UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-07353
T. Rowe Price Corporate Income Fund, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: May 31
Date of reporting period: November 30, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
November 30, 2024
This semi-annual shareholder report contains important information about Corporate Income Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Corporate Income Fund - Investor Class | $30 | 0.59% |
|---|
What are some fund statistics?
| Total Net Assets (000s) | $548,050 |
|---|
| Number of Portfolio Holdings | 387 |
|---|
| |
|---|
| Portfolio Turnover Rate | 36.0% |
|---|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| AAA Rated | 1.1% |
| AA Rated | 2.6 |
| A Rated | 30.0 |
| BBB Rated | 53.9 |
| BB Rated and Below | 7.1 |
| Not Rated | 2.0 |
| U.S. Treasury Securities | 1.7 |
| Reserves | 1.6 |
*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| Citigroup | 2.2% |
| SBA Tower Trust | 2.0 |
| CVS Health | 1.7 |
| U.S. Treasury Bonds | 1.6 |
| AbbVie | 1.4 |
| Bank of America | 1.3 |
| Health Care Service A Mutual Legal Reserve | 1.3 |
| Rogers Communications | 1.3 |
| Goldman Sachs Group | 1.3 |
| ONEOK | 1.2 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Corporate Income Fund
Investor Class (PRPIX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
November 30, 2024
This semi-annual shareholder report contains important information about Corporate Income Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Corporate Income Fund - I Class | $21 | 0.40% |
|---|
What are some fund statistics?
| Total Net Assets (000s) | $548,050 |
|---|
| Number of Portfolio Holdings | 387 |
|---|
| |
|---|
| Portfolio Turnover Rate | 36.0% |
|---|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| AAA Rated | 1.1% |
| AA Rated | 2.6 |
| A Rated | 30.0 |
| BBB Rated | 53.9 |
| BB Rated and Below | 7.1 |
| Not Rated | 2.0 |
| U.S. Treasury Securities | 1.7 |
| Reserves | 1.6 |
*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| Citigroup | 2.2% |
| SBA Tower Trust | 2.0 |
| CVS Health | 1.7 |
| U.S. Treasury Bonds | 1.6 |
| AbbVie | 1.4 |
| Bank of America | 1.3 |
| Health Care Service A Mutual Legal Reserve | 1.3 |
| Rogers Communications | 1.3 |
| Goldman Sachs Group | 1.3 |
| ONEOK | 1.2 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Corporate Income Fund
I Class (TICCX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
November 30, 2024
This semi-annual shareholder report contains important information about Corporate Income Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Corporate Income Fund - Z Class | $0 | 0.00% |
|---|
What are some fund statistics?
| Total Net Assets (000s) | $548,050 |
|---|
| Number of Portfolio Holdings | 387 |
|---|
| |
|---|
| Portfolio Turnover Rate | 36.0% |
|---|
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| AAA Rated | 1.1% |
| AA Rated | 2.6 |
| A Rated | 30.0 |
| BBB Rated | 53.9 |
| BB Rated and Below | 7.1 |
| Not Rated | 2.0 |
| U.S. Treasury Securities | 1.7 |
| Reserves | 1.6 |
*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| Citigroup | 2.2% |
| SBA Tower Trust | 2.0 |
| CVS Health | 1.7 |
| U.S. Treasury Bonds | 1.6 |
| AbbVie | 1.4 |
| Bank of America | 1.3 |
| Health Care Service A Mutual Legal Reserve | 1.3 |
| Rogers Communications | 1.3 |
| Goldman Sachs Group | 1.3 |
| ONEOK | 1.2 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Corporate Income Fund
Z Class (TRZCX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRPIX
Corporate
Income
Fund
TICCX
Corporate
Income
Fund–
.
I Class
TRZCX
Corporate
Income
Fund–
.
Z Class
T.
ROWE
PRICE
Corporate
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
7
.89
$
7
.88
$
8
.38
$
9
.93
$
9
.77
$
9
.55
Investment
activities
Net
investment
income
(1)(2)
0
.19
0
.35
0
.29
0
.23
0
.26
0
.32
Net
realized
and
unrealized
gain/
loss
0
.24
0
.02
(
0
.50
)
(
1
.25
)
0
.26
0
.33
Total
from
investment
activities
0
.43
0
.37
(
0
.21
)
(
1
.02
)
0
.52
0
.65
Distributions
Net
investment
income
(
0
.19
)
(
0
.36
)
(
0
.29
)
(
0
.24
)
(
0
.26
)
(
0
.33
)
Net
realized
gain
—
—
—
(
0
.29
)
(
0
.10
)
(
0
.10
)
Total
distributions
(
0
.19
)
(
0
.36
)
(
0
.29
)
(
0
.53
)
(
0
.36
)
(
0
.43
)
NET
ASSET
VALUE
End
of
period
$
8
.13
$
7
.89
$
7
.88
$
8
.38
$
9
.93
$
9
.77
T.
ROWE
PRICE
Corporate
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
5
.49
%
4
.82
%
(
2
.42
)
%
(
10
.88
)
%
5
.36
%
6
.86
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.71
%
(4)
0
.70
%
0
.69
%
0
.59
%
0
.59
%
0
.61
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.59
%
(4)
0
.59
%
0
.59
%
0
.59
%
0
.59
%
0
.61
%
Net
investment
income
4
.63
%
(4)
4
.47
%
3
.70
%
2
.37
%
2
.58
%
3
.22
%
Portfolio
turnover
rate
36
.0
%
90
.7
%
68
.6
%
85
.5
%
107
.6
%
149
.4
%
Net
assets,
end
of
period
(in
thousands)
$124,551
$126,974
$141,998
$165,944
$420,125
$717,100
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Corporate
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
7
.90
$
7
.88
$
8
.39
$
9
.94
$
9
.78
$
9
.55
Investment
activities
Net
investment
income
(1)(2)
0
.20
0
.36
0
.31
0
.25
0
.27
0
.33
Net
realized
and
unrealized
gain/
loss
0
.24
0
.03
(
0
.51
)
(
1
.25
)
0
.27
0
.34
Total
from
investment
activities
0
.44
0
.39
(
0
.20
)
(
1
.00
)
0
.54
0
.67
Distributions
Net
investment
income
(
0
.20
)
(
0
.37
)
(
0
.31
)
(
0
.26
)
(
0
.28
)
(
0
.34
)
Net
realized
gain
—
—
—
(
0
.29
)
(
0
.10
)
(
0
.10
)
Total
distributions
(
0
.20
)
(
0
.37
)
(
0
.31
)
(
0
.55
)
(
0
.38
)
(
0
.44
)
NET
ASSET
VALUE
End
of
period
$
8
.14
$
7
.90
$
7
.88
$
8
.39
$
9
.94
$
9
.78
T.
ROWE
PRICE
Corporate
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
5
.59
%
5
.15
%
(
2
.36
)
%
(
10
.71
)
%
5
.47
%
7
.09
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.46
%
(4)
0
.46
%
0
.46
%
0
.44
%
0
.49
%
0
.49
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.40
%
(4)
0
.41
%
0
.41
%
0
.41
%
0
.48
%
0
.49
%
Net
investment
income
4
.82
%
(4)
4
.66
%
3
.89
%
2
.78
%
2
.66
%
3
.35
%
Portfolio
turnover
rate
36
.0
%
90
.7
%
68
.6
%
85
.5
%
107
.6
%
149
.4
%
Net
assets,
end
of
period
(in
thousands)
$156,364
$149,202
$149,436
$162,609
$22,825
$17,990
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Corporate
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Z
Class
(1)
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
2/22/21
(1)
Through
5/31/21
5/31/24
5/31/23
5/31/22
NET
ASSET
VALUE
Beginning
of
period
$
7
.89
$
7
.88
$
8
.38
$
9
.94
$
10
.01
Investment
activities
Net
investment
income
(2)(3)
0
.21
0
.40
0
.34
0
.28
0
.08
Net
realized
and
unrealized
gain/loss
0
.24
0
.02
(
0
.50
)
(
1
.25
)
(
0
.07
)
(4)
Total
from
investment
activities
0
.45
0
.42
(
0
.16
)
(
0
.97
)
0
.01
Distributions
Net
investment
income
(
0
.21
)
(
0
.41
)
(
0
.34
)
(
0
.30
)
(
0
.08
)
Net
realized
gain
—
—
—
(
0
.29
)
—
Total
distributions
(
0
.21
)
(
0
.41
)
(
0
.34
)
(
0
.59
)
(
0
.08
)
NET
ASSET
VALUE
End
of
period
$
8
.13
$
7
.89
$
7
.88
$
8
.38
$
9
.94
T.
