N-2 - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2025

Mar. 31, 2025

Dec. 31, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Cover [Abstract]

Entity Central Index Key

0000099614

Amendment Flag

false

Entity Inv Company Type

N-2

Document Type

N-CSRS

Entity Registrant Name

Tri-Continental Corporation

Fee Table [Abstract]

Shareholder Transaction Expenses [Table Text Block]

Fees and Expenses of the Fund

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

You may pay other

fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and

examples below.

Stockholder Transaction Expenses
Cash Purchase Plan Fees	$2.00 (a)

(a)

Stockholders participating in the Fund’s Cash Purchase Plan (the Cash Purchase Plan) pay

$2.00 fee per cash purchase transaction; there is no fee for automatic

dividend re-investment transactions in the Fund’s Automatic Dividend Investment Plan (the Automatic Dividend Investment Plan). See Automatic Dividend Investment

Plan and Cash Purchase Plan below for a description of the related services.

Dividend Reinvestment and Cash Purchase Fees

^[1]

$ 2

Other Transaction Expenses [Abstract]

Annual Expenses [Table Text Block]

Annual Expenses (as a percentage of net assets attributable to common shares)
Management fees (b)	0.42%
Other expenses	0.04%
Acquired fund fees and expenses	0.06%
Total Annual Expenses Before Impact of Dividends on Preferred Stock (c)	0.52%
Impact of Dividends on Preferred Stock	0.10%
Total Annual Expenses, Including Impact of Dividends on Preferred Stock	0.62%

(b)

The Fund’s management fee is 0.41% of the Fund’s average daily net assets (which includes assets attributable to the Fund’s common and preferred stock) and is borne

by the holders of the Fund’s common stock (Common Stockholders). The management fee rate noted in the table reflects the rate paid by Common Stockholders as a

percentage of the Fund’s net assets attributable to Common Stock.

(c)

“Total Annual Expenses Before Impact of Dividends on Preferred Stock” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its

investments in other investment companies) and may be higher than “Expenses to average net assets for Common Stock” shown in the

Financial Highlights

section of

this report because “Total gross expenses” does not include acquired fund fees and expenses.

Management Fees [Percent]

^[2]

0.42%

Dividend Expenses on Preferred Shares [Percent]

0.10%

Acquired Fund Fees and Expenses [Percent]

0.06%

Other Annual Expenses [Abstract]

Other Annual Expenses [Percent]

0.04%

Total Annual Expenses [Percent]

^[3]

0.52%

Net Expense over Assets [Percent]

0.62%

Expense Example [Table Text Block]

Example

The following example is intended to help you compare the

cost

of investing in the Fund with the cost of investing in other

funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes

that:

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

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

• the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table

above (including the impact of dividends on preferred stock).

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

	1 year	3 years	5 years	10 years
Tri-Continental Corporation Common Stock	$6	$20	$35	$77

If dividends on the Fund’s $2.50 cumulative preferred stock (Preferred Stock) were not

included

, the total expenses incurred

for 1, 3, 5 and 10 years would be $5, $17, $29, and $65, respectively.

Expense Example, Year 01

$ 6

Expense Example, Years 1 to 3

Expense Example, Years 1 to 5

Expense Example, Years 1 to 10

$ 77

Purpose of Fee Table , Note [Text Block]

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

indirectly.

Management Fee not based on Net Assets, Note [Text Block]

The Fund’s management fee is 0.41% of the Fund’s average daily net assets (which includes assets attributable to the Fund’s common and preferred stock) and is borne

by the holders of the Fund’s common stock (Common Stockholders). The management fee rate noted in the table reflects the rate paid by Common Stockholders as a

percentage of the Fund’s net assets attributable to Common Stock.

Acquired Fund Total Annual Expenses, Note [Text Block]

“Total Annual Expenses Before Impact of Dividends on Preferred Stock” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its

investments in other investment companies) and may be higher than “Expenses to average net assets for Common Stock” shown in the

Financial Highlights

section of

this report because “Total gross expenses” does not include acquired fund fees and expenses.

