T.
ROWE
PRICE
Investment-Grade
Corporate
Multi-Sector
Account
Portfolio
November
30,
2022
(Unaudited)
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
CORPORATE
BONDS
96.0%
FINANCIAL
INSTITUTIONS
43.8%
Banking
30.3%
Ally
Financial,
2.20%,
11/2/28
770
613
Australia
&
New
Zealand
Banking
Group,
6.742%,
12/8/32 (1)
345
348
Banco
Santander,
2.749%,
12/3/30
400
299
Banco
Santander
Mexico
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
5.375%,
4/17/25 (1)
460
457
Bank
of
America,
VR,
2.572%,
10/20/32 (2)
200
159
Bank
of
America,
VR,
2.831%,
10/24/51 (2)
610
390
Bank
of
America,
VR,
4.271%,
7/23/29 (2)
195
182
Bank
of
America,
VR,
5.015%,
7/22/33 (2)
595
574
Bank
of
America,
Series
TT,
VR,
6.125% (2)
(3)
185
178
Bank
of
Ireland
Group,
VR,
6.253%,
9/16/26 (1)(2)
300
297
Barclays,
VR,
2.852%,
5/7/26 (2)
1,415
1,302
BNP
Paribas,
VR,
1.323%,
1/13/27 (1)(2)
860
747
Capital
One
Financial,
VR,
2.359%,
7/29/32 (2)
600
437
Citigroup,
VR,
2.572%,
6/3/31 (2)
175
143
Citigroup,
VR,
3.98%,
3/20/30 (2)
1,160
1,057
Citigroup,
VR,
4.412%,
3/31/31 (2)
615
573
Danske
Bank,
VR,
4.298%,
4/1/28 (1)(2)
920
841
Discover
Financial
Services,
4.10%,
2/9/27
645
604
Goldman
Sachs
Group,
VR,
1.992%,
1/27/32 (2)
720
551
Goldman
Sachs
Group,
VR,
2.383%,
7/21/32 (2)
290
229
Goldman
Sachs
Group,
VR,
3.102%,
2/24/33 (2)
205
170
Goldman
Sachs
Group,
VR,
4.223%,
5/1/29 (2)
1,260
1,184
HSBC
Holdings,
4.95%,
3/31/30
605
581
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (2)
300
249
JPMorgan
Chase,
VR,
3.109%,
4/22/51 (2)
460
317
JPMorgan
Chase,
VR,
4.851%,
7/25/28 (2)
1,005
975
JPMorgan
Chase,
VR,
4.912%,
7/25/33 (2)
225
215
JPMorgan
Chase,
VR,
5.717%,
9/14/33 (2)
290
286
Mitsubishi
UFJ
Financial
Group,
VR,
5.354%,
9/13/28 (2)
615
613
Morgan
Stanley,
VR,
1.794%,
2/13/32 (2)
250
189
Morgan
Stanley,
VR,
2.802%,
1/25/52 (2)
175
112
Morgan
Stanley,
VR,
3.772%,
1/24/29 (2)
390
360
Morgan
Stanley,
VR,
4.431%,
1/23/30 (2)
1,140
1,069
NatWest
Group,
VR,
7.472%,
11/10/26 (2)
200
208
Nordea
Bank,
5.375%,
9/22/27 (1)
200
200
PNC
Financial
Services
Group,
Series
T,
VR,
3.40% (2)(3)
310
238
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (2)
725
630
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26 (2)
1,385
1,215
Standard
Chartered,
VR,
4.644%,
4/1/31 (1)
(2)
565
506
Wells
Fargo,
VR,
3.068%,
4/30/41 (2)
1,000
742
Par/Shares
$
Value
(Amounts
in
000s)
Wells
Fargo,
Series
BB,
VR,
3.90% (2)(3)
205
178
20,218
Brokerage
Asset
Managers
Exchanges
2.3%
Charles
Schwab,
Series
I,
VR,
4.00% (2)(3)
95
81
Intercontinental
Exchange,
2.65%,
9/15/40
295
210
Intercontinental
Exchange,
5.20%,
6/15/62
175
170
LSEGA
Financing,
2.00%,
4/6/28 (1)
385
329
LSEGA
Financing,
2.50%,
4/6/31 (1)
835
703
1,493
Finance
Companies
0.3%
AerCap
Ireland
Capital,
6.50%,
