T. ROWE PRICE U.S. HIGH YIELD FUND
February 29, 2020 (Unaudited)
| Portfolio of Investments‡ | Par/Shares | $ Value |
| (Amounts in 000s) | ||
| CORPORATE BONDS 77.6% | ||
| Automotive 1.0% | ||
| Dana, 5.375%, 11/15/27 | 3,085 | 3,147 |
| 3,147 | ||
| Basic Industry 5.2% | ||
| Atotech Alpha 2, 8.75%, 6/1/23 (1)(2) | 2,975 | 2,997 |
| Core & Main Holdings, 8.625%, 9/15/24 (1)(2) | 1,990 | 2,060 |
| CVR Partners, 9.25%, 6/15/23 (1) | 1,950 | 2,021 |
| Kaiser Aluminum, 4.625%, 3/1/28 (1) | 2,100 | 2,092 |
| New Enterprise Stone & Lime, 10.125%, 4/1/22 (1) | 2,880 | 3,006 |
| Novelis, 4.75%, 1/30/30 (1) | 1,325 | 1,302 |
| Warrior Met Coal, 8.00%, 11/1/24 (1) | 3,255 | 3,340 |
| 16,818 | ||
| Capital Goods 5.9% | ||
| Ardagh Packaging Finance, 5.25%, 8/15/27 (1) | 2,930 | 2,978 |
| Berry Global, 5.625%, 7/15/27 (1) | 2,915 | 3,035 |
| Flex Acquisition, 6.875%, 1/15/25 (1) | 3,641 | 3,541 |
| Granite U. S. Holdings, 11.00%, 10/1/27 (1) | 2,945 | 3,077 |
| Griffon, 5.75%, 3/1/28 (1) | 3,280 | 3,305 |
| Moog, 4.25%, 12/15/27 (1) | 3,180 | 3,236 |
| 19,172 | ||
| Consumer Goods 3.3% | ||
| JBS Investments II, 7.00%, 1/15/26 (1) | 3,725 | 3,976 |
| Mattel, 6.75%, 12/31/25 (1) | 2,690 | 2,825 |
| Sigma Holdco, 7.875%, 5/15/26 (1) | 3,910 | 3,832 |
| 10,633 | ||
| Energy 10.2% | ||
| AmeriGas Partners, 5.50%, 5/20/25 | 2,244 | 2,289 |
| CVR Energy, 5.25%, 2/15/25 (1) | 1,350 | 1,266 |
| Ensign Drilling, 9.25%, 4/15/24 (1) | 810 | 717 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE U.S. HIGH YIELD FUND
| Par/Shares | $ Value | |
| (Amounts in 000s) | ||
| Hilcorp Energy I, 5.00%, 12/1/24 (1) | 3,285 | 2,595 |
| Northern Oil & Gas, 8.50%, 5/15/23 (2) | 3,534 | 3,534 |
| PDC Energy, 5.75%, 5/15/26 | 4,150 | 3,694 |
| Suburban Propane Partners, 5.875%, 3/1/27 | 790 | 802 |
| Sunoco, 5.50%, 2/15/26 | 2,683 | 2,696 |
| Tallgrass Energy Partners, 6.00%, 3/1/27 (1) | 3,585 | 3,433 |
| Targa Resources Partners, 6.50%, 7/15/27 | 5,975 | 6,236 |
| Transocean, 8.00%, 2/1/27 (1) | 3,415 | 2,817 |
| Transocean Pontus, 6.125%, 8/1/25 (1) | 2,860 | 2,860 |
| 32,939 | ||
| Financial Services 2.2% | ||
| Advisor Group Holdings, 10.75%, 8/1/27 (1) | 3,435 | 3,555 |
| AG Issuer, 6.25%, 3/1/28 (1) | 3,535 | 3,518 |
| 7,073 | ||
| Health Care 7.0% | ||
| Bausch Health Americas, 9.25%, 4/1/26 (1) | 6,590 | 7,381 |
| Centene, 5.375%, 6/1/26 (1) | 5,300 | 5,578 |
| Horizon Therapeutics USA, 5.50%, 8/1/27 (1) | 2,675 | 2,809 |
| LifePoint Health, 4.375%, 2/15/27 (1) | 3,500 | 3,456 |
| Ortho-Clinical Diagnostics, 6.625%, 5/15/22 (1) | 2,723 | 2,716 |
| Ortho-Clinical Diagnostics, 7.25%, 2/1/28 (1) | 790 | 776 |
| 22,716 | ||
| Insurance 2.4% | ||
| Ardonagh Midco 3, 8.625%, 7/15/23 (1) | 1,675 | 1,698 |
| AssuredPartners, 7.00%, 8/15/25 (1) | 3,585 | 3,594 |
| NFP, 8.00%, 7/15/25 (1) | 2,525 | 2,572 |
| 7,864 | ||
| Leisure 2.9% | ||
| Caesars Resort Collection, 5.25%, 10/15/25 (1) | 3,200 | 3,160 |
| Golden Nugget, 8.75%, 10/1/25 (1) | 2,875 | 2,886 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE U.S. HIGH YIELD FUND
| Par/Shares | $ Value | |
| (Amounts in 000s) | ||
