Portfolio of Investments
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 68.7% | ||
Issuer | Shares | Value ($) |
Communication Services 6.9% | ||
Diversified Telecommunication Services 2.8% | ||
AT&T, Inc. | 225,000 | 6,558,750 |
BCE, Inc. | 87,500 | 3,575,250 |
Verizon Communications, Inc. | 489,000 | 26,273,970 |
Total | 36,407,970 | |
Interactive Media & Services 4.1% | ||
Alphabet, Inc., Class A(a) | 27,300 | 31,721,235 |
Facebook, Inc., Class A(a) | 138,300 | 23,068,440 |
Total | 54,789,675 | |
Total Communication Services | 91,197,645 | |
Consumer Discretionary 6.2% | ||
Automobiles 0.3% | ||
General Motors Co. | 200,000 | 4,156,000 |
Hotels, Restaurants & Leisure 1.0% | ||
Extended Stay America, Inc. | 425,000 | 3,106,750 |
Hilton Worldwide Holdings, Inc. | 27,400 | 1,869,776 |
Las Vegas Sands Corp. | 65,000 | 2,760,550 |
Starbucks Corp. | 84,200 | 5,535,308 |
Total | 13,272,384 | |
Household Durables 0.3% | ||
Newell Brands, Inc. | 250,000 | 3,320,000 |
PulteGroup, Inc. | 65,200 | 1,455,264 |
Total | 4,775,264 | |
Internet & Direct Marketing Retail 2.1% | ||
Amazon.com, Inc.(a) | 8,410 | 16,397,145 |
eBay, Inc. | 314,300 | 9,447,858 |
Expedia Group, Inc. | 35,500 | 1,997,585 |
Total | 27,842,588 | |
Multiline Retail 1.0% | ||
Target Corp. | 140,900 | 13,099,473 |
Specialty Retail 1.3% | ||
AutoZone, Inc.(a) | 7,200 | 6,091,200 |
Best Buy Co., Inc. | 133,000 | 7,581,000 |
Home Depot, Inc. (The) | 20,000 | 3,734,200 |
Total | 17,406,400 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Textiles, Apparel & Luxury Goods 0.2% | ||
Kontoor Brands, Inc. | 125,000 | 2,396,250 |
Total Consumer Discretionary | 82,948,359 | |
Consumer Staples 5.2% | ||
Food & Staples Retailing 0.2% | ||
Walgreens Boots Alliance, Inc. | 45,450 | 2,079,338 |
Food Products 1.3% | ||
General Mills, Inc. | 232,400 | 12,263,748 |
Hershey Co. (The) | 8,300 | 1,099,750 |
JM Smucker Co. (The) | 30,000 | 3,330,000 |
Total | 16,693,498 | |
Household Products 2.1% | ||
Kimberly-Clark Corp. | 84,750 | 10,836,982 |
Procter & Gamble Co. (The) | 156,600 | 17,226,000 |
Total | 28,062,982 | |
Tobacco 1.6% | ||
Altria Group, Inc. | 58,500 | 2,262,195 |
Philip Morris International, Inc. | 268,600 | 19,597,056 |
Total | 21,859,251 | |
Total Consumer Staples | 68,695,069 | |
Energy 2.5% | ||
Oil, Gas & Consumable Fuels 2.5% | ||
Chevron Corp.(b) | 157,600 | 11,419,696 |
ConocoPhillips Co. | 225,000 | 6,930,000 |
Devon Energy Corp. | 66,800 | 461,588 |
HollyFrontier Corp. | 68,700 | 1,683,837 |
Valero Energy Corp. | 172,100 | 7,806,456 |
Williams Companies, Inc. (The) | 375,000 | 5,306,250 |
Total | 33,607,827 | |
Total Energy | 33,607,827 | |
Financials 9.0% | ||
Banks 3.1% | ||
Bank of America Corp. | 76,000 | 1,613,480 |
Citigroup, Inc. | 448,700 | 18,899,244 |
Citizens Financial Group, Inc. | 59,500 | 1,119,195 |
JPMorgan Chase & Co. | 80,000 | 7,202,400 |
