Portfolio of Investments
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 68.8% | ||
Issuer | Shares | Value ($) |
Communication Services 6.5% | ||
Diversified Telecommunication Services 1.6% | ||
AT&T, Inc. | 250,000 | 7,127,500 |
Verizon Communications, Inc. | 331,900 | 19,744,731 |
Total | 26,872,231 | |
Entertainment 1.0% | ||
Activision Blizzard, Inc. | 32,800 | 2,655,160 |
Electronic Arts, Inc.(a) | 105,700 | 13,784,337 |
Total | 16,439,497 | |
Interactive Media & Services 3.5% | ||
Alphabet, Inc., Class A(a) | 24,175 | 35,430,880 |
Facebook, Inc., Class A(a) | 80,000 | 20,952,000 |
Total | 56,382,880 | |
Media 0.4% | ||
Comcast Corp., Class A | 100,000 | 4,626,000 |
Interpublic Group of Companies, Inc. (The) | 85,100 | 1,418,617 |
Total | 6,044,617 | |
Total Communication Services | 105,739,225 | |
Consumer Discretionary 7.4% | ||
Hotels, Restaurants & Leisure 1.0% | ||
Domino’s Pizza, Inc. | 7,700 | 3,274,656 |
Extended Stay America, Inc. | 325,000 | 3,883,750 |
Hilton Worldwide Holdings, Inc. | 58,500 | 4,991,220 |
Wyndham Destinations, Inc. | 130,000 | 3,998,800 |
Total | 16,148,426 | |
Household Durables 0.9% | ||
Newell Brands, Inc. | 265,000 | 4,547,400 |
PulteGroup, Inc. | 197,000 | 9,119,130 |
Total | 13,666,530 | |
Internet & Direct Marketing Retail 2.2% | ||
Amazon.com, Inc.(a) | 8,970 | 28,244,108 |
eBay, Inc. | 148,400 | 7,731,640 |
Total | 35,975,748 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Multiline Retail 1.2% | ||
Dollar General Corp. | 7,700 | 1,614,074 |
Target Corp. | 117,300 | 18,465,366 |
Total | 20,079,440 | |
Specialty Retail 2.1% | ||
Best Buy Co., Inc. | 113,800 | 12,664,802 |
Home Depot, Inc. (The) | 29,200 | 8,109,132 |
Lowe’s Companies, Inc. | 75,100 | 12,456,086 |
Total | 33,230,020 | |
Total Consumer Discretionary | 119,100,164 | |
Consumer Staples 5.3% | ||
Food & Staples Retailing 0.6% | ||
Kroger Co. (The) | 286,400 | 9,711,824 |
Food Products 1.2% | ||
General Mills, Inc. | 176,200 | 10,868,016 |
JM Smucker Co. (The) | 37,500 | 4,332,000 |
Kraft Heinz Co. (The) | 154,800 | 4,636,260 |
Total | 19,836,276 | |
Household Products 1.7% | ||
Kimberly-Clark Corp. | 120,350 | 17,770,881 |
Procter & Gamble Co. (The) | 64,200 | 8,923,158 |
Total | 26,694,039 | |
Tobacco 1.8% | ||
Altria Group, Inc. | 381,400 | 14,737,296 |
Philip Morris International, Inc. | 192,500 | 14,435,575 |
Total | 29,172,871 | |
Total Consumer Staples | 85,415,010 | |
Energy 2.0% | ||
Oil, Gas & Consumable Fuels 2.0% | ||
Chevron Corp.(b) | 98,000 | 7,056,000 |
ConocoPhillips Co. | 227,100 | 7,457,964 |
HollyFrontier Corp. | 305,700 | 6,025,347 |
Valero Energy Corp. | 100,300 | 4,344,996 |
Williams Companies, Inc. (The) | 400,000 | 7,860,000 |
Total | 32,744,307 | |
Total Energy | 32,744,307 |
Tri-Continental Corporation | Quarterly Report 2020 | 1 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Financials 8.5% | ||
Banks 2.9% | ||
Bank of America Corp. | 84,700 | 2,040,423 |
Citigroup, Inc. | 440,900 | 19,007,199 |
