Results

T. Rowe Price Multi-Sector Account Portfolios Inc.

04/23/2026 | Press release | Distributed by Public on 04/23/2026 08:01

Annual Report by Investment Company (Form N-CSR)

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: February 28, 2026

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

February 28, 2026

Mortgage-Backed Securities Multi-Sector Account Portfolio

This annual shareholder report contains important information about Mortgage-Backed Securities Multi-Sector Account Portfolio (the "fund") for the period of March 1, 2025 to February 28, 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 year? (based on a hypothetical $10,000 investment)

Table Summary
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Mortgage-Backed Securities Multi-Sector Account Portfolio
$2
0.02%

What drove fund performance during the past 12 months?

  • Agency mortgage-backed securities (MBS) generated strong returns for the 12-month reporting period, aided by declining interest rates. MBS performance also benefited from attractive income from higher mortgage coupons, favorable supply-demand dynamics, and expectations for government support to address housing affordability.

  • Compared with the Bloomberg U.S. Mortgage Backed Securities Index, security selection was a significant contributor to the fund's relative performance. Selection in lower-coupon 30-year conventional MBS, particularly those with 2% to 3% coupons, was beneficial. An overall longer-than-benchmark average duration profile, along with an underweight position at the long end of the yield curve, also helped performance.

  • Conversely, intraday price fluctuations hurt performance relative to the benchmark. Exposure to higher-coupon 30-year conventional MBS, especially securities with 5% to 6.5% coupons, also hampered performance.

  • The fund primarily invests in U.S. dollar-denominated mortgage-backed securities, including securities that are backed or issued by the U.S. government and its agencies (such as the Government National Mortgage Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation), mortgage-related securities issued by private banks and other non-governmental issuers, agency and non-agency collateralized mortgage obligations, as well as other types of mortgage-backed securities as they become available.

  • In terms of derivative exposure, the fund maintained meaningful holdings in to-be-announced securities, commonly known as TBAs, which contributed to absolute performance.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of February 28, 2026

Table Summary
Fund
Regulatory Benchmark
Strategy Benchmark
2016
10,000
10,000
10,000
2016
10,043
10,133
10,059
2016
10,168
10,369
10,173
2016
9,986
10,040
10,000
2017
10,040
10,142
10,044
2017
10,161
10,293
10,175
2017
10,262
10,420
10,255
2017
10,219
10,363
10,214
2018
10,084
10,193
10,061
2018
10,147
10,254
10,144
2018
10,210
10,310
10,200
2018
10,195
10,224
10,164
2019
10,441
10,516
10,421
2019
10,714
10,911
10,703
2019
10,956
11,359
10,920
2019
10,991
11,327
10,975
2020
11,212
11,744
11,198
2020
11,425
11,938
11,402
2020
11,458
12,094
11,416
2020
11,478
12,152
11,407
2021
11,451
11,907
11,364
2021
11,388
11,890
11,349
2021
11,445
12,084
11,396
2021
11,363
12,012
11,323
2022
11,066
11,592
11,037
2022
10,477
10,912
10,488
2022
10,288
10,693
10,287
2022
10,029
10,469
10,021
2023
10,009
10,465
10,033
2023
10,190
10,678
10,206
2023
10,027
10,565
10,072
2023
9,994
10,593
10,047
2024
10,200
10,813
10,262
2024
10,197
10,818
10,258
2024
10,774
11,336
10,823
2024
10,714
11,321
10,783
2025
10,858
11,441
10,932
2025
10,785
11,408
10,861
2025
11,133
11,691
11,187
2025
11,419
11,967
11,491
2026
11,702
12,158
11,756

202501-4140694, 202603-5315116

E326-052 4/26

Average Annual Total Returns

Table Summary
1 Year
5 Years
10 Years
Mortgage-Backed Securities Multi-Sector Account Portfolio
7.77%
0.43%
1.58%
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)
6.26
0.42
1.97
Bloomberg U.S. Mortgage Backed Securities Index (Strategy Benchmark)
7.54
0.68
1.63

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

  • Total Net Assets (000s)$46,551
  • Number of Portfolio Holdings710
  • Investment Advisory Fees Paid (000s)$(38)
  • Portfolio Turnover Rate377.6%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Table Summary
U.S. Government & Agency Mortgage-Backed Securities
106.9%
Short-Term and Other
-6.9

Top Ten Holdings (as a % of Net Assets)

Table Summary
Federal National Mortgage Assn.
39.2%
UMBS
23.9
Federal Home Loan Mortgage
22.7
Government National Mortgage Assn.
21.2

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.

Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

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.

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's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) - (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

2026

2025

Audit Fees

$ 34,043      $ 33,841

Audit-Related Fees

- -

Tax Fees

- -

All Other Fees

- -

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.

(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 $1,522,000 and $1,818,000, 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.

(i)  Not applicable.

(j)  Not applicable.

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
February
28,
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
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
8.06‌
$
7.93‌
$
8.10‌
$
9.20‌
$
9.60‌
Investment
activities
Net
investment
income
(1)(2)
0.38‌
0.37‌
0.32‌
0.23‌
0.08‌
Net
realized
and
unrealized
gain/loss
0.23‌
0.13‌
(0.17‌)
(1.11‌)
(0.40‌)
Total
from
investment
activities
0.61‌
0.50‌
0.15‌
(0.88‌)
(0.32‌)
Distributions
Net
investment
income
(0.39‌)
(0.37‌)
(0.32‌)
(0.22‌)
(0.08‌)
NET
ASSET
VALUE
End
of
period
$
8.28‌
$
8.06‌
$
7.93‌
$
8.10‌
$
9.20‌
Ratios/Supplemental
Data
Total
return
(2)(3)
7.77‌%
6.46‌%
1.90‌%
(9.55‌)%
(3.37‌)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.08‌%
0.04‌%
0.06‌%
0.03‌%
0.04‌%
Net
expenses
after
waivers/payments
by
Price
Associates
0.02‌%
0.02‌%
0.02‌%
0.02‌%
0.02‌%
Net
investment
income
4.75‌%
4.63‌%
4.02‌%
2.70‌%
0.88‌%
Portfolio
turnover
rate
377.6‌%
290.3‌%
552.5‌%
775.5‌%
916.0‌%
Net
assets,
end
of
period
(in
thousands)
$
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.
T.
ROWE
PRICE
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
February
28,
2026
3
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
106.9%
U.S.
Government
Agency
Obligations
85.7%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
21‌
21‌
3.00%,
5/1/27
-
4/1/43
121‌
115‌
3.50%,
12/1/41
-
5/1/43
205‌
199‌
4.00%,
8/1/40
-
12/1/41
228‌
225‌
4.50%,
6/1/39
-
5/1/42
149‌
152‌
5.00%,
11/1/33
-
12/1/40
77‌
80‌
5.50%,
6/1/35
-
10/1/38
43‌
45‌
6.00%,
12/1/33
-
10/1/39
19‌
20‌
6.50%,
9/1/34
-
9/1/39
25‌
28‌
Federal
Home
Loan
Mortgage,
ARM
1Y
CMT
+
2.245%,
5.935%,
1/1/36
-‌
-‌
1Y
CMT
+
2.25%,
6.317%,
10/1/36
-‌
-‌
1Y
CMT
+
2.347%,
6.111%,
11/1/34
3‌
3‌
RFUCCT1Y
+
1.625%,
6.625%,
4/1/37
1‌
1‌
RFUCCT1Y
+
1.737%,
6.476%,
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
+
2.032%,
6.398%,
11/1/36
1‌
1‌
RFUCCT1Y
+
2.069%,
6.318%,
2/1/37
-‌
-‌
Federal
Home
Loan
Mortgage,
CMO,
6.00%,
3/15/32
9‌
9‌
Federal
Home
Loan
Mortgage,
CMO,
IO
1.50%,
1/25/51
1,174‌
118‌
2.00%,
4/25/52
710‌
101‌
2.50%,
3/25/51
-
4/25/51
2,201‌
342‌
3.00%,
12/15/32
45‌
1‌
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
41‌
37‌
2.00%,
9/1/36
-
4/1/52
3,007‌
2,534‌
2.50%,
3/1/42
-
8/1/52
1,897‌
1,670‌
3.00%,
5/1/31
-
7/1/52
312‌
289‌
3.50%,
11/1/38
-
5/1/52
202‌
194‌
4.00%,
6/1/37
-
9/1/52
382‌
374‌
4.50%,
9/1/37
-
6/1/53
260‌
260‌
5.00%,
10/1/48
-
2/1/56
1,020‌
1,031‌
5.50%,
10/1/53
-
10/1/55
1,250‌
1,281‌
6.00%,
12/1/52
-
8/1/55
1,322‌
1,366‌
6.50%,
9/1/54
-
8/1/55
78‌
82‌
Federal
National
Mortgage
Assn.
3.50%,
6/1/42
-
5/1/46
295‌
286‌
Par/Shares
$
Value
(Amounts
in
000s)
4.00%,
11/1/40
122‌
123‌
Federal
National
Mortgage
Assn.,
ARM
RFUCCT1Y
+
1.34%,
