T.
ROWE
PRICE
Corporate
Income
Fund
August
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
4.9%
Other
Asset-Backed
Securities
4.9%
Applebee's
Funding
Series
2019-1A,
Class
A2I
4.194%,
6/7/49 (1)
2,794
2,840
DB
Master
Finance
Series
2017-1A,
Class
A2II
4.03%,
11/20/47 (1)
574
610
Domino's
Pizza
Master
Issuer
Series
2018-1A,
Class
A2I
4.116%,
7/25/48 (1)
3,909
4,049
Driven
Brands
Funding
Series
2018-1A,
Class
A2
4.739%,
4/20/48 (1)
2,607
2,762
FOCUS
Brands
Funding
Series
2017-1A,
Class
A2IB
3.857%,
4/30/47 (1)
852
873
Hardee's
Funding
Series
2018-1A,
Class
A23
5.71%,
6/20/48 (1)
618
700
Hardee's
Funding
Series
2021-1A,
Class
A2
2.865%,
6/20/51 (1)
815
829
Jack
in
the
Box
Funding
Series
2019-1A,
Class
A2II
4.476%,
8/25/49 (1)
3,697
3,912
MVW
Series
2021-1WA,
Class
B
1.44%,
1/22/41 (1)
390
391
MVW
Series
2021-1WA,
Class
C
1.94%,
1/22/41 (1)
188
189
Planet
Fitness
Master
Issuer
Series
2018-1A,
Class
A2I
4.262%,
9/5/48 (1)
6,015
6,031
Sonic
Capital
Series
2020-1A,
Class
A2I
3.845%,
1/20/50 (1)
4,768
5,088
Taco
Bell
Funding
Series
2021-1A,
Class
A2I
1.946%,
8/25/51 (1)
3,585
3,593
Wendy's
Funding
Series
2019-1A,
Class
A2I
3.783%,
6/15/49 (1)
3,686
3,916
T.
ROWE
PRICE
Corporate
Income
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
Zaxby's
Funding
Series
2021-1A,
Class
A2
3.238%,
7/30/51 (1)
3,467
3,569
Total
Asset-Backed
Securities
(Cost
$38,029)
39,352
CONVERTIBLE
BONDS
0.2%
INDUSTRIAL
0.2%
Technology
0.2%
MicroStrategy,
Zero
Coupon,
2/15/27 (1)
1,870
1,490
Total
Industrial
1,490
Total
Convertible
Bonds
(Cost
$1,496)
1,490
CONVERTIBLE
PREFERRED
STOCKS
0.1%
UTILITY
0.1%
Electric
0.1%
Southern,
Series
A,
6.75%,
8/1/22
20
1,081
Total
Utility
1,081
Total
Convertible
Preferred
Stocks
(Cost
$1,022)
1,081
CORPORATE
BONDS
82.1%
FINANCIAL
INSTITUTIONS
40.1%
Banking
30.0%
Banco
Bilbao
Vizcaya
Argentaria,
1.125%,
9/18/25
3,600
3,582
Banco
Santander,
2.749%,
12/3/30
4,400
4,412
Banco
Santander
Chile,
2.70%,
1/10/25 (1)
3,837
4,000
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25 (1)
1,815
2,059
Bank
of
America,
VR,
1.734%,
7/22/27 (2)
3,910
3,966
Bank
of
America,
VR,
2.831%,
10/24/51 (2)
4,040
3,992
Bank
of
America,
VR,
3.194%,
7/23/30 (2)
4,895
5,301
Bank
of
America,
VR,
4.271%,
7/23/29 (2)
10,265
11,796
Bank
of
America,
Series
N,
VR,
1.658%,
3/11/27 (2)
7,700
7,765
Barclays,
VR,
2.852%,
5/7/26 (2)
4,380
4,624
BBVA
Bancomer,
VR,
5.875%,
9/13/34 (1)(2)
4,840
5,339
BNP
Paribas,
VR,
1.323%,
1/13/27 (1)(2)
10,360
10,224
Capital
One
Financial,
VR,
2.359%,
7/29/32 (2)
4,100
4,074
Citigroup,
VR,
2.561%,
5/1/32 (2)
3,005
3,094
T.