Citizens Financial Group, Inc. | 337,500 | 8,532,000 |
JPMorgan Chase & Co. | 80,000 | 7,701,600 |
KeyCorp | 335,000 | 3,996,550 |
PNC Financial Services Group, Inc. (The) | 57,500 | 6,319,825 |
Total | 47,597,597 | |
Capital Markets 3.6% | ||
Ares Capital Corp. | 575,000 | 8,021,250 |
Bank of New York Mellon Corp. (The) | 131,600 | 4,519,144 |
BlackRock, Inc. | 22,250 | 12,538,988 |
Morgan Stanley | 160,000 | 7,736,000 |
S&P Global, Inc. | 40,100 | 14,460,060 |
State Street Corp. | 114,600 | 6,799,218 |
T. Rowe Price Group, Inc. | 8,800 | 1,128,336 |
TCG BDC, Inc. | 250,000 | 2,227,500 |
Total | 57,430,496 | |
Insurance 1.3% | ||
Allstate Corp. (The) | 150,800 | 14,196,312 |
MetLife, Inc. | 180,500 | 6,709,185 |
Total | 20,905,497 | |
Mortgage Real Estate Investment Trusts (REITS) 0.7% | ||
Blackstone Mortgage Trust, Inc. | 135,000 | 2,965,950 |
Starwood Property Trust, Inc. | 525,000 | 7,922,250 |
Total | 10,888,200 | |
Total Financials | 136,821,790 | |
Health Care 9.1% | ||
Biotechnology 1.6% | ||
AbbVie, Inc. | 146,920 | 12,868,723 |
Alexion Pharmaceuticals, Inc.(a) | 39,970 | 4,573,767 |
Amgen, Inc. | 8,162 | 2,074,454 |
BioMarin Pharmaceutical, Inc.(a) | 34,000 | 2,586,720 |
Vertex Pharmaceuticals, Inc.(a) | 11,900 | 3,238,228 |
Total | 25,341,892 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care Equipment & Supplies 1.3% | ||
Abbott Laboratories | 153,151 | 16,667,423 |
Dentsply Sirona, Inc. | 28,160 | 1,231,437 |
Medtronic PLC | 34,005 | 3,533,800 |
Total | 21,432,660 | |
Health Care Providers & Services 1.6% | ||
DaVita, Inc.(a) | 74,900 | 6,415,185 |
HCA Healthcare, Inc. | 111,200 | 13,864,416 |
Humana, Inc. | 13,400 | 5,546,126 |
Total | 25,825,727 | |
Pharmaceuticals 4.6% | ||
Amryt Pharma PLC, ADR(a) | 287,679 | 3,538,451 |
Bristol-Myers Squibb Co. | 235,500 | 14,198,295 |
Johnson & Johnson | 209,500 | 31,190,360 |
Merck & Co., Inc. | 142,600 | 11,828,670 |
Mylan NV(a) | 620,200 | 9,197,566 |
Pfizer, Inc. | 105,000 | 3,853,500 |
Total | 73,806,842 | |
Total Health Care | 146,407,121 | |
Industrials 5.6% | ||
Aerospace & Defense 1.3% | ||
Lockheed Martin Corp. | 39,900 | 15,292,872 |
Raytheon Technologies Corp. | 95,000 | 5,466,300 |
Total | 20,759,172 | |
Air Freight & Logistics 0.5% | ||
United Parcel Service, Inc., Class B | 50,000 | 8,331,500 |
Building Products 0.0% | ||
Fortune Brands Home & Security, Inc. | 8,572 | 741,649 |
Construction & Engineering 0.1% | ||
Quanta Services, Inc. | 25,300 | 1,337,358 |
Electrical Equipment 1.6% | ||
Eaton Corp. PLC | 211,900 | 21,620,157 |
Rockwell Automation, Inc. | 16,300 | 3,597,084 |
Total | 25,217,241 |
2 | Tri-Continental Corporation | Quarterly Report 2020 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Machinery 0.8% | ||
Caterpillar, Inc. | 42,500 | 6,338,875 |
Cummins, Inc. | 9,142 | 1,930,425 |
Illinois Tool Works, Inc. | 21,000 | 4,057,410 |
Total | 12,326,710 | |
Professional Services 0.1% | ||
Robert Half International, Inc. | 35,600 | 1,884,664 |
Road & Rail 1.2% | ||