7/15/25
210
212
212
Insurance
6.2%
Centene,
2.50%,
3/1/31
145
115
Centene,
3.00%,
10/15/30
145
118
Centene,
3.375%,
2/15/30
140
119
CNO
Financial
Group,
5.25%,
5/30/29
385
359
Equitable
Financial
Life
Global
Funding,
1.80%,
3/8/28 (1)
880
738
Health
Care
Service
A
Mutual
Legal
Reserve,
3.20%,
6/1/50 (1)
495
336
Humana,
2.15%,
2/3/32
655
519
Humana,
3.70%,
3/23/29
205
189
Jackson
Financial,
5.17%,
6/8/27
365
358
Jackson
Financial,
5.67%,
6/8/32
135
128
New
York
Life
Insurance,
3.75%,
5/15/50 (1)
490
381
UnitedHealth
Group,
2.90%,
5/15/50
620
430
UnitedHealth
Group,
5.875%,
2/15/53
325
360
4,150
Real
Estate
Investment
Trusts
4.7%
Brixmor
Operating
Partnership,
2.50%,
8/16/31
275
209
Brixmor
Operating
Partnership,
4.05%,
7/1/30
244
211
Global
Net
Lease,
3.75%,
12/15/27 (1)
415
342
Healthcare
Realty
Holdings,
2.40%,
3/15/30
360
280
Healthcare
Realty
Holdings,
3.625%,
1/15/28
240
212
Highwoods
Realty,
4.20%,
4/15/29
400
349
Hudson
Pacific
Properties,
4.65%,
4/1/29
700
612
Kilroy
Realty,
3.05%,
2/15/30
430
347
Kilroy
Realty,
4.25%,
8/15/29
400
355
Regency
Centers,
3.70%,
6/15/30
242
212
3,129
Total
Financial
Institutions
29,202
INDUSTRIAL
43.9%
Basic
Industry
2.7%
ArcelorMittal,
6.55%,
11/29/27
335
338
Celanese
U.S.
Holdings,
6.05%,
3/15/25
250
248
Celanese
U.S.
Holdings,
6.165%,
7/15/27
265
260
Dow
Chemical,
6.90%,
5/15/53
170
186
Sherwin-Williams,
2.95%,
8/15/29
270
238
South32
Treasury,
4.35%,
4/14/32 (1)
595
518
1,788
Capital
Goods
1.1%
Carrier
Global,
2.722%,
2/15/30
670
571
T.
ROWE
PRICE
Investment-Grade
Corporate
Multi-Sector
Account
Portfolio
Par/Shares
$
Value
(Amounts
in
000s)
Eaton,
4.15%,
3/15/33
185
172
743
Communications
9.1%
AT&T,
3.65%,
9/15/59
245
169
Charter
Communications
Operating,
4.20%,
3/15/28
400
371
Comcast,
2.887%,
11/1/51
615
405
Comcast,
2.937%,
11/1/56
510
328
Crown
Castle,
2.25%,
1/15/31
750
608
Crown
Castle,
2.50%,
7/15/31
260
212
Meta
Platforms,
4.45%,
8/15/52 (1)
405
333
Rogers
Communications,
3.80%,
3/15/32 (1)
155
137
Rogers
Communications,
4.55%,
3/15/52 (1)
345
281
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
575
491
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
370
308
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
530
493
T-Mobile
USA,
5.20%,
1/15/33
430
431
Verizon
Communications,
2.355%,
3/15/32
90
72
Verizon
Communications,
2.875%,
11/20/50
435
279
Verizon
Communications,
2.987%,
10/30/56
561
355
Verizon
Communications,
3.875%,
3/1/52
235
182
Vodafone
Group,
5.25%,
5/30/48
170
153
Warnermedia
Holdings,
3.755%,
3/15/27 (1)
503
458
6,066
Consumer
Cyclical
7.6%
Aptiv,
3.10%,
12/1/51
55
34
Best
Buy,
1.95%,
10/1/30
305
241
General
Motors
Financial,
2.70%,
6/10/31
345
271
General
Motors
Financial,
3.10%,
1/12/32
245
195
GLP
Capital,
5.375%,
4/15/26
