TRI-CONTINENTAL Corp — Interim / Quarterly Report 2019

NPORT-EX 1 d734904dnportex.htm TRI-CONTINENTAL CORPORATION Tri-Continental Corporation

Portfolio of Investments Tri-Continental Corporation, March 31, 2019 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

| Common
Stocks 67.8% — Issuer | Shares | Value
($) |
| --- | --- | --- |
| Communication
Services 5.9% | | |
| Diversified
Telecommunication Services 2.2% | | |
| AT&T,
Inc. | 190,000 | 5,958,400 |
| Verizon
Communications, Inc. | 491,500 | 29,062,395 |
| Total | | 35,020,795 |
| Interactive
Media & Services 3.7% | | |
| Alphabet,
Inc., Class A (a) | 29,200 | 34,365,188 |
| Facebook,
Inc., Class A (a) | 157,800 | 26,303,682 |
| Total | | 60,668,870 |
| Total
Communication Services | | 95,689,665 |
| Consumer
Discretionary 6.9% | | |
| Automobiles
0.8% | | |
| General
Motors Co. | 150,000 | 5,565,000 |
| Harley-Davidson,
Inc. | 194,200 | 6,925,172 |
| Total | | 12,490,172 |
| Diversified
Consumer Services 0.1% | | |
| H&R
Block, Inc. | 68,300 | 1,635,102 |
| Hotels,
Restaurants & Leisure 1.9% | | |
| Carnival
Corp. | 75,000 | 3,804,000 |
| Extended
Stay America, Inc. | 320,000 | 5,744,000 |
| Six
Flags Entertainment Corp. | 95,000 | 4,688,250 |
| Starbucks
Corp. | 215,500 | 16,020,270 |
| Total | | 30,256,520 |
| Internet
& Direct Marketing Retail 1.8% | | |
| Amazon.com,
Inc. (a) | 9,650 | 17,184,237 |
| Booking
Holdings, Inc. (a) | 7,100 | 12,388,861 |
| Total | | 29,573,098 |
| Leisure
Products 0.3% | | |
| Hasbro,
Inc. | 47,500 | 4,038,450 |
| Multiline
Retail 0.6% | | |
| Kohl’s
Corp. | 151,300 | 10,404,901 |
| Specialty
Retail 1.0% | | |
| Advance
Auto Parts, Inc. | 42,300 | 7,213,419 |
| Best
Buy Co., Inc. | 64,500 | 4,583,370 |

| Common
Stocks (continued) — Issuer | Shares | Value
($) |
| --- | --- | --- |
| Foot
Locker, Inc. | 17,000 | 1,030,200 |
| Home
Depot, Inc. (The) | 21,500 | 4,125,635 |
| Total | | 16,952,624 |
| Textiles,
Apparel & Luxury Goods 0.4% | | |
| Ralph
Lauren Corp. | 18,300 | 2,373,144 |
| Tapestry,
Inc. | 120,000 | 3,898,800 |
| Total | | 6,271,944 |
| Total
Consumer Discretionary | | 111,622,811 |
| Consumer
Staples 5.3% | | |
| Food
& Staples Retailing 1.3% | | |
| Walgreens
Boots Alliance, Inc. | 191,750 | 12,132,023 |
| Walmart,
Inc. | 91,200 | 8,894,736 |
| Total | | 21,026,759 |
| Food
Products 1.5% | | |
| ConAgra
Foods, Inc. | 250,000 | 6,935,000 |
| General
Mills, Inc. | 185,000 | 9,573,750 |
| Tyson
Foods, Inc., Class A | 103,300 | 7,172,119 |
| Total | | 23,680,869 |
| Household
Products 0.8% | | |
| Kimberly-Clark
Corp. | 84,650 | 10,488,135 |
| Procter
& Gamble Co. (The) | 19,500 | 2,028,975 |
| Total | | 12,517,110 |
| Tobacco
1.7% | | |
| Altria
Group, Inc. | 203,400 | 11,681,262 |
| Philip
Morris International, Inc. | 189,000 | 16,705,710 |
| Total | | 28,386,972 |
| Total
Consumer Staples | | 85,611,710 |
| Energy
3.7% | | |
| Energy
Equipment & Services 0.0% | | |
| National
Oilwell Varco, Inc. | 15,300 | 407,592 |
| Oil,
Gas & Consumable Fuels 3.7% | | |
| BP
PLC, ADR | 185,000 | 8,088,200 |
| Chevron
Corp. (b) | 39,800 | 4,902,564 |
| ConocoPhillips
Co. | 236,400 | 15,777,336 |
| HollyFrontier
Corp. | 52,600 | 2,591,602 |
| Marathon
Petroleum Corp. | 82,500 | 4,937,625 |

