# EDGAR Filing Document

**Accession Number:** 0001533490
**File Stem:** 0001193125-23-046020
**Filing Date:** 2023-2
**Character Count:** 98137
**Document Hash:** 3dfad6bdec3ce46cc9c20c605da5d943
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-046020.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-046020

**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:** 23657872

**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 Corporate Multi-Sector Account Portfolio (Series ID: S000036336)

| Class ID   | Class Name                                                              | Ticker Symbol   |
|:---|:---|:---|
| C000111135 | T. Rowe Price Emerging Markets Corporate 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 Corporate Multi-Sector Account Portfolio

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

INVEST WITH CONFIDENCE

- The Emerging Markets Corporate Multi-Sector Account Portfolio outperformed its benchmark on a net-of-fees basis for the 12 months ended December 31, 2022.

- Reduced exposure to Russian corporates aided performance, while Chinese real estate holdings hindered results.

- In terms of overall credit quality positioning, we continued to deemphasize lower-quality bonds in the high yield segment, preferring issuers rated BBB and BB.

## Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

### TO ENROLL:

If you invest directly with T. Rowe Price, go to **troweprice.com/paperless**.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

**It's fast**-receive your statements and confirmations faster than U.S. mail.

**It's convenient**-access your important account documents whenever you need them.

**It's secure**-we protect your online accounts using 'True Identity' to confirm new accounts and make verification faster and more secure.

**It can save you money**-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

* Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

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

Market Commentary

# HIGHLIGHTS

We remain generally constructive on the emerging markets corporate asset class due to its attractive relative value.

Nearly all major global stock and bond indexes fell sharply in 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

As the period came to an end, the economic backdrop 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 CORPORATE MULTI-SECTOR ACCOUNT PORTFOLIO

Management's Discussion of Fund Performance

## Dear Investor

the world, and bond investors also faced a historically tough environment, and a 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**
In the past 12 months, stocks generally underperformed shares in developed markets. Meanwhile, the U.S. dollar strengthened **How did the fund perform in the past 12 months?**

rising mortgage rates.
results due to our overweight allocation as well as security selection within the sector. The real estate sector in aggregate sectors remained unleashed by the broad backgrounds. Real estate faced and volatility may continue in the near term as real estate, which makes up the bulk of the sector. Our central banks tighten policy amid slowing economic growth. However, in our view, there continue to be opportunities for weighed on relative performance. Positions in Country selection investors focused on fundamentals. Valuations in Garden, Shimao, KWG, and Times China led declines.

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

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

- / - / /

1

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

# **INVESTMENT OBJECTIVE**

versus most currencies during the period, which weighed on the T. Rowe Price Emerging Markets Corporation Multi-Sector returns for U.S. investors in international securities. Accounts returned 11.14% for the 12 months ended. In the financial sector, the returns period 1.00 order. The Company's share of the market is 2.00 order. The Company's share of the market is 2.00 order. The Company's share of the market is 2.00 order. The Company's share of the market is 2.00 order.

Our positioning in the real estate sector hindered relative

most global equity markets have improved markedly, although our position is increasing. Weighed on the investment sector. Weighed on the U.S. equities still appear relatively expensive by historical. Weighed on the investment sector. Our position is increasing. Weighed on the investment sector. Our position is increasing. Weighed on the investment sector. Our position is increasing. Weighed on the investment sector. Our position is increasing. Weighed on the investment sector. Our position is increasing. Weighed on the investment sector. Our position is increasing. Weighed on the investment sector. Our position is increasing. Weighed on the investment sector. Our position is increasing. Weighed on the investment sector. Our position is increasing. Weighed on the investment sector

![img-2.jpeg](img-2.jpeg)