| Station Casinos, 4.50%, 2/15/28 (1) | 3,495 | 3,320 |
| 9,366 | ||
| Media 13.3% | ||
| AMC Networks, 4.75%, 8/1/25 | 3,375 | 3,358 |
| CCO Holdings, 5.00%, 2/1/28 (1) | 3,180 | 3,307 |
| CCO Holdings, 5.75%, 2/15/26 (1) | 1,840 | 1,911 |
| Clear Channel Worldwide Holdings, 9.25%, 2/15/24 (1) | 5,292 | 5,623 |
| Diamond Sports Group, 6.625%, 8/15/27 (1) | 5,795 | 4,694 |
| Gray Television, 7.00%, 5/15/27 (1) | 3,315 | 3,580 |
| iHeartCommunications, 8.375%, 5/1/27 | 3,305 | 3,586 |
| Nexstar Broadcasting, 5.625%, 7/15/27 (1) | 3,905 | 4,032 |
| Radiate Holdco, 6.625%, 2/15/25 (1) | 5,425 | 5,439 |
| Terrier Media Buyer, 8.875%, 12/15/27 (1) | 3,080 | 3,057 |
| Ziggo Bond, 6.00%, 1/15/27 (1) | 4,162 | 4,375 |
| 42,962 | ||
| Real Estate 0.9% | ||
| Ryman Hospitality Properties, 4.75%, 10/15/27 (1) | 2,855 | 2,894 |
| 2,894 | ||
| Retail 5.5% | ||
| eG Global Finance, 6.75%, 2/7/25 (1) | 4,525 | 4,463 |
| IRB Holding, 6.75%, 2/15/26 (1) | 4,460 | 4,426 |
| Lithia Motors, 4.625%, 12/15/27 (1) | 3,145 | 3,220 |
| Parkland Fuel, 5.875%, 7/15/27 (1) | 2,895 | 2,974 |
| WW International, 8.625%, 12/1/25 (1) | 2,651 | 2,764 |
| 17,847 | ||
| Services 6.6% | ||
| Allied Universal Holdco, 9.75%, 7/15/27 (1) | 1,516 | 1,616 |
| Capitol Investment Merger Sub 2, 10.00%, 8/1/24 (1) | 4,290 | 4,301 |
| Cloud Crane, 10.125%, 8/1/24 (1) | 2,015 | 2,065 |
| GFL Environmental, 7.00%, 6/1/26 (1) | 3,095 | 3,254 |
| H&E Equipment Services, 5.625%, 9/1/25 | 3,015 | 3,124 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE U.S. HIGH YIELD FUND
| Par/Shares | $ Value | ||
| (Amounts in 000s) | |||
| Herc Holdings, 5.50%, 7/15/27 (1) | 3,170 | 3,281 | |
| Stericycle, 5.375%, 7/15/24 (1) | 3,496 | 3,671 | |
| 21,312 | |||
| Technology & Electronics 1.8% | |||
| NCR, 5.75%, 9/1/27 (1) | 2,249 | 2,367 | |
| Presidio Holdings, 4.875%, 2/1/27 (1) | 3,455 | 3,455 | |
| 5,822 | |||
| Telecommunications 9.4% | |||
| CenturyLink, 5.125%, 12/15/26 (1) | 1,290 | 1,301 | |
| CenturyLink, 7.50%, 4/1/24 | 2,450 | 2,744 | |
| Cincinnati Bell, 8.00%, 10/15/25 (1) | 2,905 | 3,112 | |
| DKT Finance, 9.375%, 6/17/23 (1) | 2,215 | 2,337 | |
| Front Range BidCo, 6.125%, 3/1/28 (1) | 555 | 547 | |
| GCI, 6.625%, 6/15/24 (1) | 1,855 | 1,966 | |
| GCI, 6.875%, 4/15/25 | 2,125 | 2,194 | |
| LCPR Senior Secured Financing, 6.75%, 10/15/27 (1) | 6,205 | 6,515 | |
| Level 3 Financing, 4.625%, 9/15/27 (1) | 3,215 | 3,271 | |
| Sable International Finance, 5.75%, 9/7/27 (1) | 3,295 | 3,445 | |
| Telesat Canada, 4.875%, 6/1/27 (1) | 2,785 | 2,848 | |
| 30,280 | |||
| Total Corporate Bonds (Cost $250,358) | 250,845 | ||
| BANK LOANS 14.1%(3) | |||
| Automotive 1.0% | |||
| Panther BF Aggregator 2, FRN, 3M USD LIBOR + 3.50%, | |||
| 5.103%, 4/30/26 | 3,332 | 3,245 | |
| 3,245 | |||
| Basic Industry 1.1% | |||
| Innophos Holdings, FRN, 1M USD LIBOR + 3.75%, 5.421%, | |||
| 2/5/27(4)(5) | 3,570 | 3,534 | |
| 3,534 | |||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE U.S. HIGH YIELD FUND
| Par/Shares | $ Value | ||
| (Amounts in 000s) | |||
| Broadcasting 0.7% | |||
| Terrier Media Buyer, FRN, 1M USD LIBOR + 4.25%, 6.148%, | |||
| 12/17/26 | 2,195 | 2,177 | |
