# EDGAR Filing Document

**Accession Number:** 0000099614
**File Stem:** 0001193125-26-096543
**Filing Date:** 2026-3
**Character Count:** 389657
**Document Hash:** 703cbf42359916556831a8f8eadc4734
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096543.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096543

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRI-CONTINENTAL Corp
- **CENTRAL INDEX KEY:** 0000099614

**ORGANIZATION NAME:**
- **EIN:** 135441850
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00266
- **FILM NUMBER:** 26731146

**BUSINESS ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 612-671-4321

**MAIL ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRI-CONTINENTAL CORP
- **DATE OF NAME CHANGE:** 20030624

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRI CONTINENTAL CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? N-CSR

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-00266

## Tri-Continental Corporation

#### (Exact name of registrant as specified in charter)

#### 290 Congress Street

#### Boston, MA 02210

#### (Address of principal executive offices) (Zip code)

#### Michael G. Clarke

#### 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: Last Day of December

#### Date of reporting period: December 31, 2025

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Item 1. Reports to Stockholders.

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![](g109969img3b2ba5c51.jpg)

Tri-Continental Corporation

**Annual Report**

December 31, 2025

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| | | |
|:---|:---|:---|
| **Not FDIC or NCUA Insured** | **No Financial Institution Guarantee** | **May Lose Value** |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_FNDG-CommonContent-Date-301_1) | 3 |
| [Manager Discussion of Fund Performance](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_FNDG-CommonContent-Date-301_3) | 5 |
| [Fund Investment Objective, Strategies, Policies and Principal Risks](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_FORB-CommonContent-Date-301_1) | 6 |
| [Fees and Expenses, Share Price Data and Senior Securities](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_FES-CommonContent-Date-301_1) | 16 |
| [Portfolio of Investments](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_POI-CommonContent-Date-301_1) | 18 |
| [Statement of Assets and Liabilities](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_FS-CommonContent-Date-301_1) | 28 |
| [Statement of Operations](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_FS-CommonContent-Date-301_2) | 29 |
| [Statement of Changes in Net Assets](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_FS-CommonContent-Date-301_3) | 30 |
| [Financial Highlights](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_FIHI-CommonContent-Date-301_1) | 31 |
| [Notes to Financial Statements](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_NTF-CommonContent-Date-301_1) | 34 |
| [Report of Independent Registered Public Accounting Firm](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_AUD-CommonContent-Date-301_1) | 46 |
| [Federal Income Tax Information](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_CCH-CommonContent-Date-301_1) | 47 |
| [Directors and Officers](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_CCH-CommonContent-Date-301_1) | 47 |
| [Results of Meeting of Stockholders](#xx_5099a6ef-42c9-448c-a7aa-d84404e6409e_CCH-CommonContent-Date-301_7) | 53 |

---

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

Proxy voting policies and procedures

The policy of the Board of Directors is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the SAI. You may obtain a copy of the SAI without charge by calling 800.345.6611, option 3; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the SEC 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 distributor**

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

**Fund transfer agent**

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Tri-Continental Corporation \| 2025

------

Fund at a Glance

(Unaudited)

Portfolio management

**David King, CFA**

Co-Portfolio Manager

Managed Fund since 2011

**Yan Jin**

Co-Portfolio Manager

Managed Fund since 2012

**Raghavendran Sivaraman, Ph.D., CFA**

Co-Portfolio Manager

Managed Fund since 2020

**Grace Lee, CAIA**

Co-Portfolio Manager

Managed Fund since 2020

**Oleg Nusinzon, CFA**

Co-Portfolio Manager

Managed Fund since 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (%)** | **Average Annual Total Returns (%)** | **Average Annual Total Returns (%)** | **Average Annual Total Returns (%)** |
|  | **1 year** | **5 years** | **10 years** |
| Market Price | 16.14 | &nbsp;&nbsp;&nbsp;&nbsp;12.59 | &nbsp;&nbsp;&nbsp;&nbsp;13.63 |
| Net Asset Value | 15.45 | &nbsp;&nbsp;&nbsp;&nbsp;12.27 | &nbsp;&nbsp;&nbsp;&nbsp;13.04 |
| S&P 500 Index  | 17.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| Blended Benchmark - 50% S&P 500<sup>®</sup> Index, 16.68% Russell 1000<sup>®</sup> <br> Value Index, 16.66% Bloomberg U.S. Corporate Investment Grade & <br> High Yield Index, 16.66% Bloomberg U.S. Convertible Composite <br> Index <br>| 15.93 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;&nbsp;11.81 |

---

**Past performance does not guarantee future performance. Performance does not reflect the deduction of taxes that a stockholder may pay on fund distributions or on the sale of fund shares. Performance results reflect the effect of any fee waivers / expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit** columbiathreadneedleus.com/investment-products/closed-end-funds **for more recent performance information.**

**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.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Price Per Share** | **Price Per Share** | **Price Per Share** | **Price Per Share** | **Price Per Share** |
|  | **December 31, 2025** | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** |
| Market Price ($) | 32.66 | &nbsp;&nbsp;&nbsp;&nbsp;34.00 | &nbsp;&nbsp;&nbsp;&nbsp;31.66 | &nbsp;&nbsp;&nbsp;&nbsp;30.67 |
| Net Asset Value ($) | 36.35 | &nbsp;&nbsp;&nbsp;&nbsp;37.76 | &nbsp;&nbsp;&nbsp;&nbsp;35.62 | &nbsp;&nbsp;&nbsp;&nbsp;34.41 |

---

The net asset value of the Fund's shares may not always correspond to the market price of such shares. Common stock of many closed-end funds frequently trade at a discount from their net asset value. The Fund is subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment in the Fund.

Tri-Continental Corporation \| 2025

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Fund at a Glance (continued)

(Unaudited)

**Performance of a hypothetical $10,000 investment (December 31, 2015 — December 31, 2025)**

![](g109969img74447bc82.jpg)

The chart above shows the change in value of a hypothetical $10,000 investment in Tri-Continental Corporation during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the sale of Fund shares.

The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets as of December 31, 2025. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Top Holdings** | **Top Holdings** |
| NVIDIA Corp. | 4.7<br> %<br>|
| Alphabet, Inc., Class A | 3.5<br> %<br>|
| Apple, Inc. | 3.2<br> %<br>|
| Microsoft Corp. | 2.4<br> %<br>|
| Meta Platforms, Inc., Class A | 1.9<br> %<br>|
| Amazon.com, Inc. | 1.6<br> %<br>|
| Bristol-Myers Squibb Co. | 1.5<br> %<br>|
| Chevron Corp. | 1.5<br> %<br>|
| Visa, Inc., Class A | 1.3<br> %<br>|
| Cisco Systems, Inc. | 1.0<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Asset Categories** | **Asset Categories** |
| Common Stocks | 67.8<br> %<br>|
| Corporate Bonds & Notes | 18.7<br> %<br>|
| Convertible Bonds | 6.6<br> %<br>|
| Convertible Preferred Stocks | 5.3<br> %<br>|
| Other | 1.1<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Equity Sector Allocation** | **Equity Sector Allocation** |
| Information Technology | 20.1<br> %<br>|
| Financials | 11.4<br> %<br>|
| Health Care | 8.1<br> %<br>|
| Communication Services | 6.6<br> %<br>|
| Industrials | 6.5<br> %<br>|
| Consumer Discretionary | 6.2<br> %<br>|
| Consumer Staples | 3.8<br> %<br>|
| Utilities | 3.3<br> %<br>|
| Energy | 2.9<br> %<br>|
| Materials | 2.1<br> %<br>|
| Other | 2.1<br> %<br>|

---

Tri-Continental Corporation \| 2025

------

Manager Discussion of Fund Performance

(Unaudited)

Top Performance Contributors

**Stock selection \|** In the quantitative segment of the Fund, selections in the consumer discretionary, communications services and energy sectors were the most additive over the year. In the Fund's flexible capital segment, selections in the health care and real estate sectors boosted the Fund's relative performance most during the annual period.

**Allocations \|** The strategy of the quantitative segment of the portfolio strives to maintain a sector-neutral approach, albeit allocation here modestly contributed. In the flexible capital segment of the portfolio, underweight positions in the consumer discretionary sector contributed to Fund performance.

**Individual holdings \|** In the quantitative segment, overweight positions in Tapestry, a luxury accessories and lifestyle brand company; Citigroup, a bank holding company, which engages in the provision of financial products and services; and Ralph Lauren, a company in the design, marketing, and distribution of luxury lifestyle products, including apparel, footwear and accessories, home, fragrances, and hospitality categories, all contributed to performance. In the flexible capital segment, positions in AST SpaceMobile, a space broadband cellular network company; Corning, an electronic components company; and CVS, a drugstore chain company, were among the top contributors to relative performance.

Top Performance Detractors

**Stock selection \|** Selections in the information technology, industrials and utilities sectors were the main detractors in the Fund's quantitative segment of the portfolio. In the flexible capital segment of the portfolio, selections in the financials and information technology sectors weighed on the Fund's relative performance.

**Allocations \|** In the flexible capital segment of the portfolio, underweight positions in the information technology sector detracted from relative performance.

**Individual holdings \|** Overweight positions in Fiserv, a company that engages in the provision of financial services technology; Salesforce, which engages in the design and development of cloud-based enterprise software for customer relationship management; and Broadcom, a global technology company, which designs, develops, and supplies semiconductors and infrastructure software solutions, all were the main drags on relative returns in the quantitative segment of the portfolio. Broadcom was also a top detractor for the flexible capital segment of the portfolio, as was Newell Brands, a global consumer goods company, and HP Inc., an information technology company.

Tri-Continental Corporation \| 2025

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Fund Investment Objective, Strategies, Policies and Principal Risks

(Unaudited)

**Fund Investment Objective**

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

**Fund Investment Strategies and Policies**

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

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

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

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

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

As of December 31, 2025, the Fund had invested 68.6% of its net assets in equity securities, 19.0% of its net assets in debt/fixed income instruments and 11.9% of its net assets in convertible securities.

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

• it keeps investments in individual issuers within the limits permitted for diversified companies under the Investment Company Act of 1940, as amended (the 1940 Act) (i.e., 75% of its total assets must be represented by cash items, government securities, securities of other investment companies, and securities of other issuers which, at the time of investment, do not exceed 5% of the Fund's total assets at market value in the securities of any issuer and do not exceed 10% of the voting securities of any issuer);

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

• it ordinarily does not invest in other investment companies, but it may purchase up to 3% of the voting securities of such investment companies, provided purchases of securities of a single investment company do not exceed in value 5% of the total assets of the Fund and all investments in investment company securities do not exceed 10% of total assets; and

• it has no fixed policy with respect to portfolio turnover and purchases and sales in the light of economic, market and investment considerations. The portfolio turnover rates for the last ten fiscal years are shown under *Financial Highlights*.

The foregoing investment objective and policies may be changed by the Fund's Board without stockholder approval, unless such a change would change the Fund's status from a "diversified" to a "non-diversified" company under the 1940 Act. For purposes of applying the limitation set forth in its issuer diversification policy, under certain circumstances, the Fund may treat an investment, if any, in a municipal bond refunded with escrowed U.S. Government securities as an investment in U.S. Government securities.

Tri-Continental Corporation \| 2025

------

Fund Investment Objective, Strategies, Policies and Principal Risks (continued)

(Unaudited)

The Fund may not invest 25% or more of its total assets in securities of companies in any one industry. The Fund may, however, invest a substantial percentage of its assets in certain industries or economic sectors believed to offer good investment opportunities, including the information technology sector. If an industry or economic sector in which the Fund is invested falls out of favor, the Fund's performance may be negatively affected. The Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

The Fund's stated fundamental policies, which may not be changed without a vote of stockholders, are listed below. Within the limits of these fundamental policies, the Investment Manager has reserved freedom of action. The Fund:

• may issue senior securities such as bonds, notes or other evidences of indebtedness if immediately after issuance the net assets of the Fund provide 300% coverage of the aggregate principal amount of all bonds, notes or other evidences of indebtedness and that amount does not exceed 150% of the capital and surplus of the Fund;

• may issue senior equity securities on a parity with, but not having preference or priority over, the preferred stock if immediately after issuance its net assets are equal to at least 200% of the aggregate amount (exclusive of any dividends accrued or in arrears) to which all shares of the preferred stock, then outstanding, shall be entitled as a preference over the common stock in the event of voluntary or involuntary liquidation, dissolution or winding up of the Fund;

• may borrow money for substantially the same purposes as it may issue senior debt securities, subject to the same restrictions and to any applicable limitations prescribed by law;

• may engage in the business of underwriting securities either directly or through majority-owned subsidiaries subject to any applicable restrictions and limitations prescribed by law;

• does not intend to concentrate its assets in any one industry although it may from time to time invest up to 25% of the value of its assets, taken at market value, in a single industry\*;

\* For purposes of applying the limitation set forth in its concentration policy above, the Fund will generally use the industry classifications provided by the Global Industry Classification Standard (GICS) for classification of issuers of equity securities and the classifications provided by the Bloomberg U.S. Aggregate Bond Index for classification of issues of fixed-income securities. The Fund considers the investments of any underlying funds in which it invests, and will consider the portfolio positions applying the Time of Purchase Standard, which in the case of unaffiliated underlying funds is based on portfolio information made publicly available by them. The Fund does not consider futures or swaps clearinghouses or securities clearinghouses, where the Fund has exposure to such clearinghouses in the course of making investments in futures and securities, to be part of any industry.

• may not, with limited exceptions, purchase and sell real estate directly but may do so through majority-owned subsidiaries, so long as its real estate investments do not exceed 10% of the value of the Fund's total assets;

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

• may make money loans (subject to restrictions imposed by law and by charter) (a) only to its subsidiaries, (b) as incidents to its business transactions or (c) for other purposes. The Fund will not lend securities if the total of all such loans would exceed 33 1/3% of the Fund's total assets, except this fundamental investment policy shall not prohibit the Fund from purchasing money market securities, loans, loan participation or other debt securities, or from entering into repurchase agreements, and it may make loans represented by repurchase agreements, so long as such loans do not exceed 10% of the value of total assets.

If the Fund issues senior securities, the Fund may not, to the extent required by the 1940 Act, declare dividends (except dividends payable in stock of the Fund) or other distributions on stock or purchase its stock (including through tender offers) if, immediately after doing so, it will have an asset coverage ratio of less than 300% or 200%, as applicable.

During its last three fiscal years, the Fund did not: (a) issue senior securities; (b) borrow any money; (c) underwrite securities; (d) concentrate investments in particular industries or groups of industries; (e) purchase or sell real estate, commodities, or commodity contracts; or (f) make money loans.

Tri-Continental Corporation \| 2025

------

Fund Investment Objective, Strategies, Policies and Principal Risks (continued)

(Unaudited)

**Principal Risks** 

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

***Active Management Risk.*** The Fund is actively managed and its performance therefore will reflect, in part, the ability of the portfolio managers to make investment decisions that seek to achieve the Fund's investment objective. Due to its active management, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies.

***Changing Distribution Level Risk*.** The Fund normally expects to receive income which may include interest, dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A decline in the Fund's income or net capital gains arising from its investments may reduce its distribution level.

***Convertible Securities Risk.*** Convertible securities are subject to the usual risks associated with debt instruments, such as interest rate risk (the risk of losses attributable to changes in interest rates) and credit risk (the risk that the issuer of a debt instrument will default or otherwise become unable, or be perceived to be unable or unwilling, to honor a financial obligation, such as making payments to the Fund when due). Convertible securities also react to changes in the value of the common stock into which they convert and are thus subject to market risk (the risk that the market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise). Because the value of a convertible security can be influenced by both interest rates and the common stock's market movements, a convertible security generally is not as sensitive to interest rates as a similar debt instrument and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.

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

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

Tri-Continental Corporation \| 2025

------

Fund Investment Objective, Strategies, Policies and Principal Risks (continued)

(Unaudited)

and are more likely to experience a default than investment grade debt instruments and therefore may expose the Fund to increased credit risk. If the Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual.

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

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

• An ***equity future*** is a derivative that is an agreement for the contract holder to buy or sell a specified amount of an individual equity, a basket of equities, or the securities in an equity index on a specified date at a predetermined price.

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Fund Investment Objective, Strategies, Policies and Principal Risks (continued)

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

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

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Fund Investment Objective, Strategies, Policies and Principal Risks (continued)

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countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency exchange controls and economic or political developments in the U.S. or abroad. The Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars and vice versa.

***Frequent Trading Risk***. The portfolio managers may actively and frequently trade investments in the Fund's portfolio to carry out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as relevant, will realize taxable capital gains (including short-term capital gains, which are generally taxable to shareholders at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's return. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's performance.

***High-Yield Investments Risk***. Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality tend to be more sensitive to credit risk than higher-rated debt instruments and may experience greater price fluctuations in response to perceived changes in the ability of the issuing entity or obligor to pay interest and principal when due than to changes in interest rates. These investments are generally more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. These debt instruments typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. High-yield debt instruments may require a greater degree of judgment to establish a price, may be difficult to sell at the time and price the Fund desires, may carry high transaction costs, and also are generally less liquid than higher-rated debt instruments. The ratings provided by third party rating agencies are based on analyses by these ratings agencies of the credit quality of the debt instruments and may not take into account every risk related to whether interest or principal will be timely repaid. In adverse economic and other circumstances, issuers of lower-rated debt instruments are more likely to have difficulty making principal and interest payments than issuers of higher-rated debt instruments.

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

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

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Fund Investment Objective, Strategies, Policies and Principal Risks (continued)

(Unaudited)

***Large-Cap Stock Risk.*** Investments in larger, more established companies (larger companies) may involve certain risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially during extended periods of economic expansion.

***Leverage Risk***. Senior securities issued or money borrowed to raise funds for investment have a prior fixed dollar claim on the Fund's assets and income. Any gain in the value of securities purchased or income received in excess of the cost of the amount borrowed or interest or dividends payable causes the net asset value of the Fund's common stock or the income available to it to increase more than otherwise would be the case. Conversely, any decline in the value of securities purchased or income received on them that is less than the asset or income claims of the senior securities or cost of borrowed money causes the net asset value of the common stock or income available to it to decline more sharply than would be the case if there were no prior claim. Funds obtained through senior securities or borrowings thus create investment opportunity, but they also increase exposure to risk. This influence ordinarily is called "leverage." As of December 31, 2025, the only senior securities of the Fund outstanding were 752,740 shares of its preferred stock, $50 par value. The dividend rate as of December 31, 2025 on the preferred stock was $2.50 per annum payable quarterly. Based on the net asset value of the Fund's common stock on December 31, 2025, the Fund's portfolio requires an annual return of 0.10% in order to cover dividend payments on the preferred stock. For a description of such payments, see *Capital Stock, Long-Term Debt, and Other Securities – Description of Capital Stock* in the Fund's prospectus. The following table illustrates the effect of leverage relating to presently outstanding preferred stock on the return available to a holder of the Fund's common stock.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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.

***Liquidity Risk.*** Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund's ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund's investments or decreases in their capacity or willingness to trade such investments may increase the Fund's exposure to this risk. The debt market has experienced considerable growth, and financial institutions making markets in instruments purchased and sold by the Fund (e.g., bond dealers) have

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Fund Investment Objective, Strategies, Policies and Principal Risks (continued)

(Unaudited)

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

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

***Preferred Stock Risk***. Preferred stock is a type of stock that may pay dividends at a different rate than common stock of the same issuer, if at all, and that has preference over common stock in the payment of dividends and the liquidation of assets. Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings, type of products or services, projected growth rates, experience of management, liquidity, general market conditions of the markets on which the stock trades. The most significant risks associated with investments in preferred stock include issuer risk, market risk and interest rate risk (the risk of losses attributable to changes in interest rates).

***Quantitative Models Risk***. Any quantitative models used by the Fund may not effectively identify purchases and sales of Fund investments and may cause the Fund to underperform other investment strategies for short or long periods of time. Performance will depend upon the quality and accuracy of the assumptions, theories and framework upon which a quantitative model is based. The success of a quantitative model will depend upon its accurate reflection of market conditions, with proper adjustments as market conditions change over time. Adjustments, or lack of adjustments, to the quantitative model, including as conditions change, as well as any errors or imperfections in the quantitative model, could adversely affect Fund performance. The performance of a quantitative model depends upon the quality of its design and effective execution under actual market conditions. Even a well-designed quantitative model cannot be expected to perform well in all market conditions or across all time intervals. Quantitative models may underperform in certain market environments including stressed or volatile market conditions. Effective execution may depend, in part, upon subjective selection and application of factors and data inputs used by the quantitative model. Discretion may be used by the portfolio management team when determining the data collected and incorporated into a quantitative model. Shareholders should be

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Fund Investment Objective, Strategies, Policies and Principal Risks (continued)

(Unaudited)

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.

***Rule 144A and Other Exempted Securities Risk***. The Fund may invest in privately placed and other securities or instruments exempt from SEC registration (collectively "private placements"), subject to certain regulatory restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose of them promptly or at reasonable prices, subjecting the Fund to liquidity risk (the risk that it may not be possible for the Fund to liquidate the instrument at an advantageous time or price). The Fund's holdings of private placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The Fund may also have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase price and subsequent valuation of private placements typically reflect a discount, which may be significant, from the market price of comparable securities for which a more liquid market exists. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon request. However, the required disclosure is much less extensive than that required of public companies and is not publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the information confidential, which could also adversely affect the Fund's ability to dispose of the security.

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

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

***Unrated Securities* Risk.** 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.

***Transactions in Derivatives.*** The Fund may enter into derivative transactions or otherwise have exposure to derivative transactions through underlying investments. Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as the Secured Overnight Financing Rate (commonly known as SOFR)) or market indices (such as the

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Fund Investment Objective, Strategies, Policies and Principal Risks (continued)

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Standard & Poor's 500<sup>®</sup>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. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. The U.S. government and the European Union (and some other jurisdictions) have enacted regulations and similar requirements that prescribe clearing, margin, reporting and registration requirements for participants in the derivatives market. These requirements are evolving and their ultimate impact on the Fund remains unclear, but such impact could include restricting and/or imposing significant costs or other burdens upon the Fund's participation in derivatives transactions. Additionally, 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 value-at-risk-based limit to its portfolio and establish a comprehensive derivatives risk management program. As of the date of this report, the Fund is not required to maintain a comprehensive derivatives risk management program under Rule 18f-4 given its more limited use of derivatives. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information.

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Fees and Expenses, Share Price Data and Senior

Securities

(Unaudited)

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell Common Stock. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

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| |
|:---|
| **Stockholder Transaction Expenses** |
| Cash Purchase Plan Fees<br> &nbsp;&nbsp;&nbsp;&nbsp; $2.00<br> <sup>(a)</sup><br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Annual Expenses (as a percentage of net assets attributable to common shares)** | **Annual Expenses (as a percentage of net assets attributable to common shares)** |
| Management fees<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.42% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% |
| Acquired fund fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.05% |
| Total Annual Expenses Before Impact of Dividends on Preferred Stock<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.51% |
| Impact of Dividends on Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp; 0.10% |
| Total Annual Expenses, Including Impact of Dividends on Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp; 0.61% |

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(a) Stockholders participating in the Fund's Cash Purchase Plan (the Cash Purchase Plan) pay a $2.00 fee per cash purchase transaction; there is no fee for automatic dividend re-investment transactions in the Fund's Automatic Dividend Investment Plan (the Automatic Dividend Investment Plan). See Automatic Dividend Investment Plan and Cash Purchase Plan below for a description of the related services.

(b) The Fund's management fee is 0.41% of the Fund's average daily net assets (which includes assets attributable to the Fund's common and preferred stock) and is borne by the holders of the Fund's common stock (Common Stockholders). The management fee rate noted in the table reflects the rate paid by Common Stockholders as a percentage of the Fund's net assets attributable to Common Stock.

(c) "Total Annual Expenses Before Impact of Dividends on Preferred Stock" include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than "Expenses to average net assets for Common Stock" shown in the Financial Highlights section of this report because "Total gross expenses" does not include acquired fund fees and expenses.

**Example**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:

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

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

• the Fund's total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table above (including the impact of dividends on preferred stock).

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Tri-Continental Corporation Common Stock | &nbsp;&nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp;&nbsp;&nbsp; $20 | &nbsp;&nbsp;&nbsp;&nbsp; $34 | &nbsp;&nbsp;&nbsp;&nbsp; $76 |

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If dividends on the Fund's $2.50 cumulative preferred stock (Preferred Stock) were not included, the total expenses incurred for 1, 3, 5 and 10 years would be $5, $16, $29, and $64, respectively.

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

Tri-Continental Corporation \| 2025

------

Fees and Expenses, Share Price Data and Senior

Securities (continued)

(Unaudited)

**Share Price Data**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Market Price ($)** | **Market Price ($)** | **Corresponding NAV ($)** | **Corresponding NAV ($)** | **Corresponding (Discount)/Premium to NAV (%)** | **Corresponding (Discount)/Premium to NAV (%)** |
|  | **High** | **Low** | **High** | **Low** | **High** | **Low** |
| 2024 |  |  |  |  |  |  |
| 1<sup>st</sup> Quarter | 30.80 | &nbsp;&nbsp;&nbsp;&nbsp;28.35 | &nbsp;&nbsp;&nbsp;&nbsp;35.06 | &nbsp;&nbsp;&nbsp;&nbsp;32.38 | &nbsp;&nbsp; (12.15)<br>| &nbsp;&nbsp; (12.45)<br>|
| 2<sup>nd</sup> Quarter | 31.03 | &nbsp;&nbsp;&nbsp;&nbsp;29.24 | &nbsp;&nbsp;&nbsp;&nbsp;35.18 | &nbsp;&nbsp;&nbsp;&nbsp;33.57 | &nbsp;&nbsp; (11.80)<br>| &nbsp;&nbsp; (12.90)<br>|
| 3<sup>rd</sup> Quarter | 33.04 | &nbsp;&nbsp;&nbsp;&nbsp;29.86 | &nbsp;&nbsp;&nbsp;&nbsp;37.37 | &nbsp;&nbsp;&nbsp;&nbsp;34.40 | &nbsp;&nbsp; (11.59)<br>| &nbsp;&nbsp; (13.20)<br>|
| 4<sup>th</sup> Quarter | 34.67 | &nbsp;&nbsp;&nbsp;&nbsp;31.01 | &nbsp;&nbsp;&nbsp;&nbsp;39.24 | &nbsp;&nbsp;&nbsp;&nbsp;35.36 | &nbsp;&nbsp; (11.65)<br>| &nbsp;&nbsp; (12.30)<br>|
| 2025 |  |  |  |  |  |  |
| 1<sup>st</sup> Quarter | 32.91 | &nbsp;&nbsp;&nbsp;&nbsp;30.40 | &nbsp;&nbsp;&nbsp;&nbsp;36.82 | &nbsp;&nbsp;&nbsp;&nbsp;34.30 | &nbsp;&nbsp; (10.62)<br>| &nbsp;&nbsp; (11.37)<br>|
| 2<sup>nd</sup> Quarter | 31.84 | &nbsp;&nbsp;&nbsp;&nbsp;27.37 | &nbsp;&nbsp;&nbsp;&nbsp;36.10 | &nbsp;&nbsp;&nbsp;&nbsp;31.52 | &nbsp;&nbsp; (11.80)<br>| &nbsp;&nbsp; (13.17)<br>|
| 3<sup>rd</sup> Quarter | 34.11 | &nbsp;&nbsp;&nbsp;&nbsp;31.70 | &nbsp;&nbsp;&nbsp;&nbsp;37.72 | &nbsp;&nbsp;&nbsp;&nbsp;35.85 | &nbsp;&nbsp; (9.57)<br>| &nbsp;&nbsp; (11.58)<br>|
| 4<sup>th</sup> Quarter | 34.98 | &nbsp;&nbsp;&nbsp;&nbsp;31.97 | &nbsp;&nbsp;&nbsp;&nbsp;38.97 | &nbsp;&nbsp;&nbsp;&nbsp;36.00 | &nbsp;&nbsp; (10.24)<br>| &nbsp;&nbsp; (11.19)<br>|

---

The Fund's Common Stock has historically traded on the market at less than net asset value. The closing market price, net asset value and percentage discount to net asset value per share of the Fund's Common Stock on December 31, 2025 were $32.66, $36.35, and (10.15)%, respectively.

