Tri-Continental Corporation
First Quarter Report
March 31, 2024 (Unaudited)
Not FDIC or NCUA Insured | No Financial Institution Guarantee | May Lose Value |
Portfolio of InvestmentsTri-Continental Corporation, March 31, 2024 (Unaudited)(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 72.4% | ||
Issuer | Shares | Value ($) |
Communication Services 5.7% | ||
Diversified Telecommunication Services 0.7% | ||
AT&T, Inc. | 400,000 | 7,040,000 |
Verizon Communications, Inc. | 165,000 | 6,923,400 |
Total | 13,963,400 | |
Interactive Media & Services 4.7% | ||
Alphabet, Inc., Class A(a) | 312,582 | 47,178,001 |
Meta Platforms, Inc., Class A | 80,924 | 39,295,076 |
Total | 86,473,077 | |
Media 0.3% | ||
Comcast Corp., Class A | 110,000 | 4,768,500 |
Total Communication Services | 105,204,977 | |
Consumer Discretionary 6.9% | ||
Automobiles 0.3% | ||
Tesla, Inc.(a) | 28,052 | 4,931,261 |
Broadline Retail 2.3% | ||
Amazon.com, Inc.(a) | 165,711 | 29,890,950 |
eBay, Inc. | 139,418 | 7,358,482 |
Macy’s, Inc. | 325,000 | 6,496,750 |
Total | 43,746,182 | |
Hotels, Restaurants & Leisure 1.1% | ||
Booking Holdings, Inc. | 4,687 | 17,003,874 |
Darden Restaurants, Inc. | 27,500 | 4,596,625 |
Total | 21,600,499 | |
Household Durables 1.3% | ||
Lennar Corp., Class A | 76,184 | 13,102,124 |
Newell Brands, Inc. | 400,000 | 3,212,000 |
PulteGroup, Inc. | 59,647 | 7,194,621 |
Total | 23,508,745 | |
Specialty Retail 1.3% | ||
Best Buy Co., Inc. | 60,000 | 4,921,800 |
Home Depot, Inc. (The) | 12,000 | 4,603,200 |
TJX Companies, Inc. (The) | 140,016 | 14,200,423 |
Total | 23,725,423 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Textiles, Apparel & Luxury Goods 0.6% | ||
Deckers Outdoor Corp.(a) | 10,300 | 9,694,978 |
Tapestry, Inc. | 32,600 | 1,547,848 |
Total | 11,242,826 | |
Total Consumer Discretionary | 128,754,936 | |
Consumer Staples 4.4% | ||
Beverages 0.1% | ||
Molson Coors Beverage Co., Class B | 30,016 | 2,018,576 |
Consumer Staples Distribution & Retail 0.6% | ||
Target Corp. | 35,405 | 6,274,120 |
Walmart, Inc. | 71,609 | 4,308,714 |
Total | 10,582,834 | |
Food Products 1.2% | ||
Bunge Global SA | 34,900 | 3,577,948 |
General Mills, Inc. | 50,507 | 3,533,975 |
Kellanova | 85,000 | 4,869,650 |
Kraft Heinz Co. (The) | 260,000 | 9,594,000 |
Total | 21,575,573 | |
Household Products 1.0% | ||
Colgate-Palmolive Co. | 177,434 | 15,977,931 |
Procter & Gamble Co. (The) | 14,587 | 2,366,741 |
Total | 18,344,672 | |
Personal Care Products 0.2% | ||
Kenvue, Inc. | 225,000 | 4,828,500 |
Tobacco 1.3% | ||
Altria Group, Inc. | 364,771 | 15,911,311 |
Philip Morris International, Inc. | 100,000 | 9,162,000 |
Total | 25,073,311 | |
Total Consumer Staples | 82,423,466 | |
Energy 3.9% | ||
Oil, Gas & Consumable Fuels 3.9% | ||
Chevron Corp. | 60,000 | 9,464,400 |
Diamondback Energy, Inc. | 25,000 | 4,954,250 |
EOG Resources, Inc. | 40,000 | 5,113,600 |
Exxon Mobil Corp. | 190,122 | 22,099,781 |
2