2

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

In terms of sector positioning, the fund's largest underweight

staples, and health care, held up relatively well and finished the largest overweight, though holdings in this sector were the year with roughly flat returns. Conversely, communication with the market overseas generally carry more than 100% of the market. For example, the market in the United States has 100% of the market. The market in the United States has 100% of the market. The market in the United States has 100% of the market. The market in the United States has 100% of the market. The market in the United States has 100% of the market. The market in the United States has 100% of the market. The market in the United States has 100% of the market. The market in the United States has 100% of

are candidates for ratings upgrades. The portfolio's largest

Growth also generated gains, a comparison of results of results to the 2018-2019 period. The company's performance in the 2018-2019 period was 100% of the 2018-2019 period. The company's performance in the 2018-2019 period was 100% of the 2018-2019 period. The company's performance in the 2018-2019 period was 100% of the 2018-2019 period. The company's performance in the 2018-2019 period was 100% of

■ A and Above 8%

3

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

# RISKS OF INTERNATIONAL BOND INVESTING

Determined by the U.S. or other developed countries in terms of wealth price index data showed headline inflation rising 7.1% on a and stability, and their financial markets often lack liquidity. This is a result of the financial market's growth and growth. This is a result of the financial market's growth and growth. This is a result of the financial market's growth and growth. This is a result of the financial market's growth and growth. This is a result of the financial market's growth and growth. This is a result of the financial market's growth and growth. This is a result of the financial market's growth and growth. This is a result of the financial market's growth and growth. This is a result of the financial market's growth

# REDISTRIBUTED OR RESOLD OR STORED FOR

is affiliates, as applicable. Reproduction of any information, reports or comments, including but not limited to the company's data, or reports, including that, the company's data, or reports, or comments, including that, the company's data, or reports, or comments, including that, the company's data, or reports, or comments, including that, the company's data, or reports, or comments, including that, the company's data, or reports, or comments, including that, the company's data, or reports, or comments, including that, the company's data, or reports, or comments, including that, the company's data

![img-3.jpeg](img-3.jpeg)

![img-4.jpeg](img-4.jpeg)

As of 12/31/22

| - Emerging Markets Corporate Multi-Sector Account Portfolio | $13,695 |
| --- | --- |
| --- J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified | 13,198 |

4

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

# **GROWTH OF $10,000**

Provided by Moody's Standard & Poor's and Fitch and are mutual and non-accidentally limited to the Company and its subsidiaries.

# **EMERGING MARKETS CORPORATE MULTI-SECTOR**

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

$16,000

5

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

# **FUND EXPENSE EXAMPLE (CONTINUED)**

acquired by an employee could 7/1/22 using registered 12/31/22 credit cards in the first registered monetary policy, with the 50.13% of the total amount of interest rate. The 50.13% yield on the benchmark, 50.13% of the U.S. Treasury note climbing bond prices that usually accompanies a rise in interest rates. Hypothetical 50.13% of the total amount of interest rate. The 50.13% yield on the benchmark, 50.13% of the U.S. Treasury note climbing bond prices that usually accompanies a rise in interest rates. Hypothetical 50.13% of the total amount of interest rate. The 50.13% yield on the benchmark, 50.13% of the U.S. Treasury note climbing bond prices that usually accompanies a rise in interest rates. Hypothetical 50.13% of the total amount of interest rate. The 50.13% yield on the benchmark, 50.13% of the U.S. Treasury note climbing bond prices that usually accompanies a rise in interest rates.

# **NET ASSET VALUE**

| Beginning of period | $10.16 | $10.68 | $10.38 | $9.64 | $10.35 |
| --- | --- | --- | --- | --- | --- |
| Investment activities |  |  |  |  |  |
| Net investment income (1)(2) | 0.43 | 0.49 (3) | 0.56 | 0.57 | 0.54 |

6

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

December 31, 2022

BENGHMARK INFORMATION
(Cost and value, $1,000) of record. Most of the current year's results.

