Supplement, dated October 24, 2001, to the Prospectus, dated May 1, 2001,
                                       of
                 Tri-Continental Corporation (the "Corporation")

     The following information supersedes and replaces the information set forth
in the fourth paragraph on pages 12-13 of the Corporation's Prospectus under the
caption "MANAGEMENT OF THE CORPORATION - The Manager:."

     The  Corporation's  portfolio  is  managed  by  the  Manager's  Disciplined
Investment  Group.  The  Co-Portfolio  Managers of the Corporation are Rodney D.
Collins, Ben-Ami Gradwohl, Ph.D. and David Guy, Ph.D.

     Mr. Collins is a Managing  Director of the Manager and is Vice President of
the Corporation.  He has been Co-Portfolio Manager of the Corporation since July
1998. Mr. Collins is also Vice  President and  Co-Portfolio  Manager of Seligman
Common Stock Fund, Inc., Seligman Income Fund, Inc. and Seligman Tax-Aware Fund,
Inc., as well as Seligman Common Stock Portfolio and Seligman Income  Portfolio,
two  portfolios of Seligman  Portfolios,  Inc. Mr. Collins joined the Manager in
1992 as an  Investment  Associate,  and was named a Vice  President,  Investment
Officer in January 1995,  Senior Vice President,  Investment  Officer in January
1999, and Managing Director in January 2000.

     Mr.  Gradwohl is a Managing  Director of the Manager.  Mr. Gradwohl is also
Co-Portfolio  Manager of Seligman Common Stock Fund, Inc., Seligman Income Fund,
Inc.  and  Seligman  Tax-Aware  Fund,  Inc.,  as well as Seligman  Common  Stock
Portfolio and Seligman Income Portfolio,  two portfolios of Seligman Portfolios,
Inc. Mr.  Gradwohl  joined the Manager as a Managing  Director in January  2000.
From 1996 to 1999, Mr.  Gradwohl was a Portfolio  Manager at  Nicholas-Applegate
Capital  Management.  During  his  tenure  there,  he  managed  U.S.  systematic
large-cap  portfolios,  tax-efficient  strategies,  an  aggressive  U.S.  equity
offshore fund, a long-short  hedge fund and  international  equity  investments.
From 1994 to 1996, Mr. Gradwohl was a Vice President,  Research and Quantitative
Analysis, at Leland O'Brien Rubinstein  Associates,  Inc. Prior to that, he held
academic  positions at UCLA,  Femi  National  Accelerator  Laboratories  and the
Hebrew University of Jerusalem.

     Mr. Guy is a Managing Director of the Manager. Mr. Guy is also Co-Portfolio
Manager of Seligman  Common Stock Fund,  Inc.,  Seligman  Income Fund,  Inc. and
Seligman  Tax-Aware  Fund,  Inc., as well as Seligman Common Stock Portfolio and
Seligman  Income  Portfolio,  two  portfolios of Seligman  Portfolios,  Inc. Mr.
Gradwohl joined the Manager as a Managing Director in January 2000. From 1997 to
1999,  Mr.  Guy was a  Portfolio  Manager  for U.S.  mid-cap  securities  in the
Systematic Investment Group at Nicholas-Applegate Capital Management. During the
winter  semester  of  1997,  he was a  Visiting  Associate  Professor  with  the
Department of Statistics at the University of California,  Riverside.  From 1992
to 1996, Mr. Guy served as a Vice President with the Equity Derivatives Analysis
Group at Salomon Brothers, Inc.


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