225
219
Hyundai
Capital
America,
1.80%,
1/10/28 (1)
340
277
Hyundai
Capital
America,
2.375%,
10/15/27 (1)
290
246
Lowe's,
4.25%,
4/1/52
325
267
Lowe's,
5.00%,
4/15/33
385
383
Marriott
International,
5.00%,
10/15/27
370
368
Nissan
Motor,
3.522%,
9/17/25 (1)
555
514
QVC,
4.45%,
2/15/25
345
297
QVC,
4.85%,
4/1/24
110
103
Ross
Stores,
1.875%,
4/15/31
300
237
Ross
Stores,
4.80%,
4/15/30
367
353
Stellantis
Finance
U.S.,
1.711%,
1/29/27 (1)
250
216
Stellantis
Finance
U.S.,
2.691%,
9/15/31 (1)
415
320
Volkswagen
Group
of
America
Finance,
4.75%,
11/13/28 (1)
565
548
5,089
Consumer
Non-Cyclical
11.2%
AbbVie,
4.05%,
11/21/39
440
385
AbbVie,
4.50%,
5/14/35
445
420
AbbVie,
4.70%,
5/14/45
415
380
BAT
International
Finance,
4.448%,
3/16/28
650
600
Bio-Rad
Laboratories,
3.30%,
3/15/27
50
46
CSL
Finance,
4.05%,
4/27/29 (1)
200
190
Par/Shares
$
Value
(Amounts
in
000s)
CSL
Finance,
4.25%,
4/27/32 (1)
265
251
CVS
Health,
5.05%,
3/25/48
678
626
Danaher,
2.80%,
12/10/51
110
76
Hasbro,
3.90%,
11/19/29
150
135
HCA,
3.375%,
3/15/29 (1)
55
49
HCA,
3.625%,
3/15/32 (1)
340
290
HCA,
4.375%,
3/15/42 (1)
110
89
HCA,
5.375%,
9/1/26
395
391
Imperial
Brands
Finance,
6.125%,
7/27/27 (1)
200
199
PerkinElmer,
1.90%,
9/15/28
1,000
824
PerkinElmer,
2.25%,
9/15/31
375
295
Philip
Morris
International,
5.75%,
11/17/32
415
426
STERIS
Irish
FinCo
UnLtd,
2.70%,
3/15/31
1,255
1,018
Utah
Acquisition
Sub,
3.95%,
6/15/26
410
384
Utah
Acquisition
Sub,
5.25%,
6/15/46
125
95
Viatris,
2.70%,
6/22/30
48
38
Viterra
Finance,
4.90%,
4/21/27 (1)
300
280
7,487
Energy
5.3%
DCP
Midstream
Operating,
5.625%,
7/15/27
85
84
Energy
Transfer,
6.00%,
6/15/48
395
362
Enterprise
Products
Operating,
3.20%,
2/15/52
245
165
Enterprise
Products
Operating,
3.70%,
1/31/51
300
222
Enterprise
Products
Operating,
4.20%,
1/31/50
200
159
Hess,
7.125%,
3/15/33
90
97
MPLX,
2.65%,
8/15/30
485
400
MPLX,
4.95%,
9/1/32
120
113
ONEOK,
6.10%,
11/15/32
130
132
Sabine
Pass
Liquefaction,
5.00%,
3/15/27
555
544
Targa
Resources
Partners,
5.50%,
3/1/30
205
196
Targa
Resources
Partners,
6.875%,
1/15/29
157
160
Transcontinental
Gas
Pipe
Line,
3.95%,
5/15/50
415
324
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
50
43
Var
Energi,
7.50%,
1/15/28 (1)
500
514
3,515
Technology
3.8%
CDW,
2.67%,
12/1/26
320
286
Equifax,
5.10%,
12/15/27
260
256
Fortinet,
2.20%,
3/15/31
720
563
Moody's,
4.25%,
8/8/32
80
75
NXP,
4.30%,
6/18/29
580
537
Oracle,
6.90%,
11/9/52
350
385
VMware,
1.80%,
8/15/28
210
173
Workday,
3.80%,
4/1/32
335
300
2,575
Transportation
3.1%
FedEx,
2.40%,
5/15/31
330
269
Kansas
City
Southern,
3.50%,
5/1/50
455
330
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
589
586
Transurban
Finance,
2.45%,
3/16/31 (1)
570
451
United
Airlines
PTT,
Series
2019-1,
Class
AA,
4.15%,
8/25/31
282
253
T.