Financial Highlights [Abstract]

Senior Securities [Table Text Block]

Year	Total Shares Outstanding	Year-End Asset Coverage Per Share ($)	Involuntary Liquidation Preference Per Share ($)	Average Daily Market Value Per Share ($)
2024	752,740	2,526	50	46.02
2023	752,740	2,323	50	47.14
2022	752,740	2,145	50	50.54
2021	752,740	2,715	50	56.86
2020	752,740	2,368	50	56.23
2019	752,740	2,261	50	53.19
2018	752,740	1,951	50	50.71
2017	752,740	2,225	50	50.75
2016	752,740	2,004	50	51.61
2015	752,740	1,887	50	49.92

Senior Securities Amount

$ 752,740

Senior Securities Coverage per Unit

$ 2,526

$ 2,323

$ 2,526

$ 2,323

$ 2,145

$ 2,715

$ 2,368

$ 2,261

$ 1,951

$ 2,225

$ 2,004

$ 1,887

Preferred Stock Liquidating Preference

Senior Securities Average Market Value per Unit

$ 46.02

$ 47.14

$ 50.54

$ 56.86

$ 56.23

$ 53.19

$ 50.71

$ 50.75

$ 51.61

$ 49.92

Senior Securities, Note [Text Block]

Senior Securities — $2.50 Cumulative Preferred Stock

The following information is being presented with respect to the Fund’s Preferred Stock. The “Total Shares Outstanding”

column presents the number of shares of Preferred Stock outstanding at the end of each year presented. “Year-End Asset

Coverage Per Share” represents the total amount of net assets of the Fund in relation to each share of Preferred Stock

outstanding as of the end of the respective year. The “Involuntary Liquidation Preference Per Share” is the amount each

share of Preferred Stock would be entitled to upon involuntary liquidation of these shares. The “Average Daily Market Value

Per Share” is the average daily market price per share of Preferred Stock throughout each respective year.

Year	Total Shares Outstanding	Year-End Asset Coverage Per Share ($)	Involuntary Liquidation Preference Per Share ($)	Average Daily Market Value Per Share ($)
2024	752,740	2,526	50	46.02
2023	752,740	2,323	50	47.14
2022	752,740	2,145	50	50.54
2021	752,740	2,715	50	56.86
2020	752,740	2,368	50	56.23
2019	752,740	2,261	50	53.19
2018	752,740	1,951	50	50.71
2017	752,740	2,225	50	50.75
2016	752,740	2,004	50	51.61
2015	752,740	1,887	50	49.92

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Fund Investment Objective

The Fund seeks to produce future growth of both capital and income while providing reasonable current income. The Fund’s

investment objective is not a fundamental policy and may be changed by the Fund Board without stockholder approval.

Fund Investment Strategies and Policies

The Fund invests primarily for the longer term and has no charter restrictions with respect to its investments. With respect

to the Fund’s investments, assets may be held in cash or invested in all types of securities, that is, in common stocks, bonds,

convertible bonds (including high yield instruments), debentures, notes, preferred and convertible preferred stocks, rights,

and other securities or instruments, in whatever amounts or proportions the Investment Manager believes best suited to

current and anticipated economic and market conditions.

The Fund may invest in debt/fixed income instruments and convertible securities that, at the time of purchase, are rated

below investment grade or are unrated but determined to be of comparable quality (commonly referred to as “high yield”

investments or “junk” bonds). The Fund may invest in debt instruments of any maturity and does not seek to maintain a

particular dollar-weighted average maturity. A bond is issued with a specific maturity date, which is the date when the issuer

must pay back the bond’s principal (face value). Bond maturities range from less than 1 year to more than 30 years.

Typically, the longer a bond’s maturity, the more price risk the Fund and the Fund’s investors face as interest rates rise, but

the Fund could receive a higher yield in return for that longer maturity and higher interest rate risk.

The Fund may invest up to 25% of its net assets in foreign investments, including emerging markets. The Fund also employs

leverage through its outstanding shares of preferred stock.

The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to

Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory restrictions.

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

As of June 30, 2025, the Fund had invested 67.0% of its net assets in equity securities, 21.6% of its net assets in debt/fixed

income instruments and 10.7% of its net assets in convertible securities.

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

• it keeps investments in individual issuers within the limits permitted diversified companies under the Investment Company

Act of 1940, as amended (the 1940 Act) (i.e., 75% of its total assets must be represented by cash items, government

securities, securities of other investment companies, and securities of other issuers which, at the time of investment, do not

exceed 5% of the Fund’s total assets at market value in the securities of any issuer and do not exceed 10% of the voting

securities of any issuer);

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

• it ordinarily does not invest in other investment companies, but it may purchase up to 3% of the voting securities of such

investment companies, provided purchases of securities of a single investment company do not exceed in value 5% of the

total assets of the Fund and all investments in investment company securities do not exceed 10% of total assets; and

• it has no fixed policy with respect to portfolio turnover and purchases and sales in the light of economic, market and

investment considerations. The portfolio turnover rates for the last ten fiscal years are shown under

Financial Highlights

The foregoing investment objective and policies may be changed by the Fund’s Board without stockholder approval, unless

such a change would change the Fund’s status from a “diversified” to a “non-diversified” company under the 1940 Act. For

purposes of applying the limitation set forth in its issuer diversification policy, under certain circumstances, the Fund may

treat an investment, if any, in a municipal bond refunded with escrowed

U.S.