Tri-Continental Corporation | Quarterly Report 2019 1

Portfolio of Investments (continued) Tri-Continental Corporation, March 31, 2019 (Unaudited)

| Common
Stocks (continued) — Issuer | Shares | Value
($) |
| --- | --- | --- |
| Suncor
Energy, Inc. | 230,000 | 7,458,900 |
| Valero
Energy Corp. | 180,700 | 15,328,781 |
| Total | | 59,085,008 |
| Total
Energy | | 59,492,600 |
| Financials
9.8% | | |
| Banks
3.6% | | |
| Bank
of America Corp. | 600,500 | 16,567,795 |
| BB&T
Corp. | 125,000 | 5,816,250 |
| Citigroup,
Inc. | 299,500 | 18,634,890 |
| Comerica,
Inc. | 30,700 | 2,250,924 |
| JPMorgan
Chase & Co. | 80,000 | 8,098,400 |
| PacWest
Bancorp | 195,000 | 7,333,950 |
| Total | | 58,702,209 |
| Capital
Markets 2.8% | | |
| Ares
Capital Corp. | 450,000 | 7,713,000 |
| Bank
of New York Mellon Corp. (The) | 20,100 | 1,013,643 |
| CME
Group, Inc. | 28,600 | 4,706,988 |
| Franklin
Resources, Inc. | 58,600 | 1,942,004 |
| Intercontinental
Exchange, Inc. | 167,600 | 12,761,064 |
| S&P
Global, Inc. | 46,700 | 9,832,685 |
| T.
Rowe Price Group, Inc. | 41,100 | 4,114,932 |
| TCG
BDC, Inc. | 275,000 | 3,982,000 |
| Total | | 46,066,316 |
| Consumer
Finance 0.8% | | |
| Capital
One Financial Corp. | 152,000 | 12,416,880 |
| Diversified
Financial Services 0.3% | | |
| Voya
Financial, Inc. | 100,300 | 5,010,988 |
| Insurance
1.6% | | |
| Allstate
Corp. (The) | 106,600 | 10,039,588 |
| MetLife,
Inc. | 60,700 | 2,583,999 |
| Prudential
Financial, Inc. | 135,200 | 12,422,176 |
| Total | | 25,045,763 |
| Mortgage
Real Estate Investment Trusts (REITS) 0.7% | | |
| Blackstone
Mortgage Trust, Inc. | 92,500 | 3,196,800 |
| Starwood
Property Trust, Inc. | 350,000 | 7,822,500 |
| Total | | 11,019,300 |
| Total
Financials | | 158,261,456 |

| Common
Stocks (continued) — Issuer | Shares | Value
($) |
| --- | --- | --- |
| Health
Care 9.4% | | |
| Biotechnology
1.5% | | |
| Alexion
Pharmaceuticals, Inc. (a) | 43,670 | 5,903,311 |
| Amgen,
Inc. | 8,700 | 1,652,826 |
| BioMarin
Pharmaceutical, Inc. (a) | 36,700 | 3,260,061 |
| Gilead
Sciences, Inc. | 141,300 | 9,185,913 |
| Vertex
Pharmaceuticals, Inc. (a) | 29,090 | 5,351,105 |
| Total | | 25,353,216 |
| Health
Care Equipment & Supplies 0.8% | | |
| Abbott
Laboratories | 20,000 | 1,598,800 |
| Baxter
International, Inc. | 137,300 | 11,163,863 |
| Total | | 12,762,663 |
| Health
Care Providers & Services 1.6% | | |
| AmerisourceBergen
Corp. | 12,850 | 1,021,832 |
| Cardinal
Health, Inc. | 244,690 | 11,781,824 |
| HCA
Healthcare, Inc. | 24,300 | 3,168,234 |
| McKesson
Corp. | 81,000 | 9,481,860 |
| Total | | 25,453,750 |
| Life
Sciences Tools & Services 0.1% | | |
| Agilent
Technologies, Inc. | 23,500 | 1,888,930 |
| Pharmaceuticals
5.4% | | |
| Allergan
PLC | 10,200 | 1,493,382 |
| Bristol-Myers
Squibb Co. | 401,500 | 19,155,565 |
| Eli
Lilly & Co. | 127,300 | 16,518,448 |
| Johnson
& Johnson | 124,400 | 17,389,876 |
| Merck
& Co., Inc. | 277,600 | 23,087,992 |
| Mylan
NV (a) | 63,700 | 1,805,258 |
| Pfizer,
Inc. | 187,500 | 7,963,125 |
| Total | | 87,413,646 |
| Total
Health Care | | 152,872,205 |
| Industrials
5.6% | | |
| Aerospace
& Defense 1.7% | | |
| Boeing
Co. (The) | 53,400 | 20,367,828 |
| Lockheed
Martin Corp. | 26,500 | 7,954,240 |
| Total | | 28,322,068 |
| Air
Freight & Logistics 0.2% | | |
| United
Parcel Service, Inc., Class B | 35,000 | 3,910,900 |

