T. Rowe Price 多 Sector 账户基金发布半年度报告
T. Rowe Price Multi-Sector Account Portfolios, Inc. (0001533490) (Filer)
T. Rowe Price 多 Sector 账户基金发布 2026 年 8 月 31 日半年度报告，显示基金净资产达 459.03 亿美元，投资组合周转率 376.9%。基金主要配置美国政府与机构抵押贷款支持证券，前十大持仓占比超 80%。
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)
1307 Point Street, Baltimore, MD 21231
(Address of principal executive offices)
David Oestreicher
1307 Point Street, Baltimore, MD 21231
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: February 28
Date of reporting period: August 31, 2026
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
August 31, 2026
Mortgage-Backed Securities Multi-Sector Account Portfolio
This semi-annual shareholder report contains important information about Mortgage-Backed Securities Multi-Sector Account Portfolio (the "fund") for the period of March 1, 2026 to August 31, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or [email protected] or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
|---|---|---|
Mortgage-Backed Securities Multi-Sector Account Portfolio |
$1 |
0.02% |
What are some fund statistics?
Fund Statistics
Total Net Assets (000s) |
$45,903 |
|---|---|
Number of Portfolio Holdings |
739 |
Portfolio Turnover Rate |
376.9% |
|---|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
U.S. Government & Agency Mortgage-Backed Securities |
103.6% |
|---|---|
Short-Term and Other |
-3.6 |
Top Ten Holdings (as a % of Net Assets)
Federal National Mortgage Assn. |
38.9% |
|---|---|
Federal Home Loan Mortgage |
23.8 |
Government National Mortgage Assn. |
22.4 |
UMBS |
18.6 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202505-4461501
E326-053 10/26
Mortgage-Backed Securities Multi-Sector Account Portfolio
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Statements
and
Other
Information
August
31,
2026
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
T.
ROWE
PRICE
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
6
Months
.
Ended
8/31/26
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
8.28
$
8.06
$
7.93
$
8.10
$
9.20
$
9.60
Investment
activities
Net
investment
income
(1)(2)
0.18
0.38
0.37
0.32
0.23
0.08
Net
realized
and
unrealized
gain/
loss
(0.36)
0.23
0.13
(0.17)
(1.11)
(0.40)
Total
from
investment
activities
(0.18)
0.61
0.50
0.15
(0.88)
(0.32)
Distributions
Net
investment
income
(0.18)
(0.39)
(0.37)
(0.32)
(0.22)
(0.08)
NET
ASSET
VALUE
End
of
period
$
7.92
$
8.28
$
8.06
$
7.93
$
8.10
$
9.20
Ratios/Supplemental
Data
Total
return
(2)(3)
(2.20)%
7.77%
6.46%
1.90%
(9.55)%
(3.37)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.10%
(4)
0.08%
0.04%
0.06%
0.03%
0.04%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.02%
(4)
0.02%
0.02%
0.02%
0.02%
0.02%
Net
investment
income
4.42%
(4)
4.75%
4.63%
4.02%
2.70%
0.88%
Portfolio
turnover
rate
376.9%
377.6%
290.3%
552.5%
775.5%
916.0%
Net
assets,
end
of
period
(in
thousands)
$45,903
$46,551
$105,729
$110,603
$105,683
$132,340
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
August
31,
2026
Unaudited
3
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
103.6%
U.S.
Government
Agency
Obligations
81.2%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
18
17
3.00%,
5/1/27
-
4/1/43
113
102
3.50%,
12/1/41
-
5/1/43
195
182
4.00%,
8/1/40
-
12/1/41
213
203
4.50%,
6/1/39
-
5/1/42
141
138
5.00%,
11/1/33
-
12/1/40
71
71
5.50%,
6/1/35
-
10/1/38
39
40
6.00%,
12/1/33
-
10/1/39
17
18
6.50%,
9/1/34
-
9/1/39
23
25
Federal
Home
Loan
Mortgage,
ARM
1Y
CMT
+
2.245%,
5.935%,
1/1/36
—
—
1Y
CMT
+
2.25%,
6.202%,
10/1/36
—
—
1Y
CMT
+
2.347%,
6.111%,
11/1/34
3
3
RFUCCT1Y
+
1.625%,
5.785%,
4/1/37
1
1
RFUCCT1Y
+
1.737%,
6.115%,
6/1/37
1
1
RFUCCT1Y
+
1.815%,
6.146%,
1/1/37
—
—
RFUCCT1Y
+
1.911%,
6.219%,
12/1/36
—
—
RFUCCT1Y
+
1.934%,
6.183%,
2/1/37
—
—
RFUCCT1Y
+
2.033%,
6.399%,
11/1/36
1
1
RFUCCT1Y
+
2.069%,
6.318%,
2/1/37
—
—
Federal
Home
Loan
Mortgage,
CMO,
6.00%,
3/15/32
8
8
Federal
Home
Loan
Mortgage,
CMO,
IO
1.50%,
1/25/51
1,135
112
2.00%,
4/25/52
849
116
2.50%,
3/25/51
950
138
3.00%,
12/15/32
33
1
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
38
33
2.00%,
9/1/36
-
6/1/52
3,435
2,730
2.50%,
3/1/42
-
1/1/54
2,083
1,733
3.00%,
5/1/31
-
7/1/52
297
262
3.50%,
11/1/38
-
5/1/52
189
172
4.00%,
6/1/37
-
9/1/52
360
335
4.50%,
9/1/37
-
6/1/53
301
285
5.00%,
10/1/48
-
4/1/56
1,315
1,279
5.50%,
10/1/53
-
12/1/55
1,428
1,419
6.00%,
12/1/52
-
8/1/55
1,389
1,412
6.50%,
9/1/54
-
8/1/55
65
68
Federal
National
Mortgage
Assn.
