor Corp.
23,207
4,038,946
Steel Dynamics, Inc.
64,117
7,572,218
Total
16,164,064
Total Materials
41,204,166
Real Estate 3.0%
Hotel & Resort REITs 0.2%
Host Hotels & Resorts, Inc.
197,535
3,846,006
Industrial REITs 0.3%
Prologis, Inc.
32,500
4,332,250
Office REITs 0.3%
Boston Properties, Inc.
65,000
4,561,050
Real Estate Management & Development 0.0%
WeWork, Inc., Class A(a)
24,300
6,729
Residential REITs 0.3%
Invitation Homes, Inc.
175,000
5,969,250
Retail REITs 0.5%
Realty Income Corp.
80,000
4,593,600
Simon Property Group, Inc.
32,500
4,635,800
Total
9,229,400
The accompanying Notes to Financial Statements are an integral part of this statement.
22
Tri-Continental Corporation  | Annual Report 2023

Portfolio of Investments (continued)
December 31, 2023
Common Stocks (continued)
Issuer
Shares
Value ($)
Specialized REITs 1.4%
American Tower Corp.
22,500
4,857,300
SBA Communications Corp.
61,142
15,511,114
VICI Properties, Inc.
140,000
4,463,200
Total
24,831,614
Total Real Estate
52,776,299
Utilities 1.8%
Electric Utilities 1.5%
Duke Energy Corp.
47,500
4,609,400
Edison International
50,573
3,615,464
Entergy Corp.
45,000
4,553,550
Evergy, Inc.
56,763
2,963,029
PG&E Corp.
546,232
9,848,563
Pinnacle West Capital Corp.
19,262
1,383,782
Total
26,973,788
Multi-Utilities 0.3%
DTE Energy Co.
42,500
4,686,050
Total Utilities
31,659,838
Total Common Stocks
(Cost $925,147,670)
1,227,021,925
Convertible Bonds 7.2%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Airlines 0.2%
American Airlines Group, Inc.

07/01/2025
6.500%
 
3,700,000
4,097,750
Automotive 0.2%
Rivian Automotive, Inc.(e)

03/15/2029
4.625%
 
3,000,000
4,212,000
Cable and Satellite 0.4%
DISH Network Corp.
Subordinated

08/15/2026
3.375%
 
12,500,000
6,625,000
Consumer Products 0.3%
Beauty Health Co. (The)(e)

10/01/2026
1.250%
 
6,300,000
4,689,720
Diversified Manufacturing 0.5%
Bloom Energy Corp.(e)

06/01/2028
3.000%
 
4,000,000
4,260,000
Convertible Bonds (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Greenbrier Companies, Inc. (The)

04/15/2028
2.875%
 
4,500,000
4,414,500
Total
8,674,500
Electric 1.0%
Duke Energy Corp.(e)

04/15/2026
4.125%
 
4,500,000
4,511,250
FirstEnergy Corp.(e)

05/01/2026
4.000%
 
4,500,000
4,457,250
PG&E Corp.(e)

12/01/2027
4.250%
 
8,400,000
8,803,200
Total
17,771,700
Finance Companies 0.3%
Bread Financial Holdings, Inc.(e)

06/15/2028
4.250%
 
4,500,000
4,775,850
Healthcare REIT 0.2%
Welltower OP LLC(e)

05/15/2028
2.750%
 
4,000,000
4,422,400
Independent Energy 0.0%
Chesapeake Energy Escrow

09/15/2026
0.000%
 
9,000,000
162,000
Leisure 0.5%
Carnival Corp.

12/01/2027
5.750%
 
2,800,000
4,594,800
NCL Corp., Ltd.

02/15/2027
2.500%
 
5,000,000
4,680,000
Total
9,274,800
Media and Entertainment 0.3%
fuboTV, Inc.

02/15/2026
3.250%
 
6,500,000
4,712,500
Other Financial Institutions 0.3%
RWT Holdings, Inc.

10/01/2025
5.750%
 
6,000,000
5,606,250
Other REIT 0.8%
PennyMac Corp.

03/15/2026
5.500%
 
9,500,000
8,752,350
Redwood Trust, Inc.

06/15/2027
7.750%
 
1,000,000
916,875
Starwood Property Trust, Inc.

