Portfolio of Investments
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 69.8% | ||
Issuer | Shares | Value ($) |
Communication Services 6.7% | ||
Diversified Telecommunication Services 1.5% | ||
AT&T, Inc. | 325,000 | 9,837,750 |
Verizon Communications, Inc. | 325,500 | 18,927,825 |
Total | 28,765,575 | |
Entertainment 0.3% | ||
Activision Blizzard, Inc. | 54,300 | 5,049,900 |
Interactive Media & Services 4.3% | ||
Alphabet, Inc., Class A(a) | 22,575 | 46,561,389 |
Facebook, Inc., Class A(a) | 118,500 | 34,901,805 |
Total | 81,463,194 | |
Media 0.6% | ||
Comcast Corp., Class A | 90,000 | 4,869,900 |
Interpublic Group of Companies, Inc. (The) | 204,200 | 5,962,640 |
News Corp., Class A | 61,800 | 1,571,574 |
Total | 12,404,114 | |
Total Communication Services | 127,682,783 | |
Consumer Discretionary 7.2% | ||
Automobiles 0.3% | ||
Tesla Motors, Inc.(a) | 8,100 | 5,410,233 |
Hotels, Restaurants & Leisure 0.9% | ||
Darden Restaurants, Inc. | 27,000 | 3,834,000 |
Hilton Worldwide Holdings, Inc.(a) | 38,400 | 4,643,328 |
McDonald’s Corp. | 11,100 | 2,487,954 |
Travel + Leisure Co. | 110,000 | 6,727,600 |
Total | 17,692,882 | |
Household Durables 1.5% | ||
Lennar Corp., Class A | 54,600 | 5,527,158 |
Newell Brands, Inc. | 200,000 | 5,356,000 |
PulteGroup, Inc. | 237,100 | 12,433,524 |
Whirlpool Corp. | 25,000 | 5,508,750 |
Total | 28,825,432 | |
Internet & Direct Marketing Retail 1.8% | ||
Amazon.com, Inc.(a) | 7,980 | 24,690,758 |
Etsy, Inc.(a) | 44,400 | 8,954,148 |
Total | 33,644,906 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Multiline Retail 0.8% | ||
Target Corp. | 78,700 | 15,588,109 |
Specialty Retail 1.9% | ||
Best Buy Co., Inc. | 105,200 | 12,078,012 |
Home Depot, Inc. (The) | 32,000 | 9,768,000 |
Lowe’s Companies, Inc. | 81,900 | 15,575,742 |
Total | 37,421,754 | |
Total Consumer Discretionary | 138,583,316 | |
Consumer Staples 4.8% | ||
Food & Staples Retailing 1.2% | ||
Kroger Co. (The) | 403,300 | 14,514,767 |
Walgreens Boots Alliance, Inc. | 150,000 | 8,235,000 |
Total | 22,749,767 | |
Food Products 0.9% | ||
General Mills, Inc. | 43,000 | 2,636,760 |
JM Smucker Co. (The) | 40,000 | 5,061,200 |
Kraft Heinz Co. (The) | 217,900 | 8,716,000 |
Total | 16,413,960 | |
Household Products 0.8% | ||
Kimberly-Clark Corp. | 56,250 | 7,821,563 |
Procter & Gamble Co. (The) | 52,000 | 7,042,360 |
Total | 14,863,923 | |
Tobacco 1.9% | ||
Altria Group, Inc. | 376,600 | 19,266,856 |
Philip Morris International, Inc. | 201,500 | 17,881,110 |
Total | 37,147,966 | |
Total Consumer Staples | 91,175,616 | |
Energy 2.8% | ||
Energy Equipment & Services 0.1% | ||
NOV, Inc.(a) | 144,000 | 1,975,680 |
Oil, Gas & Consumable Fuels 2.7% | ||
Chesapeake Energy Corp.(a) | 3,520 | 152,733 |
Chevron Corp. | 111,100 | 11,642,169 |
EOG Resources, Inc. | 163,300 | 11,844,149 |
Exxon Mobil Corp. | 175,000 | 9,770,250 |
HollyFrontier Corp. | 218,900 | 7,832,242 |
Tri-Continental Corporation | Quarterly Report 2021 | 1 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Kinder Morgan, Inc. | 134,300 | 2,236,095 |