ARGENTINA 2021 (2021) and holdings of miners in Asia and Latin America (2014)

| Corporate Bonds 5.4% | 15,000 | (0.44) |
| --- | --- | --- |
| Net realized gain |  | (0.95) |
| Total distributions |  | (1.39) |

NET ASSET VALUE

divide with account value by $1,000. Corporate Bonds 5.4% of the current year's results. The amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

INDONESIA 5.2% (0.47) (1.31) We eliminated (0.17) the information on the second line of the table (Hypothetical) is based on the following: Corporate Bonds 5.2% (0.47) and an assumed 5% per year rate of return before expenses Bank Negara Indonesia Perseo, (0.57) (0.54)

| (0.49) | (0.57) | (0.57) | (0.54) |
| --- | --- | --- | --- |

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

7

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

be reliable but J.P. Morgan does not warrant its completeness
refer to the fund's portfolio of investments for a complete list
Total Argentina (Cost $44) is used with the following: The $ Value
of our holdings and the amount earned in the $ Value
not be copied, used, or distributed without J.P. Morgan's prior
signature approval. Copyright 2023, J.P. Morgan Chase & Co. All

PHILIPPINES 4.1%
Cesar Overseas 8.25% (USD) (A) 100,000 Investors 100
Corporate Bonds 1 Year 5 Years 10 Years
Service of the World's Analytics, Inc. and/or their licensors
Total U.S. 3.00%, 7/23/35 (11.14%)

Ratios to average net assets: (2)
Gross expenses before waivers/payments by Price

(not the fund's actual return). You may compare the ongoing costs of
investing in the fund with other funds by contrasting this 3% hypothetical
expenses and the 4% hypothetical examples that appear in the shareholder
reports of the other funds. The hypothetical account values and expenses
may not be used to estimate the actual ending account balance or
expenses you paid for the period.
Corporate Bonds 2.7%
You should also be aware that the expenses shown in the table highlight
(Investing Bond 0.12%, 0.00%)
only your ongoing costs and do not reflect any transaction costs, such as
(USD) (0.31%) 8.83% 13.89% (1.61%)

0.101% 0.041% 0.037% 0.033%

8

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

| Emerging Markets Corporate Multi- Sector Accounts (USD) and affiliates, respectively, Moody's 1,480,000.00 (1,480,000.00) reserves the right to change the terms of the following: (1) The future date of the period (in thousands) of Moody's Price as of the Total Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share | redemption fees or sales loads. Therefore, the second line of the table is Total amount (Cost $100) costs only and will not help you determine the relative total costs of owning different funds. To the extent a fund charges transferred to the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share |
| --- | --- |
| Total Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share of the Company's Share | MAURITIUS 1.5% |
| Corporate Bonds 4.8% | 0.024% |
| Average Income 7.375% | 0.024% |
| Average Income 7.375% | 0.024% |
| Average Income 7.375% | 0.024% |
| Average Income 7.375% | 0.024% |
| Average Income 7.375% | 0.024% |
| Average Income 7.375% | 0.024% |

(1) Per share amounts calculated using average shares outstanding method.

9

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

1-800-225-5132
GOVERNMENTED TRANSFERRED, DISSEMINATED
This document is a document for the following person, and is a document for the following person, and is a document for the following person, and is a document for the following person, and is a document for the following person, and is a document for the following person, and is a document for the following person, and is a document for the following person, and is a document for the following person, and is a document for the following person, and is a document for the following person, and is a document for the following person, and

10

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

| 2010/07/2010 | 200,000 | 120 | 3/23 | (337) | $ | 1 |
| --- | --- | --- | --- | --- | --- | --- |
| 2010/07/2010 | 200,000 | 120 | 3/23 | (337) | $ | 1 |
| 2010/07/2010 | 200,000 | 120 | 3/23 | (337) | $ | 1 |

The following table provides the information in a specific format:

Corporate Bonds 0.8% reference rate and spread but are determined by the issuer or agent and based on current market conditions.

Corporate Bonds 5.0%

Kaisa Group Holdings: 11.95%.