ROWE
PRICE
Corporate
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
(1)
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
2/22/21
(1)
Through
5/31/21
5/31/24
5/31/23
5/31/22
Ratios/Supplemental
Data
Total
return
(3)(5)
5
.80
%
5
.44
%
(
1
.84
)
%
(
10
.43
)
%
0
.14
%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.42
%
(6)
0
.42
%
0
.42
%
0
.43
%
0
.48
%
(6)
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.00
%
(6)
0
.00
%
0
.00
%
0
.00
%
0
.00
%
(6)
Net
investment
income
5
.22
%
(6)
5
.07
%
4
.30
%
2
.96
%
2
.92
%
(6)
Portfolio
turnover
rate
36
.0
%
90
.7
%
68
.6
%
85
.5
%
107
.6
%
Net
assets,
end
of
period
(in
thousands)
$267,135
$265,549
$259,273
$281,974
$339,398
0
%
0
%
0
%
0
%
0
%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(4)
The
amount
presented
is
inconsistent
with
the
fund's
aggregate
gains
and
losses
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(5)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(6)
Annualized
T.
ROWE
PRICE
Corporate
Income
Fund
November
30,
2024
(Unaudited)
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
6.8%
Car
Loan
1.4%
Ally
Bank
Auto
Credit-Linked
Notes
Series
2024-A,
Class
B
5.827%,
5/17/32 (1)
491
497
Ally
Bank
Auto
Credit-Linked
Notes
Series
2024-A,
Class
C
6.022%,
5/17/32 (1)
491
497
Ally
Bank
Auto
Credit-Linked
Notes
Series
2024-B,
Class
C
5.215%,
9/15/32 (1)
250
250
Americredit
Automobile
Receivables
Trust
Series
2023-1,
Class
B
5.57%,
3/20/28
895
905
Americredit
Automobile
Receivables
Trust
Series
2023-1,
Class
C
5.80%,
12/18/28
535
545
CarMax
Select
Receivables
Trust
Series
2024-A,
Class
C
5.62%,
1/15/30
815
831
Carvana
Auto
Receivables
Trust
Series
2021-P1,
Class
D
1.82%,
12/10/27
670
641
Carvana
Auto
Receivables
Trust
Series
2022-N1,
Class
D
4.13%,
12/11/28 (1)
191
189
Carvana
Auto
Receivables
Trust
Series
2024-N2,
Class
C
5.82%,
9/10/30 (1)
715
727
Exeter
Automobile
Receivables
Trust
Series
2023-1A,
Class
B
5.72%,
4/15/27
104
104
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2024-3,
Class
B
4.50%,
9/15/29 (1)
165
163
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2024-1,
Class
B1
6.153%,
5/20/32 (1)
199
201
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2024-2,
Class
B1
5.442%,
10/20/32 (1)
430
430
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-A,
Class
B
5.281%,
5/15/32 (1)
339
339
T.
ROWE
PRICE
Corporate
Income
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Santander
Bank
Auto
Credit-Linked
Notes
Series
2024-A,
Class
B
5.622%,
6/15/32 (1)
250
252
Santander
Bank
Auto
Credit-Linked
Notes
Series
2024-A,
Class
C
5.818%,
6/15/32 (1)
250
252
Santander
Drive
Auto
Receivables
Trust
Series
2024-2,
Class
C
5.84%,
6/17/30
890
911
U.S.
Bank
Series
2023-1,
Class
B
6.789%,
8/25/32 (1)
142
144
7,878
Other
Asset-Backed
Securities
5.4%
Applebee's
Funding
Series
2019-1A,
Class
A2II
4.723%,
6/5/49 (1)
455
447
Auxilior
Term
Funding
Series
2024-1A,
Class
A2
5.84%,
3/15/27 (1)
110
111
Auxilior
Term
Funding
Series
2024-1A,
Class
A3
5.49%,
7/15/31 (1)
100
101
Blue
Owl
Asset
Leasing
Trust
Series
2024-1A,
Class
B
5.41%,
3/15/30 (1)
100
100
CIFC
Funding
Series
2018-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.32%,
1/18/38 (1)
330
330
Crossroads
Asset
Trust
Series
2024-A,
Class
A2
5.90%,
8/20/30 (1)
145
147
CyrusOne
Data
Centers
Issuer
I
Series
2024-2A,
Class
A2
4.50%,
5/20/49 (1)
585
562
Dell
Equipment
Finance
Trust
Series
2024-2,
Class
C
4.99%,
8/22/30 (1)
105
105
Driven
Brands
Funding
Series
2019-1A,
Class
A2
4.641%,
4/20/49 (1)
446
440
Driven
Brands
Funding
Series
2019-2A,
Class
A2
3.981%,
10/20/49 (1)
246
239
Driven
Brands
Funding
Series
2020-2A,
Class
A2
3.237%,
1/20/51 (1)
607
567
T.
ROWE
PRICE
Corporate
Income
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Frontier
Issuer
Series
2023-1,
Class
C
11.50%,
8/20/53 (1)
1,101
1,174
Frontier
Issuer
Series
2024-1,
Class
C
11.16%,
6/20/54 (1)
157
176
Hardee's
Funding
Series
2018-1A,
Class
A23
5.71%,
6/20/48 (1)
597
584
Hardee's
Funding
Series
2020-1A,
Class
A2
3.981%,
12/20/50 (1)
1,506
1,415
Hardee's
Funding
Series
2021-1A,
Class
A2
2.865%,
6/20/51 (1)
789
704
Hardee's
Funding
Series
2024-1A,
Class
A2
7.253%,
3/20/54 (1)
358
366
Hotwire
Funding
Series
2021-1,
Class
A2
2.311%,
11/20/51 (1)
2,360
2,227
HPEFS
Equipment
Trust
Series
2024-2A,
Class
C
5.52%,
10/20/31 (1)
580
587
Jack
in
the
Box
Funding
Series
2022-1A,
Class
A2I
3.445%,
2/26/52 (1)
1,446
1,374
Jersey
Mike's
Funding
Series
2019-1A,
Class
A2
4.433%,
2/15/50 (1)
79
78
Madison
Park
Funding
XXXVII
Series
2019-37A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.53%,
6.186%,
4/15/37 (1)
1,310
1,319
Magnetite
XVII
Series
2016-17A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.50%,
6.117%,
4/20/37 (1)
1,385
1,391
MVW
Series
2021-1WA,
Class
C
1.94%,
1/22/41 (1)
52
49
MVW
Series
2023-2A,
Class
A
6.18%,
11/20/40 (1)
673
687
Neuberger
Berman
XXI
Series
2016-21A,
Class
A1R3,
CLO,
FRN
3M
TSFR
+
1.32%,
1/20/39 (1)
275
275
T.
ROWE
PRICE
Corporate
Income
Fund
Par/Shares
$
Value
(Amounts
in
000s)
OCP
Series
2017-13A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.34%,
5.887%,
11/26/37 (1)
410
410
Planet
Fitness
Master
Issuer
Series
2024-1A,
Class
A2I
5.765%,
6/5/54 (1)
1,945
1,958
SCF
Equipment
Leasing
Series
2024-1A,
Class
D
6.58%,
6/21/33 (1)
500
514
SEB
Funding
Series
2024-1A,
Class
A2
7.386%,
4/30/54 (1)
950
975
ServiceMaster
Funding
Series
2020-1,
Class
A2I
2.841%,
1/30/51 (1)
424
388
Sonic
Capital
Series
2020-1A,
Class
A2I
3.845%,
1/20/50 (1)
4,615
4,454
Stonepeak
Series
2021-1A,
Class
AA
2.301%,
2/28/33 (1)
1,043
993
Zaxby's
Funding
Series
2021-1A,
Class
A2
3.238%,
7/30/51 (1)
3,354
3,062
Zaxby's
Funding
Series
2024-1A,
Class
A2I
6.594%,
4/30/54 (1)
1,102
1,129
29,438
Total
Asset-Backed
Securities
(Cost
$37,701)
37,316
BANK
LOANS
0.3%
(2)
UTILITY
0.3%
Electric
0.3%
NRG
Energy,
FRN
3M
TSFR
+
1.75%,
6.339%,
4/16/31
1,721
1,725
Total
Utility
1,725
Total
Bank
Loans
(Cost
$1,718)
1,725
T.
