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T. Rowe Price Fixed Income Series, Inc. – ‘NSAR-B’ for 12/31/02

On: Wednesday, 2/26/03, at 4:08pm ET · Effective: 2/26/03 · For: 12/31/02 · Accession #: 920467-3-2 · File #: 811-07153

  As Of               Filer                 Filing    For·On·As Docs:Size

 2/26/03  Price T Rowe Fixed Income Se… Inc NSAR-B     12/31/02    5:27K

Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-B      Answer File-Fixed Income (Ltp,Prp)                    15     61K 
 2: EX-99.77B ACCT LTTR  Internal Control-Ltp                          1      7K 
 3: EX-99.77B ACCT LTTR  Internal Control-Prp                          1      7K 
 4: EX-99.77D POLICIES  Security Investment-Ltp                        1      4K 
 5: EX-99.77Q3 CERT  Sub Cert-Fixed Income Funds (Ltp,Prp)             3±    12K

‘NSAR-B’ — Answer File-Fixed Income (Ltp,Prp)

SEC Info℠ rendering: Data from the Answer File, which may only contain updates to a prior Form N-SAR

Form N-SAR

Annual Report by an Open-End Investment Company

Report
Registrant: T. Rowe Price Fixed Income Series, Inc. — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end: 12/31/02

Were there any Answer File errors in the Filing? None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant? Yes

Is this an Amendment to a previous Report? No
Is this a change to a previous Report? No
Registrant
1. SEC CIK: 920467
SEC File #: 811-07153

Telephone #: 410-345-2230
2. Address: 100 East Pratt Street
Baltimore, MD 21202
3. Is this the first Form N-SAR filed by the Registrant? No
4. Is this the final Form N-SAR filed by the Registrant? No
Funds/Series ↑Top of Form N-SAR
7. Is the Registrant a Funds/Series (multiple portfolios) company? Yes

The number of separate Funds/Series (portfolios) at period end: 2
The number of separate Funds/Series (portfolios) reported here: 2...

N-SAR S# Fund/Series — Filings for F/S#… ⇒ Symbols
↓Information Common to All
↓ Series 1: T. Rowe Price Ltd. Term Bond Portfolio — S#2129
↓ Series 2: T. Rowe Price Prime Reserve Portfolio [ renamed
T. Rowe Price Government Money Portfolio ] — S#2130
Family of Investment Companies
19. Is the Registrant/Series part of a “family” of investment companies? Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family: 105

The Identification Code of the family for Form N-SAR Filings: TROWEPRICE
Investment Company Type
27. Is the Registrant an “open-end” investment company? Yes, Open-End
Additional Disclosures
77. Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)? Yes

EX-99.77B: Accountant’s Report re: Internal Controls? Yes

EX-99.77D: Policies re: Security Investments? Yes

EX-99.77Q1: Other Disclosure? Yes

EX-99.77Q3: Other Info? Yes
Subsidiaries
78. Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report? No
All Series ↑List of 2 Funds/Series Reported Here

Information Common to All Funds/Series
All: Investment Adviser
8.1 Name: T. Rowe Price Associates, Inc.
Role: Adviser
SEC File #: 801-00856
Location: Baltimore, MD
All: Principal Underwriter
11.1 Name: T. Rowe Price Investment Services, Inc.
SEC File #: 008-25130
Location: Baltimore, MD
All: Shareholder Servicing/Transfer Agent
12.1 Name: T. Rowe Price Services, Inc.
SEC File #: 084-01079
Location: Baltimore, MD
12.2 Name: T. Rowe Price Retirement Plan Services, Inc.
SEC File #: 084-01917
Location: Baltimore, MD
All: Independent Public Accountant
13.1 Name: Pricewaterhousecoopers LLP
Location: Baltimore, MD
All: Affiliated Broker/Dealer
14.1 Name: T. Rowe Price Investment Services, Inc.
SEC File #: 008-25130
All: Custodian
18. Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4? Yes
All: Brokerage Commissions Paid on Portfolio Transactions
20. The brokers who received the largest amount of gross brokerage
commissions during the period:
20.1 Broker: JPMorgan Chase
IRS #: 13-3224016
Commissions paid ($000s): 3
20.2 Broker: Salomon Smith Barney Inc.
IRS #: 11-2418191
Commissions paid ($000s): 3
20.3 Broker: Merrill Lynch Pierce Fenner & Smith, Inc.
IRS #: 13-5674085
Commissions paid ($000s): 3
20.4 Broker: Lehman Brothers, Inc.
IRS #: 13-2518466
Commissions paid ($000s): 2
20.5 Broker: Banc of America Securities
IRS #: 56-2058405
Commissions paid ($000s): 2
20.6 Broker: Deutsche Bank Securities
IRS #: 13-2730828
Commissions paid ($000s): 1
20.7 Broker: CS First Boston Corp.
IRS #: 13-5659485
Commissions paid ($000s): 1
20.8 Broker: Morgan Stanley & Co. Inc.
IRS #: 13-2655998
Commissions paid ($000s): 1
20.9 Broker: UBS Securities, Inc.
IRS #: 13-3873456
Commissions paid ($000s): 1
20.10 Broker: Banc One Capital Markets
IRS #: 31-1017233
Commissions paid ($000s): 1
21. Total brokerage commissions paid by the Registrant during the period:
Aggregate paid ($000s): 19
All: Portfolio Transactions with Entities Acting as Principals
22. The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
22.1 Entity: CS First Boston Corp.
IRS #: 13-5659485
Registrant’s purchases ($000s): 39,530
Registrant’s sales ($000s): 17,712
22.2 Entity: JPMorgan Chase&Co.
IRS #: 13-3224016
Registrant’s purchases ($000s): 40,245
Registrant’s sales ($000s): 10,074
22.3 Entity: Goldman Sachs & Co.
IRS #: 13-5108880
Registrant’s purchases ($000s): 35,229
Registrant’s sales ($000s): 8,294
22.4 Entity: Morgan Stanley & Co. Inc.
IRS #: 13-2655998
Registrant’s purchases ($000s): 25,365
Registrant’s sales ($000s): 5,875
22.5 Entity: Merrill Lynch, Pierce, Fenner & Smith Inc.
IRS #: 13-5674085
Registrant’s purchases ($000s): 22,731
Registrant’s sales ($000s): 5,950
22.6 Entity: Lehman Brothers, Inc.
IRS #: 13-2518466
Registrant’s purchases ($000s): 14,546
Registrant’s sales ($000s): 3,844
22.7 Entity: Salomon Smith Barney
IRS #: 11-2418191
Registrant’s purchases ($000s): 11,512
Registrant’s sales ($000s): 5,081
22.8 Entity: Tullerr & Tokyo Libery Inc.
Registrant’s purchases ($000s): 8,950
22.9 Entity: UBS Securities, Inc.
IRS #: 13-3873456
Registrant’s purchases ($000s): 3,754
Registrant’s sales ($000s): 3,892
22.10 Entity: Greenwich Capital Markets
Registrant’s purchases ($000s): 5,102
Registrant’s sales ($000s): 683
23. Total purchase/sale transactions by the Registrant during the period:
Aggregate purchases ($000s): 225,567
Aggregate sales ($000s): 64,358
All: Considerations which Affected the Participation of Brokers or Dealers
26. Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ............................... No
Receipt of investment research and statistical info .................... No
Receipt of quotations for portfolio valuations ......................... No
Ability to execute portfolio transactions to obtain the best price
and execution ........................................................ Yes
Receipt of telephone line and wire services ............................ No
Broker or Dealer which is an affiliated person ......................... No
An arrangement to return or credit part or all of commissions or
profits thereon...
To an Investment Adviser or Principal Underwriter, or to an
affiliated person of either ...................................... No
To the Registrant .................................................. No
Other .................................................................. No
All: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
All: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
All: Advisory Fee
54. Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................ No
Clerical and bookkeeping services ...................................... No
Accounting services .................................................... No
Services of independent auditors ....................................... No
Services of outside counsel ............................................ No
Registration and filing fees ........................................... No
Stationery, supplies and printing ...................................... No
Salaries & compensation of Registrant’s interested Directors ........... No
Salaries & compensation of Registrant’s disinterested Directors ........ Yes
Salaries & compensation of Registrant’s Officers who aren’t Directors .. No
Reports to current shareholders ........................................ No
Determination of offering and redemption prices ........................ No
Trading department ..................................................... No
Prospectus preparation and printing for current shareholders ........... No
Other .................................................................. No
Series 1 ↑Information Common to All Funds/Series ↑List of 2 Funds/Series
7. Name: T. Rowe Price Ltd. Term Bond Portfolio — S#2129

Is this the final Form N-SAR filed for this Fund/Series? No
S 1: Custodian
15.1 Name: State Street Bank & Trust Co.
Role: Custodian
Location: Boston, MA

Type of custody: Section 17(f)(1) — Bank
15.2 Name: JPMorgan Chase Bank
Role: Custodian
Location: London
England

Type of custody: Rule 17f-5 — Foreign Custodian
S 1: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.
The brokers or dealers, or their parents (issuers):
25.1 Name: Goldman Sachs
IRS #: 13-5108880
Type of security owned: Debt
Value of securities owned at period end ($000s): 300
25.2 Name: Morgan Stanley
IRS #: 13-2655998
Type of security owned: Debt
Value of securities owned at period end ($000s): 326
25.3 Name: Lehman Brothers
IRS #: 13-2518466
Type of security owned: Debt
Value of securities owned at period end ($000s): 536
S 1: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 6,182
Reinvestment of dividends and distributions ................ 355
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,712
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 2,178
Reinvestment of dividends and distributions ................ 374
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,899
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 2,999
Reinvestment of dividends and distributions ................ 317
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,781
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 2,879
Reinvestment of dividends and distributions ................ 326
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,800
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,612
Reinvestment of dividends and distributions ................ 332
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,465
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,840
Reinvestment of dividends and distributions ................ 322
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,584

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 17,690
Reinvestment of dividends and distributions ................ 2,026
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 18,241

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 1: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.7%
Step-fee rates:
For 1st $000s: 0
Annual rate: 0.0%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? No
S 1: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 1: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $0
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ............................... 0.0%
U.S. Government Agency ...................... 4.8
Repurchase agreements ....................... 0.0
State and Municipal – tax-free .............. 0.0
Bank certificates of deposit – domestic ..... 0.0
Bank certificates of deposit – foreign ...... 0.0
Bankers acceptances ......................... 0.0
Commercial paper – taxable .................. 0.0
Time deposits ............................... 0.0
Options ..................................... 0.0
All other ................................... 10.8

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ............................... 10.6%
U.S. Government Agency ...................... 16.0
State and Municipal – tax-free .............. 0.0
Corporate ................................... 42.6
All other ................................... 19.0

Non-Debt
Investments other than debt securities ...... 103.8%
63. The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
Days: 0
Years: 2.3
64. Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer? Yes

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 1: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? Yes No
Investments in restricted securities? Yes to both
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes to both
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? No –
Short selling? No –
S 1: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 59,455
Sales ($000s): 52,282

Monthly average Value of portfolio ($000s): 83,844

Percent turnover (lesser of Purchases or Sales, divided by Value): 62%
S 1: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 4,771
Net dividend income .............................................. –
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 419
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 1
Custodian fees ................................................... 25
Postage .......................................................... 3
Printing expenses ................................................ 14
Directors’ fees .................................................. 5
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... 69
Auditing fees .................................................... 11
Legal fees ....................................................... 3
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... 43
Other expenses ................................................... 7
Total expenses ................................................... 600

Expense reimbursements ($000s): 0

Net investment income ($000s): 4,171

Realized capital gains ($000s): 0
Realized capital losses ($000s): 222

Net unrealized appreciation during the period ($000s): 682
Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 4,196

Total capital gains distributions for which the record date passed
during the period ($000s): 0
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.2500

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 1: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... 10,792
Long-term debt securities, including convertible debt ............ 78,866
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ –
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. –
Other receivables ................................................ 1,117
All other assets ................................................. –
Total assets ..................................................... 90,775

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 4,182
Amounts owed to affiliated persons ............................... 40
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 178

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 86,375

Number of shares outstanding (000s): 16,989

Net Asset Value (NAV) per share (to nearest cent): $5.08

Total number of shareholder accounts: 32

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 85,771
S 1: Fidelity Bond in Effect at Fiscal Year End
80. Insurer: Ici Mutual Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s): 80,000
81. Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities? Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company): 157
82. Does the mandatory coverage of the fidelity bond have a deductible? No
83. Were any claims with respect to this Registrant/Series filed under the
bond during the period? No
84. Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not? No
85. Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else? Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series? No
Series 2 ↑Information Common to All Funds/Series ↑List of 2 Funds/Series
7. Name: T. Rowe Price Prime Reserve Portfolio [ renamed
T. Rowe Price Government Money Portfolio ] — S#2130

Is this the final Form N-SAR filed for this Fund/Series? No
S 2: Custodian
15.1 Name: State Street Bank & Trust Co.
Role: Custodian
Location: Boston, MA

Type of custody: Section 17(f)(1) — Bank
15.2 Name: JPMorgan Chase Bank
Role: Custodian
Location: London
England

Type of custody: Rule 17f-5 — Foreign Custodian
S 2: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.
The brokers or dealers, or their parents (issuers):
25.1 Name: Morgan Stanley
IRS #: 13-2655998
Type of security owned: Debt
Value of securities owned at period end ($000s): 555
25.2 Name: Merrill Lynch, Pierce, Fenner, & Smith
IRS #: 13-5674085
Type of security owned: Debt
Value of securities owned at period end ($000s): 100
25.3 Name: Deutsche Bank
IRS #: 13-2730828
Type of security owned: Debt
Value of securities owned at period end ($000s): 250
S 2: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 2,606
Reinvestment of dividends and distributions ................ 31
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 966
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 411
Reinvestment of dividends and distributions ................ 32
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,452
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 645
Reinvestment of dividends and distributions ................ 26
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,179
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,018
Reinvestment of dividends and distributions ................ 28
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 873
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,925
Reinvestment of dividends and distributions ................ 26
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 930
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 865
Reinvestment of dividends and distributions ................ 23
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 946

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 7,470
Reinvestment of dividends and distributions ................ 166
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 6,346

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 2: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.55%
Step-fee rates:
For 1st $000s: 0
Annual rate: 0.0%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? No
S 2: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? Yes
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 2: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ............................... 0.0%
U.S. Government Agency ...................... 1.0
Repurchase agreements ....................... 0.0
State and Municipal – tax-free .............. 0.0
Bank certificates of deposit – domestic ..... 2.0
Bank certificates of deposit – foreign ...... 11.5
Bankers acceptances ......................... 0.0
Commercial paper – taxable .................. 74.7
Time deposits ............................... 0.0
Options ..................................... 0.0
All other ................................... 11.9

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ............................... 0.0%
U.S. Government Agency ...................... 0.0
State and Municipal – tax-free .............. 0.0
Corporate ................................... 0.0
All other ................................... 0.0

Non-Debt
Investments other than debt securities ...... 0.0%
63. The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
Days: 60
Years: 0.0
64. Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer? Yes

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 2: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes to both
Investments in shares of other investment companies? Yes No
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes No
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? Yes No
Short selling? No –
S 2: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 0
Sales ($000s): 0

Monthly average Value of portfolio ($000s): 0

Percent turnover (lesser of Purchases or Sales, divided by Value): 0%
S 2: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 510
Net dividend income .............................................. –
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 10
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. –
Custodian fees ................................................... 22
Postage .......................................................... 1
Printing expenses ................................................ 4
Directors’ fees .................................................. 5
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... 65
Auditing fees .................................................... 11
Legal fees ....................................................... 3
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... 11
Other expenses ................................................... 7
Total expenses ................................................... 139

Expense reimbursements ($000s): 0

Net investment income ($000s): 371

Realized capital gains ($000s): 0
Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 371

Dividends from net investment income: $0.0150

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 2: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... 25,905
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ –
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. –
Other receivables ................................................ 46
All other assets ................................................. –
Total assets ..................................................... 25,951

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 250
Amounts owed to affiliated persons ............................... 25
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 48

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 25,628

Number of shares outstanding (000s): 25,623

Net Asset Value (NAV) per share (to nearest cent): $1.00
Mark-to-market NAV per share: $1.0002

Total number of shareholder accounts: 9

Total value of assets in segregated accounts ($000s): 0
75. Daily average net assets during the period ($000s): 25,302
S 2: Fidelity Bond in Effect at Fiscal Year End
80. Insurer: Ici Mutual Insurance Co.

Were any claims filed under such policy during the period with respect
to the Registrant/Series? No
Series 4 ↑Information Common to All Funds/Series ↑List of 2 Funds/Series
S 4: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 0
Sales ($000s): 0

Monthly average Value of portfolio ($000s): 0

Percent turnover (lesser of Purchases or Sales, divided by Value): 0%
S 4: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 0

Income ($000s)
Net interest income .............................................. –
Net dividend income .............................................. –
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... –
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Signature ↑Top of Form N-SAR
/s/ James S. Riepe
Name: James S. Riepe
Title: Vice President

↑Top

Filing Submission 0000920467-03-000002 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

T. Rowe Price Fixed Income Series, Inc. – ‘NSAR-B’ for 12/31/02

On: Wednesday, 2/26/03, at 4:08pm ET · Effective: 2/26/03 · For: 12/31/02 · Accession #: 920467-3-2 · File #: 811-07153

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Annual Report by an Investment Company — Form N-SAR — ICA’40Filing Table of Contents

‘NSAR-B’ — Answer File-Fixed Income (Ltp,Prp)

Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents