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2012-11-01
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2011-11-02
2012-11-01
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2011-11-02
2012-11-01
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<font style="FONT-FAMILY: Sans-Serif; FONT-SIZE: 9.5pt; FONT-WEIGHT: bold">Example</font>
<font style="font-family: serif; font-size: 10pt; ">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. </font>
<font style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="left"><br/><font style="font-family: sans-serif; font-size: 15pt; ">T. Rowe Price</font><br/><br/><font style="text-align: left; font-family: sans-serif; color: rgb(0, 79, 124); margin-left: 0pt; font-size: 24pt; ">Emerging Markets Local Multi-Sector Account Portfolio</font><br/><br/><font style="FONT-FAMILY: Sans-Serif; COLOR: #004f7c; FONT-SIZE: 12pt; FONT-WEIGHT: bold">SUMMARY</font></font>
<font style=" FONT-STYLE: italic; FONT-FAMILY: Sans-Serif; COLOR: #004f7c; FONT-SIZE: 8pt;"><b><i>Fees and Expenses of the Fund</i></b></font><br/><center><font style=" FONT-STYLE: italic; FONT-FAMILY: Sans-Serif; COLOR: #004f7c; FONT-SIZE: 8pt;"><b>Annual fund operating expenses<br/> (expenses that you pay each year as a<br/> percentage of the value of your investment)</b></font></center>
<font style="FONT-STYLE: normal; FONT-FAMILY: Sans-Serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal">Other expenses are estimated for the current fiscal year.</font>
<div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesTRowePriceEmergingMarketsLocalMultiSectorAccountPortfolio column period compact * ~</div>
Other
T. Rowe Price Multi-Sector Account Portfolios, Inc.
<font style="font-family: serif; font-size: 10pt; ">This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.</font>
<font style="font-family: serif; font-size: 10pt; ">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font>
<font style="font-family: sans-serif; color: rgb(0, 79, 124); font-size: 9.5pt; "><b>Investments, Risks, and Performance </b></font><br/><br/><font style="FONT-FAMILY: Sans-Serif; FONT-SIZE: 9.5pt;"><b>Principal Investment Strategies </b></font>
<font style="font-family: serif; font-size: 10pt; "><b><i>Nondiversification risk</i></b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund’s share price can be expected to fluctuate more than that of a comparable diversified fund.</font>
1-800-638-8790
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2012-05-01
0001533490
false
2012-11-01
2012-11-01
2012-11-01
<font style="font-family: sans-serif; color: rgb(0, 79, 124); font-size: 9.5pt; "><b>Investment Objective</b></font>
<font style="font-family: sans-serif; color: rgb(0, 79, 124); font-size: 9.5pt; "><b>Fees and Expenses </b></font>
<font style="FONT-FAMILY: Sans-Serif; FONT-SIZE: 9.5pt;"><b>Portfolio Turnover</b></font>
<font style="font-family: serif; font-size: 10pt; ">The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in securities that are denominated in emerging markets currencies, and in derivative instruments that provide investment exposure to emerging market securities or currencies. Emerging market securities include fixed rate and floating rate bonds that are issued by governments, government agencies, and supranational organizations of, and corporate issuers located in or conducting the predominant part of their business activities in, the emerging market countries of Latin America, Asia, Europe, Africa and the Middle East.<br/><br/>Investment decisions are based on fundamental research and the analysis of various market factors, such as yield and credit quality differences among bonds as well as supply and demand trends and currency values. The fund generally invests in securities where the combination of fixed-income returns and currency exchange rates appears attractive or, if the currency trend is unfavorable, where we believe the currency risk can be minimized through hedging. The fund may purchase bonds of any credit quality and there are no overall limits on the fund’s investments in bonds that are rated below investment-grade (“junk” bonds) or are not rated by any credit rating agency. There are also no maturity restrictions on the overall portfolio or on individual securities purchased by the fund.<br/><br/>Through the use of currency derivative instruments such as forward currency exchange contracts, currency swaps, currency options, and currency futures, the fund has wide flexibility to purchase and sell currencies independently of whether the fund owns securities in those currencies and to engage in currency hedging transactions. The fund’s currency positions will vary with its outlook on the relative value of various foreign currencies to one another as well as the strength or weakness of the U.S. dollar compared to foreign currencies. While the fund will normally be heavily exposed to foreign currencies, currency hedging into the U.S. dollar is permitted.<br/><br/>The fund’s overall net short positions in currencies (including the U.S. dollar) are limited to 10% of its net assets. A short position in a currency allows the fund to sell a currency in excess of the value of its holdings denominated in that currency or sell a currency even if it does not hold any assets denominated in the currency.<br/><br/>The fund is “nondiversified,” meaning it may invest a greater portion of its assets in fewer issuers than is permissible for a “diversified” fund.<br/><br/>The fund may sell holdings for a variety of reasons, such as to alter geographic or currency exposure, to adjust its average maturity, duration, or credit quality, or to shift assets into or out of higher-yielding securities.</font>
<font style="font-family: serif; font-size: 10pt; ">As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:<br/><br/><b><i>Active management risk</i></b> The fund is subject to the risk that the investment adviser’s judgments about the attractiveness, value, or potential appreciation of the fund’s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies.<br/><br/><b><i>Foreign investing risk </i></b> Investing in the securities of non-U.S. issuers involves special risks not typically associated with investing in U.S. securities. Foreign securities tend to be more volatile and less liquid than investments in U.S. securities and may lose value because of adverse political, social, or economic developments overseas. In addition, foreign investments may be subject to regulatory and accounting standards that differ from those of the U.S.<br/><br/><b><i>Emerging markets risk</i></b> The risks of foreign investing are heightened for securities of issuers in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in foreign developed markets, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets.<br/><br/><b><i>Currency risk</i></b> Because the fund’s emphasis is on investing in securities denominated in the currencies of emerging market countries, the fund is subject to the significant risk that it could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar.<br/><br/><b><i>Hedging risk</i></b> The fund’s attempts at hedging and taking long and short positions in currencies may not be successful and could cause the fund to lose money or fail to get the benefit of a gain on a hedged position. If currency values and exchange rates do not move in the anticipated direction, the fund could be in a worse position than if it had not entered into such transactions. <br/><br/><b><i>Credit risk</i></b> This is the risk that an issuer of a debt security or counterparties to over-the-counter derivatives could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. The risk of default is much greater for emerging market bonds and securities rated as below investment-grade (“junk” bonds). The fund is exposed to greater credit risk than other bond funds because companies and governments in emerging markets are usually not as strong financially and are more susceptible to economic downturns. Junk bonds should be considered speculative as they carry greater risks of default and erratic price swings due to real or perceived changes in the credit quality of the issuer.<br/><br/><b><i>Interest rate risk</i></b> This risk refers to the chance that interest rates will increase, causing a decline in bond prices. (Bond prices and interest rates usually move in opposite directions.) Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk. The monetary policies of emerging markets countries tend to make the impact and likelihood of local interest rate changes more difficult to predict.<br/><br/><b><i>Liquidity risk </i></b> This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price.<br/><br/><b><i>Nondiversification risk</i></b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund’s share price can be expected to fluctuate more than that of a comparable diversified fund.<br/><br/><b><i>Derivatives risk</i></b> To the extent the fund uses forward currency exchange contracts, swaps, options, or futures, it is exposed to additional volatility in comparison to investing directly in bonds and other debt securities. These instruments can be illiquid and difficult to value, may involve leverage so that small changes produce disproportionate losses for the fund, and instruments not traded on an exchange are subject to the risk that a counterparty to the transaction will fail to meet its obligations under the derivatives contract. The fund’s principal use of derivatives involves the risk that anticipated changes in currency values, currency exchange rates, or interest rate movements will not be accurately predicted, which could significantly harm the fund’s performance, and the chance that regulatory developments could negatively affect the fund’s investments in such instruments. Taking a short position in a particular currency could cause the fund to lose money if the currency appreciates in value.</font>
<font style="font-family: serif; font-size: 10pt; ">The fund’s share price fluctuates, which means you could lose money by investing in the fund.</font>
0.0003
0.0003
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<font style="font-family: serif; font-size: 10pt; ">Current performance information may be obtained by calling 1-800-638-8790.</font>
<font style="font-family: serif; font-size: 10pt; ">The fund seeks high current income and,</font>
<font style="font-family: serif; font-size: 10pt; ">secondarily, capital appreciation. </font>
<font style="FONT-FAMILY: Sans-Serif; FONT-SIZE: 9.5pt;"><b>Principal Risks </b></font>
<font style="font-family: serif; font-size: 10pt; ">Because the fund commenced operations in 2012, there is no historical performance information shown here. Performance history will be presented after the fund has been in operation for one full calendar year. </font>
0
<div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedTRowePriceEmergingMarketsLocalMultiSectorAccountPortfolio column period compact * ~</div>
<font style="FONT-FAMILY: Sans-Serif; FONT-SIZE: 9.5pt;"><b>Performance</b></font>
<font style="font-family: serif; font-size: 10pt; ">Because the fund commenced operations in 2012, there is no historical performance information shown here. Performance history will be presented after the fund has been in operation for one full calendar year.</font>