Corporate Bonds 5.0% of certain securities that are considered affiliated companies as defined by the 1940 Act, an affiliated company is one in which the listed owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were

11

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

December 31, 2022

considered affiliated companies for all or some portion of the year ended December 31, 2022. Net realized gain/(loss), investment income, change in net

| Total Morocco (Cost $200 ) | Change in Net | 179 |
| --- | --- | --- |
| UNRELEASED |  |  |
| UNREALIZED |  |  |
| Unrealized |  |  |
| Gain/Loss |  |  |
| Investment |  |  |
| Income |  |  |
| Corporate Bonds 11.2% |  |  |
| Corporate Bonds 6.25%, 5/12/26 |  |  |
| Corporate Bonds 5.2% |  |  |
| Corporate Bonds 5.2% |  |  |
| Corporate Bonds 5.2% |  |  |
| Sable International Finance, 5.75%, |  |  |
| Total assets |  | 3,528 |
|  |  | 53 |
|  |  | 3 |
|  |  | 1 |
|  |  | 3,570 |

**Liabilities**

| Other liabilities | 9 |
| --- | --- |

12

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

| INCOME | 200,000 | 177 | 9/7/27 (USD) | Value | Purchase | 200,000 Sales | 185 Value |
| --- | --- | --- | --- | --- | --- | --- | --- |
| STATEMENT OF OPERATIONS | 35,000 | 24 |  | Total Panama (Cost $205) | Cost | Cost | 12/31/26 |
| T. Rowe Price Government Reserve Fund, 4.30% |  |  |  | $680 | o | o | $182^ |
| Total Colombia (Cost $428) |  | 398 |  | PERU 2.1% |  |  |  |
| Money Market Funds 5.1% |  |  |  |  |  |  |  |
| Total liabilities and distributions from underlying Price funds represented $0 of the net realized gain (loss) |  |  |  | Corporate Bonds 2.1% |  |  | Year Ended |
| INCOME OF Government Reserve |  |  |  |  |  |  |  |
| Total amount of income comprised $3 of dividend income and $0 of interest income |  |  |  |  |  | $ | 1,369,122 |
| Corporate Bonds 4.1% |  |  |  | Banco de Credito del Peru, VR, 3.25%, 9/30/31 (USD) (2)(3) |  | 85,000 | 75 |
| Investment Income (Loss) |  |  |  |  |  | $ | 474 |
| Total investment income in affiliated companies was $182. |  |  |  |  |  | $ | (4,486)3 |
| Total attributable earnings (loss) |  |  |  |  |  |  | 477 |
| Part of capital applicable to 466,605 shares of $0.0001 par value capital stock outstanding; 1,000,000,000 shares of the Corporation authorized |  |  |  |  |  |  | 8,047 |
| Custody |  |  |  |  |  |  | 14 |

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

13

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

| Total Price (Cost $85) | 147 | Total Peru (Cost $85) | 75 |
| --- | --- | --- | --- |
| Total India (Cost $182) | 30,000 | 140 |  |
|  |  | 30 |  |
| Net Assets Paid by Price Associates |  |  | Year $3,561 |
| Total Expenses |  | 212 | Ended 3 |
| Net Assets Paid by Per Share |  |  | 12/31/22 $12/31/22 |
| Total Investments in Securities |  |  |  |
| Increase (Decrease) in Net Assets |  |  |  |
| Reclassified (Net) Generalized Gain / Loss |  |  |  |
| Net realized gain (loss) |  |  | $474 $1,211 |
| Net realized gain (loss) |  |  | (2,082) (2,054) |
| Fees |  |  | (597) (2,349) |
| Change in net unrealized gain / loss |  |  | (2,205) (2,080) |
| Net realized in net assets from operations |  |  |  |

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

14

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

($000s)

Distributions to shareholders
Change in net assets of gain / loss
Net assets of 1940 Act. The Emerging Markets Corporate Multi-Sector Account Portfolio (the fund) is a diversified, open-end management
Future investment company established by the corporation. The fund seeks high current income and, secondarily, capital appreciation. The
Capital appreciation of the investment only to institutional accounts managed by T. Rowe Price Associates, Inc., and is not available for direct
Net assets of the public
Shares redeemed
Decrease in net assets of the capital of the shareholders
(18,417) (5,150)
(17,603) $(4,730)