2.50%,
1/1/61
100
79
Par/Shares
$
Value
(Amounts
in
000s)
3.50%,
6/1/42
-
5/1/46
278
257
4.00%,
11/1/40
114
110
Federal
National
Mortgage
Assn.,
ARM
RFUCCT1Y
+
1.34%,
5.59%,
12/1/35
—
—
RFUCCT1Y
+
1.70%,
6.20%,
11/1/37
1
1
RFUCCT1Y
+
1.866%,
6.366%,
8/1/36
1
1
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
12/1/36
-
1/1/42
352
302
2.00%,
9/1/36
-
3/1/52
4,354
3,543
2.50%,
11/1/31
-
6/1/52
3,405
2,846
3.00%,
2/1/30
-
7/1/52
2,120
1,882
3.50%,
11/1/26
-
7/1/53
1,515
1,386
4.00%,
12/1/30
-
11/1/52
735
694
4.50%,
7/1/39
-
12/1/52
800
773
5.00%,
7/1/33
-
10/1/55
950
932
5.50%,
12/1/33
-
11/1/55
2,336
2,329
6.00%,
3/1/33
-
10/1/55
1,964
2,004
6.50%,
2/1/32
-
8/1/55
676
698
UMBS,
TBA (1)
1.50%,
9/1/41
73
64
2.00%,
9/1/41
-
9/1/56
2,080
1,698
2.50%,
9/1/41
-
9/1/56
980
827
3.00%,
9/1/41
-
9/1/56
764
657
3.50%,
9/1/41
-
9/1/56
716
638
4.00%,
9/1/56
1,071
977
4.50%,
9/1/41
-
9/1/56
765
720
5.00%,
9/1/56
1,401
1,351
5.50%,
9/1/56
907
898
6.00%,
9/1/56
288
291
6.50%,
9/1/56
391
403
37,266
U.S.
Government
Obligations
22.4%
Government
National
Mortgage
Assn.
1.50%,
12/20/36
-
1/20/37
88
79
2.00%,
1/20/51
-
3/20/52
1,311
1,052
2.50%,
4/20/51
-
4/20/52
1,535
1,284
3.00%,
3/20/43
-
3/20/52
918
806
3.50%,
9/15/41
-
9/20/52
759
694
4.00%,
2/20/40
-
6/20/53
624
579
4.50%,
6/15/39
-
6/20/53
685
660
5.00%,
1/20/33
-
12/20/54
646
637
5.50%,
2/20/33
-
9/20/52
286
289
6.00%,
9/20/34
-
9/20/52
200
205
Government
National
Mortgage
Assn.,
ARM,
1Y
CMT
+
1.50%,
5.25%,
5/20/34
5
5
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
9
7
T.
ROWE
PRICE
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
4
Par/Shares
$
Value
(Amounts
in
000s)
4.00%,
7/20/40
14
13
Government
National
Mortgage
Assn.,
CMO,
IO
2.00%,
12/20/50
-
2/20/51
2,765
316
3.50%,
5/20/43
29
4
4.00%,
2/20/43
12
2
Government
National
Mortgage
Assn.,
TBA (1)
2.00%,
9/20/56
304
244
2.50%,
9/20/56
408
341
3.00%,
9/20/56
85
74
3.50%,
9/20/56
124
108
4.00%,
9/20/55
284
256
4.50%,
9/20/56
1,015
950
5.00%,
9/20/55
614
594
5.50%,
9/20/56
945
938
6.00%,
9/20/56
115
117
10,254
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$49,327)
47,520
SHORT-TERM
INVESTMENTS
27.3%
Money
Market
Funds
27.3%
T.