CSX Corp. | 70,900 | 5,506,803 |
Norfolk Southern Corp. | 33,500 | 7,168,665 |
Union Pacific Corp. | 37,000 | 7,284,190 |
Total | 19,959,658 | |
Total Industrials | 90,557,952 | |
Information Technology 18.3% | ||
Communications Equipment 1.6% | ||
Arista Networks, Inc.(a) | 5,100 | 1,055,343 |
Cisco Systems, Inc. | 615,700 | 24,252,423 |
Total | 25,307,766 | |
Electronic Equipment, Instruments & Components 0.8% | ||
Corning, Inc. | 260,000 | 8,426,600 |
Vishay Intertechnology, Inc. | 275,000 | 4,281,750 |
Total | 12,708,350 | |
IT Services 2.8% | ||
International Business Machines Corp. | 65,000 | 7,908,550 |
MasterCard, Inc., Class A | 69,300 | 23,435,181 |
VeriSign, Inc.(a) | 65,400 | 13,397,190 |
Visa, Inc., Class A | 5,700 | 1,139,829 |
Total | 45,880,750 | |
Semiconductors & Semiconductor Equipment 4.1% | ||
Broadcom, Inc. | 63,600 | 23,170,752 |
Intel Corp. | 387,900 | 20,085,462 |
KLA Corp. | 22,700 | 4,397,898 |
QUALCOMM, Inc. | 86,500 | 10,179,320 |
Texas Instruments, Inc. | 57,500 | 8,210,425 |
Total | 66,043,857 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Software 5.6% | ||
Adobe, Inc.(a) | 28,000 | 13,732,040 |
Autodesk, Inc.(a) | 60,400 | 13,953,004 |
Fortinet, Inc.(a) | 105,100 | 12,381,831 |
Microsoft Corp. | 210,500 | 44,274,465 |
NortonLifeLock, Inc. | 300,000 | 6,252,000 |
Total | 90,593,340 | |
Technology Hardware, Storage & Peripherals 3.4% | ||
Apple, Inc.(b) | 382,300 | 44,274,163 |
HP, Inc. | 315,000 | 5,981,850 |
Seagate Technology PLC | 90,000 | 4,434,300 |
Total | 54,690,313 | |
Total Information Technology | 295,224,376 | |
Materials 1.6% | ||
Chemicals 1.2% | ||
Dow, Inc. | 170,000 | 7,998,500 |
LyondellBasell Industries NV, Class A | 156,700 | 11,045,783 |
Total | 19,044,283 | |
Containers & Packaging 0.1% | ||
International Paper Co. | 35,400 | 1,435,116 |
Metals & Mining 0.3% | ||
Newmont Corp. | 26,100 | 1,656,045 |
Nucor Corp. | 87,200 | 3,911,792 |
Total | 5,567,837 | |
Total Materials | 26,047,236 | |
Real Estate 2.6% | ||
Equity Real Estate Investment Trusts (REITS) 2.6% | ||
Alexandria Real Estate Equities, Inc. | 37,500 | 6,000,000 |
American Tower Corp. | 23,790 | 5,750,757 |
Crown Castle International Corp. | 26,500 | 4,412,250 |
Duke Realty Corp. | 107,500 | 3,966,750 |
Equinix, Inc. | 5,850 | 4,446,760 |
Medical Properties Trust, Inc. | 465,000 | 8,197,950 |
Prologis, Inc. | 62,600 | 6,298,812 |
SBA Communications Corp. | 5,100 | 1,624,248 |
Weyerhaeuser Co. | 71,100 | 2,027,772 |
Total | 42,725,299 | |
Total Real Estate | 42,725,299 |
Tri-Continental Corporation | Quarterly Report 2020 | 3 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Utilities 1.9% | ||
Electric Utilities 1.7% | ||
Edison International | 120,000 | 6,100,800 |
Entergy Corp. | 51,700 | 5,094,001 |
Exelon Corp. | 87,800 | 3,139,728 |
NRG Energy, Inc. | 301,200 | 9,258,888 |
Pinnacle West Capital Corp. | 57,500 | 4,286,625 |
Total | 27,880,042 | |
Independent Power and Renewable Electricity Producers 0.0% | ||
AES Corp. (The) | 39,300 | 711,723 |