ROWE
PRICE
Corporate
Income
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Citigroup,
VR,
2.572%,
6/3/31 (2)
7,250
7,458
Citigroup,
VR,
3.98%,
3/20/30 (2)
3,570
4,056
Citigroup,
VR,
4.412%,
3/31/31 (2)
5,725
6,708
Citigroup,
Series
W,
VR,
4.00% (2)(3)
1,275
1,326
Credit
Agricole,
VR,
1.247%,
1/26/27 (1)(2)
5,390
5,327
Credit
Suisse
Group,
VR,
3.091%,
5/14/32 (1)(2)
4,355
4,512
Goldman
Sachs
Group,
3.85%,
1/26/27
4,370
4,821
Goldman
Sachs
Group,
VR,
1.992%,
1/27/32 (2)
7,205
7,057
Goldman
Sachs
Group,
VR,
2.383%,
7/21/32 (2)
4,255
4,308
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (2)
5,950
6,138
Goldman
Sachs
Group,
VR,
3.814%,
4/23/29 (2)
7,485
8,390
Goldman
Sachs
Group,
VR,
4.223%,
5/1/29 (2)
1,140
1,303
HSBC
Holdings,
4.95%,
3/31/30
2,770
3,343
HSBC
Holdings,
VR,
2.206%,
8/17/29 (2)
2,135
2,134
HSBC
Holdings,
VR,
2.804%,
5/24/32 (2)
2,775
2,865
HSBC
Holdings,
VR,
2.848%,
6/4/31 (2)
5,605
5,843
ING
Groep,
VR,
1.726%,
4/1/27 (2)
1,750
1,772
JPMorgan
Chase,
VR,
1.953%,
2/4/32 (2)
3,955
3,874
JPMorgan
Chase,
VR,
2.58%,
4/22/32 (2)
4,960
5,124
JPMorgan
Chase,
VR,
3.109%,
4/22/51 (2)
3,940
4,127
JPMorgan
Chase,
VR,
4.203%,
7/23/29 (2)
5,265
6,054
Kookmin
Bank,
2.50%,
11/4/30 (1)
3,615
3,655
Morgan
Stanley,
VR,
1.593%,
5/4/27 (2)
1,810
1,829
Morgan
Stanley,
VR,
1.794%,
2/13/32 (2)
2,900
2,805
Morgan
Stanley,
VR,
2.699%,
1/22/31 (2)
7,080
7,405
Morgan
Stanley,
VR,
3.217%,
4/22/42 (2)
1,135
1,216
Morgan
Stanley,
VR,
3.772%,
1/24/29 (2)
5,300
5,918
Morgan
Stanley,
VR,
4.431%,
1/23/30 (2)
3,430
3,999
Morgan
Stanley,
VR,
5.597%,
3/24/51 (2)
995
1,507
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26 (2)
6,590
6,618
Shinhan
Bank,
VR,
3.875%,
12/7/26 (2)
3,830
3,859
Standard
Chartered,
VR,
4.644%,
4/1/31 (1)(2)
8,340
9,766
Wells
Fargo,
4.15%,
1/24/29
3,500
4,030
Wells
Fargo,
VR,
2.572%,
2/11/31 (2)
5,610
5,814
Wells
Fargo,
VR,
3.068%,
4/30/41 (2)
8,915
9,348
Wells
Fargo,
VR,
5.013%,
4/4/51 (2)
1,920
2,675
Wells
Fargo,
Series
BB,
VR,
3.90% (2)(3)
1,465
1,516
242,728
Brokerage
Asset
Managers
Exchanges
1.8%
Charles
Schwab,
Series
I,
VR,
4.00% (2)(3)
1,990
2,095
Intercontinental
Exchange,
2.65%,
9/15/40
1,010
985
Intercontinental
Exchange,
3.00%,
6/15/50 (4)
4,790
4,881
LSEGA
Financing,
2.00%,
4/6/28 (1)
5,940
6,043
LSEGA
Financing,
3.20%,
4/6/41 (1)
620
657
14,661
T.
