Dear Stockholders:
We are PLEASED to present the semiannual
stockholder report for Tri-Continental Corporation
(the “Fund”). Within this report you will find the
Fund’s investment results, portfolio of investments,
and financial statements for the six months ended
June 30, 2009.


They are PLEASED. It would be more proper if the smirky/smiley faces said they were embarrassed to publish this glossy 56 page verification of their incompetence.

Absolutely disgusting performance, but to be expected given Ty's atrocious track record.

(from page 10 of the semi-annual report.
Tri-Continental Corporation
Market Price -5.64% -39.55% -15.11% -6.15% -5.25%
Net Asset Value -0.19% -35.07% -13.57% -6.10% -5.21%
S&P 500 Index(1)
(unmanaged) +3.16% -26.21% -8.22% -2.24% -2.22%
Lipper Closed-End Core Funds
Average(2) +5.77% -28.93% -10.20% -2.65% -0.29%
Lipper Large-Cap Core Funds
Average(3) +4.83% -25.92% -8.14% -2.21% -1.82%


Nonetheless, it's time for the lemmings to applaud and give the management another vote of confidence.