Multi-Utilities 0.2% | ||
Sempra Energy | 22,700 | 2,686,772 |
Total Utilities | 31,278,537 | |
Total Common Stocks (Cost $962,564,627) | 1,112,061,017 |
Convertible Bonds 7.2% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Airlines 0.3% | ||||
Air Canada(c) | ||||
07/01/2025 | 4.000% | 3,700,000 | 4,186,920 | |
Cable and Satellite 0.5% | ||||
DISH Network Corp. | ||||
08/15/2026 | 3.375% | 8,500,000 | 7,802,970 | |
Consumer Cyclical Services 0.3% | ||||
Zillow Group, Inc. | ||||
05/15/2025 | 2.750% | 2,700,000 | 4,665,013 | |
Health Care 0.7% | ||||
CONMED Corp. | ||||
02/01/2024 | 2.625% | 3,700,000 | 4,142,310 | |
Invacare Corp. | ||||
11/15/2024 | 5.000% | 4,000,000 | 3,427,444 | |
Novavax, Inc. | ||||
02/01/2023 | 3.750% | 2,500,000 | 2,988,325 | |
Total | 10,558,079 | |||
Home Construction 0.4% | ||||
SunPower Corp. | ||||
01/15/2023 | 4.000% | 7,500,000 | 7,114,164 |
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Independent Energy 0.0% | ||||
Chesapeake Energy Corp.(d) | ||||
09/15/2026 | 0.000% | 9,000,000 | 293,400 | |
Leisure 0.6% | ||||
NCL Corp., Ltd.(c) | ||||
08/01/2025 | 5.375% | 4,500,000 | 5,268,037 | |
Royal Caribbean Cruises Ltd(c) | ||||
06/15/2023 | 4.250% | 4,200,000 | 4,901,125 | |
Total | 10,169,162 | |||
Life Insurance 0.3% | ||||
AXA SA(c) | ||||
05/15/2021 | 7.250% | 6,500,000 | 5,692,310 | |
Other Financial Institutions 0.4% | ||||
RWT Holdings, Inc.(c) | ||||
10/01/2025 | 5.750% | 6,750,000 | 5,889,375 | |
Other Industry 0.3% | ||||
Green Plains, Inc. | ||||
09/01/2022 | 4.125% | 4,600,000 | 4,431,335 | |
Other REIT 0.3% | ||||
Blackstone Mortgage Trust, Inc. | ||||
05/05/2022 | 4.375% | 4,910,000 | 4,719,983 | |
Pharmaceuticals 1.4% | ||||
Aegerion Pharmaceuticals, Inc.(c) | ||||
04/01/2025 | 5.000% | 1,687,570 | 2,016,646 | |
Clovis Oncology, Inc. | ||||
05/01/2025 | 1.250% | 9,300,000 | 6,508,886 | |
Insmed, Inc. | ||||
01/15/2025 | 1.750% | 4,000,000 | 4,340,874 | |
Intercept Pharmaceuticals, Inc. | ||||
07/01/2023 | 3.250% | 4,300,000 | 3,457,083 | |
Radius Health, Inc. | ||||
09/01/2024 | 3.000% | 5,700,000 | 4,670,062 | |
Tilray, Inc. | ||||
10/01/2023 | 5.000% | 5,250,000 | 2,100,000 | |
Total | 23,093,551 | |||
Property & Casualty 0.2% | ||||
MGIC Investment Corp.(c),(e) | ||||
Junior Subordinated | ||||
04/01/2063 | 9.000% | 3,011,000 | 3,870,505 | |
Retailers 0.6% | ||||
American Eagle Outfitters, Inc.(c) | ||||
04/15/2025 | 3.750% | 2,600,000 | 4,817,458 |
4 | Tri-Continental Corporation | Quarterly Report 2020 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Convertible Bonds (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Dick’s Sporting Goods, Inc.(c) | ||||
04/15/2025 | 3.250% | 2,500,000 | 4,577,594 | |
Total | 9,395,052 | |||
Technology 0.9% | ||||
Avaya Holdings Corp. | ||||
06/15/2023 | 2.250% | 4,700,000 | 4,413,300 | |
Microchip Technology, Inc. | ||||
Junior Subordinated | ||||
02/15/2037 | 2.250% | 4,300,000 | 6,418,524 | |
Sabre GLBL, Inc.(c) | ||||