ROWE
PRICE
Corporate
Income
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
Finance
Companies
1.4%
AerCap
Ireland
Capital,
3.875%,
1/23/28
3,700
3,965
AerCap
Ireland
Capital,
6.50%,
7/15/25
2,315
2,700
Avolon
Holdings
Funding,
2.528%,
11/18/27 (1)
3,118
3,113
Park
Aerospace
Holdings,
5.50%,
2/15/24 (1)
1,093
1,198
10,976
Financial
Other
1.3%
Country
Garden
Holdings,
3.875%,
10/22/30 (4)
6,000
6,006
Howard
Hughes,
5.375%,
8/1/28 (1)
1,785
1,892
Longfor
Group
Holdings,
3.85%,
1/13/32
525
556
Shimao
Group
Holdings,
3.45%,
1/11/31 (4)
1,875
1,763
10,217
Insurance
3.8%
Centene,
2.45%,
7/15/28
3,070
3,105
Centene,
2.625%,
8/1/31
1,025
1,038
CNO
Financial
Group,
5.25%,
5/30/29
3,295
3,921
Enstar
Group,
3.10%,
9/1/31
4,050
4,042
Equitable
Financial
Life
Global
Funding,
1.80%,
3/8/28 (1)
3,955
3,972
Health
Care
Service
A
Mutual
Legal
Reserve,
2.20%,
6/1/30 (1)
3,685
3,726
Health
Care
Service
A
Mutual
Legal
Reserve,
3.20%,
6/1/50 (1)
5,930
6,285
New
York
Life
Insurance,
3.75%,
5/15/50 (1)
3,755
4,327
30,416
Real
Estate
Investment
Trusts
1.8%
American
Campus
Communities
Operating
Partnership,
3.875%,
1/30/31
3,715
4,162
Global
Net
Lease,
3.75%,
12/15/27 (1)
1,620
1,599
Hudson
Pacific
Properties,
3.25%,
1/15/30
3,520
3,750
Life
Storage,
4.00%,
6/15/29
3,000
3,406
Starwood
Property
Trust,
3.625%,
7/15/26 (1)
2,005
2,022
14,939
Total
Financial
Institutions
323,937
INDUSTRIAL
40.5%
Capital
Goods
1.8%
CANPACK,
3.125%,
11/1/25 (1)
2,400
2,439
Howmet
Aerospace,
3.00%,
1/15/29
1,255
1,282
Johnson
Electric
Holdings,
4.125%,
7/30/24
5,990
6,409
Siemens
Financieringsmaatschappij,
2.875%,
3/11/41 (1)
4,140
4,307
14,437
Communications
7.2%
AT&T,
3.30%,
2/1/52
2,325
2,316
AT&T,
3.50%,
6/1/41
610
644
AT&T,
3.50%,
9/15/53 (1)
3,975
4,067
AT&T,
6.375%,
3/1/41
3,000
4,322
Comcast,
2.887%,
11/1/51 (1)
2,035
2,022
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
1,785
1,885
T.
ROWE
PRICE
Corporate
Income
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
1,405
1,406
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
820
857
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
3,295
3,438
Sirius
XM
Radio,
3.125%,
9/1/26 (1)
995
1,014
Sirius
XM
Radio,
4.00%,
7/15/28 (1)
1,775
1,815
T-Mobile
USA,
3.40%,
10/15/52 (1)
6,025
6,116
Verizon
Communications,
1.75%,
1/20/31
3,420
3,303
Verizon
Communications,
2.875%,
11/20/50
2,030
1,950
Verizon
Communications,
2.987%,
10/30/56
4,687
4,514
Verizon
Communications,
3.00%,
11/20/60
1,950
1,880
Virgin
Media
Secured
Finance,
4.50%,
8/15/30 (1)
1,710
1,730
Vmed
O2
U.K.
