Tri-Continental Corporation (TY) is a hybrid closed-end fund with a variable distribution, currently yielding 10.85% on a trailing twelve-month basis. TY maintains a diversified allocation—66.8% in equities, 13.2% in convertibles, and 18.1% in traditional bonds—though underweight to mega-cap tech versus the S&P 500. The fund has underperformed the S&P 500 Total Return Index over both recent and long-term periods, despite fully covering distributions through investment profits.