2 Tri-Continental Corporation | Quarterly Report 2019

Portfolio of Investments (continued) Tri-Continental Corporation, March 31, 2019 (Unaudited)

| Common
Stocks (continued) — Issuer | Shares | Value
($) |
| --- | --- | --- |
| Airlines
0.8% | | |
| Southwest
Airlines Co. | 250,000 | 12,977,500 |
| Electrical
Equipment 0.7% | | |
| Rockwell
Automation, Inc. | 60,100 | 10,545,146 |
| Industrial
Conglomerates 0.6% | | |
| Honeywell
International, Inc. | 59,600 | 9,471,632 |
| Machinery
0.8% | | |
| Snap-On,
Inc. | 84,800 | 13,272,896 |
| Professional
Services 0.1% | | |
| Robert
Half International, Inc. | 26,200 | 1,707,192 |
| Road
& Rail 0.4% | | |
| CSX
Corp. | 22,500 | 1,683,450 |
| Union
Pacific Corp. | 27,200 | 4,547,840 |
| Total | | 6,231,290 |
| Transportation
Infrastructure 0.3% | | |
| Macquarie
Infrastructure Corp. | 105,000 | 4,328,100 |
| Total
Industrials | | 90,766,724 |
| Information
Technology 14.9% | | |
| Communications
Equipment 2.1% | | |
| Cisco
Systems, Inc. | 569,000 | 30,720,310 |
| F5
Networks, Inc. (a) | 21,500 | 3,373,995 |
| Total | | 34,094,305 |
| Electronic
Equipment, Instruments & Components 0.4% | | |
| Corning,
Inc. | 175,000 | 5,792,500 |
| IT
Services 3.6% | | |
| Automatic
Data Processing, Inc. | 25,000 | 3,993,500 |
| International
Business Machines Corp. | 42,500 | 5,996,750 |
| MasterCard,
Inc., Class A | 94,800 | 22,320,660 |
| VeriSign,
Inc. (a) | 84,000 | 15,251,040 |
| Visa,
Inc., Class A | 70,200 | 10,964,538 |
| Total | | 58,526,488 |
| Semiconductors
& Semiconductor Equipment 3.8% | | |
| Analog
Devices, Inc. | 47,700 | 5,021,379 |
| Broadcom,
Inc. | 87,700 | 26,372,267 |
| Intel
Corp. | 155,000 | 8,323,500 |
| Lam
Research Corp. | 50,000 | 8,950,500 |

| Common
Stocks (continued) — Issuer | Shares | Value
($) |
| --- | --- | --- |
| QUALCOMM,
Inc. | 96,300 | 5,491,989 |
| Texas
Instruments, Inc. | 75,000 | 7,955,250 |
| Total | | 62,114,885 |
| Software
3.1% | | |
| Adobe,
Inc. (a) | 64,600 | 17,215,254 |
| Fortinet,
Inc. (a) | 32,700 | 2,745,819 |
| Microsoft
Corp. | 166,100 | 19,589,834 |
| VMware,
Inc., Class A | 55,600 | 10,036,356 |
| Total | | 49,587,263 |
| Technology
Hardware, Storage & Peripherals 1.9% | | |
| Apple,
Inc. | 86,150 | 16,364,192 |
| HP,
Inc. | 316,900 | 6,157,367 |
| NetApp,
Inc. | 31,300 | 2,170,342 |
| Western
Digital Corp. | 125,000 | 6,007,500 |
| Total | | 30,699,401 |
| Total
Information Technology | | 240,814,842 |
| Materials
1.5% | | |
| Chemicals
1.1% | | |
| DowDuPont,
Inc. | 70,000 | 3,731,700 |
| LyondellBasell
Industries NV, Class A | 162,600 | 13,671,408 |
| Total | | 17,403,108 |
| Metals
& Mining 0.4% | | |
| Nucor
Corp. | 117,800 | 6,873,630 |
| Total
Materials | | 24,276,738 |
| Real
Estate 2.6% | | |
| Equity
Real Estate Investment Trusts (REITS) 2.6% | | |
| Alexandria
Real Estate Equities, Inc. | 42,500 | 6,058,800 |
| American
Tower Corp. | 28,700 | 5,655,622 |
| Digital
Realty Trust, Inc. | 52,500 | 6,247,500 |
| Duke
Realty Corp. | 132,500 | 4,051,850 |
| Host
Hotels & Resorts, Inc. | 649,800 | 12,281,220 |
| Simon
Property Group, Inc. | 43,400 | 7,907,914 |
| Total | | 42,202,906 |
| Total
Real Estate | | 42,202,906 |

Tri-Continental Corporation | Quarterly Report 2019 3

Portfolio of Investments (continued) Tri-Continental Corporation, March 31, 2019 (Unaudited)

| Common
Stocks (continued) — Issuer | Shares | Value
($) |
| --- | --- | --- |
| Utilities
2.2% | | |
| Electric
Utilities 0.8% | | |
| American
Electric Power Co., Inc. | 25,000 | 2,093,750 |
| Edison
International | 67,500 | 4,179,600 |
| Exelon
Corp. | 126,400 | 6,336,432 |
| Total | | 12,609,782 |
| Independent
Power and Renewable Electricity Producers 0.7% | | |
| NRG
Energy, Inc. | 278,600 | 11,834,928 |
| Multi-Utilities
0.7% | | |
| Ameren
Corp. | 12,200 | 897,310 |
| CenterPoint
Energy, Inc. | 150,700 | 4,626,490 |
| Public
Service Enterprise Group, Inc. | 86,700 | 5,150,847 |
| Total | | 10,674,647 |
| Total
Utilities | | 35,119,357 |
| Total
Common Stocks (Cost $973,332,656) | | 1,096,731,014 |

