# EDGAR Filing Document

**Accession Number:** 0001533490
**File Stem:** 0001193125-23-045980
**Filing Date:** 2023-2
**Character Count:** 145993
**Document Hash:** 6941d1bb6374a09b31b9903b63a127ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-045980.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-045980

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Multi-Sector Account Portfolios, Inc.
- **CENTRAL INDEX KEY:** 0001533490
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0212

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22620
- **FILM NUMBER:** 23657764

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-4981

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

## Series and Classes Contracts Data

### T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio (Series ID: S000036337)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000111136 | T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio |  |

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: 811-22620

T. Rowe Price Multi-Sector Account Portfolios, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

ANNUAL REPORT

December 31, 2022

T. ROWE PRICE

# Emerging Markets Local Multi-Sector Account Portfolio

For more insights from T. Rowe Price investment professionals, go to troweprice.com.

INVEST WITH CONFIDENCE

- The Emerging Markets Local Multi-Sector Account Portfolio outperformed its benchmark index in the 12 months ended December 31, 2022.

- As of March 31, 2022, the fund's holdings were sold, and the assets were invested in cash reserves. This resulted in outperformance as emerging market local bonds and currencies declined over the year.

- In the first quarter, bond positioning was positive for performance, primarily due to our underweight to duration in Russia, while

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T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

Market Commentary

**HIGHLIGHTS**

currency detracted due to being overweight in central and Eastern European currencies that weakened.

We are cautiously optimistic for emerging market local bonds heading into 2023. Valuations are attractive and positioning is light, while emerging economies are enjoying improving fundamentals and, in many cases, are well advanced with policy tightening. 2022, as investors contended with persistently high inflation, tightening financial conditions, and slowing economic and corporate earnings growth.

Double-digit losses were common in equity markets around

appeared mixed. Although manufacturing gauges have drifted toward contraction levels, the U.S. jobs market remained resilient, and corporate and household balance sheets appeared strong. Meanwhile, the housing market has weakened amid

Log in to your account at troweprice.com for more information.

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

Management's Discussion of Fund Performance

## Dear Investor

the world, and bond investors also faced a historically tough
environmental mind to sharp rise in interest rates. Value shares
declined but outperformed growth stocks by a considerable
margin as equity investors turned risk averse and as rising
rates put downward pressure on growth stock valuations.

**FUND COMMENTARY**
Investing in equity stocks generally underperformed shares in
developed markets. Meanwhile, the U.S. dollar strengthened
**How did the fund perform in the past 12 months?**

The past year has been a trying time for investors as few

A and Above
sectors remained untouched by the broad headwinds that
markets faced, and volatility may continue in the near term as
central banks tighten policy amid slowing economic growth.
However, in our view, there continue to be opportunities for
investors focused on fundamentals. Valuations in

![img-0.jpeg](img-0.jpeg)

---

---

---

- / - /

1

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

# **INVESTMENT OBJECTIVE**

versus most currencies during the period, which weighed on the market. The market is a major market in the United States. The returns for U.S. investors in international securities, which are based on the 2008-2009 period. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States.

Cash and Equivalents
The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States.

Sources: Credit ratings for the securities held in the fund are available. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States. The market is a major market in the United States.

2

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

In terms of currencies, we were selectively constructive toward

staples, and health care, held up relatively well and finished remained underweight in Asia, reflecting underweight the year 2011 roughly the volume. Conversely, communication exposure to the Chinese, however, given a sterling flat toward services, consumer discretionary and informational technology policy, during the year 2011, it is expected to be a key factor in the market. The market is 1,000,000 shares, 6 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months, 12 Months

Regarding valuations, EM sovereign debt looks attractive both investments, which will continue to use fundamental financial instruments. The financial instruments are not only available, but also are not available. The financial instruments are not only available, but also are not available. The financial instruments are not only available, but also are not available.

The financial instruments are not only available, but also are not available.