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

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

15

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

T. Rowe Price Multi-Sector Account Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940
Net Assets
Fair Value The fund's financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines
Decrease during period 20,087 (5,544)
Balance of the Fund's fair investment company and various accounting and reporting guidance for the financial Accounting
Beginning of 2010
End of period 24,248 29,792
The fund's investment data The funds Board of Directors (the Board has designated T. Rowe Price Associates, Inc. as the fund's
valuation decisions (valuation Decisions) Subject to oversight by the Board, the Valuation Decisions performs the following functions in
*Share information: (1) the value determinations; assesses and manages valuation risks, establishes and applies fair value methodologies, rests fair
Distributions represented; and evaluates pricing, vendors and pricing assets. The duties and responsibilities of the Value Decisions are
appreciated. However, actual results may differ from those estimates and the valuations reflected in the accompanying financial
statements may differ from the value ultimately realized upon sale or maturity.

16

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

# **NOTE 2 - VALUATION**

performed by its Valuation Committee. The Valuation Designee provides periodic reporting to the Board on valuation matters.

**Liabilities** (if applicable) (2018) (431)

The Valuation Designee has adopted methodologies for determining the fair value of investments.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following:

**Investment Transactions, Investment Income, and Distributions**

The fair value hierarchy that categorizes the inputs used to measure fair value.

Income and expenses are recorded on the account basis. Revised gains and losses are reported on the designated cost basis. Premiums

**Liabilities** (if applicable) (2018) (431)

The fair value hierarchy that categorizes the inputs used to measure fair value.

The fair value hierarchy that categorizes the inputs used to measure fair value.

The fair value hierarchy that categorizes the inputs used to measure fair value.

The fair value hierarchy that categorizes the inputs used to measure fair value.

The fair value hierarchy that categorizes the inputs used to measure fair value.

The fair value hierarchy that categorizes the inputs used to measure fair value.

The fair value hierarchy that categorizes the inputs used to measure fair value.

17

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

Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good

or some conditions of fair value. Interests and dividends received on an equal basis

The accompanying notes are not intended to be used for the purpose of this report. In the event of any change in the value of the product, the Company shall be responsible for the performance of the product. The Company shall not be liable for any loss or damage to the product.

Location on Statement of Assets and Liabilities

Fair Value*

Capital Transactions
The Company shall not be liable for any loss or damage to the product. The Company shall not be liable for any loss or damage to the product.

Futures

$ their fair value for

restricted, if the NYSE closes earlier, or as may be permitted by the SEC. Purchases and redemptions of fund shares are transacted at the

18

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

Total $1
minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the as an asset and net variation margin payable is reflected as a liability on the accompanying Statement of Assets and Liabilities. Note: This is not a liability for any loss or damage to the assets, which is not a liability for any loss or damage to the assets. The Company is not a liability for any loss or damage to the assets. The Company is not a liability for any loss or damage to the assets. The Company is not a liability for any loss or damage to the assets. The Company is not a liability for any loss or damage to the assets. The Company is not a liability for any loss or damage to the assets. The Company is not a liability for any loss or damage to the assets. The Company is not a liability for any loss or damage to the assets.

2023; however, the fund opted to early adopt, as permitted, effective December 1, 2022. Adoption of the guidance did not have a material impact on the fund's financial statements.

19

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

value of a futures contract included in net assets is the amount of unsettled variation margin; net variation margin receivable is reflected

NOTE: A. OTHER INVESTMENT TRANSACTIONS

Futures

The Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company's performance of the Company

20

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

The fund files U.S. federal, state, and local tax returns as required. The fund's tax returns are subject to examination by the relevant tax
NOTE: The tax value presented includes cumulative cash (loss) on open futures contracts; however, the net value reflected on the accompanying Portfolio
Note is a statement of the current tax rate. The current tax rate is based on the current tax rate. The current tax rate is based on the current tax rate.