| Convertible
Bonds 8.1% — Issuer | Coupon Rate | Principal Amount ($) | Value
($) |
| --- | --- | --- | --- |
| Cable
and Satellite 0.5% | | | |
| DISH
Network Corp. | | | |
| 08/15/2026 | 3.375% | 9,000,000 | 7,645,501 |
| Gaming
0.2% | | | |
| Caesars
Entertainment Corp. | | | |
| 10/01/2024 | 5.000% | 2,800,000 | 3,979,780 |
| Health
Care 0.4% | | | |
| Invacare
Corp. | | | |
| 02/15/2021 | 5.000% | 4,000,000 | 3,637,003 |
| Novavax,
Inc. | | | |
| 02/01/2023 | 3.750% | 6,800,000 | 2,448,119 |
| Total | | | 6,085,122 |
| Home
Construction 0.4% | | | |
| SunPower
Corp. | | | |
| 01/15/2023 | 4.000% | 7,500,000 | 6,167,591 |
| Independent
Energy 0.5% | | | |
| Chesapeake
Energy Corp. | | | |
| 09/15/2026 | 5.500% | 9,000,000 | 8,339,348 |
| Life
Insurance 0.3% | | | |
| AXA
SA (c) | | | |
| 05/15/2021 | 7.250% | 4,100,000 | 4,095,892 |

| Convertible
Bonds (continued) — Issuer | Coupon Rate | Principal Amount ($) | Value
($) |
| --- | --- | --- | --- |
| Metals
and Mining 0.3% | | | |
| Endeavour
Mining Corp. (c) | | | |
| 02/15/2023 | 3.000% | 4,600,000 | 4,361,260 |
| Oil
Field Services 0.0% | | | |
| Bristow
Group, Inc. | | | |
| 06/01/2023 | 4.500% | 3,658,000 | 735,932 |
| Other
Industry 0.3% | | | |
| Green
Plains, Inc. | | | |
| 09/01/2022 | 4.125% | 4,600,000 | 4,401,613 |
| Other
REIT 0.7% | | | |
| Blackstone
Mortgage Trust, Inc. | | | |
| 05/05/2022 | 4.375% | 4,700,000 | 4,736,186 |
| IH
Merger Sub LLC | | | |
| 01/15/2022 | 3.500% | 5,300,000 | 6,058,323 |
| Total | | | 10,794,509 |
| Pharmaceuticals
2.7% | | | |
| Aegerion
Pharmaceuticals, Inc. | | | |
| 08/15/2019 | 2.000% | 5,000,000 | 3,350,968 |
| Alder
Biopharmaceuticals, Inc. | | | |
| 02/01/2025 | 2.500% | 4,500,000 | 4,295,582 |
| Clovis
Oncology, Inc. | | | |
| 05/01/2025 | 1.250% | 7,500,000 | 5,848,679 |
| Dermira,
Inc. | | | |
| 05/15/2022 | 3.000% | 5,200,000 | 4,596,788 |
| Insmed,
Inc. | | | |
| 01/15/2025 | 1.750% | 6,000,000 | 6,059,131 |
| Intercept
Pharmaceuticals, Inc. | | | |
| 07/01/2023 | 3.250% | 5,460,000 | 5,403,033 |
| Medicines
Co. (The) | | | |
| 07/15/2023 | 2.750% | 7,500,000 | 6,309,488 |
| Radius
Health, Inc. | | | |
| 09/01/2024 | 3.000% | 5,000,000 | 4,150,000 |
| Tilray,
Inc. (c) | | | |
| 10/01/2023 | 5.000% | 5,000,000 | 4,149,937 |
| Total | | | 44,163,606 |
| Property
& Casualty 0.6% | | | |
| Heritage
Insurance Holdings, Inc. | | | |
| 08/01/2037 | 5.875% | 3,500,000 | 4,139,207 |
| MGIC
Investment Corp. (c),(d) | | | |
| Junior
Subordinated | | | |
| 04/01/2063 | 9.000% | 4,711,000 | 6,059,007 |
| Total | | | 10,198,214 |

