Semi-Annual Report by Investment Company (Form N-CSRS)

N-CSR

number 811-00266

Tri-Continental

345-6611

Semiannual Report

June 30, 2026 (Unaudited)

Corporation

Not FDIC or NCUA Insured No Financial Institution Guarantee May Lose Value

TABLE OF CONTENTS

If you elect to receive the stockholder report for Corporation (the Fund) in paper, mailed to you, the Fund mails one stockholder report to each stockholder address, unless such stockholder elects to receive stockholder reports from the Fund electronically via or by having a paper notice mailed to you (Postcard Notice) that your Fund's stockholder report is available at the Columbia funds' website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via or access them through Postcard Notice, please call stockholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

The policy of the Board of Directors is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the SAI. You may obtain a copy of the SAI without charge by calling 800.345.6611, option 3; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the SEC 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 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 The Fund's Form filings are available on the SEC's website at sec.gov. The Fund's complete schedule of portfolio holdings, as filed on Form can also be obtained without charge, upon request, by calling 800.345.6611, option 3.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611, option 3. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Corporation | 2026

FUND AT A GLANCE

(Unaudited)

Portfolio management

David King, CFA

Co-Portfolio Manager

Managed Fund since 2011

Yan Jin

Co-Portfolio Manager

Managed Fund since 2012

Raghavendran Sivaraman, Ph.D., CFA

Co-Portfolio Manager

Managed Fund since 2020

Grace Lee, CAIA

Co-Portfolio Manager

Managed Fund since 2020

Oleg Nusinzon, CFA

Co-Portfolio Manager

Managed Fund since 2021

Price Per Share
		June 30, 2026				March 31, 2026				December 31, 2025
Market Price ($)			34.42				31.59				32.66
Net Asset Value ($)			38.15				35.61				36.35

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FUND AT A GLANCE (continued)

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The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets as of June 30, 2026. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

Top Holdings
NVIDIA Corp.			4.4	%
Apple, Inc.			3.8	%
Alphabet, Inc., Class A			3.3	%
Microsoft Corp.			2.4	%
Meta Platforms, Inc., Class A			1.4	%
Bristol-Myers Squibb Co.			1.4	%
Chevron Corp.			1.3	%
Cisco Systems, Inc.			1.2	%
Amazon.com, Inc.			1.1	%
Micron Technology, Inc.			1.0	%

Equity Sector Allocation
Information Technology			22.7	%
Financials			10.1	%
Health Care			7.5	%
Communication Services			6.8	%
Industrials			6.5	%
Consumer Discretionary			5.9	%
Consumer Staples			3.7	%
Utilities			3.7	%
Energy			3.0	%
Real Estate			2.4	%
Materials			1.6	%

Asset Categories
Common Stocks			66.8	%
Corporate Bonds			18.1	%
Convertible Preferred Stocks			7.0	%
Convertible Bonds			6.2	%
Money Market Funds			1.6	%
Others			0.2	%

Tri-Continental Corporation | 2026   3

FUND INVESTMENT OBJECTIVE, STRATEGIES, POLICIES AND PRINCIPAL RISKS

(Unaudited)

Fund Investment Objective

The Fund seeks to produce future growth of both capital and income while providing reasonable current income. The Fund's investment objective is not a fundamental policy and may be changed by the Fund Board without stockholder approval.

Fund Investment Strategies and Policies

The Fund invests primarily for the longer term and has no charter restrictions with respect to its investments. With respect to the Fund's investments, assets may be held in cash or invested in all types of securities, that is, in common stocks, bonds, convertible bonds (including high yield instruments), debentures, notes, preferred and convertible preferred stocks, rights, and other securities or instruments, in whatever amounts or proportions the Investment Manager believes best suited to current and anticipated economic and market conditions.

The Fund may invest in debt/fixed income instruments and convertible securities that, at the time of purchase, are rated below investment grade or are unrated but determined to be of comparable quality (commonly referred to as "high yield" investments or "junk" bonds). The Fund may invest in debt instruments of any maturity and does not seek to maintain a particular dollar-weighted average maturity. A bond is issued with a specific maturity date, which is the date when the issuer must pay back the bond's principal (face value). Bond maturities range from less than 1 year to more than 30 years. Typically, the longer a bond's maturity, the more price risk the Fund and the Fund's investors face as interest rates rise, but the Fund could receive a higher yield in return for that longer maturity and higher interest rate risk.

The Fund may invest up to 25% of its net assets in foreign investments, including emerging markets. The Fund also employs leverage through its outstanding shares of preferred stock.

The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory restrictions.