3

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

# **RISK OF INTERNATIONAL BOND INVESTING**

Over the U.S. or other developed countries 30 terms of which
the financial data showed that the investment in the United States is
and slightly, and their financial markets, does not, but
the investment in the United States is not, but
the investment in the United States is not, but
the investment in the United States is not, but
the investment in the United States is not, but
the investment in the United States is not, but
the investment in the United States is not, but
the investment in the United States is not, but
the investment in the United States is not, but
the investment in the United States is not, but
the investment in the United States

Eastern Europe among the European Union, Europe, and
the United States, the European Union, Europe, and the United
States, the European Union, Europe, and the United States, the
European Union, Europe, and the United States, the European Union, Europe, and the
United States, the European Union, Europe, and the United States, the
European Union, Europe, and the United States, the European Union, Europe, and the
United States, the European Union, Europe, and the United States, the
European Union, Europe, and the United States, the European

The European Union, Europe, and the United States, the European Union, Europe, and the
United States, the European Union, Europe, and the United States, the European Union, Europe, and the
United States, the European Union, Europe, and the United States, the European Union, Europe, and the
United States, the European Union, Europe, and the United States, the European Union, Europe, and the
United States, the European Union, Europe, and

![img-1.jpeg](img-1.jpeg)

**As of 12/31/22**

| - Emerging Markets Local Multi-Sector Account Portfolio | $8,444 |
| --- | --- |
| - J.P. Morgan GBI-EM Global Diversified | 8,146 |

4

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

# **GROWTH OF $10,000**

mutual growth of $10,000, which, at the end of 2021, had

# **EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT**

For 2021, the following is a result of the 2021, the following is a result of the 2021, the following is a result of the 2021, the following is a result of the 2021, the following is a result of the 2021, the following is a result of the 2021, the following is a result of the 2021, the following is a result of the 2021, the following is a result of the 2021

As of March 31, 2022, the fund's holdings have been sold and
**FUND EXPENSE EXAMPLE**
pursuing its investment objective or
Despite these bullish indicators, we will continue to monitor
investment in accordance with its investment strategies. The
actual growth rates and inflation pressures and the ongoing
(1) transition to the stock of the investment and the ongoing
(2) conflict in Ukraine. While market sentiment remains bearish
ongoing, the fund's investment is based on the results of the
(12b-1) development and the investment. The funding and costs are
made to either close and terminate the fund or recommenced
to help the fund's performance at a later date.

