T. Rowe Price Corporate Income Fund Inc.
01/22/2026 | Press release | Distributed by Public on 01/22/2026 08:45
Semi-Annual Report by Investment Company (Form N-CSRS)
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)
1307 Point Street, Baltimore, MD 21231
(Address of principal executive offices)
David Oestreicher
1307 Point Street, Baltimore, MD 21231
(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, 2025
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
November 30, 2025
Corporate Income Fund
Investor Class (PRPIX)
This semi-annual shareholder report contains important information about Corporate Income Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. 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 [email protected]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?
Fund Statistics
|
Total Net Assets (000s)
|
$292,551
|
|
Number of Portfolio Holdings
|
273
|
|
Portfolio Turnover Rate
|
59.7%
|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
|
Corporate Bonds
|
83.9%
|
|
Asset-Backed Securities
|
5.5
|
|
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
|
3.6
|
|
Foreign Government Obligations & Municipalities
|
3.4
|
|
Securities Lending Collateral
|
2.4
|
|
Municipal Securities
|
0.8
|
|
Convertible Preferred Stocks
|
0.3
|
|
Non-U.S. Government Mortgage-Backed Securities
|
0.2
|
|
Short-Term and Other
|
-0.1
|
Top Ten Holdings(as a % of Net Assets)
|
U.S. Treasury Bonds
|
3.6%
|
|
Citigroup
|
3.2
|
|
Morgan Stanley
|
2.7
|
|
Bank of America
|
1.9
|
|
Wells Fargo
|
1.8
|
|
Goldman Sachs Group
|
1.8
|
|
JPMorgan Chase
|
1.7
|
|
Meta Platforms
|
1.6
|
|
Oracle
|
1.5
|
|
Diamondback Energy
|
1.4
|
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.
202505-4461501
F112-053 1/26
Corporate Income Fund
Investor Class (PRPIX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Semi-Annual Shareholder Report
November 30, 2025
Corporate Income Fund
I Class (TICCX)
This semi-annual shareholder report contains important information about Corporate Income Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. 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 [email protected]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
|
0.41%
|
What are some fund statistics?
Fund Statistics
|
Total Net Assets (000s)
|
$292,551
|
|
Number of Portfolio Holdings
|
273
|
|
Portfolio Turnover Rate
|
59.7%
|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
|
Corporate Bonds
|
83.9%
|
|
Asset-Backed Securities
|
5.5
|
|
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
|
3.6
|
|
Foreign Government Obligations & Municipalities
|
3.4
|
|
Securities Lending Collateral
|
2.4
|
|
Municipal Securities
|
0.8
|
|
Convertible Preferred Stocks
|
0.3
|
|
Non-U.S. Government Mortgage-Backed Securities
|
0.2
|
|
Short-Term and Other
|
-0.1
|
Top Ten Holdings(as a % of Net Assets)
|
U.S. Treasury Bonds
|
3.6%
|
|
Citigroup
|
3.2
|
|
Morgan Stanley
|
2.7
|
|
Bank of America
|
1.9
|
|
Wells Fargo
|
1.8
|
|
Goldman Sachs Group
|
1.8
|
|
JPMorgan Chase
|
1.7
|
|
Meta Platforms
|
1.6
|
|
Oracle
|
1.5
|
|
Diamondback Energy
|
1.4
|
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.
202505-4461501
F445-053 1/26
Corporate Income Fund
I Class (TICCX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Semi-Annual Shareholder Report
November 30, 2025
Corporate Income Fund
Z Class (TRZCX)
This semi-annual shareholder report contains important information about Corporate Income Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. 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 [email protected]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
|
$1
|
0.01%
|
What are some fund statistics?
Fund Statistics
|
Total Net Assets (000s)
|
$292,551
|
|
Number of Portfolio Holdings
|
273
|
|
Portfolio Turnover Rate
|
59.7%
|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
|
Corporate Bonds
|
83.9%
|
|
Asset-Backed Securities
|
5.5
|
|
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
|
3.6
|
|
Foreign Government Obligations & Municipalities
|
3.4
|
|
Securities Lending Collateral
|
2.4
|
|
Municipal Securities
|
0.8
|
|
Convertible Preferred Stocks
|
0.3
|
|
Non-U.S. Government Mortgage-Backed Securities
|
0.2
|
|
Short-Term and Other
|
-0.1
|
Top Ten Holdings(as a % of Net Assets)
|
U.S. Treasury Bonds
|
3.6%
|
|
Citigroup
|
3.2
|
|
Morgan Stanley
|
2.7
|
|
Bank of America
|
1.9
|
|
Wells Fargo
|
1.8
|
|
Goldman Sachs Group
|
1.8
|
|
JPMorgan Chase
|
1.7
|
|
Meta Platforms
|
1.6
|
|
Oracle
|
1.5
|
|
Diamondback Energy
|
1.4
|
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.
202505-4461501
F1405-053 1/26
Corporate Income Fund
Z Class (TRZCX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
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-EndManagement Investment Companies.
(a - b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
November
30,
2025
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
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
7.95
$
7.89
$
7.88
$
8.38
$
9.93
$
9.77
Investment
activities
Net
investment
income
(1)(2)
0.19
0.38
0.35
0.29
0.23
0.26
Net
realized
and
unrealized
gain/
loss
0.26
0.06
0.02
(0.50)
(1.25)
0.26
Total
from
investment
activities
0.45
0.44
0.37
(0.21)
(1.02)
0.52
Distributions
Net
investment
income
(0.19)
(0.38)
(0.36)
(0.29)
(0.24)
(0.26)
Net
realized
gain
-
-
-
-
(0.29)
(0.10)
Total
distributions
(0.19)
(0.38)
(0.36)
(0.29)
(0.53)
(0.36)
NET
ASSET
VALUE
End
of
period
$
8.21
$
7.95
$
7.89
$
7.88
$
8.38
$
9.93
T.
