T.
ROWE
PRICE
Corporate
Income
Fund
February
29,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
4.6%
Car
Loan
1.2%
Americredit
Automobile
Receivables
Trust
Series
2023-1,
Class
B
5.57%,
3/20/28
895
900
Americredit
Automobile
Receivables
Trust
Series
2023-1,
Class
C
5.80%,
12/18/28
535
539
Enterprise
Fleet
Financing
Series
2023-1,
Class
A2
5.51%,
1/22/29 (1)
1,070
1,070
Exeter
Automobile
Receivables
Trust
Series
2023-1A,
Class
B
5.72%,
4/15/27
443
442
Ford
Credit
Auto
Lease
Trust
Series
2023-A,
Class
C
5.54%,
12/15/26
660
656
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-A,
Class
B
5.281%,
5/15/32 (1)
1,012
1,005
Santander
Retail
Auto
Lease
Trust
Series
2021-B,
Class
C
1.10%,
6/20/25 (1)
1,720
1,712
U.S.
Bank
Series
2023-1,
Class
B
6.789%,
8/25/32 (1)
223
224
6,548
Other
Asset-Backed
Securities
3.4%
Driven
Brands
Funding
Series
2018-1A,
Class
A2
4.739%,
4/20/48 (1)
2,540
2,494
Hardee's
Funding
Series
2018-1A,
Class
A23
5.71%,
6/20/48 (1)
602
568
Hardee's
Funding
Series
2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
663
642
Hardee's
Funding
Series
2020-1A,
Class
A2
3.981%,
12/20/50 (1)
1,518
1,356
Hardee's
Funding
Series
2021-1A,
Class
A2
2.865%,
6/20/51 (1)
795
670
Hotwire
Funding
Series
2021-1,
Class
A2
2.311%,
11/20/51 (1)
2,360
2,121
T.
ROWE
PRICE
Corporate
Income
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
MVW
Series
2021-1WA,
Class
C
1.94%,
1/22/41 (1)
70
64
MVW
Series
2023-2A,
Class
A
6.18%,
11/20/40 (1)
1,700
1,740
Sonic
Capital
Series
2020-1A,
Class
A2I
3.845%,
1/20/50 (1)
4,651
4,405
Stonepeak
Series
2021-1A,
Class
AA
2.301%,
2/28/33 (1)
1,317
1,225
Zaxby's
Funding
Series
2021-1A,
Class
A2
3.238%,
7/30/51 (1)
3,380
2,969
18,254
Total
Asset-Backed
Securities
(Cost
$25,970)
24,802
CORPORATE
BONDS
89.6%
FINANCIAL
INSTITUTIONS
34.6%
Banking
22.9%
Banco
Bilbao
Vizcaya
Argentaria,
Series
9,
VR,
6.50% (2)(3)
1,200
1,179
Banco
Santander,
6.921%,
8/8/33
1,000
1,037
Bank
of
America,
VR,
1.734%,
7/22/27 (3)
3,460
3,173
Bank
of
America,
VR,
3.194%,
7/23/30 (3)
1,495
1,341
Bank
of
America,
VR,
4.271%,
7/23/29 (3)
1,462
1,408
Bank
of
America,
VR,
4.376%,
4/27/28 (3)
2,850
2,773
Bank
of
America,
Series
TT,
VR,
6.125% (2)(3)(4)
1,580
1,580
Bank
of
Ireland
Group,
VR,
6.253%,
9/16/26 (1)(3)
750
753
Bank
of
New
York
Mellon,
VR,
6.474%,
10/25/34 (3)
3,945
4,274
Barclays,
VR,
2.279%,
11/24/27 (3)
675
613
Barclays,
VR,
2.852%,
5/7/26 (3)
1,061
1,026
Barclays,
VR,
4.375% (2)(3)
3,005
2,344
Barclays,
VR,
5.304%,
8/9/26 (3)
823
818
BNP
Paribas,
VR,
5.497%,
5/20/30 (1)(3)(4)
2,600
2,595
BNP
Paribas,
VR,
5.738%,
2/20/35 (1)(3)
935
929
CaixaBank,
VR,
6.208%,
1/18/29 (1)(3)
2,225
2,262
Capital
One
Financial,
VR,
2.359%,
7/29/32 (3)
521
394
Capital
One
Financial,
VR,
3.273%,
3/1/30 (3)
3,285
2,940
Capital
One
Financial,
VR,
5.468%,
2/1/29 (3)
1,870
1,861
Citigroup,
VR,
2.572%,
6/3/31 (3)
5,550
4,670
Citigroup,
VR,
3.98%,
3/20/30 (3)
6,105
5,737
Citigroup,
VR,
4.412%,
3/31/31 (3)
1,410
1,325
Danske
Bank,
VR,
4.298%,
4/1/28 (1)(3)
4,745
4,576
T.