**Senior Securities — $2.50 Cumulative Preferred Stock**

The following information is being presented with respect to the Fund's Preferred Stock. The "Total Shares Outstanding" column presents the number of shares of Preferred Stock outstanding at the end of each year presented. "Year-End Asset Coverage Per Share" represents the total amount of net assets of the Fund in relation to each share of Preferred Stock outstanding as of the end of the respective year. The "Involuntary Liquidation Preference Per Share" is the amount each share of Preferred Stock would be entitled to upon involuntary liquidation of these shares. The "Average Daily Market Value Per Share" is the average daily market price per share of Preferred Stock throughout each respective year. The information as of and for each of the years ended December 31, 2025, 2024, 2023, 2022, and 2021, is derived from our financial statements, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm, as stated in their report which is included herein.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Shares** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Year-End** <br>**Asset Coverage** <br>**Per Share ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Involuntary** <br>**Liquidation** <br>**Preference** <br>**Per Share ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Average Daily** <br>**Market Value** <br>**Per Share ($)**<br>|
| 2025 | 752740  | 2634  | 50  | 44.68  |
| 2024 | 752740  | 2526  | 50  | 46.02  |
| 2023 | 752740  | 2323  | 50  | 47.14  |
| 2022 | 752740  | 2145  | 50  | 50.54  |
| 2021 | 752740  | 2715  | 50  | 56.86  |
| 2020 | 752740  | 2368  | 50  | 56.23  |
| 2019 | 752740  | 2261  | 50  | 53.19  |
| 2018 | 752740  | 1951  | 50  | 50.71  |
| 2017 | 752740  | 2225  | 50  | 50.75  |
| 2016 | 752740  | 2004  | 50  | 51.61  |

---

Tri-Continental Corporation \| 2025

------

Portfolio of Investments

December 31, 2025

(Percentages represent value of investments compared to net assets)

**Investments in securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Common Stocks 67.8%** | **Common Stocks 67.8%** | **Common Stocks 67.8%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 6.6%** | **Communication Services 6.6%** | **Communication Services 6.6%** |
| **Diversified Telecommunication Services 0.9%** | **Diversified Telecommunication Services 0.9%** | **Diversified Telecommunication Services 0.9%** |
| AT&T, Inc. | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 10557000 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 7535050 |
| Total |  | &nbsp;&nbsp; 18092050 |
| **Interactive Media & Services 5.4%** | **Interactive Media & Services 5.4%** | **Interactive Media & Services 5.4%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 222415 | &nbsp;&nbsp; 69615895 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 57062 | &nbsp;&nbsp; 37666055 |
| Total |  | &nbsp;&nbsp; 107281950 |
| **Media 0.3%** | **Media 0.3%** | **Media 0.3%** |
| Comcast Corp., Class A | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 5230750 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **130604750** |
| **Consumer Discretionary 6.2%** | **Consumer Discretionary 6.2%** | **Consumer Discretionary 6.2%** |
| **Automobile Components 0.6%** | **Automobile Components 0.6%** | **Automobile Components 0.6%** |
| Aptiv PLC<sup>(a)</sup> <br>| &nbsp;&nbsp; 161387 | &nbsp;&nbsp; 12279937 |
| **Automobiles 0.6%** | **Automobiles 0.6%** | **Automobiles 0.6%** |
| Tesla, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 25228 | &nbsp;&nbsp; 11345536 |
| **Broadline Retail 1.8%** | **Broadline Retail 1.8%** | **Broadline Retail 1.8%** |
| Amazon.com, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 136676 | &nbsp;&nbsp; 31547554 |
| Macy's, Inc. | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 4961250 |
| Total |  | &nbsp;&nbsp; 36508804 |
| **Hotels, Restaurants & Leisure 1.3%** | **Hotels, Restaurants & Leisure 1.3%** | **Hotels, Restaurants & Leisure 1.3%** |
| Booking Holdings, Inc. | &nbsp;&nbsp; 3499 | &nbsp;&nbsp; 18738300 |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 7360800 |
| Total |  | &nbsp;&nbsp; 26099100 |
| **Household Durables 0.1%** | **Household Durables 0.1%** | **Household Durables 0.1%** |
| Newell Brands, Inc. | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 2232000 |
| **Specialty Retail 0.4%** | **Specialty Retail 0.4%** | **Specialty Retail 0.4%** |
| Best Buy Co., Inc. | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 5019750 |
| Ross Stores, Inc. | &nbsp;&nbsp; 15710 | &nbsp;&nbsp; 2829999 |
| Total |  | &nbsp;&nbsp; 7849749 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Textiles, Apparel & Luxury Goods 1.4%** | **Textiles, Apparel & Luxury Goods 1.4%** | **Textiles, Apparel & Luxury Goods 1.4%** |
| Ralph Lauren Corp. | &nbsp;&nbsp; 40844 | &nbsp;&nbsp; 14442847 |
| Tapestry, Inc. | &nbsp;&nbsp; 99227 | &nbsp;&nbsp; 12678234 |
| Total |  | &nbsp;&nbsp; 27121081 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **123436207** |
| **Consumer Staples 3.8%** | **Consumer Staples 3.8%** | **Consumer Staples 3.8%** |
| **Beverages 0.7%** | **Beverages 0.7%** | **Beverages 0.7%** |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp; 106667 | &nbsp;&nbsp; 4979216 |
| PepsiCo, Inc. | &nbsp;&nbsp; 67500 | &nbsp;&nbsp; 9687600 |
| Total |  | &nbsp;&nbsp; 14666816 |
| **Consumer Staples Distribution & Retail 0.1%** | **Consumer Staples Distribution & Retail 0.1%** | **Consumer Staples Distribution & Retail 0.1%** |
| Target Corp. | &nbsp;&nbsp; 14655 | &nbsp;&nbsp; 1432526 |
| **Food Products 0.7%** | **Food Products 0.7%** | **Food Products 0.7%** |
| ConAgra Foods, Inc. | &nbsp;&nbsp; 345423 | &nbsp;&nbsp; 5979272 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 7536200 |
| Total |  | &nbsp;&nbsp; 13515472 |
| **Household Products 0.6%** | **Household Products 0.6%** | **Household Products 0.6%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 22821 | &nbsp;&nbsp; 1803316 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 72029 | &nbsp;&nbsp; 10322476 |
| Total |  | &nbsp;&nbsp; 12125792 |
| **Personal Care Products 0.3%** | **Personal Care Products 0.3%** | **Personal Care Products 0.3%** |
| Kenvue, Inc. | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 5606250 |
| **Tobacco 1.4%** | **Tobacco 1.4%** | **Tobacco 1.4%** |
| Altria Group, Inc. | &nbsp;&nbsp; 298152 | &nbsp;&nbsp; 17191444 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 62500 | &nbsp;&nbsp; 10025000 |
| Total |  | &nbsp;&nbsp; 27216444 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **74563300** |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| **Oil, Gas & Consumable Fuels 2.9%** | **Oil, Gas & Consumable Fuels 2.9%** | **Oil, Gas & Consumable Fuels 2.9%** |
| Chevron Corp. | &nbsp;&nbsp; 191975 | &nbsp;&nbsp; 29258910 |
| Diamondback Energy, Inc. | &nbsp;&nbsp; 32500 | &nbsp;&nbsp; 4885725 |
| EOG Resources, Inc. | &nbsp;&nbsp; 47500 | &nbsp;&nbsp; 4987975 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 122256 | &nbsp;&nbsp; 14712287 |
| Valero Energy Corp. | &nbsp;&nbsp; 21685 | &nbsp;&nbsp; 3530101 |
| Total |  | &nbsp;&nbsp; 57374998 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **57374998** |

---

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

Tri-Continental Corporation \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Financials 9.9%** | **Financials 9.9%** | **Financials 9.9%** |
| **Banks 2.5%** | **Banks 2.5%** | **Banks 2.5%** |
| Citigroup, Inc. | &nbsp;&nbsp; 157512 | &nbsp;&nbsp; 18380075 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 37798 | &nbsp;&nbsp; 12179272 |
| M&T Bank Corp. | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 10074000 |
| U.S. Bancorp | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 10138400 |
| Total |  | &nbsp;&nbsp; 50771747 |
| **Capital Markets 3.4%** | **Capital Markets 3.4%** | **Capital Markets 3.4%** |
| Ares Capital Corp. | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 7586250 |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 119827 | &nbsp;&nbsp; 13910716 |
| Blackrock, Inc. | &nbsp;&nbsp; 11558 | &nbsp;&nbsp; 12370990 |
| Blackstone Secured Lending Fund | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 5002700 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 68274 | &nbsp;&nbsp; 6821255 |
| CME Group, Inc. | &nbsp;&nbsp; 5958 | &nbsp;&nbsp; 1627011 |
| Morgan Stanley | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 9764150 |
| S&P Global, Inc. | &nbsp;&nbsp; 20391 | &nbsp;&nbsp; 10656133 |
| Total |  | &nbsp;&nbsp; 67739205 |
| **Consumer Finance 1.0%** | **Consumer Finance 1.0%** | **Consumer Finance 1.0%** |
| Synchrony Financial | &nbsp;&nbsp; 231299 | &nbsp;&nbsp; 19297275 |
| **Financial Services 1.3%** | **Financial Services 1.3%** | **Financial Services 1.3%** |
| Clovis Liquidation Trust<sup>(a),(b),(c)</sup> <br>| &nbsp;&nbsp; 9371357 | &nbsp;&nbsp; 117142 |
| Visa, Inc., Class A | &nbsp;&nbsp; 71947 | &nbsp;&nbsp; 25232532 |
| Total |  | &nbsp;&nbsp; 25349674 |
| **Insurance 1.2%** | **Insurance 1.2%** | **Insurance 1.2%** |
| Allstate Corp. (The) | &nbsp;&nbsp; 79211 | &nbsp;&nbsp; 16487770 |
| MetLife, Inc. | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 7104600 |
| Total |  | &nbsp;&nbsp; 23592370 |
| **Mortgage Real Estate Investment Trusts (REITS) 0.5%** | **Mortgage Real Estate Investment Trusts (REITS) 0.5%** | **Mortgage Real Estate Investment Trusts (REITS) 0.5%** |
| Starwood Property Trust, Inc. | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 9905500 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **196655771** |
| **Health Care 7.6%** | **Health Care 7.6%** | **Health Care 7.6%** |
| **Biotechnology 1.9%** | **Biotechnology 1.9%** | **Biotechnology 1.9%** |
| AbbVie, Inc. | &nbsp;&nbsp; 72360 | &nbsp;&nbsp; 16533536 |
| Amgen, Inc. | &nbsp;&nbsp; 32871 | &nbsp;&nbsp; 10759007 |
| Argenx SE, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp; 1309 | &nbsp;&nbsp; 1100804 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 20637 | &nbsp;&nbsp; 1226457 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 4083 | &nbsp;&nbsp; 3151545 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 11096 | &nbsp;&nbsp; 5030483 |
| Total |  | &nbsp;&nbsp; 37801832 |
| **Health Care Equipment & Supplies 0.4%** | **Health Care Equipment & Supplies 0.4%** | **Health Care Equipment & Supplies 0.4%** |
| Medtronic PLC | &nbsp;&nbsp; 57500 | &nbsp;&nbsp; 5523450 |
| STERIS PLC | &nbsp;&nbsp; 5632 | &nbsp;&nbsp; 1427825 |
| Total |  | &nbsp;&nbsp; 6951275 |
| **Health Care Providers & Services 1.3%** | **Health Care Providers & Services 1.3%** | **Health Care Providers & Services 1.3%** |
| CVS Health Corp. | &nbsp;&nbsp; 188647 | &nbsp;&nbsp; 14971026 |
| McKesson Corp. | &nbsp;&nbsp; 13977 | &nbsp;&nbsp; 11465193 |
| Total |  | &nbsp;&nbsp; 26436219 |
| **Life Sciences Tools & Services 0.7%** | **Life Sciences Tools & Services 0.7%** | **Life Sciences Tools & Services 0.7%** |
| Charles River Laboratories International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 63894 | &nbsp;&nbsp; 12745575 |
| **Pharmaceuticals 3.3%** | **Pharmaceuticals 3.3%** | **Pharmaceuticals 3.3%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 554423 | &nbsp;&nbsp; 29905577 |
| Merck & Co., Inc. | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 9473400 |
| Pfizer, Inc. | &nbsp;&nbsp; 494420 | &nbsp;&nbsp; 12311058 |
| Viatris, Inc. | &nbsp;&nbsp; 1144870 | &nbsp;&nbsp; 14253631 |
| Total |  | &nbsp;&nbsp; 65943666 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **149878567** |
| **Industrials 5.5%** | **Industrials 5.5%** | **Industrials 5.5%** |
| **Aerospace & Defense 1.5%** | **Aerospace & Defense 1.5%** | **Aerospace & Defense 1.5%** |
| General Dynamics Corp. | &nbsp;&nbsp; 50185 | &nbsp;&nbsp; 16895282 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 7255050 |
| RTX Corp. | &nbsp;&nbsp; 27500 | &nbsp;&nbsp; 5043500 |
| Total |  | &nbsp;&nbsp; 29193832 |
| **Air Freight & Logistics 0.2%** | **Air Freight & Logistics 0.2%** | **Air Freight & Logistics 0.2%** |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 4959500 |
| **Construction & Engineering 0.2%** | **Construction & Engineering 0.2%** | **Construction & Engineering 0.2%** |
| EMCOR Group, Inc. | &nbsp;&nbsp; 5533 | &nbsp;&nbsp; 3385034 |
| **Electrical Equipment 0.1%** | **Electrical Equipment 0.1%** | **Electrical Equipment 0.1%** |
| Rockwell Automation, Inc. | &nbsp;&nbsp; 5533 | &nbsp;&nbsp; 2152724 |
| **Ground Transportation 0.4%** | **Ground Transportation 0.4%** | **Ground Transportation 0.4%** |
| Uber Technologies, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 40816 | &nbsp;&nbsp; 3335076 |
| Union Pacific Corp. | &nbsp;&nbsp; 21500 | &nbsp;&nbsp; 4973380 |
| Total |  | &nbsp;&nbsp; 8308456 |

---

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

Tri-Continental Corporation \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Machinery 1.7%** | **Machinery 1.7%** | **Machinery 1.7%** |
| Pentair PLC | &nbsp;&nbsp; 148819 | &nbsp;&nbsp; 15498011 |
| Snap-On, Inc. | &nbsp;&nbsp; 36226 | &nbsp;&nbsp; 12483479 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 5571000 |
| Total |  | &nbsp;&nbsp; 33552490 |
| **Passenger Airlines 0.7%** | **Passenger Airlines 0.7%** | **Passenger Airlines 0.7%** |
| Delta Air Lines, Inc. | &nbsp;&nbsp; 118394 | &nbsp;&nbsp; 8216544 |
| United Airlines Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 43036 | &nbsp;&nbsp; 4812285 |
| Total |  | &nbsp;&nbsp; 13028829 |
| **Professional Services 0.7%** | **Professional Services 0.7%** | **Professional Services 0.7%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 27635 | &nbsp;&nbsp; 7108551 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 29900 | &nbsp;&nbsp; 6672783 |
| Total |  | &nbsp;&nbsp; 13781334 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **108362199** |
| **Information Technology 19.2%** | **Information Technology 19.2%** | **Information Technology 19.2%** |
| **Communications Equipment 1.8%** | **Communications Equipment 1.8%** | **Communications Equipment 1.8%** |
| Arista Networks, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 117864 | &nbsp;&nbsp; 15443720 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 252456 | &nbsp;&nbsp; 19446686 |
| Total |  | &nbsp;&nbsp; 34890406 |
| **Electronic Equipment, Instruments & Components 0.4%** | **Electronic Equipment, Instruments & Components 0.4%** | **Electronic Equipment, Instruments & Components 0.4%** |
| Corning, Inc. | &nbsp;&nbsp; 87500 | &nbsp;&nbsp; 7661500 |
| TE Connectivity PLC | &nbsp;&nbsp; 5827 | &nbsp;&nbsp; 1325701 |
| Total |  | &nbsp;&nbsp; 8987201 |
| **IT Services 0.7%** | **IT Services 0.7%** | **IT Services 0.7%** |
| International Business Machines Corp. | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 5924200 |
| VeriSign, Inc. | &nbsp;&nbsp; 29077 | &nbsp;&nbsp; 7064257 |
| Total |  | &nbsp;&nbsp; 12988457 |
| **Semiconductors & Semiconductor Equipment 7.3%** | **Semiconductors & Semiconductor Equipment 7.3%** | **Semiconductors & Semiconductor Equipment 7.3%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 29642 | &nbsp;&nbsp; 6348131 |
| Broadcom, Inc. | &nbsp;&nbsp; 45959 | &nbsp;&nbsp; 15906410 |
| KLA Corp. | &nbsp;&nbsp; 3204 | &nbsp;&nbsp; 3893116 |
| NVIDIA Corp. | &nbsp;&nbsp; 499736 | &nbsp;&nbsp; 93200764 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 100193 | &nbsp;&nbsp; 17138013 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 8674500 |
| Total |  | &nbsp;&nbsp; 145160934 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Software 5.3%** | **Software 5.3%** | **Software 5.3%** |
| Adobe, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 50930 | &nbsp;&nbsp; 17824991 |
| Fortinet, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 35651 | &nbsp;&nbsp; 2831046 |
| Microsoft Corp. | &nbsp;&nbsp; 99720 | &nbsp;&nbsp; 48226586 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> <br>| &nbsp;&nbsp; 89400 | &nbsp;&nbsp; 15890850 |
| Salesforce, Inc. | &nbsp;&nbsp; 70666 | &nbsp;&nbsp; 18720130 |
| ServiceNow, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 16239 | &nbsp;&nbsp; 2487652 |
| Total |  | &nbsp;&nbsp; 105981255 |
| **Technology Hardware, Storage & Peripherals 3.7%** | **Technology Hardware, Storage & Peripherals 3.7%** | **Technology Hardware, Storage & Peripherals 3.7%** |
| Apple, Inc.<sup>(d)</sup> <br>| &nbsp;&nbsp; 231434 | &nbsp;&nbsp; 62917647 |
| HP, Inc. | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 6684000 |
| NetApp, Inc. | &nbsp;&nbsp; 33267 | &nbsp;&nbsp; 3562563 |
| Total |  | &nbsp;&nbsp; 73164210 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **381172463** |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| **Chemicals 1.0%** | **Chemicals 1.0%** | **Chemicals 1.0%** |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 143183 | &nbsp;&nbsp; 11073773 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 112500 | &nbsp;&nbsp; 4871250 |
| Nutrien Ltd. | &nbsp;&nbsp; 82500 | &nbsp;&nbsp; 5091900 |
| Total |  | &nbsp;&nbsp; 21036923 |
| **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** |
| International Paper Co. | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 5317650 |
| **Metals & Mining 0.4%** | **Metals & Mining 0.4%** | **Metals & Mining 0.4%** |
| Newmont Corp. | &nbsp;&nbsp; 77174 | &nbsp;&nbsp; 7705824 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **34060397** |
| **Real Estate 2.1%** | **Real Estate 2.1%** | **Real Estate 2.1%** |
| **Hotel & Resort REITs 0.1%** | **Hotel & Resort REITs 0.1%** | **Hotel & Resort REITs 0.1%** |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 83842 | &nbsp;&nbsp; 1486518 |
| **Industrial REITs 0.3%** | **Industrial REITs 0.3%** | **Industrial REITs 0.3%** |
| Prologis, Inc. | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 5744700 |
| **Office REITs 0.2%** | **Office REITs 0.2%** | **Office REITs 0.2%** |
| BXP, Inc. | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 5061000 |
| **Residential REITs 0.3%** | **Residential REITs 0.3%** | **Residential REITs 0.3%** |
| Invitation Homes, Inc. | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 5280100 |
| **Retail REITs 0.3%** | **Retail REITs 0.3%** | **Retail REITs 0.3%** |
| Realty Income Corp. | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 5073300 |
| **Specialized REITs 0.9%** | **Specialized REITs 0.9%** | **Specialized REITs 0.9%** |

---

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

Tri-Continental Corporation \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| American Tower Corp. | &nbsp;&nbsp; 43010 | &nbsp;&nbsp; 7551266 |
| Equinix, Inc. | &nbsp;&nbsp; 3058 | &nbsp;&nbsp; 2342917 |
| SBA Communications Corp. | &nbsp;&nbsp; 21146 | &nbsp;&nbsp; 4090271 |
| VICI Properties, Inc. | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 4921000 |
| Total |  | &nbsp;&nbsp; 18905454 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **41551072** |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| **Electric Utilities 1.8%** | **Electric Utilities 1.8%** | **Electric Utilities 1.8%** |
| Duke Energy Corp. | &nbsp;&nbsp; 42500 | &nbsp;&nbsp; 4981425 |
| Edison International | &nbsp;&nbsp; 90076 | &nbsp;&nbsp; 5406362 |
| Entergy Corp. | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 5083650 |
| Exelon Corp. | &nbsp;&nbsp; 130508 | &nbsp;&nbsp; 5688844 |
| FirstEnergy Corp. | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 5148550 |
| PG&E Corp. | &nbsp;&nbsp; 553506 | &nbsp;&nbsp; 8894841 |
| Total |  | &nbsp;&nbsp; 35203672 |
| **Gas Utilities 0.3%** | **Gas Utilities 0.3%** | **Gas Utilities 0.3%** |
| UGI Corp. | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 5614500 |
| **Independent Power and Renewable Electricity Producers 0.2%** | **Independent Power and Renewable Electricity Producers 0.2%** | **Independent Power and Renewable Electricity Producers 0.2%** |
| AES Corp. (The) | &nbsp;&nbsp; 350441 | &nbsp;&nbsp; 5025324 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **45843496** |
| Total Common Stocks <br>(Cost $900,935,601) | Total Common Stocks <br>(Cost $900,935,601) | &nbsp;&nbsp; **1343503220** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds 6.6%** | **Convertible Bonds 6.6%** | **Convertible Bonds 6.6%** | **Convertible Bonds 6.6%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Aerospace & Defense 0.2%** | **Aerospace & Defense 0.2%** | **Aerospace & Defense 0.2%** | **Aerospace & Defense 0.2%** |
| Intuitive Machines, Inc.<sup>(e)</sup>  | Intuitive Machines, Inc.<sup>(e)</sup>  | Intuitive Machines, Inc.<sup>(e)</sup>  | Intuitive Machines, Inc.<sup>(e)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 2.500% | 3200000 | &nbsp;&nbsp; 4850240 |
| **Automotive 0.2%** | **Automotive 0.2%** | **Automotive 0.2%** | **Automotive 0.2%** |
| Rivian Automotive, Inc. | Rivian Automotive, Inc. | Rivian Automotive, Inc. | Rivian Automotive, Inc. |
| 03/15/2029 | &nbsp;&nbsp; 4.625% | 4000000 | &nbsp;&nbsp; 5025000 |
| **Brokerage/Asset Managers/Exchanges 0.8%** | **Brokerage/Asset Managers/Exchanges 0.8%** | **Brokerage/Asset Managers/Exchanges 0.8%** | **Brokerage/Asset Managers/Exchanges 0.8%** |
| Galaxy Digital Holdings LP<sup>(e)</sup>  | Galaxy Digital Holdings LP<sup>(e)</sup>  | Galaxy Digital Holdings LP<sup>(e)</sup>  | Galaxy Digital Holdings LP<sup>(e)</sup>  |
| 12/01/2029 | &nbsp;&nbsp; 2.500% | 2500000 | &nbsp;&nbsp; 3153867 |
| 05/01/2031 | &nbsp;&nbsp; 0.500% | 2000000 | &nbsp;&nbsp; 1511000 |
| MARA Holdings, Inc.<sup>(f)</sup>  | MARA Holdings, Inc.<sup>(f)</sup>  | MARA Holdings, Inc.<sup>(f)</sup>  | MARA Holdings, Inc.<sup>(f)</sup>  |
| 06/01/2031 | &nbsp;&nbsp; 0.000% | 8500000 | &nbsp;&nbsp; 7072000 |
| WisdomTree, Inc.<sup>(e)</sup>  | WisdomTree, Inc.<sup>(e)</sup>  | WisdomTree, Inc.<sup>(e)</sup>  | WisdomTree, Inc.<sup>(e)</sup>  |
| 08/15/2030 | &nbsp;&nbsp; 4.625% | 5000000 | &nbsp;&nbsp; 5117500 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16854367** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds (continued)** | **Convertible Bonds (continued)** | **Convertible Bonds (continued)** | **Convertible Bonds (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Cable and Satellite 0.2%** | **Cable and Satellite 0.2%** | **Cable and Satellite 0.2%** | **Cable and Satellite 0.2%** |
| BlackSky Technology, Inc.<sup>(e)</sup>  | BlackSky Technology, Inc.<sup>(e)</sup>  | BlackSky Technology, Inc.<sup>(e)</sup>  | BlackSky Technology, Inc.<sup>(e)</sup>  |
| 08/01/2033 | &nbsp;&nbsp; 8.250% | 4500000 | &nbsp;&nbsp; 4795678 |
| **Consumer Products 0.2%** | **Consumer Products 0.2%** | **Consumer Products 0.2%** | **Consumer Products 0.2%** |
| LCI Industries<sup>(e)</sup>  | LCI Industries<sup>(e)</sup>  | LCI Industries<sup>(e)</sup>  | LCI Industries<sup>(e)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 3.000% | 4000000 | &nbsp;&nbsp; 4730000 |
| **Diversified Manufacturing 0.3%** | **Diversified Manufacturing 0.3%** | **Diversified Manufacturing 0.3%** | **Diversified Manufacturing 0.3%** |
| Greenbrier Companies, Inc. (The) | Greenbrier Companies, Inc. (The) | Greenbrier Companies, Inc. (The) | Greenbrier Companies, Inc. (The) |
| 04/15/2028 | &nbsp;&nbsp; 2.875% | 4800000 | &nbsp;&nbsp; 5156640 |
| **Electric 0.9%** | **Electric 0.9%** | **Electric 0.9%** | **Electric 0.9%** |
| PG&E Corp. | PG&E Corp. | PG&E Corp. | PG&E Corp. |
| 12/01/2027 | &nbsp;&nbsp; 4.250% | 5000000 | &nbsp;&nbsp; 5138000 |
| PPL Capital Funding, Inc.<sup>(e)</sup>  | PPL Capital Funding, Inc.<sup>(e)</sup>  | PPL Capital Funding, Inc.<sup>(e)</sup>  | PPL Capital Funding, Inc.<sup>(e)</sup>  |
| 12/01/2030 | &nbsp;&nbsp; 3.000% | 5000000 | &nbsp;&nbsp; 5012769 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| 06/01/2029 | &nbsp;&nbsp; 4.375% | 6500000 | &nbsp;&nbsp; 7582250 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **17733019** |
| **Finance Companies 0.3%** | **Finance Companies 0.3%** | **Finance Companies 0.3%** | **Finance Companies 0.3%** |
| Hercules Capital, Inc.<sup>(e)</sup>  | Hercules Capital, Inc.<sup>(e)</sup>  | Hercules Capital, Inc.<sup>(e)</sup>  | Hercules Capital, Inc.<sup>(e)</sup>  |
| 09/01/2028 | &nbsp;&nbsp; 4.750% | 5100000 | &nbsp;&nbsp; 5109180 |
| **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** | **Health Care 0.3%** |
| Oscar Health, Inc.<sup>(e)</sup>  | Oscar Health, Inc.<sup>(e)</sup>  | Oscar Health, Inc.<sup>(e)</sup>  | Oscar Health, Inc.<sup>(e)</sup>  |
| 09/01/2030 | &nbsp;&nbsp; 2.250% | 5200000 | &nbsp;&nbsp; 5072080 |
| **Healthcare REIT 0.2%** | **Healthcare REIT 0.2%** | **Healthcare REIT 0.2%** | **Healthcare REIT 0.2%** |
| Welltower OP LLC<sup>(e)</sup>  | Welltower OP LLC<sup>(e)</sup>  | Welltower OP LLC<sup>(e)</sup>  | Welltower OP LLC<sup>(e)</sup>  |
| 07/15/2029 | &nbsp;&nbsp; 3.125% | 3000000 | &nbsp;&nbsp; 4530000 |
| **Leisure 0.3%** | **Leisure 0.3%** | **Leisure 0.3%** | **Leisure 0.3%** |
| Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
| 01/15/2030 | &nbsp;&nbsp; 2.875% | 4800000 | &nbsp;&nbsp; 5042400 |
| **Metals and Mining 0.2%** | **Metals and Mining 0.2%** | **Metals and Mining 0.2%** | **Metals and Mining 0.2%** |
| Vizsla Silver Corp.<sup>(e)</sup>  | Vizsla Silver Corp.<sup>(e)</sup>  | Vizsla Silver Corp.<sup>(e)</sup>  | Vizsla Silver Corp.<sup>(e)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 5.000% | 2400000 | &nbsp;&nbsp; 3152581 |
| **Other REIT 0.5%** | **Other REIT 0.5%** | **Other REIT 0.5%** | **Other REIT 0.5%** |
| PennyMac Corp. | PennyMac Corp. | PennyMac Corp. | PennyMac Corp. |
| 03/15/2026 | &nbsp;&nbsp; 5.500% | 9500000 | &nbsp;&nbsp; 9466750 |
| **Pharmaceuticals 0.3%** | **Pharmaceuticals 0.3%** | **Pharmaceuticals 0.3%** | **Pharmaceuticals 0.3%** |
| Cytokinetics, Inc.<sup>(e)</sup>  | Cytokinetics, Inc.<sup>(e)</sup>  | Cytokinetics, Inc.<sup>(e)</sup>  | Cytokinetics, Inc.<sup>(e)</sup>  |
| 10/01/2031 | &nbsp;&nbsp; 1.750% | 4200000 | &nbsp;&nbsp; 5236657 |