Tri-Continental Corporation | Quarterly Report 2020 | 1 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
KeyCorp | 360,000 | 3,733,200 |
U.S. Bancorp | 115,000 | 3,961,750 |
Wells Fargo & Co. | 180,000 | 5,166,000 |
Total | 41,695,269 | |
Capital Markets 3.0% | ||
Ares Capital Corp. | 450,000 | 4,851,000 |
Bank of New York Mellon Corp. (The) | 43,200 | 1,454,976 |
BlackRock, Inc. | 2,400 | 1,055,928 |
Intercontinental Exchange, Inc. | 169,200 | 13,662,900 |
Moody’s Corp. | 12,600 | 2,664,900 |
Morgan Stanley | 135,000 | 4,590,000 |
S&P Global, Inc. | 40,100 | 9,826,505 |
T. Rowe Price Group, Inc. | 6,000 | 585,900 |
TCG BDC, Inc. | 250,000 | 1,305,000 |
Total | 39,997,109 | |
Consumer Finance 0.7% | ||
Capital One Financial Corp. | 152,700 | 7,699,134 |
Synchrony Financial | 123,000 | 1,979,070 |
Total | 9,678,204 | |
Diversified Financial Services 0.3% | ||
Voya Financial, Inc. | 86,100 | 3,491,355 |
Insurance 1.3% | ||
Allstate Corp. (The) | 100,000 | 9,173,000 |
MetLife, Inc. | 190,200 | 5,814,414 |
Prudential Financial, Inc. | 51,000 | 2,659,140 |
Total | 17,646,554 | |
Mortgage Real Estate Investment Trusts (REITS) 0.6% | ||
Blackstone Mortgage Trust, Inc. | 150,000 | 2,793,000 |
Starwood Property Trust, Inc. | 500,000 | 5,125,000 |
Total | 7,918,000 | |
Total Financials | 120,426,491 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care 10.2% | ||
Biotechnology 2.1% | ||
AbbVie, Inc. | 171,120 | 13,037,633 |
Alexion Pharmaceuticals, Inc.(a) | 40,970 | 3,678,696 |
BioMarin Pharmaceutical, Inc.(a) | 34,800 | 2,940,600 |
Gilead Sciences, Inc. | 40,000 | 2,990,400 |
Vertex Pharmaceuticals, Inc.(a) | 25,050 | 5,960,647 |
Total | 28,607,976 | |
Health Care Equipment & Supplies 1.5% | ||
Baxter International, Inc. | 35,000 | 2,841,650 |
Dentsply Sirona, Inc. | 28,860 | 1,120,634 |
Hologic, Inc.(a) | 13,200 | 463,320 |
Medtronic PLC | 169,500 | 15,285,510 |
Total | 19,711,114 | |
Health Care Providers & Services 1.6% | ||
Cardinal Health, Inc. | 158,940 | 7,619,584 |
DaVita, Inc.(a) | 37,000 | 2,814,220 |
HCA Healthcare, Inc. | 13,300 | 1,195,005 |
Humana, Inc. | 10,400 | 3,265,808 |
McKesson Corp. | 48,900 | 6,614,214 |
Total | 21,508,831 | |
Pharmaceuticals 5.0% | ||
Amryt Pharma PLC, ADR(a) | 307,275 | 2,019,350 |
Bristol-Myers Squibb Co. | 248,000 | 13,823,520 |
Eli Lilly & Co. | 35,000 | 4,855,200 |
Johnson & Johnson | 121,000 | 15,866,730 |
Merck & Co., Inc. | 279,400 | 21,497,036 |
Mylan NV(a) | 195,000 | 2,907,450 |
Perrigo Co. PLC | 32,700 | 1,572,543 |
Pfizer, Inc. | 115,000 | 3,753,600 |
Total | 66,295,429 | |
Total Health Care | 136,123,350 | |
Industrials 5.8% | ||
Aerospace & Defense 1.6% | ||
Lockheed Martin Corp. | 62,200 | 21,082,690 |
Air Freight & Logistics 0.4% | ||
United Parcel Service, Inc., Class B | 65,000 | 6,072,300 |