Rowe
Price
Government
Reserve
Fund,
3.72% (2)(3)
12,548
12,548
Total
Short-Term
Investments
(Cost
$12,548)
12,548
Total
Investments
in
Securities
130.9%
of
Net
Assets
(Cost
$61,875)
$
60,068
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
See
Note
3.
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$12,146
and
represents
26.5%
of
net
assets.
(2)
Seven-day
yield
(3)
Affiliated
Companies
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
CMO
Collateralized
Mortgage
Obligation
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
RFUCCT1Y
Twelve
month
FTSE
USD
IBOR
Consumer
Cash
Fallback
TBA
To-Be-Announced
UMBS
Uniform
Mortgage-Backed
Securities
T.
ROWE
PRICE
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
5
Par
$
Value
(Amounts
in
000s)
TBA
SALES
COMMITMENTS
(1.2)%
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
(1.2)%
U.S.
Government
Agency
Obligations
(0.5)%
UMBS,
TBA
5.50%,
9/1/56
131
(130)
6.00%,
9/1/56
98
(99)
(229)
U.S.
Government
Obligations
(0.7)%
Government
National
Mortgage
Assn.,
TBA
2.00%,
9/20/56
164
(131)
2.50%,
9/20/56
62
(52)
5.50%,
9/20/56
139
(138)
(321)
Total
TBA
Sales
Commitments
(Proceeds
$(551))
(550)
T.
ROWE
PRICE
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
6
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
August
31,
2026.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
3.72%
$
—#
$
—
$
256+
Supplementary
Investment
Schedule
Affiliate
Value
2/28/26
Purchase
Cost
Sales
Cost
Value
8/31/26
T.
Rowe
Price
Government
Reserve
Fund,
3.72%
$
10,385
¤
¤
$
12,548^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$256
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$12,548.
T.
ROWE
PRICE
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
August
31,
2026
Unaudited
Statement
of
Assets
and
Liabilities
7
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$61,875)
$
60,068
Receivable
for
investment
securities
sold
3,768
Interest
receivable
150
Total
assets
63,986
Liabilities
Payable
for
investment
securities
purchased
15,410
Payable
for
shares
redeemed
2,080
TBA
Sales
Commitments
(proceeds
$551)
550
Other
liabilities
43
Total
liabilities
18,083
NET
ASSETS
$
45,903
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(22,991)
Paid-in
capital
applicable
to
5,799,271
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
of
the
Corporation
authorized
68,894
NET
ASSETS
$
45,903
NET
ASSET
VALUE
PER
SHARE
$
7.92
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
Unaudited
Statement
of
Operations
8
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/26
Investment
Income
(Loss)
Income
.
Interest
$
868
Dividend
256
Total
income
1,124
Expenses
Custody
25
Waived
/
paid
by
Price
Associates
(20)
Total
expenses
5
Net
investment
income
1,119
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
securities
(464)
Change
in
net
unrealized
gain
/
loss
Securities
(1,791)
TBA
Sales
Commitments
(10)
9
Change
in
net
unrealized
gain
/
loss
(1,782)
Net
realized
and
unrealized
gain
/
loss
(2,246)
DECREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
(1,127)
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
Unaudited
Statement
of
Changes
in
Net
Assets
9
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/26
Year
Ended
2/28/26
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
1,119
$
2,861
Net
realized
loss
(464)
(3,145)
Change
in
net
unrealized
gain
/
loss
(1,782)
3,148
Increase
(decrease)
in
net
assets
from
operations
(1,127)
2,864
Distributions
to
shareholders
Net
earnings
(1,122)
(2,899)
Capital
share
transactions
*
Shares
sold
12,915
11,180
Distributions
reinvested
1,116
2,877
Shares
redeemed
(12,430)
(73,200)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
1,601
(59,143)
Net
Assets
Decrease
during
period
(648)
(59,178)
Beginning
of
period
46,551
105,729
End
of
period
$
45,903
$
46,551
*Share
information
(000s)
Shares
sold
1,592
1,371
Distributions
reinvested
139
357
Shares
redeemed
(1,556)
(9,221)
Increase
(decrease)
in
shares
outstanding
175
(7,493)
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
Unaudited
10
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Multi-Sector
Account
Portfolios,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks high
current
income
and,
secondarily,
capital
appreciation.
The
fund
is
available
for
investment
only
to
institutional
accounts
managed
by
T.