04/15/2025 | 4.000% | 3,500,000 | 4,112,017 | |
Total | 14,943,841 | |||
Total Convertible Bonds (Cost $121,122,484) | 116,825,660 |
Convertible Preferred Stocks 7.0% | |||
Issuer | Shares | Value ($) | |
Communication Services 0.4% | |||
Diversified Telecommunication Services 0.4% | |||
2020 Cash Mandatory Exchangeable Trust(c) | 5.250% | 5,600 | 6,024,368 |
Total Communication Services | 6,024,368 | ||
Consumer Discretionary 0.5% | |||
Auto Components 0.3% | |||
Aptiv PLC | 5.500% | 38,000 | 4,313,000 |
Internet & Direct Marketing Retail 0.2% | |||
2020 Mandatory Exchangeable Trust(c) | 6.500% | 3,200 | 4,251,503 |
Total Consumer Discretionary | 8,564,503 | ||
Consumer Staples 0.2% | |||
Household Products 0.2% | |||
Energizer Holdings, Inc. | 7.500% | 47,500 | 3,947,046 |
Total Consumer Staples | 3,947,046 | ||
Financials 1.3% | |||
Capital Markets 0.9% | |||
AMG Capital Trust II | 5.150% | 130,000 | 5,894,605 |
Cowen, Inc. | 5.625% | 5,200 | 4,232,764 |
KKR & Co., Inc. | 6.000% | 82,371 | 4,283,292 |
Total | 14,410,661 |
Convertible Preferred Stocks (continued) | |||
Issuer | Shares | Value ($) | |
Insurance 0.4% | |||
Assurant, Inc. | 6.500% | 52,500 | 6,199,490 |
Total Financials | 20,610,151 | ||
Health Care 1.9% | |||
Health Care Equipment & Supplies 1.1% | |||
Becton Dickinson and Co. | 6.000% | 112,500 | 5,901,750 |
Boston Scientific Corp. | 5.500% | 55,000 | 6,152,850 |
Danaher Corp. | 5.000% | 5,000 | 6,309,650 |
Total | 18,364,250 | ||
Health Care Technology 0.4% | |||
Change Healthcare, Inc. | 6.000% | 110,000 | 5,852,000 |
Life Sciences Tools & Services 0.4% | |||
Avantor, Inc. | 6.250% | 85,000 | 6,182,900 |
Total Health Care | 30,399,150 | ||
Industrials 0.4% | |||
Machinery 0.4% | |||
Stanley Black & Decker, Inc. | 5.250% | 65,000 | 6,558,500 |
Total Industrials | 6,558,500 | ||
Information Technology 0.3% | |||
Electronic Equipment, Instruments & Components 0.3% | |||
II-VI, Inc. | 6.000% | 23,500 | 4,435,625 |
Total Information Technology | 4,435,625 | ||
Real Estate 0.2% | |||
Equity Real Estate Investment Trusts (REITS) 0.2% | |||
QTS Realty Trust, Inc. | 6.500% | 27,000 | 3,828,351 |
Total Real Estate | 3,828,351 | ||
Utilities 1.8% | |||
Electric Utilities 0.8% | |||
NextEra Energy, Inc. | 5.279% | 90,000 | 4,232,673 |
NextEra Energy, Inc. | 6.219% | 170,000 | 8,126,000 |
Total | 12,358,673 | ||
Multi-Utilities 0.8% | |||
DTE Energy Co. | 6.250% | 275,000 | 12,436,875 |
Tri-Continental Corporation | Quarterly Report 2020 | 5 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Convertible Preferred Stocks (continued) | |||
Issuer | Shares | Value ($) | |
Water Utilities 0.2% | |||
Essential Utilities, Inc. | 6.000% | 75,000 | 3,999,225 |
Total Utilities | 28,794,773 | ||
Total Convertible Preferred Stocks (Cost $110,857,470) | 113,162,467 |
Corporate Bonds & Notes 14.5% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Aerospace & Defense 0.4% | ||||
Spirit AeroSystems, Inc.(c) | ||||
04/15/2025 | 7.500% | 6,300,000 | 6,385,948 | |