Valero Energy Corp. | 100,000 | 7,160,000 |
Total | 50,637,638 | |
Total Energy | 52,613,318 | |
Financials 9.5% | ||
Banks 3.7% | ||
Citigroup, Inc. | 261,900 | 19,053,225 |
Citizens Financial Group, Inc. | 370,500 | 16,357,575 |
JPMorgan Chase & Co. | 78,100 | 11,889,163 |
PNC Financial Services Group, Inc. (The) | 57,500 | 10,086,075 |
Regions Financial Corp. | 142,900 | 2,952,314 |
U.S. Bancorp | 87,500 | 4,839,625 |
Zions Bancorp | 120,000 | 6,595,200 |
Total | 71,773,177 | |
Capital Markets 3.1% | ||
Ares Capital Corp. | 525,000 | 9,822,750 |
BlackRock, Inc. | 23,750 | 17,906,550 |
Morgan Stanley | 176,700 | 13,722,522 |
S&P Global, Inc. | 17,300 | 6,104,651 |
T. Rowe Price Group, Inc. | 53,200 | 9,129,120 |
TCG BDC, Inc. | 250,000 | 3,300,000 |
Total | 59,985,593 | |
Insurance 1.9% | ||
Allstate Corp. (The) | 143,800 | 16,522,620 |
Arthur J Gallagher & Co. | 21,900 | 2,732,463 |
Hartford Financial Services Group, Inc. (The) | 92,500 | 6,178,075 |
MetLife, Inc. | 179,500 | 10,911,805 |
Total | 36,344,963 | |
Mortgage Real Estate Investment Trusts (REITS) 0.8% | ||
Blackstone Mortgage Trust, Inc. | 150,000 | 4,650,000 |
Starwood Property Trust, Inc. | 400,000 | 9,896,000 |
Total | 14,546,000 | |
Total Financials | 182,649,733 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care 8.0% | ||
Biotechnology 1.4% | ||
AbbVie, Inc. | 164,224 | 17,772,321 |
Biogen, Inc.(a) | 4,320 | 1,208,520 |
BioMarin Pharmaceutical, Inc.(a) | 32,000 | 2,416,320 |
Vertex Pharmaceuticals, Inc.(a) | 23,758 | 5,105,357 |
Total | 26,502,518 | |
Health Care Equipment & Supplies 1.4% | ||
Abbott Laboratories | 163,900 | 19,641,776 |
Dentsply Sirona, Inc. | 93,660 | 5,976,444 |
Hologic, Inc.(a) | 10,900 | 810,742 |
Total | 26,428,962 | |
Health Care Providers & Services 1.4% | ||
Cardinal Health, Inc. | 46,400 | 2,818,800 |
HCA Healthcare, Inc. | 65,700 | 12,373,938 |
Humana, Inc. | 12,700 | 5,324,475 |
McKesson Corp. | 32,900 | 6,416,816 |
Total | 26,934,029 | |
Pharmaceuticals 3.8% | ||
Amryt Pharma PLC, ADR(a) | 100,000 | 1,393,000 |
Bristol-Myers Squibb Co. | 372,600 | 23,522,238 |
Johnson & Johnson | 133,900 | 22,006,465 |
Merck & Co., Inc. | 77,900 | 6,005,311 |
Pfizer, Inc. | 561,700 | 20,350,391 |
Total | 73,277,405 | |
Total Health Care | 153,142,914 | |
Industrials 6.4% | ||
Aerospace & Defense 0.5% | ||
Raytheon Technologies Corp. | 130,000 | 10,045,100 |
Air Freight & Logistics 1.2% | ||
United Parcel Service, Inc., Class B | 129,700 | 22,047,703 |
Airlines 0.1% | ||
Delta Air Lines, Inc.(a) | 25,700 | 1,240,796 |
Southwest Airlines Co.(a) | 23,700 | 1,447,122 |
Total | 2,687,918 | |
Construction & Engineering 0.5% | ||
Quanta Services, Inc. | 108,300 | 9,528,234 |
2 | Tri-Continental Corporation | Quarterly Report 2021 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Electrical Equipment 1.3% | ||
Eaton Corp. PLC | 173,700 | 24,019,236 |
Machinery 2.2% | ||
Caterpillar, Inc. | 32,500 | 7,535,775 |
Deere & Co. | 55,200 | 20,652,528 |
Parker-Hannifin Corp. | 30,500 | 9,620,615 |
Snap-On, Inc. | 18,700 | 4,314,838 |