ROWE
PRICE
Corporate
Income
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Deutsche
Bank,
VR,
3.961%,
11/26/25 (3)
4,140
4,069
Fifth
Third
Bancorp,
2.375%,
1/28/25
295
287
Fifth
Third
Bancorp,
2.55%,
5/5/27
170
157
Fifth
Third
Bancorp,
VR,
5.631%,
1/29/32 (3)
295
292
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (3)
605
621
Fifth
Third
Bank,
2.25%,
2/1/27
310
285
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (3)
4,190
3,461
Goldman
Sachs
Group,
VR,
3.814%,
4/23/29 (3)
3,920
3,709
HSBC
Holdings,
VR,
1.589%,
5/24/27 (3)
535
491
HSBC
Holdings,
VR,
4.583%,
6/19/29 (3)
1,415
1,363
HSBC
Holdings,
VR,
6.161%,
3/9/29 (3)
735
747
Intesa
Sanpaolo,
6.625%,
6/20/33 (1)
1,825
1,848
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (3)
145
123
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (3)
3,035
2,663
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (3)
1,140
990
JPMorgan
Chase,
VR,
5.012%,
1/23/30 (3)
1,390
1,372
JPMorgan
Chase,
VR,
6.254%,
10/23/34 (3)
1,650
1,753
Lloyds
Banking
Group,
VR,
3.511%,
3/18/26 (3)
552
539
Morgan
Stanley,
VR,
1.794%,
2/13/32 (3)
1,855
1,469
Morgan
Stanley,
VR,
2.699%,
1/22/31 (3)
1,460
1,256
Morgan
Stanley,
VR,
4.431%,
1/23/30 (3)
4,860
4,657
Morgan
Stanley,
VR,
6.342%,
10/18/33 (3)
1,515
1,606
National
Australia
Bank,
4.787%,
1/10/29
2,740
2,722
PNC
Financial
Services
Group,
VR,
5.30%,
1/21/28 (3)
820
819
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (3)
1,110
1,004
Santander
Holdings
USA,
VR,
6.499%,
3/9/29 (3)
225
228
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26 (3)
6,590
6,184
Skandinaviska
Enskilda
Banken,
5.375%,
3/5/29 (1)
3,905
3,891
Societe
Generale,
VR,
5.519%,
1/19/28 (1)(3)
4,200
4,153
Standard
Chartered,
VR,
2.819%,
1/30/26 (1)(3)
3,111
3,017
Standard
Chartered,
VR,
3.971%,
3/30/26 (1)(3)
1,015
989
U.S.
Bancorp,
VR,
5.384%,
1/23/30 (3)
785
780
UBS
Group,
VR,
1.305%,
2/2/27 (1)(3)
855
787
UBS
Group,
VR,
5.959%,
1/12/34 (1)(3)
2,935
2,965
UBS
Group,
VR,
6.246%,
9/22/29 (1)(3)
1,305
1,340
UBS
Group,
VR,
6.537%,
8/12/33 (1)(3)
1,755
1,824
Wells
Fargo,
4.15%,
1/24/29
3,500
3,358
Wells
Fargo,
VR,
3.526%,
3/24/28 (3)
2,150
2,039
Wells
Fargo,
VR,
6.303%,
10/23/29 (3)
3,460
3,592
Wells
Fargo,
Series
BB,
VR,
3.90% (2)(3)
1,465
1,375
124,433
Brokerage
Asset
Managers
Exchanges
2.2%
HAT
Holdings
I,
8.00%,
6/15/27 (1)
2,210
2,290
Intercontinental
Exchange,
2.65%,
9/15/40
3,278
2,320
Intercontinental
Exchange,
3.00%,
6/15/50
2,705
1,813
LSEGA
Financing,
2.00%,
4/6/28 (1)
5,940
5,282
T.