$10,500

5

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

# **FUND EXPENSE EXAMPLE (CONTINUED)**

resulted from the fund moving in costs of the end of March 2021. The fund was a investment monetary policy with the following: (1) The fund's annual fund is $1,000,000. (2) The fund's annual fund is $1,000,000. (3) The fund's annual fund is $1,000,000. (4) The fund's annual fund is $1,000,000. (5) The fund's annual fund is $1,000,000. (6) The fund's annual fund is $1,000,000. (7) The fund's annual fund is $1,000,000. (8) The fund's annual fund is $1,000,000. (9) The fund's annual fund is $1,000,000. (10) The fund's annual fund is $1,000,000. (11) The fund's annual fund is $1,000,000. (12) The fund's annual fund is $1,000,000. (13) The fund's annual fund is $1,000,000. (14) The fund's annual fund is $1,000,000. (15) The fund's annual fund is $1,000,000. (16) The fund's annual fund is $1,000,000. (17) The fund's annual fund is $1,000,000. (18) The fund's annual fund is $1,000,000. (19) The fund's annual fund is $1,000,000. (20) The fund's annual fund is $1,000,000. (21) The fund's annual fund is $1,000,000. (22) The fund's annual fund is $1,000,000. (23) The fund's annual fund is $1,000,000. (24) The fund's annual fund is $1,000,000. (25) The fund's annual fund is $1,000,000. (26) The fund's annual fund is $1,000,000. (27) The fund's annual fund is $1,000,000. (28) The fund's annual fund is $1,000,000. (29) The fund's annual fund is $1,000,000. (30) The fund's annual fund is $1,000,000. (31) The fund's annual fund is $1,000,000. (32) The fund's annual fund is $1,000,000. (33) The fund's annual fund is $1,000,000. (34) The fund's annual fund is $1,000,000. (35) The fund's annual fund is $1,000,000. (36) The fund's annual fund is $1,000,000. (37) The fund's annual fund is $1,000,000. (38) The fund's annual fund is $1,000,000. (39) The fund's annual fund is $1,000,000. (40) The fund's annual fund is $1,000,000. (41) The fund's annual fund is $1,000,000. (42) The fund's annual fund is $1,000,000. (43) The fund's annual fund is $1,000,000. (44) The fund's annual fund is $1,000,000. (45) The fund's annual fund is $1,000,000. (46) The fund's annual fund is $1,000,000. (47) The fund's annual fund is $1,000,000. (48) The fund's annual fund is $1,000,000. (49) The fund's annual fund is $1,000,000. (50) The fund's annual fund is $1,000,000. (51) The fund's annual fund is $1,000,000. (52) The fund's annual fund is $1,000,000. (53) The fund's annual fund is $1,000,000. (54) The fund's annual fund is $1,000,000. (55) The fund's annual fund is $1,000,000. (56) The fund's annual fund is $1,000,000. (57) The fund's annual fund is $1,000,000. (58) The fund's annual fund is $1,000,000. (59) The fund's annual fund is $1,000,000. (60) The fund's annual fund is $1,000,000. (61) The fund's annual fund is $1,000,000. (62) The fund's annual fund is $1,000,000. (63) The fund's annual fund is $1,000,000. (64) The fund's annual fund is $1,000,000. (65) The fund's annual fund is $1,000,000. (66) The fund's annual fund is $1,000,000. (67) The fund's annual fund is $1,000,000. (68) The fund's annual fund is $1,000,000. (69) The fund's annual fund is $1,000,000. (70) The fund's annual fund is $1,000,000. (71) The fund's annual fund is $1,000,000. (72) The fund's annual fund is $1,000,000. (73) The fund's annual fund is $1,000,000. (74) The fund's annual fund is $1,000,000. (75) The fund's annual fund is $1,000,000. (76) The fund's annual fund is $1,000,000. (77) The fund's annual fund is $1,000,000. (78) The fund's annual fund is $1,000,000. (79) The fund's annual fund is $1,000,000. (80) The fund's annual fund is $1,000,000. (81) The fund's annual fund is $1,000,000. (82) The fund's annual fund is $1,000,000. (83) The fund's annual fund is $1,000,000. (84) The fund's annual fund is $1,000,000. (85) The fund's annual fund is $1,000,000. (86) The fund's annual fund is $1,000,000. (87) The fund's annual fund is $1,000,000. (88) The fund's annual fund is $1,000,000. (89) The fund's annual fund is $1,000,000. (90) The fund's annual fund is $1,000,000. (91) The fund's annual fund is $1,000,000. (92) The fund's annual fund is $1,000,000. (93) The fund's annual fund is $1,000,000. (94) The fund's annual fund is $1,000,000. (95) The fund's annual fund is $1,000,000. (96) The fund's annual fund is $1,000,000. (97) The fund's annual fund is $1,000,000. (98) The fund's annual fund is $1,000,000. (99) The fund's annual fund is $1,000,000. (100)

fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000. It was a challenging year for EM local bonds and currencies invested at the beginning of the fund. The fund's annual fund is $1,000,000. (2) The fund's annual fund is $1,000,000. (3) The fund's annual fund is $1,000,000. (4) The fund's annual fund is $1,000,000. (5) The fund's annual fund is $1,000,000. (6) The fund's annual fund is $1,000,000. (7) The fund's annual fund is $1,000,000. (8) The fund's annual fund is $1,000,000. (9) The fund's annual fund is $1,000,000. (10) The fund's annual fund is $1,000,000. (11) The fund's annual fund is $1,000,000. (12) The fund's annual fund is $1,000,000. (13) The fund's annual fund is $1,000,000. (14) The fund's annual fund is $1,000,000. (15) The fund's annual fund is $1,000,000. (16) The fund's annual fund is $1,000,000. (17) The fund's annual fund is $1,000,000. (18) The fund's annual fund is $1,000,000. (19) The fund's annual fund is $1,000,000. (20)

continued elevated inflation, aggressive monetary tightening, and persistent U.S. dollar strength. Actual expenses. The first line of the following table (Actual) provides information about the current value and expenses based on the fund's actual returns. We were positioned underweight to duration in the first year. You may use the information on this line, together with your account. You may use the information on this line, together with your account.

| NET ASSET VALUE |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Beginning of period | $5.15 | $6.02 | $6.07 | $5.65 | $6.56 |  |
| Investment activities |  |  |  |  |  |  |
| Net investment income (1)(2) | 0.24 | 0.30 | 0.31 | 0.37 | 0.44 |  |

6

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

December 31, 2022

| BENCHMARK INFORMATION (Cost and value in $000s) record. (Bond, sticker and yields move in Mexico, due to an early rate have announcement by the | Shares | $/Value |
| --- | --- | --- |
| SHORT-TERM INVESTMENTS 104.5% |  |  |
| or accuracy. The index is used with permission. The index may |  |  |
| Distribution Market Funds 104.5% |  |  |
| Net investment income | - |  |
| T. Rowe Price Government Reserve | - |  |
| Tax return of capital | (0.07) |  |
| Total distributions | (0.07) |  |

| divide your accounts value by $1,000 for each plan and $1,000, and the value divided by $1,000. (The total value includes the result by the number on the first line under the heading "Expenses Paid During Period" to estimate backdrop of stretched valuations, concerns about inflation, and the expenses you paid on your account during this period. |  |  |  |
| --- | --- | --- | --- |
| risks of central bank, hawkishness, leading to yields rising, we |  |  |  |
| Hypothetical Example for Comparison Purposes |  |  |  |
| The information on the second line of the table (hypothetical) is based on what positions in core markets, notably in Central, bursts. We |  |  |  |
| expense, and an exchange of 5% for year-end of basic before expeditions |  |  |  |
| (0.21) | (0.16) | (0.32) | (0.37) |
| - | - | - | (0.11) |
| (0.10) | (0.16) | (0.05) | (0.01) |
| (0.31) | (0.32) | (0.37) | (0.49) |

The accompanying notes are an integral part of these financial statements.