Brokerage/Asset Managers/Exchanges 0.5% | ||||
LPL Holdings, Inc.(c) | ||||
09/15/2025 | 5.750% | 7,850,000 | 8,113,889 | |
Cable and Satellite 0.4% | ||||
Gogo Intermediate Holdings LLC/Finance Co., Inc.(c) | ||||
05/01/2024 | 9.875% | 4,200,000 | 4,488,902 | |
Telesat Canada/LLC(c) | ||||
10/15/2027 | 6.500% | 2,286,000 | 2,302,512 | |
Total | 6,791,414 | |||
Chemicals 0.8% | ||||
Innophos Holdings, Inc.(c) | ||||
02/15/2028 | 9.375% | 4,300,000 | 4,590,298 | |
Starfruit Finco BV/US Holdco LLC(c) | ||||
10/01/2026 | 8.000% | 8,400,000 | 8,916,693 | |
Total | 13,506,991 | |||
Consumer Cyclical Services 0.3% | ||||
Uber Technologies, Inc.(c) | ||||
09/15/2027 | 7.500% | 2,100,000 | 2,246,240 | |
01/15/2028 | 6.250% | 2,365,000 | 2,426,991 | |
Total | 4,673,231 | |||
Consumer Products 0.2% | ||||
Mattel, Inc.(c) | ||||
12/15/2027 | 5.875% | 1,079,000 | 1,159,816 | |
Mattel, Inc. | ||||
10/01/2040 | 6.200% | 1,430,000 | 1,384,671 | |
11/01/2041 | 5.450% | 745,000 | 699,046 | |
Total | 3,243,533 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Environmental 0.5% | ||||
Covanta Holding Corp. | ||||
07/01/2025 | 5.875% | 4,834,000 | 4,994,552 | |
01/01/2027 | 6.000% | 3,000,000 | 3,103,583 | |
Total | 8,098,135 | |||
Finance Companies 1.1% | ||||
Fortress Transportation & Infrastructure Investors LLC(c) | ||||
10/01/2025 | 6.500% | 6,000,000 | 5,930,686 | |
Fortress Transportation and Infrastructure Investors LLC(c) | ||||
08/01/2027 | 9.750% | 2,760,000 | 2,952,227 | |
Springleaf Finance Corp. | ||||
03/15/2025 | 6.875% | 7,500,000 | 8,328,009 | |
Total | 17,210,922 | |||
Food and Beverage 0.7% | ||||
Aramark Services, Inc.(c) | ||||
05/01/2025 | 6.375% | 6,500,000 | 6,761,193 | |
Chobani LLC/Finance Corp., Inc.(c) | ||||
04/15/2025 | 7.500% | 4,597,000 | 4,765,505 | |
Total | 11,526,698 | |||
Gaming 0.3% | ||||
Colt Merger Sub, Inc.(c) | ||||
07/01/2027 | 8.125% | 4,106,000 | 4,346,885 | |
Health Care 0.9% | ||||
Quotient Ltd.(c),(f),(g) | ||||
10/15/2023 | 12.000% | 2,170,000 | 2,170,000 | |
04/15/2024 | 12.000% | 930,000 | 930,000 | |
Surgery Center Holdings, Inc.(c) | ||||
07/01/2025 | 6.750% | 6,100,000 | 6,060,319 | |
Tenet Healthcare Corp.(c) | ||||
10/01/2028 | 6.125% | 5,979,000 | 5,814,533 | |
Total | 14,974,852 | |||
Independent Energy 0.9% | ||||
Indigo Natural Resources LLC(c) | ||||
02/15/2026 | 6.875% | 8,500,000 | 8,267,439 | |
Talos Production LLC/Finance, Inc. | ||||
04/03/2022 | 11.000% | 6,136,177 | 5,829,368 | |
Total | 14,096,807 | |||
Leisure 0.5% | ||||
NCL Corp., Ltd.(c) | ||||
05/15/2024 | 12.250% | 3,700,000 | 4,136,295 |
6 | Tri-Continental Corporation | Quarterly Report 2020 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Royal Caribbean Cruises Ltd.(c) | ||||
06/15/2023 | 9.125% | 4,272,000 | 4,525,810 | |
Total | 8,662,105 | |||
Media and Entertainment 0.7% | ||||
Lions Gate Capital Holdings LLC(c) | ||||
11/01/2024 | 5.875% | 7,450,000 | 7,335,556 | |
Meredith Corp. | ||||
02/01/2026 | 6.875% | 3,700,000 | 3,085,601 | |