Government securities

an investment in

U.S. Government securities.

The Fund may not invest 25% or more of its total assets in securities of companies in any one industry. The Fund may,

however, invest a substantial percentage of its assets in certain industries or economic sectors believed to offer good

investment opportunities, including the information technology sector. If an industry or economic sector in which the Fund is

invested falls out of favor, the Fund’s performance may be negatively affected. The Fund may not acquire any illiquid

investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid

investments that are assets.

The Fund’s stated fundamental policies, which may not be changed without a vote of stockholders, are listed below. Within

the limits of these fundamental policies, the Investment Manager has reserved freedom of action. The Fund:

• may issue senior securities such as bonds, notes or other evidences of indebtedness if immediately after issuance the net

assets of the Fund provide 300% coverage of the aggregate principal amount of all bonds, notes or other evidences of

indebtedness and that amount does not exceed 150% of the capital and surplus of the Fund;

• may issue senior equity securities on a parity with, but not having preference or priority over, the preferred stock if

immediately after issuance its net assets are equal to at least 200% of the aggregate amount (exclusive of any dividends

accrued or in arrears) to which all shares of the preferred stock, then outstanding, shall be entitled as a preference over the

common stock in the event of voluntary or involuntary liquidation, dissolution or winding up of the Fund;

• may borrow money for substantially the same purposes as it may issue senior debt securities, subject to the same

restrictions and to any applicable limitations prescribed by law;

• may engage in the business of underwriting securities either directly or through majority-owned subsidiaries subject to any

applicable restrictions and limitations prescribed by law;

• does not intend to concentrate its assets in any one industry although it may from time to time invest up to 25% of the

value of its assets, taken at market value, in a single industry*;

* For purposes of applying the limitation set forth in its concentration policy above, the Fund will generally use the industry classifications provided by the Global Industry

Classification Standard (GICS) for classification of issuers of equity securities and the classifications provided by the Bloomberg U.S. Aggregate Bond Index for

classification of issues of fixed-income securities. The Fund considers the investments of any underlying funds in which it invests, and will consider the portfolio positions

applying the Time of Purchase Standard, which in the case of unaffiliated underlying funds is based on portfolio information made publicly available by them. The Fund

does not consider futures or swaps clearinghouses or securities clearinghouses, where the Fund has exposure to such clearinghouses in the course of making investments

in futures and securities, to be part of any industry.

• may not, with limited exceptions, purchase and sell real estate directly but may do so through majority-owned subsidiaries,

so long as its real estate investments do not exceed 10% of the value of the Fund’s total assets;

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

• may make money loans (subject to restrictions imposed by law and by charter) (a) only to its subsidiaries, (b) as incidents

to its business transactions or (c) for other purposes. The Fund will not lend securities if the total of all such loans would

exceed 33 1/3% of the Fund’s total assets, except this fundamental investment policy shall not prohibit the Fund from

purchasing money market securities, loans, loan participation or other debt securities, or from entering into repurchase

agreements, and it may make loans represented by repurchase agreements, so long as such loans do not exceed 10% of the

value of total assets.

If the Fund issues senior securities, the Fund may not, to the extent required by the 1940 Act, declare dividends (except

dividends payable in stock of the Fund) or other distributions on stock or purchase its stock (including through tender offers)

if, immediately after doing so, it will have an asset coverage ratio of less than 300% or 200%, as applicable.

During its last three fiscal years, the Fund did not: (a) issue senior securities; (b) borrow any money; (c) underwrite securities;

(d) concentrate investments in particular industries or groups of industries; (e) purchase or sell real estate, commodities, or

commodity contracts; or (f) make money loans.

Risk Factors [Table Text Block]

Principal Risks

An investment in the Fund involves risks. In particular, investors should consider Market Risk, Large-Cap Stock Risk, Interest

Rate Risk, Credit Risk, and Convertible Securities Risk, among others. Descriptions of these and other principal risks of

investing in the Fund are provided below. There is no assurance that the Fund will achieve its investment objective and you

may lose money. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go

down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance

Corporation or any other government agency. The significance of any specific risk to an investment in the Fund will vary over

time depending on the composition of the Fund’s portfolio, market conditions, and other factors. You should read all of the

risk information below carefully, because any one or more of these risks may result in losses to the Fund. See also the

Fund’s "Significant Risks" in the Notes to Financial Statements section.

Active Management Risk.

The Fund is actively managed and its performance therefore will reflect, in part, the ability of the

portfolio managers to make investment decisions that seek to achieve the Fund’s investment objective. Due to its active

management, the Fund could underperform its benchmark index and/or other funds with similar investment objectives

and/or strategies.