---

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

Tri-Continental Corporation \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Bonds (continued)** | **Convertible Bonds (continued)** | **Convertible Bonds (continued)** | **Convertible Bonds (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount** <br> **($)**<br>| **Value ($)** |
| **Retailers 0.0%** | **Retailers 0.0%** | **Retailers 0.0%** | **Retailers 0.0%** |
| Farfetch Ltd.<sup>(g)</sup>  | Farfetch Ltd.<sup>(g)</sup>  | Farfetch Ltd.<sup>(g)</sup>  | Farfetch Ltd.<sup>(g)</sup>  |
| 05/01/2027 | &nbsp;&nbsp; 0.000% | 5300000 | &nbsp;&nbsp; 19875 |
| **Technology 1.3%** | **Technology 1.3%** | **Technology 1.3%** | **Technology 1.3%** |
| Eos Energy Enterprises, Inc.<sup>(e)</sup>  | Eos Energy Enterprises, Inc.<sup>(e)</sup>  | Eos Energy Enterprises, Inc.<sup>(e)</sup>  | Eos Energy Enterprises, Inc.<sup>(e)</sup>  |
| 06/15/2030 | &nbsp;&nbsp; 6.750% | 1300000 | &nbsp;&nbsp; 3218150 |
| 12/01/2031 | &nbsp;&nbsp; 1.750% | 2000000 | &nbsp;&nbsp; 1935000 |
| Nebius Group NV<sup>(e)</sup>  | Nebius Group NV<sup>(e)</sup>  | Nebius Group NV<sup>(e)</sup>  | Nebius Group NV<sup>(e)</sup>  |
| 09/15/2032 | &nbsp;&nbsp; 2.750% | 8000000 | &nbsp;&nbsp; 7656000 |
| Plug Power, Inc.<sup>(e)</sup>  | Plug Power, Inc.<sup>(e)</sup>  | Plug Power, Inc.<sup>(e)</sup>  | Plug Power, Inc.<sup>(e)</sup>  |
| 12/01/2033 | &nbsp;&nbsp; 6.750% | 2400000 | &nbsp;&nbsp; 2390400 |
| Progress Software Corp. | Progress Software Corp. | Progress Software Corp. | Progress Software Corp. |
| 03/01/2030 | &nbsp;&nbsp; 3.500% | 5000000 | &nbsp;&nbsp; 5063500 |
| Strategy, Inc.<sup>(e),(f)</sup>  | Strategy, Inc.<sup>(e),(f)</sup>  | Strategy, Inc.<sup>(e),(f)</sup>  | Strategy, Inc.<sup>(e),(f)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 0.000% | 5500000 | &nbsp;&nbsp; 4743750 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **25006800** |
| **Transportation Services 0.2%** | **Transportation Services 0.2%** | **Transportation Services 0.2%** | **Transportation Services 0.2%** |
| Hertz Corp. (The)<sup>(e)</sup>  | Hertz Corp. (The)<sup>(e)</sup>  | Hertz Corp. (The)<sup>(e)</sup>  | Hertz Corp. (The)<sup>(e)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 5.500% | 6500000 | &nbsp;&nbsp; 4996875 |
| **Wireless 0.2%** | **Wireless 0.2%** | **Wireless 0.2%** | **Wireless 0.2%** |
| AST SpaceMobile, Inc.<sup>(e)</sup>  | AST SpaceMobile, Inc.<sup>(e)</sup>  | AST SpaceMobile, Inc.<sup>(e)</sup>  | AST SpaceMobile, Inc.<sup>(e)</sup>  |
| 10/15/2032 | &nbsp;&nbsp; 2.375% | 2200000 | &nbsp;&nbsp; 2898500 |
| 01/15/2036 | &nbsp;&nbsp; 2.000% | 2000000 | &nbsp;&nbsp; 1992600 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **4891100** |
| Total Convertible Bonds <br>(Cost $129,346,564) | Total Convertible Bonds <br>(Cost $129,346,564) | Total Convertible Bonds <br>(Cost $129,346,564) | &nbsp;&nbsp; **131669242** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Preferred Stocks 5.3%** | **Convertible Preferred Stocks 5.3%** | **Convertible Preferred Stocks 5.3%** | **Convertible Preferred Stocks 5.3%** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Financials 1.5%** | **Financials 1.5%** | **Financials 1.5%** | **Financials 1.5%** |
| **Banks 0.5%** | **Banks 0.5%** | **Banks 0.5%** | **Banks 0.5%** |
| Bank of America Corp.<sup>(h)</sup> <br>| &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 9997000 |
| **Capital Markets 0.7%** | **Capital Markets 0.7%** | **Capital Markets 0.7%** | **Capital Markets 0.7%** |
| Ares Management Corp. | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 4527900 |
| KKR & Co., Inc. | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 9819200 |
| Total |  |  | &nbsp;&nbsp; 14347100 |
| **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** |
| Shift4 Payments, Inc. | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 4789200 |
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **29133300** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** | **Convertible Preferred Stocks (continued)** |
| **Issuer** |  | **Shares** | **Value ($)** |
| **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** | **Health Care 0.5%** |
| **Health Care Providers & Services 0.3%** | **Health Care Providers & Services 0.3%** | **Health Care Providers & Services 0.3%** | **Health Care Providers & Services 0.3%** |
| BrightSpring Health Services, Inc. | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 42500 | &nbsp;&nbsp; 5376374 |
| **Life Sciences Tools & Services 0.2%** | **Life Sciences Tools & Services 0.2%** | **Life Sciences Tools & Services 0.2%** | **Life Sciences Tools & Services 0.2%** |
| Bruker Corp. | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 4935330 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **10311704** |
| **Industrials 1.0%** | **Industrials 1.0%** | **Industrials 1.0%** | **Industrials 1.0%** |
| **Aerospace & Defense 0.6%** | **Aerospace & Defense 0.6%** | **Aerospace & Defense 0.6%** | **Aerospace & Defense 0.6%** |
| Boeing Co. (The) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 11112000 |
| **Trading Companies & Distributors 0.4%** | **Trading Companies & Distributors 0.4%** | **Trading Companies & Distributors 0.4%** | **Trading Companies & Distributors 0.4%** |
| QXO, Inc. | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 8305373 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **19417373** |
| **Information Technology 0.9%** | **Information Technology 0.9%** | **Information Technology 0.9%** | **Information Technology 0.9%** |
| **Semiconductors & Semiconductor Equipment 0.4%** | **Semiconductors & Semiconductor Equipment 0.4%** | **Semiconductors & Semiconductor Equipment 0.4%** | **Semiconductors & Semiconductor Equipment 0.4%** |
| Microchip Technology, Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 8453500 |
| **Technology Hardware, Storage & Peripherals 0.5%** | **Technology Hardware, Storage & Peripherals 0.5%** | **Technology Hardware, Storage & Peripherals 0.5%** | **Technology Hardware, Storage & Peripherals 0.5%** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 10244644 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **18698144** |
| **Materials 0.4%** | **Materials 0.4%** | **Materials 0.4%** | **Materials 0.4%** |
| **Chemicals 0.4%** | **Chemicals 0.4%** | **Chemicals 0.4%** | **Chemicals 0.4%** |
| Albemarle Corp. | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 7356250 |
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **7356250** |
| **Utilities 1.0%** | **Utilities 1.0%** | **Utilities 1.0%** | **Utilities 1.0%** |
| **Electric Utilities 1.0%** | **Electric Utilities 1.0%** | **Electric Utilities 1.0%** | **Electric Utilities 1.0%** |
| Nextera Energy, Inc. | &nbsp;&nbsp; 7.234% | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 3398500 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 7.299% | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 3867539 |
| PG&E Corp. | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 5319137 |
| Southern Co. (The) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 7448378 |
| Total |  |  | &nbsp;&nbsp; 20033554 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **20033554** |
| Total Convertible Preferred Stocks <br>(Cost $94,013,058) | Total Convertible Preferred Stocks <br>(Cost $94,013,058) | Total Convertible Preferred Stocks <br>(Cost $94,013,058) | &nbsp;&nbsp; **104950325** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes 18.7%** | **Corporate Bonds & Notes 18.7%** | **Corporate Bonds & Notes 18.7%** | **Corporate Bonds & Notes 18.7%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 05/01/2054 | &nbsp;&nbsp; 6.858% | 4500000 | &nbsp;&nbsp; 5050161 |

---

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

Tri-Continental Corporation \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| United Technologies Corp. | United Technologies Corp. | United Technologies Corp. | United Technologies Corp. |
| 06/01/2042 | &nbsp;&nbsp; 4.500% | 5200000 | &nbsp;&nbsp; 4700868 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **9751029** |
| **Airlines 0.2%** | **Airlines 0.2%** | **Airlines 0.2%** | **Airlines 0.2%** |
| American Airlines, Inc.<sup>(e)</sup>  | American Airlines, Inc.<sup>(e)</sup>  | American Airlines, Inc.<sup>(e)</sup>  | American Airlines, Inc.<sup>(e)</sup>  |
| 02/15/2028 | &nbsp;&nbsp; 7.250% | 4700000 | &nbsp;&nbsp; 4803720 |
| **Apartment REIT 0.3%** | **Apartment REIT 0.3%** | **Apartment REIT 0.3%** | **Apartment REIT 0.3%** |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 02/01/2035 | &nbsp;&nbsp; 4.875% | 5000000 | &nbsp;&nbsp; 4938445 |
| **Automotive 0.7%** | **Automotive 0.7%** | **Automotive 0.7%** | **Automotive 0.7%** |
| American Axle & Manufacturing, Inc.<sup>(e)</sup>  | American Axle & Manufacturing, Inc.<sup>(e)</sup>  | American Axle & Manufacturing, Inc.<sup>(e)</sup>  | American Axle & Manufacturing, Inc.<sup>(e)</sup>  |
| 10/15/2033 | &nbsp;&nbsp; 7.750% | 4800000 | &nbsp;&nbsp; 4889820 |
| Nissan Motor Co., Ltd.<sup>(e)</sup>  | Nissan Motor Co., Ltd.<sup>(e)</sup>  | Nissan Motor Co., Ltd.<sup>(e)</sup>  | Nissan Motor Co., Ltd.<sup>(e)</sup>  |
| 07/17/2030 | &nbsp;&nbsp; 7.500% | 4500000 | &nbsp;&nbsp; 4713225 |
| Rivian Holdings/Automotive LLC<sup>(e)</sup>  | Rivian Holdings/Automotive LLC<sup>(e)</sup>  | Rivian Holdings/Automotive LLC<sup>(e)</sup>  | Rivian Holdings/Automotive LLC<sup>(e)</sup>  |
| 01/15/2031 | &nbsp;&nbsp; 10.000% | 5000000 | &nbsp;&nbsp; 4924171 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14527216** |
| **Banking 0.8%** | **Banking 0.8%** | **Banking 0.8%** | **Banking 0.8%** |
| Citigroup, Inc.<sup>(i)</sup>  | Citigroup, Inc.<sup>(i)</sup>  | Citigroup, Inc.<sup>(i)</sup>  | Citigroup, Inc.<sup>(i)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 09/19/2039 | &nbsp;&nbsp; 5.411% | 5000000 | &nbsp;&nbsp; 5035011 |
| JPMorgan Chase & Co.<sup>(h),(i)</sup>  | JPMorgan Chase & Co.<sup>(h),(i)</sup>  | JPMorgan Chase & Co.<sup>(h),(i)</sup>  | JPMorgan Chase & Co.<sup>(h),(i)</sup>  |
|  | &nbsp;&nbsp; 6.500% | 4700000 | &nbsp;&nbsp; 4876625 |
| JPMorgan Chase & Co.<sup>(i)</sup>  | JPMorgan Chase & Co.<sup>(i)</sup>  | JPMorgan Chase & Co.<sup>(i)</sup>  | JPMorgan Chase & Co.<sup>(i)</sup>  |
| 04/22/2052 | &nbsp;&nbsp; 3.328% | 7000000 | &nbsp;&nbsp; 4965986 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14877622** |
| **Building Materials 0.3%** | **Building Materials 0.3%** | **Building Materials 0.3%** | **Building Materials 0.3%** |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. |
| 11/15/2048 | &nbsp;&nbsp; 4.850% | 6000000 | &nbsp;&nbsp; 5273554 |
| **Cable and Satellite 0.1%** | **Cable and Satellite 0.1%** | **Cable and Satellite 0.1%** | **Cable and Satellite 0.1%** |
| Telesat Canada/LLC<sup>(e)</sup>  | Telesat Canada/LLC<sup>(e)</sup>  | Telesat Canada/LLC<sup>(e)</sup>  | Telesat Canada/LLC<sup>(e)</sup>  |
| 10/15/2027 | &nbsp;&nbsp; 6.500% | 5286000 | &nbsp;&nbsp; 2439824 |
| **Chemicals 0.8%** | **Chemicals 0.8%** | **Chemicals 0.8%** | **Chemicals 0.8%** |
| INEOS Finance PLC<sup>(e)</sup>  | INEOS Finance PLC<sup>(e)</sup>  | INEOS Finance PLC<sup>(e)</sup>  | INEOS Finance PLC<sup>(e)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 7.500% | 5700000 | &nbsp;&nbsp; 4904709 |
| Innophos Holdings, Inc.<sup>(e)</sup>  | Innophos Holdings, Inc.<sup>(e)</sup>  | Innophos Holdings, Inc.<sup>(e)</sup>  | Innophos Holdings, Inc.<sup>(e)</sup>  |
| 06/15/2029 | &nbsp;&nbsp; 11.500% | 4840000 | &nbsp;&nbsp; 4390635 |
| Olympus Water US Holding Corp.<sup>(e)</sup>  | Olympus Water US Holding Corp.<sup>(e)</sup>  | Olympus Water US Holding Corp.<sup>(e)</sup>  | Olympus Water US Holding Corp.<sup>(e)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 6.250% | 7500000 | &nbsp;&nbsp; 7286270 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **16581614** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Construction Machinery 0.1%** | **Construction Machinery 0.1%** | **Construction Machinery 0.1%** | **Construction Machinery 0.1%** |
| Vortex Opco LLC.<sup>(e),(g)</sup>  | Vortex Opco LLC.<sup>(e),(g)</sup>  | Vortex Opco LLC.<sup>(e),(g)</sup>  | Vortex Opco LLC.<sup>(e),(g)</sup>  |
| 04/30/2030 | &nbsp;&nbsp; 0.000% | 4890600 | &nbsp;&nbsp; 78910 |
| Vortex Opco LLC.<sup>(e),(j)</sup>  | Vortex Opco LLC.<sup>(e),(j)</sup>  | Vortex Opco LLC.<sup>(e),(j)</sup>  | Vortex Opco LLC.<sup>(e),(j)</sup>  |
| 3-month Term SOFR + 6.250% <br>Floor 0.500% <br>04/30/2030<br>| &nbsp;&nbsp; 10.842% | 1123200 | &nbsp;&nbsp; 982800 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1061710** |
| **Consumer Products 0.7%** | **Consumer Products 0.7%** | **Consumer Products 0.7%** | **Consumer Products 0.7%** |
| Mattel, Inc.<sup>(e)</sup>  | Mattel, Inc.<sup>(e)</sup>  | Mattel, Inc.<sup>(e)</sup>  | Mattel, Inc.<sup>(e)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 3.750% | 3000000 | &nbsp;&nbsp; 2926309 |
| Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| 10/01/2040 | &nbsp;&nbsp; 6.200% | 1430000 | &nbsp;&nbsp; 1444050 |
| 11/01/2041 | &nbsp;&nbsp; 5.450% | 745000 | &nbsp;&nbsp; 700988 |
| Newell Brands, Inc.<sup>(i)</sup>  | Newell Brands, Inc.<sup>(i)</sup>  | Newell Brands, Inc.<sup>(i)</sup>  | Newell Brands, Inc.<sup>(i)</sup>  |
| 04/01/2036 | &nbsp;&nbsp; 7.375% | 3200000 | &nbsp;&nbsp; 3004952 |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 04/01/2046 | &nbsp;&nbsp; 7.000% | 4600000 | &nbsp;&nbsp; 3844196 |
| SWF Escrow Issuer Corp.<sup>(e)</sup>  | SWF Escrow Issuer Corp.<sup>(e)</sup>  | SWF Escrow Issuer Corp.<sup>(e)</sup>  | SWF Escrow Issuer Corp.<sup>(e)</sup>  |
| 10/01/2029 | &nbsp;&nbsp; 6.500% | 7500000 | &nbsp;&nbsp; 1859716 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **13780211** |
| **Electric 1.9%** | **Electric 1.9%** | **Electric 1.9%** | **Electric 1.9%** |
| Duke Energy Corp.<sup>(i)</sup>  | Duke Energy Corp.<sup>(i)</sup>  | Duke Energy Corp.<sup>(i)</sup>  | Duke Energy Corp.<sup>(i)</sup>  |
| 09/01/2054 | &nbsp;&nbsp; 6.450% | 4900000 | &nbsp;&nbsp; 5139332 |
| Entergy Corp.<sup>(i)</sup>  | Entergy Corp.<sup>(i)</sup>  | Entergy Corp.<sup>(i)</sup>  | Entergy Corp.<sup>(i)</sup>  |
| 12/01/2054 | &nbsp;&nbsp; 7.125% | 4700000 | &nbsp;&nbsp; 4939585 |
| Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| 03/15/2055 | &nbsp;&nbsp; 5.800% | 5000000 | &nbsp;&nbsp; 5031839 |
| FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
| 03/01/2050 | &nbsp;&nbsp; 3.400% | 14000000 | &nbsp;&nbsp; 9679287 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 07/01/2050 | &nbsp;&nbsp; 4.950% | 6000000 | &nbsp;&nbsp; 5080429 |
| Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. |
| 10/01/2054 | &nbsp;&nbsp; 5.050% | 8200000 | &nbsp;&nbsp; 7548767 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **37419239** |
| **Food and Beverage 0.7%** | **Food and Beverage 0.7%** | **Food and Beverage 0.7%** | **Food and Beverage 0.7%** |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(e)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(e)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(e)</sup>  | Primo Water Holdings, Inc./Triton Water Holdings, Inc.<sup>(e)</sup>  |
| 04/01/2029 | &nbsp;&nbsp; 6.250% | 7000000 | &nbsp;&nbsp; 7038167 |
| United Natural Foods, Inc.<sup>(e)</sup>  | United Natural Foods, Inc.<sup>(e)</sup>  | United Natural Foods, Inc.<sup>(e)</sup>  | United Natural Foods, Inc.<sup>(e)</sup>  |
| 10/15/2028 | &nbsp;&nbsp; 6.750% | 7180000 | &nbsp;&nbsp; 7180034 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14218201** |
| **Gaming 0.4%** | **Gaming 0.4%** | **Gaming 0.4%** | **Gaming 0.4%** |
| Scientific Games Holdings LP/US FinCo, Inc.<sup>(e)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(e)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(e)</sup>  | Scientific Games Holdings LP/US FinCo, Inc.<sup>(e)</sup>  |
| 03/01/2030 | &nbsp;&nbsp; 6.625% | 9500000 | &nbsp;&nbsp; 8440956 |