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

As of June 30, 2026, the Fund had invested 68.6% of its net assets in equity securities, 18.1% of its net assets in debt/fixed income instruments and 13.2% of its net assets in convertible securities.

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

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 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.

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FUND INVESTMENT OBJECTIVE, STRATEGIES, POLICIES AND PRINCIPAL RISKS (continued)

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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:

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.

Tri-Continental Corporation | 2026   5

FUND INVESTMENT OBJECTIVE, STRATEGIES, POLICIES AND PRINCIPAL RISKS (continued)

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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.

Principal Risks

An investment in the Fund involves risks. In particular, investors should consider Market Risk, Stock Risk, Interest Rate Risk, Credit Risk, and Convertible Securities Risk, among others. Descriptions of these and other principal risks of investing in the Fund are provided below. There is no assurance that the Fund will achieve its investment objective and you may lose money. The value of the Fund's holdings may decline, and the Fund's net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The significance of any specific risk to an investment in the Fund will vary over time depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information below carefully, because any one or more of these risks may result in losses to the Fund. See also the Fund's "Risks and uncertainties" in the Notes to Financial Statements section.

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.

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 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.

The risk exists that a counterparty to a transaction in a financial instrument held by the Fund or by a special purpose or structured vehicle in which the Fund invests may become insolvent or otherwise fail to perform its obligations, including making payments to the Fund, due to financial difficulties. The Fund may obtain no or limited recovery in a bankruptcy or other reorganizational proceedings, and any recovery may be significantly delayed. Transactions that the Fund enters into may involve counterparties in the financials sector and, as a result, events affecting the financials sector may cause the Fund's NAV to fluctuate.

Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Various factors could affect the actual or perceived willingness or ability of the issuer to make timely interest or principal payments, including changes in the financial condition of the issuer or in general economic conditions. Credit rating agencies, such as S&P Global Ratings, Moody's Ratings, Fitch, DBRS and KBRA, assign credit ratings to certain debt instruments to indicate their credit risk. A rating downgrade by such agencies can negatively impact

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FUND INVESTMENT OBJECTIVE, STRATEGIES, POLICIES AND PRINCIPAL RISKS (continued)

(Unaudited)

the value of such instruments. Lower rated or unrated instruments held by the Fund may present increased credit risk as compared to higher-rated instruments. 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 may involve significant risks. Derivatives are financial instruments, traded on an exchange or in the (OTC) markets, with a value in relation to, or derived from, the value of an underlying asset(s) (such as a security, commodity or currency) or other reference, such as an index, rate or other economic indicator (each an underlying reference). Derivatives may include those that are privately placed or otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized activity that can involve investment techniques, risks, and tax planning different from those associated with more traditional investment instruments. The Fund's derivatives strategy may not be successful and use of certain derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund's actual investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of investments. Derivatives can increase the Fund's risk exposure to underlying references and their attendant risks, including the risk of an adverse credit event associated with the underlying reference (credit risk), the risk of an adverse movement in the value, price or rate of the underlying reference (market risk), the risk of an adverse movement in the value of underlying currencies (foreign currency risk) and the risk of an adverse movement in underlying interest rates (interest rate risk). Derivatives may expose the Fund to additional risks, including the risk of loss due to a derivative position that is imperfectly correlated with the underlying reference it is intended to hedge or replicate (correlation risk), the risk that a counterparty will fail to perform as agreed (counterparty risk), the risk that a hedging strategy may fail to mitigate losses, and may offset gains (hedging risk), the risk that the return on an investment may not keep pace with inflation (inflation risk), the risk that losses may be greater than the amount invested (leverage risk), the risk that the Fund may be unable to sell an investment at an advantageous time or price (liquidity risk), the risk that the investment may be difficult to value (pricing risk), and the risk that the price or value of the investment fluctuates significantly over short periods of time (volatility risk). The value of derivatives may be influenced by a variety of factors, including national and international political and economic developments. Potential changes to the regulation of the derivatives markets may make derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or performance of derivatives.

A futures contract is an exchange-traded derivative transaction between two parties in which a buyer (holding the "long" position) agrees to pay a fixed price (or rate) at a specified future date for delivery of an underlying reference from a seller (holding the "short" position). The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take delivery, liquidity in the futures market could be reduced. Positions in futures contracts may be closed out only on the exchange on which they were entered into or through a linked exchange, and no secondary market exists for such contracts. Futures positions are marked to market each day, and variation margin payment must be paid to or by the Fund. Because of the low margin deposits normally required in futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets are highly volatile, and the use of futures may increase the volatility of the Fund's NAV. Futures contracts executed (if any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase the Fund's risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk, and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.