4 Tri-Continental Corporation | Quarterly Report 2019

Portfolio of Investments (continued) Tri-Continental Corporation, March 31, 2019 (Unaudited)

| Convertible
Bonds (continued) — Issuer | Coupon Rate | Principal Amount ($) | Value
($) |
| --- | --- | --- | --- |
| Retailers
0.3% | | | |
| GNC
Holdings, Inc. | | | |
| 08/15/2020 | 1.500% | 5,700,000 | 4,638,705 |
| Technology
0.7% | | | |
| Microchip
Technology, Inc. | | | |
| Junior
Subordinated | | | |
| 02/15/2037 | 2.250% | 7,000,000 | 7,713,300 |
| Veeco
Instruments, Inc. | | | |
| 01/15/2023 | 2.700% | 5,000,000 | 4,264,898 |
| Total | | | 11,978,198 |
| Wireless
0.2% | | | |
| Gogo,
Inc. (c) | | | |
| 05/15/2022 | 6.000% | 4,200,000 | 4,066,313 |
| Total
Convertible Bonds (Cost $144,583,529) | | | 131,651,584 |

| Convertible
Preferred Stocks 6.3% — Issuer | | Shares | Value
($) |
| --- | --- | --- | --- |
| Consumer
Staples 0.3% | | | |
| Household
Products 0.3% | | | |
| Energizer
Holdings, Inc. | 7.500% | 40,000 | 3,955,149 |
| Total
Consumer Staples | | | 3,955,149 |
| Energy
0.3% | | | |
| Energy
Equipment & Services 0.3% | | | |
| Nabors
Industries Ltd. | 6.000% | 145,000 | 3,913,767 |
| Total
Energy | | | 3,913,767 |
| Financials
1.8% | | | |
| Banks
0.9% | | | |
| Bank
of America Corp. | 7.250% | 5,700 | 7,441,920 |
| Wells
Fargo & Co. | 7.500% | 5,500 | 7,119,805 |
| Total | | | 14,561,725 |
| Capital
Markets 0.7% | | | |
| AMG
Capital Trust II | 5.150% | 130,000 | 6,597,471 |
| Cowen,
Inc. | 5.625% | 5,200 | 4,307,087 |
| Total | | | 10,904,558 |
| Insurance
0.2% | | | |
| Assurant,
Inc. | 6.500% | 40,000 | 4,142,549 |
| Total
Financials | | | 29,608,832 |

| Convertible
Preferred Stocks (continued) — Issuer | | Shares | Value
($) |
| --- | --- | --- | --- |
| Health
Care 1.0% | | | |
| Health
Care Equipment & Supplies 1.0% | | | |
| Becton
Dickinson and Co. | 6.125% | 130,000 | 8,073,138 |
| Danaher
Corp. | 4.750% | 7,500 | 7,858,500 |
| Total | | | 15,931,638 |
| Total
Health Care | | | 15,931,638 |
| Industrials
0.6% | | | |
| Machinery
0.6% | | | |
| Fortive
Corp. | 5.000% | 6,000 | 6,317,036 |
| Rexnord
Corp. | 5.750% | 70,000 | 3,749,349 |
| Total | | | 10,066,385 |
| Total
Industrials | | | 10,066,385 |
| Information
Technology 0.4% | | | |
| Electronic
Equipment, Instruments & Components 0.4% | | | |
| Belden,
Inc. | 6.750% | 90,000 | 6,543,000 |
| Total
Information Technology | | | 6,543,000 |
| Real
Estate 0.5% | | | |
| Equity
Real Estate Investment Trusts (REITS) 0.5% | | | |
| Crown
Castle International Corp. | 6.875% | 7,000 | 8,281,000 |
| Total
Real Estate | | | 8,281,000 |
| Utilities
1.4% | | | |
| Electric
Utilities 0.5% | | | |
| American
Electric Power Co., Inc. | 6.125% | 150,000 | 7,623,105 |
| Multi-Utilities
0.9% | | | |
| CenterPoint
Energy, Inc. | 7.000% | 150,000 | 7,946,221 |
| DTE
Energy Co. | 6.500% | 140,000 | 7,741,107 |
| Total | | | 15,687,328 |
| Total
Utilities | | | 23,310,433 |
| Total
Convertible Preferred Stocks (Cost $104,214,844) | | | 101,610,204 |

| Corporate
Bonds & Notes 14.6% — Issuer | Coupon Rate | Principal Amount ($) | Value
($) |
| --- | --- | --- | --- |
| Brokerage/Asset
Managers/Exchanges 0.5% | | | |
| LPL
Holdings, Inc. (c) | | | |
| 09/15/2025 | 5.750% | 7,850,000 | 7,957,160 |

Tri-Continental Corporation | Quarterly Report 2019 5

Portfolio of Investments (continued) Tri-Continental Corporation, March 31, 2019 (Unaudited)

