Portfolio of Investments
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 69.7% | ||
Issuer | Shares | Value ($) |
Communication Services 7.0% | ||
Diversified Telecommunication Services 1.2% | ||
AT&T, Inc. | 350,000 | 9,453,500 |
Verizon Communications, Inc. | 260,115 | 14,048,811 |
Total | 23,502,311 | |
Interactive Media & Services 4.8% | ||
Alphabet, Inc., Class A(a) | 22,132 | 59,170,345 |
Facebook, Inc., Class A(a) | 107,839 | 36,599,478 |
Total | 95,769,823 | |
Media 1.0% | ||
Interpublic Group of Companies, Inc. (The) | 425,827 | 15,615,076 |
ViacomCBS, Inc., Class B | 127,500 | 5,037,525 |
Total | 20,652,601 | |
Total Communication Services | 139,924,735 | |
Consumer Discretionary 7.2% | ||
Automobiles 0.3% | ||
Tesla Motors, Inc.(a) | 7,963 | 6,175,147 |
Distributors 0.1% | ||
Genuine Parts Co. | 17,013 | 2,062,486 |
Hotels, Restaurants & Leisure 1.5% | ||
Darden Restaurants, Inc. | 122,243 | 18,516,147 |
Starbucks Corp. | 109,795 | 12,111,487 |
Total | 30,627,634 | |
Household Durables 1.2% | ||
Lennar Corp., Class A | 42,731 | 4,003,040 |
Newell Brands, Inc. | 200,000 | 4,428,000 |
PulteGroup, Inc. | 222,063 | 10,197,133 |
Whirlpool Corp. | 22,500 | 4,586,850 |
Total | 23,215,023 | |
Internet & Direct Marketing Retail 1.3% | ||
Amazon.com, Inc.(a) | 7,935 | 26,066,792 |
Multiline Retail 0.7% | ||
Target Corp. | 56,293 | 12,878,149 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Specialty Retail 2.0% | ||
AutoZone, Inc.(a) | 6,626 | 11,250,882 |
Bath & Body Works, Inc. | 25,429 | 1,602,790 |
Best Buy Co., Inc. | 47,500 | 5,021,225 |
Home Depot, Inc. (The) | 16,000 | 5,252,160 |
O’Reilly Automotive, Inc.(a) | 6,528 | 3,989,000 |
Ross Stores, Inc. | 115,017 | 12,519,600 |
Total | 39,635,657 | |
Textiles, Apparel & Luxury Goods 0.1% | ||
Tapestry, Inc. | 51,884 | 1,920,746 |
Total Consumer Discretionary | 142,581,634 | |
Consumer Staples 4.4% | ||
Food & Staples Retailing 0.6% | ||
Kroger Co. (The) | 159,747 | 6,458,571 |
Walgreens Boots Alliance, Inc. | 100,000 | 4,705,000 |
Total | 11,163,571 | |
Food Products 1.3% | ||
JM Smucker Co. (The) | 40,000 | 4,801,200 |
Kraft Heinz Co. (The) | 210,000 | 7,732,200 |
Tyson Foods, Inc., Class A | 167,462 | 13,219,450 |
Total | 25,752,850 | |
Household Products 0.7% | ||
Procter & Gamble Co. (The) | 105,740 | 14,782,452 |
Tobacco 1.8% | ||
Altria Group, Inc. | 385,668 | 17,555,608 |
Philip Morris International, Inc. | 184,671 | 17,504,964 |
Total | 35,060,572 | |
Total Consumer Staples | 86,759,445 | |
Energy 2.6% | ||
Oil, Gas & Consumable Fuels 2.6% | ||
Chesapeake Energy Corp. | 3,520 | 216,797 |
Chevron Corp. | 77,500 | 7,862,375 |
EOG Resources, Inc. | 160,044 | 12,846,732 |
Exxon Mobil Corp. | 135,000 | 7,940,700 |
Kinder Morgan, Inc. | 680,325 | 11,381,837 |
Tri-Continental Corporation | Quarterly Report 2021 | 1 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Pioneer Natural Resources Co. | 35,000 | 5,827,850 |
Valero Energy Corp. | 80,000 | 5,645,600 |