ROWE
PRICE
Corporate
Income
Fund
Par/Shares
$
Value
(Amounts
in
000s)
CONVERTIBLE
PREFERRED
STOCKS
0.3%
FINANCIAL
INSTITUTIONS
0.1%
Brokerage
Asset
Managers
Exchanges
0.1%
Ares
Management,
Series
B,
6.75%,
10/1/27
10
553
Total
Financial
Institutions
553
INDUSTRIAL
0.2%
Capital
Goods
0.2%
Boeing,
6.00%,
10/15/27
19
1,063
Total
Industrial
1,063
Total
Convertible
Preferred
Stocks
(Cost
$1,452)
1,616
CORPORATE
BONDS
86.5%
FINANCIAL
INSTITUTIONS
30.7%
Banking
16.3%
ABN
AMRO
Bank,
VR,
5.515%,
12/3/35 (1)(3)
1,700
1,699
Ally
Financial,
VR,
6.848%,
1/3/30 (3)
1,254
1,301
Ally
Financial,
VR,
6.992%,
6/13/29 (3)
1,275
1,337
Ally
Financial,
Series
C,
VR,
4.70% (3)(4)
1,365
1,177
Banco
Bilbao
Vizcaya
Argentaria,
Series
9,
VR,
6.50% (3)(4)
1,200
1,202
Banco
Santander,
VR,
5.538%,
3/14/30 (3)
2,400
2,436
Bank
of
America,
VR,
5.425%,
8/15/35 (3)
4,235
4,227
Bank
of
America,
VR,
5.518%,
10/25/35 (3)
1,360
1,360
Bank
of
America,
Series
TT,
VR,
6.125% (3)(4)(5)
1,580
1,614
BNP
Paribas,
VR,
5.906%,
11/19/35 (1)(3)
1,355
1,348
CaixaBank,
VR,
6.037%,
6/15/35 (1)(3)
2,735
2,809
Capital
One
Financial,
VR,
2.359%,
7/29/32 (3)
1,357
1,112
Capital
One
Financial,
VR,
3.273%,
3/1/30 (3)
2,354
2,192
Citigroup,
VR,
2.572%,
6/3/31 (3)
5,550
4,908
Citigroup,
VR,
3.98%,
3/20/30 (3)
6,105
5,884
Citigroup,
VR,
5.827%,
2/13/35 (3)
1,350
1,374
Deutsche
Bank,
Series
2020,
VR,
6.00% (3)(4)
2,800
2,744
Fifth
Third
Bancorp,
VR,
4.337%,
4/25/33 (3)
1,490
1,415
Fifth
Third
Bancorp,
VR,
5.631%,
1/29/32 (3)
295
303
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (3)
4,190
3,637
Goldman
Sachs
Group,
VR,
3.814%,
4/23/29 (3)
3,350
3,243
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (3)
145
129
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (3)
3,035
2,758
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (3)
1,140
1,030
JPMorgan
Chase,
VR,
6.254%,
10/23/34 (3)
1,650
1,777
T.
ROWE
PRICE
Corporate
Income
Fund
Par/Shares
$
Value
(Amounts
in
000s)
M&T
Bank,
VR,
6.082%,
3/13/32 (3)(5)
1,310
1,352
Morgan
Stanley,
VR,
2.699%,
1/22/31 (3)
1,460
1,313
Morgan
Stanley,
VR,
4.431%,
1/23/30 (3)
3,635
3,572
Morgan
Stanley,
VR,
6.342%,
10/18/33 (3)
1,515
1,639
National
Australia
Bank,
2.99%,
5/21/31 (1)
3,240
2,858
PNC
Financial
Services
Group,
VR,
5.401%,
7/23/35 (3)
1,730
1,754
PNC
Financial
Services
Group,
VR,
5.676%,
1/22/35 (3)
1,370
1,415
Regions
Financial,
VR,
5.502%,
9/6/35 (3)(5)
2,970
2,967
Santander
Holdings
USA,
VR,
6.174%,
1/9/30 (3)
735
756
Santander
Holdings
USA,
VR,
6.342%,
5/31/35 (3)
1,504
1,551
Santander
Holdings
USA,
VR,
6.499%,
3/9/29 (3)
225
233
Santander
Holdings
USA,
VR,
6.565%,
6/12/29 (3)
345
360
Societe
Generale,
VR,
5.519%,
1/19/28 (1)(3)
1,624
1,633
Societe
Generale,
VR,
8.125% (1)(3)(4)
650
641
Standard
Chartered,
VR,
7.018%,
2/8/30 (1)(3)
2,510
2,691
U.S.
Bancorp,
VR,
5.836%,
6/12/34 (3)
1,360
1,416
UBS
Group,
VR,
3.091%,
5/14/32 (1)(3)
615
543
UBS
Group,
VR,
6.246%,
9/22/29 (1)(3)
1,305
1,360
Wells
Fargo,
VR,
4.611%,
4/25/53 (3)
1,515
1,363
Wells
Fargo,
VR,
6.85% (3)(4)
2,760
2,857
Wells
Fargo,
Series
BB,
VR,
3.90% (3)(4)
1,465
1,425
Westpac
Banking,
VR,
5.618%,
11/20/35 (3)
2,725
2,748
89,463
Brokerage
Asset
Managers
Exchanges
1.6%
HAT
Holdings
I,
8.00%,
6/15/27 (1)
2,210
2,307
Intercontinental
Exchange,
2.65%,
9/15/40
3,278
2,392
Jane
Street
Group,
7.125%,
4/30/31 (1)
2,660
2,763
Lseg
U.S.
Fin,
5.297%,
3/28/34 (1)
985
1,004
LSEGA
Financing,
3.20%,
4/6/41 (1)
620
478
8,944
Finance
Companies
1.9%
Aircastle,
4.25%,
6/15/26
3,013
2,980
OneMain
Finance,
7.125%,
11/15/31
695
712
OneMain
Finance,
9.00%,
1/15/29
710
753
SMBC
Aviation
Capital
Finance,
5.30%,
4/3/29 (1)
3,145
3,176
SMBC
Aviation
Capital
Finance,
5.55%,
4/3/34 (1)
2,700
2,738
10,359
Insurance
8.0%
Arthur
J
Gallagher,
5.45%,
7/15/34
2,705
2,774
Assurant,
6.10%,
2/27/26
870
878
Athene
Global
Funding,
5.526%,
7/11/31 (1)
2,900
2,960
Centene,
2.50%,
3/1/31
1,075
899
Centene,
3.00%,
10/15/30
379
330
Centene,
3.375%,
2/15/30
970
872
T.
ROWE
PRICE
Corporate
Income
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Centene,
4.625%,
12/15/29
3,563
3,407
CNO
Global
Funding,
4.95%,
9/9/29 (1)
955
955
Corebridge
Financial,
3.85%,
4/5/29
1,980
1,912
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
540
545
Elevance
Health,
4.95%,
11/1/31
1,510
1,509
Elevance
Health,
5.125%,
2/15/53
1,450
1,356
Enstar
Group,
3.10%,
9/1/31 (5)
4,050
3,472
Equitable
Financial
Life
Global
Funding,
1.80%,
3/8/28 (1)
3,955
3,602
First
American
Financial,
5.45%,
9/30/34
2,792
2,761
Health
Care
Service
A
Mutual
Legal
Reserve,
2.20%,
6/1/30 (1)
3,685
3,217
Health
Care
Service
A
Mutual
Legal
Reserve,
3.20%,
6/1/50 (1)
3,970
2,634
Health
Care
Service
A
Mutual
Legal
Reserve,
5.875%,
6/15/54 (1)
1,160
1,177
Humana,
5.875%,
3/1/33
1,310
1,353
Molina
Healthcare,
6.25%,
1/15/33 (1)
1,290
1,300
Muenchener
Rueckversicherungs-Gesellschaft
in
Muenchen,
VR,
5.875%,
5/23/42 (1)(3)
1,400
1,428
UnitedHealth
Group,
3.25%,
5/15/51
1,905
1,345
UnitedHealth
Group,
5.50%,
7/15/44
2,810
2,861
43,547
Real
Estate
Investment
Trusts
2.9%
Essex
Portfolio,
5.50%,
4/1/34
1,040
1,059
Goodman
U.S.