ROWE
PRICE
Corporate
Income
Fund
Unaudited
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
5.72%
5.67%
4.82%
(2.42)%
(10.88)%
5.36%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.80%
(4)
0.72%
0.70%
0.69%
0.59%
0.59%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.59%
(4)
0.59%
0.59%
0.59%
0.59%
0.59%
Net
investment
income
4.68%
(4)
4.72%
4.47%
3.70%
2.37%
2.58%
Portfolio
turnover
rate
59.7%
78.1%
90.7%
68.6%
85.5%
107.6%
Net
assets,
end
of
period
(in
thousands)
$120,369
$116,355
$126,974
$141,998
$165,944
$420,125
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
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
7.96
$
7.90
$
7.88
$
8.39
$
9.94
$
9.78
Investment
activities
Net
investment
income
(1)(2)
0.20
0.40
0.36
0.31
0.25
0.27
Net
realized
and
unrealized
gain/
loss
0.26
0.06
0.03
(0.51)
(1.25)
0.27
Total
from
investment
activities
0.46
0.46
0.39
(0.20)
(1.00)
0.54
Distributions
Net
investment
income
(0.20)
(0.40)
(0.37)
(0.31)
(0.26)
(0.28)
Net
realized
gain
-
-
-
-
(0.29)
(0.10)
Total
distributions
(0.20)
(0.40)
(0.37)
(0.31)
(0.55)
(0.38)
NET
ASSET
VALUE
End
of
period
$
8.22
$
7.96
$
7.90
$
7.88
$
8.39
$
9.94
T.
ROWE
PRICE
Corporate
Income
Fund
Unaudited
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
5.81%
5.87%
5.15%
(2.36)%
(10.71)%
5.47%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.53%
(4)
0.47%
0.46%
0.46%
0.44%
0.49%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.41%
(4)
0.41%
0.41%
0.41%
0.41%
0.48%
Net
investment
income
4.86%
(4)
4.91%
4.66%
3.89%
2.78%
2.66%
Portfolio
turnover
rate
59.7%
78.1%
90.7%
68.6%
85.5%
107.6%
Net
assets,
end
of
period
(in
thousands)
$172,129
$155,172
$149,202
$149,436
$162,609
$22,825
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
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
Z
Class
(1)
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
2/22/21
(1)
Through
5/31/21
5/31/25
5/31/24
5/31/23
5/31/22
NET
ASSET
VALUE
Beginning
of
period
$
7.96
$
7.89
$
7.88
$
8.38
$
9.94
$
10.01
Investment
activities
Net
investment
income
(2)(3)
0.22
0.43
0.40
0.34
0.28
0.08
Net
realized
and
unrealized
gain/
loss
0.24
0.07
0.02
(0.50)
(1.25)
(0.07)
(4)
Total
from
investment
activities
0.46
0.50
0.42
(0.16)
(0.97)
0.01
Distributions
Net
investment
income
(0.21)
(0.43)
(0.41)
(0.34)
(0.30)
(0.08)
Net
realized
gain
-
-
-
-
(0.29)
-
Total
distributions
(0.21)
(0.43)
(0.41)
(0.34)
(0.59)
(0.08)
NET
ASSET
VALUE
End
of
period
$
8.21
$
7.96
$
7.89
$
7.88
$
8.38
$
9.94
T.
ROWE
PRICE
Corporate
Income
Fund
Unaudited
Financial
Highlights
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
(1)
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
2/22/21
(1)
Through
5/31/21
5/31/25
5/31/24
5/31/23
5/31/22
Ratios/Supplemental
Data
Total
return
(3)(5)
5.88%
6.43%
5.44%
(1.84)%
(10.43)%
0.14%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.48%
(6)
0.42%
0.42%
0.42%
0.43%
0.48%
(6)
Net
expenses
after
waivers/
payments
by
Price
Associates
0.01%
(6)
0.00%
0.00%
0.00%
0.00%
0.00%
(6)
Net
investment
income
5.42%
(6)
5.30%
5.07%
4.30%
2.96%
2.92%
(6)
Portfolio
turnover
rate
59.7%
78.1%
90.7%
68.6%
85.5%
107.6%
Net
assets,
end
of
period
(in
thousands)
$53
$59,563
$265,549
$259,273
$281,974
$339,398
0%
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,
2025
Unaudited
8
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
5.5%
Car
Loan
0.5%
Carvana
Auto
Receivables
Trust
Series
2021-P1,
Class
D
1.82%,
12/10/27
670
664
Carvana
Auto
Receivables
Trust
Series
2022-N1,
Class
D
4.13%,
12/11/28 (1)
84
83
Exeter
Automobile
Receivables
Trust
Series
2025-5A,
Class
C
4.68%,
3/15/32
295
296
Santander
Drive
Auto
Receivables
Trust
Series
2025-4,
Class
C
4.52%,
1/15/32
315
316
1,359
Other
Asset-Backed
Securities
5.0%
CyrusOne
Data
Centers
Issuer
I
Series
2024-2A,
Class
A2
4.50%,
5/20/49 (1)
585
573
Driven
Brands
Funding
Series
2019-2A,
Class
A2
3.981%,
10/20/49 (1)
243
241
Driven
Brands
Funding
Series
2020-2A,
Class
A2
3.237%,
1/20/51 (1)
601
581
Frontier
Issuer
Series
2023-1,
Class
C
11.50%,
8/20/53 (1)
1,821
1,883
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)
591
586
Hardee's
Funding
Series
2021-1A,
Class
A2
2.865%,
6/20/51 (1)
780
728
Hotwire
Funding
Series
2021-1,
Class
A2
2.311%,
11/20/51 (1)
2,360
2,304
Jack
in
the
Box
Funding
Series
2022-1A,
Class
A2I
3.445%,
2/26/52 (1)
1,415
1,378
MVW
Series
2021-1WA,
Class
C
1.94%,
1/22/41 (1)
34
33
T.
ROWE
PRICE
Corporate
Income
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
ServiceMaster
Funding
Series
2020-1,
Class
A2I
2.841%,
1/30/51 (1)
422
401
Sierra
Timeshare
Receivables
Funding
Series
2025-2A,
Class
B
4.93%,
4/20/44 (1)
80
80
Sierra
Timeshare
Receivables
Funding
Series
2025-3A,
Class
B
4.64%,
8/22/44 (1)
112
112
Sonic
Capital
Series
2020-1A,
Class
A2I
3.845%,
1/20/50 (1)
3,004
2,965
Stonepeak
Series
2021-1A,
Class
AA
2.301%,
2/28/33 (1)
732
712
TPIC
SPV
I
Series
2024-1A,
Class
A
7.131%,
11/30/44,
Acquisition
Date:
12/10/24,
Cost $334 (2)(3)
334
336
Zaxby's
Funding
Series
2021-1A,
Class
A2
3.238%,
7/30/51 (1)
1,629
1,535
14,624
Total
Asset-Backed
Securities
(Cost
$16,194)
15,983
CONVERTIBLE
PREFERRED
STOCKS
0.3%
FINANCIAL
INSTITUTIONS
0.3%
Brokerage
Asset
Managers
Exchanges
0.3%
Ares
Management,
Series
B,
6.75%,
10/1/27
16
770
Total
Financial
Institutions
770
Total
Convertible
Preferred
Stocks
(Cost
$740)
770
CORPORATE
BONDS
83.9%
FINANCIAL
INSTITUTIONS
33.9%
Banking
17.5%
American
Express,
VR,
4.918%,
7/20/33 (4)
620
634
Bank
of
America,
VR,
5.425%,
8/15/35 (4)
1,230
1,263
Bank
of
America,
VR,
5.464%,
5/9/36 (4)
2,695
2,831
Bank
of
America,
Series
TT,
VR,
6.125% (4)(5)(6)
1,580
1,590
Banque
Federative
du
Credit
Mutuel,
5.538%,
1/22/30 (1)
1,315
1,371
CaixaBank,
VR,
6.037%,
6/15/35 (1)(4)
1,825
1,952
T.
ROWE
PRICE
Corporate
Income
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Citigroup,
VR,
3.98%,
3/20/30 (4)
6,105
6,045
Citigroup,
VR,
4.952%,
5/7/31 (4)
1,010
1,036
Citigroup,
VR,
5.174%,
9/11/36 (4)
700
715
Citigroup,
VR,
5.333%,
3/27/36 (4)
1,380
1,419
Credit
Agricole,
VR,
4.818%,
9/25/33 (1)(4)
1,275
1,276
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (4)
4,190
3,823
Goldman
Sachs
Group,
VR,
5.218%,
4/23/31 (4)
1,320
1,369
JPMorgan
Chase,
VR,
4.81%,
10/22/36 (4)
935
936
JPMorgan
Chase,
VR,
5.572%,
4/22/36 (4)
2,050
2,178
JPMorgan
Chase,
VR,
6.254%,
10/23/34 (4)
1,650
1,822
Morgan
Stanley,
VR,
2.239%,
7/21/32 (4)
885
788
Morgan
Stanley,
VR,
4.431%,
1/23/30 (4)
3,635
3,660
Morgan
Stanley,
VR,
5.192%,
4/17/31 (4)
940
974
Morgan
Stanley,
VR,
5.32%,
7/19/35 (4)
759
789
Morgan
Stanley,
VR,
6.342%,
10/18/33 (4)
1,515
1,669
National
Australia
Bank,
2.99%,
5/21/31 (1)
2,235
2,055
PNC
Financial
Services
Group,
VR,
5.373%,
7/21/36 (4)
250
258
PNC
Financial
Services
Group,
VR,
5.575%,
1/29/36 (4)
1,330
1,396
Santander
U.K.
Group
Holdings,
VR,
5.136%,
9/22/36 (4)
220
219
Santander
U.K.
Group
Holdings,
VR,
5.694%,
4/15/31 (4)
1,390
1,451
Societe
Generale,
VR,
5.519%,
1/19/28 (1)(4)
1,624
1,644
Societe
Generale,
VR,
6.691%,
1/10/34 (1)(4)
655
717
Wells
Fargo,
VR,
4.611%,
4/25/53 (4)
1,515
1,326
Wells
Fargo,
VR,
4.892%,
9/15/36 (4)
960
968
Wells
Fargo,
VR,
5.605%,
4/23/36 (4)
2,085
2,199
Wells
Fargo,
Series
BB,
VR,
3.90% (4)(5)
780
776
51,149
Brokerage
Asset
Managers
Exchanges
1.6%
Jane
Street
Group,
6.75%,
5/1/33 (1)
205
214
Jane
Street
Group,
7.125%,
4/30/31 (1)
1,330
1,398
LPL
Holdings,
5.65%,
3/15/35
1,030
1,053
LPL
Holdings,
5.75%,
6/15/35
1,011
1,039
Lseg
U.S.
Fin,
5.297%,
3/28/34 (1)
985
1,022
4,726
Finance
Companies
1.1%
Ares
Strategic
Income
Fund,
5.45%,
9/9/28 (1)
885
890
Blue Owl GP Stakes IV,
4.88%,
10/30/28,
Acquisition
Date:
10/9/25,
Cost $580 (2)(3)(7)
580
580
Golub
Capital
Private
Credit
Fund,
5.875%,
5/1/30
225
227
PennyMac
Financial
Services,
6.75%,
2/15/34 (1)
1,430
1,475
3,172
Financial
Other
1.4%
Atlas
Warehouse
Lending,
4.95%,
11/15/30 (1)
960
965
Corp.
Inmobiliaria
Vesta,
5.50%,
1/30/33 (1)
750
756
T.
ROWE
PRICE
Corporate
Income
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
HAT
Holdings
I,
8.00%,
6/15/27 (1)
2,210
2,293
4,014
Insurance
8.4%
Aspen
Insurance
Holdings,
5.75%,
7/1/30
360
377
Athene
Global
Funding,
5.526%,
7/11/31 (1)
2,035
2,088
Centene,
2.50%,
3/1/31
1,075
924
Centene,
3.375%,
2/15/30
970
891
Equitable
America
Global
Funding,
4.70%,
9/15/32 (1)
935
932
Equitable
America
Global
Funding,
4.95%,
6/9/30 (1)
1,550
1,581
First
American
Financial,
5.45%,
9/30/34
1,942
1,967
Five
Corners
Funding
Trust
II,
2.85%,
5/15/30 (1)
309
291
Fortitude
Group
Holdings,
6.25%,
4/1/30 (1)
560
581
GA
Global
Funding
Trust,
5.40%,
1/13/30 (1)(6)
795
817
GA
Global
Funding
Trust,
5.50%,
4/1/32 (1)
695
708
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
2.20%,
6/1/30 (1)
1,933
1,757
Jackson
National
Life
Global
Funding,
5.35%,
1/13/30 (1)
2,080
2,159
Molina
Healthcare,
6.50%,
2/15/31 (1)
645
657
Muenchener
Rueckversicherungs-Gesellschaft
in
Muenchen,
VR,
5.875%,
5/23/42 (1)(4)
1,400
1,469
RenaissanceRe
Holdings,
5.80%,
4/1/35
235
248
RGA
Global
Funding,
5.00%,
8/25/32 (1)
1,415
1,422
Swiss
RE
Subordinated
Finance,
VR,
6.191%,
4/1/46 (1)(4)
1,000
1,048
UnitedHealth
Group,
2.90%,
5/15/50
1,270
826
UnitedHealth
Group,
5.30%,
6/15/35 (6)
370
384
UnitedHealth
Group,
5.50%,
7/15/44
1,960
1,975
UnitedHealth
Group,
5.95%,
6/15/55
210
220
Wynnton
Funding
Trust,
5.251%,
8/15/35 (1)
1,410
1,428
24,750
Real
Estate
Investment
Trusts
3.9%
American
Homes
4
Rent,
5.25%,
3/15/35
710
725
Goodman
U.S.
