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<SEC-DOCUMENT>0000930413-03-002703.txt : 20030904
<SEC-HEADER>0000930413-03-002703.hdr.sgml : 20030904
<ACCEPTANCE-DATETIME>20030904155451
ACCESSION NUMBER:		0000930413-03-002703
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20030630
FILED AS OF DATE:		20030904
EFFECTIVENESS DATE:		20030904

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRI-CONTINENTAL CORP
		CENTRAL INDEX KEY:			0000099614
		IRS NUMBER:				135441850
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-00266
		FILM NUMBER:		03881624

	BUSINESS ADDRESS:	
		STREET 1:		100 PARK AVENUE,
		STREET 2:		8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128501864

	MAIL ADDRESS:	
		STREET 1:		100 PARK AVENUE
		STREET 2:		8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRI CONTINENTAL CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>c28693_ncsrs.htm
<TEXT>
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   <TITLE>c28693_ncsrs</TITLE>
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<p align=center><font size=2>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549</font></p>
<p align=center><font size=2>FORM N-CSR</font></p>
<p align=center><font size=2>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br>INVESTMENT COMPANIES</font></p>
<table  width=60% align="center" cellpadding=0 cellspacing=0>
  <tr>
  <td valign=bottom align=left><font size=2>Investment Company Act file number
        811-0266</font></td>
</tr></table><br>
<p align=center><font size=2>Tri-Continental Corporation</font><font size=2><br>
(Exact name of Registrant as specified in charter)</font></p>
<p align=center><font size=2>100 Park Avenue<br>New York, New York 10017<br>(Address of principal executive offices)  (Zip code)</font></p>
<p align=center><font size=2>Lawrence P. Vogel<br>100 Park Avenue<br>New York, New York 10017<br>(Name and address of agent for service)</font></p>
<table  width=60% align="center" cellpadding=0 cellspacing=0>
  <tr><td valign=bottom align=left width=359 colspan=2><font size=2>Registrant&#146;s telephone number, including area code:</font></td>
  <td valign=bottom align=left width=200><font size=2>(212) 850-1864</font></td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr><tr><td valign=bottom align=left width=200><font size=2>Date of fiscal year end:</font></td>
  <td valign=bottom align=left width=200><font size=2>12/31</font></td>
  <td>&nbsp;</td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr><tr><td valign=bottom align=left width=200><font size=2>Date of reporting period:</font></td>
  <td valign=bottom align=left width=200><font size=2>6/30/03</font></td>
  <td>&nbsp;</td>
</tr></table><br>

<CENTER><font size=2></font></CENTER><br><HR noshade align=center width=100% size=2><PAGE>

<p align=center><font size=2>FORM N-CSR</font></p>
<p align=left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITEM 1. REPORTS TO STOCKHOLDERS.</font></p>
<ul><ul>
  <p align=left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRI-CONTINENTAL
      CORPORATION</font><font size=2><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-Year
Report June 30, 2003</font></p></ul></ul>


<A name="page_1"></A>

<P align="center">
<B><FONT size=4 face="sans-serif">Mid-Year Report 2003</FONT></B>
</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">
<FONT size=7 face="serif"><EM>Tri-Continental <BR>
Corporation</EM></FONT><EM>
</EM></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>
<P align="center">
<B><FONT size=4 face="sans-serif">an investment you can live with</FONT></B>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_2"></A>

<P>
<FONT size=6 face="serif"><EM>Tri-Continental Corporation invests to <BR>
produce future growth of both capital <BR>
and income, while providing reasonable <BR>
current income.</EM></FONT>
</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">TY is Tri-Continental Corporation&#146;s symbol for its Common Stock on the New York Stock Exchange.</FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_3"></A>

<P>
<FONT size=6 face="serif"><EM>Tri-Continental Corporation</EM></FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Your mid-year Stockholder report for Tri-Continental Corporation follows this letter. This report contains performance information, as well as Tri-Continental&#146;s investment results and
financial statements, including a portfolio of investments.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For the six months ended June 30, 2003, Tri-Continental posted a total return of 12.29% based on market price and 9.25% based on net asset value. During the same time period, the S&amp;P 500
returned 11.76%, and the Lipper Closed-End Growth &amp; Income Funds Average returned 11.01%.</FONT>
</P>
<P>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>Tri-Continental Corporation&#146;s Annual Stockholders&#146; Meeting was held on May 15, 2003, in</FONT>
<FONT size=2 face="serif">Houston, Texas. At the meeting, four directors were
elected, and the selection of Tri-Continental&#146;s independent auditors was
ratified. For complete details of the vote, please refer to page 19 of this report.
Please also take the time to fill out the survey card included in this report.
This survey is completely anonymous and gives Stockholders who were unable to
attend the Annual Meeting the opportunity to voice their opinions. We appreciate
your
assistance.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Thank you for your continued support of Tri-Continental Corporation. We look forward to serving your investment needs for many years to come.</FONT>
</P>
<P>
<FONT size=2 face="serif">By Order of the Board of Directors,</FONT>
</P>
<P>
<IMG src="c28693_ncsrsx3x1.jpg" border=0>
</P>
<P>
<FONT size=2 face="serif">William C. Morris<BR>
Chairman</FONT>
</P>
<P>
<IMG src="c28693_ncsrsx3x2.jpg" border=0>
</P>
<P>
<FONT size=2 face="serif">Brian T. Zino <BR>
President</FONT>
</P>
<P>
<FONT size=2 face="serif">August 18, 2003</FONT>
</P>
<P align="center">
<I><FONT face="serif">1</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_4"></A>

<P>
<FONT size=6 face="serif"><EM>Tri-Continental Corporation</EM></FONT><EM>
</EM></P>
<P>
<B><FONT face="serif">Investment Results Per Common Share </FONT></B><FONT size=2 face="serif">(unaudited)</FONT>
</P>
<P>
<B><FONT size=2 face="serif">TOTAL RETURNS</FONT></B>
<BR>
<I><FONT size=2 face="serif">For Periods Ended June 30, 2003</FONT></I>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD width="34%" align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="4%" align="center">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD align="center" colspan=8><FONT size=1 face="serif"> Average Annual</FONT></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=7><HR noshade size=2></TD>
   <TD width="5%"><HR noshade size=2></TD>
</TR>
<TR>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><FONT size=1 face="serif">Three</FONT></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><FONT size=1 face="serif">Six</FONT></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><FONT size=1 face="serif">One</FONT></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan="2" align="center"><FONT size=1 face="serif">Five</FONT></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan="2" align="center"><FONT size=1 face="serif">Ten</FONT><FONT size=1 face="serif">&nbsp; </FONT></TD>
  </TR>
<TR>
   <TD align="center">&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD colspan=2 align="center"><FONT size=1 face="serif">Months*</FONT></TD>
   <TD align="center"><FONT size=1 face="serif">&nbsp; </FONT></TD>
   <TD colspan=2 align="center"><FONT size=1 face="serif">Months*</FONT></TD>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=2><FONT size=1 face="serif">Year</FONT></TD>
   <TD align="center"><FONT size=1 face="serif">&nbsp; </FONT></TD>
   <TD colspan="2" align="center"><FONT size=1 face="serif">Years</FONT></TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD colspan="2" align="center"><FONT size=1 face="serif">Years</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD width="6%"><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD width="7%"><HR noshade size=2></TD>
   <TD width="5%"><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD width="7%"><HR noshade size=2></TD>
   <TD width="7%"><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD width="7%"><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Market Price**</FONT></B></TD>
   <TD width="0%">&nbsp;</TD>
   <TD width="7%" align="right"><FONT size=2 face="serif">15.69</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">12.29</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(6.80</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(3.07</FONT></TD>
   <TD><FONT size=2 face="serif">)%</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.64</FONT></TD>
   <TD><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Net Asset Value**</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">14.19</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">9.25</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(5.41</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(4.15</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.86</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Lipper Closed-End</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Growth &amp; Income</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Funds Average***</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">16.35</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">11.01</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(0.08</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(1.22</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.13</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">S&amp;P 500***</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">15.39</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">11.76</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.24</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">(1.62</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">10.04</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">PRICE PER SHARE</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><DIV align="center"><FONT size=1 face="serif">June 30, 2003 </FONT></DIV></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><DIV align="center"><FONT size=1 face="serif">March 31, 2003 </FONT></DIV></TD>
   <TD>&nbsp;</TD>
   <TD colspan=4><DIV align="center"><FONT size=1 face="serif">December 31, 2002</FONT></DIV></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=4><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Market Price</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$14.78</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$12.81</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD><DIV align="right"><FONT size=2 face="serif">$13.25</FONT></DIV></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Net Asset Value</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">17.06</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">14.98</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"><FONT size=2 face="serif">15.72</FONT></DIV></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align="center" colspan=5>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center" colspan=2>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD align="center" colspan=5><DIV align="left"><B><FONT size=2 face="serif">DIVIDEND AND CAPITAL GAIN INFORMATION</FONT></B></DIV></TD>
   <TD width="7%" align="center">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="9%" align="center">&nbsp;</TD>
</TR>
<TR>
   <TD colspan="2"><I><FONT size=2 face="serif">For the Six Months Ended June 30, 2003</FONT></I></TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="13%">&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=6><DIV align="center"><FONT size=1 face="serif"> Capital Gain (Loss)</FONT></DIV>     <DIV align="center"></DIV></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=5><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD height="20">&nbsp;</TD>
   <TD><DIV align="center"><FONT size=1 face="serif">Dividends
       Paid</FONT><FONT size=2 face="serif">&#134;</FONT></DIV></TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><DIV align="center"><FONT size=1 face="serif"> Realized</FONT></DIV></TD>
   <TD><DIV align="center"></DIV>
   </TD>
   <TD colspan="2"><DIV align="center"><FONT size=1 face="serif">Unrealized </FONT></DIV></TD>
  </TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR align="center" size=2 noshade></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><DIV align="center"><FONT size=2 face="serif">$0.09</FONT></DIV></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$(0.77</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">$0.27</FONT></TD>
   <TD><FONT size=2 face="serif">&#134;&#134;</FONT></TD>
</TR>
</TABLE>
<HR noshade>
<TABLE>
<TR>
   <TD valign="top" colspan="3"><FONT size=2 face="serif">The rates of return will vary and the principal value of an investment will fluctuate. Shares, if sold, may be worth more or less than their original cost. Past performance is not indicative
of future investment results. Due to market volatility, current performance may be higher or lower than the performance quoted above.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%"><DIV align="right"><FONT size=1 face="serif">*</FONT></DIV></TD>
   <TD colspan="2" valign="top"><FONT size=1 face="serif">Returns for periods of less than one year are not annualized.</FONT><BR>
   </TD>
  </TR>
<TR>
   <TD valign="top" width="5%"><DIV align="right"><FONT size=1 face="serif">**</FONT><BR>
   &nbsp;&nbsp;</DIV></TD>
   <TD valign="top" colspan="2"><FONT size=1 face="serif">These rates of return reflect changes in market price or net asset value, as applicable, and assume that all distributions within the period are taken in additional shares.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%"><DIV align="right"><FONT size=1 face="serif">***</FONT><BR>
   &nbsp;&nbsp;</DIV></TD>
   <TD valign="top" colspan="2"><FONT size=1 face="serif">The Lipper Closed-End Growth &amp; Income Funds Average and the S&amp;P 500 are unmanaged benchmarks that assume reinvestment of all distributions. The Lipper Closed-End Growth &amp; Income
Funds Average excludes the effect of any costs associated with the purchase of shares, and the S&amp;P 500 excludes the effect of fees and sales charges. The Lipper Closed-End Growth &amp; Income Funds Average measures the performance of closed-end
mutual funds with objectives similar to the Corporation. The S&amp;P 500 measures the performance of 500 of the largest US companies based on market capitalizations. Investors cannot invest directly in an index or an average.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%"><DIV align="right"><FONT size=1 face="serif">&#134;</FONT></DIV></TD>
   <TD colspan="2" valign="top"><FONT size=1 face="serif">Preferred Stockholders were paid dividends totaling $1.25 per share.</FONT><BR>
   </TD>
  </TR>
<TR>
   <TD valign="top" width="5%"><DIV align="right"><FONT size=1 face="serif">&#134;&#134;</FONT><BR>
   &nbsp;&nbsp;</DIV></TD>
   <TD width="95%" colspan="1" valign="top"><FONT size=1 face="serif">Represents the per share amount of net unrealized appreciation of portfolio securities as of June 30, 2003.</FONT><BR>   </TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">2</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_5"></A>

