UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number811-00266

Tri-Continental Corporation

 (Exact name of registrant as specified in charter) 

290 Congress Street, Boston, MA 02210

(Address of principal executive offices) (Zip code)
 

Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street 

Boston, MA 02210 

Ryan C. Larrenaga, Esq. 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210
  
(Name and address of agent for service)
 

Registrant's telephone number, including area code:   (800) 345-6611 

Date of fiscal year end:  December 31 

Date of reporting period:  June 30, 2021 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. 

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507. 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Item 1. Reports to Stockholders. 


SemiAnnual Report
June 30, 2021
Tri-Continental Corporation
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual stockholder reports like this one are no longer sent by mail, unless you specifically request paper copies of the reports. Instead, the reports are made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive stockholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive stockholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611, option 3, or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future stockholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your stockholder reports. If you invest directly with the Fund, you can call 800.345.6611, option 3, to let the Fund know you wish to continue receiving paper copies of your stockholder reports. Your election to receive paper reports will apply to the Fund and all other Columbia Funds held in your account if you invest through a financial intermediary or to the Fund and all other Columbia Funds held with the fund complex if you invest directly with the Fund.
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Letter to the Stockholders
Dear Stockholders,
We are pleased to present the semiannual stockholder report for Tri-Continental Corporation (the Fund). The report includes the Fund’s investment results, the portfolio of investments and financial statements as of June 30, 2021.
The Fund’s common shares (Common Stock) returned 15.86%, based on net asset value, and 18.39%, based on market price, for the six months ended June 30, 2021. During the same six-month period, the S&P 500 Index returned 15.25% and the Fund’s Blended Benchmark returned 11.47%.
During 2021, the Fund paid two distributions in accordance with its distribution policy that aggregated to $0.4843 per share of Common Stock of the Fund. These distributions were based upon amounts distributed by underlying portfolio companies owned by the Fund. In addition, the Fund paid a long-term capital gain distribution in the amount of $0.2966 per share of Common Stock. The Fund has paid dividends on its Common Stock for 77 consecutive years.
On June 11, 2021, the Fund virtually held its 91st Annual Meeting of Stockholders (the “Meeting”). Stockholders voted in favor of the recommendations of the Fund’s Board of Directors (the “Board”) on each of two proposals at the Meeting.
Specifically, Stockholders elected two Directors, Ms. Sandra Yeager and Mr. Christopher O. Petersen, each for a term that will expire at the Fund’s 2022 Annual Meeting of Stockholders, and re-elected three Directors, Mr. George S. Batejan and Mses. Kathleen Blatz and Pamela G. Carlton, each for a term that will expire at the Fund’s 2024 Annual Meeting of Stockholders. Stockholders also ratified the Board’s selection of PricewaterhouseCoopers LLP as the Fund’s independent registered public accounting firm for 2021.
It is with deep sorrow that we report that on July 7, 2021, Peter Albanese, a Senior Portfolio Manager of the Investment Manager and Co-Portfolio Manager of the Fund, passed away. Mr. Albanese was a valued colleague and investor and will be missed by his colleagues and friends at Columbia Threadneedle Investments. He had been a member of the investment community since 1991.
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,
Catherine James Paglia
Chair of the Board
Tri-Continental Corporation   |  Semiannual Report 2021

Table of Contents
Tri-Continental Corporation (the Fund) mails one stockholder report to each stockholder address. If you would like more than one report, please call shareholder services at 800.345.6611, option 3 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Directors is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the SAI. You may obtain a copy of the SAI without charge by calling 800.345.6611, option 3; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the SEC at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611, option 3.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611, option 3. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund servicing agent
Columbia Management Investment Services Corp.
P.O. Box 219371
Kansas City, MO 64121-9371
Tri-Continental Corporation  |  Semiannual Report 2021

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 October 2020
Oleg Nusinzon, CFA
Co-Portfolio Manager
Managed Fund since June 2021
Average annual total returns (%) (for the period ended June 30, 2021)
    Inception 6 Months
cumulative
1 Year 5 Years 10 Years
Market Price 01/05/29 18.39 45.64 17.51 13.97
Net Asset Value 01/05/29 15.86 40.29 16.11 13.47
S&P 500 Index   15.25 40.79 17.65 14.84
Blended Benchmark   11.47 36.06 15.06 12.56
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 Barclays U.S. Corporate Investment Grade & High Yield Index and a 16.66% weighting in the Bloomberg Barclays U.S. Convertible Composite Index.
The “Bloomberg Barclays” indices will be re-branded as the “Bloomberg” indices effective August 24, 2021.
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.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Price Per Share
  June 30, 2021 March 31, 2021 December 31, 2020  
Market Price ($) 34.09 32.43 29.47  
Net Asset Value ($) 37.65 36.00 33.26  
    
Distributions Paid Per Common Share(a)
Payable Date Per Share Amount ($)
March 25, 2021 0.2455
June 24, 2021 0.5354(b)
(a) Preferred Stockholders were paid dividends totaling $1.25 per share.
(b) Includes a distribution of $0.2388 from ordinary income and a capital gain distribution of $0.2966 per share.
The net asset value of the Fund’s shares may not always correspond to the market price of such shares. Common stock of many closed-end funds frequently trade at a discount from their net asset value. The Fund is subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment in the Fund.
2 Tri-Continental Corporation  | Semiannual Report 2021

Fund at a Glance   (continued)
(Unaudited)
Portfolio breakdown (%) (at June 30, 2021)
Common Stocks 70.2
Convertible Bonds 7.0
Convertible Preferred Stocks 7.4
Corporate Bonds & Notes 13.6
Limited Partnerships 0.5
Money Market Funds 0.6
Preferred Debt 0.3
Senior Loans 0.4
Warrants 0.0(a)
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at June 30, 2021)
Communication Services 9.3
Consumer Discretionary 9.4
Consumer Staples 6.0
Energy 4.2
Financials 12.7
Health Care 12.0
Industrials 9.0
Information Technology 24.2
Materials 2.5
Real Estate 4.1
Utilities 6.6
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Tri-Continental Corporation  | Semiannual Report 2021
3

Fund Investment Objectives, 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 Board without stockholder approval.
Fund Investment Strategies and Policies
The Fund invests primarily for the longer term and has no charter restrictions with respect to its investments. With respect to the Fund’s investments, assets may be held in cash or invested in all types of securities, that is, in common stocks, bonds, convertible bonds (including high yield instruments), debentures, notes, preferred and convertible preferred stocks, rights, and other securities or instruments, in whatever amounts or proportions the Investment Manager believes best suited to current and anticipated economic and market conditions.
The Fund may invest in debt/fixed income instruments and convertible securities that, at the time of purchase, are rated below investment grade or are unrated but determined to be of comparable quality (commonly referred to as “high yield” investments or “junk” bonds). The Fund may invest in debt instruments of any maturity and does not seek to maintain a particular dollar-weighted average maturity. A bond is issued with a specific maturity date, which is the date when the issuer must pay back the bond’s principal (face value). Bond maturities range from less than 1 year to more than 30 years. Typically, the longer a bond’s maturity, the more price risk the Fund and the Fund’s investors face as interest rates rise, but the Fund could receive a higher yield in return for that longer maturity and higher interest rate risk.
The Fund may invest up to 25% of its net assets in foreign investments, including emerging markets. The Fund also employs leverage through its outstanding shares of preferred stock.
The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory restrictions.
The Fund may invest in derivatives, such as futures contracts (including equity futures and index futures), to equitize cash.
As of June 30, 2021, the Fund had invested 70.8% of its net assets in equity securities, 14.2% of its net assets in debt/fixed income instruments and 14.2% of its net assets in convertible securities.
The Fund’s present 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 except that, as of the date hereof, it has an investment in Seligman Data Corp., the former shareholder servicing agent for the Fund;
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 five fiscal years are shown under Financial Highlights.
4 Tri-Continental Corporation  | Semiannual Report 2021

Fund Investment Objectives, Strategies, Policies and Principal Risks  (continued)
(Unaudited)
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.
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;
may not, with limited exceptions, purchase and sell real estate directly but may do so through majority-owned subsidiaries, so long as its real estate investments do not exceed 10% of the value of the Fund’s total assets;
may not purchase or sell commodities or commodity contracts; and
may make money loans (subject to restrictions imposed by law and by charter) (a) only to its subsidiaries, (b) as incidents to its business transactions or (c) for other purposes. The Fund will not lend securities if the total of all such loans would exceed 33 1/3% of the Fund’s total assets, except this fundamental investment policy shall not prohibit the Fund from purchasing money market securities, loans, loan participation or other debt securities, or from entering into repurchase agreements, and it may make loans represented by repurchase agreements, so long as such loans do not exceed 10% of the value of total assets.
If the Fund issues senior securities, the Fund may not, to the extent required by the 1940 Act, declare dividends (except dividends payable in stock of the Fund) or other distributions on stock or purchase its stock (including through tender offers) if, immediately after doing so, it will have an asset coverage ratio of less than 300% or 200%, as applicable.
During its last three fiscal years, the Fund did not: (a) issue senior securities; (b) borrow any money; (c) underwrite securities; (d) concentrate investments in particular industries or groups of industries; (e) purchase or sell real estate, commodities, or commodity contracts; or (f) make money loans.
Tri-Continental Corporation  | Semiannual Report 2021
5