Rowe
Price
Associates,
Inc.,
and
is
not
available
for
direct
purchase
by
members
of
the
public.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In September
2026,
the
FASB
issued
Accounting
Standards
Update
(ASU)
ASU
2026-
03,
Fair
Value
Measurement
(Topic
820)
–
Investment
Companies
with
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
requires
investment
companies
within
the
scope
of
ASC
946
to
consider
contractual
sale
restrictions
on
the
sale
of
an
equity
security
when
measuring
the
fair
value
of
the
security
and
to
disclose
the
amount
of
the
discount
attributable
to
the
contractual
sale
restriction.
The
amendments
under
the
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2027;
however,
early
adoption
is
permitted.
Adoption
of
the
guidance
is
not
expected
to
have
a
material
impact
on
the
fund’s
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
11
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
are
generally traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
12
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
2026
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Mortgage-Backed
Securities
The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
The
fund
also
invests
in
stripped
MBS,
created
when
a
traditional
MBS
is
split
into
an
interest-only
(IO)
and
a
principal-only
(PO)
strip.
MBS,
including
IOs
and
POs, are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
IOs
also
risk
loss
of
invested
principal
from
faster-
than-anticipated
prepayments.
TBA
Purchase,
Sale
Commitments
and
Forward
Settling
Mortgage
Obligations
The
fund
enters
into
to-be-
announced
(TBA)
purchase
or
sale
commitments
(collectively,
TBA
transactions),
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
mortgage-backed
securities
for
a
fixed
unit
price,
with
payment
and
delivery
at
a
scheduled
future
date
beyond
the
customary
settlement
period
for
such
securities.
With
TBA
transactions,
the
particular
securities
to
be
received
or
delivered
by
the
fund
are
not
identified
at
the
trade
date;
however,
the
securities
must
meet
specified
terms,
including
rate
and
mortgage
term,
and
be
within
industry-accepted
“good
delivery”
standards.
The
fund
may
enter
into
TBA
transactions
with
the
intention
of
taking
possession
of
or
relinquishing
the
underlying
securities,
may
elect
to
extend
the
settlement
by
“rolling”
the
transaction,
and/or
may
use
TBA
transactions
to
gain
or
reduce
interim
exposure
to
underlying
securities.
To
mitigate
counterparty
risk,
the
fund
has
entered
into
Master
Securities
Forward
Transaction
Agreements
(MSFTA)
with
counterparties
that
provide
for
collateral
and
the
right
to
offset
amounts
due
to
or
from
those
counterparties
under
specified
conditions.
Subject
to
minimum
transfer
amounts,
collateral
requirements
are
determined
and
transfers
made
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
TBA
commitments
and
other
forward
settling
mortgage
obligations
with
a
particular
counterparty
(collectively,
MSFTA
Transactions).
At
any
time,
the
fund’s
risk
of
loss
from
a
particular
counterparty
related
to
its
MSFTA
Transactions
is
the
aggregate
unrealized
gain
on
appreciated
MSFTA
Transactions
in
excess
of
unrealized
loss
on
depreciated
MSFTA
Transactions
and
collateral
received,
if
any,
from
such
counterparty. As
of
August
31,
2026,
no
collateral
was
pledged
by
the
fund
or
counterparties
for
MSFTA
Transactions.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
U.S.
Government
&
Agency
Mortgage-Backed
Securities
$
—
$
47,520
$
—
$
47,520
Short-Term
Investments
12,548
—
—
12,548
Total
$
12,548
$
47,520
$
—
$
60,068
Liabilities
TBA
Sales
Commitments
$
—
$
550
$
—
$
550
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
13
Other
Purchases
and
sales
of
U.S.
government
securities
aggregated
$192,418,000 and
$192,506,000,
respectively,
for
the
six
months ended
August
31,
2026.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
February
28,
2026,
the
fund
had
$20,715,000
of
available
capital
loss
carryforwards.
At
August
31,
2026,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$61,350,000.
Net
unrealized
loss
aggregated
$1,832,000
at
period-end,
of
which
$31,000
related
to
appreciated
investments
and
$1,863,000
related
to
depreciated
investments.
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
no
investment
management
fee;
however,
the
manager
will
earn
fees
from
managing
the
institutional
accounts
invested
in
the
fund.
Further,
the
manager
will
be
required
to
bear
all
expenses
of
the
fund,
including
custody
expense
in
excess
of
a
specified
custody
fee
limitation
but
excluding
interest
and
borrowing-related
charges;
taxes;
brokerage
fees
and
commissions
(including
dealer
markups
and
spreads),
transfer
taxes,
and
other
charges
incident
to
the
purchase,
sale,
or
lending
of
the
fund’s
portfolio
securities
and
other
holdings; and
non-recurring,
extraordinary expenses.