<P>
<FONT size=6 face="serif"><EM>Tri-Continental Corporation</EM></FONT>
</P>
<P>
<B><FONT face="serif">Stockholder Survey</FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Tri-Continental is conducting a survey in an effort to find out more about the Corporation&#146;s Stockholders, particularly how they feel about their investment. Please take a few moments to
complete this survey. It is a self mailer that can be folded, sealed, and mailed. Postage has already been paid, and your responses are anonymous.</FONT>
</P>
<P>
<B><FONT face="serif">Tri-Continental&#146;s Discount</FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Closed-end funds, like Tri-Continental, usually trade at either a premium or at a discount; in other words, their market price may be higher or lower than net asset value. During the first six
months of 2003, Tri-Continental&#146;s discount narrowed from 15.71% on December 31, 2002, to 13.36% on June 30, 2003. This resulted in a disparity between Tri-Continental&#146;s net asset value return of 9.25% and its market price return of 12.29%
during this time.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We are pleased that there has been a convergence between Tri-Continental&#146;s market price and net asset value, creating a narrower discount. Many market professionals believe that a discount
represents a buying opportunity to acquire a professionally managed portfolio, with a competitive long-term performance history, at an attractive price.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Tri-Continental&#146;s manager, J. &amp; W. Seligman &amp; Co. Incorporated, has taken steps to reduce the discount including proactive contact with the sell-side analyst community, increasing
market awareness through www.tri-continental.com, and maintaining an ongoing investor relations program, &#147;Introduce Tri-Continental to a Friend.&#148; Also, in November 2002, Tri-Continental renewed its share buyback program for up to 7.5% of
shares outstanding as long as the discount remains wider than 10%. While this program was not designed specifically to narrow the discount, that may be a secondary effect. Our studies show that closed-end funds with more rapid growth in the number
of shares outstanding tend to have wider discounts, and the buyback program reduces Tri-Continental&#146;s shares outstanding by the number of shares repurchased.</FONT>
</P>
<P>
<B><FONT face="serif">www.tri-continental.com</FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Up-to-date information about Tri-Continental &#151; including daily net asset values, monthly fact sheets, portfolio manager commentary, recent reports, and more &#151; is available at
www.tri-continental.com. This website was developed for the convenience of current Stockholders and to publicize Tri-Continental.</FONT>
</P>
<P>
<B><FONT face="serif">Stock Repurchase Program</FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In November 1998, the Board of Directors authorized a share repurchase program for up to 7.5% of the Corporation&#146;s shares over a 12-month period. This program has been reauthorized each
year since, most recently on November 21, 2002. The Board&#146;s decision benefits all Stockholders, allowing them to continue to enjoy the advantages of Tri-Continental&#146;s closed-end structure, while reducing the number of shares outstanding
and increasing the net asset value of the remaining shares.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">From November 21, 2002, through June 30, 2003, the Corporation repurchased 5,334,822 shares, representing approximately 4.25% of the shares outstanding on the date the program was reauthorized.
During this time, the Corporation purchased shares in the open market in compliance with federal regulations that restrict the amount of its own stock it can repurchase. The repurchase of additional shares is expected to take place through November
2003, as long as the discount remains wider than 10%. The Board of Directors will then consider continuing the program.</FONT>
</P>
<P align="center">
<I><FONT face="serif">3</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_6"></A>

<P>
<FONT size=6 face="serif"><EM>Tri-Continental Corporation</EM></FONT>
</P>
<P>
<B><FONT face="serif">Highlights of the First Half </FONT></B><FONT size=2 face="serif">(unaudited)</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=4 width="19%"><B><FONT size=2 face="serif">June 30,</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" colspan=5 width="12%"><B><FONT size=2 face="serif">December 31,</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT face="serif">Assets:</FONT></B></TD>
   <TD align="center" colspan=4 width="19%"><B><FONT size=2 face="serif"> 2003</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=5 width="12%"><B><FONT size=2 face="serif"> 2002</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=4><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=5><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Total Assets</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=3 width="18%"><FONT size=2 face="serif">$2,134,081,237</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=4 width="11%"><FONT size=2 face="serif">$1,999,881,314</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Amounts Owed</FONT></TD>
   <TD align="right" colspan=4 width="19%"><FONT size=2 face="serif"> 33,571,915</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" colspan=5 width="12%"><FONT size=2 face="serif"> 3,949,470</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=4><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=5><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Net Investment Assets</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=3 width="18%"><FONT size=2 face="serif">$2,100,509,322</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=4 width="11%"><FONT size=2 face="serif">$1,995,931,844</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Preferred Stock, at par value</FONT></TD>
   <TD align="right" colspan=4 width="19%"><FONT size=2 face="serif"> 37,637,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" colspan=5 width="12%"><FONT size=2 face="serif"> 37,637,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=4><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=5><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net Assets for Common Stock</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD colspan=3 width="18%"><DIV align="right"><FONT size=2 face="serif">$2,062,872,322 </FONT></DIV></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=4 width="11%"><FONT size=2 face="serif">$1,958,294,844 </FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD colspan=3><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD colspan=4><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Common shares outstanding</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=3 width="18%"><FONT size=2 face="serif">120,950,232</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=4 width="11%"><FONT size=2 face="serif">124,564,364</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Net Assets Behind Common Share</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="2%"><B></B></TD>
   <TD align="right" width="16%"><B><FONT size=2 face="serif">$17.06</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="2%"><B></B></TD>
   <TD align="right" colspan=2 width="9%"><B><FONT size=2 face="serif">$15.72</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right" colspan=10>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=10 width="33%"><DIV align="center"><B><FONT size=2 face="serif">Six Months Ended June 30,</FONT></B></DIV></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=10><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=4 width="19%"><DIV align="center"><B><FONT size=2 face="serif"> 2003</FONT></B></DIV></TD>
   <TD width="3%"><DIV align="center"></DIV></TD>
   <TD align="right" colspan=5 width="12%"><DIV align="center"><B><FONT size=2 face="serif"> 2002</FONT></B></DIV></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=4><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=5><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT face="serif">Taxable Gain:</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="16%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net capital loss realized</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="16%"><FONT size=2 face="serif">$(92,561,406</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=4 width="11%"><FONT size=2 face="serif">$(299,022,320</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Per Common share</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="2%">&nbsp;</TD>
   <TD align="right" width="16%"><FONT size=2 face="serif">$(0.77</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="2%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">$(2.32</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Unrealized capital gain (loss), end of period</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="16%"><FONT size=2 face="serif">$32,472,985</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=4 width="11%"><FONT size=2 face="serif">$(103,642,145</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Per Common share, end of period</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="2%">&nbsp;</TD>
   <TD align="right" width="16%"><FONT size=2 face="serif">$0.27</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="2%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">$(0.80</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT face="serif">Income:</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="16%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Total Income earned</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="16%"><FONT size=2 face="serif">$17,509,621</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=3 width="10%"><FONT size=2 face="serif">$24,294,711</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Expenses</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="17%"><FONT size=2 face="serif">6,877,120</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=3 width="10%"><FONT size=2 face="serif">8,635,227</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Preferred Stock Dividends</FONT></TD>
   <TD align="right" colspan=4 width="19%"><FONT size=2 face="serif"> 940,925</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" colspan=5 width="12%"><FONT size=2 face="serif"> 940,925</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=4><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=5><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Income for Common Stock</FONT></TD>
   <TD colspan=4 width="19%"><DIV align="right"><FONT size=2 face="serif">$9,691,576</FONT></DIV></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" colspan=5 width="12%"><FONT size=2 face="serif">$14,718,559</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=4><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD colspan=5><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Expenses to average net investment assets</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="17%"><FONT size=2 face="serif">0.70</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="9%"><FONT size=2 face="serif">0.63</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%*</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Expenses to average net assets for Common Stock</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="17%"><FONT size=2 face="serif">0.71</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%*</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="9%"><FONT size=2 face="serif">0.64</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%*</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT face="serif">Dividends per Common Share</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="2%">&nbsp;</TD>
   <TD align="right" width="16%"><FONT size=2 face="serif">$0.09</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="2%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">$0.14</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD><HR align="left" width="75" noshade></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">* Annualized.</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="16%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">4</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_7"></A>

<P>
<FONT size=6 face="serif"><EM>Tri-Continental Corporation</EM></FONT>
</P>
<P>
<B><FONT face="serif">Diversification of Net Investment Assets </FONT></B><FONT size=2 face="serif">(unaudited)</FONT>
</P>
<P>
<FONT size=2 face="serif">The diversification of portfolio holdings by industry on June 30, 2003, was as follows. Individual securities owned are listed on pages 7 to 10.</FONT>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD width="33%">&nbsp;</TD>
   <TD width="6%" align="center">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Percent of</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif">Net Investment</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=3><B><FONT size=1 face="serif"> Assets</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=3><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="8%" align="center"><B><FONT size=1 face="serif">June 30,</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="9%" align="center"><B><FONT size=1 face="serif">December 31,</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center"><B><FONT size=1 face="serif">Issues </FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Cost</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Value</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><B><FONT size=1 face="serif">2003</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD align="center"><B><FONT size=1 face="serif">2002</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Net Cash and</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Short-Term Holding</FONT></B></TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"><FONT size=2 face="serif">$</FONT></DIV></TD>
   <TD align="right"><FONT size=2 face="serif">53,146,094</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"><FONT size=2 face="serif">$</FONT></DIV></TD>
   <TD align="right"><FONT size=2 face="serif">53,146,094</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2.5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.6</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Tri-Continental</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Financial Division</FONT></B></TD>
   <TD align="right"><FONT size=2 face="serif"> 2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 7,192,351</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 4,045,231</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> 0.2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> 0.2</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> 3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 60,338,445</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 57,191,325</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> 2.7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> 0.8</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Common Stocks:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Automobiles and Components</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">9,409,524</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">12,549,654</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.6</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.2</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Banks</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">156,376,347</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">171,994,395</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8.2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">6.7</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Capital Goods</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">167,662,139</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">150,978,828</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">11.8</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Chemicals</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">33,697,050</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">30,168,320</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.4</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.5</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Communications Equipment</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">33,318,005</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">36,760,570</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.7</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3.6</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Computers and Peripherals</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">103,263,077</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">113,745,149</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5.4</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2.9</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Consumer Durables and Apparel</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">38,458,718</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">41,149,848</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2.0</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3.0</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Consumer Staples</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">173,327,042</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">172,349,890</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8.2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">9.1</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Diversified Financials</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">285,706,213</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">299,430,269</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">14.3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.6</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Electronic Equipment</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">and Instruments</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.2</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Energy</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">9</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">166,931,539</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">168,935,853</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">8.0</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.4</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Health Care Equipment</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">and Services</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">34,456,360</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">43,812,990</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2.1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3.7</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Hotels, Restaurants and Leisure</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">21,528,379</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">22,901,766</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.0</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Insurance</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">91,689,423</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">91,475,917</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4.4</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4.8</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Media</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">83,340,316</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">87,242,407</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4.1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2.8</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Paper and Forest Products</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">30,921,511</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">31,398,300</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1.5</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2.9</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pharmaceuticals and Biotechnology</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">187,262,326</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">194,623,616</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">9.3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">9.0</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Retailing</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">4</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">61,085,009</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">67,270,030</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3.2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4.7</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Semiconductors and</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Semiconductor Equipment</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">6</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">77,046,803</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">71,044,562</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">3.4</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2.6</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Software and Services</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">8</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">144,902,214</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">148,817,630</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">7.1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">5.2</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Telecommunication Services</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">65,803,109</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">43,889,284</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">2.1</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4.0</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Transportation</FONT></TD>
   <TD align="right"><FONT size=2 face="serif">2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">16,943,170</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">16,999,308</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">0.8</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Utilities</FONT></TD>
   <TD align="right"><FONT size=2 face="serif"> 2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 24,569,618</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 25,779,411</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> 1.2</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> 2.5</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> 95</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&nbsp; </FONT></TD>
   <TD align="right"><FONT size=2 face="serif">2,007,697,892</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&nbsp; </FONT></TD>
   <TD align="right"><FONT size=2 face="serif">2,043,317,997</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> 97.3</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif"> 99.2</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Net Investment Assets</FONT></B></TD>
   <TD align="right"><FONT size=2 face="serif">&nbsp; </FONT><B><FONT size=2 face="serif">98</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"><FONT size=2 face="serif"> </FONT><B><FONT size=2 face="serif">$</FONT></B></DIV></TD>
   <TD><DIV align="right"><B><FONT size=2 face="serif">2,068,036,337</FONT></B></DIV></TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"><FONT size=2 face="serif"><B><FONT size=2 face="serif">$</FONT></B> </FONT></DIV></TD>
   <TD align="right"><B><FONT size=2 face="serif">2,100,509,322</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"><B><FONT size=2 face="serif">100.0</FONT></B></DIV></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">&nbsp; </FONT><B><FONT size=2 face="serif">100.0</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">5</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_8"></A>