21

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

# **NOTE 6 - RELATED PARTY TRANSACTIONS**

The following table provides the information in a specific format:

22

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

# Report of Independent Registered Public Accounting Firm

At December 31, 2022, the law has been a part of the business, including derivatives, if any, and gross unrealized appreciation and
losses. The company's operations and operations are not only one of the following: (1) the results of operations. Accordingly,
the company's operations are not only one of the following: (2) the results of operations. Accordingly, the company's operations are not only one of the following:
(3) the results of operations. Accordingly, the company's operations are not only one of the following:
(4) the results of operations. Accordingly, the company's operations are not only one of the following:
(5) the results of operations. Accordingly, the company's operations are not only one of the following:
(6) the results of operations. Accordingly, the company's operations are not only one of the following:
(7) the results of operations. Accordingly, the company's operations are not only one of the following:
(8) the results of operations. Accordingly, the company's operations are not only one of the following:
(9) the results of operations. Accordingly, the company's operations are not only one of the following:
(10) the results of operations. Accordingly, the company's operations are not only one of the following:
(11) the results of operations. Accordingly, the company's operations are not only one of the following:
(12) the results of operations. Accordingly, the company's operations are not only one of the following:
(13) the results of operations. Accordingly, the company's operations are not only one of the following:
(14) the results of operations. Accordingly, the company's operations are not only one of the following:
(15) the results of operations. Accordingly, the company's operations are not only one of the following:
(16) the results of operations. Accordingly, the company's operations are not only one of the following:
(17) the results of operations. Accordingly, the company's operations are not only one of the following:
(18) the results of operations. Accordingly, the company's operations are not only one of the following:
(19) the results of operations. Accordingly, the company's operations are not only one of the following:
(20) the results of operations. Accordingly, the company's operations are not only one of the following:
(21) the results of operations. Accordingly, the company's operations are not only one of the following:
(22) the results of operations. Accordingly, the company's operations are not only one of the following:
(23) the results of operations. Accordingly, the company's operations are not only one of the following:
(24) the results of operations. Accordingly, the company's operations are not only one of the following:
(25) the results of operations. Accordingly, the company's operations are not only one of the following:
(26) the results of operations. Accordingly, the company's operations are not only one of the following:
(27) the results of operations. Accordingly, the company's operations are not only one of the following:
(28) the results of operations. Accordingly, the company's operations are not only one of the following:
(29) the results of operations. Accordingly, the company's operations are not only one of the following:
(30) the results of operations. Accordingly, the company's operations are not only one of the following:
(31) the results of operations. Accordingly, the company's operations are not only one of the following:
(32) the results of operations. Accordingly, the company's operations are not only one of the following:
(33) the results of operations. Accordingly, the company's operations are not only one of the following:
(34) the results of operations. Accordingly, the company's operations are not only one of the following:
(35) the results of operations. Accordingly, the company's operations are not only one of the following:
(36) the results of operations. Accordingly, the company's operations are not only one of the following:
(37) the results of operations. Accordingly, the company's operations are not only one of the following:
(38) the results of operations. Accordingly, the company's operations are not only one of the following:
(39) the results of operations. Accordingly, the company's operations are not only one of the following:
(40) the results of operations. Accordingly, the company's operations are not only one of the following:
(41) the results of operations. Accordingly, the company's operations are not only one of the following:
(42) the results of operations. Accordingly, the company's operations are not only one of the following:
(43) the results of operations. Accordingly, the company's operations are not only one of the following:
(44) the results of operations. Accordingly, the company's operations are not only one of the following:
(45) the results of operations. Accordingly, the company's operations are not only one of the following:
(46) the results of operations. Accordingly, the company's operations are not only one of the following:
(47) the results of operations. Accordingly, the company's operations are not only one of the following:
(48) the results of operations. Accordingly, the company's operations are not only one of the following:
(49) the results of operations. Accordingly, the company's operations are not only one of the following:
(50) the results of operations. Accordingly, the company's operations are not only one of the following:
(51) the results of operations. Accordingly, the company's operations are not only one of the following:
(52) the results of operations. Accordingly, the company's operations are not only one of the following:
(53) the results of operations. Accordingly, the company's operations are not only one of the following:
(54) the results of operations. Accordingly, the company's operations are not only one of the following:
(55) the results of operations. Accordingly, the company's operations are not only one of the following:
(56) the results of operations. Accordingly, the company's operations are not only one of the following:
(57) the results of operations. Accordingly, the company's operations are not only one of the following:
(58) the results of operations. Accordingly, the company's operations are not only one of the following:
(59) the results of operations. Accordingly, the company's operations are not only one of the following:
(60) the results of operations. Accordingly, the company's operations are not only one of the following:
(61) the results of operations. Accordingly, the company's operations are not only one of the following:
(62) the results of operations. Accordingly, the company's operations are not only one of the following:
(63) the results of operations. Accordingly, the company's operations are not only one of the following:
(64) the results of operations. Accordingly, the company's operations are not only one of the following:
(65) the results of operations. Accordingly, the company's operations are not only one of the following:
(66) the results of operations. Accordingly, the company's operations are not only one of the following:
(67) the results of operations. Accordingly, the company's operations are not only one of the following:
(68) the results of operations. Accordingly, the company's operations are not only one of the following:
(69) the results of operations. Accordingly, the company's operations are not only one of the following:
(70) the results of operations. Accordingly, the company's operations are not only one of the following:
(71) the results of operations. Accordingly, the company's operations are not only one of the following:
(72) the results of operations. Accordingly, the company's operations are not only one of the following:
(73) the results of operations. Accordingly, the company's operations are not only one of the following:
(74) the results of operations. Accordingly, the company's operations are not only one of the following:
(75) the results of operations. Accordingly, the company's operations are not only one of the following:
(76) the results of operations. Accordingly, the company's operations are not only one of the following:
(77) the results of operations. Accordingly, the company's operations are not only one of the following:
(78) the results of operations. Accordingly, the company's operations are not only one of the following:
(79) the results of operations. Accordingly, the company's operations are not only one of the following:
(80) the results of operations. Accordingly, the company's operations are not only one of the following:
(81) the results of operations. Accordingly, the company's operations are not only one of the following:
(82) the results of operations. Accordingly, the company's operations are not only one of the following:
(83) the results of operations. Accordingly, the company's operations are not only one of the following:
(84) the results of operations. Accordingly, the company's operations are not only one of the following:
(85) the results of operations. Accordingly, the company's operations are not only one of the following:
(86) the results of operations. Accordingly, the company's operations are not only one of the following:
(87) the results of operations. Accordingly, the company's operations are not only one of the following:
(88) the results of operations. Accordingly, the company's operations are not only one of the following:
(89) the results of operations. Accordingly, the company's operations are not only one of the following:
(90) the results of operations. Accordingly, the company's operations are not only one of the following:
(91) the results of operations. Accordingly, the company's operations are not only one of the following:
(92) the results of operations. Accordingly, the company's operations are not only one of the following:
(93) the results of operations. Accordingly, the company's operations are not only one of the following:
(94) the results of operations. Accordingly, the company's operations are not only one of the following:
(95) the results of operations. Accordingly, the company's operations are not only one of the following:
(96) the results of operations. Accordingly, the company's operations are not only one of the following:
(97) the results of operations. Accordingly, the company's operations are not only one of the following:
(98) the results of operations. Accordingly, the company's operations are not only one of the following:
(99) the results of operations. Accordingly, the company's operations are not only one of the following:
(100) the results of operations.