ROWE
PRICE
Corporate
Income
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
LSEGA
Financing,
3.20%,
4/6/41 (1)
620
463
12,168
Finance
Companies
1.5%
AerCap
Ireland
Capital,
3.30%,
1/30/32
1,650
1,392
AerCap
Ireland
Capital,
5.10%,
1/19/29
635
625
AerCap
Ireland
Capital,
6.50%,
7/15/25
2,315
2,336
Aircastle,
4.25%,
6/15/26
3,013
2,922
OneMain
Finance,
9.00%,
1/15/29
710
745
8,020
Insurance
5.7%
Assurant,
6.10%,
2/27/26
870
874
Centene,
2.50%,
3/1/31
1,075
882
Centene,
3.00%,
10/15/30
1,015
865
Centene,
3.375%,
2/15/30
970
856
Centene,
4.625%,
12/15/29
1,470
1,392
CNO
Financial
Group,
5.25%,
5/30/29
627
607
Corebridge
Financial,
3.85%,
4/5/29
1,980
1,837
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
540
534
Elevance
Health,
5.125%,
2/15/53
1,450
1,379
Enstar
Group,
3.10%,
9/1/31
4,050
3,302
Equitable
Financial
Life
Global
Funding,
1.00%,
1/9/26 (1)
1,460
1,342
Equitable
Financial
Life
Global
Funding,
1.80%,
3/8/28 (1)
3,955
3,465
Health
Care
Service
A
Mutual
Legal
Reserve,
2.20%,
6/1/30 (1)
3,685
3,078
Health
Care
Service
A
Mutual
Legal
Reserve,
3.20%,
6/1/50 (1)
3,970
2,630
Humana,
2.15%,
2/3/32
1,185
938
Humana,
5.875%,
3/1/33
2,645
2,724
Jackson
Financial,
5.17%,
6/8/27
1,741
1,750
Muenchener
Rueckversicherungs-Gesellschaft
in
Muenchen,
VR,
5.875%,
5/23/42 (1)(3)
1,400
1,416
UnitedHealth
Group,
3.25%,
5/15/51
1,905
1,333
31,204
Real
Estate
Investment
Trusts
2.3%
Brixmor
Operating
Partnership,
3.90%,
3/15/27
400
381
Brixmor
Operating
Partnership,
4.05%,
7/1/30
955
879
Extra
Space
Storage,
4.00%,
6/15/29
3,000
2,818
Invitation
Homes
Operating
Partnership,
5.45%,
8/15/30
2,110
2,101
Kilroy
Realty,
2.50%,
11/15/32
260
192
Kilroy
Realty,
3.05%,
2/15/30
345
289
Kilroy
Realty,
4.25%,
8/15/29
2,980
2,748
Prologis,
5.125%,
1/15/34
3,300
3,262
12,670
Total
Financial
Institutions
188,495
INDUSTRIAL
45.4%
Basic
Industry
2.3%
Celanese
U.S.
Holdings,
6.55%,
11/15/30
2,650
2,751
T.