<P>
<FONT size=6 face="serif"><EM>Tri-Continental Corporation</EM></FONT>
</P>
<P>
<B><FONT face="serif">Largest Portfolio Changes </FONT></B><FONT size=2 face="serif">(unaudited)</FONT>
<BR>
<B><FONT size=2 face="serif">April 1 to June 30, 2003</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="44%" align="center"><DIV align="left"><B><FONT size=2 face="serif">Largest Purchases</FONT></B></DIV></TD>
   <TD align="center" width="56%"><DIV align="left"><B><FONT size=2 face="serif">Largest Sales</FONT></B></DIV></TD>
</TR>
<TR>
   <TD><HR align="left" width="150" size=2 noshade></TD>
   <TD><HR align="left" width="150" size=2 noshade></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Altria Group, Inc.</FONT></TD>
   <TD width="56%"><FONT size=2 face="serif">Gillette Company (The)**</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Sun Microsystems, Inc.</FONT></TD>
   <TD width="56%"><FONT size=2 face="serif">International Business Machines Corporation</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Bear Stearns Companies Inc. (The)</FONT></TD>
   <TD width="56%"><FONT size=2 face="serif">Pfizer Inc.</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">ChevronTexaco Corporation*</FONT></TD>
   <TD width="56%"><FONT size=2 face="serif">Starwood Hotels &amp; Resorts Worldwide, Inc.**</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Limited Brands*</FONT></TD>
   <TD width="56%"><FONT size=2 face="serif">Viacom Inc. Class &#147;B&#148;</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Royal Caribbean Cruises Ltd.*</FONT></TD>
   <TD width="56%"><FONT size=2 face="serif">Procter &amp; Gamble Company (The)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Citigroup Inc.</FONT></TD>
   <TD width="56%"><FONT size=2 face="serif">Coca-Cola Company (The)**</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Wachovia Corporation</FONT></TD>
   <TD width="56%"><FONT size=2 face="serif">Biovail Corporation**</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Check Point Software Technologies Ltd.*</FONT></TD>
   <TD width="56%"><FONT size=2 face="serif">Lowe&#146;s Companies, Inc.**</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Golden West Financial Corporation*</FONT></TD>
   <TD width="56%"><FONT size=2 face="serif">KeyCorp**</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>
<TABLE>
<TR>
   <TD valign="top" colspan="2"><FONT size=2 face="serif">Largest portfolio changes from the previous period to the current period are based on cost of purchases and proceeds from sales of securities, listed in descending order.</FONT><BR></TD>
</TR>
<TR>
  <TD colspan="2" valign="top"><HR align="left" width="75" noshade></TD>
  </TR>
<TR>
   <TD valign="top" width="5%"><DIV align="right"><FONT size=1 face="serif">*</FONT><BR>
   &nbsp;&nbsp;</DIV></TD>
   <TD valign="top"><FONT size=1 face="serif">Position added during the period.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%"><DIV align="right"><FONT size=1 face="serif">**</FONT><BR>
   &nbsp;&nbsp;</DIV></TD>
   <TD valign="top"><FONT size=1 face="serif">Position eliminated during the period.</FONT><BR>   </TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD><B><FONT face="serif">10 Largest Holdings </FONT></B><FONT size=2 face="serif">(unaudited)</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="31%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">June 30, 2003</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="31%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2 width="16%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="31%"><B><FONT size=2 face="serif">Percent of</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD align="center"><DIV align="left"><B><FONT size=2 face="serif">Security</FONT></B></DIV></TD>
   <TD align="center" colspan=2 width="16%"><B><FONT size=2 face="serif">Value</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="31%"><B><FONT size=2 face="serif">Net Investment Assets</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="75" size=2 noshade></TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Citigroup Inc.</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=2 face="serif">$93,613,444</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="31%"><FONT size=2 face="serif">4.5</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Bank of America Corporation</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=2 face="serif">73,878,825</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="31%"><FONT size=2 face="serif">3.5</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">General Electric Company</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=2 face="serif">71,697,132</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="31%"><FONT size=2 face="serif">3.4</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Microsoft Corporation</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=2 face="serif">70,978,038</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="31%"><FONT size=2 face="serif">3.4</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Pfizer Inc.</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=2 face="serif">64,083,773</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="31%"><FONT size=2 face="serif">3.1</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Wal-Mart Stores, Inc.</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=2 face="serif">63,756,203</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="31%"><FONT size=2 face="serif">3.0</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">J.P. Morgan Chase &amp; Co.</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=2 face="serif">61,506,910</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="31%"><FONT size=2 face="serif">2.9</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Bear Stearns Companies Inc. (The)</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=2 face="serif">60,630,024</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="31%"><FONT size=2 face="serif">2.9</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Altria Group, Inc.</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=2 face="serif">55,840,307</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="31%"><FONT size=2 face="serif">2.7</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">American Express Company</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="15%"><FONT size=2 face="serif">47,522,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="31%"><FONT size=2 face="serif">2.3</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">6</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_9"></A>

<P>
<FONT size=6 face="serif">Tri-Continental Corporation</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD colspan=2 width="44%"><B><FONT face="serif">Portfolio of Investments</FONT></B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;(unaudited)</FONT></TD>
   <TD align="center" width="15%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="17%"><B><FONT size=2 face="serif">June 30, 2003</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center" colspan=2>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" width="7%">&nbsp;</TD>
   <TD align="center" width="15%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="13%"><B><FONT size=1 face="serif">Shares</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="17%"><B><FONT size=1 face="serif">Value</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">COMMON STOCKS&nbsp;&nbsp;&nbsp;97.3%</FONT></B></TD>
   <TD width="7%"><B></B></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="44%"><B><FONT size=2 face="serif">AUTOMOBILES AND COMPONENTS&nbsp;&nbsp;0.6%</FONT></B></TD>
   <TD align="right" width="15%"><B></B></TD>
   <TD width="3%"><B></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Lear Corporation*</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">272,700</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="2%"><DIV align="right"><FONT size=2 face="serif">$</FONT></DIV></TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">12,549,654</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">BANKS &nbsp;&nbsp;&nbsp;8.2%</FONT></B></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Bank of America Corporation</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">934,820</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">73,878,825</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="44%"><FONT size=2 face="serif">Golden West Financial Corporation</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">205,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">16,442,055</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">GreenPoint Financial Corp.</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">342,400</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">17,441,856</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Radian Group Inc.</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">285,800</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">10,474,570</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">U.S. Bancorp</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">558,640</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">13,686,680</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Wachovia Corporation</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1,002,763</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">40,070,409</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">171,994,395</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">CAPITAL GOODS &nbsp;&nbsp;&nbsp;7.2%</FONT></B></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Deere &amp; Company</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">239,300</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">10,936,010</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">General Electric Company</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">2,499,900</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">71,697,132</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Illinois Tool Works Inc.</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">311,180</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">20,491,203</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Lockheed Martin Corporation</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">191,123</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">9,091,721</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">PACCAR Inc.</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">111,700</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">7,522,995</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Raytheon Company</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">345,900</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">11,359,356</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Tyco International Ltd.</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1,047,440</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">19,880,411</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">150,978,828</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">CHEMICALS&nbsp;&nbsp;&nbsp; 1.4%</FONT></B></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="44%"><FONT size=2 face="serif">Air Products and Chemicals, Inc.</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">725,200</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">30,168,320</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="44%"><B><FONT size=2 face="serif">COMMUNICATIONS EQUIPMENT&nbsp;&nbsp;&nbsp;1.7%</FONT></B></TD>
   <TD align="right" width="15%"><B></B></TD>
   <TD width="3%"><B></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Cisco Systems, Inc.*</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1,817,680</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">30,100,781</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3 width="59%"><FONT size=2 face="serif">Telefonaktiebolaget LM Ericsson &#147;ADRs&#148; (Sweden)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">625,920</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">6,659,789</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">36,760,570</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="44%"><B><FONT size=2 face="serif">COMPUTERS AND PERIPHERALS&nbsp;&nbsp;&nbsp;5.4%</FONT></B></TD>
   <TD align="right" width="15%"><B></B></TD>
   <TD width="3%"><B></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Dell Inc.*</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1,029,200</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">32,898,378</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Hewlett-Packard Company</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1,040,930</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">22,171,809</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="44%"><FONT size=2 face="serif">International Business Machines Corporation</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">206,420</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">17,029,650</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Sun Microsystems, Inc.*</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">9,063,180</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">41,645,312</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">113,745,149</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3 width="59%"><B><FONT size=2 face="serif">CONSUMER DURABLES AND
    APPAREL&nbsp;&nbsp;&nbsp;2.0%</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="5%"><B></B></TD>
   <TD width="3%"><B></B></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Mohawk Industries, Inc.*</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">286,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">15,881,580</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Pulte Homes, Inc.</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">409,800</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">25,268,268</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">41,149,848</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">CONSUMER STAPLES&nbsp;&nbsp;&nbsp;8.2%</FONT></B></TD>
   <TD width="7%"><B></B></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Altria Group, Inc.</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">1,228,880</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">55,840,307</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Avon Products, Inc.</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">124,010</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">7,713,422</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Kraft Foods Inc. Class &#147;A&#148;</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">323,170</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">10,519,184</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="44%"><FONT size=2 face="serif">Procter &amp; Gamble Company (The)</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="13%"><FONT size=2 face="serif">291,056</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">25,956,374</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD><HR align="left" width="75" noshade></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">See footnotes on page 10.</FONT></TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">7</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_10"></A>

<P>
<FONT size=6 face="serif"><EM>Tri-Continental Corporation</EM></FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD><B><FONT face="serif">Portfolio of Investments&nbsp;</FONT></B><FONT size=2 face="serif">(unaudited)</FONT></TD>
   <TD align="center" width="15%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="16%"><B><FONT size=2 face="serif">June 30, 2003</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center" colspan=2>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" width="15%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=1 face="serif">Shares</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="16%"><B><FONT size=1 face="serif">Value</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">CONSUMER STAPLES </FONT></B><FONT size=2 face="serif">(continued)</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="61%"><FONT size=2 face="serif">Unilever NV &#147;NY shares&#148; <EM>(Netherlands)</EM></FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">158,600</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%"><DIV align="right"><FONT size=2 face="serif">$</FONT></DIV></TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">8,564,400</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Wal-Mart Stores, Inc.</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,187,930</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">63,756,203</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">172,349,890</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">DIVERSIFIED FINANCIALS&nbsp;&nbsp;&nbsp;14.3%</FONT></B></TD>
   <TD align="right" width="15%"><B></B></TD>
   <TD width="3%"><B></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Allied Capital Corporation</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">334,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">7,726,950</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">American Express Company</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,136,630</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">47,522,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="61%"><FONT size=2 face="serif">Bank of New York Company, Inc. (The)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">328,380</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">9,440,925</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Bear Stearns Companies Inc. (The)</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">837,200</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">60,630,024</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Citigroup Inc.</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,187,230</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">93,613,444</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">J.P. Morgan Chase &amp; Co.</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,799,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">61,506,910</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Merrill Lynch &amp; Co., Inc.</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">285,100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">13,308,468</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Morgan Stanley</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">132,890</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">5,681,048</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">299,430,269</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">ENERGY&nbsp;&nbsp;&nbsp; 8.0%</FONT></B></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">ChevronTexaco Corporation</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">389,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">28,121,900</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">ConocoPhillips</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">297,703</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">16,314,124</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Devon Energy Corporation</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">484,400</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">25,866,960</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Exxon Mobil Corporation</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">734,525</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">26,376,793</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Noble Energy, Inc.</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">391,880</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">14,813,064</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Occidental Petroleum Corporation</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">304,200</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">10,205,910</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Rowan Companies, Inc.*</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">577,100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">12,927,040</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=4 width="67%"><FONT size=2 face="serif">Royal Dutch Petroleum Company &#147;NY shares&#148;<EM> (Netherlands)</EM></FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">383,100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">17,860,122</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Weatherford International Ltd.*</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">392,600</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">16,449,940</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">168,935,853</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=4 width="67%"><B><FONT size=2 face="serif">HEALTH CARE EQUIPMENT AND SERVICES &nbsp;&nbsp;&nbsp;2.1%</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Anthem, Inc.*</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">226,410</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">17,467,531</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Boston Scientific Corporation*</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">245,200</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">14,981,720</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Cardinal Health, Inc.</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">176,730</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">11,363,739</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">43,812,990</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="61%"><B><FONT size=2 face="serif">HOTELS, RESTAURANTS
    AND LEISURE&nbsp;&nbsp;&nbsp;1.1%</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="4%"><B></B></TD>
   <TD width="3%"><B></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Royal Caribbean Cruises Ltd.</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">988,850</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">22,901,766</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">INSURANCE &nbsp;&nbsp;&nbsp;4.4%</FONT></B></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">American International Group, Inc.</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">682,000</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">37,632,760</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">W.R. Berkley Corporation</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">478,430</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">25,213,261</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Everest Re Group, Ltd.</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">87,110</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">6,663,915</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">PartnerRe Ltd.</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">309,900</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">15,838,989</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">RenaissanceRe Holdings Ltd.</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">134,600</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">6,126,992</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">91,475,917</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">MEDIA &nbsp;&nbsp;&nbsp;4.1%</FONT></B></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">AOL Time Warner Inc.*</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,074,100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">17,282,269</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Clear Channel Communications, Inc.*</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">362,200</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="15%"><FONT size=2 face="serif">15,353,658</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="75" noshade></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">See footnotes on page 10.</FONT></TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">8</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_11"></A>