---

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

Tri-Continental Corporation \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** | **Health Care 1.0%** |
| Acadia Healthcare Co., Inc.<sup>(e)</sup>  | Acadia Healthcare Co., Inc.<sup>(e)</sup>  | Acadia Healthcare Co., Inc.<sup>(e)</sup>  | Acadia Healthcare Co., Inc.<sup>(e)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.000% | 5200000 | &nbsp;&nbsp; 5002751 |
| CVS Health Corp.<sup>(i)</sup>  | CVS Health Corp.<sup>(i)</sup>  | CVS Health Corp.<sup>(i)</sup>  | CVS Health Corp.<sup>(i)</sup>  |
| 03/10/2055 | &nbsp;&nbsp; 7.000% | 4500000 | &nbsp;&nbsp; 4719908 |
| Quotient Ltd.<sup>(b),(c),(e),(k)</sup>  | Quotient Ltd.<sup>(b),(c),(e),(k)</sup>  | Quotient Ltd.<sup>(b),(c),(e),(k)</sup>  | Quotient Ltd.<sup>(b),(c),(e),(k)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 12.000% | 3501957 | &nbsp;&nbsp; 3396898 |
| Star Parent, Inc.<sup>(e)</sup>  | Star Parent, Inc.<sup>(e)</sup>  | Star Parent, Inc.<sup>(e)</sup>  | Star Parent, Inc.<sup>(e)</sup>  |
| 10/01/2030 | &nbsp;&nbsp; 9.000% | 6800000 | &nbsp;&nbsp; 7267507 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **20387064** |
| **Independent Energy 1.2%** | **Independent Energy 1.2%** | **Independent Energy 1.2%** | **Independent Energy 1.2%** |
| Hilcorp Energy I LP/Finance Co.<sup>(e)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(e)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(e)</sup>  | Hilcorp Energy I LP/Finance Co.<sup>(e)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 6.000% | 10000000 | &nbsp;&nbsp; 9702854 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 07/15/2044 | &nbsp;&nbsp; 4.500% | 9340000 | &nbsp;&nbsp; 7390100 |
| 04/15/2046 | &nbsp;&nbsp; 4.400% | 9600000 | &nbsp;&nbsp; 7566733 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **24659687** |
| **Life Insurance 0.3%** | **Life Insurance 0.3%** | **Life Insurance 0.3%** | **Life Insurance 0.3%** |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| 07/15/2052 | &nbsp;&nbsp; 5.000% | 5500000 | &nbsp;&nbsp; 5032021 |
| **Media and Entertainment 1.4%** | **Media and Entertainment 1.4%** | **Media and Entertainment 1.4%** | **Media and Entertainment 1.4%** |
| Clear Channel Outdoor Holdings, Inc.<sup>(e)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(e)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(e)</sup>  | Clear Channel Outdoor Holdings, Inc.<sup>(e)</sup>  |
| 04/15/2028 | &nbsp;&nbsp; 7.750% | 9800000 | &nbsp;&nbsp; 9803956 |
| Deluxe Corp.<sup>(e)</sup>  | Deluxe Corp.<sup>(e)</sup>  | Deluxe Corp.<sup>(e)</sup>  | Deluxe Corp.<sup>(e)</sup>  |
| 06/01/2029 | &nbsp;&nbsp; 8.000% | 5000000 | &nbsp;&nbsp; 5087261 |
| Lions Gate Capital Holdings LLC<sup>(e)</sup>  | Lions Gate Capital Holdings LLC<sup>(e)</sup>  | Lions Gate Capital Holdings LLC<sup>(e)</sup>  | Lions Gate Capital Holdings LLC<sup>(e)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 5.500% | 11500000 | &nbsp;&nbsp; 9263845 |
| Mav Acquisition Corp.<sup>(e)</sup>  | Mav Acquisition Corp.<sup>(e)</sup>  | Mav Acquisition Corp.<sup>(e)</sup>  | Mav Acquisition Corp.<sup>(e)</sup>  |
| 08/01/2029 | &nbsp;&nbsp; 8.000% | 4500000 | &nbsp;&nbsp; 4547949 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **28703011** |
| **Midstream 0.3%** | **Midstream 0.3%** | **Midstream 0.3%** | **Midstream 0.3%** |
| AmeriGas Partners LP/Finance Corp.<sup>(e)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(e)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(e)</sup>  | AmeriGas Partners LP/Finance Corp.<sup>(e)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 9.500% | 4700000 | &nbsp;&nbsp; 5008144 |
| **Oil Field Services 0.9%** | **Oil Field Services 0.9%** | **Oil Field Services 0.9%** | **Oil Field Services 0.9%** |
| Nabors Industries Ltd.<sup>(e)</sup>  | Nabors Industries Ltd.<sup>(e)</sup>  | Nabors Industries Ltd.<sup>(e)</sup>  | Nabors Industries Ltd.<sup>(e)</sup>  |
| 01/15/2028 | &nbsp;&nbsp; 7.500% | 4800000 | &nbsp;&nbsp; 4805259 |
| Nabors Industries, Inc.<sup>(e)</sup>  | Nabors Industries, Inc.<sup>(e)</sup>  | Nabors Industries, Inc.<sup>(e)</sup>  | Nabors Industries, Inc.<sup>(e)</sup>  |
| 08/15/2031 | &nbsp;&nbsp; 8.875% | 5000000 | &nbsp;&nbsp; 4851250 |
| Transocean Aquila Ltd.<sup>(e)</sup>  | Transocean Aquila Ltd.<sup>(e)</sup>  | Transocean Aquila Ltd.<sup>(e)</sup>  | Transocean Aquila Ltd.<sup>(e)</sup>  |
| 09/30/2028 | &nbsp;&nbsp; 8.000% | 3760000 | &nbsp;&nbsp; 3852670 |
| Transocean Titan Financing Ltd.<sup>(e)</sup>  | Transocean Titan Financing Ltd.<sup>(e)</sup>  | Transocean Titan Financing Ltd.<sup>(e)</sup>  | Transocean Titan Financing Ltd.<sup>(e)</sup>  |
| 02/01/2028 | &nbsp;&nbsp; 8.375% | 4139096 | &nbsp;&nbsp; 4227818 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **17736997** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Other Financial Institutions —%** | **Other Financial Institutions —%** | **Other Financial Institutions —%** | **Other Financial Institutions —%** |
| WeWork Companies US LLC<sup>(b),(c),(e)</sup>  | WeWork Companies US LLC<sup>(b),(c),(e)</sup>  | WeWork Companies US LLC<sup>(b),(c),(e)</sup>  | WeWork Companies US LLC<sup>(b),(c),(e)</sup>  |
| 08/15/2027 | &nbsp;&nbsp; 0.000% | 4500000 | &nbsp;&nbsp; 0 |
| **Other REIT 0.2%** | **Other REIT 0.2%** | **Other REIT 0.2%** | **Other REIT 0.2%** |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 03/15/2054 | &nbsp;&nbsp; 5.250% | 5000000 | &nbsp;&nbsp; 4755528 |
| **Packaging 0.4%** | **Packaging 0.4%** | **Packaging 0.4%** | **Packaging 0.4%** |
| Mauser Packaging Solutions Holding Co.<sup>(e)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(e)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(e)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(e)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 9.250% | 9000000 | &nbsp;&nbsp; 8675366 |
| **Pharmaceuticals 0.7%** | **Pharmaceuticals 0.7%** | **Pharmaceuticals 0.7%** | **Pharmaceuticals 0.7%** |
| 1261229 BC Ltd.<sup>(e)</sup>  | 1261229 BC Ltd.<sup>(e)</sup>  | 1261229 BC Ltd.<sup>(e)</sup>  | 1261229 BC Ltd.<sup>(e)</sup>  |
| 04/15/2032 | &nbsp;&nbsp; 10.000% | 4800000 | &nbsp;&nbsp; 4999336 |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 03/15/2055 | &nbsp;&nbsp; 5.600% | 5000000 | &nbsp;&nbsp; 5016992 |
| Organon & Co./Foreign Debt Co-Issuer BV<sup>(e)</sup>  | Organon & Co./Foreign Debt Co-Issuer BV<sup>(e)</sup>  | Organon & Co./Foreign Debt Co-Issuer BV<sup>(e)</sup>  | Organon & Co./Foreign Debt Co-Issuer BV<sup>(e)</sup>  |
| 05/15/2034 | &nbsp;&nbsp; 7.875% | 3900000 | &nbsp;&nbsp; 3134407 |
| Organon Finance 1 LLC<sup>(e)</sup>  | Organon Finance 1 LLC<sup>(e)</sup>  | Organon Finance 1 LLC<sup>(e)</sup>  | Organon Finance 1 LLC<sup>(e)</sup>  |
| 04/30/2031 | &nbsp;&nbsp; 5.125% | 1600000 | &nbsp;&nbsp; 1325916 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **14476651** |
| **Railroads 0.3%** | **Railroads 0.3%** | **Railroads 0.3%** | **Railroads 0.3%** |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 02/20/2035 | &nbsp;&nbsp; 5.100% | 4900000 | &nbsp;&nbsp; 5055875 |
| **Restaurants 0.5%** | **Restaurants 0.5%** | **Restaurants 0.5%** | **Restaurants 0.5%** |
| Fertitta Entertainment LLC/Finance Co., Inc.<sup>(e)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(e)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(e)</sup>  | Fertitta Entertainment LLC/Finance Co., Inc.<sup>(e)</sup>  |
| 01/15/2030 | &nbsp;&nbsp; 6.750% | 10500000 | &nbsp;&nbsp; 9973146 |
| **Retailers 0.4%** | **Retailers 0.4%** | **Retailers 0.4%** | **Retailers 0.4%** |
| Magic MergeCo, Inc.<sup>(e)</sup>  | Magic MergeCo, Inc.<sup>(e)</sup>  | Magic MergeCo, Inc.<sup>(e)</sup>  | Magic MergeCo, Inc.<sup>(e)</sup>  |
| 05/01/2029 | &nbsp;&nbsp; 7.875% | 7500000 | &nbsp;&nbsp; 6918942 |
| **Supermarkets 0.3%** | **Supermarkets 0.3%** | **Supermarkets 0.3%** | **Supermarkets 0.3%** |
| Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(e)</sup>  | Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(e)</sup>  | Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(e)</sup>  | Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(e)</sup>  |
| 03/31/2031 | &nbsp;&nbsp; 5.500% | 2261000 | &nbsp;&nbsp; 2287591 |
| Safeway, Inc. | Safeway, Inc. | Safeway, Inc. | Safeway, Inc. |
| 02/01/2031 | &nbsp;&nbsp; 7.250% | 4200000 | &nbsp;&nbsp; 4557400 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6844991** |
| **Technology 3.0%** | **Technology 3.0%** | **Technology 3.0%** | **Technology 3.0%** |
| APLD ComputeCo LLC<sup>(e)</sup>  | APLD ComputeCo LLC<sup>(e)</sup>  | APLD ComputeCo LLC<sup>(e)</sup>  | APLD ComputeCo LLC<sup>(e)</sup>  |
| 12/15/2030 | &nbsp;&nbsp; 9.250% | 8000000 | &nbsp;&nbsp; 7846614 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 02/15/2041 | &nbsp;&nbsp; 3.500% | 6200000 | &nbsp;&nbsp; 5054759 |
| Cloud Software Group, Inc.<sup>(e)</sup>  | Cloud Software Group, Inc.<sup>(e)</sup>  | Cloud Software Group, Inc.<sup>(e)</sup>  | Cloud Software Group, Inc.<sup>(e)</sup>  |
| 09/30/2029 | &nbsp;&nbsp; 9.000% | 4500000 | &nbsp;&nbsp; 4686555 |

---

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

Tri-Continental Corporation \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CoreWeave, Inc.<sup>(e)</sup>  | CoreWeave, Inc.<sup>(e)</sup>  | CoreWeave, Inc.<sup>(e)</sup>  | CoreWeave, Inc.<sup>(e)</sup>  |
| 06/01/2030 | &nbsp;&nbsp; 9.250% | 8000000 | &nbsp;&nbsp; 7440913 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 10/15/2054 | &nbsp;&nbsp; 5.600% | 5200000 | &nbsp;&nbsp; 4823155 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 02/06/2053 | &nbsp;&nbsp; 5.100% | 4300000 | &nbsp;&nbsp; 3917202 |
| Minerva Merger Sub, Inc.<sup>(e)</sup>  | Minerva Merger Sub, Inc.<sup>(e)</sup>  | Minerva Merger Sub, Inc.<sup>(e)</sup>  | Minerva Merger Sub, Inc.<sup>(e)</sup>  |
| 02/15/2030 | &nbsp;&nbsp; 6.500% | 7500000 | &nbsp;&nbsp; 7502516 |
| Neptune Bidco US, Inc.<sup>(e)</sup>  | Neptune Bidco US, Inc.<sup>(e)</sup>  | Neptune Bidco US, Inc.<sup>(e)</sup>  | Neptune Bidco US, Inc.<sup>(e)</sup>  |
| 04/15/2029 | &nbsp;&nbsp; 9.290% | 7254000 | &nbsp;&nbsp; 7272627 |
| Picard Midco, Inc.<sup>(e)</sup>  | Picard Midco, Inc.<sup>(e)</sup>  | Picard Midco, Inc.<sup>(e)</sup>  | Picard Midco, Inc.<sup>(e)</sup>  |
| 03/31/2029 | &nbsp;&nbsp; 6.500% | 4700000 | &nbsp;&nbsp; 4760990 |
| Rocket Software, Inc.<sup>(e)</sup>  | Rocket Software, Inc.<sup>(e)</sup>  | Rocket Software, Inc.<sup>(e)</sup>  | Rocket Software, Inc.<sup>(e)</sup>  |
| 02/15/2029 | &nbsp;&nbsp; 6.500% | 7200000 | &nbsp;&nbsp; 7063237 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **60368568** |
| **Transportation Services 0.3%** | **Transportation Services 0.3%** | **Transportation Services 0.3%** | **Transportation Services 0.3%** |
| Hertz Corp. (The)<sup>(e)</sup>  | Hertz Corp. (The)<sup>(e)</sup>  | Hertz Corp. (The)<sup>(e)</sup>  | Hertz Corp. (The)<sup>(e)</sup>  |
| 07/15/2029 | &nbsp;&nbsp; 12.625% | 5000000 | &nbsp;&nbsp; 5039489 |
| Total Corporate Bonds & Notes <br>(Cost $384,353,309) | Total Corporate Bonds & Notes <br>(Cost $384,353,309) | Total Corporate Bonds & Notes <br>(Cost $384,353,309) | &nbsp;&nbsp; **371748821** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Preferred Debt 0.3%** | **Preferred Debt 0.3%** | **Preferred Debt 0.3%** | **Preferred Debt 0.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Shares** | **Value ($)** |
| **Banking 0.3%** | **Banking 0.3%** | **Banking 0.3%** | **Banking 0.3%** |
| Citigroup Capital XIII<sup>(i)</sup>  | Citigroup Capital XIII<sup>(i)</sup>  | Citigroup Capital XIII<sup>(i)</sup>  | Citigroup Capital XIII<sup>(i)</sup>  |
| 10/30/2040 | &nbsp;&nbsp; 10.470% | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 4983000 |
| Total Preferred Debt <br>(Cost $4,356,642) | Total Preferred Debt <br>(Cost $4,356,642) | Total Preferred Debt <br>(Cost $4,356,642) | &nbsp;&nbsp; **4983000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Warrants —%** | **Warrants —%** | **Warrants —%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care —%** | **Health Care —%** | **Health Care —%** |
| **Health Care Equipment & Supplies —%** | **Health Care Equipment & Supplies —%** | **Health Care Equipment & Supplies —%** |
| Quotient Ltd.<sup>(a),(b),(c)</sup> <br>10/13/2026<br>| &nbsp;&nbsp; 39425 | &nbsp;&nbsp; 0 |
| Quotient Ltd.<sup>(a),(b),(c)</sup> <br>07/06/2027<br>| &nbsp;&nbsp; 181609 | &nbsp;&nbsp; 0 |
| Total |  | &nbsp;&nbsp; 0 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **0** |
| Total Warrants <br>(Cost $—) | Total Warrants <br>(Cost $—) | &nbsp;&nbsp; **0** |
| **Money Market Funds 0.8%** | **Money Market Funds 0.8%** | **Money Market Funds 0.8%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 3.825%<sup>(l),(m)</sup> <br>| &nbsp;&nbsp; 15328906 | &nbsp;&nbsp; 15324308 |
| Total Money Market Funds <br>(Cost $15,322,770) | Total Money Market Funds <br>(Cost $15,322,770) | &nbsp;&nbsp; **15324308** |
| **Total Investments in Securities** <br>**(Cost: $1,528,327,944)** | **Total Investments in Securities** <br>**(Cost: $1,528,327,944)** | &nbsp;&nbsp; **1972178916** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **10624438** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **1982803354** |

---

At December 31, 2025, securities and/or cash totaling $3,336,810 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| S&P 500 Index E-mini | 33 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 11372625 | &nbsp;&nbsp;&nbsp;&nbsp; 8581 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents fair value as determined in good faith under procedures approved by the Board of Directors. At December 31, 2025, the total value of these securities amounted to $3,514,040, which represents 0.18% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This security or a portion of this security has been pledged as collateral in connection with investments sold short and/or derivative contracts.

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

Tri-Continental Corporation \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Notes to Portfolio of Investments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At December 31, 2025, the total value of these securities amounted to $314,707,900, which represents 15.87% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Zero coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents a security in default.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Perpetual security with no specified maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Variable rate security. The interest rate shown was the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;(l) The rate shown is the seven-day current annualized yield at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended December 31, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% | Columbia Short-Term Cash Fund, 3.825% |
|  | 24998794 | &nbsp;&nbsp; 379282590 | &nbsp;&nbsp; (388956053)<br>| &nbsp;&nbsp; (1023)<br>| &nbsp;&nbsp; 15324308 | &nbsp;&nbsp; (2350)<br>| &nbsp;&nbsp; 888822 | &nbsp;&nbsp; 15328906 |

---

**Abbreviation Legend** 

ADR American Depositary Receipt <br> SOFR Secured Overnight Financing Rate

**Currency Legend** 

USD US Dollar

**Fair value measurements** 

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

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

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

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

■

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

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

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

Tri-Continental Corporation \| 2025

------

Portfolio of Investments (continued)

December 31, 2025

**Fair value measurements (continued)**

The Fund's Board of Directors (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund's investments at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 130604750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130604750 |
| Consumer Discretionary | 123436207 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123436207 |
| Consumer Staples | 74563300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74563300 |
| Energy | 57374998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57374998 |
| Financials | 196538629 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117142 | &nbsp;&nbsp;&nbsp;&nbsp; 196655771 |
| Health Care | 149878567 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149878567 |
| Industrials | 108362199 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108362199 |
| Information Technology | 381172463 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 381172463 |
| Materials | 34060397 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34060397 |
| Real Estate | 41551072 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41551072 |
| Utilities | 45843496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45843496 |
| Total Common Stocks | 1343386078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117142 | &nbsp;&nbsp;&nbsp;&nbsp; 1343503220 |
| Convertible Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 131669242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131669242 |
| Convertible Preferred Stocks |  |  |  |  |
| Financials |  | &nbsp;&nbsp;&nbsp;&nbsp; 29133300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29133300 |
| Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp; 10311704 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10311704 |
| Industrials |  | &nbsp;&nbsp;&nbsp;&nbsp; 19417373 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19417373 |
| Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp; 18698144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18698144 |
| Materials |  | &nbsp;&nbsp;&nbsp;&nbsp; 7356250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7356250 |
| Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp; 20033554 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20033554 |
| Total Convertible Preferred Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp; 104950325 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104950325 |
| Corporate Bonds & Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 368351923 | &nbsp;&nbsp;&nbsp;&nbsp; 3396898 | &nbsp;&nbsp;&nbsp;&nbsp; 371748821 |
| Preferred Debt | 4983000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4983000 |
| Warrants |  |  |  |  |
| Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| Total Warrants |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br> \*<br>|
| Money Market Funds | 15324308 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15324308 |
| Total Investments in Securities | 1363693386 | &nbsp;&nbsp;&nbsp;&nbsp; 604971490 | &nbsp;&nbsp;&nbsp;&nbsp; 3514040 | &nbsp;&nbsp;&nbsp;&nbsp; 1972178916 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Futures Contracts | 8581 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8581 |
| Total | 1363701967 | &nbsp;&nbsp;&nbsp;&nbsp; 604971490 | &nbsp;&nbsp;&nbsp;&nbsp; 3514040 | &nbsp;&nbsp;&nbsp;&nbsp; 1972187497 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

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

Tri-Continental Corporation \| 2025

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,513,005,174) | $1956854608 |
| Affiliated issuers (cost $15,322,770) | 15324308 |
| Cash | 186222 |
| Receivable for: |  |
| Investments sold | 1961783 |
| Capital shares sold | 23724 |
| Dividends | 2517782 |
| Interest | 8260486 |
| Foreign tax reclaims | 22874 |
| Prepaid expenses | 89071 |
| Total assets | 1985240858 |
| **Liabilities** |  |
| Payable for: |  |
| Investments purchased | 826095 |
| Common Stock | 544535 |
| Preferred Stock dividends | 470463 |
| Variation margin for futures contracts | 85388 |
| Management services fees | 22346 |
| Stockholder servicing and transfer agent fees | 4315 |
| Stockholders' meeting fees | 5445 |
| Compensation of chief compliance officer | 316 |
| Compensation of board members | 26845 |
| Other expenses | 50279 |
| Deferred compensation of board members | 401477 |
| Total liabilities | 2437504 |
| **Net assets** | **$1982803354** |
| Preferred Stock | 37637000 |
| **Net assets for Common Stock** | **1945166354** |
| **Represented by** |  |
| $2.50 Cumulative Preferred Stock, $50 par value, asset coverage per share $2,634 |  |
| Shares issued and outstanding — 752,740 | 37637000 |
| Common Stock, $0.50 par value: |  |
| Shares issued and outstanding — 53,515,580 | 26757790 |
| Capital surplus | 1450570045 |
| Total distributable earnings (loss) | 467838519 |
| **Net assets** | **$1982803354** |
| Net asset value per share of outstanding Common Stock | $36.35 |
| Market price per share of Common Stock | $32.66 |

---

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

Tri-Continental Corporation \| 2025

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $33757173 |
| Dividends — affiliated issuers | 888822 |
| Interest | 33642013 |
| Foreign taxes withheld | (45009)<br>|
| Total income | 68242999 |
| Expenses: |  |
| Management services fees | 7836995 |
| Stockholder servicing and transfer agent fees | 328895 |
| Custodian fees | 26557 |
| Printing and postage fees | 39659 |
| Stockholders' meeting fees | 68453 |
| Accounting services fees | 53565 |
| Legal fees | 11315 |
| Interest on collateral | 790 |
| Compensation of chief compliance officer | 309 |
| Compensation of board members | 57036 |
| Deferred compensation of board members | 64771 |
| Other | 117111 |
| Total expenses | 8605456 |
| **Net investment income**<sup>(a)</sup> <br>| 59637543 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 135842138 |
| Investments — affiliated issuers | (2350)<br>|
| Futures contracts | 530990 |
| Net realized gain | 136370778 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 58039517 |
| Investments — affiliated issuers | (1023)<br>|
| Futures contracts | 261995 |
| Net change in unrealized appreciation (depreciation) | 58300489 |
| Net realized and unrealized gain | 194671267 |
| **Net increase in net assets resulting from operations** | **$254308810** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income for Common Stock is $57,755,693, which is net of Preferred Stock dividends of $1,881,850.

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

Tri-Continental Corporation \| 2025

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>| **Year Ended** <br>**December 31, 2024**<br>|
| **Operations** |  |  |
| Net investment income | $59637543 | &nbsp;&nbsp; $59523817 |
| Net realized gain | 136370778 | &nbsp;&nbsp; 139396563 |
| Net change in unrealized appreciation (depreciation) | 58300489 | &nbsp;&nbsp; 121829237 |
| Net increase in net assets resulting from operations | 254308810 | &nbsp;&nbsp; 320749617 |
| **Distributions to stockholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Preferred Stock | (1881850)<br>| &nbsp;&nbsp; (1881850)<br>|
| Common Stock  | (201815658)<br>| &nbsp;&nbsp; (171556614)<br>|
| Total distributions to stockholders | (203697508)<br>| &nbsp;&nbsp; (173438464)<br>|
| Increase in net assets from capital stock activity | 30823525 | &nbsp;&nbsp; 5329556 |
| Total increase in net assets | 81434827 | &nbsp;&nbsp; 152640709 |
| Net assets at beginning of year | 1901368527 | &nbsp;&nbsp; 1748727818 |
| **Net assets at end of year** | **$1982803354** | &nbsp;&nbsp; **$1901368527** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024**  | **December 31, 2024**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Common Stock issued at market price in distributions | 3194017 | &nbsp;&nbsp;&nbsp;&nbsp; 101906813 | &nbsp;&nbsp;&nbsp;&nbsp; 2608910 | &nbsp;&nbsp;&nbsp;&nbsp; 82584081 |
| Common Stock issued to cash purchase plan participants | 37958 | &nbsp;&nbsp;&nbsp;&nbsp; 1184727 | &nbsp;&nbsp;&nbsp;&nbsp; 23711 | &nbsp;&nbsp;&nbsp;&nbsp; 736127 |
| Common Stock purchased from cash purchase plan participants | (636636)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20589629)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (510267)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16034327)<br>|
| Common Stock purchased in the open market | (1612817)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51678386)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1986238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (61956325)<br>|
| Total net increase | 982522 | &nbsp;&nbsp;&nbsp;&nbsp; 30823525 | &nbsp;&nbsp;&nbsp;&nbsp; 136116 | &nbsp;&nbsp;&nbsp;&nbsp; 5329556 |

---

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

Tri-Continental Corporation \| 2025

------

Financial Highlights

Per share operating performance data is designed to allow investors to trace the operating performance, on a per Common Stock share basis, from the beginning net asset value to the ending net asset value, so that investors can understand what effect the individual items have on their investment, assuming it was held throughout the period. Generally, the per share amounts are derived by converting the actual dollar amounts incurred for each item, as disclosed in the financial statements, to their equivalent per Common Stock share amounts, using average Common Stock shares outstanding during the period.

Total return measures the Fund's performance assuming that investors purchased shares of the Fund at the market price or net asset value as of the beginning of the period, invested all distributions paid, as provided for in the Fund's Prospectus and then sold their shares at the closing market price or net asset value per share on the last day of the period. The computations do not reflect any sales commissions or transaction costs you may incur in purchasing or selling shares of the Fund, or taxes investors may incur on distributions or on the sale of shares of the Fund, and are not annualized for periods of less than one year.

The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any, and is not annualized for periods of less than one year. If such transactions were included, the Fund's portfolio turnover rate may be higher.

The ratios of expenses and net investment income to average net assets for Common Stock for the periods presented do not reflect the effect of dividends paid to Preferred Stockholders and are annualized for periods of less than one year. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.

The Report of Independent Registered Public Accounting Firm does not cover information for the years ended December 31, 2020 and prior.

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

Tri-Continental Corporation \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025**  | **2024**  | **2023**  |
| **Per share data** | **Per share data** | **Per share data** | **Per share data** |
| Net asset value, beginning of period | $35.48 | &nbsp;&nbsp; $32.66 | &nbsp;&nbsp; $29.07 |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment income | 1.15 | 1.15 | 1.12 |
| Net realized and unrealized gain (loss) | 3.76 | 5.06 | 3.66 |
| Total from investment operations | 4.91 | 6.21 | 4.78 |
| **Less distributions to Stockholders from:** | **Less distributions to Stockholders from:** | **Less distributions to Stockholders from:** | **Less distributions to Stockholders from:** |
| Net investment income — Preferred Stock | (0.04)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net investment income — Common Stock | (1.10)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (1.12)<br>|
| Net realized gains — Common Stock | (2.81)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (0.14)<br>|
| Total distributions to Stockholders | (3.95)<br>| &nbsp;&nbsp; (3.40)<br>| &nbsp;&nbsp; (1.30)<br>|
| (Dilution) Anti-dilution in net asset value from share purchases (via dividend reinvestment program and cash purchase <br> plan)<sup>(a)</sup> <br>| (0.26)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.07)<br>|
| Anti-dilution in net asset value from share buy-backs (via stock repurchase program and cash purchase plan)<sup>(a)</sup> <br>| 0.17 | 0.21 | 0.18 |
| Net asset value, end of period | $36.35 | &nbsp;&nbsp; $35.48 | &nbsp;&nbsp; $32.66 |
| Adjusted net asset value, end of period<sup>(b)</sup> <br>| $36.22 | &nbsp;&nbsp; $35.35 | &nbsp;&nbsp; $32.54 |
| Market price, end of period | $32.66 | &nbsp;&nbsp; $31.69 | &nbsp;&nbsp; $28.83 |
| **Total return** | **Total return** | **Total return** | **Total return** |
| Based upon net asset value | 15.45<br> %<br>| 20.53<br> %<br>| 17.74<br> %<br>|
| Based upon market price | 16.14<br> %<br>| 21.96<br> %<br>| 17.88<br> %<br>|
| **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| Expenses to average net assets for Common Stock<sup>(c)</sup> <br>| 0.46 %<sup>(d)</sup><br>| 0.47 %<sup>(d)</sup><br>| 0.47 %<sup>(d)</sup><br>|
| Net investment income to average net assets for Common Stock | 3.07<br> %<br>| 3.13<br> %<br>| 3.54<br> %<br>|
| **Supplemental data** | **Supplemental data** | **Supplemental data** | **Supplemental data** |
| Net assets, end of period (000's): |  |  |  |
| Common Stock | $1945166 | &nbsp;&nbsp; $1863732 | &nbsp;&nbsp; $1711091 |
| Preferred Stock | $37637 | &nbsp;&nbsp; $37637 | &nbsp;&nbsp; $37637 |
| **Total net assets** | $1982803 | &nbsp;&nbsp; $1901369 | &nbsp;&nbsp; $1748728 |
| Portfolio turnover | 49<br> %<br>| &nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Notes to Financial Highlights** | **Notes to Financial Highlights** |
| (a) | Prior to the period ended December 31, 2022, per share amounts were only presented if the net dilution/anti-dilution impact was material relative to the Fund's average net assets for Common Stock. |
| (b) | Assumes the exercise of outstanding warrants. |
| (c) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (d) | Ratios include interest on collateral expense which is less than 0.01%. |

---

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

Tri-Continental Corporation \| 2025

------

Financial Highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **2022**  | **2021**  | **2020**  | **2019**  | **2018**  | **2017**  | **2016**  |
| $36.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.49 |
| 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| (6.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| (5.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 |
| (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>|
| (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.91)<br>|
| (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| (2.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.94)<br>|
| (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>|
| 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| $29.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.91 |
| $28.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.83 |
| $25.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.05 |
| (14.10<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.10<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.25<br> %<br>|
| (16.28<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.88<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.08<br> %<br>|
| 0.46 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| 3.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>|
| $1577033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2005857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1745135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1664401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1431211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1637553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1470843 |
| $37637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37637 |
| **$1614670** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2043494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1782772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1702038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1468848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1675190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1508480 |
| 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82<br> %<br>|

---

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

Tri-Continental Corporation \| 2025

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Notes to Financial Statements

December 31, 2025

Note 1. Organization

Tri-Continental Corporation (the Fund) is a diversified fund. The Fund is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a closed-end management investment company.