Tri-Continental Corporation | First Quarter Report 2024
Portfolio of Investments (continued)Tri-Continental Corporation, March 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Marathon Petroleum Corp. | 81,019 | 16,325,329 |
Valero Energy Corp. | 83,303 | 14,218,989 |
Total | 72,176,349 | |
Total Energy | 72,176,349 | |
Financials 10.4% | ||
Banks 3.0% | ||
Citigroup, Inc. | 326,937 | 20,675,496 |
JPMorgan Chase & Co. | 50,000 | 10,015,000 |
M&T Bank Corp. | 65,000 | 9,453,600 |
Wells Fargo & Co. | 268,178 | 15,543,597 |
Total | 55,687,693 | |
Capital Markets 3.1% | ||
Ares Capital Corp. | 450,000 | 9,369,000 |
BlackRock, Inc. | 5,139 | 4,284,384 |
Blackstone Secured Lending Fund | 225,000 | 7,008,750 |
Carlyle Group, Inc. (The) | 105,000 | 4,925,550 |
Cboe Global Markets, Inc. | 6,676 | 1,226,582 |
CME Group, Inc. | 50,777 | 10,931,780 |
Morgan Stanley | 105,000 | 9,886,800 |
State Street Corp. | 140,948 | 10,898,099 |
Total | 58,530,945 | |
Consumer Finance 0.4% | ||
Synchrony Financial | 173,045 | 7,461,700 |
Financial Services 1.2% | ||
Clovis Liquidation Trust(a),(b),(c) | 9,371,357 | 445,140 |
Fiserv, Inc.(a) | 116,365 | 18,597,454 |
Visa, Inc., Class A | 14,903 | 4,159,129 |
Total | 23,201,723 | |
Insurance 1.9% | ||
Marsh & McLennan Companies, Inc. | 80,989 | 16,682,114 |
MetLife, Inc. | 198,738 | 14,728,473 |
Prudential Financial, Inc. | 31,606 | 3,710,545 |
Total | 35,121,132 | |
Mortgage Real Estate Investment Trusts (REITS) 0.8% | ||
Blackstone Mortgage Trust, Inc. | 350,000 | 6,968,500 |
Starwood Property Trust, Inc. | 350,000 | 7,115,500 |
Total | 14,084,000 | |
Total Financials | 194,087,193 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care 9.5% | ||
Biotechnology 2.3% | ||
AbbVie, Inc. | 101,643 | 18,509,190 |
Amgen, Inc. | 38,093 | 10,830,602 |
BioMarin Pharmaceutical, Inc.(a) | 24,680 | 2,155,551 |
Regeneron Pharmaceuticals, Inc.(a) | 5,397 | 5,194,559 |
Vertex Pharmaceuticals, Inc.(a) | 13,421 | 5,610,112 |
Total | 42,300,014 | |
Health Care Equipment & Supplies 2.5% | ||
Align Technology, Inc.(a) | 4,167 | 1,366,443 |
Baxter International, Inc. | 472,811 | 20,207,942 |
Hologic, Inc.(a) | 170,892 | 13,322,740 |
Medtronic PLC | 148,229 | 12,918,157 |
Total | 47,815,282 | |
Health Care Providers & Services 1.6% | ||
Cardinal Health, Inc. | 138,409 | 15,487,967 |
Cigna Group (The) | 4,025 | 1,461,840 |
CVS Health Corp. | 62,500 | 4,985,000 |
Humana, Inc. | 10,525 | 3,649,228 |
Molina Healthcare, Inc.(a) | 10,237 | 4,205,667 |
Total | 29,789,702 | |
Pharmaceuticals 3.1% | ||
Bristol-Myers Squibb Co. | 469,845 | 25,479,694 |
Johnson & Johnson | 30,200 | 4,777,338 |
Merck & Co., Inc. | 75,000 | 9,896,250 |
Pfizer, Inc. | 250,000 | 6,937,500 |
Viatris, Inc. | 850,738 | 10,157,812 |
Total | 57,248,594 | |
Total Health Care | 177,153,592 | |
Industrials 6.7% | ||
Aerospace & Defense 1.0% | ||
Lockheed Martin Corp. | 27,952 | 12,714,526 |
RTX Corp. | 50,000 | 4,876,500 |
Total | 17,591,026 | |