Changing Distribution Level Risk

The Fund normally expects to receive income which may include interest, dividends and/or

capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary and generally depend on

the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A

decline in the Fund’s income or net capital gains arising from its investments may reduce its distribution level.

Convertible Securities Risk.

Convertible securities are subject to the usual risks associated with debt instruments, such as

interest rate risk (the risk of losses attributable to changes in interest rates) and credit risk (the risk that the issuer of a debt

instrument will default or otherwise become unable, or be perceived to be unable or unwilling, to honor a financial obligation,

such as making payments to the Fund when due). Convertible securities also react to changes in the value of the common

stock into which they convert, and are thus subject to market risk (the risk that the market values of securities or other

investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise). Because the value of a

convertible security can be influenced by both interest rates and the common stock’s market movements, a convertible

security generally is not as sensitive to interest rates as a similar debt instrument, and generally will not vary in value in

response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing

company, holders of convertible securities would typically be paid before the company’s common stockholders but after

holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it

otherwise would choose to do so, which may decrease the Fund’s return.

Counterparty Risk

. The risk exists that a counterparty to a transaction in a financial instrument held by the Fund or by a

special purpose or structured vehicle in which the Fund invests may become insolvent or otherwise fail to perform its

obligations, including making payments to the Fund, due to financial difficulties. The Fund may obtain no or limited recovery

in a bankruptcy or other reorganizational proceedings, and any recovery may be significantly delayed. Transactions that the

Fund enters into may involve counterparties in the financials sector and, as a result, events affecting the financials sector

may cause the Fund’s NAV to fluctuate.

Credit Risk

. Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or otherwise

becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making

payments to the Fund when due. Various factors could affect the actual or perceived willingness or ability of the issuer to

make timely interest or principal payments, including changes in the financial condition of the issuer or in general economic

conditions. Credit rating agencies, such as S&P Global Ratings, Moody’s Ratings, Fitch, DBRS and KBRA, assign credit

ratings to certain debt instruments to indicate their credit risk. A rating downgrade by such agencies can negatively impact

the value of such instruments. Lower rated or unrated instruments held by the Fund may present increased credit risk as

compared to higher-rated instruments. Non-investment grade debt instruments may be subject to greater price fluctuations

and are more likely to experience a default than investment grade debt instruments and therefore may expose the Fund to

increased credit risk. If the Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are

lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual.

Derivatives Risk

Derivatives may involve significant risks. Derivatives are financial instruments, traded on an exchange or in

the over-the-counter (OTC) markets, with a value in relation to, or derived from, the value of an underlying asset(s) (such as a

security, commodity or currency) or other reference, such as an index, rate or other economic indicator (each an underlying

reference). Derivatives may include those that are privately placed or otherwise exempt from SEC registration, including

certain Rule 144A eligible securities. Derivatives could result in Fund losses if the underlying reference does not perform as

anticipated. Use of derivatives is a highly specialized activity that can involve investment techniques, risks, and tax planning

different from those associated with more traditional investment instruments. The Fund’s derivatives strategy may not be

successful and use of certain derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of

the Fund’s actual investment. A relatively small movement in the price, rate or other economic indicator associated with the

underlying reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of

investments. Derivatives can increase the Fund’s risk exposure to underlying references and their attendant risks, including

the risk of an adverse credit event associated with the underlying reference (credit risk), the risk of an adverse movement in

the value, price or rate of the underlying reference (market risk), the risk of an adverse movement in the value of underlying

currencies (foreign currency risk) and the risk of an adverse movement in underlying interest rates (interest rate risk).

Derivatives may expose the Fund to additional risks, including the risk of loss due to a derivative position that is imperfectly

correlated with the underlying reference it is intended to hedge or replicate (correlation risk), the risk that a counterparty will

fail to perform as agreed (counterparty risk), the risk that a hedging strategy may fail to mitigate losses, and may offset

gains (hedging risk), the risk that the return on an investment may not keep pace with inflation (inflation risk), the risk that

losses may be greater than the amount invested (leverage risk), the risk that the Fund may be unable to sell an investment at

an advantageous time or price (liquidity risk), the risk that the investment may be difficult to value (pricing risk), and the risk

that the price or value of the investment fluctuates significantly over short periods of time (volatility risk). The value of

derivatives may be influenced by a variety of factors, including national and international political and economic

developments. Potential changes to the regulation of the derivatives markets may make derivatives more costly, may limit

the market for derivatives, or may otherwise adversely affect the value or performance of derivatives.