| 2,177 | |||
| Capital Goods 1.0% | |||
| Mauser Packaging Solutions, FRN, 3M USD LIBOR + 3.25%, | |||
| 5.084%, 4/3/24 | 3,354 | 3,197 | |
| 3,197 | |||
| Consumer Goods 1.0% | |||
| Coty, FRN, 3M USD LIBOR + 2.25%, 4/7/25 (5) | 3,495 | 3,409 | |
| 3,409 | |||
| Energy 1.0% | |||
| Buckeye Partners, FRN, 1M USD LIBOR + 2.75%, 4.405%, | |||
| 11/1/26 | 3,305 | 3,261 | |
| 3,261 | |||
| Gaming 1.0% | |||
| Playtika Holding, FRN, 1M USD LIBOR + 6.00%, 7.603%, | |||
| 12/10/24 | 3,440 | 3,440 | |
| 3,440 | |||
| Health Care 1.6% | |||
| Envision Healthcare, FRN, 3M USD LIBOR + 3.75%, 5.353%, | |||
| 10/10/25 | 2,442 | 1,958 | |
| Ortho-Clinical Diagnostics, FRN, 3M USD LIBOR + 3.25%, | |||
| 4.905%, 6/30/25 (5) | 3,354 | 3,187 | |
| 5,145 | |||
| Insurance 2.0% | |||
| HUB International, FRN, 1M USD LIBOR + 4.00%, 5.692%, | |||
| 4/25/25(5) | 6,395 | 6,372 | |
| 6,372 | |||
| Metals & Mining 1.1% | |||
| Arconic Rolled Products, FRN, 1M USD LIBOR + 2.75%, | |||
| 2/4/27(5) | 3,595 | 3,550 | |
| 3,550 | |||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE U.S. HIGH YIELD FUND
| Par/Shares | $ Value | ||
| (Amounts in 000s) | |||
| Other Telecommunications 1.1% | |||
| Front Range BidCo, FRN, 1M USD LIBOR + 3.00%, 2/20/27 (5) | 3,680 | 3,589 | |
| 3,589 | |||
| Services 1.5% | |||
| Allied Universal Holdco, FRN, 1M USD LIBOR + 4.25%, | |||
| 7/10/26(5) | 1,625 | 1,606 | |
| Prime Security Services Borrower, FRN, 1M USD LIBOR + | |||
| 3.25%, 4.912%, 9/23/26 | 3,330 | 3,234 | |
| 4,840 | |||
| Total Bank Loans (Cost $46,812) | 45,759 | ||
| COMMON STOCKS 0.3% | |||
| Transportation 0.3% | |||
| Delta Air Lines | 20 | 923 | |
| Total Common Stocks (Cost $946) | 923 | ||
| PREFERRED STOCKS 1.4% | |||
| Energy 0.9% | |||
| Crestwood Equity Partners, 9.25% (6) | 328,000 | 2,732 | |
| 2,732 | |||
| Financial Services 0.5% | |||
| Ladenburg Thalmann Financial Services, 6.50%, 11/30/27 | 88,000 | 1,758 | |
| 1,758 | |||
| Total Preferred Stocks (Cost $4,492) | 4,490 | ||
| EQUITY MUTUAL FUNDS 3.0% | |||
| iShares iBoxx High Yield Corporate Bond ETF | 55 | 4,732 | |
| SPDR Bloomberg Barclays High Yield Bond ETF | 45 | 4,814 | |
| Total Equity Mutual Funds (Cost $9,801) | 9,546 | ||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE U.S. HIGH YIELD FUND
| Par/Shares | $ Value | |||
| (Amounts in 000s) | ||||
| SHORT-TERM INVESTMENTS 6.3% | ||||
| Money Market Funds 6.3% | ||||
| T. Rowe Price Government Reserve Fund, 1.59% (7)(8) | 20,462 | 20,462 | ||
| Total Short-Term Investments (Cost $20,462) | 20,462 | |||
| Total Investments in Securities 102.7% | ||||
| (Cost $332,871) | $ | 332,025 | ||
| Other Assets Less Liabilities (2.7)% | (8,622) | |||
| Net Assets 100.0% | $ | 323,403 | ||
| ‡ | Par/Shares are denominated in U. S. dollars unless otherwise noted. | |
| (1 | ) | Security was purchased pursuant to Rule 144A under the Securities Act of |
| 1933 and may be resold in transactions exempt from registration only to | ||
| qualified institutional buyers. Total value of such securities at period-end | ||
| amounts to $213,441 and represents 66.0% of net assets. | ||