| Corporate
Bonds & Notes (continued) — Issuer | Coupon Rate | Principal Amount ($) | Value
($) |
| --- | --- | --- | --- |
| Cable
and Satellite 0.8% | | | |
| Charter
Communications Operating LLC/Capital | | | |
| 10/23/2045 | 6.484% | 7,000,000 | 7,852,376 |
| Telesat
Canada/LLC (c) | | | |
| 11/15/2024 | 8.875% | 5,360,000 | 5,815,514 |
| Total | | | 13,667,890 |
| Chemicals
0.5% | | | |
| Starfruit
Finco BV/US Holdco LLC (c) | | | |
| 10/01/2026 | 8.000% | 7,900,000 | 7,948,601 |
| Consumer
Products 0.5% | | | |
| Mattel,
Inc. (c) | | | |
| 12/31/2025 | 6.750% | 8,042,000 | 7,912,154 |
| Electric
0.6% | | | |
| Covanta
Holding Corp. | | | |
| 07/01/2025 | 5.875% | 4,834,000 | 4,916,937 |
| 01/01/2027 | 6.000% | 5,000,000 | 5,000,700 |
| Total | | | 9,917,637 |
| Finance
Companies 1.4% | | | |
| Fortress
Transportation & Infrastructure Investors LLC (c) | | | |
| 10/01/2025 | 6.500% | 6,000,000 | 5,909,892 |
| iStar,
Inc. | | | |
| 04/01/2022 | 6.000% | 7,743,000 | 7,769,148 |
| Springleaf
Finance Corp. | | | |
| 03/15/2025 | 6.875% | 8,400,000 | 8,664,012 |
| Total | | | 22,343,052 |
| Food
and Beverage 0.5% | | | |
| Chobani
LLC/Finance Corp., Inc. (c) | | | |
| 04/15/2025 | 7.500% | 4,097,000 | 3,679,413 |
| Lamb
Weston Holdings, Inc. (c) | | | |
| 11/01/2026 | 4.875% | 3,900,000 | 3,952,069 |
| Total | | | 7,631,482 |
| Health
Care 0.6% | | | |
| Quotient
Ltd. (c),(e),(f) | | | |
| 04/15/2024 | 12.000% | 2,170,000 | 2,170,000 |
| 04/15/2024 | 12.000% | 930,000 | 930,000 |
| Surgery
Center Holdings, Inc. (c) | | | |
| 07/01/2025 | 6.750% | 6,600,000 | 5,972,558 |
| Total | | | 9,072,558 |
| Healthcare
Insurance 0.5% | | | |
| Centene
Corp. | | | |
| 01/15/2025 | 4.750% | 7,655,000 | 7,808,613 |

| Corporate
Bonds & Notes (continued) — Issuer | Coupon Rate | Principal Amount ($) | Value
($) |
| --- | --- | --- | --- |
| Home
Construction 0.3% | | | |
| Lennar
Corp. | | | |
| 11/29/2027 | 4.750% | 4,400,000 | 4,409,526 |
| Independent
Energy 0.9% | | | |
| Indigo
Natural Resources LLC (c) | | | |
| 02/15/2026 | 6.875% | 8,200,000 | 7,266,020 |
| Talos
Production LLC/Finance, Inc. | | | |
| 04/03/2022 | 11.000% | 6,136,177 | 6,458,326 |
| Total | | | 13,724,346 |
| Lodging
0.2% | | | |
| Marriott
Ownership Resorts, Inc. (c) | | | |
| 09/15/2026 | 6.500% | 3,732,000 | 3,912,069 |
| Media
and Entertainment 0.7% | | | |
| Lions
Gate Capital Holdings LLC (c) | | | |
| 11/01/2024 | 5.875% | 7,550,000 | 7,773,178 |
| Meredith
Corp. | | | |
| 02/01/2026 | 6.875% | 3,700,000 | 3,892,670 |
| Total | | | 11,665,848 |
| Metals
and Mining 1.0% | | | |
| CONSOL
Energy, Inc. (c) | | | |
| 11/15/2025 | 11.000% | 4,200,000 | 4,792,473 |
| Constellium
NV (c) | | | |
| 03/01/2025 | 6.625% | 7,900,000 | 8,064,407 |
| Warrior
Met Coal, Inc. (c) | | | |
| 11/01/2024 | 8.000% | 2,532,000 | 2,639,547 |
| Total | | | 15,496,427 |
| Midstream
0.7% | | | |
| Rockpoint
Gas Storage Canada Ltd. (c) | | | |
| 03/31/2023 | 7.000% | 4,216,000 | 4,185,763 |
| Summit
Midstream Partners LP (d) | | | |
| Junior
Subordinated | | | |
| 12/31/2049 | 9.500% | 8,400,000 | 7,866,205 |
| Total | | | 12,051,968 |
| Oil
Field Services 0.2% | | | |
| SESI
LLC | | | |
| 09/15/2024 | 7.750% | 4,200,000 | 3,476,420 |
| Other
Industry 0.5% | | | |
| WeWork
Companies, Inc. (c) | | | |
| 05/01/2025 | 7.875% | 8,500,000 | 7,793,514 |
| Packaging
1.0% | | | |
| BWAY
Holding Co. (c) | | | |
| 04/15/2025 | 7.250% | 8,300,000 | 8,011,558 |

