First Quarter Report (PDF)
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PORTFOLIO OF INVESTMENTS Tri-Continental Corporation, March 31, 2021 (Unaudited) (Percentages represent value of investments compared to net assets) Investments in securities Common Stocks 69.8% Common Stocks (continued) Issuer Shares Value ($) Issuer Shares Value ($) Communication Services 6.7% Multiline Retail 0.8% Diversified Telecommunication Services 1.5% Target Corp. 78,700 15,588,109 AT&T, Inc. 325,000 9,837,750 Specialty Retail 1.9% Verizon Communications, Inc. 325,500 18,927,825 Best Buy Co., Inc. 105,200 12,078,012 Total 28,765,575 Home Depot, Inc. (The) 32,000 9,768,000 Entertainment 0.3% Lowe’s Companies, Inc. 81,900 15,575,742 Activision Blizzard, Inc. 54,300 5,049,900 Total 37,421,754 Interactive Media & Services 4.3% Total Consumer Discretionary 138,583,316 (a) Alphabet, Inc., Class A 22,575 46,561,389 Consumer Staples 4.8% (a) Facebook, Inc., Class A 118,500 34,901,805 Food & Staples Retailing 1.2% Total 81,463,194 Kroger Co. (The) 403,300 14,514,767 Media 0.6% Walgreens Boots Alliance, Inc. 150,000 8,235,000 Comcast Corp., Class A 90,000 4,869,900 Total 22,749,767 Interpublic Group of Companies, Inc. (The) 204,200 5,962,640 Food Products 0.9% News Corp., Class A 61,800 1,571,574 General Mills, Inc. 43,000 2,636,760 Total 12,404,114 JM Smucker Co. (The) 40,000 5,061,200 Total Communication Services 127,682,783 Kraft Heinz Co. (The) 217,900 8,716,000 Consumer Discretionary 7.2% Total 16,413,960 Automobiles 0.3% Household Products 0.8% (a) Tesla Motors, Inc. 8,100 5,410,233 Kimberly-Clark Corp. 56,250 7,821,563 Hotels, Restaurants & Leisure 0.9% Procter & Gamble Co. (The) 52,000 7,042,360 Darden Restaurants, Inc. 27,000 3,834,000 Total 14,863,923 (a) Hilton Worldwide Holdings, Inc. 38,400 4,643,328 Tobacco 1.9% McDonald’s Corp. 11,100 2,487,954 Altria Group, Inc. 376,600 19,266,856 Travel + Leisure Co. 110,000 6,727,600 Philip Morris International, Inc. 201,500 17,881,110 Total 17,692,882 Total 37,147,966 Household Durables 1.5% Total Consumer Staples 91,175,616 Lennar Corp., Class A 54,600 5,527,158 Energy 2.8% Newell Brands, Inc. 200,000 5,356,000 Energy Equipment & Services 0.1% PulteGroup, Inc. 237,100 12,433,524 NOV, Inc.(a) 144,000 1,975,680 Whirlpool Corp. 25,000 5,508,750 Oil, Gas & Consumable Fuels 2.7% Total 28,825,432 Chesapeake Energy Corp.(a) 3,520 152,733 Internet & Direct Marketing Retail 1.8% Chevron Corp. 111,100 11,642,169 (a) Amazon.com, Inc. 7,980 24,690,758 EOG Resources, Inc. 163,300 11,844,149 (a) Etsy, Inc. 44,400 8,954,148 Exxon Mobil Corp. 175,000 9,770,250 Total 33,644,906 HollyFrontier Corp. 218,900 7,832,242 Tri-Continental Corporation | Quarterly Report 2021 1 PORTFOLIO OF INVESTMENTS (continued) Tri-Continental Corporation, March 31, 2021 (Unaudited) Common Stocks (continued) Common Stocks (continued) Issuer Shares Value ($) Issuer Shares Value ($) Kinder Morgan, Inc. 134,300 2,236,095 Health Care 8.0% Valero Energy Corp. 100,000 7,160,000 Biotechnology 1.4% Total 50,637,638 AbbVie, Inc. 164,224 17,772,321 Total Energy 52,613,318 Biogen, Inc.