| (2 | ) | Security has the ability to pay in-kind or pay in cash. When applicable, |
| separate rates of such payments are disclosed. | ||
| (3 | ) | Bank loan positions may involve multiple underlying tranches. In those |
| instances, the position presented reflects the aggregate of those respective | ||
| underlying tranches and the rate presented reflects the weighted average rate | ||
| of the settled positions. | ||
| (4 | ) | Level 3 in fair value hierarchy. |
| (5 | ) | All or a portion of this loan is unsettled as of February 29, 2020. The interest |
| rate for unsettled loans will be determined upon settlement after period end. | ||
| (6 | ) | Perpetual security with no stated maturity date. |
| (7 | ) | Affiliated Companies |
| (8 | ) | Seven-day yield |
| 1M USD LIBOR | One month USD LIBOR (London interbank offered rate) | |
| 3M USD LIBOR | Three month USD LIBOR (London interbank offered rate) | |
| ETF | Exchange-Traded Fund | |
| FRN | Floating Rate Note |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE U.S. HIGH YIELD FUND
Affiliated Companies
($000s)
The fund may invest in certain securities that are considered affiliated companies. As defined
by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the
outstanding voting securities, or a company that is under common ownership or control. The
following securities were considered affiliated companies for all or some portion of the nine
months ended February 29, 2020. Net realized gain (loss), investment income, change in net
unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.
| Change in Net | ||||||||
| Net Realized Gain | Unrealized | Investment | ||||||
| Affiliate | (Loss) | Gain/Loss | Income | |||||
| T. Rowe Price Government | ||||||||
| Reserve Fund | $ | —# | $ | — | $ | 277 | + | |
| Supplementary Investment Schedule | ||||||||
| Value | Purchase | Sales | Value | |||||
| Affiliate | 5/31/19 | Cost | Cost | 2/29/20 | ||||
| T. Rowe Price Government | ||||||||
| Reserve Fund | $ | 20,560 | ¤ | ¤ | $ | 20,462 | ^ | |
| # | Capital gain distributions from mutual funds represented $0 of the net realized gain (loss) . |
| + | Investment income comprised $277 of dividend income and $0 of interest income. |
| ¤ | Purchase and sale information not shown for cash management funds. |
| ^ | The cost basis of investments in affiliated companies was $20,462. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE U.S. HIGH YIELD FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
T. Rowe Price High Yield Fund (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act) as an
open-end management investment company and follows accounting and reporting guidance of the Financial Accounting
Standards BoardAccounting Standards CodificationTopic 946. The accompanying Portfolio of Investments was prepared
in accordance with accounting principles generally accepted in the United States of America (GAAP). For additional
information on the fund’s significant accounting policies and investment related disclosures, please refer to the fund’s most
recent semiannual or annual shareholder report and its prospectus.