Total | 10,421,157 | |||
Metals and Mining 0.8% | ||||
CONSOL Energy, Inc.(c) | ||||
11/15/2025 | 11.000% | 4,200,000 | 1,848,199 | |
Constellium NV(c) | ||||
03/01/2025 | 6.625% | 7,300,000 | 7,475,468 | |
Warrior Met Coal, Inc.(c) | ||||
11/01/2024 | 8.000% | 3,832,000 | 3,897,875 | |
Total | 13,221,542 | |||
Midstream 0.3% | ||||
Rockpoint Gas Storage Canada Ltd.(c) | ||||
03/31/2023 | 7.000% | 4,216,000 | 3,903,020 | |
Oil Field Services 0.1% | ||||
Nabors Industries Ltd.(c) | ||||
01/15/2026 | 7.250% | 3,447,000 | 1,721,495 | |
01/15/2028 | 7.500% | 854,000 | 413,057 | |
Total | 2,134,552 | |||
Other Industry 0.3% | ||||
WeWork Companies, Inc.(c) | ||||
05/01/2025 | 7.875% | 7,700,000 | 4,903,886 | |
Packaging 1.4% | ||||
ARD Finance SA(c),(h) | ||||
06/30/2027 | 6.500% | 8,000,000 | 7,954,035 | |
BWAY Holding Co.(c) | ||||
04/15/2025 | 7.250% | 8,499,999 | 8,008,162 | |
Novolex(c) | ||||
01/15/2025 | 6.875% | 7,290,000 | 7,294,919 | |
Total | 23,257,116 | |||
Pharmaceuticals 0.4% | ||||
Bausch Health Companies, Inc.(c) | ||||
01/31/2027 | 8.500% | 2,800,000 | 3,076,570 | |
01/30/2028 | 5.000% | 1,228,000 | 1,192,433 | |
01/30/2030 | 5.250% | 2,728,000 | 2,681,598 | |
Total | 6,950,601 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Restaurants 0.3% | ||||
IRB Holding Corp.(c) | ||||
02/15/2026 | 6.750% | 4,300,000 | 4,303,093 | |
Retailers 0.3% | ||||
L Brands, Inc.(c) | ||||
10/01/2030 | 6.625% | 4,200,000 | 4,286,260 | |
Supermarkets 0.5% | ||||
Safeway, Inc. | ||||
02/01/2031 | 7.250% | 7,512,000 | 8,422,794 | |
Technology 1.4% | ||||
Avaya, Inc.(c) | ||||
09/15/2028 | 6.125% | 4,509,000 | 4,588,515 | |
Diebold Nixdorf, Inc.(c) | ||||
07/15/2025 | 9.375% | 2,300,000 | 2,430,527 | |
Diebold, Inc. | ||||
04/15/2024 | 8.500% | 6,600,000 | 5,961,676 | |
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 SARL/U.S. Holdings I LLC(c) | ||||
11/30/2024 | 10.000% | 3,750,000 | 3,970,364 | |
Plantronics, Inc.(c) | ||||
05/31/2023 | 5.500% | 4,300,000 | 3,862,923 | |
Sabre GLBL, Inc.(c) | ||||
04/15/2025 | 9.250% | 1,800,000 | 1,980,513 | |
Total | 22,794,518 | |||
Transportation Services 0.2% | ||||
Hertz Corp. (The)(c),(d) | ||||
10/15/2024 | 0.000% | 3,500,000 | 1,609,012 | |
08/01/2026 | 0.000% | 4,500,000 | 2,058,482 | |
Total | 3,667,494 | |||
Wirelines 0.3% | ||||
Front Range BidCo, Inc.(c) | ||||
03/01/2028 | 6.125% | 4,000,000 | 4,127,843 | |
Total Corporate Bonds & Notes (Cost $242,158,137) | 234,025,286 |
Tri-Continental Corporation | Quarterly Report 2020 | 7 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Limited Partnerships 0.5% | ||
Issuer | Shares | Value ($) |
Energy 0.5% | ||
Oil, Gas & Consumable Fuels 0.5% | ||
Enviva Partners LP | 105,000 | 4,227,300 |
Rattler Midstream LP | 450,000 | 2,677,500 |
Summit Midstream Partners LP | 1,680,000 | 1,099,224 |
Total | 8,004,024 | |
Total Energy | 8,004,024 | |
Total Limited Partnerships (Cost $17,861,608) | 8,004,024 |
Preferred Debt 0.5% | ||||
Issuer | Coupon Rate | Shares | Value ($) | |