(a) 4,320 1,208,520 Financials 9.5% BioMarin Pharmaceutical, Inc.(a) 32,000 2,416,320 Banks 3.7% Vertex Pharmaceuticals, Inc.(a) 23,758 5,105,357 Citigroup, Inc. 261,900 19,053,225 Total 26,502,518 Citizens Financial Group, Inc. 370,500 16,357,575 Health Care Equipment & Supplies 1.4% JPMorgan Chase & Co. 78,100 11,889,163 Abbott Laboratories 163,900 19,641,776 PNC Financial Services Group, Inc. (The) 57,500 10,086,075 Dentsply Sirona, Inc. 93,660 5,976,444 Regions Financial Corp. 142,900 2,952,314 Hologic, Inc.(a) 10,900 810,742 U.S. Bancorp 87,500 4,839,625 Total 26,428,962 Zions Bancorp 120,000 6,595,200 Health Care Providers & Services 1.4% Total 71,773,177 Cardinal Health, Inc. 46,400 2,818,800 Capital Markets 3.1% HCA Healthcare, Inc. 65,700 12,373,938 Ares Capital Corp. 525,000 9,822,750 Humana, Inc. 12,700 5,324,475 BlackRock, Inc. 23,750 17,906,550 McKesson Corp. 32,900 6,416,816 Morgan Stanley 176,700 13,722,522 Total 26,934,029 S&P Global, Inc. 17,300 6,104,651 Pharmaceuticals 3.8% T. Rowe Price Group, Inc. 53,200 9,129,120 Amryt Pharma PLC, ADR(a) 100,000 1,393,000 TCG BDC, Inc. 250,000 3,300,000 Bristol-Myers Squibb Co. 372,600 23,522,238 Total 59,985,593 Johnson & Johnson 133,900 22,006,465 Insurance 1.9% Merck & Co., Inc. 77,900 6,005,311 Allstate Corp. (The) 143,800 16,522,620 Pfizer, Inc. 561,700 20,350,391 Arthur J Gallagher & Co. 21,900 2,732,463 Total 73,277,405 Hartford Financial Services Group, Inc. (The) 92,500 6,178,075 Total Health Care 153,142,914 MetLife, Inc. 179,500 10,911,805 Industrials 6.4% Total 36,344,963 Aerospace & Defense 0.5% Mortgage Real Estate Investment Trusts (REITS) 0.8% Raytheon Technologies Corp. 130,000 10,045,100 Blackstone Mortgage Trust, Inc. 150,000 4,650,000 Air Freight & Logistics 1.2% Starwood Property Trust, Inc. 400,000 9,896,000 United Parcel Service, Inc., Class B 129,700 22,047,703 Total 14,546,000 Airlines 0.1% Total Financials 182,649,733 Delta Air Lines, Inc.(a) 25,700 1,240,796 Southwest Airlines Co.(a) 23,700 1,447,122 Total 2,687,918 Construction & Engineering 0.5% Quanta Services, Inc. 108,300 9,528,234 2 Tri-Continental Corporation | Quarterly Report 2021 PORTFOLIO OF INVESTMENTS (continued) Tri-Continental Corporation, March 31, 2021 (Unaudited) Common Stocks (continued) Common Stocks (continued) Issuer Shares Value ($) Issuer Shares Value ($) Electrical Equipment 1.3% Software 5.4% Eaton Corp. PLC 173,700 24,019,236 Adobe, Inc.