2 | Tri-Continental Corporation | Quarterly Report 2020 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Airlines 0.7% | ||
Delta Air Lines, Inc. | 28,700 | 818,811 |
Southwest Airlines Co. | 254,200 | 9,052,062 |
Total | 9,870,873 | |
Electrical Equipment 1.2% | ||
Eaton Corp. PLC | 199,900 | 15,530,231 |
Machinery 1.6% | ||
Caterpillar, Inc. | 30,000 | 3,481,200 |
Cummins, Inc. | 84,600 | 11,448,072 |
Illinois Tool Works, Inc. | 42,300 | 6,011,676 |
Total | 20,940,948 | |
Professional Services 0.1% | ||
Robert Half International, Inc. | 37,600 | 1,419,400 |
Transportation Infrastructure 0.2% | ||
Macquarie Infrastructure Corp. | 105,000 | 2,651,250 |
Total Industrials | 77,567,692 | |
Information Technology 16.8% | ||
Communications Equipment 1.8% | ||
Cisco Systems, Inc. | 615,400 | 24,191,374 |
Electronic Equipment, Instruments & Components 0.4% | ||
Corning, Inc. | 235,000 | 4,826,900 |
IT Services 3.2% | ||
International Business Machines Corp. | 57,500 | 6,378,475 |
MasterCard, Inc., Class A | 75,600 | 18,261,936 |
VeriSign, Inc.(a) | 72,100 | 12,984,489 |
Visa, Inc., Class A | 34,300 | 5,526,416 |
Total | 43,151,316 | |
Semiconductors & Semiconductor Equipment 3.6% | ||
Broadcom, Inc. | 91,000 | 21,576,100 |
Intel Corp. | 147,800 | 7,998,936 |
Lam Research Corp. | 2,500 | 600,000 |
QUALCOMM, Inc. | 165,800 | 11,216,370 |
Texas Instruments, Inc. | 70,000 | 6,995,100 |
Total | 48,386,506 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Software 4.8% | ||
Adobe, Inc.(a) | 29,000 | 9,228,960 |
Autodesk, Inc.(a) | 43,700 | 6,821,570 |
Cadence Design Systems, Inc.(a) | 17,900 | 1,182,116 |
Fortinet, Inc.(a) | 131,400 | 13,293,738 |
Microsoft Corp. | 164,100 | 25,880,211 |
NortonLifeLock, Inc. | 365,000 | 6,829,150 |
Total | 63,235,745 | |
Technology Hardware, Storage & Peripherals 3.0% | ||
Apple, Inc. | 82,750 | 21,042,497 |
HP, Inc. | 602,300 | 10,455,928 |
Seagate Technology PLC | 70,000 | 3,416,000 |
Western Digital Corp. | 115,000 | 4,786,300 |
Total | 39,700,725 | |
Total Information Technology | 223,492,566 | |
Materials 1.4% | ||
Chemicals 0.9% | ||
Dow, Inc. | 145,000 | 4,239,800 |
LyondellBasell Industries NV, Class A | 162,400 | 8,059,912 |
Total | 12,299,712 | |
Metals & Mining 0.5% | ||
Nucor Corp. | 167,600 | 6,036,952 |
Total Materials | 18,336,664 | |
Real Estate 2.5% | ||
Equity Real Estate Investment Trusts (REITS) 2.5% | ||
Alexandria Real Estate Equities, Inc. | 32,500 | 4,454,450 |
American Tower Corp. | 66,690 | 14,521,748 |
Duke Realty Corp. | 125,000 | 4,047,500 |
Medical Properties Trust, Inc. | 350,000 | 6,051,500 |
ProLogis, Inc. | 33,800 | 2,716,506 |
SBA Communications Corp. | 5,400 | 1,457,838 |
Total | 33,249,542 | |
Total Real Estate | 33,249,542 |
Tri-Continental Corporation | Quarterly Report 2020 | 3 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Utilities 2.2% | ||
Electric Utilities 1.8% | ||