Total | 42,123,756 | |
Professional Services 0.2% | ||
Robert Half International, Inc. | 45,300 | 3,536,571 |
Road & Rail 0.4% | ||
Norfolk Southern Corp. | 31,800 | 8,538,936 |
Total Industrials | 122,527,454 | |
Information Technology 17.7% | ||
Communications Equipment 1.7% | ||
Cisco Systems, Inc. | 629,300 | 32,541,103 |
Electronic Equipment, Instruments & Components 0.8% | ||
Corning, Inc. | 190,000 | 8,266,900 |
Vishay Intertechnology, Inc. | 260,000 | 6,260,800 |
Total | 14,527,700 | |
IT Services 2.2% | ||
Accenture PLC, Class A | 7,000 | 1,933,750 |
International Business Machines Corp. | 75,000 | 9,994,500 |
MasterCard, Inc., Class A | 63,600 | 22,644,780 |
VeriSign, Inc.(a) | 36,300 | 7,214,988 |
Total | 41,788,018 | |
Semiconductors & Semiconductor Equipment 3.9% | ||
Advanced Micro Devices, Inc.(a) | 61,100 | 4,796,350 |
Applied Materials, Inc. | 14,500 | 1,937,200 |
Broadcom, Inc. | 76,800 | 35,609,088 |
Intel Corp. | 338,800 | 21,683,200 |
Texas Instruments, Inc. | 55,000 | 10,394,450 |
Total | 74,420,288 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Software 5.4% | ||
Adobe, Inc.(a) | 26,400 | 12,549,768 |
Autodesk, Inc.(a) | 59,400 | 16,462,710 |
Cadence Design Systems, Inc.(a) | 12,900 | 1,767,171 |
Fortinet, Inc.(a) | 95,600 | 17,630,552 |
Microsoft Corp. | 203,400 | 47,955,618 |
NortonLifeLock, Inc. | 350,000 | 7,441,000 |
Total | 103,806,819 | |
Technology Hardware, Storage & Peripherals 3.7% | ||
Apple, Inc.(b) | 444,300 | 54,271,245 |
HP, Inc. | 325,000 | 10,318,750 |
Seagate Technology PLC | 90,000 | 6,907,500 |
Total | 71,497,495 | |
Total Information Technology | 338,581,423 | |
Materials 2.1% | ||
Chemicals 1.7% | ||
Dow, Inc. | 432,200 | 27,634,868 |
Nutrien Ltd. | 100,000 | 5,389,000 |
Total | 33,023,868 | |
Containers & Packaging 0.1% | ||
International Paper Co. | 33,700 | 1,822,159 |
Metals & Mining 0.3% | ||
Newmont Corp. | 53,500 | 3,224,445 |
Nucor Corp. | 25,100 | 2,014,777 |
Total | 5,239,222 | |
Total Materials | 40,085,249 | |
Real Estate 2.6% | ||
Equity Real Estate Investment Trusts (REITS) 2.6% | ||
Crown Castle International Corp. | 30,000 | 5,163,900 |
Equinix, Inc. | 7,200 | 4,893,048 |
Life Storage, Inc. | 60,000 | 5,157,000 |
Medical Properties Trust, Inc. | 450,000 | 9,576,000 |
Public Storage | 5,600 | 1,381,856 |
VICI Properties, Inc. | 180,000 | 5,083,200 |
Welltower, Inc. | 67,500 | 4,835,025 |
Weyerhaeuser Co. | 394,900 | 14,058,440 |
Total | 50,148,469 | |
Total Real Estate | 50,148,469 |
Tri-Continental Corporation | Quarterly Report 2021 | 3 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Utilities 2.0% | ||
Electric Utilities 1.7% | ||
Duke Energy Corp. | 55,000 | 5,309,150 |
Edison International | 125,000 | 7,325,000 |
Exelon Corp. | 81,800 | 3,577,932 |
NRG Energy, Inc. | 285,700 | 10,779,461 |
Pinnacle West Capital Corp. | 60,000 | 4,881,000 |
Total | 31,872,543 | |
Independent Power and Renewable Electricity Producers 0.2% | ||
AES Corp. (The) | 160,100 | 4,292,281 |
Multi-Utilities 0.1% | ||
DTE Energy Co. | 9,700 | 1,291,458 |