Finance
Six,
5.125%,
10/7/34 (1)
1,305
1,326
Healthcare
Realty
Holdings,
3.10%,
2/15/30
2,605
2,464
Invitation
Homes
Operating
Partnership,
5.45%,
8/15/30
1,360
1,416
Kilroy
Realty,
4.25%,
8/15/29
1,375
1,348
Kite
Realty
Group,
4.95%,
12/15/31
1,850
1,877
Prologis
Targeted
U.S.
Logistics
Fund,
4.75%,
1/15/36 (1)
400
392
Prologis
Targeted
U.S.
Logistics
Fund,
5.25%,
1/15/35 (1)
695
713
Simon
Property
Group,
5.125%,
10/1/35
1,050
1,068
11,329
Total
Financial
Institutions
99,140
T.
ROWE
PRICE
Corporate
Income
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
INDUSTRIAL
40.7%
Basic
Industry
2.7%
Antofagasta,
5.625%,
9/9/35 (1)
690
709
Celanese
U.S.
Holdings,
6.879%,
7/15/32
990
1,007
Minera
Mexico,
5.625%,
2/12/32 (1)
1,470
1,517
South32
Treasury,
4.35%,
4/14/32 (1)
1,635
1,588
Yara
International,
7.378%,
11/14/32 (1)(6)
2,640
3,010
7,831
Capital
Goods
1.5%
Amrize
Finance
U.S.,
4.95%,
4/7/30 (1)
600
614
Amrize
Finance
U.S.,
5.40%,
4/7/35 (1)
555
571
Boeing,
6.298%,
5/1/29
1,510
1,605
Boeing,
6.858%,
5/1/54
1,170
1,332
General
Dynamics,
4.95%,
8/15/35
186
191
4,313
Communications
6.5%
AT&T,
3.50%,
9/15/53
4,451
3,054
Beignet
Investor,
6.581%,
5/30/49 (1)
670
720
Charter
Communications
Operating,
3.90%,
6/1/52
1,192
779
Directv
Financing,
10.00%,
2/15/31 (1)
1,455
1,444
Meta
Platforms,
5.625%,
11/15/55
1,755
1,743
Meta
Platforms,
5.75%,
11/15/65
3,095
3,064
NTT
Finance,
5.171%,
7/16/32 (1)
680
702
SBA
Tower
Trust,
4.831%,
10/15/29 (1)
2,085
2,097
T-Mobile
USA,
5.05%,
7/15/33
2,786
2,852
Time
Warner
Cable,
6.55%,
5/1/37
149
152
Time
Warner
Cable
Enterprises,
8.375%,
7/15/33
956
1,106
Verizon
Communications,
5.875%,
11/30/55
1,420
1,423
19,136
Consumer
Cyclical
5.2%
Advance
Auto
Parts,
7.375%,
8/1/33 (1)
690
703
Carnival,
5.75%,
8/1/32 (1)
1,425
1,459
CBRE
Services,
4.90%,
1/15/33
455
460
Flutter
Treasury
DAC,
6.375%,
4/29/29 (1)
1,345
1,389
Ford
Motor
Credit,
5.73%,
9/5/30
335
340
Ford
Motor
Credit,
6.532%,
3/19/32
790
828
Ford
Motor
Credit,
7.35%,
3/6/30
500
536
General
Motors,
5.95%,
4/1/49
903
880
General
Motors
Financial,
5.55%,
7/15/29
1,675
1,735
GLP
Capital,
5.25%,
2/15/33
1,375
1,375
Hyundai
Capital
America,
5.40%,
1/8/31 (1)
550
570
Hyundai
Capital
America,
6.20%,
9/21/30 (1)
1,305
1,399
Hyundai
Capital
America,
6.50%,
1/16/29 (1)
860
912
T.
ROWE
PRICE
Corporate
Income
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Magna
International,
5.875%,
6/1/35
175
186
Match
Group
Holdings
II,
6.125%,
9/15/33 (1)
560
566
NFL,
4.78%,
10/5/30,
Acquisition
Date:
6/27/25,
Cost $120 (2)(3)(7)
120
120
Sodexo,
5.15%,
8/15/30 (1)
350
359
Sodexo,
5.80%,
8/15/35 (1)(6)
915
960
ZF
North
America
Capital,
6.75%,
4/23/30 (1)
436
422
15,199
Consumer
Non-Cyclical
9.3%
AbbVie,
4.95%,
3/15/31
1,145
1,190
AbbVie,
5.40%,
3/15/54
2,370
2,359
BAT
Capital,
6.25%,
8/15/55
1,700
1,765
Beth
Israel
Lahey
Health,
Series
O,
4.717%,
7/1/30
525
534
Cigna
Group,
4.875%,
9/15/32
1,565
1,588
CVS
Health,
5.00%,
9/15/32 (6)
270
276
CVS
Health,
5.05%,
3/25/48
3,450
3,097
Eli
Lilly,
5.55%,
10/15/55
204
210
HCA,
5.45%,
9/15/34
910
945
HCA,
5.95%,
9/15/54
1,215
1,216
Icon
Investments
Six,
5.849%,
5/8/29
370
386
Icon
Investments
Six,
6.00%,
5/8/34
619
654
Imperial
Brands
Finance,
5.625%,
7/1/35 (1)
1,320
1,361
Kenvue,
5.10%,
3/22/43
1,510
1,463
Kraft
Heinz
Foods,
5.00%,
6/4/42
218
202
Mars,
5.65%,
5/1/45 (1)
635
648
Mars,
5.70%,
5/1/55 (1)
1,230
1,256
Pfizer,
5.60%,
11/15/55
1,685
1,704
Solventum,
5.45%,
3/13/31
1,760
1,836
Solventum,
5.90%,
4/30/54
1,335
1,366
Sutter
Health,
Series
2025,
5.537%,
8/15/35
1,880
1,989
Takeda
Pharmaceutical,
3.025%,
7/9/40 (6)
1,210
932
Teva
Pharmaceutical
Finance
Netherlands
III,
4.10%,
10/1/46
505
384
27,361
Energy
7.0%
Diamondback
Energy,
4.25%,
3/15/52 (6)
915
723
Diamondback
Energy,
5.75%,
4/18/54
3,560
3,418
Eni,
5.50%,
5/15/34 (1)
830
859
Eni,
5.95%,
5/15/54 (1)
1,025
1,024
Florida
Gas
Transmission,
5.75%,
7/15/35 (1)
710
742
Harbour
Energy,
6.327%,
4/1/35 (1)
2,095
2,148
HF
Sinclair,
5.75%,
1/15/31
870
900
HF
Sinclair,
6.25%,
1/15/35
1,005
1,058
Hilcorp
Energy
I,
5.75%,
2/1/29 (1)
1,610
1,578
Kinetik
Holdings,
6.625%,
12/15/28 (1)
1,015
1,042
Occidental
Petroleum,
6.05%,
10/1/54
1,510
1,459
T.