Tri-Continental Corporation | 2026   7

FUND INVESTMENT OBJECTIVE, STRATEGIES, POLICIES AND PRINCIPAL RISKS (continued)

(Unaudited)

Securities issued by foreign governments or companies in emerging market countries, such as China, Russia and certain countries in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social, political, economic or other conditions. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be more volatile, and may be more susceptible to market manipulation, than securities in more developed markets. Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates and may have hostile relations with other countries. Due to the differences in the nature and quality of financial information of issuers of emerging market securities, including auditing and financial reporting standards, financial information and disclosures about such issuers may be unavailable or, if made available, may be considerably less reliable than publicly available information about other foreign securities.

Investments in or exposure to securities of foreign companies may involve heightened risks relative to investments in or exposure to securities of U.S. companies. For example, foreign markets can be extremely volatile. Foreign securities may also be less liquid, making them more difficult to trade, than securities of U.S. companies so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial costs and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose withholding or other taxes on the Fund's income, capital gains or proceeds from the disposition of foreign securities, which could reduce the Fund's return on such securities. In some cases, such withholding or other taxes could potentially be confiscatory. Other risks include: possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about foreign companies; the impact of economic, political, social, diplomatic or other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism and disease/virus outbreaks and epidemics), possible seizure, expropriation or nationalization of a company or its assets or the assets of a particular investor or category of investors; accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies; the imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country; and the generally less stringent standard of care to which local agents may be held in the local markets. In addition, it may be difficult to obtain reliable information about the securities and business operations of certain foreign issuers. Governments or trade groups may compel local agents to hold securities in designated depositories that are not subject to independent evaluation. The less developed a country's securities market is, the greater the level of risks. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell securities, and thus may make the Fund's investments in such securities less liquid or more difficult to value. In addition, as a result of economic sanctions, the Fund may be forced to sell or otherwise dispose of investments at inopportune times or prices, which could result in losses to the Fund and increased transaction costs. These conditions may be in place for a substantial period of time and enacted with limited advance notice to the Fund. The risks posed by sanctions against a particular foreign country, its nationals or industries or businesses within the country may be heightened to the extent the Fund invests significantly in the affected country or region or in issuers from the affected country that depend on global markets. Additionally, investments in certain countries may subject the Fund to a number of tax rules, the application of which may be uncertain. Countries may amend or revise their existing tax laws, regulations and/or procedures in the future, possibly with retroactive effect. Changes in or uncertainties regarding the laws, regulations or procedures of a country could reduce the profits of the Fund, directly or indirectly, including by reducing the profits of companies located in such countries in which the Fund invests, or result in unexpected tax liabilities for

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FUND INVESTMENT OBJECTIVE, STRATEGIES, POLICIES AND PRINCIPAL RISKS (continued)

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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.

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 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.

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 is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund's investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk (the risk that the Fund will have to reinvest the money received in securities that have lower yields). The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest rate increases could cause the value of the Fund's investments in debt instruments to decrease.

An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund's performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the Fund and could result in a greater premium or discount between the market price and the NAV of the Fund's shares and/or wider bid/ask spreads than those experienced by other funds.

Tri-Continental Corporation | 2026   9

FUND INVESTMENT OBJECTIVE, STRATEGIES, POLICIES AND PRINCIPAL RISKS (continued)

(Unaudited)

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.

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, 2026, 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, 2026, 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, 2026, 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.

The purpose of the table above is to assist you in understanding the effects of leverage caused by the Fund's preferred stock. The percentages appearing in the table are hypothetical. Actual returns may be greater or less than those shown above.

The use of leverage creates certain risks for the Fund's common stockholders, including the greater likelihood of higher volatility of the Fund's return, its net asset value and the market price of the Fund's common stock. Changes in the value of the Fund's total assets will have a disproportionate effect on the net asset value per share of common stock because of the Fund's leveraged assets. For example, if the Fund was leveraged equal to 50% of the Fund's common stock equity, it would show an approximately 1.5% increase or decline in net asset value for each 1% increase or decline in the value of its total assets. An additional risk of leverage is that the cost of the leverage plus applicable Fund expenses may exceed the return on the transactions undertaken with the proceeds of the leverage, thereby diminishing rather than enhancing the return to the Fund's common stockholders. These risks generally would make the Fund's return to common stockholders more volatile. The Fund also may be required to sell investments in order to make interest payments on borrowings used for leverage when it may be disadvantageous to do so. Because the fees received by the Investment Manager are based on the net assets of the Fund (including assets attributable to the Fund's preferred stock and borrowings that may be outstanding), the Investment Manager has a financial incentive for the Fund to maintain the preferred stock or use borrowings, which may create a conflict of interest between the Investment Manager, on the one hand, and the common stockholders on the other hand.