ROWE
PRICE
Corporate
Income
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
Freeport-McMoRan,
4.375%,
8/1/28
268
255
Freeport-McMoRan,
5.00%,
9/1/27
130
127
Mineral
Resources,
9.25%,
10/1/28 (1)
2,155
2,260
South32
Treasury,
4.35%,
4/14/32 (1)
3,150
2,817
Westlake,
3.125%,
8/15/51
2,180
1,364
Yara
International,
7.378%,
11/14/32 (1)
2,640
2,875
12,449
Capital
Goods
1.1%
Boeing,
5.15%,
5/1/30
2,690
2,645
Carrier
Global,
5.90%,
3/15/34
1,285
1,337
Regal
Rexnord,
6.05%,
2/15/26 (1)
1,015
1,021
Stanley
Black
&
Decker,
2.75%,
11/15/50
1,183
685
Stanley
Black
&
Decker,
4.85%,
11/15/48
224
193
5,881
Communications
6.9%
AT&T,
3.50%,
9/15/53
3,500
2,419
Charter
Communications
Operating,
5.25%,
4/1/53
652
504
Comcast,
2.887%,
11/1/51
4,090
2,600
Comcast,
3.75%,
4/1/40
1,620
1,324
Crown
Castle,
2.50%,
7/15/31
1,880
1,537
Crown
Castle,
3.80%,
2/15/28
2,870
2,696
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
1,785
1,741
Meta
Platforms,
4.45%,
8/15/52
5,265
4,601
Rogers
Communications,
4.35%,
5/1/49
90
73
Rogers
Communications,
4.55%,
3/15/52
3,310
2,728
Rogers
Communications,
5.00%,
2/15/29
4,125
4,085
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
1,405
1,260
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
820
719
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
3,295
3,193
Sprint
Capital,
8.75%,
3/15/32
1,105
1,336
T-Mobile
USA,
5.75%,
1/15/54
4,850
4,914
Warnermedia
Holdings,
6.412%,
3/15/26
1,940
1,935
37,665
Consumer
Cyclical
3.0%
AutoZone,
6.55%,
11/1/33
1,225
1,320
CBRE
Services,
5.50%,
4/1/29
550
550
Cummins,
5.15%,
2/20/34
1,635
1,628
Ford
Motor
Credit,
5.80%,
3/5/27
1,155
1,148
Ford
Motor
Credit,
6.95%,
3/6/26
2,595
2,641
GLP
Capital,
5.375%,
4/15/26
1,719
1,705
Hyundai
Capital
America,
5.40%,
1/8/31 (1)
550
550
Hyundai
Capital
America,
6.50%,
1/16/29 (1)
860
901
Nissan
Motor,
3.522%,
9/17/25 (1)
3,755
3,611
Nissan
Motor
Acceptance,
1.85%,
9/16/26 (1)
1,270
1,143
Nissan
Motor
Acceptance,
6.95%,
9/15/26 (1)(4)
150
154
T.
ROWE
PRICE
Corporate
Income
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Royal
Caribbean
Cruises,
6.25%,
3/15/32 (1)
790
792
16,143
Consumer
Non-Cyclical
15.7%
AbbVie,
4.05%,
11/21/39
2,245
1,983
AbbVie,
4.25%,
11/21/49
665
573
AbbVie,
4.70%,
5/14/45
1,390
1,286
AbbVie,
4.875%,
11/14/48
2,085
1,971
AbbVie,
5.05%,
3/15/34
2,230
2,247
AbbVie,
5.40%,
3/15/54
1,895
1,932
Altria
Group,
3.70%,
2/4/51
4,215
2,907
Amgen,
5.60%,
3/2/43
690
692
BAT
Capital,
5.834%,
2/20/31
2,125
2,118
BAT
Capital,
6.343%,
8/2/30
2,280
2,353
BAT
Capital,
7.081%,
8/2/53
1,305
1,353
Bayer
U.S.
Finance,
6.25%,
1/21/29 (1)
870
871
Bayer
U.S.