Banking 0.2% | ||||
Citigroup Capital XIII(e) | ||||
10/30/2040 | 6.638% | 145,000 | 3,912,100 | |
Finance Companies 0.3% | ||||
GMAC Capital Trust I(e) | ||||
02/15/2040 | 6.065% | 175,000 | 4,369,750 | |
Total Preferred Debt (Cost $8,235,726) | 8,281,850 |
Senior Loans 0.4% | ||||
Borrower | Coupon Rate | Principal Amount ($) | 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% 06/06/2024 | 5.250% | 7,743,870 | 6,033,791 | |
Total Senior Loans (Cost $7,682,406) | 6,033,791 |
Warrants —% | ||
Issuer | Shares | Value ($) |
Energy —% | ||
Oil, Gas & Consumable Fuels —% | ||
Goodrich Petroleum Corp.(a),(f),(g) | 16,334 | 0 |
Total Energy | 0 | |
Total Warrants (Cost $—) | 0 | |
Money Market Funds 0.2% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 0.136%(k),(l) | 3,188,730 | 3,188,411 |
JPMorgan U.S. Government Money Market Fund, Agency Shares, 0.010%(k) | 1,059,179 | 1,059,179 |
Total Money Market Funds (Cost $4,247,264) | 4,247,590 | |
Total Investments in Securities (Cost: $1,474,729,722) | 1,602,641,685 | |
Other Assets & Liabilities, Net | 14,524,168 | |
Net Assets | 1,617,165,853 |
At September 30, 2020, securities and/or cash totaling $569,715 were pledged as collateral.
Investments in derivatives
Long futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
S&P 500 Index E-mini | 32 | 12/2020 | USD | 5,363,200 | 34,801 | — |
8 | Tri-Continental Corporation | Quarterly Report 2020 |
Portfolio of Investments (continued)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
Tri-Continental Corporation, September 30, 2020 (Unaudited)
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, 2020, the total value of these securities amounted to $247,823,844, which represents 15.32% of total net assets. |
(d) | Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At September 30, 2020, the total value of these securities amounted to $3,960,894, which represents 0.24% 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 September 30, 2020. |
(f) | Represents fair value as determined in good faith under procedures approved by the Board of Directors. At September 30, 2020, the total value of these securities amounted to $3,100,000, which represents 0.19% of total net assets. |
(g) | Valuation based on significant unobservable inputs. |
(h) | Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
(i) | The stated interest rate represents the weighted average interest rate at September 30, 2020 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. |
(j) | Variable rate security. The interest rate shown was the current rate as of September 30, 2020. |
(k) | The rate shown is the seven-day current annualized yield at September 30, 2020. |
(l) | As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended September 30, 2020 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 0.136% | ||||||||
14,272,519 | 66,533,220 | (77,617,654) | 326 | 3,188,411 | (813) | 45,946 | 3,188,730 |
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 2020 | 9 |