5.59%,
12/1/35
1‌
-‌
RFUCCT1Y
+
1.70%,
6.20%,
11/1/37
1‌
1‌
RFUCCT1Y
+
1.857%,
6.453%,
8/1/36
1‌
1‌
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
12/1/36
-
1/1/42
374‌
334‌
2.00%,
9/1/36
-
3/1/52
4,319‌
3,709‌
2.50%,
11/1/31
-
6/1/52
3,205‌
2,840‌
3.00%,
2/1/30
-
7/1/52
2,170‌
2,031‌
3.50%,
11/1/26
-
7/1/50
1,205‌
1,160‌
4.00%,
12/1/30
-
11/1/52
738‌
734‌
4.50%,
7/1/39
-
12/1/52
791‌
797‌
5.00%,
7/1/33
-
11/1/53
921‌
940‌
5.50%,
12/1/33
-
11/1/55
2,442‌
2,500‌
6.00%,
3/1/33
-
10/1/55
1,842‌
1,915‌
6.50%,
2/1/32
-
8/1/55
819‌
855‌
UMBS,
TBA (1)
1.50%,
3/1/41
48‌
44‌
2.00%,
3/1/41
-
3/1/56
3,348‌
2,839‌
2.50%,
3/1/41
-
3/1/56
1,463‌
1,280‌
3.00%,
3/1/41
-
3/1/56
1,284‌
1,168‌
3.50%,
3/1/56
1,311‌
1,236‌
4.00%,
3/1/56
806‌
784‌
4.50%,
3/1/56
263‌
260‌
5.00%,
3/1/56
1,021‌
1,026‌
5.50%,
3/1/56
45‌
46‌
6.00%,
3/1/56
2,220‌
2,277‌
6.50%,
3/1/56
153‌
159‌
39,925‌
U.S.
Government
Obligations
21.2%
Government
National
Mortgage
Assn.
1.50%,
12/20/36
-
1/20/37
96‌
88‌
2.00%,
1/20/51
-
3/20/52
1,374‌
1,164‌
2.50%,
4/20/51
-
4/20/52
1,613‌
1,423‌
3.00%,
3/20/43
-
3/20/52
934‌
862‌
3.50%,
9/15/41
-
2/20/50
710‌
686‌
4.00%,
2/20/40
-
6/20/53
662‌
648‌
4.50%,
6/15/39
-
6/20/53
696‌
701‌
5.00%,
1/20/33
-
4/20/53
630‌
643‌
5.50%,
2/20/33
-
1/20/49
198‌
205‌
6.00%,
9/20/34
-
9/20/52
227‌
237‌
Government
National
Mortgage
Assn.,
ARM,
1Y
CMT
+
1.50%,
5.625%,
5/20/34
6‌
6‌
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
10‌
9‌
4.00%,
7/20/40
15‌
15‌
T.
ROWE
PRICE
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
4
Par/Shares
$
Value
(Amounts
in
000s)
Government
National
Mortgage
Assn.,
CMO,
IO
2.00%,
12/20/50
-
2/20/51
2,903‌
349‌
3.50%,
5/20/43
31‌
5‌
4.00%,
2/20/43
13‌
2‌
Government
National
Mortgage
Assn.,
TBA (1)
2.00%,
3/20/56
161‌
136‌
2.50%,
3/20/56
616‌
544‌
3.00%,
3/20/56
85‌
78‌
4.00%,
3/20/56
40‌
39‌
4.50%,
3/20/56
640‌
632‌
5.00%,
3/20/56
420‌
421‌
5.50%,
3/20/56
905‌
917‌
6.00%,
3/20/56
42‌
43‌
9,853‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$49,794)
49,778‌
SHORT-TERM
INVESTMENTS
22.3%
Money
Market
Funds
22.3%
T.
Rowe
Price
Government
Reserve
Fund,
3.73% (2)(3)
10,385‌
10,385‌
Total
Short-Term
Investments
(Cost
$10,385)
10,385‌
Total
Investments
in
Securities
129.2%
of
Net
Assets
(Cost
$60,179)
$
60,163‌
‡
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
$13,929
and
represents
29.9%
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
(6.0)%
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
(6.0)%
U.S.
Government
Agency
Obligations
(1.4)%
UMBS,
TBA
3.00%,
3/1/56
58
(52‌)
3.50%,
3/1/56
169
(159‌)
4.00%,
3/1/56
129
(125‌)
4.50%,
3/1/56
213
(211‌)
5.00%,
3/1/56
105
(106‌)
(653‌)
U.S.
Government
Obligations
(4.6)%
Government
National
Mortgage
Assn.,
TBA
4.00%,
3/20/56
10
(10‌)
6.00%,
3/20/56
2,075
(2,117‌)
(2,127‌)
Total
TBA
Sales
Commitments
(Proceeds
$(2,772))
(2,780‌)
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
year
ended
February
28,
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,
3.73%
$
-‌#
$
-‌
$
221‌+
Supplementary
Investment
Schedule
Affiliate
Value
2/28/25
Purchase
Cost
Sales
Cost
Value
2/28/26
T.
Rowe
Price
Government
Reserve
Fund,
3.73%
$
3,564‌
¤
¤
$
10,385‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$221
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
$10,385.
T.
ROWE
PRICE
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