Financing
I,
4.75%,
7/15/31 (1)
400
410
Vodafone
Group,
4.25%,
9/17/50
3,550
4,185
Vodafone
Group,
VR,
5.125%,
6/4/81 (2)
1,810
1,857
Walt
Disney,
2.00%,
9/1/29
1,970
2,004
Walt
Disney,
3.80%,
3/22/30
5,900
6,810
58,545
Consumer
Cyclical
5.3%
Ford
Motor
Credit,
3.375%,
11/13/25
1,805
1,868
Hyundai
Capital
America,
1.80%,
1/10/28 (1)
2,450
2,437
Hyundai
Capital
America,
2.375%,
10/15/27 (1)
1,360
1,393
Marriott
International,
Series
EE,
5.75%,
5/1/25
3,130
3,595
Marriott
International,
Series
FF,
4.625%,
6/15/30
3,655
4,196
McDonald's,
3.625%,
9/1/49
1,970
2,219
McDonald's,
4.20%,
4/1/50
1,760
2,155
Nissan
Motor,
3.522%,
9/17/25 (1)
5,525
5,911
Nordstrom,
2.30%,
4/8/24
345
346
Prime
Security
Services
Borrower,
3.375%,
8/31/27 (1)
2,345
2,254
QVC,
4.45%,
2/15/25
2,150
2,295
QVC,
4.85%,
4/1/24
1,535
1,665
Ross
Stores,
1.875%,
4/15/31
2,670
2,610
Starbucks,
3.35%,
3/12/50
4,652
4,959
Volkswagen
Group
of
America
Finance,
4.75%,
11/13/28 (1)
4,095
4,847
42,750
Consumer
Non-Cyclical
9.6%
AbbVie,
4.05%,
11/21/39
5,310
6,225
AbbVie,
4.25%,
11/21/49
1,665
2,023
AbbVie,
4.70%,
5/14/45
1,390
1,743
AbbVie,
4.875%,
11/14/48
2,085
2,727
Albertsons,
3.25%,
3/15/26 (1)
4,000
4,105
Anheuser-Busch
InBev
Worldwide,
4.50%,
6/1/50
3,885
4,800
AstraZeneca,
1.375%,
8/6/30
4,250
4,076
Becton
Dickinson
&
Company,
1.957%,
2/11/31
4,365
4,285
Becton
Dickinson
&
Company,
4.669%,
6/6/47
2,570
3,245
Cardinal
Health,
4.90%,
9/15/45
1,600
1,945
T.
ROWE
PRICE
Corporate
Income
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
CommonSpirit
Health,
2.782%,
10/1/30
1,188
1,241
CVS
Health,
5.05%,
3/25/48
10,690
14,158
CVS
Health,
5.125%,
7/20/45
265
350
Hasbro,
3.55%,
11/19/26
3,695
4,050
Hasbro,
3.90%,
11/19/29
1,765
1,971
Mount
Sinai
Hospitals
Group,
Series
2017,
3.981%,
7/1/48
294
337
Mount
Sinai
Hospitals
Group,
Series
2019,
3.737%,
7/1/49
3,516
3,926
Mount
Sinai
Hospitals
Group,
Series
2020,
3.391%,
7/1/50
1,535
1,647
Perrigo
Finance
Unlimited,
3.15%,
6/15/30
610
629
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
5,424
5,798
Perrigo
Finance
Unlimited,
4.375%,
3/15/26
6,045
6,583
PRA
Health
Sciences,
2.875%,
7/15/26 (1)
1,875
1,913
77,777
Energy
9.8%
Aker
BP,
3.00%,
1/15/25 (1)
5,575
5,889
Boardwalk
Pipelines,
5.95%,
6/1/26
3,385
3,990
BP
Capital
Markets
America,
2.939%,
6/4/51
1,940
1,891
Cameron
LNG,
2.902%,
7/15/31 (1)
1,310
1,407
Cameron
LNG,
3.302%,
1/15/35 (1)
2,510
2,702
Cameron
LNG,
3.701%,
1/15/39 (1)
1,070
1,181
Cenovus
Energy,
4.25%,
4/15/27
5,505
6,110
Cenovus