Total Utilities | 37,456,282 | |
Total Common Stocks (Cost $974,555,049) | 1,334,646,557 |
Convertible Bonds 7.9% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Airlines 0.4% | ||||
Air Canada(c) | ||||
07/01/2025 | 4.000% | 5,500,000 | 8,669,375 | |
Cable and Satellite 0.5% | ||||
DISH Network Corp. | ||||
Subordinated | ||||
08/15/2026 | 3.375% | 9,500,000 | 9,132,350 | |
Consumer Cyclical Services 0.3% | ||||
Zillow Group, Inc. | ||||
05/15/2025 | 2.750% | 2,700,000 | 5,602,500 | |
Health Care 0.6% | ||||
CONMED Corp. | ||||
02/01/2024 | 2.625% | 3,100,000 | 4,845,671 | |
Invacare Corp. | ||||
11/15/2024 | 5.000% | 4,000,000 | 3,868,850 | |
Novavax, Inc. | ||||
02/01/2023 | 3.750% | 1,300,000 | 2,145,364 | |
Total | 10,859,885 | |||
Home Construction 0.2% | ||||
SunPower Corp. | ||||
01/15/2023 | 4.000% | 2,500,000 | 3,932,813 |
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Independent Energy —% | ||||
Chesapeake Energy Escrow(d),(e) | ||||
09/15/2026 | 0.000% | 9,000,000 | 0 | |
Leisure 0.7% | ||||
NCL Corp., Ltd.(c) | ||||
08/01/2025 | 5.375% | 4,000,000 | 6,922,000 | |
Royal Caribbean Cruises Ltd(c) | ||||
06/15/2023 | 4.250% | 4,200,000 | 5,903,100 | |
Total | 12,825,100 | |||
Media and Entertainment 0.2% | ||||
fuboTV, Inc.(c) | ||||
02/15/2026 | 3.250% | 5,000,000 | 4,284,375 | |
Metals and Mining 0.1% | ||||
Ivanhoe Mines Ltd.(c) | ||||
04/15/2026 | 2.500% | 1,136,000 | 1,164,229 | |
Other Financial Institutions 0.3% | ||||
RWT Holdings, Inc. | ||||
10/01/2025 | 5.750% | 6,750,000 | 6,725,025 | |
Other REIT 0.8% | ||||
Blackstone Mortgage Trust, Inc. | ||||
05/05/2022 | 4.375% | 4,800,000 | 4,905,120 | |
PennyMac Corp.(c) | ||||
03/15/2026 | 5.500% | 9,500,000 | 9,690,000 | |
Total | 14,595,120 | |||
Pharmaceuticals 2.1% | ||||
Aegerion Pharmaceuticals, Inc.(c) | ||||
04/01/2025 | 5.000% | 1,687,570 | 2,134,776 | |
Aerie Pharmaceuticals, Inc. | ||||
10/01/2024 | 1.500% | 5,500,000 | 5,653,581 | |
Bridgebio Pharma, Inc.(c) | ||||
02/01/2029 | 2.250% | 4,500,000 | 4,274,545 | |
Clovis Oncology, Inc. | ||||
05/01/2025 | 1.250% | 9,300,000 | 7,027,229 | |
Insmed, Inc. | ||||
01/15/2025 | 1.750% | 4,000,000 | 4,452,400 | |
Intercept Pharmaceuticals, Inc. | ||||
07/01/2023 | 3.250% | 9,000,000 | 7,324,200 | |
Radius Health, Inc. | ||||
09/01/2024 | 3.000% | 5,700,000 | 5,293,875 | |
Tilray, Inc. | ||||
10/01/2023 | 5.000% | 5,250,000 | 4,820,156 | |
Total | 40,980,762 |
4 | Tri-Continental Corporation | Quarterly Report 2021 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Property & Casualty 0.2% | ||||
MGIC Investment Corp.(c),(f) | ||||
Junior Subordinated | ||||
04/01/2063 | 9.000% | 3,011,000 | 4,033,129 | |
Retailers 1.0% | ||||
American Eagle Outfitters, Inc.(c) | ||||
04/15/2025 | 3.750% | 2,000,000 | 6,852,500 | |
Dick’s Sporting Goods, Inc.(c) | ||||
04/15/2025 | 3.250% | 2,500,000 | 5,728,125 | |
Guess?, Inc. | ||||
04/15/2024 | 2.000% | 5,000,000 | 5,693,627 | |
Total | 18,274,252 | |||
Technology 0.5% | ||||
1Life Healthcare, Inc.(c) | ||||