The Fund has 1 million authorized shares of preferred capital stock (Preferred Stock) and 159 million authorized shares of common stock (Common Stock). The issued and outstanding Common Stock trades primarily on the New York Stock Exchange under the symbol "TY".

The Fund's Preferred Stock is entitled to two votes per share and the Common Stock is entitled to one vote per share at all meetings of Stockholders. In the event of a default in payments of dividends on the Preferred Stock equivalent to six quarterly dividends, the holders of the Fund's Preferred Stock (Preferred Stockholders) are entitled, voting separately as a class to the exclusion of the holders of the Fund's Common Stock (Common Stockholders), to elect two additional directors, with such right to continue until all arrearages have been paid and current Preferred Stock dividends are provided for. Generally, the vote of Preferred Stockholders is required to approve certain actions adversely affecting their rights.

Note 2. Summary of significant accounting policies

**Basis of preparation**

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies* (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

**Segment reporting**

The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity's overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not

Tri-Continental Corporation \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

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.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Directors. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Directors. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

**Derivative instruments**

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

Tri-Continental Corporation \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally expected to be limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the central counterparty or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker's customers (including the Fund) by account class, potentially resulting in losses to the Fund.

In connection with certain over-the-counter derivatives, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Tri-Continental Corporation \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**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 manage its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. 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.

**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 December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 8,581<br> \*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 530990 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Futures** <br>**contracts** <br>**($)**<br>|
| Equity risk | &nbsp;&nbsp; 261995 |

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Tri-Continental Corporation \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended December 31, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 12845761 |

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**Security transactions**

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

**Income recognition**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to stockholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

The value of additional securities received as an income payment through a payment-in-kind, if any, is recorded as interest income and increases the cost basis of such securities.

**Determination of net asset value** 

The net asset value per share of the Fund is computed by dividing the value of the net assets for common stock of the Fund by the total number of outstanding common shares of the Fund, rounded to the nearest cent, at the close of regular trading (ordinarily 4:00 p.m. Eastern Time) every day the New York Stock Exchange is open.

Tri-Continental Corporation \| 2025

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Notes to Financial Statements (continued)

December 31, 2025

**Federal income tax status**

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Distributions to stockholders**

The Fund has an earned distribution policy. Under this policy, the Fund intends to make quarterly distributions to holders of Common Stock that are approximately equal to net investment income, less dividends payable on the Fund's Preferred Stock. Capital gains, when available, are distributed to Common Stockholders at least annually.

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

**Guarantees and indemnifications**

Under the Fund's organizational documents and, in some cases, by contract, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

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 and is responsible for 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 effective management services fee rate for the year ended December 31, 2025 was 0.42% of the Fund's average daily net assets for Common Stock, paid by Common Stockholders (and 0.41% of the Fund's total average daily net assets).

**Compensation of Board members**

Members of the Board of Directors who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Directors may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Directors' fees deferred during the current period as well as any gains or losses on the Directors' deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

Tri-Continental Corporation \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

**Compensation of Chief Compliance Officer**

The Board of Directors has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

**Stockholder servicing fees**

Under a Stockholder Service Agent Agreement, Columbia Management Investment Services Corp. (the Servicing Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, maintains Fund stockholder accounts and records and provides Fund stockholder services. Under the Stockholder Service Agent Agreement, the Fund pays the Servicing Agent a monthly stockholder servicing and transfer agent fee based on the number of Common Stock open accounts. The Servicing Agent is also entitled to reimbursement for out-of-pocket fees.

For the year ended December 31, 2025, the Fund's effective stockholder servicing and transfer agent fee rate as a percentage of Common Stock average net assets was 0.02%.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At December 31, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, investments in certain convertible securities, principal and/or interest from fixed income securities, defaulted securities/troubled debt, trustees' deferred compensation, distributions, deemed distributions and miscellaneous adjustments. To the extent these differences were permanent, reclassifications were made among the components of the Fund's net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Undistributed net** <br>**investment** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gain ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paid in** <br>**capital ($)**<br>|
| 1003970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1003972)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years indicated was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary** <br>**income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term** <br>**capital gains ($)**<br>| **Total ($)** |
| 82254608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121442900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203697508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78163274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95275190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173438464 |

---

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed** <br>**ordinary income ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Undistributed** <br>**long-term** <br>**capital gains ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital loss** <br>**carryforwards ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 7035171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22844281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438831007 |

---

Tri-Continental Corporation \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

At December 31, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 1533356490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499891481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61060474)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438831007 |

---

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 $940,296,686 and $1,047,953,933, respectively, for the year ended December 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Capital stock transactions

Under the Fund's Charter, dividends on Common Stock cannot be declared unless net assets, after deducting the amount of such dividends and all unpaid dividends declared on Preferred Stock, equal at least $100 per share of Preferred Stock outstanding. The equivalent figure at December 31, 2025 was $2,634. 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 December 31, 2025) plus accrued dividends, and entitled in liquidation to $50 per share plus dividends accrued or in arrears, as the case may be.

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

The Fund makes available the Automatic Dividend Investment Plan and the Cash Purchase Plan (collectively, the Investment Plans) to any Common Stockholder with a Direct-at-Fund Account (as defined below) that wishes to purchase additional shares of the Fund. The Automatic Dividend Investment Plan provides stockholders with the option to add to their investment with reinvested distributions from the Fund, and the Cash Purchase Plan provides stockholders with the option to add to their investment with cash purchases. Direct-at-Fund Account holders may participate in one or both of the Investment Plans. Direct-at-Fund Account stockholders will automatically be enrolled in the reinvested distributions option under the Automatic Dividend Investment Plan, but must elect to participate in the cash purchase option under the Cash Purchase Plan.

**Automatic Dividend Investment Plan**. Under the Automatic Dividend Investment Plan, you may elect to purchase additional shares of the Fund's Common Stock with dividends or other distributions on shares of the Fund owned. For Direct-at-Fund Accounts, unless the Servicing Agent is otherwise instructed by you as described below, 100% of distributions on the Common Stock are automatically paid in book shares of Common Stock, which are entered in your Fund account as "book credits." You may otherwise elect to receive distributions 75% in shares and 25% in cash, 50% in shares and 50% in cash, or 100% in cash. Any request to change your distribution payment option must be received by the Servicing Agent by the record date for a distribution in order for the change to take effect for such distribution. Elections received after a record date for a distribution will be effective for the next distribution. Shares issued to the stockholder in respect of distributions will be at a price equal to the lower of: (i) the closing sale or bid price, plus applicable commission, of the Common Stock on the New York Stock Exchange on the ex-dividend date or (ii) the greater of NAV per share of Common Stock and 95% of the closing price of the Common Stock on the New York Stock Exchange on the ex-dividend date (without adjustment for the exercise of Warrants remaining outstanding). The issuance of Common Stock at less than NAV per share will dilute the NAV of all Common Stock outstanding at that time.

Tri-Continental Corporation \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

The tax treatment of dividends and capital gain distributions as a participant in the Automatic Dividend Investment Plan are the same whether you participate in the Plan and reinvest your Fund distributions or whether you elect not to participate in the Plan and receive all your Fund distributions in cash (i.e., capital gains and income are realized, although cash is not received by the shareholder).

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

**Cash Purchase Plan**. Under the Cash Purchase Plan, you may elect to purchase additional shares of the Fund's Common Stock with cash dividends paid by other corporations in which stock is owned, or with cash purchase payments (including via ACH, as described below).

Under the Cash Purchase Plan, the Servicing Agent may receive and invest other corporations' distributions or cash payments made by you in additional shares of the Fund's Common Stock (after deducting a $2 per-transaction fee) in your accounts, as described above in the Fees and Expenses of the Fund table). Purchase orders received in connection with the Cash Purchase Plan are generally priced one time per week, typically each Wednesday (or the next available business day if the NYSE is not open for business on Wednesday), subject to the potential for the suspension of such purchases under certain circumstances. Cash purchase payments forwarded by you under the Cash Purchase Plan should be made payable to Tri-Continental Corporation and mailed to the following regular or overnight mail address:

Regular Mail:

Tri-Continental Corporation

P.O. Box 219371

Kansas City, MO 64121-9371

Overnight Mail:

Tri-Continental Corporation

801 Pennsylvania Ave., Ste 219371

Kansas City, MO 64105-1307

Checks for investment must be in U.S. dollars drawn on a domestic bank. You will be assessed a $15 fee for any checks rejected by your financial institution due to insufficient funds or other reasons. The Fund does not accept cash, credit card, convenience checks, money orders, traveler's checks, starter checks, third or fourth party checks, or other cash equivalents.

**Automated Clearing House (ACH)**. If you elect to participate in the Cash Purchase Plan, you may establish the ACH privilege on your account, which allows you to transfer money directly from your bank account by electronic funds transfer to be invested in additional shares of Common Stock for your Direct-at-Fund Account.

You may elect to participate, change your election, or terminate participation in any investment option available under the Investment Plans at any time by completing the "Tri-Continental Corporation Authorization Form" (which provides details for each of the investment options available under the Investment Plans) available at columbiathreadneedleus.com. There is no minimum additional investment. Purchases and sales of shares of the Fund's Common Stock (other than for tax-deferred retirement plan accounts) are limited to a total of 12,500 shares transacted per calendar quarter, subject to a maximum 40,000 shares per calendar year, per account (including any related accounts, e.g., those under the same social security number or tax identification number or otherwise under common control), subject to certain limited exceptions at the sole discretion of the Fund.

Stockholders may elect to terminate participation in the Investment Plans at any time by contacting the Servicing Agent (note that a minimum notice in advance of a pending transaction may be required) in writing. The Investment Plans, with respect to a Direct-at-Fund Account, will terminate automatically upon full liquidation of the account. If your shares are held in book credit form, you may terminate your participation in the Investment Plans and (i) receive a certificate for all or a part of your shares, or (ii) have all or a part of your shares sold for you by the Fund, and retain any unsold shares in book credit form or receive a certificate for any unsold shares. If you elect to have shares sold, you will receive the proceeds from the sale. Only participants whose shares are held in book credit form may elect upon termination of their participation in the Investment Plans to have shares sold in the above manner. Instructions must be signed by all registered stockholders and should be sent to the Fund at the address above. This will not affect the date on which your instruction to sell shares is

Tri-Continental Corporation \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

actually processed. If your Direct-at-Fund Account is terminated between the record and payment dates of a Fund distribution, the distribution payment will be made in cash. The Servicing Agent may amend or terminate the Investment Plans at any time upon written notice to stockholders. Additional information about the Investment Plans is available by contacting the Servicing Agent at the contact information noted above. As of February 11, 2026, 7,612 stockholders, owning approximately 18,222,202 shares of Common Stock, were using the Investment Plans.

The Fund, in connection with its Investment Plans, acquires and issues shares of its own Common Stock, as needed, to satisfy the requirements of the Investment Plans. A total of 37,958 shares were issued to the participants of the Cash Purchase Plan during the period for proceeds of $1,184,727, a weighted average discount of 13.11% from the NAV of those shares. In addition, a total of 3,194,017 shares were issued at market price in distributions during the period for proceeds of $101,906,813, a weighted average discount of 11.37% from the NAV of those shares.

For the year ended December 31, 2025, the Fund purchased 636,636 shares of its Common Stock from the Cash Purchase Plan participants at a cost of $20,589,629, which represented a weighted average discount of 10.70% from the NAV of those acquired shares.

On September 8, 2025, the Fund's Board approved the Fund's stock repurchase program, under which 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%; however, in order to facilitate the required distributions, no repurchases will be made during the period between the declaration date and the ex-dividend date for Fund distributions. 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 year ended December 31, 2025, including under a slightly different program prior to September 2025 that did not suspend Fund repurchases between declaration date and ex-dividend date of a Fund distribution, the Fund purchased 1,612,817 shares of its Common Stock in the open market at an aggregate cost of $51,678,386, which represented a weighted average discount of 10.76% 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 December 31, 2025, the Fund reserved 193,859 shares of Common Stock for issuance upon exercise of 8,014 Warrants, each of which entitled the holder to purchase 24.19 shares of Common Stock at $0.93 per share.

Assuming the exercise of all Warrants outstanding at December 31, 2025, net assets would have increased by $180,289 and the net asset value of the Common Stock would have been $36.22 per share. The number of Warrants exercised during the year ended December 31, 2025 was zero.

Note 7. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Tri-Continental Corporation \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

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 year ended December 31, 2025.

Note 9. Risks and uncertainties

An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund's holdings and the Fund's net asset value may go down. 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.

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

Tri-Continental Corporation \| 2025

------

Notes to Financial Statements (continued)

December 31, 2025

To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.

Note 10. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

Although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

Tri-Continental Corporation \| 2025

------

Report of Independent Registered Public Accounting Firm

**To the Board of Directors and Stockholders of Tri-Continental Corporation**

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Tri-Continental Corporation (the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

We have also previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statements of assets and liabilities, including the portfolios of investments, of the Fund as of December 31, 2024, 2023, 2022 and 2021, the related statements of operations for each of the years ended December 31, 2021 through 2024 and the statements of changes in net assets for each of the years ended December 31, 2021 through 2023 (none of which are presented herein), and we expressed unqualified opinions on those financial statements. In our opinion, the information set forth in the Senior Securities - $2.50 Cumulative Preferred Stock table of the Fund for each of the five years in the period ended December 31, 2025 is fairly stated, in all material respects, in relation to the financial statements from which it has been derived.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

February 23, 2026

We have served as the auditor of one or more investment companies in the Columbia Funds Complex since 1977.

Tri-Continental Corporation \| 2025

------

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Qualified** <br>**dividend** <br>**income**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends** <br>**received** <br>**deduction**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Section** <br>**199A** <br>**dividends**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital** <br>**gain** <br>**dividend**<br>|
| 37.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $121017374 |

---

Qualified dividend income. For taxable, non-corporate stockholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.

Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.

Section 199A dividends. For taxable, non-corporate stockholders, the percentage of ordinary income distributed during the fiscal year that represents Section 199A dividends potentially eligible for a 20% deduction.

Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.

Directors and Officers

(Unaudited)

The Board oversees the Fund's operations and elects officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund's Directors as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Certain Directors may have served as a Trustee to other Funds in the Columbia Funds Complex prior to the date set forth in the Position Held with the Fund and Length of Service column. Under the Fund's charter and Amended and Restated Bylaws, Directors may serve a term ending at the third annual meeting of stockholders following their election, whereupon, if nominated for re-election, they may be re-elected to serve another term (the Fund's Board has three classes, with one class expiring each year at the Fund's regular stockholder's meeting), or, under current Board policy, for Directors not affiliated with the Investment Manager, generally through the end of the calendar year in which they reach the mandatory retirement age established by the Board.

Tri-Continental Corporation \| 2025

------

Directors and Officers (continued)

(Unaudited)

Independent directors

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name,** <br>**Address,** <br>**Year of Birth**<br>| &nbsp;&nbsp; **Position Held** <br>**With the Fund and** <br>**Length of Service**<br>| &nbsp;&nbsp; **Principal Occupation(s)** <br>**During the Past Five Years** <br>**and Other Relevant** <br>**Professional Experience**<br>| &nbsp;&nbsp; **Number of** <br>**Funds in the** <br>**Columbia Funds** <br>**Complex\*** <br>**Overseen**<br>| &nbsp;&nbsp; **Other Directorships** <br>**Held by Director** <br>**During the Past** <br>**Five Years and other** <br> **Relevant Board** <br> **Experience**<br>|
| George S. Batejan <br>c/o Columbia Management <br>Investment Advisers, LLC, <br>290 Congress Street <br>Boston, MA 02210 <br>1954<br>| &nbsp;&nbsp; Director since <br>January 2018<br>| &nbsp;&nbsp; Executive Vice President, Global Head of <br> Technology and Operations, Janus Capital Group, <br> Inc. 2010-2016<br>| 180 | &nbsp;&nbsp; Former Chairman of the <br> Board, NICSA (National <br> Investment Company <br> Services Association) <br> (Executive Committee, <br> Nominating Committee and <br> Governance Committee), <br> 2014-2016; former Director, <br> Intech Investment <br> Management, 2011-2016; <br> former Board Member, Metro <br> Denver Chamber of <br> Commerce, 2015-2016; <br> former Advisory Board <br> Member, University of <br> Colorado Business School, <br> 2015-2018; former Board <br> Member, Chase Bank <br> International, 1993-1994<br>|
| Kathleen Blatz <br>c/o Columbia Management <br>Investment Advisers, LLC, <br>290 Congress Street <br>Boston, MA 02210 <br>1954<br>| &nbsp;&nbsp; Director since <br> November 2008<br>| &nbsp;&nbsp; Attorney, specializing in arbitration and mediation, <br> since 2006; Trustee of Gerald Rauenhorst 1982 <br> Trusts, 2020-2024; Interim President and Chief <br> Executive Officer, Blue Cross Blue Shield of <br> Minnesota (health care insurance), February-July <br> 2018, April-October 2021; Chief Justice, Minnesota <br> Supreme Court, 1998-2006; Associate Justice, <br> Minnesota Supreme Court, 1996-1998; Fourth <br> Judicial District Court Judge, Hennepin County, <br> 1994-1996; Attorney in private practice and public <br> service, 1984-1993; State Representative, <br> Minnesota House of Representatives, 1979-1993, <br> which included service on the Tax and Financial <br> Institutions and Insurance Committees; Member <br> and Interim Chair, Minnesota Sports Facilities <br> Authority, January-July 2017<br>| 180 | &nbsp;&nbsp; Former Trustee, Blue Cross <br> and Blue Shield of <br> Minnesota, 2009-2021 (Chair <br> of the Business Development <br> Committee, 2014-2017; Chair <br> of the Governance <br> Committee, 2017-2019); <br> former Member and Chair of <br> the Board, Minnesota Sports <br> Facilities Authority, January <br> 2017-July 2017; former <br> Director, Robina Foundation, <br> 2009-2020 (Chair, <br> 2014-2020); Director, Richard <br> M. Schulze Family <br> Foundation, since 2021<br>|

---

Tri-Continental Corporation \| 2025

------

Directors and Officers (continued)

(Unaudited)

Independent directors (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **Year of Birth**<br>| &nbsp;&nbsp; **Position Held**<br> **With the Fund and**<br> **Length of Service**<br>| &nbsp;&nbsp; **Principal Occupation(s)**<br> **During the Past Five Years**<br> **and Other Relevant**<br> **Professional Experience**<br>| &nbsp;&nbsp; **Number of**<br> **Funds in the**<br> **Columbia Funds**<br> **Complex\***<br> **Overseen**<br>| &nbsp;&nbsp; **Other Directorships**<br> **Held by Director**<br> **During the Past**<br> **Five Years and other** <br> **Relevant Board** <br> **Experience**<br>|
| Pamela G. Carlton <br>c/o Columbia Management <br>Investment Advisers, LLC, <br>290 Congress Street <br>Boston, MA 02210 <br>1954<br>| &nbsp;&nbsp; Director since <br> November 2008; <br> Chair of the Board <br> since January 2023<br>| &nbsp;&nbsp; President, Springboard-Partners in Cross Cultural <br> Leadership (consulting company), since 2003; <br> Managing Director of US Equity Research, JP <br> Morgan Chase, 1999-2003; Director of US Equity <br> Research, Chase Asset Management, 1996-1999; <br> Co-Director Latin America Research, 1993-1996, <br> COO Global Research, 1992-1996, Co-Director of <br> US Research, 1991-1992, Investment Banker, <br> 1982-1991, Morgan Stanley; Attorney, Cleary <br> Gottlieb Steen & Hamilton LLP, 1980-1982<br>| 180 | &nbsp;&nbsp; Trustee, New York <br> Presbyterian Hospital Board, <br> since 1996; Director, DR Bank <br> (Audit Committee, since <br> 2017 and Audit Committee <br> Chair, since November 2023); <br> Director, Evercore Inc. (Audit <br> Committee, Nominating and <br> Governance Committee) <br> (financial services <br> company), since 2019; <br> Director, Apollo Commercial <br> Real Estate Finance, Inc. <br> (Chair, Nominating and <br> Governance Committee), <br> since 2021; the Governing <br> Council of the Independent <br> Directors Council (IDC), since <br> 2021; Director, Apollo <br> Asset-Backed Finance LC <br> Board, since 2024; Member, <br> Independent Directors <br> Institute (IDC) since 2021 <br> and Member, Investment <br> Company Institute (ICI) <br> Board of Governance since <br> 2024<br>|
| Janet Langford Carrig <br>c/o Columbia Management <br>Investment Advisers, LLC, <br>290 Congress Street <br>Boston, MA 02210 <br>1957<br>| &nbsp;&nbsp; Director since <br>January 2023<br>| &nbsp;&nbsp; Senior Vice President, General Counsel and <br> Corporate Secretary, ConocoPhillips (independent <br> energy company), September 2007-October 2018<br>| 180 | &nbsp;&nbsp; Director, Waterbridge <br> Infrastructure LLC (Audit <br> Committee) (water <br> infrastructure company), <br> since December 2025; <br> Former Director, EQT <br> Corporation (natural gas <br> producer), July 2019-April <br> 2025, former Director, <br> Whiting Petroleum <br> Corporation (independent oil <br> and gas company), <br> 2020-2022<br>|
| Brian J. Gallagher <br>c/o Columbia Management <br> Investment Advisers, LLC, <br>290 Congress Street <br>Boston, MA 02210 <br>1954<br>| &nbsp;&nbsp; Director since <br> January 2020 <br>| &nbsp;&nbsp; Retired; Partner with Deloitte & Touche LLP and its <br> predecessors, 1977-2016 <br>| 180 | &nbsp;&nbsp; Trustee, Catholic Schools <br> Foundation, 2004-2024 <br>|

---

Tri-Continental Corporation \| 2025

------

Directors and Officers (continued)

(Unaudited)

Independent directors (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **Year of Birth**<br>| &nbsp;&nbsp; **Position Held**<br> **With the Fund and**<br> **Length of Service**<br>| &nbsp;&nbsp; **Principal Occupation(s)**<br> **During the Past Five Years**<br> **and Other Relevant**<br> **Professional Experience**<br>| &nbsp;&nbsp; **Number of**<br> **Funds in the**<br> **Columbia Funds**<br> **Complex\***<br> **Overseen**<br>| &nbsp;&nbsp; **Other Directorships**<br> **Held by Director**<br> **During the Past**<br> **Five Years and other** <br> **Relevant Board** <br> **Experience**<br>|
| Douglas A. Hacker <br>c/o Columbia Management <br> Investment Advisers, LLC, <br>290 Congress Street <br>Boston, MA 02210 <br>1955 <br>| &nbsp;&nbsp; Director since <br> January 2022 <br>| &nbsp;&nbsp; Independent business executive, since May 2006; <br> Executive Vice President – Strategy of United <br> Airlines, December 2002-May 2006; President of <br> UAL Loyalty Services (airline marketing company), <br> September 2001-December 2002; Executive Vice <br> President and Chief Financial Officer of United <br> Airlines, July 1999-September 2001<br>| 180 | &nbsp;&nbsp; Former Director, <br> SpartanNash Company (food <br> distributor), November <br> 2013-September 2025 <br> (Former Chair of the Board, <br> May 2021-September 2025); <br> Director, Aircastle Limited <br> (aircraft leasing) , since <br> August 2006 (Chair of Audit <br> Committee); former Director, <br> Nash Finch Company (food <br> distributor), 2005-2013; <br> former Director, SeaCube <br> Container Leasing Ltd. <br> (container leasing), <br> 2010-2013; and former <br> Director, Travelport <br> Worldwide Limited (travel <br> information technology), <br> 2014-2019<br>|
| Nancy T. Lukitsh <br>c/o Columbia Management <br>Investment Advisers, LLC, <br>290 Congress Street <br>Boston, MA 02210 <br>1956<br>| &nbsp;&nbsp; Director since <br> January 2026<br>| &nbsp;&nbsp; Senior Vice President, Partner and Director of <br> Marketing, Wellington Management Company, LLP <br> (investment adviser), 1997-2010; Chair, Wellington <br> Management Portfolios (commingled non-U.S. <br> investment pools), 2007 -2010; Director, Wellington <br> Trust Company, NA and other Wellington affiliates, <br> 1997-2010<br>| 180 |  |
| David M. Moffett <br>c/o Columbia Management <br> Investment Advisers, LLC, <br>290 Congress Street <br>Boston, MA 02210 <br>1952<br>| &nbsp;&nbsp; Director since <br> January 2024<br>| &nbsp;&nbsp; Retired; former Chief Executive Officer of Freddie <br> Mac and Chief Financial Officer of U.S. Bank<br>| 180 | &nbsp;&nbsp; Director, CSX Corporation <br> (transportation suppliers); <br> Director, PayPal <br> Holdings Inc. (payment and <br> data processing services); <br> former Director, eBay Inc. <br> (online trading community), <br> 2007-2015; and former <br> Director, CIT Bank, CIT <br> Group Inc. (commercial and <br> consumer finance), <br> 2010-2016; former Senior <br> Adviser to The Carlyle Group <br> (financial services), March <br> 2008-September 2008; <br> former Governance <br> Consultant to Bridgewater <br> Associates (investment <br> company), January <br> 2013-December 2015<br>|

---

Tri-Continental Corporation \| 2025

------

Directors and Officers (continued)

(Unaudited)

Independent directors (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name,**<br> **Address,**<br> **Year of Birth**<br>| &nbsp;&nbsp; **Position Held**<br> **With the Fund and**<br> **Length of Service**<br>| &nbsp;&nbsp; **Principal Occupation(s)**<br> **During the Past Five Years**<br> **and Other Relevant**<br> **Professional Experience**<br>| &nbsp;&nbsp; **Number of**<br> **Funds in the**<br> **Columbia Funds**<br> **Complex\***<br> **Overseen**<br>| &nbsp;&nbsp; **Other Directorships**<br> **Held by Director**<br> **During the Past**<br> **Five Years and other** <br> **Relevant Board** <br> **Experience**<br>|
| Catherine James Paglia <br>c/o Columbia Management <br>Investment Advisers, LLC, <br>290 Congress Street <br>Boston, MA 02210 <br>1952<br>| &nbsp;&nbsp; Director since <br> November 2008<br>| &nbsp;&nbsp; Director, Enterprise Asset Management, Inc. <br> (private real estate and asset management <br> company), since September 1998; Managing <br> Director and Partner, Interlaken Capital, Inc., <br> 1989-1997; Vice President, 1982-1985, Principal, <br> 1985-1987, Managing Director, 1987-1989, Morgan <br> Stanley; Vice President, Investment Banking, <br> 1980-1982, Associate, Investment Banking, <br> 1976-1980, Dean Witter Reynolds, Inc.<br>| 180 | &nbsp;&nbsp; Director, Valmont Industries, <br> Inc. (irrigation systems <br> manufacturer), since 2012; <br> Trustee, Carleton College (on <br> the Investment Committee), <br> since 1987; Trustee, <br> Carnegie Endowment for <br> International Peace (on the <br> Investment Committee), <br> since 2009<br>|
| Sandra L. Yeager <br>c/o Columbia Management <br>Investment Advisers, LLC, <br>290 Congress Street <br>Boston, MA 02210 <br>1964 <br>| &nbsp;&nbsp; Director since June <br> 2020 <br>| &nbsp;&nbsp; Retired; President and founder, Hanoverian Capital, <br> LLC (SEC registered investment advisor firm), <br> 2008-2016; Managing Director, DuPont Capital, <br> 2006-2008; Managing Director, Morgan Stanley <br> Investment Management, 2004-2006; Senior Vice <br> President, Alliance Bernstein, 1990-2004 <br>| 180 | &nbsp;&nbsp; Former Director, NAPE <br> (National Alliance for <br> Partnerships in Equity) <br> Education Foundation, <br> October 2016-October 2020; <br> Advisory Board, Jennersville <br> YMCA, June 2022-June 2023<br>|

---

Interested director affiliated with Investment Manager\*\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name,** <br>**Address,** <br>**Year of Birth**<br>| &nbsp;&nbsp; **Position Held** <br>**With the Fund and** <br>**Length of Service**<br>| &nbsp;&nbsp; **Principal Occupation(s)** <br>**During the Past Five Years** <br>**and Other Relevant** <br>**Professional Experience**<br>| &nbsp;&nbsp; **Number of** <br>**Funds in the** <br>**Columbia Funds** <br>**Complex\*** <br>**Overseen**<br>| &nbsp;&nbsp; **Other Directorships Held** <br>**by Trustee During the** <br> **Past Five Years and** <br>**Other Relevant Board** <br>**Experience**<br>|
| Ryan C. Larrenaga <br>c/o Columbia Management <br>Investment Advisers, LLC, <br>290 Congress Street <br>Boston, MA 02210 <br>1970<br>| &nbsp;&nbsp; Director since <br> September 2025 <br>Senior Vice President <br> since 2017, Chief <br> Legal Officer since <br> 2017 and Secretary <br> since 2015<br>| &nbsp;&nbsp; Vice President and Chief Counsel – Legal, <br> Ameriprise Financial, Inc., since August 2018; Vice <br> President and General Counsel, Ameriprise <br> Certificate Company (registered investment <br> company), since April 2025; officer of the <br> Columbia Funds or affiliated registered and <br> unregistered funds since 2005<br>| 180 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The term "Columbia Funds Complex" as used herein includes Columbia Credit Income Opportunities Fund, Columbia Seligman Premium Technology Growth Fund, Inc., Tri-Continental Corporation and each series of Columbia Acorn Trust, Columbia Funds Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT), Columbia Funds Variable Series Trust (CFVST) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Gallagher, Hacker, Larrenaga and Moffett and Mses. Blatz, Carlton, Carrig, Lukitsh, Paglia and Yeager serve as directors of Columbia Seligman Premium Technology Growth Fund, Inc. and Tri-Continental Corporation.