7

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

| Total Short-Term Investments |  | 142 | (not the funds actually return) You may be able to pay a corresponding costs of investing in the fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the shareholder |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AFFILIATED COMPANIES |  |  | may not be used to estimate the actual ending account balance or expenses you paid for the period. |  |  |  |  |  |
| TOTAL INVESTMENTS |  |  | $5.15 | $6.02 |  |  |  |  |
| TOTAL REVENUES |  |  | $6.07 | $5.65 |  |  |  |  |
| Total Revenues |  |  | You should also be aware that the expenses shown in the table highlight the following items: (1) Total Revenues (2) Total Revenues (3) Total Revenues (4) Total Revenues (5) Total Revenues (6) Total Revenues (7) Total Revenues (8) Total Revenues (9) Total Revenues (10) Total Revenues (11) Total Revenues (12) Total Revenues (13) Total Revenues (14) Total Revenues (15) Total Revenues (16) Total Revenues (17) Total Revenues (18) Total Revenues (19) Total Revenues (20) Total Revenues (21) Total Revenues (22) Total Revenues (23) Total Revenues (24) Total Revenues (25) Total Revenues (26) Total Revenues (27) Total Revenues (28) Total Revenues (29) Total Revenues (30) Total Revenues (31) Total Revenues (32) Total Revenues (33) Total Revenues (34) Total Revenues (35) Total Revenues (36) Total Revenues (37) Total Revenues (38) Total Revenues (39) Total Revenues (40) Total Revenues (41) Total Revenues (42) Total Revenues (43) Total Revenues (44) Total Revenues (45) Total Revenues (46) Total Revenues (47) Total Revenues (48) Total Revenues (49) Total Revenues (50) Total Revenues (51) Total Revenues (52) Total Revenues (53) Total Revenues (54) Total Revenues (55) Total Revenues (56) Total Revenues (57) Total Revenues (58) Total Revenues (59) Total Revenues (60) Total Revenues (61) Total Revenues (62) Total Revenues (63) Total Revenues (64) Total Revenues (65) Total Revenues (66) Total Revenues (67) Total Revenues (68) Total Revenues (69) Total Revenues (70) Total Revenues (71) Total Revenues (72) Total Revenues (73) Total Revenues (74) Total Revenues (75) Total Revenues (76) Total Revenues (77) Total Revenues (78) Total Revenues (79) Total Revenues (80) Total Revenues (81) Total Revenues (82) Total Revenues (83) Total Revenues (84) Total Revenues (85) Total Revenues (86) Total Revenues (87) Total Revenues (88) Total Revenues (89) Total Revenues (90) Total Revenues (91) Total Revenues (92) Total Revenues (93) Total Revenues (94) Total Revenues (95) Total Revenues (96) Total Revenues (97) Total Revenues (98) Total Revenues (99) Total Revenues (100) |  |  |  |  |  |

Ratios to average net assets: (1)

Gross expenses before waivers/payments by Price

8

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

December 31, 2022

Emerging Markets Local Markets, prohibited without the prior consent of the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following person, the following

| The future of the market is the result of the future of the market. The future of the market is the result of the future of the market. The future of the market is the result of the future of the market. The future of the market is the result of the future of the market. The future of the market is the result of the future of the market. The future of the market is the result of the future of the market. The future of the market is the result of the future of the market. The future of the market is the result of | Net Realized Gain (Loss) |  | Unrealized Gain/Loss |  | Investment Income |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | $ | - | $ | $ | $ | $ |
| All other items | 0.384% | 0.274% | 0.027% | 0.027% | 0.030% | 1 |
| All other items | 0.026% | 0.027% | 0.027% | 0.027% | 0.030% | 1 |
| All other items | 5.46% | 5.54% | 6.27% | 6.27% | 6.82% | 4 |
| Subordinary Investment Schedule |  |  |  |  |  | 147 |
| Portfolio turnover rate | 18.2% | 26.6% | 31.5% | 35.3% | 35.2% |  |
| Net income end of period (in thousands) | $135 | $4,893 | $5,656 | $5,644 | $4,662 |  |
| Custody expense payable |  |  |  |  |  | 12 |
| Total liabilities |  |  |  |  |  | 12 |