Finance,
6.375%,
11/21/30 (1)
1,535
1,549
Becton
Dickinson
&
Company,
3.794%,
5/20/50
1,117
861
Becton
Dickinson
&
Company,
4.298%,
8/22/32
665
622
Becton
Dickinson
&
Company,
4.669%,
6/6/47
3,168
2,812
Bimbo
Bakeries
USA,
6.05%,
1/15/29 (1)
760
783
Bimbo
Bakeries
USA,
6.40%,
1/15/34 (1)
1,090
1,166
Bristol-Myers
Squibb,
5.50%,
2/22/44
345
350
Bristol-Myers
Squibb,
5.65%,
2/22/64
1,065
1,082
CVS
Health,
5.05%,
3/25/48
7,370
6,564
HCA,
3.125%,
3/15/27
4,075
3,826
HCA,
3.625%,
3/15/32
1,570
1,379
Imperial
Brands
Finance,
6.125%,
7/27/27 (1)
3,155
3,211
IQVIA,
5.70%,
5/15/28
4,065
4,085
Kenvue,
5.10%,
3/22/43
1,510
1,469
Mars,
4.65%,
4/20/31 (1)
329
321
Mattel,
5.875%,
12/15/27 (1)
2,730
2,720
Pfizer
Investment
Enterprises,
5.30%,
5/19/53
4,040
3,957
Pfizer
Investment
Enterprises,
5.34%,
5/19/63
1,380
1,331
Philip
Morris
International,
5.125%,
2/15/30
2,760
2,750
Philip
Morris
International,
5.75%,
11/17/32
3,410
3,472
Revvity,
1.90%,
9/15/28
5,985
5,178
Solventum,
5.45%,
2/25/27 (1)
995
995
Solventum,
5.45%,
3/13/31 (1)
4,105
4,061
Solventum,
5.60%,
3/23/34 (1)
1,960
1,947
Solventum,
5.90%,
4/30/54 (1)
1,370
1,354
Sysco,
4.45%,
3/15/48
135
115
Teva
Pharmaceutical
Finance,
6.15%,
2/1/36
1,685
1,597
Teva
Pharmaceutical
Finance
Netherlands
III,
7.875%,
9/15/29
200
213
Utah
Acquisition
Sub,
3.95%,
6/15/26
2,080
2,008
Utah
Acquisition
Sub,
5.25%,
6/15/46
1,440
1,173
Viatris,
1.65%,
6/22/25
610
578
T.
ROWE
PRICE
Corporate
Income
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Viterra
Finance,
4.90%,
4/21/27 (1)
1,600
1,566
85,381
Energy
10.4%
Aker
BP,
2.00%,
7/15/26 (1)
2,263
2,086
Boardwalk
Pipelines,
5.95%,
6/1/26
3,385
3,406
Cheniere
Energy
Partners,
5.95%,
6/30/33
1,180
1,184
Chesapeake
Energy,
5.875%,
2/1/29 (1)
2,720
2,676
Enbridge,
6.20%,
11/15/30
2,505
2,623
Enbridge,
6.70%,
11/15/53
890
999
Energy
Transfer,
5.95%,
5/15/54
1,460
1,424
Energy
Transfer,
6.40%,
12/1/30
1,280
1,343
Enterprise
Products
Operating,
5.35%,
1/31/33
1,309
1,326
Hess,
4.30%,
4/1/27
1,800
1,753
Hess,
5.60%,
2/15/41
1,962
1,976
Hess,
7.125%,
3/15/33
400
450
Hilcorp
Energy
I,
8.375%,
11/1/33 (1)
375
402
Kinetik
Holdings,
6.625%,
12/15/28 (1)
1,015
1,028
Occidental
Petroleum,
6.125%,
1/1/31
557
571
Occidental
Petroleum,
6.60%,
3/15/46
1,400
1,484
Occidental
Petroleum,
7.50%,
5/1/31
655
723
Occidental
Petroleum,
8.875%,
7/15/30
1,160
1,336
ONEOK,
5.80%,
11/1/30
2,280
2,329
Patterson-UTI
Energy,
7.15%,
10/1/33 (4)
690
731
Raizen
Fuels
Finance,
6.45%,
3/5/34 (1)
1,310
1,331
Seadrill
Finance,
8.375%,
8/1/30 (1)
200
205
Targa
Resources
Partners,
5.50%,
3/1/30