ROWE
PRICE
Corporate
Income
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Raizen
Fuels
Finance,
5.70%,
1/17/35 (1)
810
667
Raizen
Fuels
Finance,
6.70%,
2/25/37 (1)
1,465
1,257
Sunoco,
5.625%,
3/15/31 (1)
730
732
Targa
Resources,
5.55%,
8/15/35
820
840
Transcontinental
Gas
Pipe
Line,
3.95%,
5/15/50
1,880
1,457
Var
Energi,
8.00%,
11/15/32 (1)
549
635
20,539
Industrial
Other
0.7%
Booz
Allen
Hamilton,
5.95%,
8/4/33 (6)
739
779
Booz
Allen
Hamilton,
5.95%,
4/15/35 (6)
1,230
1,276
2,055
Technology
6.8%
AP
Grange
Holdings,
6.50%,
3/20/45,
Acquisition
Date:
6/12/24,
Cost $1,360 (2)(3)(7)
1,360
1,452
Broadcom,
2.45%,
2/15/31
2,430
2,230
Broadcom,
4.80%,
2/15/36
900
902
Cadence
Design
Systems,
4.70%,
9/10/34
2,028
2,037
Fiserv,
4.55%,
2/15/31
400
395
Fiserv,
5.25%,
8/11/35 (6)
1,440
1,443
Foundry
JV
Holdco,
6.10%,
1/25/36 (1)
200
212
Foundry
JV
Holdco,
6.20%,
1/25/37 (1)
200
213
Foundry
JV
Holdco,
6.25%,
1/25/35 (1)
200
215
Foundry
JV
Holdco,
6.40%,
1/25/38 (1)
320
344
Motorola
Solutions,
5.55%,
8/15/35
1,670
1,740
Oracle,
4.80%,
9/26/32
600
590
Oracle,
5.20%,
9/26/35
1,525
1,491
Oracle,
5.95%,
9/26/55 (6)
1,589
1,476
Oracle,
6.10%,
9/26/65
765
708
Paychex,
5.35%,
4/15/32
1,335
1,388
Stripe,
Series
A,
5.04%,
9/26/30,
Acquisition
Date:
9/16/25,
Cost $720 (2)(3)(7)
720
720
Synopsys,
5.15%,
4/1/35
1,370
1,398
Synopsys,
5.70%,
4/1/55
440
440
WULF
Compute,
7.75%,
10/15/30 (1)
450
465
19,859
Transportation
1.0%
Burlington
Northern
Santa
Fe,
5.50%,
3/15/55
1,400
1,402
Transurban
Finance,
2.45%,
3/16/31 (1)
1,735
1,591
2,993
Total
Industrial
119,286
UTILITY
9.3%
Electric
7.3%
AES,
5.80%,
3/15/32
1,170
1,200
AES
Andes,
6.25%,
3/14/32 (1)
240
250
T.
ROWE
PRICE
Corporate
Income
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Appalachian
Power,
5.65%,
4/1/34
1,440
1,508
Chile
Electricity
Mpc
II,
5.58%,
10/20/35 (1)
1,564
1,613
Constellation
Energy
Generation,
5.75%,
3/15/54
665
667
Duke
Energy,
5.70%,
9/15/55
994
990
Enel
Finance
International,
5.00%,
6/15/32 (1)
1,690
1,717
Eversource
Energy,
5.85%,
4/15/31
207
218
FirstEnergy,
2.65%,
3/1/30
1,717
1,594
FirstEnergy,
Series
B,
2.25%,
9/1/30
318
288
Jersey
Central
Power
&
Light,
5.15%,
1/15/36 (1)
555
564
New
York
State
Electric
&
Gas,
5.85%,
8/15/33 (1)
1,195
1,265
Niagara
Mohawk
Power,
4.647%,
10/3/30 (1)
220
221
Niagara
Mohawk
Power,
5.783%,
9/16/52 (1)
1,250
1,252
NRG
Energy,
7.00%,
3/15/33 (1)
1,340
1,488
NSTAR
Electric,
5.20%,
3/1/35
405
414
Pacific
Gas
&
Electric,
3.50%,
8/1/50
358
246
Pacific
Gas
&
Electric,
4.95%,
7/1/50
340
293
Pacific
Gas
&
Electric,
5.05%,
10/15/32
1,145
1,154
Pacific
Gas
&
Electric,
5.90%,
10/1/54
208
203
PSEG
Power,
5.20%,
5/15/30 (1)
216
221
Vistra
Operations,
5.70%,
12/30/34 (1)
1,632
1,684
Vistra
Operations,
6.95%,
10/15/33 (1)
1,625
1,811
WEC
Energy,
6.69%,
6/15/55,
Acquisition
Date:
12/16/24,
Cost $480 (2)(3)(7)
480
489
21,350
Natural
Gas
2.0%
APA
Infrastructure,
5.125%,
9/16/34 (1)
520
530
APA
Infrastructure,
5.75%,
9/16/44 (1)(6)
700
709
Brooklyn
Union
Gas,
6.388%,
9/15/33 (1)
650
698
Engie,
5.625%,
4/10/34 (1)(6)
1,755
1,845
Snam,
5.00%,
5/28/30 (1)
990
1,013
Snam,
6.50%,
5/28/55 (1)
335
361
Southern
California
Gas,
5.45%,
6/15/35
625
652
5,808
Total
Utility
27,158
Total
Corporate
Bonds
(Cost
$241,978)
245,584
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
3.4%
Owned
No
Guarantee
1.1%
DP
World,
5.25%,
12/24/29
2,750
2,805
Ma'aden
Sukuk,
5.50%,
2/13/35 (1)
419
437
3,242
T.