06/15/2025 | 3.000% | 4,000,000 | 4,772,400 | |
Avaya Holdings Corp. | ||||
06/15/2023 | 2.250% | 4,000,000 | 4,936,000 | |
Total | 9,708,400 | |||
Total Convertible Bonds (Cost $126,110,610) | 150,787,315 |
Convertible Preferred Stocks 6.4% | |||
Issuer | Shares | Value ($) | |
Communication Services 0.4% | |||
Diversified Telecommunication Services 0.2% | |||
2020 Cash Mandatory Exchangeable Trust(c) | 5.250% | 4,100 | 4,611,065 |
Media 0.2% | |||
ViacomCBS, Inc. | 5.750% | 54,700 | 3,650,950 |
Total Communication Services | 8,262,015 | ||
Consumer Discretionary 0.4% | |||
Auto Components 0.4% | |||
Aptiv PLC | 5.500% | 42,500 | 6,710,325 |
Total Consumer Discretionary | 6,710,325 | ||
Consumer Staples 0.2% | |||
Household Products 0.2% | |||
Energizer Holdings, Inc. | 7.500% | 50,000 | 4,653,070 |
Total Consumer Staples | 4,653,070 |
Convertible Preferred Stocks (continued) | |||
Issuer | Shares | Value ($) | |
Financials 0.5% | |||
Capital Markets 0.5% | |||
AMG Capital Trust II | 5.150% | 80,000 | 4,415,000 |
KKR & Co., Inc. | 6.000% | 75,000 | 4,998,750 |
Total | 9,413,750 | ||
Total Financials | 9,413,750 | ||
Health Care 1.4% | |||
Health Care Equipment & Supplies 1.0% | |||
Becton Dickinson and Co. | 6.000% | 130,000 | 6,978,400 |
Boston Scientific Corp. | 5.500% | 45,000 | 4,834,125 |
Danaher Corp. | 4.750% | 4,800 | 7,361,782 |
Total | 19,174,307 | ||
Life Sciences Tools & Services 0.4% | |||
Avantor, Inc. | 6.250% | 80,000 | 7,221,600 |
Total Health Care | 26,395,907 | ||
Industrials 0.5% | |||
Machinery 0.5% | |||
Stanley Black & Decker, Inc. | 5.250% | 87,500 | 10,323,250 |
Total Industrials | 10,323,250 | ||
Information Technology 0.6% | |||
Electronic Equipment, Instruments & Components 0.3% | |||
II-VI, Inc. | 6.000% | 24,000 | 6,872,640 |
IT Services 0.3% | |||
Sabre Corp. | 6.500% | 27,000 | 5,061,150 |
Total Information Technology | 11,933,790 | ||
Real Estate 0.3% | |||
Equity Real Estate Investment Trusts (REITS) 0.3% | |||
QTS Realty Trust, Inc. | 6.500% | 34,500 | 4,838,970 |
Total Real Estate | 4,838,970 | ||
Utilities 2.1% | |||
Electric Utilities 0.5% | |||
NextEra Energy, Inc. | 6.219% | 195,000 | 9,672,000 |
Gas Utilities 0.8% | |||
South Jersey Industries, Inc. | 8.750% | 140,000 | 6,933,774 |
Spire, Inc. | 7.500% | 140,000 | 7,581,523 |
Total | 14,515,297 |
Tri-Continental Corporation | Quarterly Report 2021 | 5 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Convertible Preferred Stocks (continued) | |||
Issuer | Shares | Value ($) | |
Multi-Utilities 0.8% | |||
DTE Energy Co. | 6.250% | 300,000 | 14,907,000 |
Total Utilities | 39,094,297 | ||
Total Convertible Preferred Stocks (Cost $108,746,526) | 121,625,374 |
Corporate Bonds & Notes 13.1% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Aerospace & Defense 0.6% | ||||
Rolls-Royce PLC(c) | ||||
10/15/2027 | 5.750% | 4,667,000 | 4,964,382 | |
Spirit AeroSystems, Inc.(c) | ||||
04/15/2025 | 7.500% | 6,300,000 | 6,770,770 | |
Total | 11,735,152 | |||
Airlines 0.1% | ||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(c) | ||||