Fund Investment Objectives, 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. 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 share value 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 assign credit ratings to certain debt instruments to indicate their credit risk. Unless otherwise provided in the Fund’s Principal Investment Strategies, investment grade debt instruments are those rated at or above BBB- by S&P Global Ratings, or equivalently rated by Moody’s, Fitch, DBRS and/or KBRA (as applicable), or, if unrated, determined by the management team to be of comparable quality. Conversely, below investment grade (commonly called “high-yield” or “junk”) debt instruments are those rated below BBB- by S&P Global Ratings, or equivalently rated by Moody’s Investor Service, Inc. (Moody’s), Fitch Ratings, Inc. (Fitch), DBRS Morningstar (DBRS) and/or KBRA Bond Rating Agency LLC (KBRA), (as applicable), or, if unrated, determined by the management team to be of comparable quality. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower rated or unrated instruments held by the Fund
6 Tri-Continental Corporation  | Semiannual Report 2021

Fund Investment Objectives, Strategies, Policies and Principal Risks  (continued)
(Unaudited)
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 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 loss 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.
Tri-Continental Corporation  | Semiannual Report 2021
7

Fund Investment Objectives, Strategies, Policies and Principal Risks  (continued)
(Unaudited)
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.
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 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. Many Chinese companies have used complex organizational structures to address Chinese restrictions on foreign investment whereby foreign persons, through another entity domiciled outside of China (a “non-Chinese affiliate”), have limited contractual rights, including economic benefits, with respect to the Chinese company. Chinese regulators have permitted such arrangements to proliferate even though such arrangements are not formally recognized under Chinese law. If Chinese regulators’ tacit acceptance of these arrangements ceases, the value of such holdings would be negatively impacted. Moreover, since such arrangements are not recognized under Chinese law, remedies available to an investor through a non-Chinese affiliate would be limited.
Foreign Securities Risk.Investments in or exposure to foreign securities involve certain risks not associated with 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, war, 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
8 Tri-Continental Corporation  | Semiannual Report 2021

Fund Investment Objectives, Strategies, Policies and Principal Risks  (continued)
(Unaudited)
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 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 prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk (the risk that the Fund will have to reinvest the money received in securities that have lower yields). Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. 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. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.
Tri-Continental Corporation  | Semiannual Report 2021
9

Fund Investment Objectives, Strategies, Policies and Principal Risks  (continued)
(Unaudited)
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, war, terrorism, disease/virus outbreaks, epidemics or other events, conditions and factors which may impair the value of an investment in the Fund and could result in increased premiums or discounts to the Fund’s net asset value.
Large-Cap Stock Risk. Investments in larger, more established companies (larger companies) may involve certain risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially during extended periods of economic expansion.
Leverage Risk. Senior securities issued or money borrowed to raise funds for investment have a prior fixed dollar claim on the Fund’s assets and income. Any gain in the value of securities purchased or income received in excess of the cost of the amount borrowed or interest or dividends payable causes the net asset value of the Fund’s common stock or the income available to it to increase more than otherwise would be the case. Conversely, any decline in the value of securities purchased or income received on them that is less than the asset or income claims of the senior securities or cost of borrowed money causes the net asset value of the common stock or income available to it to decline more sharply than would be the case if there were no prior claim. Funds obtained through senior securities or borrowings thus create investment opportunity, but they also increase exposure to risk. This influence ordinarily is called “leverage.” As of June 30, 2021, the only senior securities of the Fund outstanding were 752,740 shares of its preferred stock, $50 par value. The dividend rate as of June 30, 2021 on the preferred stock was $2.50 per annum payable quarterly. Based on the net asset value of the Fund’s common stock on June 30, 2021, the Fund’s portfolio requires an annual return of 0.09% 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 (10.29)% (5.19)% (0.10)% 5.00% 10.10%
The purpose of the table above is to assist you in understanding the effects of leverage caused by the Fund’s preferred stock. The percentages appearing in the table are hypothetical. Actual returns may be greater or less than those shown above.
The use of leverage creates certain risks for the Fund’s common stockholders, including the greater likelihood of higher volatility of the Fund’s return, its net asset value and the market price of the Fund’s common stock. Changes in the value of the Fund’s total assets will have a disproportionate effect on the net asset value per share of common stock because of the Fund’s leveraged assets. For example, if the Fund was leveraged equal to 50% of the Fund’s common stock equity, it would show an approximately 1.5% increase or decline in net asset value for each 1% increase or decline in the value of its total assets. An additional risk of leverage is that the cost of the leverage plus applicable Fund expenses may exceed the return on the transactions undertaken with the proceeds of the leverage, thereby diminishing rather than enhancing the return to the Fund’s common stockholders. These risks generally would make the Fund’s return to common stockholders more volatile. The Fund also may be required to sell investments in order to make interest payments on borrowings used for leverage when it may be disadvantageous to do so. Because the fees received by the Investment Manager are based on the net assets of the Fund (including assets attributable to the Fund’s preferred stock and borrowings that may be outstanding), the Investment Manager has a financial incentive for the Fund to maintain the preferred stock or use borrowings, which may create a conflict of interest between the Investment Manager, on the one hand, and the common stockholders on the other hand.
10 Tri-Continental Corporation  | Semiannual Report 2021

Fund Investment Objectives, Strategies, Policies and Principal Risks  (continued)
(Unaudited)
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, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and 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, 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 increased premiums or discounts to the Fund’s net asset value.
The coronavirus disease 2019 (COVID-19) pandemic has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.
Preferred Stock Risk. Preferred stock is a type of stock that may pay dividends at a different rate than common stock of the same issuer, if at all, and that has preference over common stock in the payment of dividends and the liquidation of assets. Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings, type of products or services, projected growth rates, experience of management, liquidity, general market conditions of the markets on which the stock trades. The most significant risks associated with investments in preferred stock include issuer risk, market risk and interest rate risk (the risk of losses attributable to changes in interest rates).
Quantitative Model 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 the model’s accurate reflection of market conditions, with proper adjustments as market conditions change over time. Adjustments, or lack of adjustments, to the models, including as conditions change, as well as any errors or imperfections in the models, could adversely affect Fund performance. Quantitative model performance 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.
Tri-Continental Corporation  | Semiannual Report 2021
11

Fund Investment Objectives, Strategies, Policies and Principal Risks  (continued)
(Unaudited)
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 within one or more economic sectors, including the information technology sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.
Information Technology Sector. The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
Certain Fund Changes
The following provides only a summary of certain changes that have occurred in the past year, which may not reflect all of the changes that have occurred since you purchased the Fund.
On June 15, 2021, Mr. Oleg Nusinzon was added as a Co-Portfolio Manager to the Fund. Mr. Nusinzon is a Senior Portfolio Manager of the Investment Manager, having joined the Investment Manager in October 2020. Prior to joining the Investment Manager, Mr. Nusinzon was a Director and a Lead Portfolio Manager at PanAgora Asset Management. Mr. Nusinzon began his investment career in 1997 and earned a B.S.E. from the University of Pennsylvania and an M.B.A. from the Chicago Booth School of Business.
On July 7, 2021, Peter Albanese, a Senior Portfolio Manager of the Investment Manager and Co-Portfolio Manager of the Fund, passed away. Mr. Albanese was a valued colleague and investor and will be missed by his colleagues and friends at Columbia Threadneedle Investments. He had been a member of the investment community since 1991.
12 Tri-Continental Corporation  | Semiannual Report 2021

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 asset attributable to common shares)
Management fees(b) 0.42%
Other expenses 0.06%
Acquired fund fees and expenses 0.08%
Total Annual Expenses Before Impact of Dividends on Preferred Stock(c) 0.56%
Impact of Dividends on Preferred Stock 0.12%
Total Annual Expenses, Including Impact of Dividends on Preferred Stock 0.68%
(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 Buying and Selling Shares – Buying Shares – Investment Plans 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 $22 $38 $85
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, $18, $31, and $70, respectively.
The purpose of the tables above is to assist you in understanding the various costs and expenses you will bear directly or indirectly. For more complete descriptions of the various costs and expenses, see More Information About the Fund – Management of the Fund and Buying and Selling Shares – Buying Shares in the Fund’s prospectus.
Tri-Continental Corporation  | Semiannual Report 2021
13

Fees and Expenses, Share Price Data and Senior
Securities  (continued)
(Unaudited)
Share Price Data
The Fund’s Common Stock is traded primarily on the Exchange. The following table shows the high and low closing prices of the Fund’s Common Stock on the composite tape for issues listed on the Exchange for each calendar quarter since the beginning of 2019, 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
2019            
1st Quarter 26.53 23.25 29.66 26.13 (10.55) (11.02)
2nd Quarter 27.36 25.65 30.60 28.76 (10.59) (10.81)
3rd Quarter 27.66 26.02 30.55 28.97 (9.46) (10.18)
4th Quarter 28.84 26.68 31.78 29.22 (9.25) (8.69)
2020            
1st Quarter 29.05 17.61 32.04 21.12 (9.33) (16.62)
2nd Quarter 26.44 19.85 30.34 23.24 (12.85) (14.59)
3rd Quarter 27.31 24.80 31.69 28.38 (13.82) (12.61)
4th Quarter 29.71 25.32 33.32 29.29 (10.83) (13.85)
2021            
1st Quarter 32.43 29.09 36.00 32.87 (9.92) (11.50)
2nd Quarter 34.91 32.66 38.15 36.37 (8.49) (10.20)
The Fund’s Common Stock has historically traded on the market at less than net asset value. The closing market price, net asset value and percentage discount to net asset value per share of the Fund’s Common Stock on June 30, 2021 were $34.09, $37.65, and (9.46)%, respectively.
The Fund’s Board of Directors (the Board) re-approved the Fund’s stock repurchase program for 2021. Identical to the Fund’s 2020 stock repurchase program, under the Fund’s 2021 stock repurchase program, the Fund repurchases up to 5% of the Fund’s outstanding Common Stock during the year directly from stockholders and in the open market, provided that, with respect to shares purchased in the open market, the excess of the net asset value of a share of Common Stock over its market price (the discount) is greater than 10%. The intent of the stock repurchase program is, among other things, to moderate the growth in the number of shares of Common Stock outstanding, increase the net asset value (NAV) of the Fund’s outstanding shares, reduce the dilutive impact on stockholders who do not take capital gains distributions in additional shares and increase the liquidity of the Fund’s Common Stock in the marketplace.
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.
14 Tri-Continental Corporation  | Semiannual Report 2021