Energy,
5.375%,
7/15/25
3,325
3,749
Cenovus
Energy,
5.40%,
6/15/47
1,585
1,951
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25
3,630
4,125
Continental
Resources,
3.80%,
6/1/24
530
563
Diamondback
Energy,
4.75%,
5/31/25
1,910
2,132
Energy
Transfer,
5.00%,
5/15/50
1,945
2,276
Energy
Transfer,
5.50%,
6/1/27
1,685
1,986
Energy
Transfer,
6.00%,
6/15/48
1,670
2,120
Hess,
5.60%,
2/15/41
1,962
2,445
Hess,
7.125%,
3/15/33
400
540
Kinder
Morgan,
3.60%,
2/15/51
1,250
1,283
Kinder
Morgan,
5.05%,
2/15/46
2,175
2,673
Sabine
Pass
Liquefaction,
5.00%,
3/15/27
5,650
6,526
Sabine
Pass
Liquefaction,
5.625%,
3/1/25
760
865
Sabine
Pass
Liquefaction,
5.875%,
6/30/26
2,685
3,168
Transcontinental
Gas
Pipe
Line,
3.95%,
5/15/50
4,000
4,511
Venture
Global
Calcasieu
Pass,
3.875%,
8/15/29 (1)
720
741
Woodside
Finance,
3.65%,
3/5/25 (1)
6,650
7,109
Woodside
Finance,
3.70%,
3/15/28 (1)
6,390
6,917
78,850
Industrial
Other
0.1%
Booz
Allen
Hamilton,
4.00%,
7/1/29 (1)
570
591
591
T.
ROWE
PRICE
Corporate
Income
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Technology
4.4%
Apple,
2.65%,
2/8/51
4,190
4,138
CDW,
5.50%,
12/1/24
1,133
1,255
Fortinet,
2.20%,
3/15/31
2,420
2,435
Intel,
3.05%,
8/12/51
5,990
6,178
NXP,
2.50%,
5/11/31 (1)
4,105
4,218
NXP,
3.25%,
5/11/41 (1)
2,380
2,531
Oracle,
2.30%,
3/25/28
3,525
3,630
salesforce.com,
2.70%,
7/15/41
6,005
6,108
Tencent
Holdings,
3.94%,
4/22/61
3,645
4,053
VMware,
1.80%,
8/15/28
1,070
1,057
35,603
Transportation
2.3%
Adani
Ports
&
Special
Economic
Zone,
4.20%,
8/4/27
3,700
3,929
Kansas
City
Southern,
3.50%,
5/1/50
3,685
3,944
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
4,555
4,948
Transurban
Finance,
2.45%,
3/16/31 (1)
3,335
3,396
United
Airlines
PTT,
Series
2019-1,
Class
AA,
4.15%,
8/25/31
1,201
1,301
United
Airlines
PTT,
Series
2019-2,
Class
AA,
2.70%,
5/1/32
1,461
1,458
18,976
Total
Industrial
327,529
UTILITY
1.5%
Electric
1.5%
DPL,
4.125%,
7/1/25
2,065
2,207
Edison
International,
4.95%,
4/15/25
1,740
1,918
Pacific
Gas
&
Electric,
4.95%,
7/1/50
3,750
3,969
Southern
California
Edison,
Series
20A,
2.95%,
2/1/51
3,060
2,812
Vistra
Operations,
4.375%,
5/1/29 (1)
805
817
Total
Utility
11,723
Total
Corporate
Bonds
(Cost
$640,936)
663,189
EQUITY
MUTUAL
FUNDS
0.1%
Real
Estate
Select
Sector
SPDR
Fund (4)
9
413
Utilities
Select
Sector
SPDR
Fund
6
422
Total
Equity
Mutual
Funds
(Cost
$807)
835
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
7.5%
Government
Sponsored
0.1%
Petrobras
Global
Finance,
5.50%,
6/10/51
805
805
805
T.