2,818
2,790
Targa
Resources
Partners,
6.875%,
1/15/29
1,766
1,819
TER
Finance
Jersey,
Series
21,
Zero
Coupon,
1/2/25 (1)
1,600
1,509
TransCanada
PipeLines,
6.203%,
3/9/26
4,050
4,050
Transcontinental
Gas
Pipe
Line,
3.95%,
5/15/50
4,000
3,115
Var
Energi,
7.50%,
1/15/28 (1)
2,510
2,643
Var
Energi,
8.00%,
11/15/32 (1)
2,675
2,977
Venture
Global
LNG,
9.50%,
2/1/29 (1)
2,575
2,746
Western
Midstream
Operating,
4.05%,
2/1/30
1,170
1,082
Western
Midstream
Operating,
6.35%,
1/15/29
2,595
2,678
56,795
Industrial
Other
0.4%
Booz
Allen
Hamilton,
5.95%,
8/4/33
730
752
Jacobs
Engineering
Group,
6.35%,
8/18/28
1,225
1,266
2,018
Technology
2.8%
Broadcom,
2.45%,
2/15/31 (1)
2,430
2,023
Broadcom,
3.419%,
4/15/33 (1)
877
746
Fiserv,
5.45%,
3/15/34
3,735
3,725
Micron
Technology,
5.30%,
1/15/31
2,360
2,329
Micron
Technology,
6.75%,
11/1/29
2,115
2,239
T.
ROWE
PRICE
Corporate
Income
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Motorola
Solutions,
5.60%,
6/1/32
1,560
1,563
Oracle,
4.90%,
2/6/33
1,385
1,336
Oracle,
6.25%,
11/9/32
1,280
1,351
15,312
Transportation
2.8%
Canadian
Pacific
Railway,
3.50%,
5/1/50
4,010
2,938
ERAC
USA
Finance,
4.90%,
5/1/33 (1)
2,470
2,398
Norfolk
Southern,
5.55%,
3/15/34
4,090
4,191
Norfolk
Southern,
5.95%,
3/15/64
2,645
2,792
Transurban
Finance,
2.45%,
3/16/31 (1)
3,335
2,751
15,070
Total
Industrial
246,714
UTILITY
9.6%
Electric
9.1%
AEP
Texas,
4.70%,
5/15/32
2,825
2,694
AES,
5.45%,
6/1/28
4,030
4,022
American
Electric
Power,
5.20%,
1/15/29
970
971
American
Electric
Power,
5.625%,
3/1/33
1,325
1,337
American
Electric
Power,
5.95%,
11/1/32
780
807
DTE
Energy,
5.10%,
3/1/29
3,805
3,762
Duke
Energy,
5.00%,
8/15/52
3,205
2,857
Edison
International,
6.95%,
11/15/29
1,485
1,583
Enel
Finance
America,
7.10%,
10/14/27 (1)
800
840
Enel
Finance
International,
5.00%,
6/15/32 (1)
3,090
2,946
Exelon,
3.35%,
3/15/32
1,200
1,046
Exelon,
5.45%,
3/15/34
290
289
Exelon,
5.60%,
3/15/53
3,400
3,314
Georgia
Power,
4.70%,
5/15/32
2,005
1,939
Georgia
Power,
4.95%,
5/17/33
2,950
2,890
New
York
State
Electric
&
Gas,
5.85%,
8/15/33 (1)
1,195
1,226
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
3,915
3,184
Niagara
Mohawk
Power,
5.783%,
9/16/52 (1)
2,150
2,145
Pacific
Gas
&
Electric,
4.55%,
7/1/30
2,645
2,488
Pacific
Gas
&
Electric,
6.70%,
4/1/53
980
1,053
Pacific
Gas
&
Electric,
6.95%,
3/15/34
1,540
1,662
Southern
California
Edison,
Series
20A,
2.95%,
2/1/51
3,060
1,970
Vistra
Operations,
3.70%,
1/30/27 (1)
4,150
3,922
Vistra
Operations,
5.50%,
9/1/26 (1)
438
431
49,378
Natural
Gas
0.5%
Boston
Gas,
6.119%,
7/20/53 (1)
1,005
1,010
T.