American Electric Power Co., Inc. | 24,500 | 1,959,510 |
Edison International | 87,500 | 4,794,125 |
Entergy Corp. | 50,500 | 4,745,485 |
Exelon Corp. | 288,000 | 10,601,280 |
NRG Energy, Inc. | 70,000 | 1,908,200 |
Total | 24,008,600 | |
Independent Power and Renewable Electricity Producers 0.4% | ||
AES Corp. (The) | 375,300 | 5,104,080 |
Total Utilities | 29,112,680 | |
Total Common Stocks (Cost $1,007,778,919) | 914,757,885 |
Convertible Bonds 5.8% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Cable and Satellite 0.5% | ||||
DISH Network Corp. | ||||
08/15/2026 | 3.375% | 9,000,000 | 7,306,663 | |
Health Care 0.7% | ||||
Invacare Corp. | ||||
11/15/2024 | 5.000% | 4,000,000 | 3,588,378 | |
Novavax, Inc. | ||||
02/01/2023 | 3.750% | 6,800,000 | 5,344,283 | |
Total | 8,932,661 | |||
Home Construction 0.5% | ||||
SunPower Corp. | ||||
01/15/2023 | 4.000% | 7,500,000 | 6,334,381 | |
Independent Energy 0.0% | ||||
Chesapeake Energy Corp.(c) | ||||
09/15/2026 | 0.000% | 9,000,000 | 405,000 | |
Life Insurance 0.3% | ||||
AXA SA(d) | ||||
05/15/2021 | 7.250% | 5,500,000 | 4,112,933 | |
Metals and Mining 0.3% | ||||
Endeavour Mining Corp.(d) | ||||
02/15/2023 | 3.000% | 4,300,000 | 3,977,500 | |
Other Financial Institutions 0.3% | ||||
RWT Holdings, Inc.(d) | ||||
10/01/2025 | 5.750% | 6,750,000 | 4,129,860 |
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Other Industry 0.2% | ||||
Green Plains, Inc. | ||||
09/01/2022 | 4.125% | 4,600,000 | 3,056,125 | |
Other REIT 0.3% | ||||
Blackstone Mortgage Trust, Inc. | ||||
05/05/2022 | 4.375% | 4,200,000 | 3,318,000 | |
Pharmaceuticals 1.4% | ||||
Aegerion Pharmaceuticals, Inc.(d) | ||||
04/01/2025 | 5.000% | 1,687,570 | 1,603,191 | |
Clovis Oncology, Inc. | ||||
05/01/2025 | 1.250% | 8,000,000 | 4,727,562 | |
Insmed, Inc. | ||||
01/15/2025 | 1.750% | 4,300,000 | 3,590,756 | |
Intercept Pharmaceuticals, Inc. | ||||
07/01/2023 | 3.250% | 4,300,000 | 3,440,208 | |
Radius Health, Inc. | ||||
09/01/2024 | 3.000% | 5,200,000 | 3,672,774 | |
Tilray, Inc. | ||||
10/01/2023 | 5.000% | 5,250,000 | 1,659,201 | |
Total | 18,693,692 | |||
Property & Casualty 0.6% | ||||
Heritage Insurance Holdings, Inc. | ||||
08/01/2037 | 5.875% | 3,500,000 | 3,424,526 | |
MGIC Investment Corp.(d),(e) | ||||
Junior Subordinated | ||||
04/01/2063 | 9.000% | 3,011,000 | 3,901,754 | |
Total | 7,326,280 | |||
Technology 0.7% | ||||
Avaya Holdings Corp. | ||||
06/15/2023 | 2.250% | 6,900,000 | 5,521,160 | |
Microchip Technology, Inc. | ||||
Junior Subordinated | ||||
02/15/2037 | 2.250% | 4,300,000 | 4,015,104 | |
Total | 9,536,264 | |||
Total Convertible Bonds (Cost $104,165,964) | 77,129,359 |
Convertible Preferred Stocks 7.8% | |||
Issuer | Shares | Value ($) | |
Consumer Staples 0.3% | |||
Household Products 0.3% | |||
Energizer Holdings, Inc. | 7.500% | 60,000 | 4,085,319 |