6 Tri-Continental Corporation | Quarterly Report 2019

Portfolio of Investments (continued) Tri-Continental Corporation, March 31, 2019 (Unaudited)

| Corporate
Bonds & Notes (continued) — Issuer | Coupon Rate | Principal Amount ($) | Value
($) |
| --- | --- | --- | --- |
| Novolex (c) | | | |
| 01/15/2025 | 6.875% | 8,490,000 | 8,148,422 |
| Total | | | 16,159,980 |
| Pharmaceuticals
0.7% | | | |
| Bausch
Health Companies, Inc. (c) | | | |
| 01/31/2027 | 8.500% | 7,400,000 | 7,848,884 |
| Horizon
Pharma, Inc. (c) | | | |
| 11/01/2024 | 8.750% | 3,700,000 | 4,020,024 |
| Total | | | 11,868,908 |
| Restaurants
0.3% | | | |
| IRB
Holding Corp. (c) | | | |
| 02/15/2026 | 6.750% | 4,300,000 | 4,045,118 |
| Retailers
0.1% | | | |
| Rite
Aid Corp. | | | |
| Junior
Subordinated | | | |
| 02/15/2027 | 7.700% | 1,937,000 | 1,193,556 |
| Supermarkets
0.4% | | | |
| Safeway,
Inc. | | | |
| 02/01/2031 | 7.250% | 7,512,000 | 6,770,731 |
| Technology
0.9% | | | |
| Diebold,
Inc. | | | |
| 04/15/2024 | 8.500% | 8,100,000 | 7,264,922 |
| Genesys
Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/U.S. Holdings I LLC (c) | | | |
| 11/30/2024 | 10.000% | 3,750,000 | 4,099,654 |
| Informatica
LLC (c) | | | |
| 07/15/2023 | 7.125% | 3,838,000 | 3,920,202 |
| Total | | | 15,284,778 |
| Transportation
Services 0.5% | | | |
| Hertz
Corp. (The) (c) | | | |
| 06/01/2022 | 7.625% | 1,750,000 | 1,792,861 |
| Hertz
Corp. (The) | | | |
| 10/15/2022 | 6.250% | 6,700,000 | 6,354,414 |
| Total | | | 8,147,275 |
| Wirelines
0.3% | | | |
| Frontier
Communications Corp. | | | |
| 09/15/2025 | 11.000% | 8,360,000 | 5,506,364 |
| Total
Corporate Bonds & Notes (Cost $241,544,868) | | | 235,765,975 |

| Limited
Partnerships 0.2% — Issuer | Shares | Value
($) |
| --- | --- | --- |
| Energy
0.2% | | |
| Oil,
Gas & Consumable Fuels 0.2% | | |
| Enviva
Partners LP | 125,000 | 4,031,250 |
| Total
Energy | | 4,031,250 |
| Total
Limited Partnerships (Cost $3,344,375) | | 4,031,250 |

| Preferred
Debt 0.6% — Issuer | Coupon Rate | Shares | Value
($) |
| --- | --- | --- | --- |
| Banking
0.4% | | | |
| Citigroup
Capital XIII (d) | | | |
| 10/30/2040 | 8.890% | 215,000 | 5,880,250 |
| Finance
Companies 0.2% | | | |
| GMAC
Capital Trust I (d) | | | |
| 02/15/2040 | 8.099% | 150,000 | 3,906,000 |
| Total
Preferred Debt (Cost $9,408,817) | | | 9,786,250 |

| Senior
Loans 0.5% — Borrower | Coupon Rate | Principal Amount ($) | Value
($) |
| --- | --- | --- | --- |
| Oil
Field Services 0.5% | | | |
| BCP
Raptor LLC/EagleClaw Midstream Ventures (g),(h) | | | |
| Term
Loan | | | |
| 3-month
USD LIBOR + 4.250% Floor 1.000% 06/24/2024 | 6.879% | 7,863,930 | 7,367,559 |
| Total
Senior Loans (Cost $7,801,715) | | | 7,367,559 |

| Warrants
—% — Issuer | Shares | Value
($) |
| --- | --- | --- |
| Energy
—% | | |
| Oil,
Gas & Consumable Fuels —% | | |
| Goodrich
Petroleum Corp. (a),(e),(f),(i) | 16,334 | 0 |
| Total
Energy | | 0 |
| Total
Warrants (Cost $—) | | 0 |

Tri-Continental Corporation | Quarterly Report 2019 7

Portfolio of Investments (continued) Tri-Continental Corporation, March 31, 2019 (Unaudited)

| Money
Market Funds 1.3% | Shares | Value
($) |
| --- | --- | --- |
| Columbia
Short-Term Cash Fund, 2.519% (j),(k) | 5,588,106 | 5,587,547 |
| JPMorgan
U.S. Government Money Market Fund Agency Shares, 2.249% (j) | 15,060,799 | 15,060,799 |
| Total
Money Market Funds (Cost $20,648,346) | | 20,648,346 |
| Total
Investments in Securities (Cost: $1,504,879,150) | | 1,607,592,182 |
| Other
Assets & Liabilities, Net | | 9,535,230 |
| Net
Assets | | 1,617,127,412 |

At March 31, 2019, securities and/or cash totaling $369,540 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 E-mini | 54 | 06/2019 | USD | 7,662,060 | 90,108 | — |