VALUATION
The fund’s financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET,
each day the NYSE is open for business.
Fair Value
The fund’s financial instruments are reported at fair value, which GAAP defines as the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been
delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are
appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the
Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value
determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP
establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 - quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at
the reporting date
Level 2 - inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not
limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or
similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and
credit spreads)
Level 3 - unobservable inputs
Observable inputs are developed using market data, such as publicly available information about actual events or
transactions, and reflect the assumptions that market participants would use to price the financial instrument.
Unobservable inputs are those for which market data are not available and are developed using the best information
available about the assumptions that market participants would use to price the financial instrument. GAAP requires
valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value
hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are
not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the
degree of judgment used in determining those values.
T. ROWE PRICE U.S. HIGH YIELD FUND
Valuation Techniques
Debt securities generally are traded in the over-the-counter (OTC) market and are valued at prices furnished by
independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the
independent pricing services consider the yield or price of bonds of comparable quality, coupon, maturity, and type, as
well as prices quoted by dealers who make markets in such securities. Generally, debt securities are categorized in Level
2 of the fair value hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities
would be categorized in Level 3.
Equity securities listed or regularly traded on a securities exchange or in the OTC market are valued at the last quoted
sale price or, for certain markets, the official closing price at the time the valuations are made. OTC Bulletin Board
securities are valued at the mean of the closing bid and asked prices. A security that is listed or traded on more than one
exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed
securities not traded on a particular day are valued at the mean of the closing bid and asked prices. Actively traded
equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value hierarchy. OTC
Bulletin Board securities, certain preferred securities, and equity securities traded in inactive markets generally are
categorized in Level 2 of the fair value hierarchy.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current
sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of troubled or thinly traded debt instruments, the Valuation Committee considers a variety of factors,
which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent
investment transactions in the issuer, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
unobservable inputs. The Valuation Committee typically will afford greatest weight to actual prices in arm’s length
transactions, to the extent they represent orderly transactions between market participants, transaction information can
be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Committee may also
consider other valuation methods such as a discount or premium from market value of a similar, freely traded security
of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are
reviewed on a regular basis and updated as information becomes available, including actual purchase and sale
transactions of the issue. Because any fair value determination involves a significant amount of judgment, there is a
degree of subjectivity inherent in such pricing decisions, and fair value prices determined by the Valuation Committee
could differ from those of other market participants. Depending on the relative significance of unobservable inputs,
including the valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value
hierarchy.
T. ROWE PRICE U.S. HIGH YIELD FUND
Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values
on February 29, 2020 (for further detail by category, please refer to the accompanying Portfolio of Investments):
| ($000s) | Level 1 | Level 2 | Level 3 | Total Value | ||||
| Assets | ||||||||
| Corporate Bonds | — | 250,845 | — | 250,845 | ||||
| Bank Loans | — | 42,225 | 3,534 | 45,759 | ||||
| Common Stocks | 923 | — | — | 923 | ||||
| Preferred Stocks | 4,490 | — | — | 4,490 | ||||
| Equity Mutual Funds | 9,546 | — | — | 9,546 | ||||
| Short-Term Investments | 20,462 | — | — | 20,462 | ||||
| Total | $ | 35,421 | $ 293,070 | $ 3,534 | $ 332,025 | |||
Following is a reconciliation of the fund’s Level 3 holdings for the period ended February 29, 2020. Gain (loss) reflects
both realized and change in unrealized gain/loss on Level 3 holdings during the period, if any. The change in unrealized
gain/loss on Level 3 instruments held at February 29, 2020, totaled $(43,000) for the period ended February 29, 2020.
| ($000s) | Gain | |||||||||
| Beginning | (Loss) | Ending | ||||||||
| Balance | During | Total | Balance | |||||||
| 6/1/19 | Period | Purchases | 2/29/20 | |||||||
| Investment in | ||||||||||
| Securities | ||||||||||
| Bank Loans | $ – | $ | (43 | ) | $ | 3,577 | $ | 3,534 | ||