Liquidity risk is the risk with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund's ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund's investments or decreases in their capacity or willingness

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FUND INVESTMENT OBJECTIVE, STRATEGIES, POLICIES AND PRINCIPAL RISKS (continued)

(Unaudited)

to trade such investments may increase the Fund's exposure to this risk. The debt market has experienced considerable growth, and financial institutions making markets in instruments purchased and sold by the Fund (e.g., bond dealers) have been subject to increased regulation. The impact of that growth and regulation on the ability and willingness of financial institutions to engage in trading or "making a market" in such instruments remains unsettled. Certain types of investments, such as lower-rated securities or those that are purchased and sold in markets, may be especially subject to liquidity risk. Securities or other assets in which the Fund invests may be traded in the market rather than on an exchange and therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund's performance. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund's exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund's investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market.

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value assets in thinly traded and closed markets and could cause operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events - or the potential for such events - could have a significant negative impact on global economic and market conditions and could result in a greater premium or discount between the market price and the NAV of the Fund's shares and/or wider bid/asked spreads than those experienced by other funds.

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).

Any quantitative models used by the Fund may not effectively identify purchases and sales of Fund investments and may cause the Fund to underperform other investment strategies for short or long periods of time. Performance will depend upon the quality and accuracy of the assumptions, theories and framework upon which a quantitative model is based. The success of a quantitative model will depend upon its accurate reflection of market conditions, with proper adjustments as market conditions change over time. Adjustments, or lack of adjustments, to the quantitative model, including as conditions change, as well as any errors or imperfections in the quantitative model, could adversely affect Fund performance. The performance of a quantitative model depends upon the quality of its design and effective execution under actual market conditions. Even a well-designed quantitative model cannot be expected to perform well in all market conditions or across all time intervals. Quantitative models may underperform in certain market

12   Tri-Continental Corporation | 2026

FUND INVESTMENT OBJECTIVE, STRATEGIES, POLICIES AND PRINCIPAL RISKS (continued)

(Unaudited)

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 any quantitative models will enable the Fund to achieve its objective.

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.

At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within one or more economic sectors, including the information technology sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund vulnerable to unfavorable developments in that group of industries or economic sector.

The Fund may purchase unrated securities which are not rated by a rating agency. Unrated securities may be less liquid than comparable rated securities and involve the risk that the Investment Manager may not accurately evaluate the security's comparative credit rating. Analysis of creditworthiness of issuers of high yield securities may be more complex than for issuers of higher-quality debt securities. To the extent that the Fund purchases unrated securities, the Fund's success in achieving its investment objective may depend more heavily on the Investment Manager's creditworthiness analysis than if the Fund invested exclusively in rated securities.

12   Tri-Continental Corporation | 2026

FUND INVESTMENT OBJECTIVE, STRATEGIES, POLICIES AND PRINCIPAL RISKS (continued)

(Unaudited)

The Fund m er into derivative transactions or otherwise have exposure to derivative transactions through underlying investments. Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as the Secured Overnight Financing Rate (commonly known as SOFR)) or market indices (such as the Standard & Poor's 500 Index). The use of derivatives is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset directly. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility in the value of the derivative and/ or the Fund's shares, among other consequences. The use of derivatives may also increase the amount of taxes payable by stockholders holding shares in a taxable account. See the Taxation section in the Statement of Additional Information for more information. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. The U.S. government and the European Union (and some other jurisdictions) have enacted regulations and similar requirements that prescribe clearing, margin, reporting and registration requirements for participants in the derivatives market. These requirements are evolving and their ultimate impact on the Fund remains unclear, but such impact could include restricting and/or imposing significant costs or other burdens upon the Fund's participation in derivatives transactions. Additionally, regulations governing the use of derivatives by registered investment companies, such as the Fund, require, among other things, that a fund that invests in derivative instruments beyond a specified limited amount apply a limit to its portfolio and establish a comprehensive derivatives risk management program. As of the date of this report, the Fund is not required to maintain a comprehensive derivatives risk management program under Rule given its more limited use of derivatives. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information.

14   Tri-Continental Corporation | 2026

FEES AND EXPENSES, SHARE PRICE DATA AND SENIOR SECURITIES

Fees and Expenses of the Fund

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

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:

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

If dividends on the Fund's $2.50 cumulative preferred stock (Preferred Stock) were not included, the total expenses incurred for 1, 3, 5 and 10 years would be $6, $17, $30, and $68, respectively.