Fees and Expenses, Share Price Data and Senior
Securities  (continued)
(Unaudited)
Year Total Shares
Outstanding
Year-End
Asset Coverage
Per Share ($)
Involuntary
Liquidation
Preference
Per Share ($)
Average Daily
Market Value
Per Share ($)
2020 752,740 2,368 50 56.23
2019 752,740 2,261 50 53.19
2018 752,740 1,951 50 50.71
2017 752,740 2,225 50 50.75
2016 752,740 2,004 50 51.61
2015 752,740 1,887 50 49.92
2014 752,740 2,058 50 46.32
2013 752,740 1,957 50 48.50
2012 752,740 1,622 50 50.02
2011 752,740 1,482 50 46.33
Tri-Continental Corporation  | Semiannual Report 2021
15

Portfolio of Investments
June 30, 2021 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 69.7%
Issuer Shares Value ($)
Communication Services 6.9%
Diversified Telecommunication Services 1.2%
AT&T, Inc. 350,000 10,073,000
Verizon Communications, Inc. 264,900 14,842,347
Total   24,915,347
Interactive Media & Services 4.7%
Alphabet, Inc., Class A(a) 22,575 55,123,409
Facebook, Inc., Class A(a) 114,000 39,638,940
Total   94,762,349
Media 1.0%
Interpublic Group of Companies, Inc. (The) 417,452 13,563,016
ViacomCBS, Inc., Class B 125,000 5,650,000
Total   19,213,016
Total Communication Services 138,890,712
Consumer Discretionary 6.8%
Automobiles 0.3%
Tesla Motors, Inc.(a) 8,100 5,505,570
Distributors 0.1%
Genuine Parts Co. 17,300 2,187,931
Hotels, Restaurants & Leisure 0.8%
Darden Restaurants, Inc. 98,939 14,444,105
Penn National Gaming, Inc.(a) 27,400 2,095,826
Total   16,539,931
Household Durables 1.5%
Lennar Corp., Class A 70,400 6,994,240
Newell Brands, Inc. 185,000 5,081,950
PulteGroup, Inc. 237,100 12,938,547
Whirlpool Corp. 22,500 4,905,450
Total   29,920,187
Internet & Direct Marketing Retail 1.4%
Amazon.com, Inc.(a) 8,100 27,865,296
Etsy, Inc.(a) 7,069 1,455,083
Total   29,320,379
Multiline Retail 0.9%
Target Corp. 74,000 17,888,760
Common Stocks (continued)
Issuer Shares Value ($)
Specialty Retail 1.8%
Best Buy Co., Inc. 12,422 1,428,281
Home Depot, Inc. (The) 16,000 5,102,240
L Brands, Inc. 89,100 6,420,546
Lowe’s Companies, Inc. 81,900 15,886,143
Ross Stores, Inc. 54,999 6,819,876
Total   35,657,086
Total Consumer Discretionary 137,019,844
Consumer Staples 4.6%
Food & Staples Retailing 1.1%
Kroger Co. (The) 391,800 15,009,858
Walgreens Boots Alliance, Inc. 140,000 7,365,400
Total   22,375,258
Food Products 0.8%
JM Smucker Co. (The) 37,500 4,858,875
Kraft Heinz Co. (The) 185,140 7,550,009
Tyson Foods, Inc., Class A 53,000 3,909,280
Total   16,318,164
Household Products 0.8%
Kimberly-Clark Corp. 40,000 5,351,200
Procter & Gamble Co. (The) 78,000 10,524,540
Total   15,875,740
Tobacco 1.9%
Altria Group, Inc. 376,600 17,956,288
Philip Morris International, Inc. 194,000 19,227,340
Total   37,183,628
Total Consumer Staples 91,752,790
Energy 2.7%
Oil, Gas & Consumable Fuels 2.7%
Chesapeake Energy Corp. 3,520 182,758
Chevron Corp. 92,500 9,688,450
EOG Resources, Inc. 163,300 13,625,752
Exxon Mobil Corp. 180,000 11,354,400
HollyFrontier Corp. 60,634 1,994,859
The accompanying Notes to Portfolio of Investments are an integral part of this statement.
16 Tri-Continental Corporation  | Semiannual Report 2021

Portfolio of Investments  (continued)
June 30, 2021 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Kinder Morgan, Inc. 534,580 9,745,393
Valero Energy Corp. 90,000 7,027,200
Total   53,618,812
Total Energy 53,618,812
Financials 9.3%
Banks 3.7%
Citigroup, Inc. 261,900 18,529,425
Citizens Financial Group, Inc. 370,500 16,994,835
JPMorgan Chase & Co. 75,600 11,758,824
PNC Financial Services Group, Inc. (The) 52,500 10,014,900
Regions Financial Corp. 142,900 2,883,722
U.S. Bancorp 132,500 7,548,525
Zions Bancorp 130,000 6,871,800
Total   74,602,031
Capital Markets 2.8%
Ares Capital Corp. 525,000 10,284,750
BlackRock, Inc. 16,950 14,830,742
Morgan Stanley 111,700 10,241,773
S&P Global, Inc. 3,700 1,518,665
T. Rowe Price Group, Inc. 77,800 15,402,066
TCG BDC, Inc. 250,000 3,302,500
Total   55,580,496
Diversified Financial Services 0.1%
Berkshire Hathaway, Inc., Class B(a) 9,200 2,556,864
Insurance 2.0%
Allstate Corp. (The) 100,200 13,070,088
Arthur J Gallagher & Co. 40,700 5,701,256
Hartford Financial Services Group, Inc. (The) 92,500 5,732,225
MetLife, Inc. 250,200 14,974,470
Total   39,478,039
Mortgage Real Estate Investment Trusts (REITS) 0.7%
Blackstone Mortgage Trust, Inc. 160,000 5,102,400
Starwood Property Trust, Inc. 385,000 10,075,450
Total   15,177,850
Total Financials 187,395,280
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 8.1%
Biotechnology 1.4%
AbbVie, Inc. 150,081 16,905,124
Biogen, Inc.(a) 2,728 944,625
BioMarin Pharmaceutical, Inc.(a) 32,000 2,670,080
Regeneron Pharmaceuticals, Inc.(a) 5,775 3,225,568
Vertex Pharmaceuticals, Inc.(a) 23,758 4,790,325
Total   28,535,722
Health Care Equipment & Supplies 0.8%
Abbott Laboratories 124,900 14,479,657
Dentsply Sirona, Inc. 11,160 705,982
Total   15,185,639
Health Care Providers & Services 1.4%
HCA Healthcare, Inc. 65,700 13,582,818
Humana, Inc. 12,700 5,622,544
McKesson Corp. 47,300 9,045,652
Total   28,251,014
Life Sciences Tools & Services 0.7%
IQVIA Holdings, Inc.(a) 59,300 14,369,576
Pharmaceuticals 3.8%
Amryt Pharma PLC, ADR(a) 100,000 1,213,000
Bristol-Myers Squibb Co. 382,500 25,558,650
Johnson & Johnson 121,400 19,999,436
Merck & Co., Inc. 105,000 8,165,850
Pfizer, Inc. 561,700 21,996,172
Total   76,933,108
Total Health Care 163,275,059
Industrials 5.9%
Aerospace & Defense 0.5%
Raytheon Technologies Corp. 115,000 9,810,650
Air Freight & Logistics 1.2%
United Parcel Service, Inc., Class B 117,200 24,374,084
Airlines 0.1%
Delta Air Lines, Inc.(a) 25,700 1,111,782
Southwest Airlines Co.(a) 23,700 1,258,233
Total   2,370,015
 
The accompanying Notes to Portfolio of Investments are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2021
17