ROWE
PRICE
Corporate
Income
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Sovereign
1.3%
Eagle
Funding
Luxco,
5.50%,
8/17/30 (1)
970
986
State
of
Kuwait,
4.136%,
10/9/30 (1)(6)
2,900
2,904
3,890
Supranational
1.0%
Africa
Finance,
5.55%,
10/8/29 (1)
2,335
2,385
Corp.
Andina
de
Fomento,
VR,
6.75% (1)(4)(5)
400
409
2,794
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$9,777)
9,926
MUNICIPAL
SECURITIES
0.8%
Puerto
Rico
0.7%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (8)
3,010
1,926
1,926
Virginia
0.1%
Williamsburg
Economic
Dev.
Auth.,
Colonial
Williamsburg
Foundation
Project,
4.957%,
11/1/35
425
430
430
Total
Municipal
Securities
(Cost
$2,118)
2,356
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.2%
Collateralized
Mortgage
Obligations
0.2%
Bayview
Financing
Trust
Series
2024-2F,
Class
A,
CMO,
ARM,
6.954%,
9/25/29,
Acquisition
Date:
8/29/24,
Cost $604 (2)(3)
605
608
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$604)
608
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
3.6%
U.S.
Treasury
Obligations
3.6%
U.S.
Treasury
Bonds,
4.125%,
8/15/53
825
752
U.S.
Treasury
Bonds,
4.75%,
8/15/55 (9)
6,225
6,303
U.S.
Treasury
Bonds,
5.00%,
5/15/45
3,415
3,580
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$10,522)
10,635
T.
ROWE
PRICE
Corporate
Income
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
SHORT-TERM
INVESTMENTS
1.0%
Money
Market
Funds
1.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.02% (10)(11)
2,819
2,819
Total
Short-Term
Investments
(Cost
$2,819)
2,819
SECURITIES
LENDING
COLLATERAL
2.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 2.4%
Money
Market
Funds 2.4%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99% (10)(11)
6,997
6,997
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
6,997
Total
Securities
Lending
Collateral
(Cost
$6,997)
6,997
Total
Investments
in
Securities
101.1%
of
Net
Assets
(Cost
$291,749)
$
295,678
‡
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
$114,831
and
represents
39.3%
of
net
assets.
(2)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(3)
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
$4,305
and
represents
1.5%
of
net
assets.
(4)
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.
(5)
Perpetual
security
with
no
stated
maturity
date.
T.
ROWE
PRICE
Corporate
Income
Fund
18
.
.
.
.
.
.
.
.
.
.
(6)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2025.
(7)
Non-income
producing
(8)
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.
(9)
At
November
30,
2025,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(10)
Seven-day
yield
(11)
Affiliated
Companies
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.
CMO
Collateralized
Mortgage
Obligation
GO
General
Obligation
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
19
(Amounts
in
000s)
SWAPS
0.6%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
**
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.2%
Credit
Default
Swaps,
Protection
Sold
0.2%
Goldman
Sachs,
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S45,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
14,300
559
533
26
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
533
26
Total
Return
Swaps
0.0%
JPMorgan
Chase,
Receive
Underlying
Reference:
Apollo
Debt
Solutions
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
142
3
3
-
JPMorgan
Chase,
Receive
Underlying
Reference:
Ares
Capital
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
220
4
2
2
JPMorgan
Chase,
Receive
Underlying
Reference:
Ares
Strategic
Income
Fund
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
51
1
1
-
JPMorgan
Chase,
Receive
Underlying
Reference:
Bain
Capital
Specialty
Finance
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
47
1
1
-
JPMorgan
Chase,
Receive
Underlying
Reference:
Blackstone
Secured
Lending
Fund
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
66
1
-
1
JPMorgan
Chase,
Receive
Underlying
Reference:
Blue
Owl
Capital
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
350
10
7
3
JPMorgan
Chase,
Receive
Underlying
Reference:
Blue
Owl
Credit
Income
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
218
3
3
-
JPMorgan
Chase,
Receive
Underlying
Reference:
Blue
Owl
Credit
Income
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
134
1
1
-
T.
ROWE
PRICE
Corporate
Income
Fund
20
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
JPMorgan
Chase,
Receive
Underlying
Reference:
Carlyle
Secured
Lending
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
46
1
1
-
JPMorgan
Chase,
Receive
Underlying
Reference:
Goldman
Sachs
Private
Credit
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
71
-
-
-
JPMorgan
Chase,
Receive
Underlying
Reference:
Hercules
Capital
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
61
1
1
-
JPMorgan
Chase,
Receive
Underlying
Reference:
HPS
Corporate
Lending
Fund
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
67
1
1
-
Total
Bilateral
Total
Return
Swaps
21
6
Total
Bilateral
Swaps
554
32
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
(12)
73
(85)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(85)
Credit
Default
Swaps,
Protection
Sold
0.4%
Protection
Sold
(Relevant
Credit:
Freeport-McMoRan,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
*
2,760
53
(9)
62
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S45,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
43,631
1,066
1,012
54
T.
ROWE
PRICE
Corporate
Income
Fund
21
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
Oracle,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
*
4,424
(36)
54
(90)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
26
Total
Centrally
Cleared
Swaps
(59)
Net
payments
(receipts)
of
variation
margin
to
date
69
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
10
*
Credit
ratings
as
of
November
30,
2025.
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
$95.
T.
ROWE
PRICE
Corporate
Income
Fund
22
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
101
U.S.