Total Consumer Staples | 4,085,319 |
4 | Tri-Continental Corporation | Quarterly Report 2020 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Convertible Preferred Stocks (continued) | |||
Issuer | Shares | Value ($) | |
Financials 1.3% | |||
Banks 0.5% | |||
Bank of America Corp. | 7.250% | 5,000 | 6,330,100 |
Capital Markets 0.5% | |||
AMG Capital Trust II | 5.150% | 130,000 | 3,924,375 |
Cowen, Inc. | 5.625% | 5,200 | 3,474,670 |
Total | 7,399,045 | ||
Insurance 0.3% | |||
Assurant, Inc. | 6.500% | 32,500 | 3,428,750 |
Total Financials | 17,157,895 | ||
Health Care 1.6% | |||
Health Care Equipment & Supplies 0.9% | |||
Becton Dickinson and Co. | 6.125% | 135,000 | 7,378,489 |
Danaher Corp. | 4.750% | 4,600 | 4,795,868 |
Total | 12,174,357 | ||
Health Care Technology 0.3% | |||
Change Healthcare, Inc. | 6.000% | 80,000 | 3,360,000 |
Life Sciences Tools & Services 0.4% | |||
Avantor, Inc. | 6.250% | 135,000 | 5,940,000 |
Total Health Care | 21,474,357 | ||
Industrials 0.3% | |||
Machinery 0.3% | |||
Stanley Black & Decker, Inc. | 5.250% | 45,000 | 3,179,340 |
Total Industrials | 3,179,340 | ||
Real Estate 1.0% | |||
Equity Real Estate Investment Trusts (REITS) 1.0% | |||
Crown Castle International Corp. | 6.875% | 7,000 | 9,049,904 |
QTS Realty Trust, Inc. | 6.500% | 35,000 | 4,523,273 |
Total | 13,573,177 | ||
Total Real Estate | 13,573,177 | ||
Utilities 3.3% | |||
Electric Utilities 1.7% | |||
American Electric Power Co., Inc. | 6.125% | 195,000 | 9,496,558 |
NextEra Energy, Inc. | 5.279% | 180,000 | 7,913,602 |
Southern Co. (The) | 6.750% | 110,000 | 4,884,000 |
Total | 22,294,160 |
Convertible Preferred Stocks (continued) | |||
Issuer | Shares | Value ($) | |
Multi-Utilities 1.3% | |||
Dominion Energy, Inc. | 7.250% | 75,000 | 7,023,000 |
DTE Energy Co. | 6.250% | 270,603 | 10,731,032 |
Total | 17,754,032 | ||
Water Utilities 0.3% | |||
Essential Utilities, Inc. | 6.000% | 70,000 | 3,790,563 |
Total Utilities | 43,838,755 | ||
Total Convertible Preferred Stocks (Cost $115,124,378) | 103,308,843 |
Corporate Bonds & Notes 14.5% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Brokerage/Asset Managers/Exchanges 0.6% | ||||
LPL Holdings, Inc.(d) | ||||
09/15/2025 | 5.750% | 7,850,000 | 7,538,270 | |
Cable and Satellite 1.0% | ||||
Charter Communications Operating LLC/Capital | ||||
10/23/2045 | 6.484% | 6,200,000 | 7,419,278 | |
Gogo Intermediate Holdings LLC/Finance Co., Inc.(d) | ||||
05/01/2024 | 9.875% | 4,200,000 | 3,318,244 | |
Telesat Canada/LLC(d) | ||||
10/15/2027 | 6.500% | 2,286,000 | 2,215,052 | |
Total | 12,952,574 | |||
Chemicals 0.9% | ||||
Innophos Holdings, Inc.(d) | ||||
02/15/2028 | 9.375% | 4,300,000 | 4,181,114 | |
Starfruit Finco BV/US Holdco LLC(d) | ||||
10/01/2026 | 8.000% | 8,400,000 | 7,964,557 | |
Total | 12,145,671 | |||
Consumer Cyclical Services 0.4% | ||||
Uber Technologies, Inc.(d) | ||||