07/15/2027
6.750%
 
4,200,000
4,512,900
Total
14,182,125
The accompanying Notes to Financial Statements are an integral part of this statement.
Tri-Continental Corporation  | Annual Report 2023
23

Portfolio of Investments (continued)
December 31, 2023
Convertible Bonds (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Other Utility 0.2%
American Water Capital Corp.(e)

06/15/2026
3.625%
 
4,200,000
4,193,700
Pharmaceuticals 0.5%
BridgeBio Pharma, Inc.

02/01/2029
2.250%
 
5,500,000
4,657,950
Mirum Pharmaceuticals, Inc.(e)

05/01/2029
4.000%
 
3,500,000
4,252,500
Total
8,910,450
Retailers 0.2%
Farfetch Ltd.

05/01/2027
3.750%
 
5,300,000
73,140
Wayfair, Inc.

09/15/2027
3.250%
 
2,661,000
3,276,490
Total
3,349,630
Technology 1.0%
2U, Inc.

05/01/2025
2.250%
 
6,500,000
3,279,250
CSG Systems International, Inc.(e)

09/15/2028
3.875%
 
4,398,000
4,417,351
Infinera Corp.

08/01/2028
3.750%
 
4,200,000
4,123,980
Western Digital Corp.(e)

11/15/2028
3.000%
 
4,000,000
4,892,000
Total
16,712,581
Transportation Services 0.3%
Air Transport Services Group, Inc.(e)

08/15/2029
3.875%
 
5,000,000
4,437,500
Total Convertible Bonds
(Cost $135,160,396)
126,810,456
Convertible Preferred Stocks 2.7%
Issuer
 
Shares
Value ($)
Financials 1.2%
Banks 0.5%
Bank of America Corp.(f)
7.250%
7,500
9,034,875
Capital Markets 0.2%
AMG Capital Trust II
5.150%
62,500
3,116,875
Financial Services 0.5%
Apollo Global Management, Inc.
6.750%
160,000
9,022,400
Total Financials
21,174,150
Convertible Preferred Stocks (continued)
Issuer
 
Shares
Value ($)
Industrials 0.5%
Machinery 0.2%
Chart Industries, Inc., ADR
6.750%
80,000
4,446,400
Professional Services 0.3%
Clarivate PLC
5.250%
120,000
4,550,400
Total Industrials
8,996,800
Utilities 1.0%
Electric Utilities 0.4%
NextEra Energy, Inc.
6.926%
175,000
6,669,250
Gas Utilities 0.6%
Spire, Inc.
7.500%
100,000
4,758,155
UGI Corp.
7.250%
92,500
5,444,550
Total
10,202,705
Total Utilities
16,871,955
Total Convertible Preferred Stocks
(Cost $51,141,494)
47,042,905
Corporate Bonds & Notes 17.2%
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Aerospace & Defense 0.5%
Bombardier, Inc.(e)

06/15/2026
7.125%
 
6,361,000
6,364,632
Rolls-Royce PLC(e)

10/15/2027
5.750%
 
2,412,000
2,414,694
Total
8,779,326
Airlines 0.2%
American Airlines, Inc.(e)

02/15/2028
7.250%
 
4,200,000
4,266,271
Automotive 0.3%
Ford Motor Credit Co. LLC

03/06/2026
6.950%
 
4,350,000
4,457,005
Cable and Satellite 0.4%
Comcast Corp.

08/15/2025
3.375%
 
4,500,000
4,398,223
Telesat Canada/LLC(e)

10/15/2027
6.500%
 
5,286,000
2,483,637
Total
6,881,860
Chemicals 0.5%
Innophos Holdings, Inc.(e)

02/15/2028
9.375%
 
4,300,000
3,910,782
The accompanying Notes to Financial Statements are an integral part of this statement.
24
Tri-Continental Corporation  | Annual Report 2023

Portfolio of Investments (continued)
December 31, 2023
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Olympus Water US Holding Corp.(e)

10/01/2029
6.250%
 
5,500,000
4,907,928
Total
8,818,710
Construction Machinery 0.2%
PECF USS Intermediate Holding III Corp.(e)

11/15/2029
8.000%
 
7,800,000
3,510,067
Consumer Cyclical Services 0.3%
Staples, Inc.(e)

04/15/2026
7.500%
 
5,000,000
4,664,512
Consumer Products 0.9%
Mattel, Inc.(e)

04/01/2029
3.750%
 
3,100,000
2,833,962
Mattel, Inc.