Total | 51,721,891 | |
Total Energy | 51,721,891 | |
Financials 10.3% | ||
Banks 3.0% | ||
Citigroup, Inc. | 263,706 | 18,506,887 |
Citizens Financial Group, Inc. | 80,166 | 3,766,199 |
JPMorgan Chase & Co. | 65,000 | 10,639,850 |
PNC Financial Services Group, Inc. (The) | 52,500 | 10,271,100 |
U.S. Bancorp | 132,500 | 7,875,800 |
Zions Bancorp | 135,000 | 8,355,150 |
Total | 59,414,986 | |
Capital Markets 3.1% | ||
Ares Capital Corp. | 500,000 | 10,165,000 |
BlackRock, Inc. | 4,839 | 4,058,276 |
Goldman Sachs Group, Inc. (The) | 22,058 | 8,338,586 |
Morgan Stanley | 191,998 | 18,683,325 |
S&P Global, Inc. | 3,660 | 1,555,097 |
T. Rowe Price Group, Inc. | 76,164 | 14,981,459 |
TCG BDC, Inc. | 250,000 | 3,352,500 |
Total | 61,134,243 | |
Consumer Finance 1.1% | ||
Capital One Financial Corp. | 106,889 | 17,312,811 |
OneMain Holdings, Inc. | 90,000 | 4,979,700 |
Total | 22,292,511 | |
Diversified Financial Services 0.2% | ||
Berkshire Hathaway, Inc., Class B(a) | 9,001 | 2,456,733 |
Voya Financial, Inc. | 22,766 | 1,397,605 |
Total | 3,854,338 | |
Insurance 2.0% | ||
Allstate Corp. (The) | 98,222 | 12,504,643 |
Arthur J Gallagher & Co. | 39,961 | 5,940,202 |
Hartford Financial Services Group, Inc. (The) | 92,500 | 6,498,125 |
MetLife, Inc. | 250,930 | 15,489,909 |
Total | 40,432,879 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Mortgage Real Estate Investment Trusts (REITS) 0.9% | ||
Blackstone Mortgage Trust, Inc. | 250,000 | 7,580,000 |
Starwood Property Trust, Inc. | 400,000 | 9,764,000 |
Total | 17,344,000 | |
Total Financials | 204,472,957 | |
Health Care 8.7% | ||
Biotechnology 1.3% | ||
AbbVie, Inc. | 143,863 | 15,518,502 |
Amgen, Inc. | 3,653 | 776,810 |
BioMarin Pharmaceutical, Inc.(a) | 31,356 | 2,423,505 |
Regeneron Pharmaceuticals, Inc.(a) | 5,712 | 3,456,788 |
Vertex Pharmaceuticals, Inc.(a) | 23,302 | 4,226,750 |
Total | 26,402,355 | |
Health Care Equipment & Supplies 0.8% | ||
Abbott Laboratories | 122,456 | 14,465,727 |
Dentsply Sirona, Inc. | 10,940 | 635,067 |
Total | 15,100,794 | |
Health Care Providers & Services 1.1% | ||
Anthem, Inc. | 3,759 | 1,401,355 |
CVS Health Corp. | 43,398 | 3,682,754 |
HCA Healthcare, Inc. | 7,629 | 1,851,711 |
Humana, Inc. | 12,364 | 4,811,451 |
McKesson Corp. | 49,457 | 9,860,737 |
Total | 21,608,008 | |
Life Sciences Tools & Services 1.0% | ||
Agilent Technologies, Inc. | 16,591 | 2,613,580 |
IQVIA Holdings, Inc.(a) | 71,021 | 17,012,371 |
Total | 19,625,951 | |
Pharmaceuticals 4.5% | ||
Amryt Pharma PLC, ADR(a) | 100,000 | 1,209,000 |
Bristol-Myers Squibb Co. | 402,021 | 23,787,583 |
Johnson & Johnson | 127,405 | 20,575,907 |
Merck & Co., Inc. | 105,000 | 7,886,550 |
Organon & Co. | 165,000 | 5,410,350 |
Pfizer, Inc. | 710,457 | 30,556,756 |
Total | 89,426,146 | |
Total Health Care | 172,163,254 |
2 | Tri-Continental Corporation | Quarterly Report 2021 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Industrials 5.0% | ||