ROWE
PRICE
Corporate
Income
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Sempra,
3.70%,
4/1/29
1,770
1,648
2,658
Total
Utility
52,036
Total
Corporate
Bonds
(Cost
$505,968)
487,245
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
3.7%
Owned
No
Guarantee
1.2%
Electricite
de
France,
5.70%,
5/23/28 (1)
325
331
NBN,
2.625%,
5/5/31 (1)(4)
4,840
4,098
Republic
of
Chile,
3.625%,
8/1/27
2,200
2,071
6,500
Sovereign
2.5%
Kingdom
of
Saudi
Arabia,
4.75%,
1/16/30 (1)
4,300
4,231
Kingdom
of
Saudi
Arabia,
5.75%,
1/16/54 (1)
2,030
1,968
Republic
of
Hungary,
6.125%,
5/22/28 (1)
1,510
1,543
Republic
of
Panama,
7.50%,
3/1/31
400
411
Republic
of
Panama,
7.875%,
3/1/57
200
197
Republic
of
Romania,
5.875%,
1/30/29 (1)
2,460
2,445
United
Mexican
States,
5.00%,
5/7/29
2,800
2,758
13,553
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$20,826)
20,053
MUNICIPAL
SECURITIES
0.3%
Colorado
0.1%
Colorado
HFA,
Covenant
Living
Community,
Series B,
2.80%,
12/1/26
575
538
538
Puerto
Rico
0.2%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (5)
2,017
1,180
1,180
Total
Municipal
Securities
(Cost
$1,622)
1,718
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
1.5%
U.S.
Treasury
Obligations
1.5%
U.S.
Treasury
Bonds,
4.125%,
8/15/53
775
742
U.S.
Treasury
Bonds,
4.375%,
8/15/43 (6)
4,585
4,490
T.
ROWE
PRICE
Corporate
Income
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
Treasury
Bonds,
4.75%,
2/15/37
2,670
2,818
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$8,233)
8,050
SHORT-TERM
INVESTMENTS
1.4%
Money
Market
Funds
1.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (7)(8)
7,488
7,488
Total
Short-Term
Investments
(Cost
$7,488)
7,488
SECURITIES
LENDING
COLLATERAL
0.6%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (7)(8)
3,413
3,413
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
3,413
Total
Securities
Lending
Collateral
(Cost
$3,413)
3,413
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.0%
Exchange-Traded
Options
Purchased
0.0%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
10-Year
Notes
Futures,
Put,
3/22/24
@
$109.50 (9)
126
13,915
49
Total
Exchange-Traded
Options
Purchased
(Cost
$55)
49
OTC
Options
Purchased
0.0%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Bank
of
America
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.
NA.HY-S41,
5
Year
Index,
12/20/28),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
3/20/24
@
1.03%* (9)
2
38,650
10
T.
ROWE
PRICE
Corporate
Income
Fund
11
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.IG-S41,
5
Year
Index,
12/20/28),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
3/20/24
@
0.58%* (9)
2
142,310
34
Citibank
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.IG-S41,
5
Year
Index,
12/20/28),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
3/20/24
@
0.58%* (9)
1
55,350
13
Morgan
Stanley
30
Year
Interest
Rate
Swap,
8/12/54
Pay
Fixed
3.80%
Annually,
Receivable
Variable
5.32%
(SOFR)
Annually,
8/8/24
@
3.80%* (9)
1
5,480
151
Wells
Fargo
S&P
500
Index,
Put,
4/19/24
@
$4,710.00 (9)
5
2,548
6
Total
OTC
Options
Purchased
(Cost
$579)
214
Total
Options
Purchased
(Cost
$634)
263
Total
Investments
in
Securities
101.7%
(Cost
$574,154)
$
553,032
Other
Assets
Less
Liabilities
(1.7)%
(8,997)
Net
Assets
100.0%
$
544,035
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
*
Exercise
Spread
(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
$170,932
and
represents
31.4%
of
net
assets.