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. 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, 2019, the total value of these securities amounted to $163,293,464, which represents 10.10% of total net assets. |
| (d) | 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, 2019. |
| (e) | Represents fair
value as determined in good faith under procedures approved by the Board of Directors. At March 31, 2019, the total value of these securities amounted to $3,100,000, which represents 0.19% of total net assets. |
| (f) | Valuation
based on significant unobservable inputs. |
| (g) | The
stated interest rate represents the weighted average interest rate at March 31, 2019 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 London Interbank Offered Rate (“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. |
| (h) | Variable
rate security. The interest rate shown was the current rate as of March 31, 2019. |
| (i) | Negligible market
value. |
| (j) | The rate
shown is the seven-day current annualized yield at March 31, 2019. |
| (k) | 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, 2019 are as follows: |

| Issuer | 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, 2.519% | | | | | | | |
| 25,992,417 | 14,492,352 | (34,896,663) | 5,588,106 | — | — | 63,492 | 5,587,547 |

8 Tri-Continental Corporation | Quarterly Report 2019

Portfolio of Investments (continued) Tri-Continental Corporation, March 31, 2019 (Unaudited)

Abbreviation Legend

ADR American Depositary Receipt

Currency Legend

USD US Dollar

Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

Fair value measurements

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Columbia Short-Term Cash Fund prices its shares with a floating NAV and no longer seeks to maintain a stable NAV.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Directors (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

Tri-Continental Corporation | Quarterly Report 2019 9

Portfolio of Investments (continued) Tri-Continental Corporation, March 31, 2019 (Unaudited)

Fair value measurements (continued) The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2019:

| | Level
1 quoted prices in active markets for identical assets ($) | Level
2 other significant observable inputs ($) | Level
3 significant unobservable inputs ($) | Investments measured at net asset value ($) | Total
($) |
| --- | --- | --- | --- | --- | --- |
| Investments
in Securities | | | | | |
| Common
Stocks | | | | | |
| Communication
Services | 95,689,665 | — | — | — | 95,689,665 |
| Consumer
Discretionary | 111,622,811 | — | — | — | 111,622,811 |
| Consumer
Staples | 85,611,710 | — | — | — | 85,611,710 |
| Energy | 59,492,600 | — | — | — | 59,492,600 |
| Financials | 158,261,456 | — | — | — | 158,261,456 |
| Health
Care | 152,872,205 | — | — | — | 152,872,205 |
| Industrials | 90,766,724 | — | — | — | 90,766,724 |
| Information
Technology | 240,814,842 | — | — | — | 240,814,842 |
| Materials | 24,276,738 | — | — | — | 24,276,738 |
| Real
Estate | 42,202,906 | — | — | — | 42,202,906 |
| Utilities | 35,119,357 | — | — | — | 35,119,357 |
| Total
Common Stocks | 1,096,731,014 | — | — | — | 1,096,731,014 |
| Convertible
Bonds | — | 131,651,584 | — | — | 131,651,584 |
| Convertible
Preferred Stocks | | | | | |
| Consumer
Staples | — | 3,955,149 | — | — | 3,955,149 |
| Energy | — | 3,913,767 | — | — | 3,913,767 |
| Financials | 7,441,920 | 22,166,912 | — | — | 29,608,832 |
| Health
Care | — | 15,931,638 | — | — | 15,931,638 |
| Industrials | — | 10,066,385 | — | — | 10,066,385 |
| Information
Technology | — | 6,543,000 | — | — | 6,543,000 |
| Real
Estate | — | 8,281,000 | — | — | 8,281,000 |
| Utilities | — | 23,310,433 | — | — | 23,310,433 |
| Total
Convertible Preferred Stocks | 7,441,920 | 94,168,284 | — | — | 101,610,204 |
| Corporate
Bonds & Notes | — | 232,665,975 | 3,100,000 | — | 235,765,975 |
| Limited
Partnerships | | | | | |
| Energy | 4,031,250 | — | — | — | 4,031,250 |
| Preferred
Debt | 9,786,250 | — | — | — | 9,786,250 |
| Senior
Loans | — | 7,367,559 | — | — | 7,367,559 |
| Warrants | | | | | |
| Energy | — | — | 0 | — | 0 |
| Money
Market Funds | 15,060,799 | — | — | 5,587,547 | 20,648,346 |
| Total
Investments in Securities | 1,133,051,233 | 465,853,402 | 3,100,000 | 5,587,547 | 1,607,592,182 |
| Investments
in Derivatives | | | | | |
| Asset | | | | | |
| Futures
Contracts | 90,108 | — | — | — | 90,108 |
| Total | 1,133,141,341 | 465,853,402 | 3,100,000 | 5,587,547 | 1,607,682,290 |

• Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

Derivative instruments are valued at unrealized appreciation (depreciation).

There were no transfers of financial assets between levels during the period.

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances

Warrants classified as Level 3 are valued using an income approach. To determine fair value for these securities, management considered estimates of future distributions from the liquidation of the company assets. Significant increases (decreases) to any of these inputs would result in a significantly higher (lower) fair value measurement.

10 Tri-Continental Corporation | Quarterly Report 2019

Portfolio of Investments (continued) Tri-Continental Corporation, March 31, 2019 (Unaudited)

Fair value measurements (continued) Certain corporate bonds classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but were not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would result in a significantly higher (lower) valuation measurement.

Tri-Continental Corporation | Quarterly Report 2019 11