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

Share Price Data

The Fund's Common Stock is traded primarily on the New York Stock Exchange (the Exchange). The following table shows the high and low closing prices of the Fund's Common Stock on the Exchange for each calendar quarter since the beginning of 2024, 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.

14   Tri-Continental Corporation | 2026

FEES AND EXPENSES, SHARE PRICE DATA AND SENIOR SECURITIES (continued)

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, 2026 were $34.42, $38.15, and (9.78)%, respectively.

Senior Securities - $2.50 Cumulative Preferred Stock

The following information is being presented with respect to the Fund's Preferred Stock. The "Total Shares Outstanding" column presents the number of shares of Preferred Stock outstanding at the end of each year presented. 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.

Tri-Continental Corporation | 2026   

PORTFOLIO OF INVESTMENTS

June 30, 2026 (Unaudited)

(Percentages represent value of investments compared to net assets)

Issuer		Shares				Value ($)
Common Stocks 66.8%
Communication Services 6.0%
Diversified Telecommunication Services 1.1%
AT&T, Inc.			475,000				9,832,500
Comcast Corp., Class A			225,000				5,523,750
Verizon Communications, Inc.			200,000				8,468,000
Total							23,824,250
Interactive Media & Services 4.8%
Alphabet, Inc., Class A			189,303				67,651,213
Meta Platforms, Inc., Class A			52,477				29,559,769
Total							97,210,982
Media 0.1%
Versant Media Group, Inc.			75,000				2,700,750
Total Communication Services							123,735,982
Consumer Discretionary 5.6%
Automobile Components 0.2%
Aptiv PLC (a)			57,572				3,533,769
Automobiles 0.6%
General Motors Co.			24,745				1,907,345
Tesla, Inc. (a)			23,879				10,043,507
Total							11,950,852
Broadline Retail 1.4%
Amazon.com, Inc. (a)			98,547				23,487,693
Macy's, Inc.			285,000				6,711,750
Total							30,199,443
Hotels, Restaurants & Leisure 1.1%
Darden Restaurants, Inc.			37,500				7,725,375
Expedia Group, Inc.			34,426				8,808,925
Las Vegas Sands Corp.			147,718				6,823,094
Total							23,357,394
Household Durables 0.3%
Dr. Horton, Inc.			10,221				1,664,796
Newell Brands, Inc.			600,000				3,684,000
Total							5,348,796
Specialty Retail 0.9%
Best Buy Co., Inc.			95,000				7,208,600
Ross Stores, Inc.			57,959				12,336,573
Total							19,545,173

Issuer		Shares				Value ($)
Common Stocks (continued)
Textiles, Apparel & Luxury Goods 1.1%
Ralph Lauren Corp.			23,434				9,406,642
Tapestry, Inc.			93,919				13,747,863
Total							23,154,505
Total Consumer Discretionary							117,089,932
Consumer Staples 3.7%
Beverages 0.7%
Molson Coors Beverage Co., Class B			129,267				5,036,242
PepsiCo, Inc.			77,500				10,493,500
Total							15,529,742
Consumer Staples Distribution & Retail 0.1%
Kroger Co.			46,614				2,588,475
Food Products 0.4%
Mondelez International, Inc., Class A			135,000				7,808,400
Household Products 0.8%
Colgate-Palmolive Co.			21,601				1,980,380
Procter & Gamble Co.			93,307				13,682,538
Total							15,662,918
Personal Care Products 0.4%
Kenvue, Inc.			400,000				7,644,000
Tobacco 1.3%
Altria Group, Inc.			275,874				19,849,135
Philip Morris International, Inc.			45,000				8,140,950
Total							27,990,085
Total Consumer Staples							77,223,620
Energy 3.0%
Oil, Gas & Consumable Fuels 3.0%
Chevron Corp.			160,001				26,521,766
Crescent Energy Co., Class A			235,000				2,307,700
Diamondback Energy, Inc.			27,500				4,833,950
EOG Resources, Inc.			80,000				10,378,400
Exxon Mobil Corp.			70,183				9,595,420
Valero Energy Corp.			35,857				9,338,597
Total							62,975,833
Total Energy							62,975,833

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

16   Tri-Continental Corporation | 2026

PORTFOLIO OF INVESTMENTS (continued)

June 30, 2026 (Unaudited)