<P>
<FONT size=6 face="serif"><EM>Tri-Continental Corporation</EM></FONT><EM>
</EM></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD><B><FONT face="serif">Portfolio of Investments </FONT></B><FONT size=2 face="serif">(unaudited)</FONT></TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="14%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="15%"><B><FONT size=2 face="serif">June 30, 2003</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center" colspan=2>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="14%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="12%"><B><FONT size=1 face="serif">Shares</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="15%"><B><FONT size=1 face="serif">Value</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">MEDIA </FONT></B><FONT size=2 face="serif">(continued)</FONT></TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="14%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2 width="15%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Knight Ridder, Inc.</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">155,700</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%"><DIV align="right"><FONT size=2 face="serif">$</FONT></DIV></TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">10,732,401</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Tribune Company</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">254,700</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">12,302,010</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="46%"><FONT size=2 face="serif">Univision Communications Inc. Class &#147;A&#148;*</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">373,300</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">11,348,320</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Viacom Inc. Class &#147;B&#148;*</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">463,210</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">20,223,749</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">87,242,407</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="46%"><B><FONT size=2 face="serif">PAPER AND FOREST PRODUCTS&nbsp;&nbsp;&nbsp;1.5%</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="14%"><B></B></TD>
   <TD width="3%"><B></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Weyerhaeuser Company</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">581,450</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">31,398,300</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=4 width="62%"><B><FONT size=2 face="serif">PHARMACEUTICALS AND
    BIOTECHNOLOGY&nbsp;&nbsp;&nbsp;9.3%</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="4%"><B></B></TD>
   <TD width="3%"><B></B></TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Amgen Inc.*</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">245,990</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">16,477,640</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Barr Laboratories, Inc.*</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">174,170</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">11,408,135</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Forest Laboratories, Inc.*</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">150,600</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">8,245,350</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Johnson &amp; Johnson</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">625,463</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">32,336,437</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Merck &amp; Co., Inc.</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">414,720</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">25,111,296</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Pfizer Inc.</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,876,538</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">64,083,773</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=4 width="62%"><FONT size=2 face="serif">Teva Pharmaceutical Industries Ltd. &#147;ADRs&#148; (Israel)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">225,080</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">12,814,930</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Wyeth</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">530,100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">24,146,055</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">194,623,616</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">RETAILING &nbsp;&nbsp;&nbsp;3.2%</FONT></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">eBay Inc.*</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">214,680</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">22,367,509</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Federated Department Stores, Inc.</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">296,200</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">10,914,970</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Limited Brands</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,382,190</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">21,423,945</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Michaels Stores, Inc.</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">330,100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">12,563,606</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">67,270,030</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">SEMICONDUCTORS AND</FONT></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="46%"><B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEMICONDUCTOR EQUIPMENT&nbsp;&nbsp;&nbsp;3.4%</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="14%"><B></B></TD>
   <TD width="3%"><B></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Analog Devices, Inc.*</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">268,150</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">9,336,983</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Intel Corporation</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">976,500</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">20,306,317</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">KLA-Tencor Corporation*</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">232,300</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">10,797,304</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Linear Technology Corporation</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">178,600</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">5,756,278</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">LSI Logic Corporation*</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,610,400</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">11,401,632</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Texas Instruments Incorporated</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">763,980</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">13,446,048</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">71,044,562</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">SOFTWARE AND SERVICES&nbsp;&nbsp;&nbsp;7.1%</FONT></B></TD>
   <TD align="right" width="4%"><B></B></TD>
   <TD width="3%"><B></B></TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Adobe Systems Incorporated</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">421,240</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">13,483,892</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Amdocs Limited*</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">592,440</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">14,218,560</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">BMC Software, Inc.*</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">376,590</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">6,149,715</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Cadence Design Systems, Inc.*</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,119,650</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">13,502,979</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=4 width="62%"><FONT size=2 face="serif">Check Point Software Technologies Ltd. (Israel)*</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">877,230</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">17,105,985</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Microsoft Corporation</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,770,956</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">70,978,038</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Network Associates, Inc.*</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">430,550</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">5,459,374</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Oracle Corporation*</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">659,100</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">7,919,087</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">148,817,630</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD><HR align="left" width="75" noshade></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">See footnotes on page 10.</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="14%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">9</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_12"></A>

<P>
<FONT size=6 face="serif"><EM>Tri-Continental Corporation</EM></FONT><EM>
</EM></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD colspan=3><B><FONT face="serif">Portfolio of Investments</FONT></B><FONT size=2 face="serif"> (unaudited)</FONT></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="1%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=2 face="serif">June 30, 2003</FONT></B></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD width="27%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan="4"><DIV align="center"><B><FONT size=1 face="serif">Shares,</FONT></B></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan="4"><DIV align="center"><B><FONT size=1 face="serif">Partnership Interest or</FONT></B></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD colspan="4"><DIV align="center"><B><FONT size=1 face="serif">Principal Amount</FONT></B></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Value</FONT></B></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan="4"><HR noshade size=2>
   </TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3><B><FONT size=2 face="serif">TELECOMMUNICATION SERVICES&nbsp;&nbsp;&nbsp;2.1%</FONT></B></TD>
   <TD align="right" width="5%"><B></B></TD>
   <TD width="4%"><B></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">Nextel Communications, Inc.*</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"><FONT size=2 face="serif">746,420</FONT></DIV></TD>
   <TD width="5%"><DIV align="left"><FONT size=2 face="serif"> &nbsp;&nbsp;shs.</FONT></DIV></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" width="1%"><DIV align="right"><FONT size=2 face="serif">$</FONT></DIV></TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">13,450,488</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">SBC Communications, Inc.</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"><FONT size=2 face="serif">822,010</FONT></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">21,002,356</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=2 face="serif">Verizon Communications Inc.</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"><FONT size=2 face="serif">239,200</FONT></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">9,436,440</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV>
   </TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">43,889,284</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV>
   </TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">TRANSPORTATION&nbsp;&nbsp;&nbsp;0.8%</FONT></B></TD>
   <TD align="right" colspan=2><B></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3><FONT size=2 face="serif">Burlington Northern Santa Fe Corporation</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"><FONT size=2 face="serif">314,600</FONT></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">8,947,224</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">CSX Corporation</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"><FONT size=2 face="serif">267,600</FONT></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">8,052,084</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">16,999,308</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">UTILITIES &nbsp;&nbsp;&nbsp;1.2%</FONT></B></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Exelon Corporation</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"><FONT size=2 face="serif">219,300</FONT></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">13,116,333</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Xcel Energy, Inc.</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"><FONT size=2 face="serif">841,960</FONT></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">12,663,078</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV>
   </TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">25,779,411</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV>
   </TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3><B><FONT size=2 face="serif">TOTAL COMMON STOCKS</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(Cost $2,007,697,892)</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">2,043,317,997</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV>
   </TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV>
   </TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=4><B><FONT size=2 face="serif">TRI-CONTINENTAL FINANCIAL
    DIVISION&nbsp;&nbsp;&nbsp;0.2%</FONT></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="4%"><B></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3><FONT size=2 face="serif">WCAS Capital Partners II, L.P.&#134;</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD width="5%"><DIV align="right"><FONT size=2 face="serif">4,727,686</FONT></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">2,336,422</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3><FONT size=2 face="serif">Whitney Subordinated Debt Fund, L.P.&#134;</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"><FONT size=2 face="serif">2,464,665</FONT></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">1,708,809</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV>
   </TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV>
   </TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=6><B><FONT size=2 face="serif">TOTAL TRI-CONTINENTAL FINANCIAL DIVISION</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">4,045,231</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=6>&nbsp;&nbsp;<FONT size=2 face="serif">(Cost $7,192,351)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV>
   </TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><B><FONT size=2 face="serif">FIXED TIME DEPOSIT&nbsp;&nbsp;&nbsp;2.1%</FONT></B></TD>
   <TD align="right" width="9%"><B></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=4><FONT size=2 face="serif">Rabobank Nederland, Grand Cayman 1.25%, 7/1/03</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(Cost $44,500,000)</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"><FONT size=2 face="serif">44,500,000</FONT></DIV>
   </TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">44,500,000</FONT></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><B><FONT size=2 face="serif">TOTAL INVESTMENTS&nbsp;&nbsp;&nbsp;99.6%</FONT></B></TD>
   <TD align="right" width="9%"><B></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(Cost $2,059,390,243)</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><B><FONT size=2 face="serif">2,091,863,228</FONT></B></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3><B><FONT size=2 face="serif">OTHER ASSETS LESS LIABILITIES&nbsp;&nbsp;&nbsp;0.4%</FONT></B></TD>
   <TD align="right" width="5%"><B></B></TD>
   <TD width="4%"><B></B></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="7%"><B><FONT size=2 face="serif">8,646,094</FONT></B></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">NET ASSETS &nbsp;&nbsp;&nbsp;100.0%</FONT></B></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="center" width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="7%"><B><FONT size=2 face="serif">2,100,509,322</FONT></B></TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="75" noshade></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><DIV align="right"></DIV></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">&nbsp; *&nbsp;&nbsp;Non-income producing security.</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;<FONT size=2 face="serif">&#134;</FONT>&nbsp;<FONT size=1 face="serif">Restricted securities.</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">See Notes to Financial Statements.</FONT></TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="5%"><DIV align="right"></DIV></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="18%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">10</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_13"></A>

<P>
<FONT size=6 face="serif">Tri-Continental Corporation</FONT>
</P>
<P>
<B><FONT face="serif">Statement of Assets and Liabilities </FONT></B><FONT size=2 face="serif">(unaudited) June 30, 2003</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD><B><FONT size=2 face="serif">Assets:</FONT></B></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="87%"><FONT size=2 face="serif">Investments, at value</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="87%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Common stocks (cost</FONT><FONT size=2 face="serif">&#151;$2,007,697,892)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">$2,043,317,997</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5 width="87%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Tri-Continental Financial Division</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(cost</FONT><FONT size=2 face="serif">&#151;$7,192,351)</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">4,045,231</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="87%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Fixed time deposit (cost&#151;$44,500,000)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="1%">&nbsp;</TD>
   <TD align="right" width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="22%"><FONT size=2 face="serif"> 44,500,000</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">$2,091,863,228</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3 width="87%"><FONT size=2 face="serif">Receivable for securities sold</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">38,797,899</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5 width="87%"><FONT size=2 face="serif">Receivable for dividends and interest</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,632,006</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=8 width="87%"><FONT size=2 face="serif">Investment in, and expenses prepaid to, stockholder service agent</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">700,495</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Other</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" colspan=2 width="13%"><FONT size=2 face="serif"> 87,609</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Total Assets</FONT></B></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" colspan=2 width="13%"><B><FONT size=2 face="serif">2,134,081,237</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Liabilities:</FONT></B></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5 width="87%"><FONT size=2 face="serif">Payable for securities purchased</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">30,779,957</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5 width="87%"><FONT size=2 face="serif">Payable for Common Stock repurchased</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">857,708</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="87%"><FONT size=2 face="serif">Management fee payable</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">722,158</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3 width="87%"><FONT size=2 face="serif">Preferred dividends payable</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">470,463</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="87%"><FONT size=2 face="serif">Bank overdraft</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">163,662</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3 width="87%"><FONT size=2 face="serif">Accrued expenses and other</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" colspan=2 width="13%"><FONT size=2 face="serif"> 577,967</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="87%"><B><FONT size=2 face="serif">Total Liabilities</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" colspan=2 width="13%"><B><FONT size=2 face="serif">33,571,915</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="87%"><B><FONT size=2 face="serif">Net Investment Assets</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,100,509,322</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="87%"><FONT size=2 face="serif">Preferred Stock</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" colspan=2 width="13%"><FONT size=2 face="serif"> 37,637,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5 width="87%"><B><FONT size=2 face="serif">Net Assets for Common Stock</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" colspan=2 width="13%"><B><FONT size=2 face="serif">$ 2,062,872,322</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5 width="87%"><B><FONT size=2 face="serif">Net Assets per share of Common Stock</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="87%"><B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;(Market value&#151;$14.78)</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><B><FONT size=2 face="serif">$17.06</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=8><B><FONT face="serif">Statement of Capital Stock and Surplus</FONT></B><FONT size=2 face="serif"> (unaudited) </FONT><FONT size=2 face="serif">June
       30, 2003</FONT></TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=2>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="87%"><B><FONT size=2 face="serif">Capital Stock:</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">$2.50 Cumulative Preferred
    Stock, $50 par value,</FONT></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5 width="87%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>assets coverage per share&#151;$2,790.48</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5 width="87%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>Shares authorized&#151;1,000,000; issued and</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="87%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>outstanding&#151;752,740</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%"><DIV align="right"><FONT size=2 face="serif">$</FONT></DIV></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">37,637,000</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5 width="87%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>Common Stock, $0.50 par value:</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5 width="87%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>Shares authorized&#151;159,000,000; issued and</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3 width="87%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>outstanding&#151;120,950,232</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">60,475,116</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Surplus:</FONT></B></TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="87%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>Capital surplus</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,798,011,203</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5 width="87%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>Dividends in excess of net investment income</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(2,023,524</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD colspan=5 width="87%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>Accumulated net realized loss</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(826,063,458</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD colspan=5 width="87%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"></FONT>Net unrealized appreciation of investments</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" colspan=2 width="13%"><FONT size=2 face="serif"> 32,472,985</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2 width="87%"><B><FONT size=2 face="serif">Net Investment Assets</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD align="right" colspan=2 width="13%"><B><FONT size=2 face="serif">$2,100,509,322</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=3><HR align="left" width="75" noshade></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=3 width="87%"><FONT size=1 face="serif">See Notes to Financial Statements.</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="42%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="13%">&nbsp;</TD>
   <TD width="12%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">11</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_14"></A>