February
28,
2026
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
$60,179)
$
60,163‌
Receivable
for
investment
securities
sold
4,578‌
Interest
receivable
145‌
Due
from
affiliates
4‌
Total
assets
64,890‌
Liabilities
Payable
for
investment
securities
purchased
15,538‌
TBA
Sales
Commitments
(proceeds
$2,772)
2,780‌
Other
liabilities
21‌
Total
liabilities
18,339‌
NET
ASSETS
$
46,551‌
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(20,742‌)
Paid-in
capital
applicable
to
5,623,601
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
of
the
Corporation
authorized
67,293‌
NET
ASSETS
$
46,551‌
NET
ASSET
VALUE
PER
SHARE
$
8.28‌
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
Statement
of
Operations
8
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
2/28/26
Investment
Income
(Loss)
Income
.
Interest
$
2,651‌
Dividend
221‌
Total
income
2,872‌
Expenses
Custody
49‌
Waived
/
paid
by
Price
Associates
(38‌)
Total
expenses
11‌
Net
investment
income
2,861‌
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
loss
on
securities
(3,145‌)
Change
in
net
unrealized
gain
/
loss
Securities
3,108‌
TBA
Sales
Commitments
(41)
40‌
Change
in
net
unrealized
gain
/
loss
3,148‌
Net
realized
and
unrealized
gain
/
loss
3‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
2,864‌
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
Statement
of
Changes
in
Net
Assets
9
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
..
.
.
.
.
.
.
.
. ..
.
..
Ended
.
.
.
.
.
.
. .
.
.
.
.
..
..
.
2/28/26
2/28/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
2,861‌
$
5,342‌
Net
realized
loss
(3,145‌)
(3,560‌)
Change
in
net
unrealized
gain
/
loss
3,148‌
4,240‌
Increase
in
net
assets
from
operations
2,864‌
6,022‌
Distributions
to
shareholders
Net
earnings
(2,899‌)
(5,323‌)
Capital
share
transactions
*
Shares
sold
11,180‌
50,705‌
Distributions
reinvested
2,877‌
5,227‌
Shares
redeemed
(73,200‌)
(61,505‌)
Decrease
in
net
assets
from
capital
share
transactions
(59,143‌)
(5,573‌)
Net
Assets
Decrease
during
period
(59,178‌)
(4,874‌)
Beginning
of
period
105,729‌
110,603‌
End
of
period
$
46,551‌
$
105,729‌
*Share
information
(000s)
Shares
sold
1,371‌
6,266‌
Distributions
reinvested
357‌
654‌
Shares
redeemed
(9,221‌)
(7,744‌)
Decrease
in
shares
outstanding
(7,493‌)
(824‌)
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
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.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund's
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
11
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
February
28,
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
February
28,
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
$
-
$
49,778
$
-
$
49,778
Short-Term
Investments
10,385
-
-
10,385
Total
$
10,385
$
49,778
$
-
$
60,163
Liabilities
TBA
Sales
Commitments
$
-
$
2,780
$
-
$
2,780
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
13
Other
Purchases
and
sales
of
U.S.
government
securities
aggregated
$238,510,000 and
$299,494,000,
respectively,
for
the
year ended
February
28,
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.
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
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
February
28,
2026,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
February
28,