04/20/2026 | 5.500% | 2,459,000 | 2,557,782 | |
Cable and Satellite 0.4% | ||||
Gogo Intermediate Holdings LLC/Finance Co., Inc.(c) | ||||
05/01/2024 | 9.875% | 4,200,000 | 4,421,502 | |
Telesat Canada/LLC(c) | ||||
10/15/2027 | 6.500% | 2,286,000 | 2,287,923 | |
Total | 6,709,425 | |||
Chemicals 0.5% | ||||
Innophos Holdings, Inc.(c) | ||||
02/15/2028 | 9.375% | 4,300,000 | 4,647,839 | |
Starfruit Finco BV/US Holdco LLC(c) | ||||
10/01/2026 | 8.000% | 4,600,000 | 4,894,281 | |
Total | 9,542,120 | |||
Consumer Cyclical Services 0.3% | ||||
Uber Technologies, Inc.(c) | ||||
09/15/2027 | 7.500% | 2,100,000 | 2,320,448 | |
01/15/2028 | 6.250% | 2,365,000 | 2,574,196 | |
Total | 4,894,644 | |||
Consumer Products 0.1% | ||||
Mattel, Inc. | ||||
10/01/2040 | 6.200% | 1,430,000 | 1,677,783 | |
11/01/2041 | 5.450% | 745,000 | 819,179 | |
Total | 2,496,962 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Finance Companies 0.8% | ||||
Fortress Transportation and Infrastructure Investors LLC(c) | ||||
10/01/2025 | 6.500% | 6,000,000 | 6,273,586 | |
08/01/2027 | 9.750% | 2,760,000 | 3,144,013 | |
Springleaf Finance Corp. | ||||
03/15/2025 | 6.875% | 5,700,000 | 6,488,124 | |
Total | 15,905,723 | |||
Food and Beverage 0.7% | ||||
Chobani LLC/Finance Corp., Inc.(c) | ||||
04/15/2025 | 7.500% | 4,197,000 | 4,362,681 | |
Triton Water Holdings, Inc.(c) | ||||
04/01/2029 | 6.250% | 2,442,000 | 2,489,603 | |
United Natural Foods, Inc.(c) | ||||
10/15/2028 | 6.750% | 5,580,000 | 5,956,502 | |
Total | 12,808,786 | |||
Gaming 0.2% | ||||
Colt Merger Sub, Inc.(c) | ||||
07/01/2027 | 8.125% | 4,106,000 | 4,518,204 | |
Health Care 0.8% | ||||
Quotient Ltd.(c),(d),(e) | ||||
04/15/2024 | 12.000% | 2,170,000 | 2,170,000 | |
04/15/2024 | 12.000% | 930,000 | 930,000 | |
Surgery Center Holdings, Inc.(c) | ||||
07/01/2025 | 6.750% | 6,100,000 | 6,234,867 | |
Tenet Healthcare Corp.(c) | ||||
10/01/2028 | 6.125% | 5,979,000 | 6,229,097 | |
Total | 15,563,964 | |||
Independent Energy 1.0% | ||||
Indigo Natural Resources LLC(c) | ||||
02/01/2029 | 5.375% | 9,663,000 | 9,518,527 | |
Occidental Petroleum Corp. | ||||
07/15/2044 | 4.500% | 5,700,000 | 4,852,434 | |
04/15/2046 | 4.400% | 5,700,000 | 4,878,068 | |
Total | 19,249,029 | |||
Leisure 0.7% | ||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC(c) | ||||
10/01/2028 | 6.500% | 4,100,000 | 4,391,849 | |
NCL Corp., Ltd.(c) | ||||
05/15/2024 | 12.250% | 3,700,000 | 4,479,006 | |
Royal Caribbean Cruises Ltd.(c) | ||||
06/15/2023 | 9.125% | 4,272,000 | 4,704,918 | |
Total | 13,575,773 |
6 | Tri-Continental Corporation | Quarterly Report 2021 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Media and Entertainment 1.1% | ||||
Clear Channel Outdoor Holdings, Inc.(c) | ||||
04/15/2028 | 7.750% | 9,500,000 | 9,414,813 | |
Lions Gate Capital Holdings LLC(c),(g) | ||||
04/15/2029 | 5.500% | 11,500,000 | 11,488,945 | |
Total | 20,903,758 | |||
Metals and Mining 0.4% | ||||
CONSOL Energy, Inc.(c) | ||||
11/15/2025 | 11.000% | 4,600,000 | 4,254,510 | |
Warrior Met Coal, Inc.(c) | ||||