\*\* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611, contacting your financial intermediary or visiting

investor.columbiathreadneedleus.com.

Tri-Continental Corporation \| 2025

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Directors and Officers (continued)

(Unaudited)

The Board has elected officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Larrenaga, who is the Senior Vice President, Chief Legal Officer and Secretary, the Fund's other officers are:

Fund officers

---

| | | |
|:---|:---|:---|
| **Name,** <br>**address and** <br>**year of birth**<br>| &nbsp;&nbsp; **Position and year** <br>**first appointed to** <br>**position for any Fund** <br>**in the Columbia** <br>**Funds Complex or a** <br>**predecessor thereof**<br>| **Principal occupation(s) during past five years** |
| Michael G. Clarke <br>290 Congress Street <br>Boston, MA 02210 <br>1969<br>| &nbsp;&nbsp; Chief Financial Officer and <br> Principal Financial Officer <br> (2009); Senior Vice <br> President (2019); and <br> Treasurer and Chief <br> Accounting Officer <br> (Principal Accounting <br> Officer) (2024) <br>| &nbsp;&nbsp; Senior Vice President and North America Head of Global Operations & Investor Services and <br> Member of Board of Governors, Columbia Management Investment Advisers, LLC, since June 2023 <br> and January 2024, respectively (previously Senior Vice President and Head of Global Operations & <br> Investor Services, March 2022 - June 2023, Vice President, Head of North America Operations, and <br> Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and <br> Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002. <br> Director, Ameriprise Trust Company, since June 2023; Director, Columbia Management Investment <br> Services Corp., since September 2024; Member of Board of Governors, Columbia Wanger Asset <br> Management, LLC, since October 2024.<br>|
| Charles H. Chiesa <br>290 Congress Street <br>Boston, MA 02210 <br>1978<br>| &nbsp;&nbsp; Treasurer and Chief <br> Accounting Officer <br> (Principal Accounting <br> Officer) (2024) and Principal <br> Financial Officer (2024) <br>| &nbsp;&nbsp; Vice President, Head of Accounting and Tax of Global Operations & Investor Services, Columbia <br> Management Investment Advisers, LLC, since May 2024; Senior Manager, KPMG, October 2022 – <br> May 2024; Director - Business Analyst, Columbia Management Investment Advisers, LLC, <br> December 2013 - October 2022.<br>|
| Marybeth Pilat <br>290 Congress Street <br>Boston, MA 02210 <br>1968 <br>| Assistant Treasurer (2021)  | &nbsp;&nbsp; Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, <br> LLC, since May 2017.<br>|
| William F. Truscott <br>290 Congress Street <br>Boston, MA 02210 <br>1960 <br>| Senior Vice President (2001)  | &nbsp;&nbsp; Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001 - January <br> 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since <br> September 2012; Chairman of the Board and President, Columbia Management Investment <br> Advisers, LLC, since July 2004 and February 2012, respectively; President, Chief Executive Officer <br> and Chairman of the Board, Columbia Management Investment Distributors, Inc., since January <br> 2024, February 2012 and November 2008, respectively; Chairman of the Board and Director, TAM <br> UK International Holdings Limited, since July 2021; President and Chairman of the Board, Columbia <br> Wanger Asset Management, LLC, since October 2024; formerly Chairman of the Board and Director, <br> Threadneedle Asset Management Holdings, Sàrl, March 2013 – December 2022 and December <br> 2008 – December 2022, respectively; senior executive of various entities affiliated with Columbia <br> Threadneedle Investments.<br>|
| Christopher O. Petersen <br>901 3rd Ave S <br>Minneapolis, MN 55402 <br>1970 <br>| &nbsp;&nbsp; Senior Vice President and <br> Assistant Secretary (2021)<br>| &nbsp;&nbsp; Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November <br> 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since <br> September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September <br> 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; <br> officer of Columbia Funds and affiliated funds, since 2007.<br>|
| Thomas P. McGuire <br>290 Congress Street <br>Boston, MA 02210 <br>1972<br>| &nbsp;&nbsp; Senior Vice President and <br> Chief Compliance Officer <br> (2012)<br>| &nbsp;&nbsp; Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief <br> Compliance Officer, Columbia Funds, since April 2012; formerly, Chief Compliance Officer, <br> Ameriprise Certificate Company, September 2010 – September 2020.<br>|
| Michael E. DeFao <br>290 Congress Street <br>Boston, MA 02210 <br>1968<br>| &nbsp;&nbsp; Vice President (2011) and <br> Assistant Secretary (2010)<br>| &nbsp;&nbsp; Vice President and Lead Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, <br> Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC and <br> Columbia Management Investment Distributors, LLC, since October 2021 (previously Vice <br> President and Assistant Secretary, May 2010 – September 2021).<br>|

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Tri-Continental Corporation \| 2025

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Directors and Officers (continued)

(Unaudited)

Fund officers (continued)

---

| | | |
|:---|:---|:---|
| **Name,**<br> **address and**<br> **year of birth**<br>| &nbsp;&nbsp; **Position and year**<br> **first appointed to**<br> **position for any Fund**<br> **in the Columbia**<br> **Funds Complex or a**<br> **predecessor thereof**<br>| **Principal occupation(s) during past five years** |
| Veronica A. Seaman <br>290 Congress Street <br>Boston, MA 02210 <br>1962<br>| Vice President (2025) | &nbsp;&nbsp; Vice President, Global Operations and Investor Services, since 2010; Director (since 2018), and <br> President (since 2024), Columbia Management Investment Services Corp.<br>|
| Victoria K. Bender <br>c/o Columbia Fund Secretary <br>290 Congress Street <br>Boston, MA 02210 <br>1980<br>| Vice President (2026) | &nbsp;&nbsp; Vice President and Chief Administrative Officer, Columbia Management Investment Advisers, LLC <br> since February 2020.<br>|
| Joseph D'Alessandro <br>485 Lexington Avenue <br>New York, NY 10017 <br>1971<br>| &nbsp;&nbsp; Vice President (2026) and <br> Assistant Secretary (2009)<br>| &nbsp;&nbsp; Vice President and Group Counsel, Ameriprise Financial, Inc. since 2009; officer of the Columbia <br> Funds since 2009.<br>|

---

RESULTS OF MEETING OF STOCKHOLDERS

(Unaudited)

The 95th Annual Meeting of Stockholders of Tri-Continental Corporation (the Fund) was held on June 24, 2025 at the Marquette Hotel, 710 S. Marquette Avenue, Minneapolis, Minnesota 55402. Stockholders voted in favor of two Board of Directors' recommended proposals. The description of each proposal and number of shares voted are as follows:

Proposal 1

To elect four directors to the Fund's Board of Directors to serve until the 2028 Annual Meeting of Stockholders or until their successors are duly elected and qualified was as follows:

---

| | | |
|:---|:---|:---|
| **Director** | **For** | **Withheld** |
| Daniel J. Beckman\* | &nbsp;&nbsp;&nbsp;&nbsp; 34,228,281 | &nbsp;&nbsp;&nbsp;&nbsp; 1,501,768 |
| Janet L. Carrig | &nbsp;&nbsp;&nbsp;&nbsp; 33,854,861 | &nbsp;&nbsp;&nbsp;&nbsp; 1,875,188 |
| Douglas A. Hacker | &nbsp;&nbsp;&nbsp;&nbsp; 33,267,768 | &nbsp;&nbsp;&nbsp;&nbsp; 2,462,281 |
| Sandra L. Yeager | &nbsp;&nbsp;&nbsp;&nbsp; 34,344,202 | &nbsp;&nbsp;&nbsp;&nbsp; 1,385,847 |

---

\*Mr. Beckman resigned from the Fund's Board and retired from the Fund's investment manager effective September 5, 2025.

Proposal 2

To ratify the selection of PricewaterhouseCoopers LLP as the Fund's independent registered public accounting firm for 2025:

---

| | | |
|:---|:---|:---|
| **For** | **Against** | **Abstain** |
| 34,613,468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701,380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415,201 |

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Tri-Continental Corporation \| 2025

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**Tri-Continental Corporation** 

P.O. Box 219371

Kansas City, MO 64121-9371

![](g109969img1b4c0b013.jpg)

You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. A prospectus containing information about the Fund (including its investment objectives, risks, charges, expenses and other information about the Fund) may be obtained by contacting your financial advisor or Columbia Management Investment Services Corp. at 800.345.6611, option 3. The prospectus should be read carefully before investing in the Fund. Tri-Continental Corporation is managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments<sup>®</sup> (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.© 2026 Columbia Management Investment Advisers, LLC.

columbiathreadneedleus.com/investor/

ANN240_12_T01_(02/26)

------

#### Item 2. Code of Ethics.
The registrant has adopted a code of ethics (the "Code") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager qualify as "audit committee financial experts," as such term is defined in Form N-CSR. Mr. Gallagher, Mr. Hacker, Mr. Moffett and Ms. Yeager, are also each "independent" members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amount billed to the registrant<br>($)** | **Amount billed to the registrant<br>($)** | **Amount billed to the registrant's<br>investment advisor ($)** | **Amount billed to the registrant's<br>investment advisor ($)** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
|  Audit fees <sup>(a)</sup> | 53565 | 52005 | 0 | 0 |
|  Audit-related fees <sup>(b)</sup> | 0 | 0 | 0 | 0 |
|  Tax fees <sup>(c)</sup> | 17284 | 13795 | 0 | 0 |
|  All other fees <sup>(d)</sup> | 0 | 0 | 0 | 0 |
|  Non-audit fees <sup>(g)</sup> | 0 | 0 | 474000 | 581000 |

---

(a) Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.

(c) Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice, tax planning and foreign tax filings, if applicable.

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(d) All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1 reviews.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The registrant's Audit Committee is required to pre-approve the engagement of the registrant's independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-audit services to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-audit services to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

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(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
(a) The registrant is a listed issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of such Act. The members of such committee are Patricia M. Flynn (retired from the registrant's board on December 31, 2025), Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager.

(b) Not applicable.

#### 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. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not applicable.

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

#### Proxy Voting Policies and Procedures
**General.** The Funds have delegated to the Investment Manager the responsibility to vote proxies relating to portfolio securities held by the Funds, including Funds managed by subadvisers. In deciding to delegate this responsibility to the Investment Manager, the Board reviewed the policies adopted by the Investment Manager. These included the procedures that the Investment Manager follows when a vote presents a conflict between the interests of the Funds and their shareholders and the Investment Manager and its affiliates.

The Investment Manager's policy is to vote all proxies for Fund securities in a manner considered by the Investment Manager to be in the best economic interests of its clients, including the Funds, without regard to any benefit or detriment to the Investment Manager, its employees or its affiliates. The best economic interests of clients is defined for this purpose as the interest of enhancing or protecting the value of client accounts, considered as a group rather than individually, as the Investment Manager determines in its discretion. The Investment Manager endeavors to vote all proxies of which it becomes aware prior to the vote deadline; provided, however, that in certain circumstances the Investment Manager may refrain from voting securities. For instance, the Investment Manager may refrain from voting foreign securities if it determines that the costs of voting outweigh the expected benefits of voting and typically will not vote securities if voting would impose trading restrictions.

The Board may, in its discretion, vote proxies for the Funds. For instance, the Board may determine to vote on matters that may present a material conflict of interest to the Investment Manager. In addition, the Board may instruct the Investment Manager to vote in accordance with guidelines approved by the Board.

**Oversight.** The operation of the Investment Manager's proxy voting policy and procedures is overseen by a group of representatives from the Investment Manager and its advisory affiliates. Oversight of the Investment Manager's proxy voting is also provided by a committee within the Investment Manager comprised of portfolio managers and research analysts. The Board reviews on an annual basis, or more frequently if determined appropriate, the Investment Manager's administration of the proxy voting process.

**Corporate Governance and Proxy Voting Guidelines (the Guidelines).** The Investment Manager has adopted the Guidelines, which set out voting stances on key issues and the broad principles shaping its approach, as well as the types of related voting action the Investment Manager may take. The Guidelines also provide indicative examples of key guidelines used in any given region, which illustrate the standards against which voting decisions are considered. The Investment Manager has developed voting stances that align with the Guidelines and will generally vote in accordance with such voting stances. The Investment Manager may determine to vote differently from the voting stances on particular proposals in the event it determines that doing so is in the clients' best economic interests. The Investment Manager may consider the voting recommendations of analysts, portfolio managers, subadvisers and information obtained from outside resources, including one or more third party research providers. When proposals are not covered by the voting stances or a voting determination must be made on a case-by-case basis, a portfolio manager or analyst will make the voting determination based on his or her determination of the clients' best economic interests.

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**Addressing Conflicts of Interest.** The Investment Manager seeks to address potential material conflicts of interest by voting in accordance with predetermined voting stances. In addition, if the Investment Manager determines that a material conflict of interest exists, the Investment Manager will invoke one or more of the following conflict management practices: (i) causing the proxies to be voted in accordance with the recommendations of an independent third party (which may be the Investment Manager's proxy voting administrator or research provider); (ii) causing the proxies to be delegated to an independent third party (which may be the Investment Manager's proxy voting administrator or research provider); and (iii) in infrequent cases, forwarding the proxies to an Independent Director authorized to vote the proxies for the Funds. A member of a governing body responsible for overseeing proxy voting is prohibited from voting on any proposal for which he or she has a conflict of interest by reason of a direct relationship with the issuer or other party affected by a given proposal. Persons making recommendations are required to disclose any relationship with a party making a proposal or other matter known to the person that would create a potential conflict of interest.

**Voting Proxies of Affiliated Underlying Funds.** Certain Funds may invest in shares of other Columbia Funds (referred to in this context as "underlying funds") and may own substantial portions of these underlying funds. If such Funds are in a master-feeder structure, the feeder fund will either seek instructions from its shareholders with regard to the voting of proxies with respect to the master fund's shares and vote such proxies in accordance with such instructions or vote the shares held by it in the same proportion as the vote of all other master fund shareholders. With respect to Funds that hold shares of underlying funds other than in a master-feeder structure, the holding Funds will typically vote proxies of the underlying funds in the same proportion as the vote of all other holders of the underlying fund's shares, unless the Board otherwise instructs.

**Proxy Voting Agents.** The Investment Manager has retained Institutional Shareholder Services Inc., a third-party vendor, as its proxy voting administrator to implement its proxy voting process and to provide recordkeeping and vote disclosure services. Typically, Institutional Shareholder Services Inc. populates ballots for issuers deemed to present potential material conflicts of interest in accordance with predetermined voting stances, as described above under Addressing Conflicts of Interest. The Investment Manager has retained both Institutional Shareholder Services Inc. and Glass Lewis & Company, LLC to provide proxy research services.

**Additional Information.** Information regarding how the Columbia Funds (except certain Columbia Funds that do not invest in voting securities) voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 will be available by August 31 of this year free of charge: (i) through the Columbia Funds' website at columbiathreadneedleus.com and/or (ii) on the SEC's website at www.sec.gov.

[A copy of the current Guidelines is filed.](d109969dex99proxyguide.htm)

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#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.

#### Portfolio Managers

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Role with the**<br> **Corporation** | **Managed the**<br> **Corporation Since** |
|  David King, CFA | Senior Portfolio Manager | Co-Portfolio Manager | 2011 |
|  Yan Jin | Senior Portfolio Manager | Co-Portfolio Manager | 2012 |
|  Raghavendran Sivaraman, Ph.D., CFA | Senior Portfolio Manager | Co-Portfolio Manager | 2020 |
|  Grace Lee, CAIA | Senior Portfolio Manager | Co-Portfolio Manager | 2020 |
|  Oleg Nusinzon, CFA | Senior Portfolio Manager | Co-Portfolio Manager | 2021 |

---

**Mr. King** joined the Investment Manager in 2010. Mr. King began his investment career in 1983 and earned a B.S. from the University of New Hampshire and an M.B.A. from Harvard Business School.

**Mr. Jin** joined one of the Columbia Management legacy firms or acquired business lines in 2002. Mr. Jin began his investment career in 1998 and earned a M.A. in economics from North Carolina State University.

**Dr. Sivaraman** joined one of the Columbia Management legacy firms or acquired business lines in 2007. Dr. Sivaraman began his investment career in 2007 and earned a B.Tech. in Computer Science Engineering from the Indian Institute of Technology, Madras and a Ph.D. in Operations Research from the Massachusetts Institute of Technology.

**Ms. Lee** joined the Investment Manager in 2014. Ms. Lee began her investment career in 1996 and earned a bachelor's degree in political science and economics from Stanford University and an M.B.A. from Harvard Business School.

**Mr. Nusinzon** joined the Investment Manager in 2020. 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.

#### Other Accounts Managed by the Portfolio Managers:

#### AS OF FYE 12/31/25

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Other Accounts Managed (excluding the<br>Fund)** | **Other Accounts Managed (excluding the<br>Fund)** | **Other Accounts Managed (excluding the<br>Fund)** | |
| **Fund** | <br>**Portfolio**<br>**Manager** | **Number<br>and**<br>**Type of<br>Account\*** | **Approximate**<br>**Total Net<br>Assets** | **Performance**<br>**Based**<br>**Accounts\*\*** | <br>**Ownership of Fund<br>Shares** |
|  Tri- Continental Corporation | Yan Jin | 4 RICs<br> 1 PIV<br> 11 Other<br>Accounts | $5.87 billion<br> $19.88 million<br> $8.49 million |  | $500,001-$1,000,000<br> (vested) |
|  Tri- Continental Corporation | David King | 4 RICs<br> 1 PIV<br> 8 Other<br>Accounts | $5.87 billion<br> $19.88 million<br> $37.29 million |  | Over $1,000,000<br> (vested) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Other Accounts Managed (excluding the Fund)** | **Other Accounts Managed (excluding the Fund)** | **Other Accounts Managed (excluding the Fund)** | |
| **Fund** | <br>**Portfolio<br>Manager** | **Number and<br>Type of<br>Account\*** | **Approximate<br>Total Net Assets** | **Performance Based<br>Accounts\*\*** | <br>**Ownership of Fund<br>Shares** |
|  Tri- Continental Corporation | Grace Lee | 4 RICs<br> 1 PIV<br> 9 Other<br>Accounts | $5.87 billion<br> $19.88 million<br> $5.48 million |  | $50,001-$100,000<br> (vested) |
|  Tri- Continental Corporation | Oleg Nusinzon | 11 RICs<br> 5 PIVs<br> 66 Other<br>Accounts | $10.76 billion<br> $384.39 million<br> $17.77 billion | 4 Other Accounts -$2.54 B |  |
|  Tri- Continental Corporation | Raghavendran<br> Sivaraman | 11 RICs<br> 5 PIVs<br> 63 Other<br>Accounts | $10.76 billion<br> $384.39 million<br> $17.78 billion | 4 Other Accounts -$2.54 B | $50,001-$100,000<br> (vested) |

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\* RIC refers to a Registered Investment Company; PIV refers to a Pooled Investment Vehicle.

\*\* Number and type of accounts for which the advisory fee paid is based in part or wholly on performance and the aggregate net assets in those accounts.

#### Potential Conflicts of Interest:
**Columbia Management:** Like other investment professionals with multiple clients, a Fund's portfolio manager(s) may face certain potential conflicts of interest in connection with managing both the Fund and other accounts at the same time. The Investment Manager and the Funds have adopted compliance policies and procedures that attempt to address certain of the potential conflicts that portfolio managers face in this regard. Certain of these conflicts of interest are summarized below.

The management of funds or other accounts with different advisory fee rates and/or fee structures, including accounts, such as the Investment Manager's hedge funds, that pay advisory fees based on account performance (performance fee accounts), may raise potential conflicts of interest for a portfolio manager by creating an incentive to favor accounts that pay higher fees, including performance fee accounts, such that the portfolio manager may have an incentive to allocate attractive investments disproportionately to performance fee accounts.

Similar conflicts of interest also may arise when a portfolio manager has personal investments in other accounts that may create an incentive to favor those accounts. When the Investment Manager determines it necessary or appropriate in order to ensure compliance with restrictions on joint transactions under the 1940 Act, a Fund may not be able to invest in privately-placed securities in which other accounts advised by the Investment Manager using a similar style, including performance fee accounts, are able to invest, even when the Investment Manager believes such securities would otherwise represent attractive investment opportunities. As a general matter and subject to the Investment Manager's Code of Ethics and certain limited exceptions, including for investments in the Investment Manager's hedge funds, the Investment Manager's investment professionals do not have the opportunity to invest in client accounts, other than the Funds.

A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those Funds and/or accounts. The effects of this potential conflict may be more pronounced where Funds and/or accounts managed by a particular portfolio manager have different investment strategies.

A portfolio manager may be able to select or influence the selection of the broker/dealers that are used to execute securities transactions for the Funds. A portfolio manager's decision as to the selection of broker/dealers could produce disproportionate costs and benefits among the Funds and the other accounts the portfolio manager manages.

------

A potential conflict of interest may arise when a portfolio manager buys or sells the same securities for a Fund and other accounts. On occasions when a portfolio manager considers the purchase or sale of a security to be in the best interests of a Fund as well as other accounts, the Investment Manager's trading desk may, to the extent consistent with applicable laws and regulations, aggregate the securities to be sold or bought in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to a Fund or another account if a portfolio manager favors one account over another in allocating the securities bought or sold. The Investment Manager and its Participating Affiliates may coordinate their trading operations for certain types of securities and transactions pursuant to personnel-sharing agreements or similar intercompany arrangements. However, typically the Investment Manager does not coordinate trading activities with a Participating Affiliate with respect to accounts of that Participating Affiliate unless such Participating Affiliate is also providing trading services for accounts managed by the Investment Manager. Similarly, a Participating Affiliate typically does not coordinate trading activities with the Investment Manager with respect to accounts of the Investment Manager unless the Investment Manager is also providing trading services for accounts managed by such Participating Affiliate. As a result, it is possible that the Investment Manager and its Participating Affiliates may trade in the same instruments at the same time, in the same or opposite direction or in different sequence, which could negatively impact the prices paid by the Fund on such instruments. Additionally, in circumstances where trading services are being provided on a coordinated basis for the Investment Manager's accounts (including the Funds) and the accounts of one or more Participating Affiliates in accordance with applicable law, it is possible that the allocation opportunities available to the Funds may be decreased, especially for less actively traded securities, or orders may take longer to execute, which may negatively impact Fund performance. "Cross trades," in which a portfolio manager sells a particular security held by a Fund to another account (potentially saving transaction costs for both accounts), could involve a potential conflict of interest if, for example, a portfolio manager is permitted to sell a security from one account to another account at a higher price than an independent third party would pay. The Investment Manager and the Funds have adopted compliance procedures that provide that any transactions between a Fund and another account managed by the Investment Manager are to be made at a current market price, consistent with applicable laws and regulations.

Another potential conflict of interest may arise based on the different investment objectives and strategies of a Fund and other accounts managed by its portfolio manager(s). Depending on another account's objectives and other factors, a portfolio manager may give advice to and make decisions for a Fund that may differ from advice given, or the timing or nature of decisions made, with respect to another account. A portfolio manager's investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a portfolio manager may buy or sell a particular security for certain accounts, and not for a Fund, even though it could have been bought or sold for the Fund at the same time. A portfolio manager also may buy a particular security for one or more accounts when one or more other accounts are selling the security (including short sales). There may be circumstances when a portfolio manager's purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts, including the Funds.

To the extent a Fund invests in underlying funds, a portfolio manager will be subject to additional potential conflicts of interest. Because of the structure of funds-of-funds, the potential conflicts of interest for the portfolio managers may be different than the potential conflicts of interest for portfolio managers who manage other Funds. The Investment Manager and its affiliates may receive higher compensation as a result of allocations to underlying funds with higher fees.

------

A Fund's portfolio manager(s) also may have other potential conflicts of interest in managing the Fund, and the description above is not a complete description of every conflict that could exist in managing the Fund and other accounts. Many of the potential conflicts of interest to which the Investment Manager's portfolio managers are subject are essentially the same or similar to the potential conflicts of interest related to the investment management activities of the Investment Manager and its affiliates .

In addition, a portfolio manager's responsibilities may include working as a securities analyst. This dual role may give rise to conflicts with respect to making investment decisions for accounts that he/she manages versus communicating his/her analyses to other portfolio managers concerning securities that he/she follows as an analyst.

#### Structure of Compensation:
Columbia Management: Portfolio manager direct compensation is typically comprised of a base salary, and an annual incentive award that is paid either in the form of a cash bonus if the size of the award is under a specified threshold, or, if the size of the award is over a specified threshold, the award is paid in a combination of a cash bonus, an equity incentive award, and deferred compensation. Equity incentive awards are made in the form of Ameriprise Financial restricted stock or, for more senior employees, both Ameriprise Financial restricted stock and stock options. The investment return credited on deferred compensation is based on the performance of specified Columbia Funds, in most cases including the Columbia Funds the portfolio manager manages.

Base salary is typically determined based on market data relevant to the employee's position, as well as other factors including internal equity. Base salaries are reviewed annually, and increases are typically given as promotional increases, internal equity adjustments, or market adjustments.

Under the Columbia Management annual incentive plan for investment professionals, awards are discretionary, and the amount of incentive awards for investment team members is variable based on (1) an evaluation of the investment performance of the investment team of which the investment professional is a member, reflecting the performance (and client experience) of the funds or accounts the investment professional manages and, if applicable, reflecting the individual's work as an investment research analyst, (2) the results of a peer and/or management review of the individual, taking into account attributes such as team participation, investment process followed, communications, and leadership, and (3) the amount of aggregate funding of the plan determined by senior management of Columbia Threadneedle Investments and Ameriprise Financial, which takes into account Columbia Threadneedle Investments revenues and profitability, as well as Ameriprise Financial profitability, historical plan funding levels and other factors. Columbia Threadneedle Investments revenues and profitability are largely determined by assets under management. In determining the allocation of incentive compensation to investment teams, the amount of assets and related revenues managed by the team is also considered, alongside investment performance. Individual awards are subject to a comprehensive risk adjustment review process to ensure proper reflection in remuneration of adherence to our controls and Code of Conduct.

Investment performance for a fund or other account is measured using a scorecard that compares account performance against benchmarks, custom indexes and/or peer groups. Account performance may also be compared to unaffiliated passively managed ETFs, taking into consideration the management fees of comparable passively managed ETFs, when available and as determined by the Investment Manager. Consideration is given to relative performance over the one-, three- and five-year periods, with the largest weighting on the three-year comparison. For individuals and teams that manage multiple strategies and accounts, relative asset size is a key determinant in calculating the aggregate score, with weighting typically proportionate to actual assets. For investment leaders who have group management responsibilities, another factor in their evaluation is an assessment of the group's overall investment performance. Exceptions to this general approach to bonuses exist for certain teams and individuals.

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Equity incentive awards are designed to align participants' interests with those of the shareholders of Ameriprise Financial. Equity incentive awards vest over multiple years, so they help retain employees.

Deferred compensation awards are designed to align participants' interests with the investors in the Columbia Funds and other accounts they manage. The value of the deferral account is based on the performance of Columbia Funds. Employees have the option of selecting from various Columbia Funds for their deferral account, however portfolio managers must (other than by strict exception) allocate a minimum of 25% of their incentive awarded through the deferral program to the Columbia Fund(s) they manage. Deferrals vest over multiple years, so they help retain employees.

For all employees the benefit programs generally are the same and are competitive within the financial services industry. Employees participate in a wide variety of plans, including options in Medical, Dental, Vision, Health Care and Dependent Spending Accounts, Life Insurance, Long Term Disability Insurance, 401(k), and a cash balance pension plan.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **(1) Total Number<br>of Shares<br>Purchased** | **(2) Average<br>Price Paid<br>Per Share** | **(3) Total Number of<br>Shares Purchased<br>as Part of Publicly<br>Announced Plans or<br>Programs** | **(4) Maximum Number of<br>Shares that May Yet Be<br>Purchased Under the<br>Plans or Programs** |
|  01-01-25 to 01-31-25 | 273031 | $32.17 | 273031 | 2357518 |
|  02-01-25 to 02-28-25 | 262153 | $32.58 | 262153 | 2098492 |
|  03-01-25 to 03-31-25 | 193441 | $31.25 | 193441 | 1907363 |
|  04-01-25 to 04-30-25 | 211942 | $29.11 | 211942 | 1705277 |
|  05-01-25 to 05-31-25 | 208085 | $30.79 | 208085 | 1498198 |
|  06-01-25 to 06-30-25 | 248178 | $18.09 | 248178 | 1250759 |
|  07-01-25 to 07-31-25 | 139424 | $56.39 | 139424 | 1112705 |
|  08-01-25 to 08-31-25 | 180480 | $33.09 | 180480 | 932749 |
|  09-01-25 to 09-30-25 | 100595 | $33.71 | 100595 | 832533 |
|  10-01-25 to 10-31-25 | 185907 | $34.17 | 185907 | 658084 |
|  11-01-25 to 11-30-25 | 124637 | $34.04 | 124637 | 535082 |
|  12-01-25 to 12-31-25 | 115256 | $32.92 | 115256 | 421273 |

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(1) 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.

(2b) 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 purchased in the open market, the excess of the net asset value of a share of the registrant's common stock over its market price (the discount) is greater than 10%; however, in order to facilitate the required distributions, no repurchases will be made during the period between the declaration date and the ex-dividend date for Fund distributions.

(2c) The registrant's stock repurchase program has no expiration date.

(2d) Not Applicable

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(2e) Not Applicable

#### Item 15. 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 implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer, 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 effective and 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a)(1) [Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.](d109969dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [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.](d109969dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(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.](d109969dex99906cert.htm)

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#### 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.

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| | |
|:---|:---|
| **Tri-Continental Corporation** | **Tri-Continental Corporation** |
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | February 23, 2026 |

---

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.

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| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | February 23, 2026 |

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| | |
|:---|:---|
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |
| Date: | February 23, 2026 |

---

## Ex-99.Code

**Exhibit 99.CODE ETH.** 

**COLUMBIA FUNDS** 

---

| | |
|:---|:---|
| **Applicable Regulatory Authority** | Section 406 of the Sarbanes-Oxley Act of 2002; Item 2 of Form N-CSR |
| **Related Policies** | Overview and Implementation of Compliance Program Policy |
| **Requires Annual Board Approval** | No but Covered Officers Must provide annual certification |
| **Last Reviewed by AMC** | September 2025 |

---

**<u>Overview and Statement</u>**

Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether it has adopted a code of ethics that applies to the investment company's principal executive
officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any amendments to, or waivers from, the code of ethics relating to such officers.

The Board of the Columbia Funds ("Columbia Board") has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Funds holds their principal executive officer and each of its senior financial officers.

This Code should be read and interpreted in conjunction with the *Overview and Implementation of Compliance Program Policy*.

**<u>Policy</u>**

The Board has adopted the Code in order to comply with applicable regulatory requirements as outlined below:

**I.** **Covered Officers/Purpose of the Code** 

This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or
submits to, the SEC, and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code.

------

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

**II.** **Administration of the Code** 

The Board has designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

The Board has designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.

**III.** **Managing Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser (Columbia Management Investment Advisers, LLC ("CMIA") for the Columbia Funds, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Funds that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Funds covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Funds. Certain examples of such conflicts of interest follow.

------

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Officer, or a member of his or her family, rather than the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not use material non-public knowledge of portfolio transactions made
or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may
give rise to conflicts of interest with respect to the Fund.

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.

Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service as a director on the board of a public or private company or service as a public official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of a non-de minimus gift when the gift is in relation to
doing business directly or indirectly with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of entertainment from any company with which the Fund has current or prospective business dealings,
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than the Primary Service Providers or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

------

**IV.** **Disclosure and Compliance** 

It is the responsibility of each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as
the business and financial operations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others,
whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent appropriate within his or her area of responsibility, consult with other officers and employees of
the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the
Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To adhere to and, within his or her area of responsibility, promote compliance with the standards and
restrictions imposed by applicable laws, rules and regulations.

**V.** **Reporting and Accountability by Covered Officers** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he
or she has received, read and understands the Code, using the form attached as Appendix A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the
Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good
faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be
expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.

The Fund will follow the policy set forth below in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to
him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so
notify the person(s) reporting the potential violation, and no further action is required;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the
Code Officer or the CLO to the Fund's Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC
rules.

**VI.** **Other Policies** 

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.

**VII.** **Disclosure of Amendments to the Code** 

Any amendments will, to the extent required, be disclosed in accordance with law.

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.

**IX.** **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

**Reporting Requirements** 

Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.

The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.

If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.

------

All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.

The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.

Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.

**Monitoring/Oversight/Escalation** 

The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.

**Recordkeeping** 

All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.

## Ex-99.Cert

**EX-99.CERT SECTION 302 CERTIFICATION** 

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Tri-Continental Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | February 23, 2026 |

---

------

I, Charles H. Chiesa, certify that:

1. I have reviewed this report on Form N-CSR of Tri-Continental Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |
| Date: | February 23, 2026 |

---

## Exhibit 99.906

**EX-99.906 CERT SECTION 906 CERTIFICATION** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Certified Shareholder Report of Tri-Continental Corporation (the "Corporation") on Form N-CSR for the period ending December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

---

| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | February 23, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Charles H. Chiesa |
| Name: | Charles H. Chiesa |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer |
| Date: | February 23, 2026 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.

## Ex-99.Proxy

![LOGO](g109969g72x11.jpg)

Corporate governance guidelines

The following guidelines apply to Columbia Threadneedle Investments' client accounts to the extent agreed upon and/or permissible including voting on behalf of ***reo***<sup>®</sup> (Responsible Engagement Overlay) service clients, which gives investors access to our overall engagement and proxy voting service offerings.

Corporate governance guidelines for equities

As an asset management business, we seek to act in the best economic interests of clients when carrying out our investment activities. Our investment clients are retail and institutional investors, including corporate pension funds. Our voting guidelines are applied to all listed equity client portfolios. However, our institutional clients always have the right to determine how we vote their securities. We will always comply with those requests. In addition to these guidelines, general and country-specific voting guidelines are maintained and applied within the voting process. Voting guidelines provide greater detail on resolutions and are drawn directly from these Corporate Governance Guidelines. In executing votes, we may take into account other factors in addition to our voting guidelines, including any discussions we have had with company management, and adjust our vote if we believe the company is acting in the best economic interests of shareholders (and, thus, our clients). We apply our guidelines to client portfolios in a manner that considers our clients' respective investment objectives and best economic interests. This could result in our voting on a matter the same way (or differently) for different clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. Overview of key principles and approach

Well governed companies are better positioned to manage risks, identify opportunities, and deliver sustainable growth and returns for our clients. These guidelines establish a consistent philosophy and approach to corporate governance and our exercise of voting rights on behalf of our clients.

The approach is based on our view that sustainable growth and returns are supported by the overarching principles of:

• An empowered and effective board and management team;

• Appropriate checks and balances in company management structures;

• Effective systems of internal control and risk management covering all material risks;

• A commitment to promoting throughout the company a culture of transparency and accountability that is grounded in sound business ethics;

• Compensation policies that reward the creation of long-term shareholder value through the achievement of corporate objectives.

We recognize that such principles may be expressed differently in different markets. Therefore, our voting policies take account of local practices and are applied in a pragmatic fashion that reflects an integrated understanding of local and international good practice. In all cases, we aim to achieve the same result: the preservation and enhancement of long-term shareholder value through management accountability and transparency in reporting. We also recognize that companies and industries are not homogeneous and some variation in governance structures and practice

------

Corporate governance guidelines

is to be expected. Achieving best practice in corporate governance involves ongoing dialogue and collaboration between board, management, and shareholders. We encourage companies to engage in the process of shaping and meeting evolving standards of best practice. Although how we vote is guided by a clear set of corporate governance principles and expectations as set out in this document, we approach each company's case on its merits using our expertise, discretion, and dialogue with companies to do so. For this reason, we encourage companies to contact us with information about any governance practices and challenges unique to the company.

2. Role, structure and operation of boards

We use the term "board" to describe the board of directors and similar supervisory decision-making bodies. The board is ultimately responsible for the management of the company. This is mainly achieved through the delegation of powers to executive management. The board should receive the report of executive management on the conduct of the business and regularly question management on these matters. However, certain matters should be reserved for the board. The board is responsible for setting and testing strategy proposed by executive management, determining the risk appetite for the business, ensuring the independence and effectiveness of external audit, and for succession planning of both executive management and the board. The structure, composition and operation of boards will vary from country to country and company to company. Certain elements of effective boards are universal, and these are detailed below under the following sub-headings:

• Roles and independence;

• Competence, objectivity and refreshment;

• Effective functioning of boards; and

• Communication and accountability to shareholders.

**Roles and independence** 

The composition of the board is of the utmost importance. Boards should have meaningful representation of both executive and non-executive directors. Non-executives should be wholly independent of the company, although we recognize that, in certain cases, connected non-executives have a valuable role to play.

**Role of the chair and separation of principal roles** 

The roles of the chair and chief executive officer (CEO) are substantively different and we have a preference for these being separated. We regard separation of the roles as important for securing a proper balance of authority and responsibility between executive management and the board, as well as preserving accountability within the board. If for any reason the roles are combined (e.g., over an unexpected transitional period) this should be explained and justified in the report and accounts. In all such cases, a strong senior independent non-executive director should be nominated (i.e., a lead independent director).

**Executive directors** 

Including executives in board meetings is essential to enhance discussion and allow independent directors to gain the fullest understanding of company operations. In markets where this is customary, we encourage the appointment of key executives to the board alongside the CEO and the chief financial officer (CFO). The presence of other executives provides additional company knowledge for the board and ensures the board is not solely dependent on the CEO and CFO for input relating to the company's operations and strategies. However, the number of executive directors should not outweigh the number of independent non-executives.

**Non-executive directors** 

We assess the number of directorships an individual director holds to ensure they have sufficient time and energy to perform their role as a non-executive director properly as this is a demanding role. Factors that determine the appropriate number of directorships are the size of the company, its complexity, its circumstances, other commitments that a director has and the results of board evaluation, among others. We consider that holding multiple directorships in large companies can be excessive even for a full-time non-executive director, especially when considering board committee participation. More than two outside directorships should be avoided for full-time CEOs. More than five directorships should be avoided for non-executive directors of complex companies, especially in developed markets. Where the number of outside directorships does not align with our expectations, then we may take this into account in determining whether to support the re-election of the relevant directors if we conclude this could impede the ability of the company to deliver long term financial performance for its investors.

------

Corporate governance guidelines

**Proportion of non-executive directors on the board** 

Difficult decisions that center on the best interest of shareholders arise from open and direct interplay between boards and company executives. It is important to have enough independent non-executive directors for an adequate diversity of views. We expect all widely-held companies to have a majority of independent directors. For companies with controlling shareholders, we expect there to be a minimum of one-third of fully independent directors on the board.

**Independence of non-executive directors** 

Independence of individual directors is valued, but a well-balanced board is valued above all. We will support non- independent directors when they bring skills, sector knowledge and other experience that justify their presence on the board, particularly where the appropriate balance of independence is maintained. The criteria for the independence of directors draw on a variety of standards, including the Organisation for Economic Co-operation and Development (OECD) Principles of Corporate Governance, national corporate governance codes, listing rules, and guidance provided by the International Corporate Governance Network, among others. We favour a principles-based approach, which seeks to ensure that directors can act in the interests of the company and its shareholders. Companies should consider using the corporate governance report or annual shareholder meeting materials to explain the board evaluation process, and to justify the value that non-independent directors bring to the board. For non-executive directors we have the preference for them to:

• Not have close family ties with the company's advisers, directors or senior employees;

• Not serve as a board committee chair if they have served on the board for a period of time that may hinder their independence of thought;

• Not hold cross-directorships or have significant links with other directors (see "Interlocking boards" below);

• Not be major shareholders or representatives of any special interest group, including government representatives in cases of state ownership or representatives of affiliated companies;

• Have no significant commercial involvement with the company as professional advisers, major suppliers or customers;

• Not be entitled to performance-related pay, stock options, pensions, or benefit from large donations to charitable causes of their choice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Not normally hold other directorships in companies in a closely-related industry so as to avoid potential conflicts of interest.

**Interlocking boards** 

We seek to ensure that directors are not only independent from the company, but also of one another. We expect companies to disclose interlocking board relationships and to explain how the independence of individual directors is preserved when directors jointly serve on two or more of the same boards<sup>1</sup>.

**Extensive board service and independence** 

Prolonged membership on a board jeopardizes independence as directors may become close with management and overly invested in prior strategic decisions. Independence is critical to ensuring shareholders have adequate voice inside the boardroom. After a certain length of board service, directors may not be considered fully independent and it may be inappropriate for such directors to serve on committees, such as the audit committee, where absolute independence is a key requirement. We recognize that there is no fixed time period where a director categorically loses independence. Nonetheless, we will consider a respective country's own regulatory requirement regarding independence where specified. Where the appropriate balance of independence is not met, we may take this into account in determining whether to support the re-election of long-standing directors where we conclude this could impede the ability of the company to deliver long term financial performance for its investors.

**Independence of employee representatives** 

While a number of countries have legislation mandating a certain percentage of employee representatives on the board, we do not consider these individuals to be fully independent. Hence, we expect companies domiciled in countries with mandatory co-determination (the process by which employees elect their representatives to the board) or employee representation to ensure that the board and its committees have adequate representation of truly independent directors.

<sup>1</sup> Such interlocking relationships can raise concerns when there is an imbalance of power between the two directors.

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Competence, objectivity and renewal

**Competencies and perspectives** 

A relevant and suitable range of skills and perspective is critical to the quality of the board, the strategic direction of the company, and its ability to generate long term investment performance for investors. We therefore encourage companies to ensure a wide pool of potential candidates for board and management roles to ensure they draw on the richest possible competencies and experiences. In all cases, candidates must be selected for their ability to oversee and enhance the long term-financial performance of the company. Boards should recruit members with the appropriate combination of skills and experience to meet this goal, whilst also considering how a mix of candidates, based on a range of relevant factors such as gender, race, ethnicity, national origin, education, personal experience or professional background may help to improve the board's overall performance by encouraging more effective decision making. As boards cannot be transformed overnight, we look for a statement that sets out the board's approach to advancing an appropriate mix of people at the board, executive management, and company-wide workforce level that can help to enhance, the long term-financial performance of the company. We welcome disclosure of the board's approach to enhancing long-term financial performance through its consideration of the relevant aforementioned factors and subsequent reporting on progress around its implementation. Where disclosure of this nature is absent, without good reason, and we determine that this could impede the ability of the company to deliver long-term financial performance for its investors, we may take that into account in determining whether to support the re-election of nomination committee chairs or other relevant directors. As part of taking any such decision, we will consider any regulatory requirements and regional practices applicable in relevant jurisdictions.

**Re-election of directors** 

To ensure that it retains an open and critical perspective, the board should be continually refreshed. For this reason, all directors should be required to submit themselves for re-election at regular intervals. We prefer to have all directors standing for annual election to strengthen the accountability of the board to shareholders. Failing that, we encourage the chair of the board, as well as the chairs of the audit, compensation and nomination committees to stand for annual re-election to strengthen accountability for the core functions of the board. We also believe that a

minimum of one-third of board members should stand for election annually.

**Nomination of directors** 

We believe that a board nominating committee composed of a majority of independent non-executive directors is best placed to identify and put forward suitable candidates for the board. We expect companies to put forward only one candidate for each available position as an indication that the company is clear about the value each director brings to the board. We encourage companies to specify each candidate's qualifications, experiences and skills that are of relevance and importance to the board's oversight of company strategy.

**Balanced composition** 

Where a nomination committee has not constructed appropriately balanced, independent boards, we may take this into consideration in deciding whether to vote for the election of the chair or members of the nomination committee, where we conclude this could impede the ability of the company to deliver long term financial performance for its investors. Indicators include: an over-reliance on long-standing members; an over-reliance on affiliated directors; and a lack of appropriate diversity characteristics, including gender, race, nationality, ethnicity, etc., that reflect the nature, scope and aspirations of the business.

Effective functioning of boards

**Board size** 

In the case of a two-tier board structure, neither board should be large: between five and 10 members typically is appropriate. A unitary board normally should have between five and 15 members. In the case of overly large boards, and in the absence of a commitment to reduce board size, we may consider this in determining whether to support the election of the nominating or corporate governance committee chair if we conclude that this could impede the ability of the company to deliver long-term financial performance for its investors, unless a clear justification has been provided explaining the need for such a large board.

**Two-tier boards** 

We are agnostic as to the merits of a two-tier board as opposed to a unitary board, and we recognize that a two-tier board structure is the norm in many markets. At the same time, we are aware that there can be challenges in communication between a supervisory board and

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a management board. Where there is more than one body forming the board, companies should maintain an effective mechanism for the various elements of the board to work together and should explain how this happens. This system should ensure the most effective use is made of all individuals involved so that the company can optimize the unique skills and experiences of their directors.

**Board evaluation** 

Board evaluations are an important tool for improving board performance. All boards should implement an evaluation process that considers the effectiveness of the entire board, its committees, the contributions made by each member, including its systems for interaction between the board and company management, areas for improvement, and behaviors and overall board culture. The nominating or corporate governance committee may oversee the evaluation process and should report general findings and areas for improvement publicly to shareholders. Large or systemically important companies should leverage professional, independent assistance to facilitate evaluations on a periodic basis (typically every three years).

**Board meetings & attendance** 

The board should meet at regular intervals to ensure effective oversight of the company. We regard six meetings per year as a minimum guidance, and often more frequent meetings are necessary. We also expect directors to attend the annual general meeting (AGM), and to facilitate communication with the shareholders whom they represent. The company should disclose the attendance record of individual directors in the AGM report, as well as mechanisms for shareholders to communicate directly with the board. Where directors have poor attendance records or fail to accommodate ordinary course shareholder dialogue, we may take that into account in determining whether to support the election of directors.

**Independent and non-executive director (NED) only meetings** 

NEDs should meet without executive board members present on a regular basis and when circumstances demand. They should also have at least one meeting per year to hold an unconstrained discussion away from day-to-day business matters. Ideally, this should be chaired by a senior or lead independent director, although the chair may be present (provided they are a non- executive). Conversely, in the case of two-tiered boards, supervisory boards should meet with executives on a regular basis to minimize the risk that NEDs could become marginalized from the business.

**Training and mentorship** 

All directors should receive appropriate training when being onboarded. For example, the onboarding process could include assignment of a board mentor. Mentors are normally long- or medium-standing directors willing to take on the responsibility of providing ad hoc support and context for new directors. All directors should regularly be provided opportunities to attend conferences, classes, or webinars to upskill and remain relevant. Such offerings may be an outcome of the board evaluation process or a request from directors or management directly. We encourage companies to develop regular director training plans.

**Communication and accountability** 

The board should proactively and regularly make itself available for consultation with shareholders. To this end, boards should appoint a senior or lead independent director to fulfil a formal liaison role with key stakeholders. This is most important in cases where the CEO also holds the chair position, has executive responsibilities or was not independent on appointment. Where appropriate, Independent and NEDs should be prepared to discuss matters of strategy, performance, risk, capital structure, standards of operational practice, and oversight of company-specific matters relevant to financially material risks and opportunities.

3. Board committees

We encourage companies to move towards fully independent audit and compensation committees, as well as a nomination committee composed of a majority of independent directors. All board committees should report on their activities annually to shareholders (see section on "Reporting" below).

**Audit** 

The audit committee provides an important safeguard for shareholders and for other stakeholders that rely upon the integrity of the report and accounts as a basis for their investing in the company. The audit committee should consist exclusively of NEDs, all of whom should be independent, and consist of at least three individuals. At least one should have recent and relevant financial, accounting or audit experience, and all audit committee members should be financially literate. The committee should be responsible for assessing the effectiveness, independence, qualifications, expertise and resources of the external auditors (including the quality of audit) and oversee the process of review and issue of the accounts. The audit committee should also be responsible for monitoring and approving related-party transactions and should ensure that any material

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related-party transactions do not disadvantage minority shareholders. The audit committee is also responsible for publishing the annual audit report, which is essential for investors to evaluate the overall health of the business (see "Reporting" below). The audit committee report should provide meaningful disclosure on the committee's work and the issues it has addressed. In the event of a significant restatement of accounts or material weakness in internal controls, we may not support the election of members of the audit committee who we consider have not fulfilled their duty to shareholders. We may also take this into account when considering whether to support the election of these directors to the boards of other unrelated companies.

**Compensation** 

The compensation (or remuneration) committee is responsible for setting the compensation of executive directors and senior executives and should coordinate with the company's human resources function to develop a coherent and effective compensation strategy throughout the company. As a best practice we believe that compensation committees should consist exclusively of independent non-executive directors. We encourage compensation committees to engage in direct dialogue with shareholders when developing compensation policies. (See "4. Compensation" below). The compensation committee must consult with other board functions to ensure that pay mechanisms are well aligned with strategic goals and the company's appetite for risk. In particular, the compensation committee should work with the board and its committees to determine the appropriate balance in the allocation of profits to employees as incentive payment, to shareholders as dividends, and for retention or reinvestment in the business itself. The committee's fiduciary duty is also to ensure that the amount of payment to management is fair and appropriate. Finally, the committee should be attentive to compensation across the company to ensure management is delivering on strategic priorities, especially those that enhance shareholder returns, and managing risk effectively. Where we conclude there are significant concerns with the committee's decision making, or that issues we have identified with pay policies and practices remain unaddressed, we may take this into consideration in determining whether to support the election of the chair and/or members of the compensation committee if we determine such concerns could adversely impact the company's ability to deliver long-term financial performance for shareholders.

**Nomination** 

A nomination committee should oversee all board and senior executive appointments. Normally it should be a committee of independent non-executive directors and the board chair. In certain instances, it may be appropriate for the committee to leverage management's advice. Although we prefer a fully independent committee, we recognize that a non-independent director or representative of a large shareholder may be appropriate in some circumstances.

**Corporate governance** 

We recognize that companies may choose to have the nominating committee or a specific corporate governance committee responsible for corporate governance practices and procedures. Regardless of the structure, the committee should monitor emerging regulatory and industry standards, strive to achieve global best practice, and should consult with shareholders to understand investor expectations.

**Corporate responsibility and sustainability** 

We believe that committees with responsibilities related to oversight of corporate responsibility, ethics or sustainability prudent for purposes of risk management. For example, for large companies that may be exposed to significant such risks, such committees are essential in our view to protecting shareholder value and managing reputational risk.

**Business ethics** 

Whether it is through a committee such as the audit committee or a general board review, it is important that the board affirm its responsibility for reviewing internal business ethics systems, practices, and processes.