2026,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards
and
straddle
deferrals.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
Further,
a
portion
of
the
fund's
available
capital
loss
carryforwards
are
subject
to
certain
limitations
on
amount
or
timing
of
use
related
to
an
ownership
change.
($000s)
February
28,
2026
February
28,
2025
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
2,899‌
$
5,323‌
($000s)
Cost
of
investments
$
60,205‌
Unrealized
appreciation
$
718‌
Unrealized
depreciation
(768‌)
Net
unrealized
appreciation
(depreciation)
$
(50‌)
($000s)
Undistributed
ordinary
income
$
23‌
Net
unrealized
appreciation
(depreciation)
(50‌)
Loss
carryforwards
and
deferrals
(20,715‌)
Total
distributable
earnings
(loss)
$
(20,742‌)
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
14
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.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
invested
in
the
T.
Rowe
Price
Government
Reserve
Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
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
year
ended
February
28,
2026,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
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
Associates
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,
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
15
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
16
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Directors
of
T.
Rowe
Price
Multi-Sector
Account
Portfolios,
Inc.
and
Shareholders
of
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
(constituting
T.
Rowe
Price
Multi-Sector
Account
Portfolios,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
February
28,
2026,
the
related
statement
of
operations
for
the
year
ended
February
28,
2026,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2026,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
February
28,
2026,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2026
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
February
28,
2026
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
April
21,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
T.
ROWE
PRICE
Mortgage-Backed
Securities
Multi-Sector
Account
Portfolio
17
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 2/28/26
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
For
shareholders
subject
to
interest
expense
deduction
limitation
under
Section
163(j),
$2,799,000
of
the
fund's
income
qualifies
as
a
Section
163(j)
interest
dividend
and
can
be
treated
as
interest
income
for
purposes
of
Section
163(j),
subject
to
holding
period
requirements
and
other
limitations.
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.
E326-050
4/26

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)  

N-CSR

    (2)  

Listing standards relating to recovery of erroneously awarded compensation: not applicable.

    (3)  

30a-2(a)

(b)     

30a-2(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

David Oestreicher       
Principal Executive Officer
Date  April 21, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By

/s/ David Oestreicher

David Oestreicher       
Principal Executive Officer
Date April 21, 2026
By

/s/ Alan S. Dupski

Alan S. Dupski
Principal Financial Officer
Date  April 21, 2026
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