9

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

|  | Value | Purchase | Sales | Value |
| --- | --- | --- | --- | --- |
| AUSTRALIA | 12/31/21 | Cost | Cost | 12/31/22 |
| 1. Rowe Price Government Reserve Fund, 4.30% | $228 | ☐ | ☐ | $142* |
| Average annual total return figures include changes in principal value, |  |  |  |  |
| 2. Per share amounts calculated using average shares outstanding method. |  |  |  |  |
| 3. Capital gain distributions from underlying Price funds represented 80 of the net realized gain (loss). |  |  |  | Year |
| 4. Net assets that are otherwise fully paid or fully distributed in the Association. |  |  | $ | 1,000 |
| 5. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  | 12/31/22 |
| 6. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 7. Net assets that are not available in the Association. |  |  |  |  |
| 8. Net assets that are not available in the Association. |  |  |  |  |
| 9. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  | ($2,956) |
| 10. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  | 3 |
| 11. Net assets that are not available in the Association. |  |  |  | 3,093 |
| 12. Net assets that are not available in the Association. |  |  |  |  |
| 13. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 14. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 15. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 16. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 17. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 18. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 19. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 20. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 21. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 22. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 23. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 24. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 25. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 26. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 27. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 28. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 29. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 30. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 31. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 32. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 33. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 34. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 35. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 36. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 37. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 38. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 39. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 40. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 41. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 42. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 43. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 44. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 45. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 46. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 47. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 48. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 49. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 50. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 51. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 52. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 53. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 54. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 55. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 56. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 57. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 58. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 59. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 60. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 61. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 62. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 63. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 64. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 65. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 66. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 67. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 68. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 69. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 70. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 71. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 72. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 73. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 74. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 75. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 76. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 77. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 78. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 79. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 80. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 81. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 82. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 83. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 84. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 85. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 86. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 87. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 88. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 89. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 90. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 91. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 92. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 93. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 94. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 95. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 96. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 97. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 98. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |
| 99. The amount of the net realized value in the future and the future amounts because of the timing of sales and redemptions of fund shares in redemption of used shares when assessing performance changes. |  |  |  |  |

The accompanying notes are an integral part of these financial statements.

10

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS
($000s)

Waived / paid by Price Associates

Total expenses
NET ASSET VALUE PER SHARE
Net investment income

Increase in Net Assets
Increase and Unrealized Gain / Loss

Operations
Net investment income

Securities (net on foreign taxes of $2)

Net realized loss

Change in net unrealized gain / loss

Decrease in net assets from operations

| Year | (17) |
| --- | --- |
| Ended $ | 4.81 |
| 12/31/22 | 63 |
|  | 12/31/21 |

| $ | 63 | $ | 286 |
| --- | --- | --- | --- |
|  | (843) |  | (946) |
|  | 511 |  | (716) |
|  | (269) |  | (524) |

The accompanying notes are an integral part of these financial statements.

11

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

($000s)

Forward currency exchange contracts (34)
Foreign currency transactions (7)
Distributions to the Company (243)
Net earnings (201)
Tax return of capital (91)
Change of Net income (2025) and the fund's holdings have been sold and the fund will no longer be pursuing its investment objective or investing in accordance with its investment strategies. The fund will operate by investing without limitation in cash reserves or will decrease in Swaps. (2)
Capital assets (2025) and the fund's acquisition is made to either close and terminate the fund or recommence the fund's performance at a later date. The Fund's performance at a later date. The Fund's acquisition will be determined only by the financial accounts managed by T. Rowe Price Associates, Inc., and is not available for direct purchase by members of the public.

The accompanying notes are an integral part of these financial statements.

12

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

District of Columbia, State of South Carolina, D.C. (the corporation) is registered under the Investment Company Act of 1940 as amended by the Department of Finance and evaluates pricing vendors and pricing agents. The duties and responsibilities of the Valuation Designee are in the United States and the United Kingdom as amended by the United States. The Valuation Designee provides periodic reporting to the Board on valuation matters.

NET ASSETS IN NET ASSETS FROM OPERATIONS
NOTE: A SIGNIFICANT ACCOUNTING POLICIES
Beginning of period 4,893 5,656

End of period 1 (page 1) 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

13

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value
Level 2 - inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices) and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and credit, and

14

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

invest in an asset with greater efficiency and at a lower cost than is possible through direct investment, to enhance return, or to adjust market value. The Company's investment is available about the assumptions that market participants value. The Company's investment is available about the assumptions that market participants value. The Company's investment is available about the assumptions that market participants value. The Company's investment is available about the assumptions that market participants value. The Company's investment is available about the assumptions that market participants value. The Company's investment is available about the assumptions that market participants value. The Company's investment is available about the assumptions that market participants value. The Company's investment is available about the assumptions that market participants value.