4. Compensation

Levels of compensation and other incentives should be designed to promote sustainable, long-term shareholder value creation and reflect the executives' work and contribution to the company. No director should be involved in setting their own compensation. Given the consistent upward trend in total compensation, we expect careful usage and robust justification of benchmarks. We also wish to see comprehensive disclosure of performance targets as well as actual performance against pre-set targets. We expect justification of base pay levels awarded, and that a significant proportion of total compensation be variable and subject to appropriately challenging performance conditions. We do not set guidelines for levels of compensation beyond the principles mentioned below.

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Corporate governance guidelines

**Level of pay** 

We expect boards to demonstrate an understanding of (and sensitivity to) the views and expectations of shareholders and other key stakeholders, such as employees, when setting executive pay.

**Relationship to strategy and risk** 

We expect companies to demonstrate the alignment of their compensation policy with their overall business strategy and planning. Performance metrics should relate to the company's articulated strategy and risk tolerance. Targets should be constructed to align executive incentives to the interests of long-term shareholders and should not create incentives for executives to undertake short-term risks that might imperil sustainable long-term performance. We advocate for risk-related preconditions to bonus awards to ensure inappropriate incentive payments are not awarded in the event the company's financial strength or credit quality deteriorates.

**Disclosure** 

We seek appropriately detailed disclosure of board and management compensation packages . The purpose of the compensation report should not simply be related to compliance, rather it should be to enhance investors' understanding of the committee's practices, processes, and goals around compensation. Following the award of the bonus, companies should provide a meaningful analysis in the compensation report of the extent to which relevant targets were met. The compensation report should be written in plain language and include the tax implications for the company. At a minimum, the compensation of all directors, including all non-executive and executive directors, should be disclosed individually. We look for banded disclosure of those individuals at sub-board level who make a significant contribution to the company.

**Executive contracts and pensions** 

Prior to employment contract agreements, companies should actively consider the potential rewards concerning severance in the event of inadequate performance and clarify the performance conditions under which such severance benefits are to be payable. We encourage companies to seek mitigation in case a director has taken up employment elsewhere and to adjust the length and size of any payments accordingly. We recommend that companies make larger severance packages the subject of a shareholder vote.

**Share schemes/ share compensation arrangements** 

We believe that strict guidelines should be observed regarding the issue, or potential issue, of shares for incentive schemes (also known as equity-based compensation plans) both as to the proportion of shares issued and to the rate at which these are issued each year. For us to accept large share schemes, the commercial drivers must outweigh the dilutive impacts. If the company does not provide sufficient disclosure regarding the details of such schemes, we may take this into consideration in deciding whether or not to vote in favour of them, where we conclude that the operation of such schemes could impede the ability of the company to deliver long-term financial performance for investors.

**Equity incentive plans** 

We support the principle of motivating and rewarding executives through the granting of equity incentives. Performance targets for equity incentive plans should be clearly disclosed and challenging. One-off equity awards should include robust disclosure in the form of justification and procedure (i.e., how the board determined the award). However, overall compensation packages should reflect a range of performance. Generally, we believe executive pay plans should reflect a balance of financial, operational, and relative performance targets. We strongly believe that exceptional performance over a significant period merits an exceptional level of compensation. We oppose retesting of performance conditions and may withhold support of compensation plans where the compensation committee has used its discretion to relax any performance targets previously approved by shareholders.

One-off equity awards should include robust disclosure in the form of justification and procedure (i.e., how the board determined the award). However, frequent use of exceptional awards raises questions over the adequacy of the overall compensation strategy and effectiveness of succession planning. We will take particular care when reviewing equity awards granted for the purposes of recruitment or retention when such awards are not linked to meaningful performance targets. We encourage the inclusion of environmental and social factors in performance bonus payments where they could have a material impact on shareholder returns. We also expect a discussion of the process undertaken by the company to identify the factors it considers relevant to the delivery of long-term shareholder value and why it considers those factors relevant.

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Corporate governance guidelines

**Holding periods, vesting and malus/clawback policies** 

Bonus payments and long-term incentive schemes should be structured to reward long-term growth in shareholder value and be subject to performance-vesting conditions. We encourage companies to include deferred shares as a portion of short-term bonuses. Longer-term incentive plans should be fully share-based, and vesting periods should extend from at least three to five years or longer. We also encourage companies to require longer-term holding periods post vesting. The compensation committee should maintain a malus authority to withhold all or part of performance-based pay from executives before it has vested in cases where it deems it appropriate. The compensation committee should also have clawback authority to recover sums already paid out to executives. This might occur following a significant restatement of accounts, where previously granted awards were paid on the basis of inaccurate figures, or where the long-term outcomes of a specific strategy result in significant value destruction for shareholders.

**Employee ownership** 

Widespread employee ownership can contribute positively to shareholder value, as it further aligns employees' interests with those of shareholders. Such devices should not, however, be instituted as anti-takeover devices, and should be included within company-wide dilution limits.

5. Audit, risk and control

We recommend that the independent members of the audit committee meet on a regular basis with the company's auditors and without company management. This may enable a better flow of information between auditors and the board.

**Appointment of auditors** 

The auditors' performance and appointment should be reviewed periodically. Where the same firm remains as auditor for a period of time, there should be a policy of regular rotation of the lead audit partner. We believe that systematic rotation of audit firms is both desirable and in the best interests of shareholders. We expect audit quality to be the main consideration in the selection of the auditor and expect that shareholders should be given the opportunity to vote on the appointment and payment of auditors.

**Auditor liability** 

We recognize the disproportionate risk that joint & several liability may place upon audit firms. However, we will only consider supporting arrangements to cap auditor liability in exceptional circumstances (e.g., where the risk of a catastrophic and disproportionate claim can be demonstrated).

**Fees paid to a company's auditors in addition to audit fees** 

Companies should disclose when auditors carry out consultancy work in addition to auditing the company and the audit committee should consider whether there is a risk that an auditor's impartiality may be jeopardized. The range, nature and tendering process for any such non-audit work should be supervised by the audit committee, whose responsibilities in this area should be fully disclosed. We may consider this in deciding whether to support the re-appointment of the auditor or payment of auditor fees when voting at AGMs if we conclude that such fees may act to impede auditor independence.

**Related-party transactions** 

Many companies are involved in material related-party transactions, which represent a significant risk to shareholders. This risk is mitigated in companies with fully independent audit committees whose responsibility it is to ensure that such transactions are conducted on the basis of arm's-length valuations. We strongly encourage companies to use such committees for scrutiny, and to secure prior shareholder approval for material related-party transactions. In the circumstance of continued concerns, we recommend that each company disclose any shareholdings that its controlling shareholders may have in other companies or investment vehicles that have a material interest in the company.

**Risk management** 

The board as a whole is responsible for defining a company's risk tolerance relative to its strategy and operations—it is also responsible for monitoring the company's performance relative to defined risks. Financial, operational, and reputational risks that are relevant to the company's business and performance should be included in this oversight, including material ESG risks. Depending on the size and complexity of the company, a standalone risk management committee may be warranted.

6. Shareholder rights

While the precise nature and scope of shareholder rights vary across jurisdictions and many related aspects of our expectations are touched upon in other parts of these guidelines, a number merit direct mention:

**Liaison with shareholders** 

Board and management teams should be ready, where practicable, to engage in dialogue with shareholders based on an understanding of shared objectives. They should also be proactive in making sure important news

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Corporate governance guidelines

is imparted, subject to appropriate inside information procedures, and should react helpfully to investor inquiries. In investment meetings with shareholders, companies should be prepared to address relevant corporate ESG issues.

**Issuance of Shares** 

We respect a company's right to issue shares to raise capital. However, share issuance should be strictly limited to that which is necessary to maintain business operations and drive company strategy. We will not support requests to increase authorized share capital that exceed 50% of existing capital, unless specific justification has been provided (e.g., to complete a strategically important acquisition or undertake a necessary stock split).

**Pre-emption Rights** 

We believe that pre-emptive rights for existing shareholders are essential. Shares may be issued for cash without pre-emptive rights or for compensation purposes, subject to shareholder approval. Companies should adhere to strict limits for issuing new shares as a proportion of the issued share capital. Furthermore, they should also be subject to flow rates, where appropriate.

**Share repurchases** 

We expect companies to repurchase shares in the market when it is advantageous for the company and its shareholders. Authority to repurchase shares should be subject to shareholder approval.

**Controlled companies and share classes with differential voting rights** 

We favour a share structure that gives all shares equal voting rights. We do not support the issue of shares with impaired or enhanced voting rights. Where differential voting structures exist, this structure should be transparently disclosed to the market. In the case of controlled companies, we will review any request to issue shares with enhanced voting rights to determine why these are necessary and how they will reflect the interests of minority shareholders. We support the principle of one share, one vote, and encourage companies to take steps to eliminate differential voting structures over time or prevent their introduction. Where there are unequal voting rights, we encourage clear and comprehensive disclosure of a timeline regarding the retirement of unequal voting structures (otherwise known as sunset provisions).

**Voting caps** 

We oppose voting caps in principle and believe that all shares should be entitled to full voting rights irrespective of the holding period. However, we recognize the widespread use of voting caps in certain markets, and the benefits accruing to shareholders not subject to a cap. Therefore, at a minimum, we expect companies to clearly disclose any caps and encourage them not to introduce new caps while phasing out existing caps over time.

**Mergers and acquisitions, spin-offs and other corporate restructuring** 

We expect boards to conduct thorough due diligence prior to pursuing any merger or acquisition and to maximize shareholder value in any deal. Where major transactions are not subject to shareholder approval, companies should consider the views of their major shareholders, subject to regulatory constraints and shareholders' policies concerning insiders. We consider the ESG risk implications of any corporate activity as part of the assessment of such activity, particularly in high-impact industries. We also expect the board to evaluate any potential ESG risks or liabilities of any business combination, including supply chains.

**Poison pills** 

We regard artificial devices to deter bids, known as poison pills, as inappropriate and inefficient unless they are strictly controlled and very limited in duration. We believe that any control-enhancing mechanism or poison pill that entrenches management and protects the company from market pressures is not in the interests of shareholders.

**Pension and other similar significant corporate liabilities** 

Companies should be aware of, and report to shareholders on, significant liabilities such as those arising from unfunded or under-funded pension commitments. The extent of the liability should be reported, and the plans put in place to cover the deficit should also be reported within a reasonable timeframe for action. The principal assumptions used in calculating amounts should form part of this disclosure. Other significant liabilities could include – among others – operational risks that the company faces. The company should provide some indication of how these risks could result in "contingent liabilities."

**Shareholder resolutions** 

We consider all shareholder resolutions that appear on the ballot and vote in accordance with our view of the long-term economic benefit to shareholders

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taking into account whether such resolutions may be too prescriptive and consequently, could impede a company's management determining how best to operate its business. In considering any shareholder resolutions, we will review company and outside data and information, assess peers for benchmarking and consider the proponents' and company's arguments in full considering local market norms.

**7. Reporting** 

Companies should have meaningful and transparent disclosure so that investors can obtain a clear understanding of all important and relevant issues. The annual report should provide a full review of the business model and strategy; key performance indicators used to gauge how the company is progressing against its objectives; principal (material) risks and any significant factors affecting the company's future performance, key achievements; and standards followed during the accounting period. In all markets, we favor reports that are:

• Comprehensive, covering the strategic direction of the business and all material issues, including any significant changes in the regulatory context and key ESG issues;

• Balanced, with even-handed treatment of both good and bad aspects of a company;

• Transparent, with narrative text that leverages plain language, and accounting notes that provide investors with a full understanding of the circumstances underlying the reported figures;

• Underpinned by Key Performance Indicators (KPIs) that drive business performance, are comparable over time, and are supported by detailed information on how they are calculated;

• Consistent and joined-up with other company reporting, including the compensation policy and corporate social responsibility or sustainability reporting.

**Directors** 

Adequate biographical information on the directors should be provided for shareholders in advance of the AGM. This should include information about directors' qualifications and experience, term of office, date of first appointment, level of independence, board committee memberships and other personal and professional commitments that may influence the quality of their contribution and independence (e.g., other directorships, family and social ties, and affiliations with related

companies or organizations). For all newly appointed directors, we encourage disclosure of qualifications, experiences and skills that are considered by the board to be of relevance and importance to its oversight of company strategy. To this end, we encourage disclosure of a clear and concise board skills matrix in the proxy voting materials and annual report.

**Nomination committee report** 

The committee should report annually on its activity and the report should provide a detailed discussion of its process for identifying and appointing executive and non-executive directors, including the processes it employs to ensure board membership reflects an appropriate cultural, educational, and professional backgrounds and personal experience. Where necessary, the report should include a thorough discussion of the board's view of the independence of certain members. The report should also include a robust description of the board evaluation process, cadence, and outcomes (including strengths and opportunities identified).

**Audit committee report** 

The audit committee should report on its conduct during the year and, in particular, any specific matters of judgement relating to the application of accounting principles or the scope of the audit. It should also comment on the process for ensuring the independence of the auditors and for evaluating the impact of non-audit work. The audit committee report should include a narrative description of any related-party transactions, with reference to how these might impact the interests of minority shareholders. Any qualification of the audit statement and all matters raised in the auditor's report must be fully explained. System of internal controls and risk management If the audit committee's remit includes risk management, the audit committee report should also address the board's oversight of enterprise-wide risks. Either as part of the audit committee report or a standalone report, the company should explain the results of the board's review of internal controls, including any identified (or potential) weaknesses in internal controls and how the board plans to respond to these.

**Compensation report** 

We expect all companies to publish an annual compensation report in line with international good governance standards. Good compensation reporting outlines a company's overall philosophy and its policies and formulas for determining annual, short- and long-term pay. We look for compensation reports to break down fixed versus variable pay and to clearly align total pay packages with long-term shareholder value. The compensation report should clearly disclose specific long-term performance targets and total potential pay-outs.

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If short-term performance targets cannot be disclosed due to commercial sensitivity, we expect retrospective disclosure of short- term targets and of actual performance against these targets. We recommend that all companies put the compensation report to a shareholder vote and encourage compensation committee members to actively consult their shareholders prior to the AGM.

**Sustainability reporting** 

We encourage companies to report on any significant ESG risks and opportunities in their annual reports including the systems in place to manage these risks. This may be supported by more detailed disclosure in a separate corporate social responsibility or sustainability report.

**Code of corporate governance** 

Companies should provide a full and clear statement of all matters relating to the application of the provisions of the relevant national code of corporate governance. The way the provisions are put into effect should be clearly discussed. Any deviations should be supported by meaningful explanations. Code of conduct Companies should maintain a code of conduct reflecting corporate values and promotion of ethical business practices. Such codes should address business-critical compliance issues including anti-corruption practices.

**Reincorporation in a tax or governance haven** 

To the extent a company has reincorporated in a new legal jurisdiction, we will evaluate all relevant factors that may have an impact on the performance and value of the company in determining whether to support such resolutions. Aggressive tax strategies, even if structured legally, can pose potentially significant reputational and commercial risks for companies. We expect boards to ensure the company's approach to tax policy is both prudent and sustainable. To that end, we therefore expect companies to disclose how the board is providing such oversight. Companies should provide a suitable amount of information for investors to understand their tax practices and associated risks.

**Listings** 

Companies that are listed on an exchange should comply with the rules and listing requirements of that exchange.

**Shareholder resolutions and access to the proxy statement** 

Shareholder resolutions represent the exercise of a key shareholder right and may encompass a wide range of issues. We encourage companies to engage in constructive dialogue with shareholders and other key stakeholders. Where engagement is unsuccessful, we may support shareholders' right to submit a shareholder proposal for consideration by all investors. In these instances, companies should behave respectfully by communicating promptly and fully with shareholders while refraining from obstructing the process. The board should provide a full and reasoned response to any shareholder proposal on the ballot. We consider support for shareholder resolutions where the long-term economic benefit to shareholders is evident and taking into account local market norms. We may incorporate into our decision whether a shareholder resolution is binding in nature or advisory (non-binding) in applying the above considerations.

8. Social and environmental factors

We evaluate environmental and social proposals, whether advanced by management or shareholders, based on the materiality of the issue to the company and the potential for the specific action requested in the proposals to advance long-term shareholder value. We recognize that some proposals may identify important company risks even if the proposal is poorly constructed. In such cases, we encourage companies to identify, mitigate and report on their respective risk management approach effectively. Different approaches to environmental, social, and governance proposals are applied across investment portfolios with a specific ESG orientation (such as a Net Zero commitment), in line with the client requirements. This includes our sustainable and responsible fund ranges, all EU SFDR Art 8 and Art 9 funds, all FCA SDR labelled funds, and our ***reo***<sup>®</sup> clients.

**Environmental and social management** 

Companies should determine how financially material environmental and social risks and opportunities are addressed via their core business strategy. As part of this process, companies should proactively identify, assess and manage those risks and opportunities, as well as implement robust sustainability governance frameworks to promote accountability and ensure effective oversight and disclosure. Where we conclude that companies' responses to involvement in significant environmental or social controversies could result in an adverse impact on their ability to deliver long-term

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financial performance for investors, we will consider this together with other relevant factors in deciding whether to support management resolutions. We may vote in favor of shareholder resolutions seeking improvements in reporting and/or management of environmental or social practices where we have concerns, acting in the best economic interest of our clients, or improvements are proportionate to the risks faced, and are not so prescriptive as to inhibit the ability of management to run the company's business effectively on a day-to-day basis.

**Climate change** 

We recognize that physical changes to the climate and the global energy transition, present material risks and opportunities to companies across regions and sectors. Where they face material risks, companies should describe how their business strategy incorporates consideration of climate risk and ensure adequate disclosure. Where companies in high-impact sectors fail to provide investment-relevant climate disclosure or do not have a robust climate change risk management strategy, we may support shareholder resolutions which call for improvements, and/or consider voting against certain management resolutions.

A growing number of companies are now producing transition plans and submitting these to shareholders for a vote. We are supportive of transition plans where these help provide investors with clarity on the response of the business to climate risk and opportunity, and how any targets they choose to set will be achieved. We particularly welcome disclosures which include allocation of capex to decarbonisation investments, and key technology and policy dependencies.

**Biodiversity** 

Loss of biodiversity degrades ecosystems which underpin the Earth's ability to provide regulating, provisioning, cultural and supporting ecosystem benefits. For companies in sectors with high biodiversity impact that fail to provide appropriate disclosure (e.g., CDP Water and/or Forests disclosures), we may take this into account in considering whether to support certain management resolutions where we think this could impede the ability of the company to deliver long term shareholder value.

**Sustainability disclosure** 

A company's recognition and management of financially material environmental and social exposures and related disclosures provides shareholders with an additional lens through which to assess the quality, leadership, strategic focus, risk management and operational

standards of practice of the business. Disclosure of material environmental and social risk factors should be included in the annual report. Additional disclosures may be provided to address certain high-risk topics, and/or to meet regulatory requirements and investor expectations, such as Sustainability Reports.

We will consider shareholder resolutions on sustainability disclosure on a case-by-case basis, considering the adequacy of existing disclosure; the materiality of the issue addressed; and the potential cost of providing the disclosure. We may choose to apply a different vote dependent on the fund or client mandate, as described above.

**Social issues** 

Companies may incur risks to their operations, staff, or reputation as a result of social issues, including labor standards, links to human rights abuses, and operations in conflict zones or in locations at risk of human rights abuses. Risks may be encountered in direct operations or via supply chains. Severe human and labour rights issues often affect the most vulnerable communities and can represent a threat to reputational and operational corporate performance.

Where there is cause for concern, we will consider supporting shareholder resolutions asking companies to develop and implement policies and management systems addressing human rights and security management, using relevant international or industry standards.

**Political and charitable donations** 

Charitable and political donations should be consistent with the company's stated strategy. (See "Reporting" above). We recommend that the board provide ultimate oversight for political donations and related activity. Furthermore, we believe that companies that undertake charitable giving should have transparent policies and undertake charitable giving programs with due regard for the interests of shareholders and key stakeholders.

9. Voting matters

**Annual general meetings** 

We encourage the holding of physical annual meetings of the shareholders that are supplemented with a robust and accessible virtual (or hybrid) option. If the company decides to provide a hybrid meeting, shareholders joining virtually should be provided the same treatment and transparency as those attending in person.

<sup>2</sup> See vote disclosure webpage. 

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Corporate governance guidelines

**Vote disclosure** 

We expect companies to disclose the voting results of their general meetings, both at the meeting and on their websites. This should include a detailed breakdown of votes for and against, as well as abstentions. In the spirit of transparency, we also make available to both our institutional and retail fund customers, as well as to the public, a comprehensive record of our voting by publishing all our votes on our website<sup>2</sup>. A summary of our voting statistics can be found in our annual Stewardship report.

**Shareblocking** 

We believe that shareblocking—the practice of preventing shares from being transferred for a fixed period prior to the vote at a company meeting—discourages shareholder participation and should be replaced with a record date. Where shareblocking exists, we will follow client policy and may be prevented from voting because of concerns about failed trade settlements and extraordinary cost to clients.

**Electronic voting and of use proxy advisory services** 

We typically exercise voting rights electronically. We currently vote using an electronic voting platform provided by a third-party voting service provider. We do not adopt or follow any third-party voting service providers' vote recommendations, except as provided for in our Conflicts of Interest Policy or if instructed by clients. Instead, the third-party voting service provider assists us though pre-populating our vote instructions in accordance with our vote policies. Our Corporate Governance and Proxy Voting teams review a proportion of meetings based on an internal prioritization model to ensure all votes are cast in adherence to our policies.

**Position on abstentions** 

Our standard voting approach is to either vote for or against resolutions where these options are available to shareholders. However, there are cases where we consider abstaining to be appropriate—for example, where company practices have improved significantly but do not fully meet our expectations. With respect to shareholder resolutions, we may abstain in cases where we agree with the broader issue highlighted but do not agree with the way in which the resolution prescribes change, or the resolution is consistent with local market norms.

**Additional soliciting materials** 

If we become aware that an issuer has filed additional soliciting materials prior to a proxy vote submission deadline, then we endeavor to review and reflect those

in the application of our voting policy where: (a) the submission is published at least five days prior to our earliest client vote cut-off; and (b) the enclosed information is considered to be material towards impacting our voting position.

**Stocklending** 

We observe that stock lending is a widespread market practice involving the sale and contractually pre-agreed repurchase of a stock. We believe that stock lending is an important factor in preserving the liquidity of markets and in facilitating hedging strategies; it can also provide investors with a significant additional return on their investments as the sale repurchase transaction may include a profit margin. Importantly, however, if the term of the instrument coincides with an annual or extraordinary general meeting, the transfer of the voting right impairs the ability of the underlying shareowner to exercise their voting rights. The balance struck between stock lending and voting remains a matter for individual decision-making by clients.

**Record dates** 

We recommend that a record date be set a maximum of five working days prior to AGMs for custodians and registrars to clearly establish those shareholders eligible to vote. This will give time for all relevant formalities to be completed and serves the same purpose as shareblocking without the disruptions noted above.

**Voting systems** 

All companies should conduct voting by poll, rather than relying on a show of hands. We believe that shareholders have the right to appoint any reasonable person as proxy to vote their shares, either in person or electronically. We encourage the introduction of electronic voting systems that are accurate and provide an effective audit trail of votes cast.

**Bundled resolutions** 

Resolutions put to company meetings should cover single issues, or issues that are clearly interdependent. Any other practice potentially reduces the value of votes and can lead to opposition to otherwise acceptable proposals. We will normally oppose resolutions that contain such inappropriately bundled provisions.

**Any other business** 

We expect to vote on resolutions where the content has been made clear to shareholders and is in the interests of the company and its shareholders. Where a resolution invites shareholders to vote on "any other business," we will systematically vote against.

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Corporate governance guidelines

**Political and charitable donations** 

We welcome the opportunity to vote on company donations if material. With respect to donations to political parties or to organizations closely associated with political parties, we believe the board is best positioned to oversee the appropriateness of such spending and should review as often as is necessary to ensure congruency with both corporate strategy and values.

**Amendments to Articles** 

We are generally unsupportive of amendments to the articles of incorporation which limits the liability of company officers.

Governance oversight as well as conflicts of interest management linked to this topic are covered in respective chapters of the Stewardship Policy (see list of contents).

Corporate governance guidelines for corporate debt

In most companies and in most sectors, debt forms a core part of a company's long-term permanent capital. This is particularly true in the case of financial institutions and many utilities. In this context, a company's providers of debt capital share a similar exposure to long-term material risks as its shareholders. However, while creditors are theoretically more protected from financial problems than shareholders, both are affected by a company's ability to generate long-term operating profits and cash flows to allow for debt service, dividend payments and capital appreciation. Financial, operational, and reputational risks relating to ESG factors can affect a company's ability to generate stable cash flows to honor its financial obligations. Indeed, there is a clear convergence among corporate creditors and shareholders on many issues affecting a company's management of risks relating to its performance. It is also worth noting that compared to equity investors, creditors have relatively more limited upside potential in investment returns, as income is fixed, not variable. This can cause creditors to be relatively risk-averse and focus on companies avoiding the downside—namely the possibility that their financial contracts will not be honored. In this regard, robust identification and management of material ESG risks is a form of enterprise risk management that serves to promote the long-term stability of the company and ultimately protect creditor interests, including the value, performance, and liquidity of fixed income portfolios.

**What we expect from bond issuers** 

As an investor in bonds and other forms of corporate debt instruments, we expect debt issuers to conduct their business in a way that protects creditor interests. This includes showing proper respect for shareholder interests, as a sustainable company must maintain access to both equity and debt capital. Our fixed income engagement focuses on those aspects of governance that reflect a company's overall risk profile, a key concern for creditors. These include:

**1.** **Clarity on financial policy.** Companies should be transparent to both creditors and shareholders
regarding their financial policies. Particularly with regard to creditors, a company's reporting should include a policy statement on the use of debt and the level of credit quality the company wishes to utilize. It may be appropriate for a
company to pursue a higher-risk strategy involving debt finance. This strategy, however, should be clear to both existing and prospective debt investors so that it can be reflected both in pricing and the fundamental investment decision.

**2.** **Risk management.** The company's risk management and risk governance are fundamental concerns for
both creditors and shareholders. This not only relates to basic internal controls, but also to risk management in the broadest enterprise-wide context - incorporating financial, operational and reputational factors. In this context, ESG factors can
present significant risks to the company and its investors.

**3.** **Board effectiveness.** Bondholders want boards to be aware of creditors' interests and to
demonstrate appropriate regard for maintaining and building the long-term financial health of the company. Creditors also want strong and effective boards that are able to oversee company management and provide appropriate checks and balances to
prevent abuse.

**4.** **Audit process.** A particular focus of creditors is a robust audit process, including an independent
audit, appropriate accounting policies and high standards of transparency and disclosure in financial reporting.

**5.** **Compensation.** Performance metrics reflecting a company's own financial strength and stability can
(and should) be reflected in company incentive structures. Such metrics may include relevant ESG metrics and feature as a component of a balanced scorecard guiding annual bonus awards.

Governance oversight as well as conflicts of interest management linked to this topic are covered in respective chapters of the Stewardship Policy (see list of contents).