Derivatives Risk – Futures Contracts Risk

. A futures contract is an exchange-traded derivative transaction between two

parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future date for delivery

of an underlying reference from a seller (holding the “short” position). The seller hopes that the market price on the delivery

date is less than the agreed upon price, while the buyer hopes for the contrary. Certain futures contract markets are highly

volatile, and futures contracts may be illiquid. Futures exchanges may limit fluctuations in futures contract prices by

imposing a maximum permissible daily price movement. The Fund may be disadvantaged if it is prohibited from executing a

trade outside the daily permissible price movement. At or prior to maturity of a futures contract, the Fund may enter into an

offsetting contract and may incur a loss to the extent there has been adverse movement in futures contract prices. The

liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking

delivery. To the extent participants make or take delivery, liquidity in the futures market could be reduced. Positions in futures

contracts may be closed out only on the exchange on which they were entered into or through a linked exchange, and no

secondary market exists for such contracts. Futures positions are marked to market each day and variation margin payment

must be paid to or by the Fund. Because of the low margin deposits normally required in futures trading, it is possible that

the Fund may employ a high degree of leverage in the portfolio. As a result, a relatively small price movement in a futures

contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. For certain types of futures

contracts, losses are potentially unlimited. Futures markets are highly volatile and the use of futures may increase the

volatility of the Fund’s NAV. Futures contracts executed (if any) on foreign exchanges may not provide the same protection

as U.S. exchanges. Futures contracts can increase the Fund’s risk exposure to underlying references and their attendant

risks, such as credit risk, market risk, foreign currency risk, and interest rate risk, while potentially exposing the Fund to

correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.

• An

equity future

is a derivative that is an agreement for the contract holder to buy or sell a specified amount of an

individual equity, a basket of equities, or the securities in an equity index on a specified date at a predetermined price.

Emerging Market Securities Risk.

Securities issued by foreign governments or companies in emerging market countries,

such as China, Russia and certain countries in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely

to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In

addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or

developments in social, political, economic or other conditions. Their economies are usually less mature and their securities

markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) than

more developed countries. Emerging market securities tend to be more volatile, and may be more susceptible to market

manipulation, than securities in more developed

markets

. Many emerging market countries are heavily dependent on

international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and

economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and

some of these countries may experience periods of high inflation or rapid changes in inflation rates and may have hostile

relations with other countries. Due to the differences in the nature and quality of financial information of issuers of emerging

market securities, including auditing and financial reporting standards, financial information and disclosures about such

issuers may be unavailable or, if made available, may be considerably less reliable than publicly available information about

other foreign securities.

Foreign Securities Risk

. Investments in or exposure to securities of foreign companies may involve heightened risks relative

to investments in or exposure to securities of U.S. companies. For example, foreign markets can be extremely volatile.

Foreign securities may also be less liquid, making them more difficult to trade, than securities of U.S. companies so that the

Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial costs

and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of

default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign

governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the disposition

of foreign securities, which could reduce the Fund’s return on such securities. In some cases, such withholding or other

taxes could potentially be confiscatory. Other risks include: possible delays in the settlement of transactions or in the

payment of income; generally less publicly available information about foreign companies; the impact of economic, political,

social, diplomatic or other conditions or events (including, for example, military confrontations and actions, war, other

conflicts, terrorism and disease/virus outbreaks and epidemics), possible seizure, expropriation or nationalization of a

company or its assets or the assets of a particular investor or category of investors; accounting, auditing and financial

reporting standards that may be less comprehensive and stringent than those applicable to domestic companies; the

imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses

within the country; and the generally less stringent standard of care to which local agents may be held in the local markets.

In addition, it may be difficult to obtain reliable information about the securities and business operations of certain foreign

issuers. Governments or trade groups may compel local agents to hold securities in designated depositories that are not

subject to independent evaluation. The less developed a country’s securities market is, the greater the level of risks.

Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or

individuals. Economic sanctions and other similar governmental actions could, among other things, effectively restrict or

eliminate the Fund’s ability to purchase or sell securities, and thus may make the Fund’s investments in such securities less

liquid or more difficult to value. In addition, as a result of economic sanctions, the Fund may be forced to sell or otherwise

dispose of investments at inopportune times or prices, which could result in losses to the Fund and increased transaction

costs. These conditions may be in place for a substantial period of time and enacted with limited advance notice to the

Fund. The risks posed by sanctions against a particular foreign country, its nationals or industries or businesses within the

country may be heightened to the extent the Fund invests significantly in the affected country or region or in issuers from

the affected country that depend on global markets. Additionally, investments in certain countries may subject the Fund to a

number of tax rules, the application of which may be uncertain. Countries may amend or revise their existing tax laws,

regulations and/or procedures in the future, possibly with retroactive effect. Changes in or uncertainties regarding the laws,

regulations or procedures of a country could reduce the after-tax profits of the Fund, directly or indirectly, including by

reducing the after-tax profits of companies located in such countries in which the Fund invests, or result in unexpected tax

liabilities for the Fund. The performance of the Fund may also be negatively affected by fluctuations in a foreign currency’s

strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its

assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Currency rates in foreign

countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in

interest rates, imposition of currency exchange controls and economic or political developments in the U.S. or abroad. The

Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars and vice versa.