Aerospace & Defense 0.6% | ||
General Dynamics Corp. | 9,267 | 1,816,610 |
Raytheon Technologies Corp. | 117,500 | 10,100,300 |
Total | 11,916,910 | |
Air Freight & Logistics 1.1% | ||
United Parcel Service, Inc., Class B | 122,900 | 22,380,090 |
Airlines 0.1% | ||
Delta Air Lines, Inc.(a) | 25,223 | 1,074,752 |
Southwest Airlines Co.(a) | 23,245 | 1,195,490 |
Total | 2,270,242 | |
Building Products 0.1% | ||
Johnson Controls International PLC | 34,521 | 2,350,190 |
Electrical Equipment 0.5% | ||
Emerson Electric Co. | 110,640 | 10,422,288 |
Machinery 2.0% | ||
Deere & Co. | 41,549 | 13,921,823 |
Parker-Hannifin Corp. | 46,454 | 12,989,468 |
Snap-On, Inc. | 59,349 | 12,400,974 |
Total | 39,312,265 | |
Professional Services 0.2% | ||
Robert Half International, Inc. | 39,071 | 3,919,993 |
Road & Rail 0.4% | ||
Norfolk Southern Corp. | 28,685 | 6,862,886 |
Total Industrials | 99,434,864 | |
Information Technology 17.7% | ||
Communications Equipment 1.6% | ||
Cisco Systems, Inc. | 582,538 | 31,707,543 |
Electronic Equipment, Instruments & Components 0.6% | ||
Corning, Inc. | 190,000 | 6,933,100 |
Vishay Intertechnology, Inc. | 260,000 | 5,223,400 |
Total | 12,156,500 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
IT Services 2.2% | ||
Accenture PLC, Class A | 68,647 | 21,961,548 |
International Business Machines Corp. | 72,500 | 10,072,425 |
MasterCard, Inc., Class A | 19,882 | 6,912,574 |
VeriSign, Inc.(a) | 22,256 | 4,562,703 |
Total | 43,509,250 | |
Semiconductors & Semiconductor Equipment 3.7% | ||
Advanced Micro Devices, Inc.(a) | 176,958 | 18,208,978 |
Broadcom, Inc. | 72,857 | 35,330,545 |
Intel Corp. | 75,965 | 4,047,415 |
QUALCOMM, Inc. | 39,112 | 5,044,666 |
Texas Instruments, Inc. | 52,500 | 10,091,025 |
Total | 72,722,629 | |
Software 5.7% | ||
Adobe, Inc.(a) | 35,115 | 20,216,408 |
Autodesk, Inc.(a) | 58,755 | 16,755,163 |
Fortinet, Inc.(a) | 66,471 | 19,412,191 |
Microsoft Corp. | 199,313 | 56,190,321 |
Total | 112,574,083 | |
Technology Hardware, Storage & Peripherals 3.9% | ||
Apple, Inc.(b) | 431,960 | 61,122,340 |
HP, Inc. | 350,000 | 9,576,000 |
Seagate Technology Holdings PLC | 90,000 | 7,426,800 |
Total | 78,125,140 | |
Total Information Technology | 350,795,145 | |
Materials 1.9% | ||
Chemicals 1.6% | ||
Dow, Inc. | 431,619 | 24,843,990 |
Nutrien Ltd. | 100,000 | 6,483,000 |
Total | 31,326,990 | |
Containers & Packaging 0.2% | ||
International Paper Co. | 80,121 | 4,480,366 |
Metals & Mining 0.1% | ||
Nucor Corp. | 13,353 | 1,315,137 |
Total Materials | 37,122,493 |
Tri-Continental Corporation | Quarterly Report 2021 | 3 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Real Estate 3.3% | ||
Equity Real Estate Investment Trusts (REITS) 3.3% | ||
Crown Castle International Corp. | 27,500 | 4,766,300 |
Life Storage, Inc. | 50,000 | 5,737,000 |
Medical Properties Trust, Inc. | 375,000 | 7,526,250 |
Public Storage | 26,806 | 7,964,063 |
Simon Property Group, Inc. | 66,592 | 8,654,962 |