<P>
<FONT size=6 face="serif"><EM>Tri-Continental Corporation</EM></FONT><EM>
</EM></P>
<P>
<B><FONT face="serif">Statement of Operations </FONT></B><FONT size=2 face="serif">(unaudited) For the Six Months Ended June 30, 2003</FONT>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
   <TD width="63%"><B><FONT size=2 face="serif">Investment Income:</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="11%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Dividends (net of foreign taxes withheld of $108,279)</FONT></TD>
   <TD><DIV align="right"><FONT size=2 face="serif">$</FONT></DIV></TD>
   <TD align="right"><FONT size=2 face="serif">17,216,273</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Interest</FONT></TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 293,348</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Total Investment Income</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><B></B></TD>
   <TD align="right"><B><FONT size=2 face="serif">$17,509,621</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Expenses:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Management fees</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">4,087,450</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Stockholder account and registrar services</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">1,782,824</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Stockholder reports and communications</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">341,120</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Custody and related services</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">212,451</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Directors&#146; fees and expenses</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">181,052</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Stockholders&#146; meeting</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">107,112</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Auditing and legal fees</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">74,894</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Registration</FONT></TD>
   <TD>&nbsp;</TD>
   <TD align="right"><FONT size=2 face="serif">21,219</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Miscellaneous</FONT></TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 68,998</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Total Expenses</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><B><FONT size=2 face="serif">6,877,120</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Net Investment Income</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right"><B><FONT size=2 face="serif">10,632,501</FONT></B></TD>
   <TD><B><FONT size=2 face="serif">*</FONT></B></TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Net Realized and Unrealized Gain (Loss)</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">on Investments:</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net realized loss on investments</FONT></TD>
   <TD align="right" colspan=2><FONT size=2 face="serif">(92,561,406</FONT></TD>
   <TD><FONT size=2 face="serif">)</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Net change in unrealized depreciation</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">of investments</FONT></TD>
   <TD align="right" colspan=2><FONT size=2 face="serif">247,871,202 </FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Net Gain on Investments</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="right" colspan=2><B><FONT size=2 face="serif">155,309,796</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Increase in Net Assets</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">from Operations</FONT></B></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><DIV align="right"><B><FONT size=2 face="serif">$165,942,297</FONT></B></DIV></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD colspan="6"><HR align="left" width="75" noshade></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan="6"><FONT size=1 face="serif">*&nbsp;</FONT><FONT size=1 face="serif">Net investment income for Common Stock is $9,691,576, which is net of Preferred Stock dividends of $940,925.</FONT></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan="4"><FONT size=1 face="serif">See Notes to Financial Statements.</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">12</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_15"></A>

<P>
<FONT size=6 face="serif">Tri-Continental Corporation</FONT>
</P>
<P>
<B><FONT face="serif">Statements of Changes in Net Investment Assets </FONT></B><FONT size=2 face="serif">(unaudited)</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="69%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Six Months Ended</FONT></B></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">Year Ended</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">June 30, 2003</FONT></B></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="center" colspan=2><B><FONT size=1 face="serif">December 31, 2002</FONT></B></TD>
   <TD align="center" width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Operations:</FONT></B></TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">10,632,501</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">31,330,983</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net realized loss on investments</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(92,561,406</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(527,888,865</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net change in unrealized appreciation/depreciation</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">of investments</FONT></TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 247,871,202</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> (256,514,118</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Increase (Decrease) in Net Assets</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">from Operations</FONT></B></TD>
   <TD align="right" colspan=2><B><FONT size=2 face="serif">165,942,297</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" colspan=2><B><FONT size=2 face="serif">(753,072,000</FONT></B></TD>
   <TD width="3%"><B><FONT size=2 face="serif">)</FONT></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Distributions to Stockholders:</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net investment income:</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Preferred Stock (per share: $1.25 and $2.50)</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(940,925</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(1,881,850</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Common Stock (per share: $0.09 and $0.26)</FONT></TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> (10,975,263</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> (33,374,284</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Decrease in Net Investment Assets</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">from Distributions</FONT></B></TD>
   <TD align="right" colspan=2><B><FONT size=2 face="serif">(11,916,188</FONT></B></TD>
   <TD width="5%"><B><FONT size=2 face="serif">)</FONT></B></TD>
   <TD align="right" colspan=2><B><FONT size=2 face="serif">(35,256,134</FONT></B></TD>
   <TD width="3%"><B><FONT size=2 face="serif">)</FONT></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Capital Share Transactions:</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Value of shares of Common Stock issued</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">for investment plans (614,782 and 1,596,880 shares)</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">8,338,235</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">26,284,545</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Cost of shares of Common Stock purchased</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">from investment plan participants</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(1,286,891 and 2,654,532 shares)</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(17,487,608</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(41,998,152</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Cost of shares of Common Stock purchased in the</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">open market (2,942,900 and 6,850,800 shares)</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(40,300,135</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(111,326,749</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net proceeds from issuance of shares of</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Common Stock upon exercise of</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Warrants (877 and 8,568 shares)</FONT></TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 877</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 8,570</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Decrease in Net Investment Assets</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">from Capital Share Transactions</FONT></B></TD>
   <TD align="right" colspan=2><B><FONT size=2 face="serif">(49,448,631</FONT></B></TD>
   <TD width="5%"><B><FONT size=2 face="serif">)</FONT></B></TD>
   <TD align="right" colspan=2><B><FONT size=2 face="serif">(127,031,786</FONT></B></TD>
   <TD width="3%"><B><FONT size=2 face="serif">)</FONT></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Increase (Decrease) in Net Investment Assets</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="10%"><B><FONT size=2 face="serif">104,577,478</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="10%"><B><FONT size=2 face="serif">(915,359,920</FONT></B></TD>
   <TD width="3%"><B><FONT size=2 face="serif">)</FONT></B></TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Net Investment Assets:</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Beginning of period</FONT></TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 1,995,931,844</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 2,911,291,764</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">End of Period </FONT></B><FONT size=2 face="serif">(net of dividends in excess of</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">net investment income of $2,023,524 and</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">$739,837, respectively)</FONT></TD>
   <TD colspan=2><B><FONT size=2 face="serif">$ 2,100,509,322</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="10%"><B><FONT size=2 face="serif">1,995,931,844</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD colspan="2"><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">See Notes to Financial Statements.</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="10%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">13</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_16"></A>

<TABLE>
<TR>
   <TD valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=6 face="serif">Tri-Continental Corporation</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">Notes to Financial Statements </FONT></B><FONT size=2 face="serif">(unaudited)</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" colspan="4"><B><FONT size=2 face="serif">1.</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Significant Accounting Policies &#151; </FONT></B><FONT size=2 face="serif">The financial statements of Tri-Continental Corporation (the
&#147;Corporation&#148;) have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements.
Actual results may differ from these estimates. These unaudited interim financial statements reflect all adjustments, which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. All such
adjustments are of a normal recurring nature. The following summarizes the significant accounting policies of the Corporation:</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%">&nbsp;</TD>
   <TD valign="top" width="10%"><B><FONT size=2 face="serif">a.</FONT></B><BR>&nbsp;&nbsp;</TD>
   <TD width="85%" valign="top"><B><FONT size=2 face="serif">Security Valuation &#151; </FONT></B><FONT size=2 face="serif">Investments in stocks, limited partnership interests, and short-term holdings maturing in more than 60 days are valued at current market
values or, in their absence, fair value determined in accordance with procedures approved by the Board of Directors. Securities traded on an exchange are valued at last sales prices or, in their absence and in the case of over-the-counter
securities, at the mean of bid and asked prices. Short-term holdings maturing in 60 days or less are valued at amortized cost.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%">&nbsp;</TD>
   <TD valign="top" width="10%"><B><FONT size=2 face="serif">b.</FONT></B><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><B><FONT size=2 face="serif">Federal Taxes &#151; </FONT></B><FONT size=2 face="serif">There is no provision for federal income tax. The Corporation has elected to be taxed as a regulated investment company and intends to
distribute substantially all taxable net income and net realized gain.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%">&nbsp;</TD>
   <TD valign="top" width="10%"><B><FONT size=2 face="serif">c.</FONT></B><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><B><FONT size=2 face="serif">Security Transactions and Related Investment Income &#151; </FONT></B><FONT size=2 face="serif">Investment transactions are recorded on trade dates. Identified cost of investments sold is used for
both financial statements and federal income tax purposes. Dividends receivable and payable are recorded on ex-dividend dates. Interest income is recorded on the accrual basis.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" width="5%">&nbsp;</TD>
   <TD valign="top" width="10%"><B><FONT size=2 face="serif">d.</FONT></B><BR>&nbsp;&nbsp;</TD>
   <TD valign="top"><B><FONT size=2 face="serif">Distributions to Stockholders &#151; </FONT></B><FONT size=2 face="serif">The treatment for financial statement purposes of distributions made during the year from net investment income or net
realized gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or capital gain, and the
recharacterization of foreign exchange gains or losses to either ordinary income or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net investment
assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations, or net asset value per share of the Corporation.</FONT><BR></TD>
</TR>
<TR>
   <TD valign="top" colspan="4" width="5%"><B><FONT size=2 face="serif">2.</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Capital Stock Transactions </FONT></B><FONT size=2 face="serif">&#151; Under the Corporation&#146;s Charter, dividends on the Common Stock cannot be declared
unless net assets, after such dividends and dividends on Preferred Stock, equal at least $100 per share of Preferred Stock outstanding. The Preferred Stock is subject to redemption at the Corporation&#146;s option at any time on 30 days&#146; notice
at $55 per share (or a total of $41,400,700 for the shares outstanding) plus accrued dividends, and entitled in liquidation to $50 per share plus accrued dividends.</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Corporation,
in connection with its Automatic Dividend Investment and Cash Purchase Plan and other Stockholder plans, acquires and issues shares of its own Common Stock, as needed, to satisfy Plan requirements. For the six months ended June 30, 2003, 1,286,891
shares were purchased from Plan participants at a cost of $17,487,608, which represented a weighted average discount of 14.12% from the net asset value of those acquired shares. A total of 614,782 shares were issued to Plan participants during the
six months ended June 30, 2003, for proceeds of $8,338,235, at a discount of 15.05% from the net asset value of those shares.</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For the six months ended June 30, 2003, the Corporation
purchased 2,942,900 shares of its Common Stock in the open market at an aggregate cost of $40,300,135, which represented a weighted average discount of 13.58% from the net asset value of those acquired
shares.</FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">At June 30, 2003, 290,948 shares of Common Stock were reserved for issuance upon exercise of 12,931 Warrants, each of which entitled the holder to purchase 22.50 shares of
Common Stock at $1.00 per share. Assuming the exercise of all Warrants outstanding at June 30, 2003, net investment assets would have</FONT><BR></TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">14</FONT></I>
</P>
<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_17"></A>

<P>
<FONT size=6 face="serif">Tri-Continental Corporation</FONT>
</P>
<P>
<B><FONT face="serif">Notes to Financial Statements </FONT></B><FONT size=2 face="serif">(unaudited)</FONT>
</P>
<P>
<FONT size=2 face="serif">increased by $290,948 and the net asset value of the Common Stock would have been $17.02 per share. The number of Warrants exercised during the six months ended June 30, 2003, and the year ended December 31, 2002, was 39
and 381, respectively.</FONT>
</P>
<P>
<B><FONT size=2 face="serif">3. Purchases and Sales of Securities &#151; </FONT></B><FONT size=2 face="serif">Purchases and sales of portfolio securities, excluding options and short-term investments, amounted to $1,122,736,609 and $1,214,706,713,
respectively. At June 30, 2003, the cost of investments for federal income tax purposes was $2,062,574,743. The tax basis cost was greater than the cost for financial reporting purposes due to the tax deferral of losses on wash sales in the amount
of $3,184,500. The tax basis gross unrealized appreciation and depreciation of portfolio securities amounted to $142,990,777 and $113,702,292, respectively.</FONT>
</P>
<P>
<B><FONT size=2 face="serif">4. Repurchase Agreements &#151; </FONT></B><FONT size=2 face="serif">The Corporation may enter into repurchase agreements with commercial banks and with broker/dealers deemed to be creditworthy by J. &amp; W. Seligman
&amp; Co. Incorporated (the &#147;Manager&#148;). Securities received as collateral subject to repurchase agreements are deposited with the Corporation&#146;s custodian and, pursuant to the terms of the repurchase agreements, must have an aggregate
market value greater than or equal to the repurchase price plus accrued interest at all times. Procedures have been established to monitor, on a daily basis, the market value of repurchase agreements&#146; underlying securities to ensure the
existence of the proper level of collateral. </FONT>
</P>
<P>
<B><FONT size=2 face="serif">5. Management Fee, Administrative Services, and Other Transactions &#151; </FONT></B><FONT size=2 face="serif">The Manager manages the affairs of the Corporation and provides for the necessary personnel and facilities.
Compensation of all officers of the Corporation, all directors of the Corporation who are employees of the Manager, and all personnel of the Corporation and the Manager is paid by the Manager. The Manager receives a fee, calculated daily and payable
monthly, equal to a percentage of the Corporation&#146;s daily net assets (including the liquidation value of the Corporation&#146;s Preferred Stock) at the close of business on the previous business day. The management fee rate is calculated on a
sliding scale of 0.45% to 0.375%, based on average daily net assets of all the investment companies managed by the Manager. The management fee for the six months ended June 30, 2003, was equivalent to an annual rate of 0.41% of the average daily net
assets of the Corporation.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Seligman Data Corp., which is owned by the Corporation and certain associated investment companies, charged the Corporation at cost $1,749,288 for stockholder account services in accordance
with a methodology approved by the Corporation&#146;s directors. Costs of Seligman Data Corp. directly attributable to the Corporation were charged to the Corporation. The remaining charges were allocated to the Corporation by Seligman Data Corp.
pursuant to a formula based on the Corporation&#146;s net assets, stockholder transaction volume and number of stockholder accounts. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Corporation and certain other associated investment companies (together, the &#147;Guarantors&#148;) have severally but not jointly guaranteed the performance and observance of all the
terms and conditions of two leases entered into by Seligman Data Corp., including the payment of rent by Seligman Data Corp. (the &#147;Guaranties&#148;). The leases and the Guaranties expire in September 2008 and January 2009. The obligation of the
Corporation to pay any amount due under either Guaranty is limited to a specified percentage of the full amount, which generally is based on the Corporation&#146;s percentage of the expenses billed by Seligman Data Corp. to all Guarantors in the
preceding calendar quarter. As of June 30, 2003, the Corporation&#146;s potential obligation under the Guaranties is $941,600. As of June 30, 2003, no event has occurred which would result in the Corporation becoming liable to make any payment under
a Guaranty. A portion of rent paid by Seligman Data Corp. is charged to the Corporation as part of Seligman Data Corp.&#146;s shareholder account services cost.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Corporation&#146;s investment in Seligman Data Corp. is recorded at a cost of $43,681.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Certain officers and directors of the Corporation are officers or directors of the Manager and/or Seligman Data Corp.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Corporation has a compensation arrangement under which directors who receive fees may elect to defer receiving such fees. Directors may elect to have their deferred fees accrue interest or
earn a return based on the performance of the Corporation or other funds in the Seligman Group of</FONT>
</P>
<P align="center">
<I><FONT face="serif">15</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_18"></A>