Issuer		Shares				Value ($)
Common Stocks (continued)
Financials 8.7%
Banks 2.3%
Citigroup, Inc.			95,512				13,367,860
JPMorgan Chase & Co.			25,000				8,183,250
M&T Bank Corp.			35,000				8,330,350
U.S. Bancorp			311,019				18,785,547
Total							48,667,007
Capital Markets 3.4%
ARES Capital Corp.			450,000				8,338,500
Bank of New York Mellon Corp.			121,379				17,552,617
Blackrock, Inc.			9,269				8,912,700
Blackstone Secured Lending Fund			225,000				5,334,750
Charles Schwab Corp.			109,930				10,143,241
CME Group, Inc.			7,409				1,636,129
Morgan Stanley			50,000				10,452,000
S&P Global, Inc.			14,242				5,800,197
Total							68,170,134
Consumer Finance 0.6%
Synchrony Financial			176,918				13,454,614
Financial Services 0.9%
Clovis Liquidating Trust (a),(b),(c)			9,371,357				163,999
Mastercard, Inc., Class A			34,529				17,734,094
Total							17,898,093
Insurance 1.1%
Allstate Corp.			74,974				17,839,314
MetLife, Inc.			70,000				5,922,700
Total							23,762,014
Mortgage Real Estate Investment 0.4%
Starwood Property Trust, Inc.			500,000				8,190,000
Total Financials							180,141,862
Health Care 7.1%
Biotechnology 1.9%
AbbVie, Inc.			68,008				17,113,534
Amgen, Inc.			30,196				10,934,576
Argenx SE ADR (a)			1,239				1,149,507
BioMarin Pharmaceutical, Inc. (a)			19,534				1,117,735
Insmed, Inc. (a)			28,249				3,011,908
Vertex Pharmaceuticals, Inc. (a)			10,548				5,239,508
Total							38,566,768

Issuer		Shares				Value ($)
Common Stocks (continued)
Health Care Equipment & Supplies 0.3%
Medtronic PLC			70,000				5,476,100
Health Care Providers & Services 1.3%
Centene Corp. (a)			174,041				11,171,692
CVS Health Corp.			158,932				16,441,515
Total							27,613,207
Life Sciences Tools & Services 0.4%
Charles River Laboratories International, Inc. (a)			38,659				8,767,475
Pharmaceuticals 3.2%
Bristol-Myers Squibb Co.			511,420				29,468,019
Merck & Co., Inc.			87,500				11,243,750
Pfizer, Inc.			494,310				11,902,985
Viatris, Inc.			869,602				13,809,280
Total							66,424,034
Total Health Care							146,847,584
Industrials 5.5%
Aerospace & Defense 1.4%
General Dynamics Corp.			48,975				17,348,904
Lockheed Martin Corp.			16,500				8,406,090
RTX Corp.			30,000				5,691,900
Total							31,446,894
Air Freight & Logistics 1.0%
FedEx Corp.			44,421				13,909,548
United Parcel Service, Inc., Class B			55,000				5,912,500
Total							19,822,048
Building Products 0.1%
A.O. Smith Corp.			25,946				1,627,333
Ground Transportation 0.3%
Union Pacific Corp.			20,000				5,440,000
Machinery 2.2%
Cummins, Inc.			19,165				13,668,670
Nordson Corp.			18,896				5,700,734
Pentair PLC			92,014				7,053,793
Snap-on, Inc.			34,289				13,797,893
Stanley Black & Decker, Inc.			75,000				7,059,000
Total							47,280,090
Professional Services 0.5%
Automatic Data Processing, Inc.			21,401				4,792,754

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

Tri-Continental Corporation | 2026   17

PORTFOLIO OF INVESTMENTS (continued)

June 30, 2026 (Unaudited)

Issuer		Shares				Value ($)
Common Stocks (continued)
Broadridge Financial Solutions, Inc.			34,822				4,768,873
Total							9,561,627
Total Industrials							115,177,992
Information Technology 21.0%
Communications Equipment 2.1%
Arista Networks, Inc. (a)			111,561				18,951,983
Cisco Systems, Inc.			208,407				24,479,486
Total							43,431,469
Electronic Equipment, Instruments &
Components 1.3%
Corning, Inc.			35,000				8,940,050
Keysight Technologies, Inc. (a)			50,127				17,547,959
Total							26,488,009
IT Services 0.3%
International Business Machines Corp.			25,000				7,030,250
Semiconductors & Semiconductor
Equipment 8.8%
Advanced Micro Devices, Inc. (a)			9,632				5,595,325
Broadcom, Inc.			50,558				19,098,285
KLA Corp.			18,290				5,518,276
Lam Research Corp.			24,477				10,606,618
Micron Technology, Inc.			18,223				21,034,627
NVIDIA Corp.			460,327				92,106,830
Teradyne, Inc.			35,497				17,174,868
Texas Instruments, Inc.			37,500				11,177,625
Total							182,312,454
Software 4.1%
Adobe, Inc. (a)			48,206				9,883,194
Fortinet, Inc. (a)			94,744				14,554,573
Microsoft Corp.			130,864				48,814,889
Palantir Technologies, Inc., Class A (a)			81,358				9,492,038
ServiceNow, Inc. (a)			15,370				1,525,934
Total							84,270,628
Technology Hardware, Storage &
Peripherals 4.4%
Apple, Inc. (d)			269,770				78,060,648
HP, Inc.			325,000				7,130,500
Sandisk Corp. (a)			2,654				6,034,479
Total							91,225,627
Total Information Technology							434,758,437