ROWE
PRICE
Investment-Grade
Corporate
Multi-Sector
Account
Portfolio
Par/Shares
$
Value
(Amounts
in
000s)
United
Airlines
PTT,
Series
2019-2,
Class
AA,
2.70%,
5/1/32
212
173
2,062
Total
Industrial
29,325
UTILITY
8.3%
Electric
7.9%
AEP
Texas,
4.70%,
5/15/32
220
210
American
Electric
Power,
5.95%,
11/1/32
95
100
Duke
Energy,
4.50%,
8/15/32
200
189
Duke
Energy,
5.00%,
8/15/52
405
367
Edison
International,
4.70%,
8/15/25
230
225
Edison
International,
6.95%,
11/15/29
185
194
EDP
Finance,
6.30%,
10/11/27 (1)
200
205
Enel
Finance
International,
1.875%,
7/12/28 (1)
680
547
Exelon,
3.35%,
3/15/32 (1)
420
368
Georgia
Power,
4.70%,
5/15/32
375
363
NextEra
Energy
Capital
Holdings,
3.00%,
1/15/52
765
524
Pacific
Gas
&
Electric,
2.95%,
3/1/26
675
614
Pacific
Gas
&
Electric,
5.90%,
6/15/32
150
145
Southern,
5.113%,
8/1/27
195
194
Southern
California
Edison,
3.45%,
2/1/52
125
91
Southern
California
Edison,
Series
20A,
2.95%,
2/1/51
400
263
Vistra
Operations,
5.125%,
5/13/25 (1)
605
592
Xcel
Energy,
4.60%,
6/1/32
100
96
5,287
Natural
Gas
0.4%
Sempra
Energy,
3.70%,
4/1/29
265
243
243
Total
Utility
5,530
Total
Corporate
Bonds
(Cost
$73,237)
64,057
Par/Shares
$
Value
(Amounts
in
000s)
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
1.0%
Owned
No
Guarantee
1.0%
NBN,
2.625%,
5/5/31 (1)
775
625
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$775)
625
MUNICIPAL
SECURITIES
0.2%
Colorado
0.2%
Colorado
HFA,
Covenant
Living
Community,
Series B,
2.80%,
12/1/26
145
136
Total
Municipal
Securities
(Cost
$145)
136
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
0.8%
U.S.
Treasury
Obligations
0.8%
U.S.
Treasury
Bonds,
2.00%,
11/15/41
705
513
U.S.
Treasury
Bonds,
3.25%,
5/15/42
30
27
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$666)
540
SHORT-TERM
INVESTMENTS
0.7%
Money
Market
Funds
0.7%
T.
Rowe
Price
Government
Reserve
Fund,
3.86% (4)(5)
481
481
Total
Short-Term
Investments
(Cost
$481)
481
Total
Investments
in
Securities
98.7%
(Cost
$75,304)
$
65,839
Other
Assets
Less
Liabilities
1.3%
889
Net
Assets
100.0%
$
66,728
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$16,601
and
represents
24.9%
of
net
assets.
(2)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(3)
Perpetual
security
with
no
stated
maturity
date.
(4)
Seven-day
yield
(5)
Affiliated
Companies
HFA
Health
Facility
Authority
PTT
Pass-Through
Trust
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Investment-Grade
Corporate
Multi-Sector
Account
Portfolio
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
JPMorgan
Chase,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
*
885
11
3
8
BNP
Paribas,
Protection
Sold
(Relevant
Credit:
Morgan
Stanley,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
*
885
9
(5)
14
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(2)
22
Total
Bilateral
Swaps
(2)
22
*
Credit
ratings
as
of
November
30,
2022.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
T.
ROWE
PRICE
Investment-Grade
Corporate
Multi-Sector
Account
Portfolio
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
60
U.S.
Treasury
Long
Bond
contracts
3/23
7,620
$
98
Short,
54
U.S.
Treasury
Notes
five
year
contracts
3/23
(5,863)
(
36
)
Short,
67
U.S.
Treasury
Notes
ten
year
contracts
3/23
(7,604)
(
60
)
Long,
27
U.S.
Treasury
Notes
two
year
contracts
3/23
5,545
15
Long,
7
Ultra
U.S.
Treasury
Bonds
contracts
3/23
954
16
Short,
36
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/23
(4,308)
(
43
)
Net
payments
(receipts)
of
variation
margin
to
date
(
38
)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(
48
)
T.
ROWE
PRICE
Investment-Grade
Corporate
Multi-Sector
Account
Portfolio
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
November
30,
2022.
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,
3.86%
$
—
#
$
—
$
14
+
Supplementary
Investment
Schedule
Affiliate
Value
02/28/22
Purchase
Cost
Sales
Cost
Value
11/30/22
T.
Rowe
Price
Government
Reserve
Fund,
3.86%
$
936
¤
¤
$
481
^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$14
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
$481.
T.
ROWE
PRICE
Investment-Grade
Corporate
Multi-Sector
Account
Portfolio
Unaudited
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Investment-Grade
Corporate
Multi-Sector
Account
Portfolio
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s
most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
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
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
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
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
T.
ROWE
PRICE
Investment-Grade
Corporate
Multi-Sector
Account
Portfolio
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
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.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
65,358
$
—
$
65,358
Short-Term
Investments
481
—
—
481
Total
Securities
481
65,358
—
65,839
Swaps
—
20
—
20
Futures
Contracts*
129
—
—
129
Total
$
610
$
65,378
$
—
$
65,988
Liabilities
Futures
Contracts*
$
139
$
—
$
—
$
139
1
Includes
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.