Air Freight & Logistics 1.5% | ||
FedEx Corp. | 62,934 | 18,234,497 |
United Parcel Service, Inc., Class B | 62,500 | 9,289,375 |
Total | 27,523,872 |
Tri-Continental Corporation | First Quarter Report 2024
3
Portfolio of Investments (continued)Tri-Continental Corporation, March 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Building Products 0.7% | ||
Builders FirstSource, Inc.(a) | 36,523 | 7,616,872 |
Masco Corp. | 61,134 | 4,822,250 |
Total | 12,439,122 | |
Ground Transportation 0.3% | ||
CSX Corp. | 39,955 | 1,481,132 |
Union Pacific Corp. | 18,500 | 4,549,705 |
Total | 6,030,837 | |
Machinery 2.4% | ||
AGCO Corp. | 40,000 | 4,920,800 |
Caterpillar, Inc. | 46,705 | 17,114,113 |
Parker-Hannifin Corp. | 29,272 | 16,269,085 |
Stanley Black & Decker, Inc. | 67,500 | 6,610,275 |
Total | 44,914,273 | |
Professional Services 0.8% | ||
Automatic Data Processing, Inc. | 61,704 | 15,409,957 |
Total Industrials | 123,909,087 | |
Information Technology 17.9% | ||
Communications Equipment 1.4% | ||
Arista Networks, Inc.(a) | 4,800 | 1,391,904 |
Cisco Systems, Inc. | 494,539 | 24,682,441 |
Total | 26,074,345 | |
Electronic Equipment, Instruments & Components 0.4% | ||
Corning, Inc. | 200,000 | 6,592,000 |
IT Services 0.6% | ||
International Business Machines Corp. | 60,000 | 11,457,600 |
Semiconductors & Semiconductor Equipment 6.4% | ||
Applied Materials, Inc. | 66,996 | 13,816,585 |
Broadcom, Inc. | 4,000 | 5,301,640 |
NVIDIA Corp. | 65,972 | 59,609,661 |
QUALCOMM, Inc. | 181,311 | 30,695,952 |
Texas Instruments, Inc. | 55,000 | 9,581,550 |
Total | 119,005,388 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Software 5.8% | ||
Adobe, Inc.(a) | 34,020 | 17,166,492 |
Autodesk, Inc.(a) | 15,726 | 4,095,365 |
Fortinet, Inc.(a) | 176,491 | 12,056,100 |
Microsoft Corp. | 153,003 | 64,371,422 |
Palo Alto Networks, Inc.(a) | 25,200 | 7,160,076 |
ServiceNow, Inc.(a) | 3,180 | 2,424,432 |
Total | 107,273,887 | |
Technology Hardware, Storage & Peripherals 3.3% | ||
Apple, Inc.(d) | 321,152 | 55,071,145 |
HP, Inc. | 225,000 | 6,799,500 |
Total | 61,870,645 | |
Total Information Technology | 332,273,865 | |
Materials 2.2% | ||
Chemicals 1.2% | ||
CF Industries Holdings, Inc. | 70,653 | 5,879,036 |
Dow, Inc. | 125,000 | 7,241,250 |
Mosaic Co. (The) | 165,161 | 5,361,126 |
Nutrien Ltd. | 90,000 | 4,887,900 |
Total | 23,369,312 | |
Containers & Packaging 0.3% | ||
International Paper Co. | 125,000 | 4,877,500 |
Metals & Mining 0.7% | ||
Nucor Corp. | 22,784 | 4,508,954 |
Steel Dynamics, Inc. | 58,449 | 8,663,895 |
Total | 13,172,849 | |
Total Materials | 41,419,661 | |
Real Estate 2.8% | ||
Hotel & Resort REITs 0.2% | ||
Host Hotels & Resorts, Inc. | 193,938 | 4,010,638 |
Industrial REITs 0.3% | ||
Prologis, Inc. | 35,000 | 4,557,700 |
Office REITs 0.3% | ||
Boston Properties, Inc. | 75,000 | 4,898,250 |
Real Estate Management & Development 0.0% | ||
WeWork, Inc., Class A(a) | 24,300 | 1,822 |
Residential REITs 0.3% |
4