Issuer		Shares				Value ($)
Common Stocks (continued)
Materials 1.5%
Chemicals 1.0%
CF Industries Holdings, Inc.			79,166				8,570,511
Eastman Chemical Co.			75,000				5,023,500
Nutrien Ltd.			90,000				5,665,500
Total							19,259,511
Metals & Mining 0.5%
Newmont Corp.			112,457				10,503,484
Total Materials							29,762,995
Real Estate 2.4%
Health Care REITs 0.3%
Healthcare Realty Trust, Inc.			275,000				5,546,750
Hotel & Resort REITs 0.2%
Host Hotels & Resorts, Inc.			260,394				6,173,942
Industrial REITs 0.3%
Prologis, Inc.			40,000				5,418,800
Office REITs 0.3%
BXP, Inc.			92,500				6,133,675
Residential REITs 0.3%
Invitation Homes, Inc.			175,000				5,286,750
Retail REITs 0.3%
Realty Income Corp.			87,500				5,421,500
Specialized REITs 0.7%
Equinix, Inc.			10,626				11,076,436
VICI Properties, Inc.			200,000				5,310,000
Total							16,386,436
Total Real Estate							50,367,853
Utilities 2.3%
Electric Utilities 1.8%
Duke Energy Corp.			45,000				5,696,100
Edison International			80,827				6,017,570
Entergy Corp.			50,000				5,743,000
Exelon Corp.			123,529				5,758,922
FirstEnergy Corp.			115,000				5,467,100
PG&E Corp.			523,899				8,811,981
Total							37,494,673
Gas Utilities 0.3%
UGI Corp.			160,000				5,526,400

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

18   Tri-Continental Corporation | 2026

PORTFOLIO OF INVESTMENTS (continued)

June 30, 2026 (Unaudited)

Issuer						Shares				Value ($ )
Common Stocks (continued)
Independent Power and Renewable
Electricity Producers 0.2%
AES Corp.							331,697				4,862,678
Total Utilities											47,883,751
Total Common Stocks (Cost $910,030,353)											1,385,965,841
Issuer		Coupon Rate				Principal Amount ($)				Value ($ )
Convertible Bonds 6.2%
Auto Manufacturers 0.3%
Rivian Automotive, Inc. 03/15/2029			4.625	%			4,500,000				5,330,105
Commercial Services 0.2%
Hertz Corp. (e) 07/01/2030			6.750	%			2,500,000				2,335,483
10/01/2030			5.500	%			7,500,000				2,446,188
Total											4,781,671
Diversified Financial Services 0.5%
Galaxy Digital Holdings LP (e) 05/01/2031			0.500	%			6,000,000				5,107,853
WisdomTree, Inc. (e) 08/15/2030			4.625	%			4,500,000				5,363,101
Total											10,470,954
Electric 0.9%
PG&E Corp. 12/01/2027			4.250	%			5,000,000				5,110,000
PPL Capital Funding, Inc. (e) 12/01/2030			3.000	%			5,000,000				5,084,000
WEC Energy Group, Inc. 06/01/2029			4.375	%			7,000,000				8,673,000
Total											18,867,000
Energy - Alternate Sources 0.5%
Eos Energy Enterprises, Inc. (e) 12/01/2031			1.750	%			8,500,000				6,336,624
Plug Power, Inc. (e) 12/01/2033			6.750	%			2,400,000				3,186,507
Total											9,523,131
Entertainment 0.2%
Live Nation Entertainment, Inc. 01/15/2030			2.875	%			4,800,000				5,728,799