Frequent Trading Risk

. The portfolio managers may actively and frequently trade investments in the Fund’s portfolio to carry

out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as relevant, will realize

taxable capital gains (including short-term capital gains, which are generally taxable to shareholders at higher rates than

long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund’s after-tax return. Frequent

trading can also mean higher brokerage and other transaction costs, which could reduce the Fund’s return. The trading costs

and tax effects associated with portfolio turnover may adversely affect the Fund’s

performance

High-Yield Investments Risk

. Securities and other debt instruments held by the Fund that are rated below investment grade

(commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality tend to be more sensitive

to credit risk than higher-rated debt instruments and may experience greater price fluctuations in response to perceived

changes in the ability of the issuing entity or obligor to pay interest and principal when due than to changes in interest rates.

These investments are generally more likely to experience a default than higher-rated debt instruments. High-yield debt

instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay

principal. These debt instruments typically pay a premium – a higher interest rate or yield – because of the increased risk of

loss, including default. High-yield debt instruments may require a greater degree of judgment to establish a price, may be

difficult to sell at the time and price the Fund desires, may carry high transaction costs, and also are generally less liquid

than higher-rated debt instruments. The ratings provided by third party rating agencies are based on analyses by these

ratings agencies of the credit quality of the debt instruments and may not take into account every risk related to whether

interest or principal will be timely repaid. In adverse economic and other circumstances, issuers of lower-rated debt

instruments are more likely to have difficulty making principal and interest payments than issuers of higher-rated debt

instruments.

Interest Rate Risk

. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates

rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes

in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally

affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s

investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its

sensitivity to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by

3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. Interest rate declines also may increase

prepayments of debt obligations, which, in turn, would increase prepayment risk (the risk that the Fund will have to reinvest

the money received in securities that have lower yields). The Fund is subject to the risk that the income generated by its

investments may not keep pace with inflation. Actions by governments and central banking authorities can result in

increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such

actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s

performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to

decrease.

Issuer Risk

. An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and

the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of

an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on

suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military

confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions

and factors which may impair the value of your investment in the Fund and could result in a greater premium or discount

between the market price and the NAV of the Fund’s shares and wider bid/ask spreads than those experienced by other

closed-end funds.

Large-Cap Stock Risk.

Investments in larger, more established companies (larger companies) may involve certain risks

associated with their larger size. For instance, larger companies may be less able to respond quickly to new competitive

challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are

sometimes less able to achieve as high growth rates as successful

smaller

companies, especially during extended periods

of economic expansion.

Leverage Risk

. Senior securities issued or money borrowed to raise funds for investment have a prior fixed dollar claim on

the Fund’s assets and income. Any gain in the value of securities purchased or income received in excess of the cost of the

amount borrowed or interest or dividends payable causes the net asset value of the Fund’s common stock or the income

available to it to increase more than otherwise would be the case. Conversely, any decline in the value of securities

purchased or income received on them that is less than the asset or income claims of the senior securities or cost of

borrowed money causes the net asset value of the common stock or income available to it to decline more sharply than

would be the case if there were no prior claim. Funds obtained through senior securities or borrowings thus create

investment opportunity, but they also increase exposure to risk. This influence ordinarily is called “leverage.” As of June 30,

2025, the only senior securities of the Fund outstanding were 752,740 shares of its preferred stock, $50 par value. The

dividend rate as of June 30, 2025 on the preferred stock was $2.50 per annum payable quarterly. Based on the net asset

value of the Fund’s common stock on June 30, 2025, the Fund’s portfolio requires an annual return of 0.10% in order to cover

dividend payments on the preferred stock. For a description of such payments, see

Capital Stock, Long-Term Debt, and Other

Securities – Description of Capital Stock

in the Fund’s prospectus. The following table illustrates the effect of leverage

relating to presently outstanding preferred stock on the return available to a holder of the Fund’s common stock.

Assumed Return on Portfolio (net of expenses)	-10%	-5%	0%	5%	10%
Corresponding Return to Common Stockholders	(10.30)%	(5.20)%	(0.10)%	5.00%	10.10%

The purpose of the table above is to assist you in understanding the effects of leverage caused by the Fund’s preferred

stock. The percentages appearing in the table are hypothetical. Actual returns may be greater or less than those shown

above.

The use of leverage creates certain risks for the Fund’s common stockholders, including the greater likelihood of higher

volatility of the Fund’s return, its net asset value and the market price of the Fund’s common stock. Changes in the value of

the Fund’s total assets will have a disproportionate effect on the net asset value per share of common stock because of the

Fund’s leveraged assets. For example, if the Fund was leveraged equal to 50% of the Fund’s common stock equity, it would

show an approximately 1.5% increase or decline in net asset value for each 1% increase or decline in the value of its total

assets. An additional risk of leverage is that the cost of the leverage plus applicable Fund expenses may exceed the return

on the transactions undertaken with the proceeds of the leverage, thereby diminishing rather than enhancing the return to

the Fund’s common stockholders. These risks generally would make the Fund’s return to common stockholders more

volatile. The Fund also may be required to sell investments in order to make interest payments on borrowings used for

leverage when it may be disadvantageous to do so. Because the fees received by the Investment Manager are based on the

net assets of the Fund (including assets attributable to the Fund’s preferred stock and borrowings that may be outstanding),

the Investment Manager has a financial incentive for the Fund to maintain the preferred stock or use borrowings, which may

create a conflict of interest between the Investment Manager, on the one hand, and the common stockholders on the other

hand.

Liquidity Risk.

Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market

that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or

price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when

seeking to sell its portfolio investments, the Fund

could

find that selling is more difficult than anticipated, especially during

times of high market volatility. Decreases in the number of financial institutions, including banks and broker-dealers, willing

to make markets (match up sellers and buyers) in the Fund’s investments or decreases in their capacity or willingness to

trade such investments may increase the Fund’s exposure to this risk. The debt market has experienced considerable

growth, and financial institutions making markets in instruments purchased and sold by the Fund (e.g., bond dealers) have

been subject to increased regulation. The impact of that growth and regulation on the ability and willingness of financial

institutions to engage in trading or “making a market” in such instruments remains unsettled. Certain types of investments,

such as lower-rated securities or those that are purchased and sold in over-the-counter markets, may be especially subject

to liquidity risk. Securities or other assets in which the Fund invests may be traded in the over-the-counter market rather than

on an exchange and therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on

the Fund’s performance. Market participants attempting to sell the same or a similar instrument at the same time as the

Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the

holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion

of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The

liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased

by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or

other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the

liquidity and the price of the Fund’s investments. Judgment plays a larger role in valuing illiquid or less liquid investments as

compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as

a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid

investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of

loss or decline of value to the Fund. Overall market liquidity and other factors can negatively impact Fund performance and

NAV, including, for example, if the Fund is forced to sell investments in a down market.

Market Risk.

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These

declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market,

economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial

markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could

adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause

operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events

in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and

other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as

terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues,

recessions, depressions or other events – or the potential for such events – could have a significant negative impact on

global economic and market conditions and could result in a greater premium or discount between the market price and the

NAV of the Fund’s shares and wider bid/asked spreads than those experienced by other closed-end funds.

Preferred Stock Risk

. Preferred stock is a type of stock that may pay dividends at a different rate than common stock of the

same issuer, if at all, and that has preference over common stock in the payment of dividends and the liquidation of assets.

Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings,

type of products or services, projected growth rates, experience of management, liquidity, general market conditions of the

markets on which the stock trades. The most significant risks associated with investments in preferred stock include issuer

risk, market risk and interest rate risk (the risk of losses attributable to changes in interest rates).

Quantitative Models Risk

. Any quantitative models used by the Fund may not effectively identify purchases and sales of

Fund investments and may cause the Fund to underperform other investment strategies for short or long periods of time.

Performance will depend upon the quality and accuracy of the assumptions, theories and framework upon which a

quantitative model is based. The success of a quantitative model will depend upon its accurate reflection of market

conditions, with proper adjustments as market conditions change over time. Adjustments, or lack of adjustments, to the

quantitative model, including as conditions change, as well as any errors or imperfections in the quantitative model, could

adversely affect Fund performance. The performance of a quantitative model depends upon the quality of its design and

effective execution under actual market conditions. Even a well-designed quantitative model cannot be expected to perform

well in all market conditions or across all time intervals. Quantitative models may underperform in certain market

environments including stressed or volatile market conditions. Effective execution may depend, in part, upon subjective

selection and application of factors and data inputs used by the quantitative model. Discretion may be used by the portfolio

management team when determining the data collected and incorporated into a quantitative model. Shareholders should be

aware that there is no guarantee that any specific data or type of data can or will be used in a quantitative model. The

portfolio management team may also use discretion when interpreting and applying the results of a quantitative model,

including emphasizing, discounting or disregarding its outputs. It is not possible or practicable for a quantitative model to

factor in all relevant, available data. There is no guarantee that the data actually utilized in a quantitative model will be the

most accurate data available or be free from errors. There can be no assurance that the use of any quantitative models will

enable the Fund to achieve its objective.