11/01/2023 | 7.500% | 4,000,000 | 3,939,958 | |
09/15/2027 | 7.500% | 2,100,000 | 2,072,999 | |
Total | 6,012,957 | |||
Consumer Products 0.6% | ||||
Mattel, Inc.(d) | ||||
12/31/2025 | 6.750% | 4,942,000 | 5,031,812 | |
12/15/2027 | 5.875% | 1,079,000 | 1,110,094 | |
Mattel, Inc. | ||||
10/01/2040 | 6.200% | 1,430,000 | 1,182,640 | |
11/01/2041 | 5.450% | 745,000 | 581,085 | |
Total | 7,905,631 |
Tri-Continental Corporation | Quarterly Report 2020 | 5 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Electric 0.3% | ||||
Enviva Partners LP/Finance Corp.(d) | ||||
01/15/2026 | 6.500% | 3,725,000 | 3,573,847 | |
Environmental 0.5% | ||||
Covanta Holding Corp. | ||||
07/01/2025 | 5.875% | 4,834,000 | 4,447,280 | |
01/01/2027 | 6.000% | 3,000,000 | 2,541,669 | |
Total | 6,988,949 | |||
Finance Companies 0.9% | ||||
Fortress Transportation & Infrastructure Investors LLC(d) | ||||
10/01/2025 | 6.500% | 6,000,000 | 4,395,000 | |
Springleaf Finance Corp. | ||||
03/15/2025 | 6.875% | 7,500,000 | 7,562,926 | |
Total | 11,957,926 | |||
Food and Beverage 0.6% | ||||
Chobani LLC/Finance Corp., Inc.(d) | ||||
04/15/2025 | 7.500% | 4,597,000 | 4,061,791 | |
Lamb Weston Holdings, Inc.(d) | ||||
11/01/2026 | 4.875% | 3,900,000 | 3,970,845 | |
Total | 8,032,636 | |||
Health Care 0.6% | ||||
Quotient Ltd.(d),(f),(g) | ||||
04/15/2024 | 12.000% | 2,170,000 | 2,170,000 | |
04/15/2024 | 12.000% | 930,000 | 930,000 | |
Surgery Center Holdings, Inc.(d) | ||||
07/01/2025 | 6.750% | 6,100,000 | 4,456,271 | |
Total | 7,556,271 | |||
Healthcare Insurance 0.5% | ||||
Centene Corp.(d) | ||||
12/15/2027 | 4.250% | 7,027,000 | 6,887,072 | |
Independent Energy 0.8% | ||||
Indigo Natural Resources LLC(d) | ||||
02/15/2026 | 6.875% | 9,500,000 | 6,483,695 | |
Talos Production LLC/Finance, Inc. | ||||
04/03/2022 | 11.000% | 6,136,177 | 3,773,749 | |
Total | 10,257,444 | |||
Media and Entertainment 0.8% | ||||
Lions Gate Capital Holdings LLC(d) | ||||
11/01/2024 | 5.875% | 8,250,000 | 7,154,034 | |
Meredith Corp. | ||||
02/01/2026 | 6.875% | 3,700,000 | 3,251,645 | |
Total | 10,405,679 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Metals and Mining 0.9% | ||||
CONSOL Energy, Inc.(d) | ||||
11/15/2025 | 11.000% | 4,200,000 | 1,589,372 | |
Constellium NV(d) | ||||
03/01/2025 | 6.625% | 7,900,000 | 7,112,686 | |
Warrior Met Coal, Inc.(d) | ||||
11/01/2024 | 8.000% | 3,832,000 | 3,245,607 | |
Total | 11,947,665 | |||
Midstream 0.2% | ||||
Rockpoint Gas Storage Canada Ltd.(d) | ||||
03/31/2023 | 7.000% | 4,216,000 | 3,130,595 | |
Summit Midstream Partners LP(e) | ||||
Junior Subordinated | ||||
12/31/2049 | 9.500% | 8,400,000 | 120,098 | |
Total | 3,250,693 | |||
Oil Field Services 0.1% | ||||
Nabors Industries Ltd.(d) | ||||
01/15/2026 | 7.250% | 3,447,000 | 1,166,627 | |
01/15/2028 | 7.500% | 854,000 | 233,419 | |
Total | 1,400,046 | |||