Issuer		Coupon Rate				Principal Amount ($)				Value ($ )
Convertible Bonds (continued)
Environmental Control 0.1%
PureCycle Technologies, Inc. 07/01/2032			4.750	%			2,700,000				2,735,560
Healthcare Services 0.3%
Oscar Health, Inc. (e) 09/01/2030			2.250	%			3,800,000				5,592,840
Home Builders 0.3%
LCI Industries 03/01/2030			3.000	%			5,000,000				5,620,301
Internet 0.0%
Farfetch Ltd. (f) 05/01/2027			0.000	%			5,300,000				19,875
Investment Companies 0.4%
IREN Ltd. (e) 12/01/2033			1.000	%			9,200,000				7,985,600
Mining 0.1%
Caledonia Mining Corp. PLC (e) 01/15/2033			5.875	%			3,000,000				2,661,000
Oil & Gas 0.1%
Crescent Energy Co. (e) 03/15/2031			2.750	%			2,700,000				2,655,450
Private Equity 0.2%
Hercules Capital, Inc. (e) 09/01/2028			4.750	%			5,100,000				4,980,150
REITS 0.3%
Welltower OP LLC (e) 07/15/2029			3.125	%			3,000,000				5,377,500
Software 1.2%
CoreWeave, Inc. (e) 10/01/2032			1.750	%			4,800,000				5,283,840
Nebius Group NV (e) 03/15/2033			2.625	%			5,000,000				8,842,871
Progress Software Corp. 03/01/2030			3.500	%			5,800,000				5,573,386
Strategy, Inc. (g) 03/01/2030			0.000	%			6,000,000				5,301,600
Total											25,001,697

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

Tri-Continental Corporation | 2026   19

PORTFOLIO OF INVESTMENTS (continued)

June 30, 2026 (Unaudited)

Issuer		Coupon Rate				Principal Amount ($)				Value ($)
Convertible Bonds (continued)
Telecommunications 0.6%
AST SpaceMobile, Inc. (e) 04/15/2036			2.250	%			6,000,000				6,438,000
BlackSky Technology, Inc. (e) 08/01/2033			8.250	%			4,000,000				5,178,349
Total											11,616,349
Total Convertible Bonds (Cost $126,394,213)											128,947,982
Issuer .						Shares				Value ($)
Convertible Preferred Stocks 7.0%
Communication Services 0.8%
Interactive Media & Services 0.8%
Alphabet, Inc.			6.250	%			165,000				8,273,100
Alphabet, Inc.			6.250	%			165,000				8,284,650
Total											16,557,750
Total Communication Services											16,557,750
Consumer Discretionary 0.3%
Household Durables 0.3%
Whirlpool Corp.			8.500	%			160,000				5,492,800
Total Consumer Discretionary											5,492,800
Financials 1.2%
Banks 0.5%
Bank of America Corp. (h)			7.250	%			8,500				10,662,570
Capital Markets 0.7%
ARES Management Corp.			6.750	%			130,000				4,891,900
KKR & Co., Inc.			6.250	%			250,000				9,905,000
Total											14,796,900
Total Financials											25,459,470
Health Care 0.4%
Life Sciences Tools & Services 0.4%
Bruker Corp.			6.375	%			18,500				8,191,985
Total Health Care											8,191,985
Industrials 1.0%
Aerospace & Defense 0.6%
Boeing Co.			6.000	%			82,500				5,591,850
VSE Corp.			5.750	%			100,000				5,780,000
Total											11,371,850

Issuer						Shares				Value ($)
Convertible Preferred Stocks (continued)
Trading Companies & Distributors 0.4%
QXO, Inc.			5.500	%			170,000				8,380,830
Total Industrials											19,752,680
Information Technology 1.7%
Semiconductors & Semiconductor
Equipment 0.6%
Microchip Technology, Inc.			7.500	%			160,000				12,299,200
Software 0.5%
Oracle Corp.			6.500	%			240,000				10,771,200
Technology Hardware, Storage &
Peripherals 0.6%
Hewlett Packard Enterprise Co.			7.625	%			120,000				13,937,873
Total Information Technology											37,008,273
Materials 0.2%
Chemicals 0.2%
Albemarle Corp.			7.250	%			80,000				4,431,200
Total Materials											4,431,200
Utilities 1.4%
Electric Utilities 1.4%
NextEra Energy, Inc.			7.299	%			155,000				8,321,285
PG&E Corp.			6.000	%			135,000				5,579,148
PPL Corp.			7.000	%			70,000				3,411,800
Southern Co.			7.125	%			225,000				11,258,158
Total											28,570,391
Total Utilities											28,570,391
Total Convertible Preferred Stocks (Cost $135,491,312)											145,464,549
Issuer		Coupon Rate				Principal Amount ($)				Value ($)
Corporate Bonds 18.1%
Advertising 0.5%
Clear Channel Outdoor Holdings, Inc. (e) 04/15/2028			7.750	%			2,500,000				2,503,945
Neptune Bidco U.S., Inc. (e) 04/15/2029			9.290	%			7,254,000				7,400,118
Total											9,904,063