Rule 144A and Other Exempted Securities Risk

. The Fund may invest in privately placed and other securities or instruments

exempt from SEC registration (collectively “private placements”), subject to certain regulatory restrictions. In the U.S. market,

private placements are typically sold only to qualified institutional buyers, or qualified purchasers, as applicable. An

insufficient number of buyers interested in purchasing private placements at a particular time could adversely affect the

marketability of such investments and the Fund might be unable to dispose of them promptly or at reasonable prices,

subjecting the Fund to liquidity risk (the risk that it may not be possible for the Fund to liquidate the instrument at an

advantageous time or price). The Fund’s holdings of private placements may increase the level of Fund illiquidity if eligible

buyers are unable or unwilling to purchase them at a particular time. The Fund may also have to bear the expense of

registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase

price and subsequent valuation of private placements typically reflect a discount, which may be significant, from the market

price of comparable securities for which a more liquid market exists. Issuers of Rule 144A eligible securities are required to

furnish information to potential investors upon request. However, the required disclosure is much less extensive than that

required of public companies and is not publicly available since the offering information is not filed with the SEC. Further,

issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Fund) to agree

contractually to keep the information confidential, which could also adversely affect the Fund’s ability to dispose of the

security.

Sector Risk

. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting

business in a related group of industries within one or more economic sectors, including the information technology sector.

Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions,

which may make the Fund vulnerable to unfavorable developments in that group of industries or economic sector.

• Information Technology Sector.

The Fund is vulnerable to the particular risks that may affect companies in the information

technology sector. Companies in the information technology sector are subject to certain risks, including the risk that new

services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete.

Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do

so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants,

competition for market share and short product cycles due to an accelerated rate of technological developments. Such

competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may

fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of

these companies’ securities historically have been more volatile than other securities, especially over the short term. Some

companies in the information technology sector are facing increased government and regulatory scrutiny and may be

subject to adverse government or regulatory action, which could negatively impact the value of their securities.

Transactions in Derivatives.

The Fund may enter into derivative transactions or otherwise have exposure to derivative

transactions through underlying investments. Derivatives are financial contracts whose values are, for example, based on (or

“derived” from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency),

reference rates (such as the Secured Overnight Financing Rate (commonly known as SOFR)) or market indices (such as the

Standard & Poor’s 500

Index). The use of derivatives is a highly specialized activity which involves investment techniques

and risks different from those associated with ordinary portfolio securities transactions. Derivatives involve special risks and

may result in losses or may limit the Fund’s potential gain from favorable market movements. Derivative strategies often

involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had

it invested in the underlying security or other asset directly. The values of derivatives may move in unexpected ways,

especially in unusual market conditions, and may result in increased volatility in the value of the derivative and/or the Fund’s

shares, among other consequences. The use of derivatives may also increase the amount of taxes payable by stockholders

holding shares in a taxable account. See the

Taxation

section in the Statement of Additional Information for more

information. Other risks arise from the Fund’s potential inability to terminate or to sell derivative positions. A liquid secondary

market may not always exist for the Fund’s derivative positions at times when the Fund might wish to terminate or to sell

such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in

derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The

use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative

may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find

a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is

deemed favorable to do so, or at all. The U.S. government and the European Union (and some other jurisdictions) have

enacted regulations and similar requirements that prescribe clearing, margin, reporting and registration requirements for

participants in the derivatives market. These requirements are evolving and their ultimate impact on the Fund remains

unclear, but such impact could include restricting and/or imposing significant costs or other burdens upon the Fund’s

participation in derivatives transactions. Additionally, in August 2022, regulations governing the use of derivatives by

registered investment companies, such as the Fund, became effective. Rule 18f-4 under the 1940 Act, among other things,

requires a fund that invests in derivative instruments beyond a specified limited amount apply a value-at-risk-based limit to

its portfolio and establish a comprehensive derivatives risk management program. As of the date of this report, the Fund is

not required to maintain a comprehensive derivatives risk management program under Rule 18f-4 given its more limited use

of derivatives. For more information on the risks of derivative investments and strategies, see the Statement of Additional

Information.

Effects of Leverage [Text Block]