Other Industry 0.2% | ||||
WeWork Companies, Inc.(d) | ||||
05/01/2025 | 7.875% | 7,700,000 | 2,854,542 | |
Packaging 1.6% | ||||
ARD Finance SA(d),(h) | ||||
06/30/2027 | 6.500% | 8,000,000 | 6,978,995 | |
BWAY Holding Co.(d) | ||||
04/15/2025 | 7.250% | 8,500,000 | 6,656,320 | |
Novolex(d) | ||||
01/15/2025 | 6.875% | 8,490,000 | 7,937,475 | |
Total | 21,572,790 | |||
Pharmaceuticals 0.6% | ||||
Bausch Health Companies, Inc.(d) | ||||
01/31/2027 | 8.500% | 3,700,000 | 3,868,883 | |
01/30/2028 | 5.000% | 1,228,000 | 1,162,573 | |
01/30/2030 | 5.250% | 2,728,000 | 2,582,178 | |
Total | 7,613,634 | |||
Restaurants 0.2% | ||||
IRB Holding Corp.(d) | ||||
02/15/2026 | 6.750% | 4,300,000 | 3,445,488 |
6 | Tri-Continental Corporation | Quarterly Report 2020 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Supermarkets 0.6% | ||||
Albertsons Companies LLC/Safeway, Inc./New Albertsons LP(d) | ||||
02/15/2028 | 5.875% | 500,000 | 509,303 | |
Safeway, Inc. | ||||
02/01/2031 | 7.250% | 7,512,000 | 7,455,834 | |
Total | 7,965,137 | |||
Technology 1.0% | ||||
Diebold, Inc. | ||||
04/15/2024 | 8.500% | 8,100,000 | 5,389,448 | |
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/U.S. Holdings I LLC(d) | ||||
11/30/2024 | 10.000% | 3,750,000 | 3,868,296 | |
Western Digital Corp. | ||||
02/15/2026 | 4.750% | 3,500,000 | 3,550,245 | |
Total | 12,807,989 | |||
Transportation Services 0.3% | ||||
Hertz Corp. (The)(d) | ||||
10/15/2024 | 5.500% | 3,500,000 | 1,921,457 | |
08/01/2026 | 7.125% | 4,500,000 | 2,380,190 | |
Total | 4,301,647 | |||
Wirelines 0.3% | ||||
Front Range BidCo, Inc.(d) | ||||
03/01/2028 | 6.125% | 4,350,000 | 4,134,507 | |
Total Corporate Bonds & Notes (Cost $237,849,909) | 193,509,065 |
Limited Partnerships 0.3% | ||
Issuer | Shares | Value ($) |
Energy 0.3% | ||
Oil, Gas & Consumable Fuels 0.3% | ||
Enviva Partners LP | 115,000 | 3,072,800 |
Rattler Midstream LP | 335,000 | 1,165,800 |
Total | 4,238,600 | |
Total Energy | 4,238,600 | |
Total Limited Partnerships (Cost $8,630,942) | 4,238,600 |
Preferred Debt 0.6% | ||||
Issuer | Coupon Rate | Shares | Value ($) | |
Banking 0.3% | ||||
Citigroup Capital XIII(e) | ||||
10/30/2040 | 8.953% | 155,000 | 3,968,000 |
Preferred Debt (continued) | ||||
Issuer | Coupon Rate | Shares | Value ($) | |
Finance Companies 0.3% | ||||
GMAC Capital Trust I(e) | ||||
02/15/2040 | 8.303% | 165,000 | 3,384,150 | |
Total Preferred Debt (Cost $8,251,367) | 7,352,150 |
Senior Loans 0.2% | ||||
Borrower | Coupon Rate | Principal Amount ($) | Value ($) | |
Oil Field Services 0.2% | ||||
BCP Raptor LLC/EagleClaw Midstream Ventures(i),(j) | ||||
Term Loan | ||||
3-month USD LIBOR + 4.250% Floor 1.000% 06/24/2024 | 5.250% | 7,783,890 | 3,269,234 | |
Total Senior Loans (Cost $7,722,176) | 3,269,234 |
Warrants —% | ||
Issuer | Shares | Value ($) |
Energy —% | ||