Treasury
Notes
two
year
contracts
3/26
21,095
$
(6)
Long,
40
Ultra
U.S.
Treasury
Bonds
contracts
3/26
4,837
31
Short,
24
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/26
(2,789)
(9)
Net
payments
(receipts)
of
variation
margin
to
date
(35)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(19)
T.
ROWE
PRICE
Corporate
Income
Fund
23
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,
2025.
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,
4.02%
$
-
$
-
$
98++
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99%
-
-
-++
Totals
$
-#
$
-
$
98+
Supplementary
Investment
Schedule
Affiliate
Value
5/31/25
Purchase
Cost
Sales
Cost
Value
11/30/25
T.
Rowe
Price
Government
Reserve
Fund,
4.02%
$
9,506
¤
¤
$
2,819
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99%
-
¤
¤
6,997
Total
$
9,816^
#
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
$98
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
$9,816.
T.
ROWE
PRICE
Corporate
Income
Fund
November
30,
2025
Unaudited
Statement
of
Assets
and
Liabilities
24
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$291,749)
$
295,678
Interest
receivable
3,309
Bilateral
swap
premiums
paid
554
Receivable
for
shares
sold
393
Receivable
for
investment
securities
sold
201
Unrealized
gain
on
bilateral
swaps
32
Cash
26
Variation
margin
receivable
on
centrally
cleared
swaps
10
Foreign
currency
(cost
$6)
6
Other
assets
57
Total
assets
300,266
Liabilities
Obligation
to
return
securities
lending
collateral
6,997
Payable
for
investment
securities
purchased
200
Payable
for
shares
redeemed
191
Investment
management
fees
payable
84
Variation
margin
payable
on
futures
contracts
19
Due
to
affiliates
14
Other
liabilities
210
Total
liabilities
7,715
Commitments
and
Contingent
Liabilities
(note
6
)
NET
ASSETS
$
292,551
T.
ROWE
PRICE
Corporate
Income
Fund
November
30,
2025
Unaudited
Statement
of
Assets
and
Liabilities
25
($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)
$
(
118,884
)
Paid-in
capital
applicable
to
35,607,627
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
411,435
NET
ASSETS
$
292,551
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$120,369;
Shares
outstanding:
14,658,687)
$
8.21
I
Class
(Net
assets:
$172,129;
Shares
outstanding:
20,942,446)
$
8.22
Z
Class
(Net
assets:
$53;
Shares
outstanding:
6,494)
$
8.21
T.
ROWE
PRICE
Corporate
Income
Fund
Unaudited
Statement
of
Operations
26
($000s)
6
Months
Ended
11/30/25
Investment
Income
(Loss)
Income
.
Interest
$
7,505
Dividend
106
Securities
lending
8
Total
income
7,619
Expenses
Investment
management
511
Shareholder
servicing
Investor
Class
$
182
I
Class
38
220
Prospectus
and
shareholder
reports
Investor
Class
12
I
Class
4
16
Custody
and
accounting
118
Registration
31
Legal
and
audit
22
Directors
1
Miscellaneous
12
Waived
/
paid
by
Price
Associates
(243)
Total
expenses
688
Net
investment
income
6,931
T.
ROWE
PRICE
Corporate
Income
Fund
Unaudited
Statement
of
Operations
27
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/25
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
(loss)
Securities
(1,003)
Futures
400
Swaps
204
Options
written
38
Foreign
currency
transactions
1
Net
realized
loss
(360)
Change
in
net
unrealized
gain
/
loss
Securities
9,973
Futures
(91)
Swaps
(39)
Other
assets
and
liabilities
denominated
in
foreign
currencies
(10)
Change
in
net
unrealized
gain
/
loss
9,833
Net
realized
and
unrealized
gain
/
loss
9,473
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
16,404
T.
ROWE
PRICE
Corporate
Income
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
28
($000s)
6
Months
Ended
11/30/25
Year
Ended
5/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
6,931
$
25,712
Net
realized
loss
(360)
(8,788)
Change
in
net
unrealized
gain
/
loss
9,833
14,732
Increase
in
net
assets
from
operations
16,404
31,656
Distributions
to
shareholders
Net
earnings
Investor
Class
(2,811)
(5,963)
I
Class
(4,022)
(7,658)
Z
Class
(161)
(12,422)
Decrease
in
net
assets
from
distributions
(6,994)
(26,043)
Capital
share
transactions
*
Shares
sold
Investor
Class
13,111
21,009
I
Class
17,796
21,825
Z
Class
52
4,920
Distributions
reinvested
Investor
Class
2,565
5,445
I
Class
3,419
6,586
Z
Class
-
12,350
Shares
redeemed
Investor
Class
(15,464)
(38,139)
I
Class
(9,450)
(23,536)
Z
Class
(59,978)
(226,708)
Decrease
in
net
assets
from
capital
share
transactions
(47,949)
(216,248)
T.
ROWE
PRICE
Corporate
Income
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
29
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/25
Year
Ended
5/31/25
Net
Assets
Decrease
during
period
(38,539)
(210,635)
Beginning
of
period
331,090
541,725
End
of
period
$
292,551
$
331,090
*Share
information
(000s)
Shares
sold
Investor
Class
1,611
2,606
I
Class
2,185
2,716
Z
Class
6
607
Distributions
reinvested
Investor
Class
315
676
I
Class
420
817
Z
Class
-
1,532
Shares
redeemed
Investor
Class
(1,902)
(4,742)
I
Class
(1,162)
(2,929)
Z
Class
(7,486)
(28,301)
Decrease
in
shares
outstanding
(6,013)
(27,018)
T.
ROWE
PRICE
Corporate
Income
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
30
T.
Rowe
Price
Corporate
Income
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Corporate
Income
Fund,
Inc.
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide
high
income
and
some
capital
growth.
The
fund
has three classes
of
shares:
the
Corporate
Income
Fund,
Inc.
(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
T.
ROWE
PRICE
Corporate
Income
Fund
31
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Earnings
on
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 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
T.
ROWE
PRICE
Corporate
Income
Fund
32
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:
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)
T.
ROWE
PRICE
Corporate
Income
Fund
33
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
are
generally 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
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.
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.
T.