Finance
Six,
5.125%,
10/7/34 (1)(5)
595
590
Invitation
Homes
Operating
Partnership,
4.875%,
2/1/35
620
601
Invitation
Homes
Operating
Partnership,
5.45%,
8/15/30
2,110
2,160
Kilroy
Realty,
2.50%,
11/15/32
260
205
Kilroy
Realty,
3.05%,
2/15/30
345
306
Kilroy
Realty,
4.25%,
8/15/29
2,980
2,824
Kite
Realty
Group,
4.95%,
12/15/31
1,850
1,826
Prologis,
3.00%,
4/15/50
771
521
Prologis,
3.05%,
3/1/50
1,261
858
Prologis,
5.125%,
1/15/34
3,300
3,328
Prologis
Targeted
U.S.
Logistics
Fund,
5.25%,
1/15/35 (1)
695
695
Regency
Centers,
5.10%,
1/15/35
445
444
Starwood
Property
Trust,
7.25%,
4/1/29 (1)
395
407
15,824
Total
Financial
Institutions
168,137
INDUSTRIAL
48.6%
Basic
Industry
2.1%
Celanese
U.S.
Holdings,
6.33%,
7/15/29
709
732
Celanese
U.S.
Holdings,
6.379%,
7/15/32
1,651
1,717
Sociedad
Quimica
y
Minera
de
Chile,
5.50%,
9/10/34 (1)
2,370
2,289
South32
Treasury,
4.35%,
4/14/32 (1)
4,115
3,833
T.
ROWE
PRICE
Corporate
Income
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Yara
International,
7.378%,
11/14/32 (1)(5)
2,640
2,944
11,515
Capital
Goods
2.5%
Boeing,
2.196%,
2/4/26
430
415
Boeing,
2.75%,
2/1/26
801
779
Boeing,
3.75%,
2/1/50
1,915
1,347
Boeing,
6.298%,
5/1/29 (1)
1,510
1,572
Boeing,
6.858%,
5/1/54 (1)
1,170
1,264
Ferguson
Enterprises,
5.00%,
10/3/34
540
529
Huntington
Ingalls
Industries,
5.353%,
1/15/30
370
373
Ingersoll
Rand,
5.45%,
6/15/34
550
563
Ingersoll
Rand,
5.70%,
6/15/54
460
475
Owens
Corning,
5.70%,
6/15/34
735
763
Owens
Corning,
5.95%,
6/15/54
1,865
1,956
Regal
Rexnord,
6.05%,
2/15/26
1,015
1,023
Regal
Rexnord,
6.05%,
4/15/28
134
138
Regal
Rexnord,
6.30%,
2/15/30
170
177
Ritchie
Bros
Holdings,
6.75%,
3/15/28 (1)
208
214
Sealed
Air,
6.125%,
2/1/28 (1)
620
624
Stanley
Black
&
Decker,
2.75%,
11/15/50
2,072
1,260
Stanley
Black
&
Decker,
4.85%,
11/15/48
224
202
13,674
Communications
7.8%
Charter
Communications
Operating,
2.80%,
4/1/31
3,415
2,922
Charter
Communications
Operating,
6.384%,
10/23/35
1,700
1,743
Charter
Communications
Operating,
6.55%,
6/1/34
1,482
1,551
Comcast,
2.80%,
1/15/51
896
570
Comcast,
2.887%,
11/1/51
5,780
3,735
Comcast,
3.75%,
4/1/40
1,620
1,354
Cox
Communications,
5.80%,
12/15/53 (1)
1,430
1,372
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
1,785
1,771
Directv
Financing,
5.875%,
8/15/27 (1)
2,950
2,891
Meta
Platforms,
4.45%,
8/15/52
2,925
2,606
Meta
Platforms,
5.40%,
8/15/54
305
312
Rogers
Communications,
4.35%,
5/1/49
90
75
Rogers
Communications,
4.55%,
3/15/52
3,310
2,798
Rogers
Communications,
5.00%,
2/15/29
4,125
4,137
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
1,405
1,313
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
820
746
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
3,295
3,287
SBA
Tower
Trust,
4.831%,
10/15/29 (1)
5,785
5,632
Sprint
Capital,
8.75%,
3/15/32
1,105
1,334
Time
Warner
Cable
Enterprises,
8.375%,
7/15/33
1,176
1,350
T.
ROWE
PRICE
Corporate
Income
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Vmed
O2
U.K.
Financing
I,
7.75%,
4/15/32 (1)
1,345
1,369
42,868
Consumer
Cyclical
5.7%
Aptiv,
4.65%,
9/13/29
1,050
1,024
Benteler
International,
10.50%,
5/15/28 (1)
1,350
1,416
Clarios
Global,
6.75%,
5/15/28 (1)
263
269
Flutter
Treasury
DAC,
6.375%,
4/29/29 (1)
1,345
1,368
Ford
Motor
Credit,
6.95%,
3/6/26
2,595
2,642
General
Motors,
5.95%,
4/1/49
394
392
General
Motors,
6.25%,
10/2/43
425
436
General
Motors
Financial,
5.55%,
7/15/29
1,675
1,709
GLP
Capital,
5.375%,
4/15/26
1,719
1,718
Hilton
Domestic
Operating,
5.75%,
5/1/28 (1)
1,335
1,335
Hyundai
Capital
America,
5.35%,
3/19/29 (1)
690
701
Hyundai
Capital
America,
5.40%,
1/8/31 (1)
550
560
Hyundai
Capital
America,
6.20%,
9/21/30 (1)
1,305
1,377
Hyundai
Capital
America,
6.50%,
1/16/29 (1)
860
908
Las
Vegas
Sands,
5.90%,
6/1/27
620
629
Nissan
Motor,
4.81%,
9/17/30 (1)(5)
3,910
3,539
Nissan
Motor
Acceptance,
1.85%,
9/16/26 (1)
1,270
1,171
Nissan
Motor
Acceptance,
6.95%,
9/15/26 (1)
150
152
Phinia,
6.75%,
4/15/29 (1)
330
337
Prime
Security
Services
Borrower,
3.375%,
8/31/27 (1)
1,152
1,081
Starbucks,
4.45%,
8/15/49
1,625
1,405
Uber
Technologies,
4.50%,
8/15/29 (1)
1,471
1,438
Uber
Technologies,
4.80%,
9/15/34
640
626
VF,
2.95%,
4/23/30 (5)
3,385
2,916
Volkswagen
Group
of
America
Finance,
6.45%,
11/16/30 (1)
510
535
ZF
North
America
Capital,
6.75%,
4/23/30 (1)
1,245
1,209
30,893
Consumer
Non-Cyclical
10.9%
AbbVie,
4.05%,
11/21/39
2,245
1,981
AbbVie,
4.25%,
11/21/49
665
570
AbbVie,
4.70%,
5/14/45
1,390
1,291
AbbVie,
4.875%,
11/14/48
2,085
1,954
AbbVie,
5.40%,
3/15/54
1,895
1,925
Amgen,
5.60%,
3/2/43
690
700
BAT
Capital,
4.54%,
8/15/47
495
411
BAT
Capital,
5.834%,
2/20/31
2,125
2,213
BAT
Capital,
7.081%,
8/2/53
1,305
1,488
Bayer
U.S.
Finance,
6.375%,
11/21/30 (1)
1,535
1,594
Bayer
U.S.
Finance
II,
4.70%,
7/15/64 (1)
1,181
887
Becton
Dickinson
&
Company,
3.794%,
5/20/50
1,117
868
Becton
Dickinson
&
Company,
4.669%,
6/6/47
3,168
2,821
T.