10/01/2040
6.200%
 
1,430,000
1,373,939

11/01/2041
5.450%
 
745,000
667,185
Newell Brands, Inc.

09/15/2027
6.375%
 
2,900,000
2,893,193

09/15/2029
6.625%
 
2,900,000
2,891,156
SWF Escrow Issuer Corp.(e)

10/01/2029
6.500%
 
7,500,000
5,390,067
Total
16,049,502
Electric 0.2%
DTE Energy Co.

11/01/2024
4.220%
 
4,500,000
4,442,591
Food and Beverage 0.7%
Triton Water Holdings, Inc.(e)

04/01/2029
6.250%
 
8,442,000
7,407,759
United Natural Foods, Inc.(e)

10/15/2028
6.750%
 
6,280,000
5,084,193
Total
12,491,952
Gaming 0.5%
Scientific Games Holdings LP/US FinCo, Inc.(e)

03/01/2030
6.625%
 
8,500,000
7,944,433
Health Care 1.4%
CVS Health Corp.

07/20/2045
5.125%
 
5,000,000
4,738,728
Quotient Ltd.(b),(c),(e),(g)

04/15/2030
12.000%
 
2,764,481
2,681,546
Star Parent, Inc.(e)

10/01/2030
9.000%
 
4,100,000
4,326,555
Surgery Center Holdings, Inc.(e)

07/01/2025
6.750%
 
4,200,000
4,188,706
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Tenet Healthcare Corp.

10/01/2028
6.125%
 
8,500,000
8,460,714
Total
24,396,249
Independent Energy 1.5%
Hilcorp Energy I LP/Finance Co.(e)

04/15/2030
6.000%
 
9,000,000
8,731,699
Occidental Petroleum Corp.

07/15/2044
4.500%
 
6,500,000
5,107,286

04/15/2046
4.400%
 
7,800,000
6,388,360
Southwestern Energy Co.

02/01/2029
5.375%
 
6,763,000
6,585,057
Total
26,812,402
Leisure 1.0%
Carnival Corp.(e)

05/01/2029
6.000%
 
7,000,000
6,726,479
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op

10/01/2028
6.500%
 
4,400,000
4,395,816
NCL Corp., Ltd.(e)

02/15/2029
7.750%
 
6,000,000
6,022,730
Total
17,145,025
Media and Entertainment 1.5%
Clear Channel Outdoor Holdings, Inc.(e)

04/15/2028
7.750%
 
10,000,000
8,624,022
Deluxe Corp.(e)

06/01/2029
8.000%
 
5,000,000
4,456,929
Lions Gate Capital Holdings LLC(e)

04/15/2029
5.500%
 
12,000,000
8,893,677
Mav Acquisition Corp.(e)

08/01/2029
8.000%
 
5,500,000
5,140,814
Total
27,115,442
Oil Field Services 0.8%
Nabors Industries Ltd.(e)

01/15/2026
7.250%
 
4,400,000
4,215,190

01/15/2028
7.500%
 
1,754,000
1,526,071
Transocean Aquila Ltd.(e)

09/30/2028
8.000%
 
4,200,000
4,286,212
Transocean Titan Financing Ltd.(e)

02/01/2028
8.375%
 
4,313,000
4,463,313
Total
14,490,786
Other Financial Institutions 0.0%
WeWork Companies, Inc.(e),(g),(h)

08/15/2027
12.000%
 
4,500,000
86,984
The accompanying Notes to Financial Statements are an integral part of this statement.
Tri-Continental Corporation  | Annual Report 2023
25

Portfolio of Investments (continued)
December 31, 2023
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Packaging 0.7%
ARD Finance SA(e),(g)

06/30/2027
6.500%
 
5,832,350
2,720,309
Mauser Packaging Solutions Holding Co.(e)

04/15/2027
9.250%
 
9,000,000
8,890,513
Total
11,610,822
Pharmaceuticals 0.7%
1375209 BC Ltd.(e)

01/30/2028
9.000%
 
1,415,000
1,376,968
Amgen, Inc.

03/02/2025
5.250%
 
4,500,000
4,510,488
Bausch Health Companies, Inc.(e)

09/30/2028
11.000%
 
2,515,000
1,832,086

10/15/2030
14.000%
 
502,000
280,125
Organon Finance 1 LLC(e)

04/30/2031
5.125%
 
5,000,000
4,262,190
Total
12,261,857
Restaurants 0.5%
Fertitta Entertainment LLC/Finance Co., Inc.(e)

01/15/2030
6.750%
 
10,000,000
8,778,518
Retailers 1.0%
Academy Ltd.(e)

11/15/2027
6.000%
 
4,867,000
4,805,482
Hanesbrands, Inc.(e)

02/15/2031
9.000%
 
4,200,000
4,114,421
L Brands, Inc.(e)

10/01/2030
6.625%
 
4,500,000
4,603,845
Magic MergeCo, Inc.(e)

05/01/2029
7.875%
 
6,000,000
3,819,843
Total
17,343,591
Supermarkets 0.3%
Safeway, Inc.

02/01/2031
7.250%
 
4,512,000
4,733,459
Technology 2.8%
Broadcom, Inc.(e)

02/15/2041
3.500%
 
6,000,000
4,761,846
Cloud Software Group, Inc.(e)

09/30/2029
9.000%
 
4,500,000
4,275,372
Consensus Cloud Solutions, Inc.(e)

10/15/2026
6.000%
 
5,000,000
4,753,816
Minerva Merger Sub, Inc.(e)

02/15/2030
6.500%
 
8,000,000
7,259,278
Corporate Bonds & Notes (continued)
Issuer
Coupon
Rate
 
Principal
Amount ($)
Value ($)
Neptune Bidco US, Inc.(e)

04/15/2029
9.290%
 
7,254,000
6,780,106
NortonLifeLock, Inc.(e)

09/30/2027
6.750%
 
5,500,000
5,594,339

09/30/2030
7.125%
 
3,000,000
3,139,248
Picard Midco, Inc.(e)

03/31/2029
6.500%
 
5,000,000
4,767,384
Rocket Software, Inc.(e)

02/15/2029
6.500%
 
8,875,000
7,721,941
Total
49,053,330
Transportation Services 0.3%
XPO, Inc.(e)

06/01/2028
6.250%
 
4,600,000
4,677,332
Total Corporate Bonds & Notes
(Cost $327,333,390)
300,812,026
Preferred Debt 0.2%
Issuer
Coupon
Rate
 
Shares
Value ($)
Banking 0.2%
Citigroup Capital XIII(i)
10/30/2040
12.022%
150,000
4,281,000
Total Preferred Debt
(Cost $3,917,075)
4,281,000
Warrants —%
Issuer
Shares
Value ($)
Health Care —%
Health Care Equipment & Supplies —%
Quotient Ltd.(a),(c)
39,425
0
Quotient Ltd.(a),(c)
181,609
0
Total
0
Total Health Care
0
Total Warrants
(Cost $—)
0
The accompanying Notes to Financial Statements are an integral part of this statement.
26
Tri-Continental Corporation  | Annual Report 2023

Portfolio of Investments (continued)
December 31, 2023
Money Market Funds 1.7%
 
Shares
Value ($)
Columbia Short-Term Cash Fund, 5.569%(j),(k)
29,157,918
29,152,086
Total Money Market Funds
(Cost $29,145,931)
29,152,086
Total Investments in Securities
(Cost: $1,471,845,956)
1,735,120,398
Other Assets & Liabilities, Net
13,607,420
Net Assets
1,748,727,818
At December 31, 2023, securities and/or cash totaling $1,501,734 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description
Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
S&P 500 Index E-mini
51
03/2024
USD
12,291,000
455,385
Notes to Portfolio of Investments
(a)
Non-income producing investment.
(b)
Represents fair value as determined in good faith under procedures approved by the Board of Directors. At December 31, 2023, the total value of these securities amounted to $3,454,683, which represents 0.20% of total net assets.
(c)
Valuation based on significant unobservable inputs.
(d)
This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(e)
Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2023, the total value of these securities amounted to $297,093,547, which represents 16.99% of total net assets.
(f)
Perpetual security with no specified maturity date.
(g)
Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.
(h)
Represents a security in default.
(i)
Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2023.
(j)
The rate shown is the seven-day current annualized yield at December 31, 2023.
(k)
As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2023 are as follows:
Affiliated issuers
Beginning
of period($)
Purchases($)
Sales($)
Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($)
End of
period shares
Columbia Short-Term Cash Fund, 5.569%