ROWE
PRICE
Corporate
Income
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Owned
No
Guarantee
6.1%
Abu
Dhabi
National
Energy,
2.00%,
4/29/28 (1)
4,490
4,544
Abu
Dhabi
Ports,
2.50%,
5/6/31
400
411
Corp
Nacional
del
Cobre
de
Chile,
3.15%,
1/15/51 (1)(4)
1,433
1,400
NBN,
2.625%,
5/5/31 (1)
4,840
4,999
Ooredoo
International
Finance,
2.625%,
4/8/31 (1)
2,215
2,287
Ooredoo
International
Finance,
3.75%,
6/22/26
200
222
Ooredoo
International
Finance,
5.00%,
10/19/25
2,060
2,371
Qatar
Petroleum,
3.125%,
7/12/41 (1)
4,350
4,488
QNB
Finance,
2.625%,
5/12/25
3,745
3,926
REC,
2.25%,
9/1/26
4,100
4,051
Saudi
Arabian
Oil,
3.50%,
4/16/29 (1)
3,500
3,817
Saudi
Telecom,
3.89%,
5/13/29
3,700
4,131
SingTel
Group
Treasury,
1.875%,
6/10/30
6,000
5,981
Syngenta
Finance,
4.441%,
4/24/23 (1)
6,755
7,084
49,712
Sovereign
1.3%
Kingdom
of
Saudi
Arabia,
3.25%,
10/26/26
3,535
3,848
State
of
Qatar,
4.40%,
4/16/50 (1)(4)
5,400
6,703
10,551
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$59,515)
61,068
MUNICIPAL
SECURITIES
1.6%
Colorado
0.1%
Colorado
HFA,
Covenant
Living
Community,
Series B,
2.80%,
12/1/26
790
802
802
Illinois
0.5%
Illinois,
Series A,
GO,
3.14%,
10/1/24
3,880
4,027
4,027
Texas
1.0%
Central
Texas
Turnpike
System,
Series C,
3.029%,
8/15/41
4,600
4,670
Grand
Parkway
Transportation,
Series B,
3.236%,
10/1/52
3,110
3,231
7,901
Total
Municipal
Securities
(Cost
$12,382)
12,730
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
1.8%
U.S.
Treasury
Obligations
1.8%
U.S.
Treasury
Bonds,
2.00%,
2/15/50 (5)
9,440
9,596
U.S.
Treasury
Bonds,
2.25%,
5/15/41 (5)
910
974
T.
ROWE
PRICE
Corporate
Income
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
Treasury
Bonds,
4.75%,
2/15/37 (5)
2,720
3,933
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-
Backed)
(Cost
$14,300)
14,503
SHORT-TERM
INVESTMENTS
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (6)(7)
5,095
5,095
Total
Short-Term
Investments
(Cost
$5,095)
5,095
SECURITIES
LENDING
COLLATERAL
1.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.5%
Short-Term
Funds
0.5%
T.
Rowe
Price
Short-Term
Fund,
0.07% (6)(7)
375
3,745
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
3,745
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.6%
Short-Term
Funds
0.6%
T.
Rowe
Price
Short-Term
Fund,
0.07% (6)(7)
493
4,930
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
4,930
Total
Securities
Lending
Collateral
(Cost
$8,675)
8,675
Total
Investments
in
Securities
100.0%
(Cost
$782,257)
$
808,018
Other
Assets
Less
Liabilities
(0.0)%
(325)
Net
Assets
100.0%
$
807,693
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$252,693
and
represents
31.3%
of
net
assets.
T.
ROWE
PRICE
Corporate
Income
Fund
10
.
.
.
.
.
.
.
.
.
.
(2)
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
is
provided
if
the
rate
is
currently
floating.
(3)
Perpetual
security
with
no
stated
maturity
date.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
August
31,
2021.