ROWE
PRICE
Corporate
Income
Fund
Par/Shares
$
Value
(Amounts
in
000s)
CVS
Health,
5.05%,
3/25/48
7,370
6,508
CVS
Health,
5.70%,
6/1/34 (5)
2,735
2,779
HCA,
5.45%,
9/15/34
910
910
HCA,
5.95%,
9/15/54
1,215
1,225
Icon
Investments
Six,
5.849%,
5/8/29
370
381
Icon
Investments
Six,
6.00%,
5/8/34
310
319
Imperial
Brands
Finance,
5.50%,
2/1/30 (1)
1,410
1,435
Imperial
Brands
Finance,
6.125%,
7/27/27 (1)
3,155
3,243
IQVIA,
5.70%,
5/15/28
4,065
4,156
Kenvue,
5.10%,
3/22/43
1,510
1,502
Kroger,
5.50%,
9/15/54
1,205
1,194
Mattel,
5.875%,
12/15/27 (1)
2,660
2,675
Pfizer
Investment
Enterprises,
5.30%,
5/19/53
4,040
3,962
Pfizer
Investment
Enterprises,
5.34%,
5/19/63
1,380
1,333
Solventum,
5.45%,
3/13/31 (1)
4,105
4,161
Solventum,
5.90%,
4/30/54 (1)
1,370
1,395
Sysco,
4.45%,
3/15/48
135
115
Teva
Pharmaceutical
Finance,
6.15%,
2/1/36
1,880
1,899
Teva
Pharmaceutical
Finance
Netherlands
III,
7.875%,
9/15/29
200
216
Viterra
Finance,
4.90%,
4/21/27 (1)
1,600
1,596
59,707
Energy
12.4%
Cheniere
Energy,
5.65%,
4/15/34
2,345
2,398
Cheniere
Energy
Partners,
3.25%,
1/31/32
756
666
Cheniere
Energy
Partners,
5.95%,
6/30/33
2,262
2,350
Devon
Energy,
5.20%,
9/15/34
2,870
2,795
Diamondback
Energy,
4.40%,
3/24/51
329
270
Diamondback
Energy,
5.75%,
4/18/54
2,300
2,287
Enbridge,
5.625%,
4/5/34
885
912
Enbridge,
5.95%,
4/5/54
1,435
1,498
Enbridge,
6.70%,
11/15/53
890
1,016
Energy
Transfer,
5.60%,
9/1/34 (5)
1,370
1,396
Energy
Transfer,
5.95%,
5/15/54
1,460
1,478
Eni,
5.50%,
5/15/34 (1)
830
839
Eni,
5.95%,
5/15/54 (1)
1,025
1,040
Expand
Energy,
5.875%,
2/1/29 (1)
2,720
2,718
Greensaif
Pipelines
Bidco,
5.853%,
2/23/36 (1)
1,220
1,224
Hilcorp
Energy
I,
5.75%,
2/1/29 (1)
1,610
1,562
Hilcorp
Energy
I,
6.00%,
4/15/30 (1)
825
795
Hilcorp
Energy
I,
8.375%,
11/1/33 (1)
375
395
Kinetik
Holdings,
5.875%,
6/15/30 (1)
325
324
Kinetik
Holdings,
6.625%,
12/15/28 (1)
1,015
1,038
NuStar
Logistics,
6.00%,
6/1/26
344
345
T.
ROWE
PRICE
Corporate
Income
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Occidental
Petroleum,
6.05%,
10/1/54
560
557
Occidental
Petroleum,
6.125%,
1/1/31
557
577
Occidental
Petroleum,
6.60%,
3/15/46
1,400
1,477
Occidental
Petroleum,
7.50%,
5/1/31
655
732
Occidental
Petroleum,
8.875%,
7/15/30
2,280
2,628
ONEOK,
4.75%,
10/15/31
935
919
ONEOK,
5.05%,
11/1/34
3,340
3,284
ONEOK,
5.80%,
11/1/30
2,280
2,378
Patterson-UTI
Energy,
7.15%,
10/1/33 (5)
1,250
1,336
Permian
Resources
Operating,
6.25%,
2/1/33 (1)
675
679
Raizen
Fuels
Finance,
5.70%,
1/17/35 (1)
810
780
Raizen
Fuels
Finance,
6.45%,
3/5/34 (1)
1,310
1,344
Seadrill
Finance,
8.375%,
8/1/30 (1)
1,235
1,258
South
Bow
USA
Infrastructure
Holdings,
5.026%,
10/1/29 (1)
420
416
South
Bow
USA
Infrastructure
Holdings,
5.584%,
10/1/34 (1)(5)
510
509
Targa
Resources
Partners,
5.50%,
3/1/30
2,818
2,846
Targa
Resources
Partners,
6.875%,
1/15/29
1,766
1,811
TER
Finance
Jersey,
Series
21,
Zero
Coupon,
1/2/25 (1)(6)
1,600
1,592
Transcontinental
Gas
Pipe
Line,
3.95%,
5/15/50
4,000
3,148
Var
Energi,
7.50%,
1/15/28 (1)
2,510
2,671
Var
Energi,
8.00%,
11/15/32 (1)
2,675
3,064
Venture
Global
LNG,
9.50%,
2/1/29 (1)
2,575
2,871
Western
Midstream
Operating,
4.05%,
2/1/30
1,170
1,110
Western
Midstream
Operating,
6.35%,
1/15/29
2,595
2,710
68,043
Industrial
Other
0.2%
Jacobs
Engineering
Group,
6.35%,
8/18/28
1,225
1,281
1,281
Technology
3.8%
AP
Grange
Holdings,
6.50%,
3/20/45,
Acquisition
Date:
6/12/24,
Cost $1,360 (6)(7)(8)
1,360
1,360
Broadcom,
2.45%,
2/15/31 (1)
2,430
2,114
Broadcom,
4.55%,
2/15/32
995
974
Cadence
Design
Systems,
4.70%,
9/10/34
765
749
CDW,
5.10%,
3/1/30
685
681
Fiserv,
5.45%,
3/15/34
3,735
3,817
Foundry
JV
Holdco,
5.90%,
1/25/30 (1)
235
239
Foundry
JV
Holdco,
6.15%,
1/25/32 (1)
1,885
1,929
Intel,
3.25%,
11/15/49
2,117
1,380
Motorola
Solutions,
5.40%,
4/15/34
770
785
Oracle,
3.60%,
4/1/40
551
447
Oracle,
3.60%,
4/1/50
940
694
Oracle,
3.65%,
3/25/41
2,204
1,782
Oracle,
3.95%,
3/25/51
994
777
T.
ROWE
PRICE
Corporate
Income
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Salesforce,
2.90%,
7/15/51
2,530
1,706
Western
Digital,
4.75%,
2/15/26
1,385
1,371
20,805
Transportation
3.2%
American
Airlines,
5.75%,
4/20/29 (1)
655
652
Burlington
Northern
Santa
Fe,
5.50%,
3/15/55
1,400
1,448
Canadian
Pacific
Railway,
3.50%,
5/1/50
4,010
3,001
ERAC
USA
Finance,
4.90%,
5/1/33 (1)
2,470
2,453
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
4,131
4,162
Norfolk
Southern,
5.95%,
3/15/64
2,645
2,842
Transurban
Finance,
2.45%,
3/16/31 (1)
3,335
2,872
17,430
Total
Industrial
266,216
UTILITY
7.2%
Electric
6.2%
American
Electric
Power,
5.625%,
3/1/33
1,325
1,366
Appalachian
Power,
5.65%,
4/1/34
1,440
1,487
Chile
Electricity
Mpc
II,
5.58%,
10/20/35 (1)
1,600
1,578
Dominion
Energy,
VR,
6.625%,
5/15/55 (3)
1,410
1,445
Edison
International,
6.95%,
11/15/29
1,485
1,606
Enel
Finance
International,
5.00%,
6/15/32 (1)
3,090
3,074
Eversource
Energy,
5.85%,
4/15/31
3,145
3,277
Exelon,
5.60%,
3/15/53
3,400
3,424
FirstEnergy,
2.65%,
3/1/30
1,717
1,535
FirstEnergy,
Series
B,
2.25%,
9/1/30
318
276
FirstEnergy,
Series
C,
3.40%,
3/1/50
2,143
1,528
FirstEnergy
Transmission,
4.55%,
1/15/30 (1)
395
389
New
York
State
Electric
&
Gas,
5.85%,
8/15/33 (1)
1,195
1,252
Niagara
Mohawk
Power,
5.783%,
9/16/52 (1)
2,150
2,206
NRG
Energy,
6.00%,
2/1/33 (1)
1,445
1,440
Pacific
Gas
&
Electric,
3.50%,
8/1/50
850
607
Pacific
Gas
&
Electric,
6.70%,
4/1/53
980
1,104
Pacific
Gas
&
Electric,
6.95%,
3/15/34
1,540
1,722
Southern
California
Edison,
5.45%,
6/1/31
500
516
Vistra
Operations,
3.70%,
1/30/27 (1)
1,900
1,851
Vistra
Operations,
6.875%,
4/15/32 (1)
2,295
2,375
34,058
Natural
Gas
1.0%
APA
Infrastructure,
5.125%,
9/16/34 (1)
520
510
APA
Infrastructure,
5.75%,
9/16/44 (1)(5)
700
705
Boston
Gas,
6.119%,
7/20/53 (1)
1,005
1,031
Brooklyn
Union
Gas,
6.388%,
9/15/33 (1)
650
694
T.