(2)
Perpetual
security
with
no
stated
maturity
date.
(3)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
February
29,
2024.
T.
ROWE
PRICE
Corporate
Income
Fund
12
.
.
.
.
.
.
.
.
.
.
(5)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(6)
At
February
29,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(7)
Seven-day
yield
(8)
Affiliated
Companies
(9)
Non-income
producing
EUR
Euro
GO
General
Obligation
HFA
Health
Facility
Authority
OTC
Over-the-counter
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Corporate
Income
Fund
13
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.
NA.IG-S41,
5
Year
Index,
12/20/28),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
3/20/24
@
0.63%*
1
109,810
(12)
Total
Options
Written
(Premiums
$(69))
$
(12)
T.
ROWE
PRICE
Corporate
Income
Fund
14
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
JPMorgan
Chase,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
*
3,975
33
4
29
BNP
Paribas,
Protection
Sold
(Relevant
Credit:
Morgan
Stanley,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
*
3,975
31
(8)
39
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(4)
68
Total
Bilateral
Swaps
(4)
68
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Bought
(0.0)%
Protection
Bought
(Relevant
Credit:
Tesla),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/26
1,880
(22)
73
(95)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(95)
Credit
Default
Swaps,
Protection
Sold
0.0%
Protection
Sold
(Relevant
Credit:
Freeport-McMoRan,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
2,760
(9)
(7)
(2)
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Crossover-S40,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
(EUR)
2,520
242
241
1
T.
ROWE
PRICE
Corporate
Income
Fund
15
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Europe
Subordinated
Financials-S40,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
(EUR)
15,140
(86)
(96)
10
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
9
Total
Centrally
Cleared
Swaps
(86)
Net
payments
(receipts)
of
variation
margin
to
date
100
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
14
*
Credit
ratings
as
of
February
29,
2024.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$58.
T.
ROWE
PRICE
Corporate
Income
Fund
16
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
376
U.S.
Treasury
Long
Bond
contracts
6/24
44,838
$
71
Short,
533
U.S.
Treasury
Notes
five
year
contracts
6/24
(56,981)
(18)
Short,
173
U.S.
Treasury
Notes
ten
year
contracts
6/24
(19,106)
(9)
Long,
320
U.S.
Treasury
Notes
two
year
contracts
6/24
65,520
12
Long,
45
Ultra
U.S.
Treasury
Bonds
contracts
6/24
5,755
19
Short,
151
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/24
(17,240)
(14)
Net
payments
(receipts)
of
variation
margin
to
date
86
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
147
T.
ROWE
PRICE
Corporate
Income
Fund
17
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
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,
2024.
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.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
—
$
—
$
339++
Totals
$
—#
$
—
$
339+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
02/29/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
10,420
¤
¤
$
10,901
Total
$
10,901^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$339
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
$10,901.
T.
ROWE
PRICE
Corporate
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
18
T.
Rowe
Price
Corporate
Income
Fund,
Inc. (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
Board
Accounting
Standards
Codification
Topic
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
Fair
Value
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,
and
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 fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
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
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Corporate
Income
Fund
19
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.
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
factors
such
as,
but
not
limited
to,
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.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee 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
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
T.
ROWE
PRICE
Corporate
Income
Fund
20
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.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
29,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
541,868
$
—
$
541,868
Short-Term
Investments
7,488
—
—
7,488
Securities
Lending
Collateral
3,413
—
—
3,413
Options
Purchased
49
214
—
263
Total
Securities
10,950
542,082
—
553,032
Swaps*
—
75
—
75
Futures
Contracts*
102
—
—
102
Total
$
11,052
$
542,157
$
—
$
553,209
Liabilities
Options
Written
$
—
$
12
$
—
$
12
Swaps*
—
97
—
97
Futures
Contracts*
41
—
—
41
Total
$
41
$
109
$
—
$
150
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Corporate
Income
Fund
21
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund's
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F112-054Q3
02/24