ROWE
PRICE
Corporate
Income
Fund
34
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
the
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
35
Valuation
Inputs
The
following
table
summarizes
the
fund's
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2025
(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
$
-
$
22,917
$
-
$
22,917
Asset-Backed
Securities
-
15,647
336
15,983
Convertible
Preferred
Stocks
770
-
-
770
Corporate
Bonds
-
242,223
3,361
245,584
Non-U.S.
Government
Mortgage-Backed
Securities
-
-
608
608
Short-Term
Investments
2,819
-
-
2,819
Securities
Lending
Collateral
6,997
-
-
6,997
Total
Securities
10,586
280,787
4,305
295,678
Swaps*
-
702
-
702
Futures
Contracts*
31
-
-
31
Total
$
10,617
$
281,489
$
4,305
$
296,411
Liabilities
Swaps*
$
-
$
175
$
-
$
175
Futures
Contracts*
15
-
-
15
Total
$
15
$
175
$
-
$
190
1
Includes
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
36
Following
is
a
reconciliation
of
the
fund's
Level
3
holdings
for
the
six
months ended
November
30,
2025.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any,
and
is
included
on
the
accompanying
Statement
of
Operations.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
November
30,
2025,
totaled $105,000 for
the
six
months ended
November
30,
2025.
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
November
30,
2025,
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.
($000s)
Beginning
Balance
5/31/25
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
11/30/25
Investment
in
Securities
Asset-Backed
Securities
$
338
$
2
$
-
$
(4)
$
336
Corporate
Bonds
1,840
100
1,421
-
3,361
Non-U.S.
Government
Mortgage-Backed
Securities
654
3
-
(49)
608
Total
$
2,832
$
105
$
1,421
$
(53)
$
4,305
T.
ROWE
PRICE
Corporate
Income
Fund
37
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,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Futures
$
31
Credit
derivatives
Bilateral
Swaps
and
Premiums,
Centrally
Cleared
Swaps
702
*
Total
$
733
*
Liabilities
Interest
rate
derivatives
Futures
$
15
Credit
derivatives
Centrally
Cleared
Swaps
175
Total
$
190
*
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.
T.
ROWE
PRICE
Corporate
Income
Fund
38
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
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
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
(328)
$
-
$
400
$
21
$
93
Credit
derivatives
(75)
38
-
183
146
Total
$
(403)
$
38
$
400
$
204
$
239
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
66
$
-
$
(91)
$
-
$
(25)
Credit
derivatives
-
-
-
(39)
(39)
Total
$
66
$
-
$
(91)
$
(39)
$
(64)
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
Corporate
Income
Fund
39
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), with
a
Credit
Support
Annex
(CSA),
if
any,
that
governs
the
collateralization
process, 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,
such
as
Additional
Termination
Events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
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,
such
as
a
CSA, 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,
2025,
no
collateral had
been
pledged
or
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
T.
ROWE
PRICE
Corporate
Income
Fund
40
November
30,
2025,
collateral
pledged
by
counterparties
to
the
fund
for
bilateral
derivatives
consisted
of $400,000 cash. As
of
November
30,
2025,
securities
valued
at $5,183,000
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,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
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,
2025,
the
volume
of
the
fund's
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
9%
and
33%
of
net
assets.
Options
The
fund
is
subject
to interest
rate
risk
and
credit
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
options)
or
through
a
central
clearinghouse
(exchange-traded
options).
Options
T.
ROWE
PRICE
Corporate
Income
Fund
41
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,
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,
2025,
the
volume
of
the
fund's
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
66%
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
T.
ROWE
PRICE
Corporate
Income
Fund
42
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
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,
2025,
the
notional
amount
of
protection
sold
by
the
fund
totaled $65,115,000
(22.3%
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
T.
ROWE
PRICE
Corporate
Income
Fund
43
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.
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,
2025,
the
volume
of
the
fund's
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
2%
and
24%
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
T.
ROWE
PRICE
Corporate
Income
Fund
44
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.
Mortgage-Backed
Securities
The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
MBS are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
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
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,
2025,
the
value
of
loaned
securities
was
$13,444,000;
the
aggregate
value
of
collateral
was
$13,921,000
and
consisted
of
cash
collateral
and
related
investments
of
$6,997,000
and
U.S.
government
securities
of
$6,924,000.
T.
ROWE
PRICE
Corporate
Income
Fund
45
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any, short-term
and
U.S.
government securities
aggregated $115,734,000 and
$171,255,000,
respectively,
for
the
six
months ended
November
30,
2025. Purchases
and
sales
of
U.S.
government
securities
aggregated $55,243,000 and
$49,416,000,
respectively,
for
the
six
months ended
November
30,
2025.
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,
2025,
the
fund
had
$122,265,000
of
available
capital
loss
carryforwards.
At
November
30,
2025,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$293,549,000.
Net
unrealized
gain
aggregated
$3,802,000
at
period-end,
of
which
$6,794,000
related
to
appreciated
investments
and
$2,992,000
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
T.
ROWE
PRICE
Corporate
Income
Fund
46
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
0.26%
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,
2025,
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
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.
T.
ROWE
PRICE
Corporate
Income
Fund
47
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,
2025 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $805,000 remain
subject
to
repayment
by
the
fund
at
November
30,
2025. 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.
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,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$61,000
for
Price
Associates;
$174,000
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.
Investor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.59%
0.05%
0.00%
Expense
limitation
date
07/31/27
07/31/27
N/A
(Waived)/repaid
during
the
period
($000s)
$(127)
$(102)
$(14)
T.
ROWE
PRICE
Corporate
Income
Fund
48
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).
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.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
invested
in
the
T.
Rowe
Price
Government
Reserve
Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
November
30,
2025,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
6,494
shares
of
the
Z
Class,
representing
100%
of
the
Z
Class's
net
assets.
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
the
security.
During
the
six
months
ended
November
30,
2025,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
7
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
T.
ROWE
PRICE
Corporate
Income
Fund
49
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
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.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
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
1/26
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement 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-EndManagement Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-EndManagement 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-CSRwas 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-EndManagement Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSRis filed with the registrant's annual Form N-CSR.
(2) Listing standards relating to recovery of erroneously awarded compensation: Not applicable.
(3) Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(b) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.
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 16, 2026 | |||
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 16, 2026 |
|||
| By |
/s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date |
January 16, 2026 |
|||
T. Rowe Price Corporate Income Fund Inc. published this content on January 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 22, 2026 at 14:45 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]