ROWE
PRICE
Corporate
Income
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Engie,
5.625%,
4/10/34 (1)
2,635
2,712
5,652
Total
Utility
39,710
Total
Corporate
Bonds
(Cost
$479,528)
474,063
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
2.3%
Owned
No
Guarantee
1.1%
Comision
Federal
de
Electricidad,
5.70%,
1/24/30 (1)
1,365
1,335
Ooredoo
International
Finance,
4.625%,
10/10/34 (1)
820
798
Petroleos
Mexicanos,
5.50%,
6/27/44
2,475
1,607
Republic
of
Chile,
3.625%,
8/1/27
2,200
2,123
5,863
Sovereign
0.7%
Republic
of
Peru,
5.375%,
2/8/35
1,600
1,586
Republic
of
Romania,
5.875%,
1/30/29 (1)
2,460
2,442
4,028
Supranational
0.5%
Africa
Finance,
5.55%,
10/8/29 (1)
2,835
2,827
2,827
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$12,824)
12,718
MUNICIPAL
SECURITIES
0.6%
Colorado
0.1%
Colorado
HFA,
Covenant
Living
Community,
Series B,
2.80%,
12/1/26
480
462
462
Puerto
Rico
0.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (9)
4,393
2,713
2,713
Total
Municipal
Securities
(Cost
$3,020)
3,175
T.
ROWE
PRICE
Corporate
Income
Fund
Par/Shares
$
Value
(Amounts
in
000s)
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.1%
Collateralized
Mortgage
Obligations
0.1%
Bayview
Financing
Trust
Series
2024-2F,
Class
A,
CMO,
ARM,
8.10%,
9/25/29,
Acquisition
Date:
8/29/24,
Cost $707 (6)(7)(8)
707
707
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$707)
707
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
1.7%
U.S.
Treasury
Obligations
1.7%
U.S.
Treasury
Bonds,
4.125%,
8/15/53 (10)
4,525
4,315
U.S.
Treasury
Bonds,
4.375%,
8/15/43
1,810
1,790
U.S.
Treasury
Bonds,
4.75%,
2/15/37 (10)
2,670
2,809
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$9,032)
8,914
SHORT-TERM
INVESTMENTS
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
4.67% (11)(12)
2,400
2,400
Total
Short-Term
Investments
(Cost
$2,400)
2,400
SECURITIES
LENDING
COLLATERAL
3.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 3.4%
Money
Market
Funds 3.4%
T.
Rowe
Price
Government
Reserve
Fund,
4.67% (11)(12)
18,784
18,784
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
18,784
Total
Securities
Lending
Collateral
(Cost
$18,784)
18,784
T.
ROWE
PRICE
Corporate
Income
Fund
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED 0.3%
OTC
Options
Purchased 0.3%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
5
Year
Interest
Rate
Swap,
5/23/30
Pay
Fixed
3.93%
Annually,
Receive
Variable
4.59%
(SOFR)
Annually,
5/21/25
@
3.93%* (8)
1
18,540
149
JPMorgan
Chase
S&P
500
Index,
Call,
3/21/25
@
$6,000.00 (8)
2
1,206
48
Morgan
Stanley
10
Year
Interest
Rate
Swap,
5/7/35
Pay
Fixed
3.80%
Annually,
Receive
Variable
4.59%
(SOFR)
Annually,
5/5/25
@
3.80%* (8)
2
37,100
619
Morgan
Stanley
10
Year
Interest
Rate
Swap,
5/7/35
Pay
Fixed
4.15%
Annually,
Receive
Variable
4.59%
(SOFR)
Annually,
5/5/25
@
4.15%* (8)
1
11,300
91
Morgan
Stanley
5
Year
Interest
Rate
Swap,
5/2/30
Pay
Fixed
4.30%
Annually,
Receive
Variable
4.59%
(SOFR)
Annually,
4/30/25
@
4.30%* (8)
1
56,300
189
Morgan
Stanley
Credit
Default
Swap
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Europe-S42,
5
Year
Index,
12/20/29),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
3/19/25
@
0.50%*
(EUR) (8)
2
111,300
60
Morgan
Stanley
Credit
Default
Swap
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Europe-S42,
5
Year
Index,
12/20/29),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
3/19/25
@
0.53%*
(EUR) (8)
1
55,650
52
T.
ROWE
PRICE
Corporate
Income
Fund
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
iShares
Russell
2000
ETF,
Call,
3/21/25
@
$250.00 (8)
126
3,048
111
Total
Options
Purchased
(Cost
$1,844)
1,319
Total
Investments
in
Securities
102.7%
of
Net
Assets
(Cost
$569,010)
$
562,737
‡
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
$213,199
and
represents
38.9%
of
net
assets.
(2)
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.
(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)
Perpetual
security
with
no
stated
maturity
date.
(5)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2024.
(6)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(7)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$2,067
and
represents
0.4%
of
net
assets.
(8)
Non-income
producing
(9)
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.
(10)
At
November
30,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(11)
Seven-day
yield
T.
ROWE
PRICE
Corporate
Income
Fund
.
.
.
.
.
.
.
.
.
.
(12)
Affiliated
Companies
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
ETF
Exchange-Traded
Fund
EUR
Euro
FRN
Floating
Rate
Note
GO
General
Obligation
HFA
Health
Facility
Authority
OTC
Over-the-counter
SOFR
Secured
overnight
financing
rate
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
(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
10
—
10
BNP
Paribas,
Protection
Sold
(Relevant
Credit:
Morgan
Stanley,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
*
3,975
10
—
10
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
—
20
Total
Return
Swaps
0.0%
JPMorgan
Chase,
Receive
Underlying
Reference:
iBoxx
USD
Liquid
High
Yield
Index
at
Maturity,
Pay
Variable
4.823%
(SOFR
+
0.00%)
at
Maturity,
12/20/24
2,750
16
(15)
31
Morgan
Stanley,
Receive
Underlying
Reference:
iBoxx
USD
Liquid
High
Yield
Index
at
Maturity,
Pay
Variable
4.823%
(SOFR
+
0.00%)
at
Maturity,
12/20/24
2,750
14
(18)
32
Total
Bilateral
Total
Return
Swaps
(33)
63
Total
Bilateral
Swaps
(33)
83
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
(24)
72
(96)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(96)
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
42
(9)
51
T.
ROWE
PRICE
Corporate
Income
Fund
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Europe-S42,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
(EUR)
*
17,590
428
417
11
Protection
Sold
(Relevant
Credit:
SES
S.A.,
Baa3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
(EUR)
*
5,531
(464)
(384)
(80)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(18)
Total
Centrally
Cleared
Swaps
(114)
Net
payments
(receipts)
of
variation
margin
to
date
125
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
11
*
Credit
ratings
as
of
November
30,
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
$(3).
T.
ROWE
PRICE
Corporate
Income
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
309
U.S.
Treasury
Long
Bond
contracts
3/25
36,926
$
897
Long,
18
U.S.
Treasury
Notes
five
year
contracts
3/25
1,937
15
Short,
175
U.S.
Treasury
Notes
ten
year
contracts
3/25
(19,458)
(97)
Long,
111
U.S.
Treasury
Notes
two
year
contracts
3/25
22,878
69
Long,
45
Ultra
U.S.
Treasury
Bonds
contracts
3/25
5,723
91
Long,
1
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/25
115
2
Net
payments
(receipts)
of
variation
margin
to
date
(771)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
206
T.
ROWE
PRICE
Corporate
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
six
months
ended
November
30,
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,
4.67%
$
—
$
—
$
182++
Totals
$
—#
$
—
$
182+
Supplementary
Investment
Schedule
Affiliate
Value
5/31/24
Purchase
Cost
Sales
Cost
Value
11/30/24
T.
Rowe
Price
Government
Reserve
Fund,
4.67%
$
8,794
¤
¤
$
21,184
Total
$
21,184^
#
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
as
described
in
Note
4
.