11/01/2024 | 8.000% | 3,832,000 | 3,931,919 | |
Total | 8,186,429 | |||
Midstream 0.2% | ||||
Rockpoint Gas Storage Canada Ltd.(c) | ||||
03/31/2023 | 7.000% | 4,216,000 | 4,264,131 | |
Oil Field Services 0.2% | ||||
Nabors Industries Ltd.(c) | ||||
01/15/2026 | 7.250% | 3,447,000 | 2,904,412 | |
01/15/2028 | 7.500% | 1,754,000 | 1,440,747 | |
Total | 4,345,159 | |||
Other Industry 0.4% | ||||
WeWork Companies, Inc.(c) | ||||
05/01/2025 | 7.875% | 7,700,000 | 7,657,800 | |
Packaging 1.3% | ||||
ARD Finance SA(c),(h) | ||||
06/30/2027 | 6.500% | 8,000,000 | 8,396,739 | |
BWAY Holding Co.(c) | ||||
04/15/2025 | 7.250% | 8,500,000 | 8,492,967 | |
Novolex(c) | ||||
01/15/2025 | 6.875% | 7,290,000 | 7,400,451 | |
Total | 24,290,157 | |||
Pharmaceuticals 0.5% | ||||
Bausch Health Companies, Inc.(c) | ||||
01/30/2028 | 5.000% | 1,228,000 | 1,251,938 | |
01/30/2030 | 5.250% | 8,028,000 | 8,062,397 | |
Total | 9,314,335 | |||
Restaurants 0.5% | ||||
Dave & Buster’s, Inc.(c) | ||||
11/01/2025 | 7.625% | 4,200,000 | 4,489,555 | |
IRB Holding Corp.(c) | ||||
02/15/2026 | 6.750% | 4,200,000 | 4,345,603 | |
Total | 8,835,158 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Retailers 0.5% | ||||
Academy Ltd.(c) | ||||
11/15/2027 | 6.000% | 4,667,000 | 4,923,685 | |
L Brands, Inc.(c) | ||||
10/01/2030 | 6.625% | 4,200,000 | 4,794,011 | |
Total | 9,717,696 | |||
Supermarkets 0.3% | ||||
Safeway, Inc. | ||||
02/01/2031 | 7.250% | 4,512,000 | 5,240,318 | |
Technology 1.3% | ||||
Avaya, Inc.(c) | ||||
09/15/2028 | 6.125% | 4,509,000 | 4,790,771 | |
Diebold Nixdorf, Inc.(c) | ||||
07/15/2025 | 9.375% | 2,300,000 | 2,559,473 | |
Diebold, Inc. | ||||
04/15/2024 | 8.500% | 6,600,000 | 6,743,306 | |
Rocket Software, Inc.(c) | ||||
02/15/2029 | 6.500% | 7,175,000 | 7,235,952 | |
Sabre GLBL, Inc.(c) | ||||
04/15/2025 | 9.250% | 1,800,000 | 2,150,076 | |
09/01/2025 | 7.375% | 923,000 | 1,007,175 | |
Total | 24,486,753 | |||
Wirelines 0.2% | ||||
Front Range BidCo, Inc.(c) | ||||
03/01/2028 | 6.125% | 4,500,000 | 4,623,710 | |
Total Corporate Bonds & Notes (Cost $242,417,922) | 251,422,968 |
Limited Partnerships 0.6% | ||
Issuer | Shares | Value ($) |
Energy 0.6% | ||
Oil, Gas & Consumable Fuels 0.6% | ||
Enviva Partners LP | 90,000 | 4,349,700 |
Rattler Midstream LP | 450,000 | 4,783,500 |
Summit Midstream Partners LP(a) | 112,000 | 2,639,840 |
Total | 11,773,040 | |
Total Energy | 11,773,040 | |
Total Limited Partnerships (Cost $17,460,283) | 11,773,040 |
Tri-Continental Corporation | Quarterly Report 2021 | 7 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Preferred Debt 0.4% | ||||
Issuer | Coupon Rate | Shares | Value ($) | |
Banking 0.2% | ||||
Citigroup Capital XIII(f) | ||||
10/30/2040 | 6.582% | 145,000 | 3,900,500 | |
Finance Companies 0.2% | ||||
GMAC Capital Trust I(f) | ||||
02/15/2040 | 5.983% | 160,000 | 4,076,800 | |
Total Preferred Debt (Cost $7,843,901) | 7,977,300 |
Senior Loans 0.4% | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Oil Field Services 0.4% | ||||
BCP Raptor LLC/EagleClaw Midstream Ventures(i),(j) | ||||