(5)
At
August
31,
2021,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(6)
Seven-day
yield
(7)
Affiliated
Companies
EUR
Euro
GO
General
Obligation
HFA
Health
Facility
Authority
PTT
Pass-Through
Trust
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
11
(Amounts
in
000s)
SWAPS
0.4%
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,
A2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
*
3,975
94
18
76
BNP
Paribas,
Protection
Sold
(Relevant
Credit:
Morgan
Stanley,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
*
3,975
87
(34)
121
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(16)
197
Total
Bilateral
Swaps
(16)
197
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.4%
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
14
73
(59)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(59)
Credit
Default
Swaps,
Protection
Sold
0.4%
Protection
Sold
(Relevant
Credit:
Altria
Group,
A3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
5,789
148
113
35
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Crossover-S35,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
(EUR)
20,605
3,224
3,169
55
Protection
Sold
(Relevant
Credit:
Republic
of
Brazil,
Ba2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
4,241
(139)
(134)
(5)
Protection
Sold
(Relevant
Credit:
Republic
of
Colombia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
8,221
(109)
(104)
(5)
T.
ROWE
PRICE
Corporate
Income
Fund
12
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
Republic
of
Peru,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
11,945
108
96
12
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
92
Total
Centrally
Cleared
Swaps
33
Net
payments
(receipts)
of
variation
margin
to
date
1,047
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
1,080
*
Credit
ratings
as
of
August
31,
2021.
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
$268.
T.
ROWE
PRICE
Corporate
Income
Fund
13
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
931
U.S.
Treasury
Long
Bond
contracts
12/21
151,724
$
530
Short,
724
U.S.
Treasury
Notes
five
year
contracts
12/21
(89,572)
(90)
Long,
171
U.S.
Treasury
Notes
ten
year
contracts
12/21
22,820
2
Long,
444
U.S.
Treasury
Notes
two
year
contracts
12/21
97,826
37
Short,
140
Ultra
U.S.
Treasury
Bonds
contracts
12/21
(27,619)
(145)
Short,
933
Ultra
U.S.
Treasury
Notes
ten
year
contracts
12/21
(138,099)
28
Net
payments
(receipts)
of
variation
margin
to
date
(457)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(95)
T.
ROWE
PRICE
Corporate
Income
Fund
14
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
August
31,
2021.
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,
0.05%
$
—
$
—
$
1
T.
Rowe
Price
Short-Term
Fund,
0.07%
—
—
—++
Totals
$
—#
$
—
$
1+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/21
Purchase
Cost
Sales
Cost
Value
08/31/21
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
$
4,516
¤
¤
$
5,095
T.
Rowe
Price
Short-Term
Fund,
0.07%
6,993
¤
¤
8,675
Total
$
13,770^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$1
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
$13,770.
T.
ROWE
PRICE
Corporate
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
15
T.
Rowe
Price
Corporate
Income
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
T.
ROWE
PRICE
Corporate
Income
Fund
16
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 fund’s
own
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
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
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.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
T.
ROWE
PRICE
Corporate
Income
Fund
17
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Committee
may
also
consider
other
valuation
methods
such
as
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
T.
ROWE
PRICE
Corporate
Income
Fund
18
F112-054Q1
08/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
792,332
$
—
$
792,332
Convertible
Preferred
Stocks
—
1,081
—
1,081
Equity
Mutual
Funds
835
—
—
835
Short-Term
Investments
5,095
—
—
5,095
Securities
Lending
Collateral
8,675
—
—
8,675
Total
Securities
14,605
793,413
—
808,018
Swaps*
—
283
—
283
Futures
Contracts*
597
—
—
597
Total
$
15,202
$
793,696
$
—
$
808,898
Liabilities
Swaps*
$
—
$
69
$
—
$
69
Futures
Contracts*
235
—
—
235
Total
$
235
$
69
$
—
$
304
1
Includes
Asset-Backed
Securities,
Convertible
Bonds,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.