Tri-Continental Corporation | First Quarter Report 2024
Portfolio of Investments (continued)Tri-Continental Corporation, March 31, 2024 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Invitation Homes, Inc. | 175,000 | 6,231,750 |
Retail REITs 0.5% | ||
Realty Income Corp. | 90,000 | 4,869,000 |
Simon Property Group, Inc. | 30,000 | 4,694,700 |
Total | 9,563,700 | |
Specialized REITs 1.2% | ||
American Tower Corp. | 22,500 | 4,445,775 |
SBA Communications Corp. | 60,028 | 13,008,068 |
VICI Properties, Inc. | 160,000 | 4,766,400 |
Total | 22,220,243 | |
Total Real Estate | 51,484,103 | |
Utilities 2.0% | ||
Electric Utilities 1.4% | ||
Duke Energy Corp. | 50,000 | 4,835,500 |
Edison International | 49,652 | 3,511,886 |
Entergy Corp. | 47,500 | 5,019,800 |
PG&E Corp. | 722,818 | 12,114,430 |
Pinnacle West Capital Corp. | 18,911 | 1,413,219 |
Total | 26,894,835 | |
Gas Utilities 0.3% | ||
Spire, Inc. | 77,500 | 4,756,175 |
Multi-Utilities 0.3% | ||
DTE Energy Co. | 42,500 | 4,765,950 |
Total Utilities | 36,416,960 | |
Total Common Stocks (Cost $945,452,424) | 1,345,304,189 |
Convertible Bonds 7.1% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Aerospace & Defense 0.2% | ||||
Rocket Lab USA, Inc.(e) | ||||
02/01/2029 | 4.250% | 4,000,000 | 4,235,000 | |
Airlines 0.2% | ||||
American Airlines Group, Inc. | ||||
07/01/2025 | 6.500% | 3,700,000 | 4,288,300 | |
Automotive 0.2% | ||||
Rivian Automotive, Inc. | ||||
03/15/2029 | 4.625% | 5,500,000 | 4,402,750 |
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Cable and Satellite 0.4% | ||||
DISH Network Corp. | ||||
Subordinated | ||||
08/15/2026 | 3.375% | 12,500,000 | 7,781,250 | |
Consumer Products 0.3% | ||||
Beauty Health Co. (The)(e) | ||||
10/01/2026 | 1.250% | 6,000,000 | 4,923,600 | |
Diversified Manufacturing 0.5% | ||||
Bloom Energy Corp.(e) | ||||
06/01/2028 | 3.000% | 4,500,000 | 4,083,750 | |
Greenbrier Companies, Inc. (The) | ||||
04/15/2028 | 2.875% | 4,500,000 | 4,987,350 | |
Total | 9,071,100 | |||
Electric 0.9% | ||||
Duke Energy Corp.(e) | ||||
04/15/2026 | 4.125% | 4,500,000 | 4,446,000 | |
FirstEnergy Corp.(e) | ||||
05/01/2026 | 4.000% | 4,500,000 | 4,473,000 | |
PG&E Corp.(e) | ||||
12/01/2027 | 4.250% | 8,400,000 | 8,437,800 | |
Total | 17,356,800 | |||
Finance Companies 0.3% | ||||
Bread Financial Holdings, Inc.(e) | ||||
06/15/2028 | 4.250% | 4,000,000 | 4,642,400 | |
Healthcare REIT 0.2% | ||||
Welltower OP LLC(e) | ||||
05/15/2028 | 2.750% | 4,000,000 | 4,452,400 | |
Independent Energy 0.0% | ||||
Chesapeake Energy Escrow | ||||
09/15/2026 | 0.000% | 9,000,000 | 180,000 | |
Leisure 0.5% | ||||
Carnival Corp. | ||||
12/01/2027 | 5.750% | 2,800,000 | 4,214,000 | |
NCL Corp., Ltd. | ||||
02/15/2027 | 2.500% | 5,000,000 | 4,842,500 | |
Total | 9,056,500 | |||
Media and Entertainment 0.2% | ||||
fuboTV, Inc. | ||||
02/15/2026 | 3.250% | 6,500,000 | 4,063,150 |
Tri-Continental Corporation | First Quarter Report 2024
5
Portfolio of Investments (continued)Tri-Continental Corporation, March 31, 2024 (Unaudited)
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Other Financial Institutions 0.3% | ||||
RWT Holdings, Inc. | ||||
10/01/2025 | 5.750% | 6,000,000 | 5,790,288 | |
Other REIT 0.8% | ||||
PennyMac Corp. | ||||
03/15/2026 | 5.500% | 9,500,000 | 9,013,600 | |
Redwood Trust, Inc. | ||||
06/15/2027 | 7.750% | 1,000,000 | 957,500 | |
Starwood Property Trust, Inc. | ||||
07/15/2027 | 6.750% | 4,200,000 | 4,452,000 | |
Total | 14,423,100 | |||
Other Utility 0.2% | ||||
American Water Capital Corp.(e) | ||||
06/15/2026 | 3.625% | 4,200,000 | 4,101,300 | |
Pharmaceuticals 0.5% | ||||
BridgeBio Pharma, Inc. | ||||
02/01/2029 | 2.250% | 5,500,000 | 4,478,920 | |
Mirum Pharmaceuticals, Inc.(e) | ||||
05/01/2029 | 4.000% | 3,500,000 | 3,944,150 | |
Total | 8,423,070 | |||
Retailers 0.2% | ||||
Farfetch Ltd.(f) | ||||
05/01/2027 | 0.000% | 5,300,000 | 159,000 | |
Wayfair, Inc. | ||||
09/15/2027 | 3.250% | 2,661,000 | 3,499,215 | |
Total | 3,658,215 | |||
Technology 1.0% | ||||
CSG Systems International, Inc.(e) | ||||
09/15/2028 | 3.875% | 4,398,000 | 4,328,057 | |
Infinera Corp. | ||||
08/01/2028 | 3.750% | 4,200,000 | 4,645,954 | |
Progress Software Corp.(e) | ||||
03/01/2030 | 3.500% | 4,500,000 | 4,556,250 | |
Western Digital Corp.(e) | ||||
11/15/2028 | 3.000% | 3,000,000 | 4,396,500 | |
Total | 17,926,761 | |||
Transportation Services 0.2% | ||||
Air Transport Services Group, Inc.(e) | ||||
08/15/2029 | 3.875% | 5,000,000 | 4,136,435 | |
Total Convertible Bonds (Cost $138,764,602) | 132,912,419 |
Convertible Preferred Stocks 2.5% | |||
Issuer | Shares | Value ($) | |
Financials 1.1% | |||
Banks 0.5% | |||
Bank of America Corp.(g) | 7.250% | 7,500 | 8,954,020 |
Capital Markets 0.1% | |||
AMG Capital Trust II | 5.150% | 50,000 | 2,561,000 |
Financial Services 0.5% | |||
Apollo Global Management, Inc. | 6.750% | 150,000 | 9,598,500 |
Total Financials | 21,113,520 | ||
Industrials 0.3% | |||
Machinery 0.3% | |||
Chart Industries, Inc., ADR | 6.750% | 75,000 | 4,854,000 |
Total Industrials | 4,854,000 | ||
Materials 0.4% | |||
Chemicals 0.4% | |||
Albemarle Corp. | 7.250% | 125,000 | 7,340,000 |
Total Materials | 7,340,000 | ||
Utilities 0.7% | |||
Electric Utilities 0.4% | |||
NextEra Energy, Inc. | 6.926% | 185,000 | 7,300,100 |
Gas Utilities 0.3% | |||
UGI Corp. | 7.250% | 92,500 | 5,362,225 |
Total Utilities | 12,662,325 | ||
Total Convertible Preferred Stocks (Cost $46,122,174) | 45,969,845 |
Corporate Bonds & Notes 16.4% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Aerospace & Defense 0.1% | ||||
Rolls-Royce PLC(e) | ||||
10/15/2027 | 5.750% | 2,412,000 | 2,419,167 | |
Airlines 0.2% | ||||
American Airlines, Inc.(e) | ||||
02/15/2028 | 7.250% | 4,200,000 | 4,262,878 | |
Cable and Satellite 0.4% | ||||
Comcast Corp. | ||||
08/15/2025 | 3.375% | 4,500,000 | 4,399,443 | |
Telesat Canada/LLC(e) | ||||
10/15/2027 | 6.500% | 5,286,000 | 2,259,140 | |
Total | 6,658,583 |
6
Tri-Continental Corporation | First Quarter Report 2024
Portfolio of Investments (continued)Tri-Continental Corporation, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Chemicals 0.7% | ||||
INEOS Finance PLC(e) | ||||
04/15/2029 | 7.500% | 4,500,000 | 4,513,872 | |
Innophos Holdings, Inc.(e) | ||||
02/15/2028 | 9.375% | 4,300,000 | 3,597,489 | |
Olympus Water US Holding Corp.(e) | ||||
10/01/2029 | 6.250% | 5,500,000 | 5,022,282 | |
Total | 13,133,643 | |||
Construction Machinery 0.2% | ||||
PECF USS Intermediate Holding III Corp.(e) | ||||
11/15/2029 | 8.000% | 7,800,000 | 4,150,578 | |
Consumer Cyclical Services 0.3% | ||||
Staples, Inc.(e) | ||||
04/15/2026 | 7.500% | 5,000,000 | 4,879,490 | |
Consumer Products 0.9% | ||||
Mattel, Inc.(e) | ||||
04/01/2029 | 3.750% | 3,100,000 | 2,854,530 | |
Mattel, Inc. | ||||
10/01/2040 | 6.200% | 1,430,000 | 1,427,026 | |
11/01/2041 | 5.450% | 745,000 | 692,078 | |
Newell Brands, Inc. | ||||
09/15/2027 | 6.375% | 2,900,000 | 2,862,323 | |
09/15/2029 | 6.625% | 2,900,000 | 2,833,715 | |
SWF Escrow Issuer Corp.(e) | ||||
10/01/2029 | 6.500% | 7,500,000 | 5,541,448 | |
Total | 16,211,120 | |||
Electric 0.5% | ||||
DTE Energy Co. | ||||
11/01/2024 | 4.220% | 4,500,000 | 4,459,612 | |
Pacific Gas and Electric Co. | ||||
07/01/2050 | 4.950% | 5,500,000 | 4,738,028 | |
Total | 9,197,640 | |||
Food and Beverage 0.7% | ||||
Triton Water Holdings, Inc.(e) | ||||
04/01/2029 | 6.250% | 8,442,000 | 7,687,974 | |
United Natural Foods, Inc.(e) | ||||
10/15/2028 | 6.750% | 6,280,000 | 5,221,075 | |
Total | 12,909,049 | |||
Gaming 0.4% | ||||
Scientific Games Holdings LP/US FinCo, Inc.(e) | ||||
03/01/2030 | 6.625% | 8,500,000 | 8,219,726 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Health Care 1.3% | ||||
CVS Health Corp. | ||||
07/20/2045 | 5.125% | 5,000,000 | 4,605,357 | |
Quotient Ltd.(b),(c),(e),(h) | ||||
04/15/2030 | 12.000% | 2,847,415 | 2,761,993 | |
Star Parent, Inc.(e) | ||||
10/01/2030 | 9.000% | 4,100,000 | 4,341,742 | |
Surgery Center Holdings, Inc.(e) | ||||
07/01/2025 | 6.750% | 4,200,000 | 4,199,742 | |
Tenet Healthcare Corp. | ||||
10/01/2028 | 6.125% | 8,500,000 | 8,468,878 | |
Total | 24,377,712 | |||
Independent Energy 1.3% | ||||
Hilcorp Energy I LP/Finance Co.(e) | ||||
04/15/2030 | 6.000% | 9,000,000 | 8,805,683 | |
Occidental Petroleum Corp. | ||||
07/15/2044 | 4.500% | 6,500,000 | 5,132,631 | |
04/15/2046 | 4.400% | 7,800,000 | 6,338,354 | |
Southwestern Energy Co. | ||||
02/01/2029 | 5.375% | 4,690,000 | 4,558,013 | |
Total | 24,834,681 | |||
Leisure 0.9% | ||||
Carnival Corp.(e) | ||||
05/01/2029 | 6.000% | 7,000,000 | 6,911,920 | |
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op | ||||
10/01/2028 | 6.500% | 4,400,000 | 4,406,091 | |
NCL Corp., Ltd.(e) | ||||
02/15/2029 | 7.750% | 6,000,000 | 6,238,924 | |
Total | 17,556,935 | |||
Media and Entertainment 1.5% | ||||
Clear Channel Outdoor Holdings, Inc.(e) | ||||
04/15/2028 | 7.750% | 10,000,000 | 8,752,106 | |
Deluxe Corp.(e) | ||||
06/01/2029 | 8.000% | 5,000,000 | 4,604,509 | |
Lions Gate Capital Holdings LLC(e) | ||||
04/15/2029 | 5.500% | 12,000,000 | 9,175,207 | |
Mav Acquisition Corp.(e) | ||||
08/01/2029 | 8.000% | 5,500,000 | 5,177,823 | |
Total | 27,709,645 | |||
Oil Field Services 0.8% | ||||
Nabors Industries Ltd.(e) | ||||
01/15/2026 | 7.250% | 4,400,000 | 4,368,208 | |
01/15/2028 | 7.500% | 1,754,000 | 1,644,454 |
Tri-Continental Corporation | First Quarter Report 2024
7
Portfolio of Investments (continued)Tri-Continental Corporation, March 31, 2024 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Transocean Aquila Ltd.(e) | ||||
09/30/2028 | 8.000% | 4,200,000 | 4,309,859 | |
Transocean Titan Financing Ltd.(e) | ||||
02/01/2028 | 8.375% | 4,313,000 | 4,488,631 | |
Total | 14,811,152 | |||
Other Financial Institutions 0.0% | ||||
WeWork Companies, Inc.(e),(f),(h) | ||||
08/15/2027 | 12.000% | 4,500,000 | 97,736 | |
Packaging 0.6% | ||||
ARD Finance SA(e),(h) | ||||
06/30/2027 | 6.500% | 5,832,350 | 1,967,115 | |
Mauser Packaging Solutions Holding Co.(e) | ||||
04/15/2027 | 9.250% | 9,000,000 | 8,927,473 | |
Total | 10,894,588 | |||
Pharmaceuticals 0.7% | ||||
1375209 BC Ltd.(e) | ||||
01/30/2028 | 9.000% | 1,415,000 | 1,386,948 | |
Amgen, Inc. | ||||
03/02/2025 | 5.250% | 4,500,000 | 4,487,557 | |
Bausch Health Companies, Inc.(e) | ||||
09/30/2028 | 11.000% | 2,515,000 | 1,678,622 | |
10/15/2030 | 14.000% | 502,000 | 294,853 | |
Organon Finance 1 LLC(e) | ||||
04/30/2031 | 5.125% | 5,000,000 | 4,428,065 | |
Total | 12,276,045 | |||
Property & Casualty 0.3% | ||||
Panther Escrow Issuer LLC(e),(i) | ||||
06/01/2031 | 7.125% | 4,700,000 | 4,783,852 | |
Restaurants 0.5% | ||||
Fertitta Entertainment LLC/Finance Co., Inc.(e) | ||||
01/15/2030 | 6.750% | 10,000,000 | 8,975,890 | |
Retailers 1.0% | ||||
Academy Ltd.(e) | ||||
11/15/2027 | 6.000% | 4,867,000 | 4,795,009 | |
Hanesbrands, Inc.(e) | ||||
02/15/2031 | 9.000% | 4,200,000 | 4,314,144 | |
L Brands, Inc.(e) | ||||
10/01/2030 | 6.625% | 4,500,000 | 4,604,600 | |
Magic MergeCo, Inc.(e) | ||||
05/01/2029 | 7.875% | 6,000,000 | 4,499,669 | |
Total | 18,213,422 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Supermarkets 0.3% | ||||
Safeway, Inc. | ||||
02/01/2031 | 7.250% | 4,512,000 | 4,815,638 | |
Technology 2.6% | ||||
Broadcom, Inc.(e) | ||||
02/15/2041 | 3.500% | 6,000,000 | 4,658,877 | |
Cloud Software Group, Inc.(e) | ||||
09/30/2029 | 9.000% | 4,500,000 | 4,317,747 | |
Consensus Cloud Solutions, Inc.(e) | ||||
10/15/2026 | 6.000% | 5,000,000 | 4,771,372 | |
Minerva Merger Sub, Inc.(e) | ||||
02/15/2030 | 6.500% | 8,000,000 | 7,325,118 | |
Neptune Bidco US, Inc.(e) | ||||
04/15/2029 | 9.290% | 7,254,000 | 6,863,207 | |
NortonLifeLock, Inc.(e) | ||||
09/30/2027 | 6.750% | 5,500,000 | 5,581,322 | |
09/30/2030 | 7.125% | 3,000,000 | 3,082,299 | |
Picard Midco, Inc.(e) | ||||
03/31/2029 | 6.500% | 5,000,000 | 4,747,963 | |
Rocket Software, Inc.(e) | ||||
02/15/2029 | 6.500% | 8,875,000 | 7,589,470 | |
Total | 48,937,375 | |||
Transportation Services 0.2% | ||||
XPO, Inc.(e) | ||||
06/01/2028 | 6.250% | 4,600,000 | 4,644,975 | |
Total Corporate Bonds & Notes (Cost $328,688,924) | 304,971,520 |
Preferred Debt 0.3% | ||||
Issuer | Coupon Rate | Shares | Value ($) | |
Banking 0.3% | ||||
Citigroup Capital XIII(j) | ||||
10/30/2040 | 11.949% | 160,000 | 4,715,200 | |
Total Preferred Debt (Cost $4,210,207) | 4,715,200 |
8
Tri-Continental Corporation | First Quarter Report 2024
Portfolio of Investments (continued)Tri-Continental Corporation, March 31, 2024 (Unaudited)
Warrants —% | ||
Issuer | Shares | Value ($) |
Health Care —% | ||
Health Care Equipment & Supplies —% | ||
Quotient Ltd.(a),(b),(c) | 39,425 | 0 |
Quotient Ltd.(a),(b),(c) | 181,609 | 0 |
Total | 0 | |
Total Health Care | 0 | |
Total Warrants (Cost $—) | 0 | |
Money Market Funds 0.9% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.543%(k),(l) | 17,360,684 | 17,357,212 |
Total Money Market Funds (Cost $17,352,744) | 17,357,212 | |
Total Investments in Securities (Cost: $1,480,591,075) | 1,851,230,385 | |
Other Assets & Liabilities, Net | 7,372,089 | |
Net Assets | 1,858,602,474 |
At March 31, 2024, securities and/or cash totaling $1,337,544 were pledged as collateral.
Investments in derivatives
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 29 | 06/2024 | USD | 7,697,325 | 120,583 | — |
Notes to Portfolio of Investments
(a) | Non-income producing investment. |
(b) | Represents fair value as determined in good faith under procedures approved by the Board of Directors. At March 31, 2024, the total value of these securities amounted to $3,207,133, which represents 0.17% of total net assets. |
(c) | Valuation based on significant unobservable inputs. |
(d) | This security or a portion of this security has been pledged as collateral in connection with derivative contracts. |
(e) | 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, 2024, the total value of these securities amounted to $305,903,418, which represents 16.46% of total net assets. |
(f) | Represents a security in default. |
(g) | Perpetual security with no specified maturity date. |
(h) | Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
(i) | Represents a security purchased on a when-issued basis. |
(j) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of March 31, 2024. |
(k) | The rate shown is the seven-day current annualized yield at March 31, 2024. |
(l) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended March 31, 2024 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.543% | ||||||||
29,152,086 | 55,605,054 | (67,398,241 ) | (1,687 ) | 17,357,212 | (681 ) | 408,831 | 17,360,684 |
Abbreviation Legend
ADR | American Depositary Receipt |
Tri-Continental Corporation | First Quarter Report 2024
9