+
Investment
income
comprised
$182
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
$21,184.
T.
ROWE
PRICE
Corporate
Income
Fund
November
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$569,010)
$
562,737
Interest
receivable
6,411
Cash
479
Receivable
for
investment
securities
sold
232
Variation
margin
receivable
on
futures
contracts
206
Unrealized
gain
on
bilateral
swaps
83
Receivable
for
shares
sold
55
Due
from
affiliates
53
Variation
margin
receivable
on
centrally
cleared
swaps
11
Foreign
currency
(cost
$1)
1
Other
assets
51
Total
assets
570,319
Liabilities
Obligation
to
return
securities
lending
collateral
18,784
Payable
for
investment
securities
purchased
3,044
Investment
management
fees
payable
158
Payable
for
shares
redeemed
133
Bilateral
swap
premiums
received
33
Other
liabilities
117
Total
liabilities
22,269
Commitments
and
Contingent
Liabilities
(note
6
)
NET
ASSETS
$
548,050
T.
ROWE
PRICE
Corporate
Income
Fund
November
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
117,621
)
Paid-in
capital
applicable
to
67,390,339
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
665,671
NET
ASSETS
$
548,050
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$124,551;
Shares
outstanding:
15,321,933)
$
8.13
I
Class
(Net
assets:
$156,364;
Shares
outstanding:
19,217,567)
$
8.14
Z
Class
(Net
assets:
$267,135;
Shares
outstanding:
32,850,839)
$
8.13
T.
ROWE
PRICE
Corporate
Income
Fund
(Unaudited)
6
Months
Ended
11/30/24
Investment
Income
(Loss)
Income
.
Interest
$
14,297
Dividend
182
Securities
lending
14
Total
income
14,493
Expenses
Investment
management
982
Shareholder
servicing
Investor
Class
$
186
I
Class
34
220
Prospectus
and
shareholder
reports
Investor
Class
4
I
Class
1
Z
Class
1
6
Custody
and
accounting
116
Registration
32
Legal
and
audit
18
Directors
1
Miscellaneous
14
Waived
/
paid
by
Price
Associates
(
688
)
Total
expenses
701
Net
investment
income
13,792
T.
ROWE
PRICE
Corporate
Income
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/24
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
1,558
Futures
(
866
)
Swaps
822
Options
written
54
Foreign
currency
transactions
(
23
)
Net
realized
gain
1,545
Change
in
net
unrealized
gain
/
loss
Securities
14,291
Futures
1,311
Swaps
(
282
)
Change
in
net
unrealized
gain
/
loss
15,320
Net
realized
and
unrealized
gain
/
loss
16,865
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
30,657
T.
ROWE
PRICE
Corporate
Income
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
11/30/24
Year
Ended
5/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
13,792
$
25,840
Net
realized
gain
(loss)
1,545
(
23,615
)
Change
in
net
unrealized
gain
/
loss
15,320
25,045
Increase
in
net
assets
from
operations
30,657
27,270
Distributions
to
shareholders
Net
earnings
Investor
Class
(
3,067
)
(
6,042
)
I
Class
(
3,803
)
(
7,004
)
Z
Class
(
7,189
)
(
13,313
)
Decrease
in
net
assets
from
distributions
(
14,059
)
(
26,359
)
Capital
share
transactions
*
Shares
sold
Investor
Class
11,553
16,897
I
Class
9,624
21,705
Z
Class
4,839
4,069
Distributions
reinvested
Investor
Class
2,799
5,568
I
Class
3,253
6,094
Z
Class
7,146
13,394
Shares
redeemed
Investor
Class
(
20,555
)
(
37,577
)
I
Class
(
10,233
)
(
28,403
)
Z
Class
(
18,699
)
(
11,640
)
Decrease
in
net
assets
from
capital
share
transactions
(
10,273
)
(
9,893
)
T.
ROWE
PRICE
Corporate
Income
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/24
Year
Ended
5/31/24
Net
Assets
Increase
(decrease)
during
period
6,325
(
8,982
)
Beginning
of
period
541,725
550,707
End
of
period
$
548,050
$
541,725
*Share
information
(000s)
Shares
sold
Investor
Class
1,421
2,153
I
Class
1,185
2,786
Z
Class
597
519
Distributions
reinvested
Investor
Class
345
712
I
Class
401
778
Z
Class
881
1,712
Shares
redeemed
Investor
Class
(
2,539
)
(
4,800
)
I
Class
(
1,263
)
(
3,626
)
Z
Class
(
2,275
)
(
1,491
)
Decrease
in
shares
outstanding
(
1,247
)
(
1,257
)
T.
ROWE
PRICE
Corporate
Income
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Corporate
Income
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as a
diversified, open-end
management
investment
company. The
fund
seeks to
provide
high
income
and
some
capital
growth.
The
fund
has three classes
of
shares:
the
Corporate
Income
Fund
(Investor
Class),
the
Corporate
Income
Fund–I
Class
(I
Class)
and
the
Corporate
Income
Fund–Z
Class
(Z
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Earnings
on
T.
ROWE
PRICE
Corporate
Income
Fund
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
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.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In
November
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures,
which
improves
reportable
segment
disclosure
requirements,
primarily
through
enhanced
disclosures
about
segment
expenses.
In
addition,
the
ASU
clarifies
that
a
public
entity
with
a
single
reportable
segment
provide
all
disclosures
required
by
the
ASU
and
all
T.
ROWE
PRICE
Corporate
Income
Fund
existing
segment
disclosures
in
Topic
280.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
–
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
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:
T.
ROWE
PRICE
Corporate
Income
Fund
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)
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.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(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
T.
ROWE
PRICE
Corporate
Income
Fund
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
for
domestic
securities
and
the
last
quoted
sale.
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.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
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
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.
T.
ROWE
PRICE
Corporate
Income
Fund
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
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
$
—
$
63,848
$
—
$
63,848
Convertible
Preferred
Stocks
1,616
—
—
1,616
Corporate
Bonds
—
471,111
2,952
474,063
Non-U.S.
Government
Mortgage-Backed
Securities
—
—
707
707
Short-Term
Investments
2,400
—
—
2,400
Securities
Lending
Collateral
18,784
—
—
18,784
Options
Purchased
—
1,319
—
1,319
Total
Securities
22,800
536,278
3,659
562,737
Swaps*
—
112
—
112
Futures
Contracts*
1,074
—
—
1,074
Total
$
23,874
$
536,390
$
3,659
$
563,923
Liabilities
Swaps*
$
—
$
176
$
—
$
176
Futures
Contracts*
97
—
—
97
Total
$
97
$
176
$
—
$
273
1
Includes
Asset-Backed
Securities,
Bank
Loans,
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
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
November
30,
2024,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
November
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
T.
ROWE
PRICE
Corporate
Income
Fund
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Futures,
Securities^
$
2,122
Credit
derivatives
Bilateral
Swaps
and
Premiums,
Centrally
Cleared
Swaps,
Securities^
224
Equity
derivatives
Securities^
159
^
,*
Total
$
2,505
^
,*
Liabilities
Interest
rate
derivatives
Futures
$
97
Credit
derivatives
Centrally
Cleared
Swaps
176
Total
$
273
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
^
Options
purchased
are
reported
as
securities
and
are
reflected
in
the
accompanying
Portfolio
of
Investments.
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
1,057
$
—
$
(866)
$
(1)
$
190
Credit
derivatives
(12)
54
—
823
865
Equity
derivatives
238
—
—
—
238
Total
$
1,283
$
54
$
(866)
$
822
$
1,293
T.
ROWE
PRICE
Corporate
Income
Fund
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Swaps
Total
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
(454)
$
—
$
1,311
$
—
$
857
Credit
derivatives
(7)
—
—
(282)
(289)
Equity
derivatives
3
—
—
—
3
Total
$
(458)
$
—
$
1,311
$
(282)
$
571
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
Corporate
Income
Fund
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund’s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
November
30,
2024,
no
collateral had
been
pledged
or
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
November
30,
2024,
collateral
pledged
by
counterparties
to
the
fund
for
bilateral
derivatives
consisted
of $1,402,000 cash
and
securities
valued
at
$272,000. As
of
November
30,
2024,
securities
valued
at $6,525,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
T.
ROWE
PRICE
Corporate
Income
Fund
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
November
30,
2024,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
10%
and
29%
of
net
assets.
Options
The
fund
is
subject
to interest
rate
risk,
credit
risk
and
equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risks.
The
fund
may
use
options
to
manage
exposure
to
security
prices,
interest
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
The
fund
may
buy
or
sell
options
that
can
be
settled
either
directly
with
the
counterparty
(OTC
option)
or
through
a
central
clearinghouse
(exchange-traded
option).
Options
are
included
in
net
assets
at
fair
value,
options
purchased
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses
on
the
accompanying
Statement
of
Operations;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
In
return
for
a
premium
paid,
call
and
put
options
on
futures
give
the
holder
the
right,
but
not
the
obligation,
to
purchase
or
sell,
respectively,
a
position
in
a
particular
futures
contract
at
a
specified
exercise
price.
In
return
for
a
premium
paid,
call
and
put
index
options
give
the
holder
the
right,
but
not
the
obligation,
to
receive
cash
equal
T.
ROWE
PRICE
Corporate
Income
Fund
to
the
difference
between
the
value
of
the
reference
index
on
the
exercise
date
and
the
exercise
price
of
the
option.
In
return
for
a
premium
paid,
options
on
swaps
give
the
holder
the
right,
but
not
the
obligation,
to
enter
a
specified
swap
contract
on
predefined
terms.
The
exercise
price
of
an
option
on
a
credit
default
swap
is
stated
in
terms
of
a
specified
spread
that
represents
the
cost
of
credit
protection
on
the
reference
asset,
including
both
the
upfront
premium
to
open
the
position
and
future
periodic
payments.
The
exercise
price
of
an
interest
rate
swap
is
stated
in
terms
of
a
fixed
interest
rate;
generally,
there
is
no
upfront
payment
to
open
the
position. Risks related
to
the
use
of
options
include
possible
illiquidity
of
the
options
markets;
trading
restrictions
imposed
by
an
exchange
or
counterparty;
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
movements
in
the
underlying
asset
values,
interest
rates
and
credit
ratings;
and,
for
options
written,
the
potential
for
losses
to
exceed
any
premium
received
by
the
fund.
During
the
six
months ended
November
30,
2024,
the
volume
of
the
fund’s
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
56%
of
net
assets.
Swaps
The
fund
is
subject
to
interest
rate
risk
and
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risks.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
T.
ROWE
PRICE
Corporate
Income
Fund
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Interest
rate
swaps
are
agreements
to
exchange
cash
flows
based
on
the
difference
between
specified
interest
rates
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
interest
rate
swaps
include
the
potential
for
unanticipated
movements
in
interest
or
currency
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets’
valuation
of
credit
quality.
As
of
November
30,
2024,
the
notional
amount
of
protection
sold
by
the
fund
totaled $35,143,000
(6.4%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
T.
ROWE
PRICE
Corporate
Income
Fund
Total
return
swaps
are
agreements
in
which
one
party
makes
payments
based
on
a
set
rate,
either
fixed
or
variable,
while
the
other
party
makes
payments
based
on
the
return
of
an
underlying
asset
(reference
asset),
such
as
an
index,
equity
security,
fixed
income
security
or
commodity-based
exchange-
traded
fund,
which
includes
both
the
income
it
generates
and
any
change
in
its
value.
Risks
related
to
the
use
of
total
return
swaps
include
the
potential
for
unfavorable
changes
in
the
reference
asset,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
November
30,
2024,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
6%
and
19%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Collateralized
Loan
Obligations
The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
called
“tranches”
or
“classes”,
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
“equity”
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses.
T.
ROWE
PRICE
Corporate
Income
Fund
Bank
Loans
The
fund
invests
in
bank
loans,
which
represent
an
interest
in
amounts
owed
by
a
borrower
to
a
syndicate
of
lenders.
Bank
loans
are
generally
noninvestment
grade
and
often
involve
borrowers
whose
financial
condition
is
highly
leveraged.
The
fund
may
invest
in
fixed
and
floating
rate
loans,
which
may
include
senior
floating
rate
loans;
secured
and
unsecured
loans,
second
lien
or
more
junior
loans;
and
bridge
loans
or
bridge
facilities.
Certain
bank
loans
may
be
revolvers
which
are
a
form
of
senior
bank
debt,
where
the
borrower
can
draw
down
the
credit
of
the
revolver
when
it
needs
cash
and
repays
the
credit
when
the
borrower
has
excess
cash.
Certain
loans
may
be
“covenant-lite”
loans,
which
means
the
loans
contain
fewer
maintenance
covenants
than
other
loans
(in
some
cases,
none)
and
do
not
include
terms
which
allow
the
lender
to
monitor
the
performance
of
the
borrower
and
declare
a
default
if
certain
criteria
are
breached.
As
a
result
of
these
risks,
the
fund’s
exposure
to
losses
may
be
increased.
Bank
loans
may
be
in
the
form
of
either
assignments
or
participations.
A
loan
assignment
transfers
all
legal,
beneficial,
and
economic
rights
to
the
buyer,
and
transfer
typically
requires
consent
of
both
the
borrower
and
agent.
In
contrast,
a
loan
participation
generally
entitles
the
buyer
to
receive
the
cash
flows
from
principal,
interest,
and
any
fee
payments
on
a
portion
of
a
loan;
however,
the
seller
continues
to
hold
legal
title
to
that
portion
of
the
loan.
As
a
result,
the
buyer
of
a
loan
participation
generally
has
no
direct
recourse
against
the
borrower
and
is
exposed
to
credit
risk
of
both
the
borrower
and
seller
of
the
participation.
Bank
loans
often
have
extended
settlement
periods,
generally
may
be
repaid
at
any
time
at
the
option
of
the
borrower,
and
may
require
additional
principal
to
be
funded
at
the
borrowers’
discretion
at
a
later
date
(e.g.
unfunded
commitments
and
revolving
debt
instruments).
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
unfunded
loan
commitments.
The
fund
reflects
both
the
funded
portion
of
a
bank
loan
as
well
as
its
unfunded
commitment
in
the
Portfolio
of
Investments.
However,
if
a
credit
agreement
provides
no
initial
funding
of
a
tranche,
and
funding
of
the
full
commitment
at
a
future
date(s)
is
at
the
borrower’s
discretion
and
considered
uncertain,
a
loan
is
reflected
in
the
Portfolio
of
Investments
only
if,
and
only
to
the
extent
that,
the
fund
has
actually
settled
a
funding
commitment.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
T.
ROWE
PRICE
Corporate
Income
Fund
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
November
30,
2024,
the
value
of
loaned
securities
was
$18,027,000;
the
value
of
cash
collateral
and
related
investments
was
$18,784,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $194,110,000 and
$201,432,000,
respectively,
for
the
six
months ended
November
30,
2024.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
May
31,
2024,
the
fund
had
$113,722,000
of
available
capital
loss
carryforwards.
T.
ROWE
PRICE
Corporate
Income
Fund
At
November
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$569,074,000.
Net
unrealized
loss
aggregated
$5,329,000
at
period-end,
of
which
$10,534,000
related
to
appreciated
investments
and
$15,863,000
related
to
depreciated
investments.
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.07%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
November
30,
2024,
the
effective
annual
group
fee
rate
was
0.28%.
The Investor
Class is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
T.
ROWE
PRICE
Corporate
Income
Fund
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class’
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund’s
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended November
30,
2024 as
indicated
in
the
table
below
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $605,000 remain
subject
to
repayment
by
the
fund
at
November
30,
2024. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
Investor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.59%
0.05%
0.00%
Expense
limitation
date
09/30/25
09/30/25
N/A
(Waived)/repaid
during
the
period
($000s)
$(78)
$(45)
$(565)
T.
ROWE
PRICE
Corporate
Income
Fund
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class.
For
the
six
months
ended
November
30,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$65,000
for
Price
Associates;
$167,000
for
T.
Rowe
Price
Services,
Inc.;
and
$4,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
November
30,
2024, 100%
of
the
Z
Class's
outstanding
shares
were
held
by
Price
Funds
and
accounts.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
T.
ROWE
PRICE
Corporate
Income
Fund
the
security.
During
the
six
months
ended
November
30,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
7
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
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
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F112-051
1/25
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| T. Rowe Price Corporate Income Fund, Inc. |
| | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | January 17, 2025 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | January 17, 2025 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | January 17, 2025 | | |