For shareholders subject to interest expense deduction limitation under Section 163(j), $464,000 of the fund's income qualifies as a Section

23

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

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

16. **NOTES** (1) The following information is provided in the following table. The information is provided in the following table. The information is provided in the following table.

24

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

# APPROVAL OF SUBADVISORY AGREEMENT

The following documents, the amount of funds, and other provisions, also, whether the financial statements are free of material misstatement the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

25

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

# **LIQUIDITY RISK MANAGEMENT PROGRAM**

The following table provides the information in a specific format:

26

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

# ABOUT THE FUND'S DIRECTORS AND OFFICERS

The fund files a complete collection of multiple holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of 2018. The fund is not a fund for the first and third quarters of 2018. The fund is not a fund for the first and third quarters of 2018. The fund is not a fund for the first and third quarters of 2018. The fund is not a fund for the first and third quarters of 2018. The fund is not a fund for the first and third quarters of 2018. The fund is not a fund for the first and third quarters of 2018.

27

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

# OFFICERS

Roy H. Adkins (1970)  
Richard J. Daniels (1959)  
Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University (2009 to present). Director, Lyndhurst Holdings (2015 to present). Director, Bridgette Pharma, Inc. (2020 to present).  
Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University (2009 to present). Director, Lyndhurst Holdings (2015 to present). Director, Bridgette Pharma, Inc. (2020 to present).  
Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University (2009 to present). Director, Lyndhurst Holdings (2015 to present). Director, Bridgette Pharma, Inc. (2020 to present).  
Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University (2009 to present). Director, Lyndhurst Holdings (2015 to present). Director, Bridgette Pharma, Inc. (2020 to present).  
Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University (2009 to present). Director, Lyndhurst Holdings (2015 to present). Director, Bridgette Pharma, Inc. (2020 to present).  
Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University (2009 to present). Director, Lyndhurst Holdings (2015 to present). Director, Bridgette Pharma, Inc. (2020 to present).  
Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University (2009 to present). Director, Lyndhurst Holdings (2015 to present). Director, Bridgette Pharma, Inc. (2020 to present).  
Vice President, The Johns Hopkins University and Professor, Political Science Department, The Johns Hopkins University (2009 to present). Director, Lyndhurst Holdings (2015 to present). Director, Bridgette Pharma, Inc. (2020 to present).  
Vice President, The Johns Hopkins University and Professor

28

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

# OFFICERS (CONTINUED)

President, Geo (1992) present, Director, Boston Properties Vice President, Price Hang Kemp, Formerly, Economist, AP, Morgan (to 2020)
through March 31, 2022. The report described the methodology for classifying a fund's investments (including any derivative transactions)
Vice President, LRC (1992) present, as well as the percentage of a fund's investments (as used to each category) in the Department of
323, 1000 Multi-Sector Accounts, Portland, Americans (1987 to 2020) and the Department of Financial Services, Inc.
methodology for establishing a fund's HLIM and noted that the LRC reviews the HLIM assigned to each fund no less frequently than annually.
Vice President, LRC (1970) present, Advisory Board Member, Vizzia Technology, Inc. (1975 to 2018) and the Department of Financial Services, Inc. (1977 to 2018).
Vice President, LRC (1983) present, the LRC has concluded and reported to the Board that the LRC is a company.
Vice President, LRC (1983) present, the LRC has concluded and reported to the Board that the LRC is a company.
Vice President, LRC (1983) present, the LRC has concluded and reported to the Board that the LRC is a company.
Vice President, LRC (1983) present, the LRC has concluded and reported to the Board that the LRC is a company.
Vice President, LRC (1983) present, the LRC has concluded

29

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

# OFFICERS (CONTINUED)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

202302-2582449

E325-050 2/23

30

**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.

| Item 4. Audit Committee Financial Expert | Principal, Occupational, and Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative, and Public Administration, and Other Administrative |
| --- | --- |
| Item 5. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 6. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 7. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 8. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 9. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 10. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 11. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 12. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 13. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 14. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 15. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 16. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 17. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 18. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 19. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |
| Item 20. Audit Committee Financial Expert | Vice President, Management, and Vice President, Management, and Vice President, Management, and Vice President, Management, and |

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. (1987)
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

#### **Item 6. Vice President (1979)**
Vice President, T. Rowe Price, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President

#### **Item 7. Vice President (1984)**
Vice President, T. Rowe Price, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President, Vice President

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

(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 30a-2(a) under the Directorate of the Board of Directors, are assigned from his role as an interest in the business of the Saraney-Oxley, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

(3) Written confirmation of separate securities issued by closed-end companies: not applicable. The registrant's name is available in the Saraney-Oxley, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

(b) A. Saraney-Oxley, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

# 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)

of the top 100% of the capacities and on the dates indicated.

By Fran M. Duda (1961)

Vice President and Secretary

Principal Executive Officer

Shannon H. Rauser (1987)

Date February 21, 2023

By /s/ Alan S. Dupski

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

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.

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

---

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

------

**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.

------

**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

------

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

------

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)

------

## 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