Portfolio of Investments  (continued)
June 30, 2021 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Construction & Engineering 0.2%
Quanta Services, Inc. 36,870 3,339,316
Electrical Equipment 0.8%
Eaton Corp. PLC 70,000 10,372,600
Emerson Electric Co. 58,800 5,658,912
Total   16,031,512
Machinery 2.5%
AGCO Corp. 35,000 4,563,300
Deere & Co. 55,200 19,469,592
Parker-Hannifin Corp. 53,600 16,461,096
Snap-On, Inc. 45,254 10,111,101
Total   50,605,089
Professional Services 0.2%
Robert Half International, Inc. 39,800 3,541,006
Road & Rail 0.4%
Norfolk Southern Corp. 29,200 7,749,972
Total Industrials 117,821,644
Information Technology 18.2%
Communications Equipment 1.6%
Cisco Systems, Inc. 609,300 32,292,900
Electronic Equipment, Instruments & Components 0.7%
Corning, Inc. 175,000 7,157,500
Vishay Intertechnology, Inc. 260,000 5,863,000
Total   13,020,500
IT Services 2.3%
Accenture PLC, Class A 70,100 20,664,779
International Business Machines Corp. 75,000 10,994,250
MasterCard, Inc., Class A 25,100 9,163,759
VeriSign, Inc.(a) 20,300 4,622,107
Total   45,444,895
Semiconductors & Semiconductor Equipment 3.9%
Advanced Micro Devices, Inc.(a) 180,500 16,954,365
Broadcom, Inc. 73,700 35,143,108
Intel Corp. 271,900 15,264,466
Texas Instruments, Inc. 55,000 10,576,500
Total   77,938,439
Common Stocks (continued)
Issuer Shares Value ($)
Software 5.8%
Adobe, Inc.(a) 34,200 20,028,888
Autodesk, Inc.(a) 61,800 18,039,420
Fortinet, Inc.(a) 75,900 18,078,621
Microsoft Corp. 203,400 55,101,060
NortonLifeLock, Inc. 185,000 5,035,700
Total   116,283,689
Technology Hardware, Storage & Peripherals 3.9%
Apple, Inc.(b) 444,300 60,851,328
HP, Inc. 340,000 10,264,600
Seagate Technology Holdings PLC 90,000 7,913,700
Total   79,029,628
Total Information Technology 364,010,051
Materials 2.0%
Chemicals 1.6%
Dow, Inc. 427,200 27,033,216
Nutrien Ltd. 100,000 6,061,000
Total   33,094,216
Containers & Packaging 0.3%
International Paper Co. 81,700 5,009,027
Metals & Mining 0.1%
Nucor Corp. 13,600 1,304,648
Total Materials 39,407,891
Real Estate 3.2%
Equity Real Estate Investment Trusts (REITS) 3.2%
Crown Castle International Corp. 27,500 5,365,250
Life Storage, Inc. 55,000 5,904,250
Medical Properties Trust, Inc. 475,000 9,547,500
Public Storage 22,800 6,855,732
Simon Property Group, Inc. 67,200 8,768,256
VICI Properties, Inc. 170,000 5,273,400
Welltower, Inc. 70,000 5,817,000
Weyerhaeuser Co. 482,600 16,611,092
Total   64,142,480
Total Real Estate 64,142,480
 
The accompanying Notes to Portfolio of Investments are an integral part of this statement.
18 Tri-Continental Corporation  | Semiannual Report 2021

Portfolio of Investments  (continued)
June 30, 2021 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Utilities 2.0%
Electric Utilities 1.6%
Duke Energy Corp. 50,000 4,936,000
Edison International 125,000 7,227,500
Evergy, Inc. 48,500 2,930,855
NRG Energy, Inc. 263,500 10,619,050
Pinnacle West Capital Corp. 62,500 5,123,125
PPL Corp. 48,900 1,367,733
Total   32,204,263
Independent Power and Renewable Electricity Producers 0.1%
AES Corp. (The) 70,400 1,835,328
Multi-Utilities 0.3%
DTE Energy Co. 48,900 6,337,440
Total Utilities 40,377,031
Total Common Stocks
(Cost $1,013,022,122)
1,397,711,594
    
Convertible Bonds 6.9%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Airlines 0.4%
Air Canada
07/01/2025 4.000%   5,800,000 8,966,815
Cable and Satellite 0.5%
DISH Network Corp.
Subordinated
08/15/2026 3.375%   9,500,000 9,694,750
Consumer Cyclical Services 0.3%
Zillow Group, Inc.
05/15/2025 2.750%   2,700,000 5,324,062
Diversified Manufacturing 0.2%
Greenbrier Companies, Inc. (The)(c)
04/15/2028 2.875%   4,800,000 5,008,800
Health Care 0.3%
Invacare Corp.
11/15/2024 5.000%   4,000,000 3,880,400
Novavax, Inc.
02/01/2023 3.750%   1,300,000 2,334,371
Total 6,214,771
Convertible Bonds (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Home Construction 0.2%
SunPower Corp.
01/15/2023 4.000%   2,500,000 3,528,250
Independent Energy —%
Chesapeake Energy Escrow(d),(e)
09/15/2026 0.000%   9,000,000 0
Leisure 0.6%
NCL Corp., Ltd.(c)
08/01/2025 5.375%   3,500,000 6,364,750
Royal Caribbean Cruises Ltd(c)
06/15/2023 4.250%   4,200,000 5,722,811
Total 12,087,561
Media and Entertainment 0.3%
fuboTV, Inc.(c)
02/15/2026 3.250%   6,000,000 5,891,250
Metals and Mining 0.1%
Ivanhoe Mines Ltd.(c)
04/15/2026 2.500%   1,136,000 1,395,917
Other Financial Institutions 0.3%
RWT Holdings, Inc.
10/01/2025 5.750%   6,750,000 6,809,400
Other REIT 0.8%
Blackstone Mortgage Trust, Inc.
05/05/2022 4.375%   4,800,000 4,866,240
PennyMac Corp.(c)
03/15/2026 5.500%   10,000,000 10,381,250
Total 15,247,490
Pharmaceuticals 2.1%
Aegerion Pharmaceuticals, Inc.(c)
04/01/2025 5.000%   1,687,570 1,991,333
Aerie Pharmaceuticals, Inc.
10/01/2024 1.500%   5,500,000 5,417,687
Bridgebio Pharma, Inc.(c)
02/01/2029 2.250%   5,500,000 5,311,204
Clovis Oncology, Inc.
05/01/2025 1.250%   9,300,000 6,820,331
Insmed, Inc.
01/15/2025 1.750%   4,800,000 5,013,120
Intercept Pharmaceuticals, Inc.
07/01/2023 3.250%   9,000,000 8,068,623
Radius Health, Inc.
09/01/2024 3.000%   5,700,000 5,263,044
 
The accompanying Notes to Portfolio of Investments are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2021
19

Portfolio of Investments  (continued)
June 30, 2021 (Unaudited)
Convertible Bonds (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Tilray, Inc.
10/01/2023 5.000%   5,250,000 5,119,542
Total 43,004,884
Property & Casualty 0.2%
MGIC Investment Corp.(c),(f)
Junior Subordinated
04/01/2063 9.000%   3,011,000 3,969,614
Retailers 0.3%
Guess?, Inc.
04/15/2024 2.000%   5,000,000 6,206,250
Technology 0.3%
1Life Healthcare, Inc.
06/15/2025 3.000%   5,000,000 5,522,000
Total Convertible Bonds
(Cost $124,206,667)
138,871,814
    
Convertible Preferred Stocks 7.3%
Issuer   Shares Value ($)
Communication Services 0.3%
Diversified Telecommunication Services 0.3%
2020 Cash Mandatory Exchangeable Trust(c) 5.250% 4,000 5,040,320
Total Communication Services 5,040,320
Consumer Discretionary 0.4%
Auto Components 0.4%
Aptiv PLC 5.500% 47,500 8,448,825
Total Consumer Discretionary 8,448,825
Consumer Staples 0.1%
Household Products 0.1%
Energizer Holdings, Inc. 7.500% 25,000 2,265,750
Total Consumer Staples 2,265,750
Financials 0.5%
Capital Markets 0.5%
AMG Capital Trust II 5.150% 80,000 4,570,400
KKR & Co., Inc. 6.000% 70,000 5,397,000
Total     9,967,400
Total Financials 9,967,400
Convertible Preferred Stocks (continued)
Issuer   Shares Value ($)
Health Care 1.2%
Health Care Equipment & Supplies 0.9%
Becton Dickinson and Co. 6.000% 95,000 5,080,600
Boston Scientific Corp. 5.500% 45,000 5,223,600
Danaher Corp. 4.750% 4,200 7,569,366
Total     17,873,566
Life Sciences Tools & Services 0.3%
Avantor, Inc. 6.250% 50,000 5,488,000
Total Health Care 23,361,566
Industrials 1.1%
Construction & Engineering 0.2%
Fluor Corp. 6.500% 4,800 5,092,320
Machinery 0.5%
Stanley Black & Decker, Inc. 5.250% 80,000 9,665,600
Professional Services 0.4%
Clarivate PLC 5.250% 77,500 8,137,500
Total Industrials 22,895,420
Information Technology 0.6%
Electronic Equipment, Instruments & Components 0.4%
II-VI, Inc. 6.000% 26,500 7,963,515
IT Services 0.2%
Sabre Corp. 6.500% 27,000 4,302,450
Total Information Technology 12,265,965
Utilities 3.1%
Electric Utilities 0.5%
NextEra Energy, Inc. 6.219% 210,000 10,348,800
Gas Utilities 1.0%
South Jersey Industries, Inc. 8.750% 132,500 7,300,290
Spire, Inc. 7.500% 140,000 7,356,169
UGI Corp. 7.250% 50,000 5,311,000
Total     19,967,459
 
The accompanying Notes to Portfolio of Investments are an integral part of this statement.
20 Tri-Continental Corporation  | Semiannual Report 2021

Portfolio of Investments  (continued)
June 30, 2021 (Unaudited)
Convertible Preferred Stocks (continued)
Issuer   Shares Value ($)
Multi-Utilities 1.6%
Algonquin Power & Utilities Corp. 7.750% 157,500 7,794,245
DTE Energy Co. 6.250% 300,000 14,856,000
NiSource, Inc. 7.750% 95,000 9,781,200
Total     32,431,445
Total Utilities 62,747,704
Total Convertible Preferred Stocks
(Cost $128,323,759)
146,992,950
    
Corporate Bonds & Notes 13.5%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Aerospace & Defense 1.1%
Bombardier, Inc.(c)
06/15/2026 7.125%   10,000,000 10,469,695
Rolls-Royce PLC(c)
10/15/2027 5.750%   4,667,000 5,121,952
Spirit AeroSystems, Inc.(c)
04/15/2025 7.500%   6,300,000 6,736,959
Total 22,328,606
Cable and Satellite 0.2%
Telesat Canada/LLC(c)
10/15/2027 6.500%   5,286,000 5,036,489
Chemicals 0.5%
Innophos Holdings, Inc.(c)
02/15/2028 9.375%   4,300,000 4,647,582
Starfruit Finco BV/US Holdco LLC(c)
10/01/2026 8.000%   4,600,000 4,876,000
Total 9,523,582
Consumer Cyclical Services 0.2%
Uber Technologies, Inc.(c)
09/15/2027 7.500%   2,100,000 2,307,419
01/15/2028 6.250%   2,365,000 2,547,325
Total 4,854,744
Consumer Products 0.1%
Mattel, Inc.
10/01/2040 6.200%   1,430,000 1,761,892
11/01/2041 5.450%   745,000 860,424
Total 2,622,316
Finance Companies 0.7%
Fortress Transportation and Infrastructure Investors LLC(c)
10/01/2025 6.500%   6,000,000 6,230,101
08/01/2027 9.750%   2,760,000 3,196,559
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Springleaf Finance Corp.
03/15/2025 6.875%   4,500,000 5,078,139
Total 14,504,799
Food and Beverage 0.4%
Triton Water Holdings, Inc.(c)
04/01/2029 6.250%   2,442,000 2,458,916
United Natural Foods, Inc.(c)
10/15/2028 6.750%   4,680,000 5,033,811
Total 7,492,727
Gaming 0.2%
Colt Merger Sub, Inc.(c)
07/01/2027 8.125%   4,106,000 4,569,263
Health Care 0.8%
Quotient Ltd.(c),(d),(e)
04/15/2024 12.000%   1,989,167 1,989,167
04/15/2024 12.000%   852,500 852,500
Surgery Center Holdings, Inc.(c)
07/01/2025 6.750%   6,100,000 6,221,104
Tenet Healthcare Corp.(c)
10/01/2028 6.125%   5,979,000 6,362,019
Total 15,424,790
Independent Energy 1.2%
Indigo Natural Resources LLC(c)
02/01/2029 5.375%   9,963,000 10,447,422
Oasis Petroleum, Inc.(c)
06/01/2026 6.375%   2,500,000 2,604,561
Occidental Petroleum Corp.
07/15/2044 4.500%   3,200,000 3,095,545
04/15/2046 4.400%   8,400,000 8,109,604
Total 24,257,132
Leisure 0.7%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC(c)
10/01/2028 6.500%   4,100,000 4,423,879
NCL Corp., Ltd.(c)
05/15/2024 12.250%   3,700,000 4,467,041
Royal Caribbean Cruises Ltd.(c)
06/15/2023 9.125%   4,272,000 4,689,473
Total 13,580,393
Media and Entertainment 1.3%
Clear Channel Outdoor Holdings, Inc.(c)
04/15/2028 7.750%   9,500,000 9,950,733
 
The accompanying Notes to Portfolio of Investments are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2021
21

Portfolio of Investments  (continued)
June 30, 2021 (Unaudited)
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Deluxe Corp.(c)
06/01/2029 8.000%   4,800,000 5,208,000
Lions Gate Capital Holdings LLC(c)
04/15/2029 5.500%   9,500,000 10,021,930
Total 25,180,663
Metals and Mining 0.5%
CONSOL Energy, Inc.(c)
11/15/2025 11.000%   4,900,000 4,886,284
Warrior Met Coal, Inc.(c)
11/01/2024 8.000%   4,732,000 4,803,648
Total 9,689,932
Midstream 0.2%
Rockpoint Gas Storage Canada Ltd.(c)
03/31/2023 7.000%   4,216,000 4,312,676
Oil Field Services 0.3%
Nabors Industries Ltd.(c)
01/15/2026 7.250%   3,447,000 3,378,806
01/15/2028 7.500%   1,754,000 1,692,883
Total 5,071,689
Other Financial Institutions 0.4%
WeWork Companies, Inc.(c)
05/01/2025 7.875%   7,000,000 7,312,735
Packaging 1.3%
ARD Finance SA(c),(g)
06/30/2027 6.500%   8,000,000 8,394,254
BWAY Holding Co.(c)
04/15/2025 7.250%   10,000,000 9,825,648
Novolex(c)
01/15/2025 6.875%   7,290,000 7,426,811
Total 25,646,713
Pharmaceuticals 0.6%
Bausch Health Companies, Inc.(c)
01/30/2028 5.000%   1,228,000 1,166,880
01/30/2030 5.250%   8,028,000 7,489,925
Organon Finance 1 LLC(c)
04/30/2031 5.125%   2,936,000 3,024,374
Total 11,681,179
Restaurants 0.4%
Dave & Buster’s, Inc.(c)
11/01/2025 7.625%   4,200,000 4,517,791
Corporate Bonds & Notes (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
IRB Holding Corp.(c)
02/15/2026 6.750%   4,200,000 4,350,286
Total 8,868,077
Retailers 0.7%
Academy Ltd.(c)
11/15/2027 6.000%   4,667,000 4,993,978
L Brands, Inc.(c)
10/01/2030 6.625%   4,200,000 4,858,149
Magic MergeCo, Inc.(c)
05/01/2029 7.875%   5,000,000 5,151,945
Total 15,004,072
Supermarkets 0.3%
Safeway, Inc.
02/01/2031 7.250%   4,512,000 5,260,791
Technology 1.2%
Avaya, Inc.(c)
09/15/2028 6.125%   4,509,000 4,826,110
Diebold Nixdorf, Inc.(c)
07/15/2025 9.375%   2,300,000 2,547,973
Diebold, Inc.
04/15/2024 8.500%   6,600,000 6,754,391
Rocket Software, Inc.(c)
02/15/2029 6.500%   7,175,000 7,114,843
Sabre GLBL, Inc.(c)
04/15/2025 9.250%   1,800,000 2,140,015
09/01/2025 7.375%   923,000 1,003,319
Total 24,386,651
Wirelines 0.2%
Front Range BidCo, Inc.(c)
03/01/2028 6.125%   4,500,000 4,594,866
Total Corporate Bonds & Notes
(Cost $257,752,724)
271,204,885
    
Limited Partnerships 0.5%
Issuer Shares Value ($)
Energy 0.5%
Oil, Gas & Consumable Fuels 0.5%
Enviva Partners LP 112,500 5,896,125
Rattler Midstream LP 450,000 4,914,000
Total   10,810,125
Total Energy 10,810,125
Total Limited Partnerships
(Cost $9,981,771)
10,810,125
 
The accompanying Notes to Portfolio of Investments are an integral part of this statement.
22 Tri-Continental Corporation  | Semiannual Report 2021

Portfolio of Investments  (continued)
June 30, 2021 (Unaudited)
Preferred Debt 0.4%
Issuer Coupon
Rate
  Shares Value ($)
Banking 0.3%
Citigroup Capital XIII(f)
10/30/2040 6.556%   175,000 4,882,500
Finance Companies 0.1%
GMAC Capital Trust I(f)
02/15/2040 5.941%   76,982 1,948,415
Total Preferred Debt
(Cost $6,564,332)
6,830,915
    
Senior Loans 0.4%
Borrower Coupon
Rate
  Principal
Amount ($)
Value ($)
Oil Field Services 0.4%
BCP Raptor LLC/EagleClaw Midstream Ventures(h),(i)
Term Loan
3-month USD LIBOR + 4.250%
Floor 1.000%
06/24/2024
5.250%   7,683,622 7,604,635
Total Senior Loans
(Cost $7,622,535)
7,604,635
Warrants 0.0%
Issuer Shares Value ($)
Energy 0.0%
Oil, Gas & Consumable Fuels 0.0%
Chesapeake Energy Corp.(a) 6,642 138,552
Goodrich Petroleum Corp.(a),(d),(e) 16,334 0
Total   138,552
Total Energy 138,552
Total Warrants
(Cost $116,235)
138,552
Money Market Funds 0.6%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.051%(j),(k) 12,230,834 12,229,610
Total Money Market Funds
(Cost $12,229,222)
12,229,610
Total Investments in Securities
(Cost: $1,559,819,367)
1,992,395,080
Other Assets & Liabilities, Net   13,824,008
Net Assets 2,006,219,088
 
At June 30, 2021, securities and/or cash totaling $1,164,160 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
S&P 500 Index E-mini 55 09/2021 USD 11,793,650 163,901
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(c) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At June 30, 2021, the total value of these securities amounted to $291,361,348, which represents 14.52% of total net assets.
(d) Represents fair value as determined in good faith under procedures approved by the Board of Directors. At June 30, 2021, the total value of these securities amounted to $2,841,667, which represents 0.14% of total net assets.
(e) Valuation based on significant unobservable inputs.
(f) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of June 30, 2021.
(g) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.
(h) The stated interest rate represents the weighted average interest rate at June 30, 2021 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.
(i) Variable rate security. The interest rate shown was the current rate as of June 30, 2021.
The accompanying Notes to Portfolio of Investments are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2021
23