Term Loan | ||||
3-month USD LIBOR + 4.250% Floor 1.000% 06/24/2024 | 5.250% | 7,723,860 | 7,419,231 | |
Total Senior Loans (Cost $7,662,521) | 7,419,231 |
Warrants 0.0% | ||
Issuer | Shares | Value ($) |
Energy 0.0% | ||
Oil, Gas & Consumable Fuels 0.0% | ||
Chesapeake Energy Corp.(a) | 6,642 | 111,585 |
Goodrich Petroleum Corp.(a),(d),(e) | 16,334 | 0 |
Total | 111,585 | |
Total Energy | 111,585 | |
Total Warrants (Cost $116,235) | 111,585 | |
Money Market Funds 1.5% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.067%(k),(l) | 29,009,942 | 29,007,041 |
Total Money Market Funds (Cost $29,006,652) | 29,007,041 | |
Total Investments in Securities (Cost: $1,513,919,699) | 1,914,770,411 | |
Other Assets & Liabilities, Net | (1,749,463) | |
Net Assets | 1,913,020,948 |
At March 31, 2021, securities and/or cash totaling $1,977,609 were pledged as collateral.
Investments in derivatives
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 99 | 06/2021 | USD | 19,638,630 | 197,507 | — |
Notes to Portfolio of Investments
(a) | Non-income producing investment. |
(b) | This security or a portion of this security has been pledged as collateral in connection with derivative contracts. |
(c) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At March 31, 2021, the total value of these securities amounted to $289,763,375, which represents 15.15% of total net assets. |
(d) | Represents fair value as determined in good faith under procedures approved by the Board of Directors. At March 31, 2021, the total value of these securities amounted to $3,100,000, which represents 0.16% of total net assets. |
(e) | Valuation based on significant unobservable inputs. |
(f) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of March 31, 2021. |
(g) | Represents a security purchased on a when-issued basis. |
(h) | Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
(i) | The stated interest rate represents the weighted average interest rate at March 31, 2021 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. |
8 | Tri-Continental Corporation | Quarterly Report 2021 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Tri-Continental Corporation, March 31, 2021 (Unaudited)
Notes to Portfolio of Investments (continued)
(j) | Variable rate security. The interest rate shown was the current rate as of March 31, 2021. |
(k) | The rate shown is the seven-day current annualized yield at March 31, 2021. |
(l) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended March 31, 2021 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.067% | ||||||||
30,450,397 | 105,090,154 | (106,533,510) | — | 29,007,041 | — | 6,341 | 29,009,942 |
Abbreviation Legend
ADR | American Depositary Receipt |
LIBOR | London Interbank Offered Rate |
Currency Legend
USD | US Dollar |
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Tri-Continental Corporation | Quarterly Report 2021 | 9 |
You may at any time request, free of charge, to receive a paper copy of this report by calling 800.345.6611.
1QT240_12_L01_(05/21)