<P>
<FONT size=6 face="serif">Tri-Continental Corporation</FONT>
</P>
<P>
<B><FONT face="serif">Notes to Financial Statements </FONT></B><FONT size=2 face="serif">(unaudited)</FONT>
</P>
<P>
<FONT size=2 face="serif">Investment Companies. The cost of such fees and earnings/loss accrued thereon is included in directors&#146; fees and expenses, and the accumulated balance thereof at June 30, 2003, of $230,557 is included in accrued
expenses and other liabilities. Deferred fees and related accrued earnings are not deductible for federal income tax purposes until such amounts are paid.</FONT>
</P>
<P>
<B><FONT size=2 face="serif">6. Capital Loss Carryforward and Other Tax Adjustments &#151; </FONT></B><FONT size=2 face="serif">At December 31, 2002, the Corporation had a net capital loss carryforward for federal income tax purposes of $687,863,434, which is available for offset against future taxable net capital gains, expiring in 2010. The amount was determined after
adjustments for certain differences between financial reporting and tax purposes, such as wash sale losses. Accordingly, no capital gain distributions are expected to be paid to stockholders until net capital gains have been realized in excess of
available capital loss carryforwards. </FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In addition, the Corporation elected to defer to January 1, 2003, the recognition for tax purposes of net losses of $37,298,808 realized on sales of investments after October 31, 2002. These
losses will be available to offset future taxable net gains.</FONT>
</P>
<P>
<B><FONT size=2 face="serif">7. Restricted Securities &#151; </FONT></B><FONT size=2 face="serif">At June 30, 2003, the Tri-Continental Financial Division of the Corporation comprised two investments that were purchased through private offerings and
cannot be sold without prior registration under the Securities Act of 1933 or pursuant to an exemption therefrom. These investments are valued at fair value as determined in accordance with procedures approved by the Board of Directors of the
Corporation. The acquisition dates of investments in the limited partnerships were as follows:</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="47%">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"> Investments</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="29%"><FONT size=2 face="serif"> Acquisition Date(s)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" colspan=2><FONT size=2 face="serif"> Cost</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">WCAS Capital Partners II, L.P.</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="29%"><FONT size=2 face="serif">12/11/90 to 3/24/98</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">4,727,686</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Whitney Subordinated Debt Fund, L.P</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" width="29%"><FONT size=2 face="serif">7/12/89 to 11/10/98</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 2,464,665</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Total</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="29%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="14%"><FONT size=2 face="serif">7,192,351</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">16</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_19"></A>

<P>
<FONT size=6 face="serif">Tri-Continental Corporation</FONT>
</P>
<P>
<B><FONT face="serif">Financial Highlights </FONT></B><FONT size=2 face="serif">(unaudited)</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Corporation&#146;s financial highlights are presented below. &#147;Per share operating performance&#148; data is designed to allow investors to trace the operating performance, on a per
Common 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 share amounts, using average shares outstanding.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">&#147;Total investment return&#148; measures the Corporation&#146;s performance assuming that investors purchased shares of the Corporation at the market value or net asset value as of the
beginning of the period, invested dividends and capital gains paid, as provided for in the Corporation&#146;s Prospectus and Automatic Dividend Investment and Cash Purchase Plan, and then sold their shares at the closing market value or net asset
value per share on the last day of the period. The computations do not reflect taxes or any sales commissions investors may incur in purchasing or selling shares of the Corporation. Total investment returns are not annualized for periods of less
than one year.</FONT>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The ratios of expenses and net investment income to average net investment assets and to average net assets for Common Stock for the periods presented do not reflect the effect of dividends
paid to Preferred Stockholders.</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2 width="7%"><FONT size=1 face="serif">Six Months</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=14 width="29%"><FONT size=1 face="serif">Year Ended December 31,</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2 width="7%"><FONT size=1 face="serif">Ended</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=14 width="29%"><HR noshade size=2></TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2 width="7%"><FONT size=1 face="serif">June 30, 2003</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="7%"><FONT size=1 face="serif"> 2002</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="7%"><FONT size=1 face="serif"> 2001</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="10%"><FONT size=1 face="serif"> 2000</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="9%"><FONT size=1 face="serif"> 1999</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="7%"><FONT size=1 face="serif"> 1998</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Per Share Operating Performance:</FONT></B></TD>
   <TD align="center" colspan=2 width="7%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="7%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="7%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="10%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="9%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="7%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Net Asset Value,</FONT></B></TD>
   <TD align="center" colspan=2 width="7%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="7%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="7%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="10%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="9%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="center" colspan=2 width="7%">&nbsp;</TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Beginning of Period</FONT></B></TD>
   <TD align="center" width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">15.72</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">21.69</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">25.87</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="9%"><B><FONT size=2 face="serif">32.82</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">34.13</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">32.06</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net investment income</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">0.09</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">0.25</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">0.32</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=2 face="serif">0.35</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0.48</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">0.54</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net realized and unrealized</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">investment gain (loss)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">1.35</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(5.95</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(3.02</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=2 face="serif">(3.25</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2.90</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">7.01</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net realized and unrealized loss</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">from foreign currency transactions</FONT></TD>
   <TD align="right" colspan=2 width="7%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="7%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="7%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="10%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="9%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="7%"><FONT size=2 face="serif">(0.01</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Increase (Decrease) from</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Investment Operations</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">1.44</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">(5.70</FONT></B></TD>
   <TD width="2%"><B><FONT size=2 face="serif">)</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">(2.70</FONT></B></TD>
   <TD width="2%"><B><FONT size=2 face="serif">)</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><B><FONT size=2 face="serif">(2.90</FONT></B></TD>
   <TD width="2%"><B><FONT size=2 face="serif">)</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">3.38</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">7.54</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Dividends paid on Preferred Stock</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(0.01</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(0.01</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(0.01</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=2 face="serif">(0.02</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(0.02</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(0.02</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Dividends paid on Common Stock</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(0.09</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(0.26</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(0.28</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=2 face="serif">(0.33</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(0.48</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(0.52</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Distributions from net gain realized</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(1.11</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="9%"><FONT size=2 face="serif">(3.30</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(3.79</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(4.28</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Issuance of Common Stock</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">in gain distributions</FONT></TD>
   <TD align="right" colspan=2 width="7%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="7%"><FONT size=2 face="serif">&#151;</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="7%"><FONT size=2 face="serif">(0.08</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" colspan=2 width="10%"><FONT size=2 face="serif">(0.40</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" colspan=2 width="9%"><FONT size=2 face="serif">(0.40</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" colspan=2 width="7%"><FONT size=2 face="serif">(0.65</FONT></TD>
   <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Net Increase (Decrease)</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">in Net Asset Value</FONT></B></TD>
   <TD align="right" colspan=2 width="7%"><B><FONT size=2 face="serif">1.34</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" colspan=2 width="7%"><B><FONT size=2 face="serif">(5.97</FONT></B></TD>
   <TD width="2%"><B><FONT size=2 face="serif">)</FONT></B></TD>
   <TD align="right" colspan=2 width="7%"><B><FONT size=2 face="serif">(4.18</FONT></B></TD>
   <TD width="2%"><B><FONT size=2 face="serif">)</FONT></B></TD>
   <TD align="right" colspan=2 width="10%"><B><FONT size=2 face="serif">(6.95</FONT></B></TD>
   <TD width="2%"><B><FONT size=2 face="serif">)</FONT></B></TD>
   <TD align="right" colspan=2 width="9%"><B><FONT size=2 face="serif">(1.31</FONT></B></TD>
   <TD width="2%"><B><FONT size=2 face="serif">)</FONT></B></TD>
   <TD align="right" colspan=2 width="7%"><B><FONT size=2 face="serif">2.07</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Net Asset Value,</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">End of Period</FONT></B></TD>
   <TD align="center" width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">17.06</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">15.72</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">21.69</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="9%"><B><FONT size=2 face="serif">25.87</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="center" width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">32.82</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">34.13</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Adjusted Net Asset Value,</FONT></B></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">End of Period</FONT></B><FONT size=2 face="serif">*</FONT></TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">17.02</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">15.69</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">21.65</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="9%"><B><FONT size=2 face="serif">25.82</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">32.75</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">34.06</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Market Value, End of Period</FONT></B></TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">14.78</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">13.25</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">18.75</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="9%"><B><FONT size=2 face="serif">21.1875</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">27.875</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%"><B><FONT size=2 face="serif">$</FONT></B></TD>
   <TD align="right" width="6%"><B><FONT size=2 face="serif">28.50</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><HR align="left" width="100" noshade></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">See footnotes on page 18.</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="9%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="8%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">17</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_20"></A>

<P>
<FONT size=6 face="serif">Tri-Continental Corporation</FONT>
</P>
<P>
<B><FONT face="serif">Financial Highlights </FONT></B><FONT size=2 face="serif">(unaudited)</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="30%">&nbsp;</TD>
   <TD align="center" colspan=2><FONT size=1 face="serif">Six Months</FONT></TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" colspan=13><FONT size=1 face="serif">Year Ended December 31,</FONT></TD>
   <TD align="center" width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><FONT size=1 face="serif">Ended</FONT></TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" colspan=13><HR noshade size=2></TD>
   <TD align="center" width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" colspan=2><FONT size=1 face="serif">June 30, 2003</FONT></TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="7%"><FONT size=1 face="serif"> 2002</FONT></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" colspan=2><FONT size=1 face="serif"> 2001</FONT></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" colspan=2><FONT size=1 face="serif"> 2000</FONT></TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" colspan=2><FONT size=1 face="serif"> 1999</FONT></TD>
   <TD align="center" width="1%">&nbsp;</TD>
   <TD align="center" colspan=2><FONT size=1 face="serif"> 1998</FONT></TD>
   <TD align="center" width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Total Investment Return:</FONT></B></TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" width="7%">&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="4%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="1%">&nbsp;</TD>
   <TD align="center" colspan=2>&nbsp;</TD>
   <TD align="center" width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Based upon market value</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">12.29</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">(28.18</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">(5.22</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(11.56</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">12.57</FONT></TD>
   <TD width="1%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">26.19</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Based upon net asset value</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">9.25</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">(26.35</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">(10.20</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">(8.29</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">)%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">10.67</FONT></TD>
   <TD width="1%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">25.80</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Ratios/Supplemental Data:</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Expenses to average net</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">investment assets</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">0.70</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%&#134;</FONT></TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">0.67</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">0.59</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">0.54</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">0.56</FONT></TD>
   <TD width="1%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">0.58</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Expenses to average net assets for</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Common Stock</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">0.71</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%&#134;</FONT></TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">0.68</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">0.60</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">0.54</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">0.56</FONT></TD>
   <TD width="1%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">0.58</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net investment income to</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">average net investment assets</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">1.08</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%&#134;</FONT></TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">1.29</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">1.36</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">1.10</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">1.36</FONT></TD>
   <TD width="1%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">1.59</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net investment income to average</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">net assets for Common Stock</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">1.10</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%&#134;</FONT></TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">1.31</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">1.37</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">1.11</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">1.38</FONT></TD>
   <TD width="1%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">1.60</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Portfolio turnover rate</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">58.19</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">152.79</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">124.34</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">54.13</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">42.83</FONT></TD>
   <TD width="1%"><FONT size=2 face="serif">%</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">63.39</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">%</FONT></TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Net Investment Assets,</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">End of Period (000s omitted):</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">For Common Stock</FONT></TD>
   <TD width="3%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">2,062,872</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">&nbsp;</FONT></TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">$1,958,295</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">2,873,655</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">3,458,009</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">4,109,863</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">4,002,516</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">For Preferred Stock</FONT></TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 37,637</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" width="7%"><FONT size=2 face="serif"> 37,637</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 37,637</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 37,637</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 37,637</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD align="right" colspan=2><FONT size=2 face="serif"> 37,637</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Total Net Investment Assets</FONT></B></TD>
   <TD width="3%"><FONT size=2 face="serif">$</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="serif"> 2,100,509</FONT></TD>
   <TD width="4%"><FONT size=2 face="serif">&nbsp;</FONT></TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">$1,995,932</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%"><FONT size=2 face="serif"> $</FONT></TD>
   <TD align="right" width="7%"><FONT size=2 face="serif">2,911,292</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%"><FONT size=2 face="serif"> $</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">3,495,646</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%"><FONT size=2 face="serif"> $</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">4,147,500</FONT></TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%"><FONT size=2 face="serif"> $</FONT></TD>
   <TD align="right" width="6%"><FONT size=2 face="serif">4,040,153</FONT></TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
   <TD colspan=2><HR noshade size=4></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=2>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=2><HR align="left" width="100" size="2" noshade>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
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  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><FONT size=1 face="serif">* Assumes the exercise of outstanding warrants.</FONT></TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=1 face="serif">See Notes to Financial Statements.</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="1%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="6%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">18</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_21"></A>

<P>
<FONT size=6 face="serif">Tri-Continental Corporation</FONT>
</P>
<P>
<B><FONT face="serif">Proxy Results</FONT></B>
</P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Tri-Continental Corporation Stockholders voted on the following proposals at the Annual Meeting of Stockholders on May 15, 2003, in Houston, TX. The description of each proposal and the voting
results are stated below. Each nominee for Director was elected and the selection of Deloitte &amp; Touche </FONT><FONT size=1 face="serif">LLP </FONT><FONT size=2 face="serif">as auditors for 2003 was ratified.</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" width="27%"><FONT size=2 face="serif"> For</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" width="25%"><FONT size=2 face="serif"> Withheld</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Election of Directors:</FONT></TD>
   <TD width="27%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="25%">&nbsp;</TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Robert B. Catell</FONT></TD>
   <TD align="center" width="27%"><FONT size=2 face="serif">95,357,921.454</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" width="25%"><FONT size=2 face="serif">3,967,940.990</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">John R. Galvin</FONT></TD>
   <TD align="center" width="27%"><FONT size=2 face="serif">95,207,031.167</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" width="25%"><FONT size=2 face="serif">4,118,831.277</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">William C. Morris</FONT></TD>
   <TD align="center" width="27%"><FONT size=2 face="serif">95,131,238.246</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" width="25%"><FONT size=2 face="serif">4,194,624.198</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Robert L. Shafer</FONT></TD>
   <TD align="center" width="27%"><FONT size=2 face="serif">95,201,302.630</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD align="center" width="25%"><FONT size=2 face="serif">4,124,559.814</FONT></TD>
   <TD width="4%">&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="center" width="20%"><FONT size=2 face="serif"> For</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="19%"><FONT size=2 face="serif"> Against</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="center" width="19%"><FONT size=2 face="serif"> Abstain</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
   <TD><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Ratification of Deloitte &amp;</FONT></TD>
   <TD width="20%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="19%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Touche </FONT><FONT size=1 face="serif">LLP </FONT><FONT size=2 face="serif">as auditors</FONT></TD>
   <TD width="20%" align="center"><FONT size=2 face="serif">96,304,835.629</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="19%" align="center"><FONT size=2 face="serif">1,710,481.974</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="19%" align="center"><FONT size=2 face="serif">1,312,498.841</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">19</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_22"></A>

<P>
<FONT size=6 face="serif">Tri-Continental Corporation</FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD><B><FONT face="serif">Board of Directors</FONT></B></TD>
   <TD width="53%">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Robert B. Catell </FONT></B><SUP><FONT size=2 face="serif">(3,4)</FONT></SUP></TD>
   <TD width="53%"><B><FONT size=2 face="serif">William C. Morris </FONT></B><SUP><FONT size=2 face="serif">(1)</FONT></SUP></TD>
</TR>
<TR>
   <TD><I><FONT size=2 face="serif">Chairman and Chief Executive Officer,</FONT></I></TD>
   <TD width="53%"><I><FONT size=2 face="serif">Chairman of the Board,</FONT></I></TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">KeySpan Corporation</FONT></TD>
   <TD width="53%">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">J. &amp; W. Seligman &amp; Co. Incorporated</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="53%"><FONT size=2 face="serif"><I>Chairman</I>, Carbo Ceramics Inc.</FONT></TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">John R. Galvin </FONT></B><SUP><FONT size=2 face="serif">(2,4)</FONT></SUP></TD>
   <TD width="53%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif"><I>Dean Emeritus</I>, Fletcher School of Law and</FONT></TD>
   <TD width="53%"><B><FONT size=2 face="serif">Leroy C. Richie </FONT></B><SUP><FONT size=2 face="serif">(2,4)</FONT></SUP></TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Diplomacy at Tufts University</FONT></TD>
   <TD width="53%"><I><FONT size=2 face="serif">Chairman and CEO</FONT></I><FONT size=2 face="serif">,
    Q Standards</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="53%">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Worldwide, Inc.</FONT></TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Paul C. Guidone </FONT></B><SUP><FONT size=2 face="serif">(1)</FONT></SUP></TD>
   <TD width="53%"><I><FONT size=2 face="serif">Director, </FONT></I><FONT size=2 face="serif">Kerr-McGee Corporation</FONT></TD>
</TR>
<TR>
   <TD><I><FONT size=2 face="serif">Chief Investment Officer,</FONT></I></TD>
   <TD width="53%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">J. &amp; W. Seligman &amp; Co. Incorporated</FONT></TD>
   <TD width="53%"><B><FONT size=2 face="serif">Robert L. Shafer </FONT></B><SUP><FONT size=2 face="serif">(3,4)</FONT></SUP></TD>
</TR>
<TR>
   <TD><FONT size="2">&nbsp;</FONT></TD>
   <TD width="53%"><I><FONT size=2 face="serif">Retired Vice President, </FONT></I><FONT size=2 face="serif">Pfizer Inc.</FONT></TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Alice S. Ilchman </FONT></B><SUP><FONT size=2 face="serif">(3,4)</FONT></SUP></TD>
   <TD width="53%">&nbsp;</TD>
</TR>
<TR>
   <TD><I><FONT size=2 face="serif">President Emerita</FONT></I><FONT size=2 face="serif">,
    Sarah Lawrence College</FONT></TD>
   <TD width="53%"><B><FONT size=2 face="serif">James N. Whitson </FONT></B><SUP><FONT size=2 face="serif">(2,4)</FONT></SUP></TD>
</TR>
<TR>
   <TD><I><FONT size=2 face="serif">Trustee</FONT></I><FONT size=2 face="serif">,
    Committee for Economic</FONT></TD>
   <TD width="53%"><I><FONT size=2 face="serif">Director</FONT></I><FONT size=2 face="serif">,
    C-SPAN</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Development</FONT></TD>
   <TD width="53%"><I><FONT size=2 face="serif">Director</FONT></I><FONT size=2 face="serif">,
    CommScope, Inc.</FONT></TD>
</TR>
<TR>
  <TD><FONT size="2">&nbsp;</FONT></TD>
  <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Frank A. McPherson </FONT></B><SUP><FONT size=2 face="serif">(3,4)</FONT></SUP></TD>
   <TD width="53%"><B><FONT size=2 face="serif">Brian T. Zino </FONT></B><SUP><FONT size=2 face="serif">(1)</FONT></SUP></TD>
</TR>
<TR>
   <TD><I><FONT size=2 face="serif">Director</FONT></I><FONT size=2 face="serif">,
    ConocoPhillips</FONT></TD>
   <TD width="53%"><I><FONT size=2 face="serif">President, </FONT></I><FONT size=2 face="serif">J. &amp; W. Seligman &amp; Co. Incorporated</FONT></TD>
</TR>
<TR>
   <TD><I><FONT size=2 face="serif">Director</FONT></I><FONT size=2 face="serif">,
    Integris Health</FONT></TD>
   <TD width="53%"><I><FONT size=2 face="serif">Chairman, </FONT></I><FONT size=2 face="serif">Seligman Data Corp.</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="53%"><I><FONT size=2 face="serif">Chairman, </FONT></I><FONT size=2 face="serif">ICI Mutual Insurance Company</FONT></TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">John E. Merow </FONT></B><SUP><FONT size=2 face="serif">(2,4)</FONT></SUP></TD>
   <TD width="53%"><I><FONT size=2 face="serif">Member of the Board of Governors,</FONT></I></TD>
</TR>
<TR>
   <TD><I><FONT size=2 face="serif">Director</FONT></I><FONT size=2 face="serif">,
    Commonwealth Industries, Inc.</FONT></TD>
   <TD width="53%">&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Investment Company Institute</FONT></TD>
</TR>
<TR>
   <TD><I><FONT size=2 face="serif">Trustee</FONT></I><FONT size=2 face="serif">,
    New York-Presbyterian Hospital</FONT></TD>
   <TD width="53%">&nbsp;</TD>
</TR>
<TR>
   <TD><I><FONT size=2 face="serif">Retired Chairman and Senior Partner,</FONT></I></TD>
   <TD align="center" width="53%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Sullivan &amp; Cromwell LLP</FONT></TD>
   <TD><HR noshade size=2></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="53%"><FONT size=1 face="serif">Member: (1) Executive Committee</FONT></TD>
</TR>
<TR>
  <TD><B><FONT size=2 face="serif">Betsy S. Michel </FONT></B><SUP><FONT size=2 face="serif">(2,4)</FONT></SUP></TD>
   <TD width="53%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">(2) Audit Committee</FONT></TD>
</TR>
<TR>
  <TD><I><FONT size=2 face="serif">Trustee</FONT></I><FONT size=2 face="serif">,
    The Geraldine R. Dodge Foundation</FONT></TD>
   <TD width="53%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">(3) Director Nominating Committee</FONT></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD width="53%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="serif">(4) Board Operations Committee</FONT></TD>
</TR>
</TABLE>
<P align="center">
<I><FONT face="serif">20</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_23"></A>

<P>
<FONT size=6 face="serif">Tri-Continental Corporation</FONT>
</P>
<P>
<B><FONT face="serif">Executive Officers</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD><B><FONT size=2 face="serif">William C. Morris</FONT></B></TD>
   <TD width="44%"><B><FONT size=2 face="serif">Charles W. Kadlec</FONT></B></TD>
</TR>
<TR>
   <TD><I><FONT size=2 face="serif">Chairman</FONT></I></TD>
   <TD width="44%"><I><FONT size=2 face="serif">Vice President</FONT></I></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Brian T. Zino</FONT></B></TD>
   <TD width="44%"><B><FONT size=2 face="serif">Thomas G. Rose</FONT></B></TD>
</TR>
<TR>
   <TD><I><FONT size=2 face="serif">President and Chief Executive Officer</FONT></I></TD>
   <TD width="44%"><I><FONT size=2 face="serif">Vice President</FONT></I></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Ben-Ami Gradwohl</FONT></B></TD>
   <TD width="44%"><B><FONT size=2 face="serif">Lawrence P. Vogel</FONT></B></TD>
</TR>
<TR>
   <TD><I><FONT size=2 face="serif">Vice President</FONT></I></TD>
   <TD width="44%"><I><FONT size=2 face="serif">Vice President and Treasurer</FONT></I></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">David Guy</FONT></B></TD>
   <TD width="44%"><B><FONT size=2 face="serif">Frank J. Nasta</FONT></B></TD>
</TR>
<TR>
   <TD><I><FONT size=2 face="serif">Vice President</FONT></I></TD>
   <TD width="44%"><I><FONT size=2 face="serif">Secretary</FONT></I></TD>
</TR>
</TABLE>
<P>
<B><FONT face="serif">For More Information</FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD><B><FONT size=2 face="serif">Manager</FONT></B></TD>
   <TD colspan=2 width="53%"><B><FONT size=2 face="serif">Important Telephone Numbers</FONT></B></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">J. &amp; W. Seligman &amp; Co. Incorporated</FONT></TD>
   <TD width="19%"><B><FONT size=2 face="serif">(800) TRI-1092</FONT></B></TD>
   <TD width="34%"><FONT size=2 face="serif">Stockholder Services</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">100 Park Avenue</FONT></TD>
   <TD colspan="2" width="19%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New York, NY 10017</FONT></TD>
   <TD width="19%"><B><FONT size=2 face="serif">(800) 445-1777</FONT></B></TD>
   <TD width="34%"><FONT size=2 face="serif">Retirement Plan Services</FONT></TD>
</TR>
<TR>
   <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Stockholder Service Agent</FONT></B></TD>
   <TD width="19%"><B><FONT size=2 face="serif">(212) 682-7600</FONT></B></TD>
   <TD width="34%"><FONT size=2 face="serif">Outside the United States</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Seligman Data Corp.</FONT></TD>
   <TD colspan="2" width="19%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">100 Park Avenue</FONT></TD>
   <TD width="19%"><B><FONT size=2 face="serif">(800) 622-4597</FONT></B></TD>
   <TD width="34%"><FONT size=2 face="serif">24-Hour Automated</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">New York, NY 10017</FONT></TD>
   <TD width="19%"><FONT size=2 face="serif">&nbsp;</FONT></TD>
   <TD width="34%"><FONT size=2 face="serif">Telephone Access Service</FONT></TD>
</TR>
</TABLE>
<P align="center">
<B><FONT size=2 face="serif">www.tri-continental.com</FONT></B>
</P>
<P align="center">
<I><FONT face="serif">21</FONT></I>
</P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<A name="page_24"></A>

<P align="center">
<FONT size=6 face="serif">Tri-Continental Corporation </FONT>
</P>
<P align="center"><I><FONT size=2 face="serif">Managed by</FONT></I>
</P>
<P align="center">
<IMG src="c28693_ncsrsx24x1.jpg" border=0>
</P>
<P align="center">
<FONT size=3 face="serif"><B>J. &amp; W. S</B></FONT><FONT size=2 face="serif"><B>ELIGMAN&nbsp;</B></FONT><FONT size=3 face="serif"><B>&amp; C</B></FONT><FONT size=2 face="serif"><B>O.</B></FONT><BR>
<FONT size=1 face="serif">INCORPORATED</FONT><BR>
<FONT size="2" face="serif">Investment Managers and Advisors</FONT><BR>
<FONT size="1" face="serif">ESTABLISHED&nbsp;</FONT><FONT size="2" face="serif">1864</FONT><BR>
<FONT size="2" face="serif"><I>100 Park Avenue, New York, NY 10017</I></FONT>
</P>
<P align="center">
<FONT size=2 face="serif"><B>This report is intended only for the information of Stockholders or those who have received the current prospectus covering shares of Common Stock of Tri-Continental Corporation, which contains information about management fees and other costs.<BR><BR>www.tri-continental.com</B></FONT>
</P>
<P align="right">
<FONT size=1 face="serif">CETRI3 6/03</FONT>
</P>

<HR noshade align="center" width="100%" size=2><PAGE>
<p align=left><font size=2>ITEM 2. CODE OF ETHICS.</font><br>
  <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</font></p>
<p align=left><font size=2>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</font><br>
  <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</font></p>
<p align=left><font size=2>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</font><br>
  <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</font></p>
<p align=left><font size=2>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS<br>
</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</font></p>
<p align=left><font size=2>ITEM 6. [RESERVED]</font></p>
<p align=left><font size=2></font><font size=2>ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR <br>
  CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</font><br>
  <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</font></p>
<p align=left><font size=2>ITEM 8. [RESERVED]</font></p>
<p align=left><font size=2>ITEM 9. CONTROLS AND PROCEDURES.</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=20><font size=2>(a)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>The registrant&#146;s principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant&#146;s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submission Form N-CSR is recorded, processed, summarized and reported, within the time periods specified in the Commission&#146;s rules and forms and that such material information is accumulated and communicated to the registrant&#146;s management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.</font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td valign=top width=20><font size=2>(b)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>The registrant&#146;s principal executive officer and principal financial officer are aware of no changes in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting.</font></td></tr></table><br>
<table width=100% cellspacing=0 cellpadding=0 border=0>
  <tr>
    <td colspan="3" valign=top><font size=2>ITEM 10. EXHIBITS.</font></td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr><td width="5%" valign=top><font size=2>(a)(1)&nbsp;&nbsp;</font></td>
    <td width="94%" valign=top><font size=2>Not applicable.</font></td>
    <td width="1%" valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr><td valign=top><font size=2>(a)(2)&nbsp;&nbsp;</font></td>
  <td valign=top><font size=2>Certifications of principal executive officer and
      principal financial officer as required by Rule 30a-2(a) under the Investment
    Company Act of 1940.</font></td>
  <td valign=top>&nbsp;</td>
</tr>
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr><td valign=top><font size=2>(b)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign=top><font size=2>Certifications of principal executive officer and
      principal financial officer as required by Rule 30a-2(b) under the Investment
    Company Act of 1940.</font></td>
  <td valign=top>&nbsp;</td>
</tr></table>
<br>

<CENTER><font size=2></font></CENTER><br><HR noshade align=center width=100% size=2><PAGE>

<p align=center><font size=2>SIGNATURES</font></p>
<p align=left><font size=2>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.</font></p>
<p align=left><font size=2>TRI-CONTINENTAL CORPORATION</font><font size=2></font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=20><font size=2>By:</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>/S/ BRIAN T. ZINO<br>Brian T. Zino<br>President and Chief Executive Officer </font></td></tr></table><br>

<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=20><font size=2>Date:</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>August 22, 2003</font></td></tr></table><br>
<p align=left><font size=2>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 in the capacities and on the dates indicated. </font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=20><font size=2>By:</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>/S/ BRIAN T. ZINO<br>Brian T. Zino<br>President and Chief Executive Officer </font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td valign=top width=20><font size=2>Date:</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>August 22, 2003</font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td valign=top width=20><font size=2>By:</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>/S/ LAWRENCE P. VOGEL<br>Lawrence P. Vogel<br>Vice President, Treasurer and Chief Financial Officer</font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td valign=top width=20><font size=2>Date:</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>August 22, 2003</font></td></tr></table><br>

<p align=left><font size=2>TRI-CONTINENTAL CORPORATION</font><font size=2></font></p>
<p align=left><font size=2>EXHIBIT INDEX</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td width=40>&nbsp;</td><td valign=top width=56><font size=2>(a) (2)</font></td><td width=18>&nbsp;</td>
<td width="990" valign=top><font size=2>Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.</font></td></tr><tr><td width=40>&nbsp;</td><td width=56>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td width=40>&nbsp;</td><td valign=top width=56><font size=2> (b)</font></td><td width=18>&nbsp;</td>
<td valign=top><font size=2>Certification of chief executive officer and chief financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940.</font></td></tr></table>
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end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>6
<FILENAME>c28693_ex-99cert.htm
<TEXT>

<html>
<head>
<title>Untitled Document</title>

</head>

<body>
<p align=left><font size=2> </font></p>
<table  width=100% cellspacing=0 cellpadding=0><tr><td valign=bottom align=left><font size=2>&nbsp;</font></td>
  <td width="408" align=left valign=bottom><font size=2>EX-99.CERT</font></td>
</tr><tr><td valign=bottom align=left width=694><font size=2>&nbsp; </font></td>
  <td valign=bottom align=left><font size=2>Exhibit (a) (2)</font></td>
</tr></table><br>
<p align=center><font size=2>RULE 30a-2(a) CERTIFICATIONS</font></p>
<p align=left><font size=2>I, Brian T. Zino, certify that:</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=20><font size=2>1.</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>I have reviewed this report on Form N-CSR of Tri-Continental
    Corporation;</font></td>
</tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td valign=top width=20><font size=2>2.</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=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;</font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td valign=top width=20><font size=2>3.</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>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;</font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td valign=top width=20><font size=2>4.</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>The registrant&#146;s other certifying officers 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) for the registrant and have:</font></td></tr></table><br>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td width=40>&nbsp;</td><td valign=top width=20><font size=2>a)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>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;</font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td width=40>&nbsp;</td><td valign=top width=20><font size=2>b)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>evaluated the effectiveness of the registrant&#146;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</font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td width=40>&nbsp;</td><td valign=top width=20><font size=2>c)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal half-year (the registrant&#146;s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></td></tr></table><br>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=20><font size=2>5.</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>The registrant&#146;s other certifying officers and I have disclosed, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></td></tr></table><br>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td width=40>&nbsp;</td><td valign=top width=20><font size=2>a)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>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&#146;s ability to record, process, summarize, and report financial information; and</font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td width=40>&nbsp;</td><td valign=top width=20><font size=2>b)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</font></td></tr></table><br>

<table  width=100% cellspacing=0 cellpadding=0><tr><td valign=bottom align=left width=279><font size=2>Date: August 22, 2003</font></td>
  <td width="333">&nbsp;</td>
  <td width="490" align=left valign=bottom><font size=2>/s/ BRIAN T. ZINO</font></td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td valign=bottom align=left><font size=2>Brian T. Zino</font></td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td valign=bottom align=left><font size=2>Principal Executive Officer</font></td>
</tr></table><br>

<CENTER><font size=2></font></CENTER><br><HR noshade align=center width=100% size=2><PAGE>

<p align=left><font size=2>I, Lawrence P. Vogel, certify that:</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=20><font size=2>1.</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>I have reviewed this report on Form N-CSR of Tri-Continental
    Corporation;</font></td>
</tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td valign=top width=20><font size=2>2.</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=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;</font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td valign=top width=20><font size=2>3.</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>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;</font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td valign=top width=20><font size=2>4.</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>The registrant&#146;s other certifying officers 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) for the registrant and have:</font></td></tr></table><br>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td width=40>&nbsp;</td><td valign=top width=20><font size=2>a)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>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;</font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td width=40>&nbsp;</td><td valign=top width=20><font size=2>b)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>evaluated the effectiveness of the registrant&#146;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</font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td width=40>&nbsp;</td><td valign=top width=20><font size=2>c)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2> disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal half-year (the registrant&#146;s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></td></tr></table><br>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td valign=top width=20><font size=2>5.</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>The registrant&#146;s other certifying officers and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></td></tr></table><br>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td width=40>&nbsp;</td><td valign=top width=20><font size=2>a)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>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&#146;s ability to record, process, summarize, and report financial information; and</font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td width=40>&nbsp;</td><td valign=top width=20><font size=2>b)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</font></td></tr></table><br>

<table  width=100% cellspacing=0 cellpadding=0><tr><td valign=bottom align=left width=271><font size=2>Date: August 22, 2003</font></td>
  <td width="377">&nbsp;</td>
  <td width="454" align=left valign=bottom><font size=2>/s/ LAWRENCE P. VOGEL</font></td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td valign=bottom align=left><font size=2>Lawrence P. Vogel</font></td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td valign=bottom align=left><font size=2>Principal Financial Officer</font></td>
</tr></table>
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<TYPE>EX-99.906CERT
<SEQUENCE>7
<FILENAME>c28693_ex-99906cert.htm
<TEXT>

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<table  width=100% cellspacing=0 cellpadding=0><tr><td valign=bottom align=left><font size=2>&nbsp;</font></td>
  <td width="405" align=left valign=bottom><font size=2>EX-99.906CERT</font></td>
</tr><tr><td valign=bottom align=left width=697><font size=2>&nbsp; </font></td>
  <td valign=bottom align=left><font size=2>Exhibit (b)</font></td>
</tr></table><br>
<p align=center><font size=2>SECTION 906 CERTIFICATIONS</font></p>
<p align=left><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this report on Form N-CSR for the registrant as furnished to the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</font></p>
<table width=100% cellspacing=0 cellpadding=0 border=0><tr><td width=40>&nbsp;</td><td valign=top width=20><font size=2>(1)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>the Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934, as applicable; and </font></td></tr><tr><td width=20>&nbsp;</td><td width=10>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td width=40>&nbsp;</td><td valign=top width=20><font size=2>(2)</font></td><td width=10>&nbsp;</td>
<td valign=top><font size=2>the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.</font></td></tr></table><br>
<table  width=60% align=center cellspacing=0 cellpadding=0><tr><td valign=bottom align=left width=52><font size=2>By:</font></td>
  <td width="10">&nbsp;</td>
  <td valign=bottom align=left width=452><font size=2>/s/ BRIAN T. ZINO</font></td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td valign=bottom align=left width=452><font size=2>Brian T. Zino</font></td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td valign=bottom align=left width=452><font size=2>Chief Executive Officer</font></td>
</tr><tr><td valign=bottom align=left width=52><font size=2>&nbsp; </font></td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td width="73">&nbsp;</td>
  <td width="73">&nbsp;</td>
</tr><tr><td valign=bottom align=left width=52><font size=2>Date:</font></td>
  <td>&nbsp;</td>
  <td valign=bottom align=left width=452><font size=2>August 22, 2003</font></td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr><tr><td valign=bottom align=left width=52><font size=2>By:</font></td>
  <td>&nbsp;</td>
  <td valign=bottom align=left width=452><font size=2>/s/ LAWRENCE P. VOGEL</font></td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td valign=bottom align=left width=452><font size=2>Lawrence P. Vogel</font></td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td valign=bottom align=left width=452><font size=2>Chief Financial Officer</font></td>
  </tr><tr><td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr><tr><td valign=bottom align=left width=52><font size=2>Date:</font></td>
  <td>&nbsp;</td>
  <td valign=bottom align=left width=452><font size=2>August 22, 2003</font></td>
</tr></table><br>
<p align=left>&nbsp;</p>



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