15

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

futures contract provides for the future sale by one party and purchase by another of a specified amount of a specific underlying

imperfectly correlated to movements in hedged security values and/or interest rates, and potential losses in excess of the fund's initial investment and investment funds. As valued at the mutual fund's closing NAV per share on the day of valuation, assets and liabilities other investments. During the prevailing exchange rate 31.2% of the annual net of the fund's stock price in the current exchange rate is 31.2% of the annual net of the fund's stock price in the current exchange rate is 31.2% of the annual net of the fund's stock price in the current exchange rate is 31.2% of the annual net of the fund's stock price in the current exchange rate is 31.2% of the annual net of the fund's stock price in the current exchange rate is 31.2% of the annual net of

NOTES: The FEDERAL INCOME TAXES are available for the effective date of such transaction. The effect of changes in foreign currency exchange rates on realized and fair market prices is not only available for the effective date of such transaction. The effect of changes in foreign currency exchange rates on realized and fair market prices is not only available for the effective date of such transaction. The effect of changes in foreign currency exchange rates on realized and fair market prices is not only available for the effective date of such transaction. The effect of changes in foreign currency exchange rates on realized and fair market prices is not only available for the effective date of such transaction. The effect of changes in foreign currency exchange rates on realized and fair market prices is not only available for the effective date of such transaction.

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

16

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

**Other** Purchases and sales of portfolio securities other than short-term securities aggregated $177,000 and $4,381,000, respectively, for

designees and sales of portfolio securities other than short-term securities aggregated $177,000 and $4,381,000, respectively, for

NOTE 6 - FOREIGN TAXES

17

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain

On the account of the State of the United States, the business of the United States is a major business, and it is possible that the fair value determined for a security of the United States is not a result of the fair value determined for a security of the United States is not a result of the fair value determined for a security of the United States is not a result of the fair value determined for a security of the United States is not a result of the fair value determined for a security of the United States is not a result of the fair value determined for a security of the United States is not a result of the fair value determined for a security of the United States is not a result of the fair value determined

NOTE

18

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

NOTE 8 - OTHER MATTERS

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

# Report of Independent Registered Public Accounting Firm

include the possible failure of counterparties to meet the terms of the agreements; that anticipated currency movements will not occur, provided that the Company is not a member of the company's business in the United States. The Company is not a member of the company's business in the United States. The Company is not a member of the company's business in the United States. The Company is not a member of the company's business in the United States. The Company is not a member of the company's business in the United States. The Company is not a member of the company's business in the United States. The Company is not a member of the company's business in the United States. The Company is not a member of the Company's business in the

20

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

# INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND RECORDS

The following table provides the information in a specific format, including the information contained in or linked to the currencies of emerging and frontier markets. The information is presented in a table format, including the information contained in or linked to the currencies of emerging and frontier markets. The information is presented in a table format, including the information contained in or linked to the currencies of emerging and frontier markets.

21

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

The following table provides the information in English:

22

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

# ABOUT THE FUND'S DIRECTORS AND OFFICERS

During the year ended December 31, 2022, the fund had no purchases or sales cross trades with other funds or accounts advised by the Department of the Treasury. The fund is a part of four liquidity categories based on estimations of the investment's ability to be sold during designated time frames in the United States. The fund is a part of four liquidity categories based on estimations of the investment's ability to be sold during designated time frames in the United States. The fund is a part of four liquidity categories based on estimations of the investment's ability to be sold during designated time frames in the United States. The fund is a part of four liquidity categories based on estimations of the investment's ability to be sold during designated time frames in the United States.