VICI Properties, Inc. | 260,000 | 7,386,600 |
Welltower, Inc. | 70,000 | 5,768,000 |
Weyerhaeuser Co. | 488,141 | 17,363,175 |
Total | 65,166,350 | |
Total Real Estate | 65,166,350 | |
Utilities 1.6% | ||
Electric Utilities 1.5% | ||
Duke Energy Corp. | 67,706 | 6,607,429 |
Edison International | 90,000 | 4,992,300 |
Evergy, Inc. | 103,385 | 6,430,547 |
NRG Energy, Inc. | 258,266 | 10,545,001 |
Total | 28,575,277 | |
Multi-Utilities 0.1% | ||
DTE Energy Co. | 23,937 | 2,674,002 |
Total Utilities | 31,249,279 | |
Total Common Stocks (Cost $1,045,012,152) | 1,381,392,047 |
Convertible Bonds 6.0% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Airlines 0.3% | ||||
Air Canada | ||||
07/01/2025 | 4.000% | 1,300,000 | 1,855,351 | |
American Airlines Group, Inc. | ||||
07/01/2025 | 6.500% | 3,000,000 | 4,584,579 | |
Total | 6,439,930 | |||
Cable and Satellite 0.5% | ||||
DISH Network Corp. | ||||
Subordinated | ||||
08/15/2026 | 3.375% | 9,500,000 | 9,875,250 | |
Consumer Cyclical Services 0.2% | ||||
Zillow Group, Inc. | ||||
05/15/2025 | 2.750% | 2,700,000 | 4,203,623 |
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Diversified Manufacturing 0.2% | ||||
Greenbrier Companies, Inc. (The)(c) | ||||
04/15/2028 | 2.875% | 4,800,000 | 5,008,800 | |
Health Care 0.3% | ||||
Invacare Corp. | ||||
11/15/2024 | 5.000% | 4,000,000 | 3,548,116 | |
Novavax, Inc. | ||||
02/01/2023 | 3.750% | 1,300,000 | 2,206,165 | |
Total | 5,754,281 | |||
Independent Energy —% | ||||
Chesapeake Energy Escrow(d),(e) | ||||
09/15/2026 | 0.000% | 9,000,000 | 0 | |
Leisure 0.6% | ||||
NCL Corp Ltd. | ||||
08/01/2025 | 5.375% | 3,500,000 | 5,974,500 | |
Royal Caribbean Cruises Ltd. | ||||
06/15/2023 | 4.250% | 4,200,000 | 5,901,000 | |
Total | 11,875,500 | |||
Media and Entertainment 0.3% | ||||
fuboTV, Inc.(c) | ||||
02/15/2026 | 3.250% | 6,000,000 | 5,430,260 | |
Metals and Mining 0.1% | ||||
Ivanhoe Mines Ltd.(c) | ||||
04/15/2026 | 2.500% | 1,136,000 | 1,322,321 | |
Other Financial Institutions 0.3% | ||||
RWT Holdings, Inc. | ||||
10/01/2025 | 5.750% | 6,750,000 | 6,883,952 | |
Other REIT 0.5% | ||||
PennyMac Corp.(c) | ||||
03/15/2026 | 5.500% | 10,000,000 | 10,234,387 | |
Pharmaceuticals 2.2% | ||||
Aegerion Pharmaceuticals, Inc.(c) | ||||
04/01/2025 | 5.000% | 1,687,570 | 1,941,549 | |
Aerie Pharmaceuticals, Inc. | ||||
10/01/2024 | 1.500% | 5,500,000 | 4,943,125 | |
Bridgebio Pharma, Inc.(c) | ||||
02/01/2029 | 2.250% | 6,000,000 | 5,199,000 | |
Clovis Oncology, Inc. | ||||
05/01/2025 | 1.250% | 9,300,000 | 6,707,625 | |
Insmed, Inc. | ||||
01/15/2025 | 1.750% | 4,800,000 | 4,965,695 |
4 | Tri-Continental Corporation | Quarterly Report 2021 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Intercept Pharmaceuticals, Inc.(c) | ||||
02/15/2026 | 3.500% | 8,587,000 | 8,642,716 | |
Radius Health, Inc. | ||||
09/01/2024 | 3.000% | 5,700,000 | 5,176,312 | |
Tilray, Inc. | ||||
10/01/2023 | 5.000% | 5,250,000 | 5,128,594 | |
Total | 42,704,616 | |||