The
agreement
provides
that
the
fund
will
bear
custody
expense
up
to
the
custody
fee
limitation,
equal
to
0.02%
of
the
fund’s
average
daily
net
assets.
Expenses
of
the
fund
paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
August
31,
2026,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
14
NOTE
6
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price Group
acts
as
the
fund’s
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund’s
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund’s
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
7
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
15
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
11-12,
2026
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
who
were
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics
and
information
provided
to
it
by
the
Adviser.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser.
These
services
include,
but
are
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance
and
infrastructure,
as
well
as
compliance
with
new
and
evolving
regulatory
requirements
(e.g.,
derivatives
and
liquidity
risk
management);
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
(as
applicable)
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2025.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
noted
that,
as
of
December
31,
2025,
the
fund
lagged
its
benchmark
for
certain
performance
periods
and,
where
applicable,
the
fund’s
total
returns
ranked
in
the
4th
quartile
for
certain
periods
when
compared
to
performance
peer
groups
selected
by
third-party
data
providers.
The
Adviser
provided
the
Board
with
information
addressing
the
fund’s
performance
relative
to
its
benchmarks
and
performance
peers
(as
applicable)
during
the
applicable
periods
and
the
primary
reasons
for
such
results.
The
Board
considered
the
Adviser’s
responses
relating
to
the
fund’s
performance
during
certain
of
the
evaluated
periods
and
noted
that
it
will
continue
to
monitor
the
fund’s
performance.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
T.
ROWE
PRICE
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
16
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
fund
does
not
pay
the
Adviser
a
management
fee
for
management
of
the
fund,
although
the
Adviser
is
compensated
indirectly
for
its
management
of
the
fund
through
investment
management
fees
it
receives
from
institutional
separately
managed
accounts
that
invest
directly
in
the
fund.
Accordingly,
the
Board
did
not
review
information
relating
to
revenues
received
by
the
Adviser
under
the
Advisory
Contract.
The
Board
did
review
information
regarding
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund
or
other
T.
Rowe
Price
funds,
including
any
research
received
under
soft-dollar
arrangements
with
broker-dealers.
In
considering
soft-dollar
arrangements,
the
Board
noted
that
the
Adviser
may
use
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible,
and
the
Board
considered
that
the
Adviser
may
receive
some
benefit
from
soft-dollar
arrangements
pursuant
to
which
research
is
received
from
broker-dealers
that
execute
the
applicable
fund’s
portfolio
transactions.
The
Board
also
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
and
its
affiliates
from
advising
other
T.
Rowe
Price
funds
and
concluded
that
the
Adviser’s
profits
were
reasonable.
Because
the
Adviser
does
not
receive
a
management
fee
from
the
fund,
the
Board
did
not
review
information
regarding
profits
realized
from
managing
the
fund
in
particular
or
consider
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
from
any
economies
of
scale
realized
by
the
Adviser.
In
addition,
the
Board
noted
that
the
fund
shares
in
potential
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
management
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
potential
economies
of
scale
with
the
fund
and
its
investors.
Fees
and
Expenses
The
fund
does
not
pay
an
investment
management
fee.
Under
the
Advisory
Contract,
the
Adviser
pays
all
of
the
fund’s
operating
expenses
other
than
interest
and
borrowing
expenses,
taxes,
brokerage
fees
and
commissions,
and
non-recurring
extraordinary
expenses
(subject
to
a
limit
on
the
fund’s
custody
expenses).
The
fund
bears
the
costs
associated
with
the
custody
of
the
fund’s
assets,
up
to
0.02%
of
the
fund’s
average
daily
net
assets,
and
any
custody
fees
in
excess
of
this
amount
are
borne
by
the
Adviser.
The
Board
was
provided
with
information
regarding
overall
industry
trends
in
management
fees
and
expenses
and
information
regarding
how
the
fund
compares
with
other
registered
funds
with
similar
expense
structures
that
are
also
used
as
investment
components
within
institutional
accounts.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
terms
of
the
Advisory
Contract,
including
the
custody
fee
cap,
continued
to
be
appropriate.
Approval
of
the
Advisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
E326-051
10/26
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) | The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR. | |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. | |
| (3) | ||
| (b) |
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 |
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| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | October 16, 2026 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By | /s/ David Oestreicher |
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| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | October 16, 2026 |
|||
| By | /s/ Alan S. Dupski |
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| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date | October 16, 2026 |
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