Oil, Gas & Consumable Fuels —% | ||
Goodrich Petroleum Corp.(a),(f),(g) | 16,334 | 0 |
Total Energy | 0 | |
Total Warrants (Cost $—) | 0 | |
Money Market Funds 1.1% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.787%(k),(l) | 2,571,528 | 2,570,242 |
JPMorgan U.S. Government Money Market Fund, Agency Shares, 0.230%(k) | 11,703,298 | 11,703,298 |
Total Money Market Funds (Cost $14,274,399) | 14,273,540 | |
Total Investments in Securities (Cost: $1,503,798,054) | 1,317,838,676 | |
Other Assets & Liabilities, Net | 12,688,717 | |
Net Assets | 1,330,527,393 |
Tri-Continental Corporation | Quarterly Report 2020 | 7 |
Portfolio of Investments (continued)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
Tri-Continental Corporation, March 31, 2020 (Unaudited)
At March 31, 2020, securities and/or cash totaling $753,584 were pledged as collateral.
Investments in derivatives
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 31 | 06/2020 | USD | 3,983,035 | 183,838 | — |
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 securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At March 31, 2020, the total value of these securities amounted to $405,000, which represents 0.03% of total net assets. |
(d) | 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. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Directors. At March 31, 2020, the total value of these securities amounted to $163,958,406, which represents 12.32% of total net assets. |
(e) | 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, 2020. |
(f) | Represents fair value as determined in good faith under procedures approved by the Board of Directors. At March 31, 2020, the total value of these securities amounted to $3,100,000, which represents 0.23% of total net assets. |
(g) | Valuation based on significant unobservable inputs. |
(h) | Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
(i) | The stated interest rate represents the weighted average interest rate at March 31, 2020 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. |
(j) | Variable rate security. The interest rate shown was the current rate as of March 31, 2020. |
(k) | The rate shown is the seven-day current annualized yield at March 31, 2020. |
(l) | As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended March 31, 2020 are as follows: |
Issuer | Beginning shares | Shares purchased | Shares sold | Ending shares | Realized gain (loss) — affiliated issuers ($) | Net change in unrealized appreciation (depreciation) — affiliated issuers ($) | Dividends — affiliated issuers ($) | Value — affiliated issuers at end of period ($) |
Columbia Short-Term Cash Fund, 0.787% | ||||||||
14,273,946 | 23,223,187 | (34,925,605) | 2,571,528 | 1,100 | (859) | 39,238 | 2,570,242 |
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.
8 | Tri-Continental Corporation | Quarterly Report 2020 |