Property & Casualty 0.2% | ||||
MGIC Investment Corp.(c),(f) | ||||
Junior Subordinated | ||||
04/01/2063 | 9.000% | 3,011,000 | 4,019,862 | |
Retailers 0.3% | ||||
Guess?, Inc. | ||||
04/15/2024 | 2.000% | 5,000,000 | 5,550,000 | |
Total Convertible Bonds (Cost $110,101,414) | 119,302,782 |
Convertible Preferred Stocks 7.4% | |||
Issuer | Shares | Value ($) | |
Communication Services 0.2% | |||
Diversified Telecommunication Services 0.2% | |||
2020 Cash Mandatory Exchangeable Trust(c) | 5.250% | 4,000 | 4,523,080 |
Total Communication Services | 4,523,080 | ||
Consumer Discretionary 0.4% | |||
Auto Components 0.4% | |||
Aptiv PLC | 5.500% | 45,000 | 7,598,250 |
Total Consumer Discretionary | 7,598,250 | ||
Consumer Staples 0.2% | |||
Food Products 0.2% | |||
Bunge Ltd. | 4.875% | 42,500 | 5,055,050 |
Total Consumer Staples | 5,055,050 | ||
Financials 0.5% | |||
Capital Markets 0.5% | |||
AMG Capital Trust II | 5.150% | 80,000 | 4,524,000 |
KKR & Co., Inc. | 6.000% | 60,000 | 4,740,600 |
Total | 9,264,600 | ||
Total Financials | 9,264,600 |
Convertible Preferred Stocks (continued) | |||
Issuer | Shares | Value ($) | |
Health Care 1.4% | |||
Health Care Equipment & Supplies 1.2% | |||
Becton Dickinson and Co. | 6.000% | 140,000 | 7,544,600 |
Boston Scientific Corp. | 5.500% | 65,000 | 7,578,350 |
Danaher Corp. | 4.750% | 4,200 | 8,537,550 |
Total | 23,660,500 | ||
Life Sciences Tools & Services 0.2% | |||
Avantor, Inc. | 6.250% | 40,000 | 5,044,800 |
Total Health Care | 28,705,300 | ||
Industrials 1.0% | |||
Construction & Engineering 0.2% | |||
Fluor Corp. | 6.500% | 4,800 | 4,790,880 |
Machinery 0.5% | |||
Stanley Black & Decker, Inc. | 5.250% | 87,500 | 9,218,125 |
Professional Services 0.3% | |||
Clarivate PLC | 5.250% | 60,000 | 5,195,400 |
Total Industrials | 19,204,405 | ||
Information Technology 0.6% | |||
Electronic Equipment, Instruments & Components 0.4% | |||
II-VI, Inc. | 6.000% | 30,000 | 7,537,492 |
IT Services 0.2% | |||
Sabre Corp. | 6.500% | 27,000 | 4,119,140 |
Total Information Technology | 11,656,632 | ||
Utilities 3.1% | |||
Electric Utilities 0.5% | |||
NextEra Energy, Inc. | 6.219% | 190,000 | 9,712,800 |
Gas Utilities 1.0% | |||
South Jersey Industries, Inc. | 8.750% | 145,000 | 6,969,898 |
Spire, Inc. | 7.500% | 140,000 | 6,705,753 |
UGI Corp. | 7.250% | 50,000 | 5,015,000 |
Total | 18,690,651 |
Tri-Continental Corporation | Quarterly Report 2021 | 5 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Convertible Preferred Stocks (continued) | |||
Issuer | Shares | Value ($) | |
Multi-Utilities 1.6% | |||
Algonquin Power & Utilities Corp. | 7.750% | 157,500 | 7,646,043 |
DTE Energy Co. | 6.250% | 300,000 | 15,033,000 |
NiSource, Inc. | 7.750% | 95,000 | 9,873,350 |
Total | 32,552,393 | ||
Total Utilities | 60,955,844 | ||
Total Convertible Preferred Stocks (Cost $134,085,077) | 146,963,161 |
Corporate Bonds & Notes 14.6% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Aerospace & Defense 1.1% | ||||