Portfolio of Investments  (continued)
June 30, 2021 (Unaudited)
Notes to Portfolio of Investments  (continued)
(j) The rate shown is the seven-day current annualized yield at June 30, 2021.
(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 period ended June 30, 2021 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, 0.051%
  30,450,397 169,467,657 (187,688,443) (1) 12,229,610 9,291 12,230,834
Abbreviation Legend
ADR American Depositary Receipt
LIBOR London Interbank Offered Rate
Currency Legend
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Directors (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The accompanying Notes to Portfolio of Investments are an integral part of this statement.
24 Tri-Continental Corporation  | Semiannual Report 2021

Portfolio of Investments  (continued)
June 30, 2021 (Unaudited)
Fair value measurements  (continued)
The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2021:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 138,890,712 138,890,712
Consumer Discretionary 137,019,844 137,019,844
Consumer Staples 91,752,790 91,752,790
Energy 53,618,812 53,618,812
Financials 187,395,280 187,395,280
Health Care 163,275,059 163,275,059
Industrials 117,821,644 117,821,644
Information Technology 364,010,051 364,010,051
Materials 39,407,891 39,407,891
Real Estate 64,142,480 64,142,480
Utilities 40,377,031 40,377,031
Total Common Stocks 1,397,711,594 1,397,711,594
Convertible Bonds 138,871,814 0* 138,871,814
Convertible Preferred Stocks        
Communication Services 5,040,320 5,040,320
Consumer Discretionary 8,448,825 8,448,825
Consumer Staples 2,265,750 2,265,750
Financials 9,967,400 9,967,400
Health Care 23,361,566 23,361,566
Industrials 22,895,420 22,895,420
Information Technology 12,265,965 12,265,965
Utilities 62,747,704 62,747,704
Total Convertible Preferred Stocks 146,992,950 146,992,950
Corporate Bonds & Notes 268,363,218 2,841,667 271,204,885
Limited Partnerships        
Energy 10,810,125 10,810,125
Total Limited Partnerships 10,810,125 10,810,125
Preferred Debt 6,830,915 6,830,915
Senior Loans 7,604,635 7,604,635
Warrants        
Energy 138,552 0* 138,552
Total Warrants 138,552 0* 138,552
Money Market Funds 12,229,610 12,229,610
Total Investments in Securities 1,427,720,796 561,832,617 2,841,667 1,992,395,080
Investments in Derivatives        
Asset        
Futures Contracts 163,901 163,901
Total 1,427,884,697 561,832,617 2,841,667 1,992,558,981
    
* Rounds to zero.
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
Derivative instruments are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Portfolio of Investments are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2021
25

Statement of Assets and Liabilities
June 30, 2021 (Unaudited)
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,547,590,145) $1,980,165,470
Affiliated issuers (cost $12,229,222) 12,229,610
Cash 57,252
Receivable for:  
Investments sold 22,551,626
Capital shares sold 2,394
Dividends 2,683,395
Interest 6,147,102
Foreign tax reclaims 19,675
Variation margin for futures contracts 18,150
Other assets 77,920
Total assets 2,023,952,594
Liabilities  
Payable for:  
Investments purchased 16,802,344
Common Stock payable 87,049
Preferred Stock dividends 470,463
Management services fees 22,423
Stockholder servicing and transfer agent fees 8,980
Compensation of board members 294,172
Compensation of chief compliance officer 183
Other expenses 47,892
Total liabilities 17,733,506
Net assets $2,006,219,088
Preferred Stock 37,637,000
Net assets for Common Stock 1,968,582,088
Represented by  
$2.50 Cumulative Preferred Stock, $50 par value, assets coverage per share $2,665  
Shares issued and outstanding — 752,740 37,637,000
Common Stock, $0.50 par value:  
Shares issued and outstanding — 52,285,269 26,142,635
Capital surplus 1,406,518,810
Total distributable earnings (loss) 535,920,643
Net assets $2,006,219,088
Net asset value per share of outstanding Common Stock $37.65
Market price per share of Common Stock $34.09
The accompanying Notes to Financial Statements are an integral part of this statement.
26 Tri-Continental Corporation  | Semiannual Report 2021

Statement of Operations
Six Months Ended June 30, 2021 (Unaudited)
Net investment income  
Income:  
Dividends — unaffiliated issuers $20,086,400
Dividends — affiliated issuers 9,291
Interest 11,703,389
Foreign taxes withheld (13,800)
Total income 31,785,280
Expenses:  
Management services fees 3,894,531
Stockholder servicing and transfer agent fees 185,169
Compensation of board members 67,933
Custodian fees 10,387
Printing and postage fees 38,215
Stockholders’ meeting fees 34,980
Audit fees 24,547
Legal fees 12,370
Interest on collateral 219
Compensation of chief compliance officer 172
Other 105,927
Total expenses 4,374,450
Net investment income(a) 27,410,830
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 108,906,624
Futures contracts 2,619,567
Net realized gain 111,526,191
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 131,149,151
Investments — affiliated issuers (1)
Futures contracts (243,589)
Net change in unrealized appreciation (depreciation) 130,905,561
Net realized and unrealized gain 242,431,752
Net increase in net assets resulting from operations $269,842,582
    
(a) Net investment income for Common Stock is $26,469,905, which is net of Preferred Stock dividends of $940,925.
The accompanying Notes to Financial Statements are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2021
27

Statement of Changes in Net Assets
  Six Months Ended
June 30, 2021
(Unaudited)
Year Ended
December 31, 2020
Operations    
Net investment income $27,410,830 $55,834,937
Net realized gain 111,526,191 31,708,507
Net change in unrealized appreciation (depreciation) 130,905,561 110,417,465
Net increase in net assets resulting from operations 269,842,582 197,960,909
Distributions to stockholders    
Net investment income and net realized gains    
Preferred Stock (940,925) (1,881,850)
Common Stock (40,582,772) (86,080,144)
Total distributions to stockholders (41,523,697) (87,961,994)
Decrease in net assets from capital stock activity (4,871,627) (29,264,700)
Total increase in net assets 223,447,258 80,734,215
Net assets at beginning of period 1,782,771,830 1,702,037,615
Net assets at end of period $2,006,219,088 $1,782,771,830
    
  Six Months Ended Year Ended
  June 30, 2021 (Unaudited) December 31, 2020
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Common Stock issued at market price in distributions 476,248 16,012,677 1,283,479 33,546,887
Common Stock issued to cash purchase plan participants 29,028 924,901 54,644 1,390,226
Common Stock purchased from cash purchase plan participants (224,142) (7,177,329) (602,938) (15,517,297)
Common Stock purchased in the open market (468,018) (14,631,876) (1,906,453) (48,684,516)
Total net decrease (186,884) (4,871,627) (1,171,268) (29,264,700)
The accompanying Notes to Financial Statements are an integral part of this statement.
28 Tri-Continental Corporation  | Semiannual Report 2021

Financial Highlights
Per share operating performance data is designed to allow investors to trace the operating performance, on a per Common Stock share basis, from the beginning net asset value to the ending net asset value, so that investors can understand what effect the individual items have on their investment, assuming it was held throughout the period. Generally, the per share amounts are derived by converting the actual dollar amounts incurred for each item, as disclosed in the financial statements, to their equivalent per Common Stock share amounts, using average Common Stock shares outstanding during the period.
Total return measures the Fund’s performance assuming that investors purchased shares of the Fund at the market price or net asset value as of the beginning of the period, invested all distributions paid, as provided for in the Fund’s Prospectus and then sold their shares at the closing market price or net asset value per share on the last day of the period. The computations do not reflect any sales commissions or transaction costs you may incur in purchasing or selling shares of the Fund, or taxes investors may incur on distributions or on the sale of shares of the Fund, and are not annualized for periods of less than one year.
The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any, and is not annualized for periods of less than one year. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
The ratios of expenses and net investment income to average net assets for Common Stock for the periods presented do not reflect the effect of dividends paid to Preferred Stockholders.
  Six Months Ended
June 30, 2021
(Unaudited)
Year ended December 31,
2020 2019 2018 2017 2016
Per share data            
Net asset value, beginning of period $33.26 $31.03 $26.58 $29.88 $25.91 $23.49
Income from investment operations:            
Net investment income 0.53 1.05 1.03 0.99 0.93 0.90
Net realized and unrealized gain (loss) 4.66 2.86 5.39 (2.35) 4.24 2.33
Total from investment operations 5.19 3.91 6.42 (1.36) 5.17 3.23
Less distributions to Stockholders from:            
Net investment income — Preferred Stock (0.02) (0.04) (0.04) (0.03) (0.03) (0.03)
Net investment income — Common Stock (0.48) (1.07) (1.01) (0.96) (1.07) (0.91)
Net realized gains — Common Stock (0.30) (0.57) (0.92) (0.95) (0.10)
Total distributions to Stockholders (0.80) (1.68) (1.97) (1.94) (1.20) (0.94)
Dilution in net asset value from dividend reinvestment (0.06)
Increase resulting from share repurchases 0.19
Net asset value, end of period $37.65 $33.26 $31.03 $26.58 $29.88 $25.91
Adjusted net asset value, end of period(a) $37.51 $33.14 $30.92 $26.48 $29.77 $25.83
Market price, end of period $34.09 $29.47 $28.20 $23.52 $26.94 $22.05
Total return            
Based upon net asset value 15.86% 14.17% 25.20% (4.10%) 20.82% 15.25%
Based upon market price 18.39% 11.31% 28.59% (5.88%) 28.00% 15.08%
Ratios to average net assets            
Expenses to average net assets for Common Stock(b) 0.47%(c),(d) 0.48% 0.49% 0.49% 0.49% 0.50%
Net investment income to average net assets for Common Stock 2.83%(c) 3.45% 3.32% 3.14% 3.21% 3.59%
Supplemental data            
Net assets, end of period (000’s):            
Common Stock $1,968,582 $1,745,135 $1,664,401 $1,431,211 $1,637,553 $1,470,843
Preferred Stock $37,637 $37,637 $37,637 $37,637 $37,637 $37,637
Total net assets $2,006,219 $1,782,772 $1,702,038 $1,468,848 $1,675,190 $1,508,480
Portfolio turnover 33% 67% 60% 63% 95% 82%
    
The accompanying Notes to Financial Statements are an integral part of this statement.
Tri-Continental Corporation  | Semiannual Report 2021
29

Financial Highlights  (continued)
Notes to Financial Highlights
(a) Assumes the exercise of outstanding warrants.
(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(c) Annualized.
(d) Ratios include interest on collateral expense which is less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
30 Tri-Continental Corporation  | Semiannual Report 2021

Notes to Financial Statements
June 30, 2021 (Unaudited)
Note 1. Organization
Tri-Continental Corporation (the Fund) is a diversified fund. The Fund is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a closed-end management investment company.
The Fund has 1 million authorized shares of preferred capital stock (Preferred Stock) and 159 million authorized shares of common stock (Common Stock). The issued and outstanding Common Stock trades primarily on the New York Stock Exchange under the symbol "TY".
The Fund’s Preferred Stock is entitled to two votes per share and the Common Stock is entitled to one vote per share at all meetings of Stockholders. In the event of a default in payments of dividends on the Preferred Stock equivalent to six quarterly dividends, the holders of the Fund’s Preferred Stock (Preferred Stockholders) are entitled, voting separately as a class to the exclusion of the holders of the Fund’s Common Stock (Common Stockholders), to elect two additional directors, with such right to continue until all arrearages have been paid and current Preferred Stock dividends are provided for. Generally, the vote of Preferred Stockholders is required to approve certain actions adversely affecting their rights.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and asked prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Debt securities generally are valued by pricing services approved by the Board of Directors based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.
Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.
Foreign equity securities are valued based on the closing price or last trade on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Directors. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The
Tri-Continental Corporation  | Semiannual Report 2021
31

Notes to Financial Statements  (continued)
June 30, 2021 (Unaudited)
third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Directors. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, additional counterparty credit risk is failure of the clearinghouse or CCP. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
32 Tri-Continental Corporation  | Semiannual Report 2021

Notes to Financial Statements  (continued)
June 30, 2021 (Unaudited)
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Tri-Continental Corporation  | Semiannual Report 2021
33

Notes to Financial Statements  (continued)
June 30, 2021 (Unaudited)
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at June 30, 2021:
  Asset derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 163,901*
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended June 30, 2021:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Equity risk 2,619,567
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Equity risk (243,589)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2021:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 15,716,140
    
* Based on the ending quarterly outstanding amounts for the six months ended June 30, 2021.
Investments in senior loans
The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.
34 Tri-Continental Corporation  | Semiannual Report 2021

Notes to Financial Statements  (continued)
June 30, 2021 (Unaudited)
The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund’s Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. For convertible securities, premiums attributable to the conversion feature are not amortized.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to stockholders.
The value of additional securities received as an income payment through a payment in kind, if any, is recorded as interest income and increases the cost basis of such securities.
The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Tri-Continental Corporation  | Semiannual Report 2021
35

Notes to Financial Statements  (continued)
June 30, 2021 (Unaudited)
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to stockholders
The Fund has an earned distribution policy. Under this policy, the Fund intends to make quarterly distributions to holders of Common Stock that are approximately equal to net investment income, less dividends payable on the Fund’s Preferred Stock. Capital gains, when available, are distributed to Common Stockholders at least annually.
Dividends and other distributions to stockholders are recorded on ex-dividend dates.
Guarantees and indemnifications
Under the Fund’s organizational documents and, in some cases, by contract, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets (which includes assets attributed to the Fund’s Common and Preferred Stock) that declines from 0.415% to 0.385% as the Fund’s net assets increase and it is borne by the holders of the Fund’s Common Stock. The annualized effective management services fee rate for the six months ended June 30, 2021 was 0.42% of the Fund’s average daily net assets for Common Stock, paid by Common Stockholders (and 0.41% of the Fund’s total average daily net assets).
Compensation of board members
Members of the Board of Directors who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Directors may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund.
Compensation of Chief Compliance Officer
The Board of Directors has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
36 Tri-Continental Corporation  | Semiannual Report 2021

Notes to Financial Statements  (continued)
June 30, 2021 (Unaudited)
Stockholder servicing fees
Under a Stockholder Service Agent Agreement, Columbia Management Investment Services Corp. (the Servicing Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, maintains Fund stockholder accounts and records and provides Fund stockholder services. Under the Stockholder Service Agent Agreement, the Fund pays the Servicing Agent a monthly stockholder servicing and transfer agent fee based on the number of common stock open accounts. The Servicing Agent is also entitled to reimbursement for out-of-pocket fees.
For the six months ended June 30, 2021, the Fund’s annualized effective stockholder servicing and transfer agent fee rate as a percentage of common stock average net assets was 0.02%.
The Fund and certain other affiliated investment companies have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expired on January 31, 2019 and the formal dissolution of SDC is being undertaken. SDC is owned by six associated investment companies, including the Fund. The Fund’s ownership interest in SDC at June 30, 2021 is recorded as a part of other assets in the Statement of Assets and Liabilities at a cost of $43,681, which approximates the fair value of the ownership interest.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At June 30, 2021, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
1,559,819,000 443,542,000 (10,802,000) 432,740,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $625,107,800 and $629,590,209, respectively, for the six months ended June 30, 2021. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Capital stock transactions
Under the Fund’s Charter, dividends on Common Stock cannot be declared unless net assets, after deducting the amount of such dividends and all unpaid dividends declared on Preferred Stock, equal at least $100 per share of Preferred Stock outstanding. The equivalent figure at June 30, 2021 was $2,665. The Preferred Stock is subject to redemption at the Fund’s option at any time on 30 days’ notice at $55 per share (or a total of $41,400,700 for the shares outstanding at June 30, 2021) plus accrued dividends, and entitled in liquidation to $50 per share plus dividends accrued or in arrears, as the case may be.
Tri-Continental Corporation  | Semiannual Report 2021
37

Notes to Financial Statements  (continued)
June 30, 2021 (Unaudited)
Automatic Dividend Investment Plan, Cash Purchase Plan and Stock Repurchase Program
The Fund makes available the Automatic Dividend Investment Plan and the Cash Purchase Plan (collectively, the Investment Plans) to any Common Stockholder with a Direct-at-Fund Account (as defined below) who wishes to purchase additional shares of the Fund. Please refer to the Fund’s prospectus for a detailed discussion of the Investment Plans.
The Fund, in connection with its Investment Plans, acquires and issues shares of its own Common Stock, as needed, to satisfy the requirements of the Investment Plans. A total of 29,028 shares were issued to the participants of the Cash Purchase Plan during the period for proceeds of $924,901, a weighted average discount of (10.64)% from the NAV of those shares. In addition, a total of 476,248 shares were issued at market price in distributions during the period for proceeds of $16,012,677, a weighted average discount of (8.54)% from the NAV of those shares.
For stockholder accounts established directly with the Fund (i.e., Direct-at-Fund Accounts, which are serviced by the Servicing Agent), unless the Servicing Agent is otherwise instructed by the stockholder, distributions on the Common Stock are paid in book shares of Common Stock which are entered in the stockholder’s account as “book credits.” Each stockholder may also elect to receive distributions 75% in shares and 25% in cash, 50% in shares and 50% in cash, or 100% in cash. Any such election must be received by the Servicing Agent by the record date for a distribution. If the stockholder holds shares of Common Stock through a financial intermediary (such as a broker), the stockholder should contact the financial intermediary to discuss reinvestment and distribution options, as they may be different than as described above for accounts held directly with the Fund. A distribution is treated in the same manner for income tax purposes whether you receive it in cash or partly or entirely in shares. Elections received after a record date for a distribution will be effective in respect of the next distribution. Shares issued to the stockholder in respect of distributions will be at a price equal to the lower of: (i) the closing sale or bid price, plus applicable commission, of the Common Stock on the New York Stock Exchange on the ex-dividend date or (ii) the greater of NAV per share of Common Stock and 95% of the closing price of the Common Stock on the New York Stock Exchange on the ex-dividend date (without adjustment for the exercise of Warrants remaining outstanding). The issuance of Common Stock at less than NAV per share will dilute the NAV of all Common Stock outstanding at that time.
For the six months ended June 30, 2021, the Fund purchased 224,142 shares of its Common Stock from the Cash Purchase Plan participants at a cost of $7,177,329, which represented a weighted average discount of (10.77)% from the NAV of those acquired shares.
Under the Fund’s stock repurchase program, the Fund repurchases up to 5% of the Fund’s outstanding Common Stock during the year directly from Stockholders and in the open market, provided that, with respect to shares purchased in the open market, the excess of the NAV of a share of Common Stock over its market price (the discount) is greater than 10%. The intent of the stock repurchase program is, among other things, to moderate the growth in the number of shares of Common Stock outstanding, increase the NAV of the Fund’s outstanding shares, reduce the dilutive impact on stockholders who do not take capital gain distributions in additional shares, and increase the liquidity of the Fund’s Common Stock in the marketplace. For the six months ended June 30, 2021, the Fund purchased 468,018 shares of its Common Stock in the open market at an aggregate cost of $14,631,876, which represented a weighted average discount of (11.11)% from the NAV of those acquired shares.
Shares of Common Stock repurchased to satisfy the Plan requirements or in the open market pursuant to the Fund’s stock repurchase program are no longer outstanding.
Warrants
At June 30, 2021, the Fund reserved 194,560 shares of Common Stock for issuance upon exercise of 8,043 Warrants, each of which entitled the holder to purchase 24.19 shares of Common Stock at $0.93 per share.
Assuming the exercise of all Warrants outstanding at June 30, 2021, net assets would have increased by $180,941 and the net asset value of the Common Stock would have been $37.51 per share. The number of Warrants exercised during the six months ended June 30, 2021 was zero.
38 Tri-Continental Corporation  | Semiannual Report 2021

Notes to Financial Statements  (continued)
June 30, 2021 (Unaudited)
Note 7. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Directors of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 8. Interfund Lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund entered into a master interfund lending agreement (the Interfund Program) with certain other funds advised by the Investment Manager or its affiliates (each a Participating Fund). The Interfund Program allows each Participating Fund to lend money directly to and, other than closed-end funds (including the Fund) and money market funds, borrow money directly from other Participating Funds for temporary purposes through the Interfund Program (each an Interfund Loan).
A Participating Fund may make unsecured borrowings under the Interfund Program if its outstanding borrowings from all sources, including those outside of the Interfund Program, immediately after such unsecured borrowing under the Interfund Program are equal to or less than 10% of its total assets, provided that if the borrowing Participating Fund has a secured loan outstanding from any other lender, including but not limited to another Participating Fund, the borrowing Participating Fund’s borrowing under the Interfund Program will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding loan that requires collateral. A Participating Fund may not borrow through the Interfund Program or from any other source if its total outstanding borrowings immediately after a borrowing would be more than 33 1/3% of its total assets or any lower threshold provided for by a Participating Fund’s fundamental or non-fundamental policy restriction.
No Participating Fund may lend to another Participating Fund through the Interfund Program if the loan would cause the lending Participating Fund’s aggregate outstanding loans under the Interfund Program to exceed 15% of its current net assets at the time of the loan. A Participating Fund’s Interfund Loans to any one Participating Fund may not exceed 5% of the lending Participating Fund’s net assets at the time of the loan. The duration of Interfund Loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days. Interfund Loans effected within seven days of each other will be treated as separate loan transactions for purposes of this limitation. Each Interfund Loan may be called on one business day’s notice by a lending Participating Fund and may be repaid on any day by a borrowing Participating Fund.
Loans under the Interfund Program are subject to the risk that the borrowing Participating Fund could be unable to repay the loan when due, and a delay in repayment to the lending Participating Fund could result in a lost opportunity by the lending Participating Fund to invest those loaned assets and additional lending costs. Because the Investment Manager provides investment management services to both borrowing and lending Participating Funds, the Investment Manager may have a potential conflict of interest in determining that an Interfund Loan is comparable in credit quality to other high-quality money market instruments. The Participating Fund has adopted policies and procedures that are designed to manage potential conflicts of interest, but the administration of the Interfund Program may be subject to such conflicts.
As noted above, the Fund may only participate in the Interfund Program as a Lending Fund. The Fund did not lend money under the Interfund Program during the six months ended June 30, 2021.
Tri-Continental Corporation  | Semiannual Report 2021
39

Notes to Financial Statements  (continued)
June 30, 2021 (Unaudited)
Note 9. Significant risks
Credit risk
Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Large-capitalization risk
Stocks of large-capitalization companies have at times experienced periods of volatility and negative performance. During such periods, the value of the stocks may decline and the Fund’s performance may be negatively affected.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market and environment 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, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and 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, 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.
The Fund’s performance may also be significantly negatively impacted by the economic impact of the coronavirus disease 2019 (COVID-19) pandemic. The COVID-19 pandemic has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The
40 Tri-Continental Corporation  | Semiannual Report 2021

Notes to Financial Statements  (continued)
June 30, 2021 (Unaudited)
impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
Tri-Continental Corporation  | Semiannual Report 2021
41

 Approval of Management Agreement
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Tri-Continental Corporation (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee in November and December 2020 and March, April and June 2021, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and a comprehensive response to requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Oversight Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.
The Board, at its June 15, 2021 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
Information on the investment performance of the Fund relative to the performance of a group of funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable funds, as determined by Broadridge;
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
Terms of the Management Agreement;
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund;
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
42 Tri-Continental Corporation  | Semiannual Report 2021

Approval of Management Agreement  (continued)
 
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2021 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2020 in the performance of administrative services, and noted the various enhancements anticipated for 2021. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes are proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Funds under the Fund Management Agreements.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund’s performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median based on information provided by Broadridge. The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Tri-Continental Corporation  | Semiannual Report 2021
43

Approval of Management Agreement  (continued)
 
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio approximated the peer universe’s median expense ratio. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2020 the Board had considered 2019 profitability and that the 2021 information showed that the profitability generated by the Investment Manager in 2020 increased slightly from 2019 levels. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds, and to the Investment Manager as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that there is limited potential for economies of scale that would inure to the benefit of the shareholders, given the closed-end nature of the Fund.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
On June 15, 2021, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
44 Tri-Continental Corporation  | Semiannual Report 2021

 RESULTS OF MEETING OF STOCKHOLDERS
The 91st Annual Meeting of Stockholders of Tri-Continental Corporation (the Fund) was held virtually on June 11, 2021. Stockholders voted in favor of two Board of Directors (Board) proposals. The description of each proposal and number of shares voted are as follows:
Proposal 1
To elect two directors to the Fund’s Board to serve until the 2022 Annual Meeting of Stockholders and three directors to the Fund’s Board to serve until the 2024 Annual Meeting of Stockholders or until their successors are duly elected and qualify:
Director For Withheld
George S. Batejan 35,003,852 1,364,725
Kathleen Blatz 35,023,825 1,344,752
Pamela G. Carlton 34,936,663 1,431,913
Christopher O. Petersen 34,968,168 1,400,409
Sandra Yeager 35,034,298 1,334,279
Proposal 2
To ratify the selection of PricewaterhouseCoopers LLP as the Fund’s independent registered public accounting firm for 2021:
For Against Abstain
35,267,196 438,122 663,251
Tri-Continental Corporation  | Semiannual Report 2021
45

Tri-Continental Corporation
P.O. Box 219371
Kansas City, MO 64121-9371
  
You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus containing information about the Fund (including its investment objectives, risks, charges, expenses and other information about the Fund) may be obtained by contacting your financial advisor or Columbia Management Investment Services Corp. at 800.345.6611, option 3. The prospectus should be read carefully before investing in the Fund. Tri-Continental Corporation is managed by Columbia Management Investment Advisers, LLC. This material is distributed by Columbia Management Investment Distributors, Inc., member FINRA.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210.
© 2021 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR240_12_L01_(08/21)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semiannual reports.

Item 6. Investments

(a)The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semiannual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable for semiannual reports.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

 

 

 

Total Number of

 

 

 

 

 

Shares Purchased as

Maximum Number of

 

Total Number

 

Average

Part of Publicly

Shares that May Yet Be

 

of Shares

Price Paid

Announced Plans or

Purchased Under the

Period

Purchased

Per Share

Programs(1)

Plans or Programs(1)

01-01-21 to 01-31-21

188,956

$

29.99

188,956

2,435,159

02-01-21 to 02-29-21

191,418

 

30.91

191,418

2,243,741

 

03-01-21 to 03-31-21

144,575

31.54

144,575

2,099,166

04-01-21 to 04-30-21

75,610

33.31

75,610

2,023,556

05-01-21 to 05-31-21

79,906

33.80

79,906

1,943,650

06-01-21 to 06-30-21

19,286

34.26

19,286

1,924,364

(1)The registrant has a stock repurchase program. For 2021, the registrant is authorized to repurchase up to 5% of its outstanding Common Stock directly from stockholders and in the open market, provided that, with respect to shares repurchased in the open market the excess of the net asset value of a share of Common Stock over its market price (the discount) is greater than 10%. The table reflects trade date + 1, rather than trade date, which is used for financial statement purposes; therefore, shares reflected may vary from capital stock activity presented in the shareholder report.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 11. Controls and Procedures.

(a)The registrant's principal executive officer and principal financial officers, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(b)Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly

authorized.

 

 

(registrant)

 

Tri-Continental Corporation

By (Signature and Title)

/s/ Daniel J. Beckman

 

 

 

 

Daniel J. Beckman, President and Principal Executive Officer

Date

 

August 20, 2021

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Daniel J. Beckman

 

 

Daniel J. Beckman, President and Principal Executive Officer

Date

 

August 20, 2021

 

By (Signature and Title)

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer, Principal Financial Officer

 

 

and Senior Vice President

Date

 

August 20, 2021

 

By (Signature and Title)

/s/ Joseph Beranek

 

 

Joseph Beranek, Treasurer, Chief Accounting Officer and Principal

 

 

Financial Officer

Date

 

August 20, 2021

 


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