(a) 26,400 12,549,768 (a) Machinery 2.2% Autodesk, Inc. 59,400 16,462,710 (a) Caterpillar, Inc. 32,500 7,535,775 Cadence Design Systems, Inc. 12,900 1,767,171 (a) Deere & Co. 55,200 20,652,528 Fortinet, Inc. 95,600 17,630,552 Parker-Hannifin Corp. 30,500 9,620,615 Microsoft Corp. 203,400 47,955,618 Snap-On, Inc. 18,700 4,314,838 NortonLifeLock, Inc. 350,000 7,441,000 Total 42,123,756 Total 103,806,819 Professional Services 0.2% Technology Hardware, Storage & Peripherals 3.7% (b) Robert Half International, Inc. 45,300 3,536,571 Apple, Inc. 444,300 54,271,245 HP, Inc. 325,000 10,318,750 Road & Rail 0.4% Seagate Technology PLC 90,000 6,907,500 Norfolk Southern Corp. 31,800 8,538,936 Total 71,497,495 Total Industrials 122,527,454 Total Information Technology 338,581,423 Information Technology 17.7% Materials 2.1% Communications Equipment 1.7% Chemicals 1.7% Cisco Systems, Inc. 629,300 32,541,103 Dow, Inc. 432,200 27,634,868 Electronic Equipment, Instruments & Components 0.8% Nutrien Ltd. 100,000 5,389,000 Corning, Inc. 190,000 8,266,900 Total 33,023,868 Vishay Intertechnology, Inc. 260,000 6,260,800 Containers & Packaging 0.1% Total 14,527,700 International Paper Co. 33,700 1,822,159 IT Services 2.2% Metals & Mining 0.3% Accenture PLC, Class A 7,000 1,933,750 Newmont Corp. 53,500 3,224,445 International Business Machines Corp. 75,000 9,994,500 Nucor Corp. 25,100 2,014,777 MasterCard, Inc., Class A 63,600 22,644,780 Total 5,239,222 VeriSign, Inc.(a) 36,300 7,214,988 Total Materials 40,085,249 Total 41,788,018 Real Estate 2.6% Semiconductors & Semiconductor Equipment 3.9% Equity Real Estate Investment Trusts (REITS) 2.6% Advanced Micro Devices, Inc.(a) 61,100 4,796,350 Crown Castle International Corp. 30,000 5,163,900 Applied Materials, Inc. 14,500 1,937,200 Equinix, Inc. 7,200 4,893,048 Broadcom, Inc. 76,800 35,609,088 Life Storage, Inc. 60,000 5,157,000 Intel Corp. 338,800 21,683,200 Medical Properties Trust, Inc. 450,000 9,576,000 Texas Instruments, Inc. 55,000 10,394,450 Public Storage 5,600 1,381,856 Total 74,420,288 VICI Properties, Inc. 180,000 5,083,200 Welltower, Inc. 67,500 4,835,025 Weyerhaeuser Co. 394,900 14,058,440 Total 50,148,469 Total Real Estate 50,148,469 Tri-Continental Corporation | Quarterly Report 2021 3 PORTFOLIO OF INVESTMENTS (continued) Tri-Continental Corporation, March 31, 2021 (Unaudited) Common Stocks (continued) Convertible Bonds (continued) Issuer Shares Value ($) Coupon Principal Issuer Rate Amount ($) Value ($) Utilities 2.0% Independent Energy —% Electric Utilities 1.7% Chesapeake Energy Escrow(d),(e) Duke Energy Corp. 55,000 5,309,150 09/15/2026 0.000% 9,000,000 0 Edison International 125,000 7,325,000 Leisure 0.7% Exelon Corp. 81,800 3,577,932 NCL Corp., Ltd.(c) NRG Energy, Inc. 285,700 10,779,461 08/01/2025 5.375% 4,000,000 6,922,000 Pinnacle West Capital Corp. 60,000 4,881,000 Royal Caribbean Cruises Ltd(c) Total 31,872,543 06/15/2023 4.250% 4,200,000 5,903,100 Total 12,825,100 Independent Power and Renewable Electricity Producers 0.2% AES Corp.