Bombardier, Inc.(c) | ||||
06/15/2026 | 7.125% | 9,500,000 | 9,968,073 | |
Rolls-Royce PLC(c) | ||||
10/15/2027 | 5.750% | 4,667,000 | 5,185,969 | |
Spirit AeroSystems, Inc.(c) | ||||
04/15/2025 | 7.500% | 6,300,000 | 6,671,194 | |
Total | 21,825,236 | |||
Cable and Satellite 0.2% | ||||
Telesat Canada/LLC(c) | ||||
10/15/2027 | 6.500% | 5,286,000 | 4,583,107 | |
Chemicals 0.5% | ||||
Innophos Holdings, Inc.(c) | ||||
02/15/2028 | 9.375% | 4,300,000 | 4,648,283 | |
Olympus Water US Holding Corp.(c),(g) | ||||
10/01/2029 | 6.250% | 5,000,000 | 4,962,475 | |
Total | 9,610,758 | |||
Consumer Cyclical Services 0.2% | ||||
Uber Technologies, Inc.(c) | ||||
09/15/2027 | 7.500% | 2,100,000 | 2,294,801 | |
01/15/2028 | 6.250% | 2,365,000 | 2,537,556 | |
Total | 4,832,357 | |||
Consumer Products 0.5% | ||||
Mattel, Inc. | ||||
10/01/2040 | 6.200% | 1,430,000 | 1,838,601 | |
11/01/2041 | 5.450% | 745,000 | 890,608 | |
SWF Escrow Issuer Corp.(c),(g) | ||||
10/01/2029 | 6.500% | 7,500,000 | 7,291,046 | |
Total | 10,020,255 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Finance Companies 0.5% | ||||
Curo Group Holdings Corp.(c) | ||||
08/01/2028 | 7.500% | 4,800,000 | 4,849,561 | |
Fortress Transportation and Infrastructure Investors LLC(c) | ||||
10/01/2025 | 6.500% | 2,000,000 | 2,060,371 | |
08/01/2027 | 9.750% | 2,760,000 | 3,125,517 | |
Total | 10,035,449 | |||
Food and Beverage 0.5% | ||||
Triton Water Holdings, Inc.(c) | ||||
04/01/2029 | 6.250% | 4,942,000 | 5,029,278 | |
United Natural Foods, Inc.(c) | ||||
10/15/2028 | 6.750% | 4,680,000 | 5,065,866 | |
Total | 10,095,144 | |||
Gaming 0.2% | ||||
Colt Merger Sub, Inc.(c) | ||||
07/01/2027 | 8.125% | 4,106,000 | 4,614,566 | |
Health Care 0.8% | ||||
Quotient Ltd.(c),(d),(e) | ||||
04/15/2024 | 12.000% | 1,989,167 | 1,989,166 | |
04/15/2024 | 12.000% | 852,500 | 852,500 | |
Surgery Center Holdings, Inc.(c) | ||||
07/01/2025 | 6.750% | 6,100,000 | 6,208,056 | |
Tenet Healthcare Corp.(c) | ||||
10/01/2028 | 6.125% | 5,979,000 | 6,274,347 | |
Total | 15,324,069 | |||
Independent Energy 1.1% | ||||
Oasis Petroleum, Inc.(c) | ||||
06/01/2026 | 6.375% | 2,500,000 | 2,613,607 | |
Occidental Petroleum Corp. | ||||
07/15/2044 | 4.500% | 3,200,000 | 3,213,086 | |
04/15/2046 | 4.400% | 6,400,000 | 6,367,650 | |
Southwestern Energy Co.(c) | ||||
02/01/2029 | 5.375% | 9,463,000 | 10,131,546 | |
Total | 22,325,889 | |||
Leisure 0.7% | ||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC | ||||
10/01/2028 | 6.500% | 4,100,000 | 4,398,803 | |
NCL Corp., Ltd.(c) | ||||
05/15/2024 | 12.250% | 3,700,000 | 4,354,334 | |
Royal Caribbean Cruises Ltd.(c) | ||||
06/15/2023 | 9.125% | 4,272,000 | 4,645,569 | |
Total | 13,398,706 |
6 | Tri-Continental Corporation | Quarterly Report 2021 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Media and Entertainment 1.5% | ||||
Clear Channel Outdoor Holdings, Inc.(c) | ||||
04/15/2028 | 7.750% | 9,500,000 | 9,999,944 | |
Deluxe Corp.(c) | ||||
06/01/2029 | 8.000% | 4,800,000 | 5,033,090 | |
Lions Gate Capital Holdings LLC(c) | ||||
04/15/2029 | 5.500% | 9,500,000 | 9,823,807 | |
Mav Acquisition Corp.(c) | ||||
08/01/2029 | 8.000% | 5,000,000 | 4,773,804 | |
Total | 29,630,645 | |||
Metals and Mining 0.5% | ||||
CONSOL Energy, Inc.(c) | ||||
11/15/2025 | 11.000% | 4,900,000 | 5,044,836 | |
Warrior Met Coal, Inc.(c) | ||||
11/01/2024 | 8.000% | 4,732,000 | 4,817,147 | |
Total | 9,861,983 | |||
Midstream 0.2% | ||||
Rockpoint Gas Storage Canada Ltd.(c) | ||||
03/31/2023 | 7.000% | 4,216,000 | 4,283,992 | |
Oil Field Services 0.3% | ||||
Nabors Industries Ltd.(c) | ||||
01/15/2026 | 7.250% | 3,447,000 | 3,351,456 | |
01/15/2028 | 7.500% | 1,754,000 | 1,661,754 | |
Total | 5,013,210 | |||
Other Financial Institutions 0.4% | ||||
WeWork Companies, Inc.(c) | ||||
05/01/2025 | 7.875% | 7,000,000 | 7,110,919 | |
Packaging 1.3% | ||||
ARD Finance SA(c),(h) | ||||
06/30/2027 | 6.500% | 8,000,000 | 8,484,806 | |
BWAY Holding Co.(c) | ||||
04/15/2025 | 7.250% | 10,000,000 | 9,940,979 | |
Novolex(c) | ||||
01/15/2025 | 6.875% | 7,290,000 | 7,376,848 | |
Total | 25,802,633 | |||
Paper 0.3% | ||||
Sylvamo Corp.(c) | ||||
09/01/2029 | 7.000% | 5,200,000 | 5,317,559 | |
Pharmaceuticals 0.6% | ||||
Bausch Health Companies, Inc.(c) | ||||
01/30/2028 | 5.000% | 2,428,000 | 2,302,623 | |
01/30/2030 | 5.250% | 8,028,000 | 7,484,246 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Organon Finance 1 LLC(c) | ||||
04/30/2031 | 5.125% | 2,936,000 | 3,083,165 | |
Total | 12,870,034 | |||
Restaurants 0.4% | ||||
Dave & Buster’s, Inc.(c) | ||||
11/01/2025 | 7.625% | 3,780,000 | 4,044,035 | |
IRB Holding Corp.(c) | ||||
02/15/2026 | 6.750% | 4,200,000 | 4,320,377 | |
Total | 8,364,412 | |||
Retailers 0.8% | ||||
Academy Ltd.(c) | ||||
11/15/2027 | 6.000% | 4,667,000 | 5,037,634 | |
L Brands, Inc.(c) | ||||
10/01/2030 | 6.625% | 4,200,000 | 4,768,968 | |
Magic MergeCo, Inc.(c) | ||||
05/01/2029 | 7.875% | 5,000,000 | 5,185,075 | |
Total | 14,991,677 | |||
Supermarkets 0.3% | ||||
Safeway, Inc. | ||||
02/01/2031 | 7.250% | 4,512,000 | 5,407,450 | |
Technology 1.5% | ||||
Avaya, Inc.(c) | ||||
09/15/2028 | 6.125% | 4,509,000 | 4,742,302 | |
Consensus Cloud Solutions, Inc.(c),(g) | ||||
10/15/2026 | 6.000% | 5,000,000 | 5,141,387 | |
Diebold Nixdorf, Inc.(c) | ||||
07/15/2025 | 9.375% | 2,300,000 | 2,518,808 | |
Diebold, Inc. | ||||
04/15/2024 | 8.500% | 6,600,000 | 6,740,630 | |
Rocket Software, Inc.(c) | ||||
02/15/2029 | 6.500% | 7,175,000 | 7,096,519 | |
Sabre GLBL, Inc.(c) | ||||
04/15/2025 | 9.250% | 1,800,000 | 2,080,672 | |
09/01/2025 | 7.375% | 923,000 | 982,567 | |
Total | 29,302,885 | |||
Wirelines 0.2% | ||||
Front Range BidCo, Inc.(c) | ||||
03/01/2028 | 6.125% | 4,500,000 | 4,561,990 | |
Total Corporate Bonds & Notes (Cost $278,195,872) | 289,184,925 |
Tri-Continental Corporation | Quarterly Report 2021 | 7 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Limited Partnerships 0.5% | ||
Issuer | Shares | Value ($) |
Energy 0.5% | ||
Oil, Gas & Consumable Fuels 0.5% | ||
Enviva Partners LP | 100,000 | 5,409,000 |
Rattler Midstream LP | 450,000 | 5,283,000 |
Total | 10,692,000 | |
Total Energy | 10,692,000 | |
Total Limited Partnerships (Cost $9,350,935) | 10,692,000 |
Preferred Debt 0.3% | ||||
Issuer | Coupon Rate | Shares | Value ($) | |
Banking 0.3% | ||||
Citigroup Capital XIII(f) | ||||
10/30/2040 | 6.499% | 175,000 | 4,856,250 | |
Total Preferred Debt (Cost $4,616,749) | 4,856,250 |
Senior Loans 0.4% | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Oil Field Services 0.4% | ||||
BCP Raptor LLC(i),(j) | ||||
Term Loan | ||||
3-month USD LIBOR + 4.250% Floor 1.000% 06/24/2024 | 5.250% | 7,663,303 | 7,633,186 | |
Total Senior Loans (Cost $7,602,342) | 7,633,186 |
Warrants 0.0% | ||
Issuer | Shares | Value ($) |
Energy 0.0% | ||
Oil, Gas & Consumable Fuels 0.0% | ||
Chesapeake Energy Corp.(a) | 6,642 | 194,212 |
Total Energy | 194,212 | |
Total Warrants (Cost $116,235) | 194,212 | |
Money Market Funds 1.2% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.065%(k),(l) | 24,661,972 | 24,659,506 |
Total Money Market Funds (Cost $24,659,117) | 24,659,506 | |
Total Investments in Securities (Cost: $1,613,739,893) | 1,984,878,069 | |
Other Assets & Liabilities, Net | (1,865,099) | |
Net Assets | 1,983,012,970 |
At September 30, 2021, securities and/or cash totaling $877,300 were pledged as collateral.
Investments in derivatives
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 42 | 12/2021 | USD | 9,025,275 | — | (389,129) |
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 September 30, 2021, the total value of these securities amounted to $306,650,072, which represents 15.46% of total net assets. |
(d) | Represents fair value as determined in good faith under procedures approved by the Board of Directors. At September 30, 2021, the total value of these securities amounted to $2,841,666, which represents 0.14% of total net assets. |
8 | Tri-Continental Corporation | Quarterly Report 2021 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Tri-Continental Corporation, September 30, 2021 (Unaudited)
Notes to Portfolio of Investments (continued)
(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 September 30, 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 September 30, 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. |
(j) | Variable rate security. The interest rate shown was the current rate as of September 30, 2021. |
(k) | The rate shown is the seven-day current annualized yield at September 30, 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 September 30, 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, 0.065% | ||||||||
30,450,397 | 245,961,724 | (251,752,615) | — | 24,659,506 | — | 11,803 | 24,661,972 |
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.
3QT240_12_L01_(11/21)