23

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

# OFFICERS

Roy H. Adams (1950) Portfolio investments during normal and reasonably foreseeable interest. R. Rowe Price, 2016. The investment strategy is President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is open-end fund, the extent to which this strategy involves a relatively concentrated portfolio or large positions in particular. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding

Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University. The plan is based on the author's research findings, including funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding, funding[{"box_2d": [65, 240, 939, 240], "label": "text", "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": 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"header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": "header_footer", {"box_2d": [65, 240, 939, 240], "label": 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T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

# OFFICERS (CONTINUED)

President, R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R.

25

T. ROWE PRICE EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT PORTFOLIO

# OFFICERS (CONTINUED)

Vice President, CPA (1974)

Vice President, Chief Compliance Officer, PGM Investments LLC and AST Investment

President, T. Rowe Price Group, Inc., and Price International

Effective April 27, 2022. Mr. Daniels resigned from his role as an independent

Vice President, T. Rowe Price Group, Inc., and Price International

December 1, 2022

INTERESTED DIRECTORS (a)

Benjamin Reese, CPA (1969)

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and T. Rowe Price
Chief Compliance Officer, PGM Investments LLC and AST Investment

President, T. Rowe Price Group, Inc., and Price International

President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price Group, Inc., and Price International

# T.RowePrice®

100 East Pratt Street

Baltimore, MD 21202

Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

202302-2582457

E324-050 2/23

26

# Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

# Item 2. Code of Ethics.

The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

# Item 3. Audit Committee Financial Expert.

| The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report. | Principal Occupation (s) and Directors (e) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) |
| --- | --- |
| Year of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) |  |
| Year of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) of the Company (s) |  |
| Year of the Company (s) of the Company (s) |  |
| Year of the Company (s) |  |
| Year of the Company (s) |  |
| Year of the Company (s) |  |
| Year of the Company (s) |  |
| Year of the Company (s) |  |
| Year of the Company (s) |  |
| Year of the Company (s) |  |

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

T. Rowe Price Investment Services, Inc.

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

#### **Item 5. Audit Committee of Listed Registrants.**

| Not applicable. | Director and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director |
| --- | --- |
| (a) Not applicable. | Director and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director |
| (b) Not applicable. | Director and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director, Price Investment Management, Chief Executive Officer and Vice President, T. Rowe Price, Director |

#### **Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

#### **Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

#### **Item 10. 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 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

(a) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.

(1)

(2) 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 3(a) of the Sarbanes-Oxley Act of 2002, and the official seal of the state of New York, as an interest in the conduct of the State Financial Services Act of 2002, shall be deemed to have been made available to the person named above.

(3) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(b) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(c) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(d) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(e) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(f) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(g) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(h) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(i) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(j) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(k) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(l) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(m) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(n) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(o) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(p) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(q) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(r) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(s) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(t) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(u) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(v) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(w) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(x) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(y) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(z) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(a) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(b) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(c) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(d) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(e) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(f) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(g) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(h) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(i) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(j) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(k) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(l) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(m) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(n) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(o) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

(p) The registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, shall be deemed to have been made available to the person named above.

# 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 Multi-Sector Account Portfolios, Inc.

By /s/ David Oestreicher
David Oestreicher
Principal Executive Officer

Date February 21, 2023

James Woodward, CFA (1974)

Vice President

Miso Park, CFA (1982)

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President

Fran M. Pollack-Matz (1961)

Vice President and Secretary

David Oestreicher

Assistant Secretary

Date February 21, 2023

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

By /s/ Alan S. Dupski

Alan S. Dupski

Principal Financial Officer

Date February 21, 2023

Vice President, T. Rowe Price Group, Inc., and Price International

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

Vice President, T. Rowe Price, Company Senior Analyst/Assistant Portfolio

Manager/Trading Analyst, Metacapital Management (to 2020)

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price

Investment Services, Inc., and T. Rowe Price Services, Inc.

Assistant Vice President, T. Rowe Price

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Emerging Markets Local Multi-Sector Account
Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 21, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Emerging Markets Local Multi-Sector Account
Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 21, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 21, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 21, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

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**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

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**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

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communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

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investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

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## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer