T. Rowe Price
Limited-Term Bond Portfolio
Annual Report
December 31, 1996
Dear Investor
After taking its lumps in the first half of 1996, the bond market
largely rebounded over the last six months. The economy slowed
and inflation fears subsided, allowing interest rates to settle
into a narrow range after their sharp ascent earlier in the year.
After posting a slight loss in the first half, the Lehman
Aggregate Bond Index, a broad measure of the market's
performance, returned 4.9% in the second half. Due to the earlier
loss, however, its full-year return was a modest 3.6%.
At midyear, the economy appeared to be gaining momentum, and
consumer prices were on the rise, leading to fears that inflation
was making a comeback. Indeed, the economy grew at a robust 4.7%
annualized rate in the second quarter. The financial markets
widely expected the Federal Reserve to raise the key federal
funds target to curb accelerating growth. The bond market
responded by raising yields on the two-year Treasury note and
current coupon GNMA to highs of 6.3% and 8%, respectively, as
shown in the chart.
Chart 1 - Yield Comparison
However, the Fed chose to stay the course, keeping the fed funds
target at 5.25%, where it had been since January. That strategy
proved correct, as the economy slowed to a more moderate 2.1%
growth pace in the third quarter and inflation fears subsided.
In the fall and especially after the presidential election in
early November, the bond market rallied on confirmation of slower
growth, subdued inflation, and continuation of the status quo in
Washington with a Democratic White House and a
Republican-controlled Congress. Despite an uptick in December
after Fed Chairman Alan Greenspan's remark about potential
"irrational exuberance" in the financial markets, the two-year
Treasury and current coupon GNMA yields ended the year below
their levels of six months ago.
Intermediate interest rates finished slightly higher over the
last 12 months, after fluctuating in a wide range. Therefore,
bond returns came entirely from income rather than price
appreciation. High-yield (lower-quality) bonds and
mortgage-backed issues performed best in this environment.
Performance and Strategy Review
With interest rates settling into a narrow range over the last
six months, we concentrated on maintaining a slightly
above-average yield and keeping the portfolio's duration between
2.6 and 2.8 years. (Duration is a measure of a bond portfolio's
price sensitivity to interest rate changes.)
As part of our strategy to add incremental yield, we continued to
hold a significant portion of assets in high-quality corporate
bonds and mortgage-backed securities because they provide higher
levels of income. This strategy proved beneficial as both sectors
outperformed Treasuries during the second half.
Performance Comparison
Periods Ended 12/31/96 6 Months 12 Months
_____________________________________________________________
Limited-Term
Bond Portfolio 3.82% 3.26%
Lipper Short Intermediate
Investment-Grade Debt
Funds Average 3.95 4.28
Your portfolio posted a solid return over the last six months,
though slightly behind its peer group average. Results for the 12
months ended December 31 were lackluster and again lagged the
peer group because of our relatively longer duration earlier in
the year when the bond market soured.
In the past few months, we increased our mortgage position to 29%
of net assets and reduced our corporate bond holdings (including
asset-backed securities and commercial paper) to about 50% as
their relative values became increasingly less attractive. Our
mortgage holdings are concentrated in securities with relatively
stable cash flows in changing rate environments, namely
short-duration, 15-year pass-throughs, collateralized mortgage
obligations (CMOs), and securities with balloon payments. These
tend to be less volatile than more traditional pass-through
mortgage issues and can perform somewhat differently from the
overall mortgage market.
Our reductions in corporate holdings were primarily in
lower-quality issues. We eliminated our BB-rated holdings and
trimmed many of our BBB-rated finance and industrial holdings, as
well as lower-rated media and telecommunications bonds. Overall
credit quality remains high, with 88% of portfolio assets
invested in securities rated A or higher.
There were two reasons behind this drive to improve quality.
First, the yield advantage of lower-quality versus higher-quality
bonds narrowed, making it harder to justify taking on the
additional credit risk. Second, the risk of credit downgrades
among investment-grade issuers increased somewhat with the
growing use of cash and debt (as opposed to equity) to finance
merger activity late in the year.
Overall, the portfolio continued to be well diversified among
U.S. Treasuries, corporate bonds, and mortgage-backed issues, as
shown in the table following this letter. Our positions in
utilities and banking were high at 8% and 10%, respectively,
because they were among the few sectors with attractive
valuations.
Summary and Outlook
The economy has seemingly settled into a moderate growth pattern,
and the Fed has apparently adopted a wait-and-see approach. In
coming months, as the current economic expansion approaches its
sixth anniversary, bonds should at least earn their coupons as
long as growth remains moderate and inflation stays in check.
Respectfully submitted,
Edward A. Wiese
Executive Vice President
and Chairman of the Investment Advisory Committee
January 20, 1997
Portfolio Highlights
Key Statistics
Periods
Ended
12/31/96
____________________________________________________________
Dividend Yield*
6 months 5.88%
12 months 5.96
Dividend Per Share
6 months $ 0.14
12 months 0.29
Change in Price Per Share
6 months (from $4.89 to $4.93) $ 0.04
12 months (from $5.06 to $4.93) -0.13
Weighted Average Maturity (years) 3.5
Weighted Average Effective Duration (years) 2.8
____________________________________________________________
*Dividends earned and reinvested for the periods indicated are
annualized and divided by the average daily net asset values per
share for the same period.
Quality Diversification
Percent of Percent of
Net Assets Net Assets
6/30/96 12/31/96
______________________________________________________________
Quality Rating*
AAA 56% 55%
AA 7 6
A 22 27
BBB 13 12
BB 2 -
B - -
________________________________________________________________
Weighted Average Quality AA AA
_________________________________________________________________
*Based on T. Rowe Price research.
Portfolio Highlights
Security Diversification
Percent of Percent of
Net Assets Net Assets
6/30/96 12/31/96
________________________________________________________________
Mortgage-Backed Securities 21% 29%
U.S. Treasury Obligations 24 21
Banking 4 10
Utilities 7 8
Industrials 10 8
Commercial Paper 11 5
Asset-Backed Securities 4 4
Finance and Credit 5 3
Investment Dealers 4 3
Transportation 2 3
Retail 2 2
Consumer Products 1 2
All Others 4 3
Other Assets Less Liabilities 1 -1
T. Rowe Price Limited-Term Bond Portfolio
December 31, 1996
Performance Comparison
This chart 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 result is
compared with a broad-based average or index. The index return
does not reflect expenses, which have been deducted from the
fund's return.
Chart 2 - Limited Term Bond Portfolio
Average Annual Compound Total Return
This table shows how the fund would have performed each year if
its actual (or cumulative) returns for the periods shown had been
earned at a constant rate.
Since Inception
Periods Ended 12/31/96 1 Year Inception Date
_______________________________________________________________
Limited-Term Bond Portfolio 3.26% 5.94% 5/13/94
Investment return and principal value represent past performance
and will vary. Shares may be worth more or less at redemption
than at original purchase.
Total returns do not include charges imposed by your insurance
company's separate account. If these were included, performance
would have been lower.
Financial Highlights
T. Rowe Price Limited-Term Bond Portfolio
For a share outstanding
throughout each period
_______________________________
Year 5/13/94
Ended to
12/31/96 12/31/95 12/31/94
NET ASSET VALUE
Beginning of period $ 5.06 $ 4.92 $ 5.00
Investment activities
Net investment income 0.29 0.33 0.21
Net realized and unrealized
gain (loss) (0.13) 0.14 (0.08)
Total from investment activities 0.16 0.47 0.13
Distributions
Net investment income (0.29) (0.33) (0.21)
NET ASSET VALUE
End of period $ 4.93 $ 5.06 $ 4.92
_______________________________
Ratios/Supplemental Data
Total return 3.26% 9.88% 2.62%
Ratio of expenses to average
net assets 0.70% 0.70% 0.70%!
Ratio of net investment income to
average net assets 5.83% 6.60% 6.63%!
Portfolio turnover rate 97.7% 73.7% 146.0%!
Net assets, end of period
(in thousands) $ 12,312 $ 3,966 $ 2,081
! Annualized.
The accompanying notes are an integral part of these financial
statements.
Statement of Net Assets
T. Rowe Price Limited-Term Bond Portfolio
December 31, 1996
Par/Shares Value
_________________________________________________________________
In
thousands
CORPORATE BONDS AND NOTES 40.9%
Banking 10.2%
Banco Latinoamericano
Notes, (144a)
6.97%, 10/16/00 $ 100 $ 100
Bankers Trust of New York
Deb., 9.50%, 6/14/00 100 109
Barnett Banks, Sub. Notes
8.50%, 3/1/99
75 78
Chase Manhattan
Sub. Notes
8.00%, 4/15/02 35 35
Credit Foncier France
Eurodollar, Notes
8.00%, 2/23/98 100 102
First Hawaiian, Sr. Notes
6.25%, 8/15/00 100 99
First Union, Sub. Notes
9.45%, 6/15/99 100 107
Firstar, Sub. Notes
7.15%, 9/1/00 15 15
Great Western Financial
Notes, 6.375%, 7/1/00 100 99
HSBC Finance Nederland
Sub. Gtd. Notes, (144a)
7.40%, 4/15/03 80 82
MBNA, Sr. Notes
7.49%, 9/14/99 100 103
Midlantic, Deb.
9.25%, 9/1/99 100 106
Northern Trust, MTN
9.15%, 3/13/98 25 26
Republic of New York, Deb.
8.875%, 2/15/01 110 119
Shawmut, Deb.
8.125%, 2/1/97 50 50
Union Planters, Sub. Notes
6.25%, 11/1/03 25 24
1,254
Consumer Products 2.1%
Anheuser Busch
Deb., 8.75%, 12/1/99 100 106
Notes, 6.75%, 8/1/03 50 50
Grand Metropolitan Investment
Gtd. Notes
6.50%, 9/15/99 $ 100 $ 100
256
Finance and Credit 3.3%
Advanta, MTN
7.00%, 5/1/01 75 75
American Express Credit
Deb., 8.50%, 6/15/99 100 105
Aristar, Sr. Notes
7.875%, 2/15/99 50 52
Chubb, Deb.
8.75%, 11/15/99 75 78
Heller Financial, Notes
5.625%, 3/15/00 100 97
407
Industrials 7.7%
Alcan Aluminum Ltd.
Deb., 5.875%, 4/1/00 130 128
Burlington Industries
Notes, 7.25%, 9/15/05 50 49
Corning, Deb.
8.75%, 7/15/99 100 105
Eaton Off Shore Ltd.
Gtd. Notes
9.00%, 2/15/01 100 107
Ford Motor Credit, MTN
8.21%, 3/16/99 100 104
Freeport McMoRan
Sr. Notes
7.00%, 2/15/08 50 48
General Motors Acceptance
Corporation, MTN
6.625%, 4/24/00 100 100
International Paper, Deb.
9.70%, 3/15/00 100 109
Lockheed, Deb.
9.375%, 10/15/99 15 16
Lockheed Martin, Notes
6.55%, 5/15/99 85 85
WMX Technologies, Notes
7.125%, 6/15/01 100 102
953
Investment Dealers 2.9%
Bear Stearns, Notes
7.625%, 9/15/99 $ 80 $ 83
Lehman Brothers, MTN
6.75%, 5/24/99 100 100
Merrill Lynch, Notes
7.05%, 4/15/03 100 99
Salomon, MTN
5.90%, 2/9/98 75 75
357
Media and Communications 1.7%
Lucent Technologies, Notes
6.90%, 7/15/01 100 102
News America Holdings
Sr. Notes, 7.50%, 3/1/00 100 102
204
Petroleum 0.2%
Occidental Petroleum
MTN, 5.85%, 11/9/98 25 25
25
Retail 2.3%
Dayton Hudson, Notes
7.50%, 3/1/99 100 102
Rite Aid, Notes
6.70%, 12/15/01 75 75
Sears Roebuck & Co.
MTN, 8.23%, 5/4/99 100 104
281
Transportation 2.7%
Burlington Northern, Notes
7.40%, 5/15/99 75 76
Delta Air Lines, Deb.
9.875%, 5/15/00 100 108
Federal Express, Notes
6.25%, 4/15/98 97 97
Union Pacific, Notes
7.00%, 6/15/00 50 51
332
Utilities 7.8%
Baltimore Gas & Electric
1st Mtg. Notes
8.40%, 10/15/99 100 105
Commonwealth Edison
1st Mtg. Bonds
9.375%, 2/15/00 75 80
Connecticut Light & Power
1st Ref. Mtg. Bonds
5.50%, 2/1/99 $ 100 $ 97
Consumers Power
1st Mtg. Bonds
6.875%, 5/1/98 15 15
Long Island Lighting
Gen. & Ref. Bonds
8.75%, 2/15/97 40 40
MCI Communications
Sr. Notes
7.125%, 1/20/00 100 102
Midamerican Energy
Sr. Notes
6.50%, 12/15/01 100 99
Orange & Rockland Utilities
Deb., 6.14%, 3/1/00 50 49
Pacific Gas & Electric
1st Mtg. Bonds
8.75%, 1/1/01 50 54
Progress Capital Holdings
MTN, (144a)
6.88%, 8/1/01 150 151
Public Service Electric & Gas
1st Ref. Mtg. Bonds
6.25%, 1/1/07 75 71
System Energy Resources
1st Mtg. Notes
6.00%, 4/1/98 100 99
962
Total Corporate Bonds and Notes
(Cost $5,026) 5,031
WARRANTS 0.0%
President Casinos
Warrants, 9/30/99*!# 1 0
Total Warrants (Cost $1) 0
U.S. GOVERNMENT MORTGAGE-BACKED
SECURITIES 28.6%
U.S. Government Agency Obligations 21.7%
Federal Home Loan Mortgage
5 year balloon
5.00%, 6/1/99 114 112
6.00%, 4/1/99 39 38
7 year balloon
6.50%, 12/1/99 $ 288 $ 288
7.00%, 5/1/99 147 149
REMIC
5.40%, 10/15/12 200 198
5.50%, 6/15/13 250 249
6.00%, 2/15/03 200 200
6.75%, 10/15/03 250 251
7.00%, 3/15/08 70 71
Federal National Mortgage Assn.
7.00%, 4/1/09 488 491
REMIC
5.35%, 9/25/02 250 248
6.50%, 5/25/04 250 251
7.00%, 6/25/03 79 80
7.50%, 8/25/05 46 47
2,673
U.S. Government Guaranteed Obligations 6.9%
Government National Mortgage Assn.
I
6.50%, 5/15/09 579 573
10.00%
11/15/09 - 4/15/19 125 137
Midget, I
10.00%
11/15/00 - 2/15/01 65 68
10.50%
4/15/98 - 6/15/99 62 64
842
Total U.S. Government Mortgage-
Backed Securities (Cost $3,489) 3,515
U.S. GOVERNMENT OBLIGATIONS 21.8%
U.S. Government Agency Obligations 1.0%
Federal Home Loan Mortgage
6.725%, 8/15/00 30 30
Federal National Mortgage Assn.
7.65%, 10/6/06 100 101
131
U.S. Treasury Obligations 20.8%
U.S. Treasury Notes
6.375%
5/15/99 - 8/15/02 650 655
6.50%
8/31/01 - 10/15/06 1,525 1,540
6.875%, 3/31/00 $ 200 $ 204
7.50%, 5/15/02 150 159
2,558
Total U.S. Government Obligations
(Cost $2,696) 2,689
ASSET-BACKED SECURITIES 4.5%
Credit Card-Backed 2.5%
American Express Master
Trust, 7.15%, 8/15/99 50 51
Discover Credit Card
7.85%, 11/21/00 100 103
First Deposit Master Trust
6.05%, 8/15/02 100 100
Signet Credit Card Master
Trust, 5.20%, 2/15/02 50 49
303
Home Equity Loans-Backed 0.8%
Access Financial Mortgage
Loan Trust
6.90%, 5/18/11 100 101
101
Receivables-Backed 1.2%
Harley Davidson Eaglemark
6.35%, 10/15/02 50 50
Yamaha Motor Master Trust
6.20%, 5/15/03 100 99
149
Total Asset-Backed Securities
(Cost $551) 553
MUNICIPAL BONDS 0.3%
Taxable Municipal 0.3%
University of Miami, GO
6.90%, 4/1/04 40 40
Total Municipal Bonds (Cost $40) 40
COMMERCIAL PAPER 4.6%
Investments in Commercial
Paper through a joint
account
6.75 - 7.10%, 1/2/97 568 568
Total Commercial Paper (Cost $568) 568
Total Investments in Securities
100.7% of Net Assets (Cost $12,371) $ 12,396
Other Assets Less Liabilities (84)
NET ASSETS $ 12,312
Net Assets Consist of:
Accumulated net investment income -
net of distributions $ (22)
Accumulated net realized gain/loss -
net of distributions (70)
Net unrealized gain (loss) 25
Paid-in-capital applicable to 2,499,462
shares of $0.0001 par value capital stock
outstanding; 1,000,000,000 shares of the
Corporation authorized 12,379
NET ASSETS $ 12,312
___________
NET ASSET VALUE PER SHARE $ 4.93
___________
! Private Placement
* Non-income producing
# Securities contain some restrictions as to public
resale.
GO General Obligation
MTN Medium Term Note
REMIC Real Estate Mortgage Investment Conduit
144a Security was purchased pursuant to Rule 144a under the
Securities Act of 1933 and may not be resold subject to
that rule except to qualified institutional buyers -
total of such securities at year-end amounts to 2.7% of
net assets.
The accompanying notes are an integral part of these financial
statements.
Statement of Operations
T. Rowe Price Limited-Term Bond Portfolio
In thousands
Year
Ended
12/31/96
Investment Income
Income
Interest income $ 534
Expenses
Investment management and administrative 57
Net investment income 477
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on securities (78)
Change in net unrealized gain or loss
on securities (29)
Net realized and unrealized gain (loss) (107)
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 370
_____________
The accompanying notes are an integral part of these financial
statements.
Statement of Changes in Net Assets
T. Rowe Price Limited-Term Bond Portfolio
In thousands
Year
Ended
12/31/96 12/31/95
Increase (Decrease) in Net Assets
Operations
Net investment income $ 477 $ 165
Net realized gain (loss) (78) (5)
Change in net unrealized gain
or loss (29) 79
Increase (decrease) in net assets
from operations 370 239
Distributions to shareholders
Net investment income (477) (165)
Capital share transactions*
Shares sold 15,053 2,070
Distributions reinvested 477 165
Shares redeemed (7,077) (424)
Increase (decrease) in net assets
from capital share transactions 8,453 1,811
Net Assets
Increase (decrease) during period 8,346 1,885
Beginning of period 3,966 2,081
End of period $ 12,312 $ 3,966
______________________
*Share information
Shares sold 3,056 413
Distributions reinvested 97 33
Shares redeemed (1,438) (85)
Increase (decrease) in shares
outstanding 1,715 361
The accompanying notes are an integral part of these financial
statements.
Notes to Financial Statements
T. Rowe Price Limited-Term Bond Portfolio
December 31, 1996
Note 1 - Significant Accounting Policies
T. Rowe Price Fixed Income Series, Inc. (the corporation) is
registered under the Investment Company Act of 1940. The
Limited-Term Bond Portfolio (the fund), a diversified, open-end
management investment company, is one of the portfolios
established by the corporation and commenced operations on May
13, 1994. The shares of the fund are currently being offered only
to separate accounts of certain insurance companies as an
investment medium for both variable annuity contracts and
variable life insurance policies.
Valuation Debt securities are generally traded in the
over-the-counter market. Investments in securities originally
issued with maturities of one year or more are stated at fair
value as furnished by dealers who make markets in such securities
or by an independent pricing service, which considers 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. Securities with original maturities of less than one
year are stated at fair value, which is determined by using a
matrix system that establishes a value for each security based on
money market yields. Warrants are valued at the last bid price.
Assets and liabilities for which the above valuation procedures
are inappropriate or are deemed not to reflect fair value are
stated at fair value as determined in good faith by or under the
supervision of the officers of the fund, as authorized by the
Board of Directors.
Premiums and Discounts Premiums and discounts on debt
securities, other than mortgage-backed securities, are amortized
for both financial reporting and tax purposes. Premiums and
discounts on mortgage-backed securities are recognized upon
principal repayment as gain or loss for financial reporting
purposes and as ordinary income for tax purposes.
Other Income and expenses are recorded on the accrual basis.
Investment transactions are accounted for on the trade date.
Realized gains and losses are reported on the identified cost
basis. Distributions to shareholders are recorded by the fund on
the ex-dividend date. Income and capital gain distributions are
determined in accordance with federal income tax regulations and
may differ from those determined in accordance with generally
accepted accounting principles.
Note 2 - Investment Transactions
Commercial Paper Joint Account The fund, and other affiliated
funds, may transfer uninvested cash into a commercial paper joint
account, the daily aggregate balance of which is invested in
high-grade commercial paper. All securities purchased by the
joint account satisfy the fund's criteria as to quality, yield,
and liquidity.
Other Purchases and sales of portfolio securities, other than
short-term and U.S. government securities, aggregated $6,795,000
and $2,527,000, respectively, for the year ended December 31,
1996. Purchases and sales of U.S. government securities
aggregated $9,273,000 and $4,882,000, respectively, for the year
ended December 31, 1996.
Note 3 - Federal Income Taxes
No provision for federal income taxes is required since the fund
intends to continue to qualify as a regulated investment company
and distribute all of its taxable income. The fund has an unused
realized capital loss carryforward for federal income tax
purposes of $70,000, which expires in 2004. The fund intends to
retain gains realized in future periods that may be offset by
available capital loss carryforwards.
In order for the fund's capital accounts and distributions to
shareholders to reflect the tax character of certain
transactions, the following reclassifications were made during
the year ended December 31, 1996. The results of operations and
net assets were not affected by the reclassifications.
_________________________________________________________________
Undistributed net investment income $ (8,000)
Undistributed net realized gain 8,000
At December 31, 1996, the aggregate cost of investments for
federal income tax and financial reporting purposes was
$12,371,000, and net unrealized gain aggregated $25,000, of which
$70,000 related to appreciated investments and $45,000 to
depreciated investments.
Note 4 - Related Party Transactions
The investment management and administrative agreement between
the fund and T. Rowe Price Associates, Inc. (the manager)
provides for an all-inclusive annual fee, computed daily and paid
monthly, equal to 0.70% of the fund's average daily net assets.
Pursuant to the agreement, investment management, shareholder
servicing, transfer agency, accounting, and custody services are
provided to the fund, and interest, taxes, brokerage commissions,
and extraordinary expenses are paid directly by the fund.
Report of Independent Accountants
To the Board of Directors of T. Rowe Price Fixed Income Series,
Inc.
and Shareholders of the Limited-Term Bond Portfolio
In our opinion, the accompanying statement of net assets and the
related statements of operations and of changes in net assets and
the financial highlights present fairly, in all material
respects, the financial position of the Limited-Term Bond
Portfolio (one of the portfolios constituting T. Rowe Price Fixed
Income Series, Inc., hereafter referred to as the "Fund") at
December 31, 1996, and the results of its operations, the changes
in its net assets and the financial highlights for each of the
fiscal periods presented, in conformity with generally accepted
accounting principles. These financial statements and financial
highlights (hereafter referred to as "financial statements") are
the responsibility of the Fund's management; our responsibility
is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements
in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used
and significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31,
1996, by correspondence with custodians and, where appropriate,
the application of alternative auditing procedures for unsettled
security transactions, provide a reasonable basis for the opinion
expressed above.
PRICE WATERHOUSE LLP
Baltimore, Maryland
January 20, 1997
Invest With Confidence(registered trademark)
T. Rowe Price
100 East Pratt Street
Baltimore, Maryland 21202
This report is authorized for distribution only to
contractholders and to others who have received a copy of the
portfolio's prospectus.
T. Rowe Price Investment Services, Inc., Distributor
TRP656 (3/97)
RPRTLTP 12/31/96
Chart 1 - Yield Comparison - A 4-line chart showing yields on the
5-year Treasury note, 2-year Treasury note, current coupon GNMA,
and Federal Funds Rate from 12/31/95 through 12/31/96.
Chart 2 - Limited Term Bond Portfolio - Performance Comparison
showing the cumulative growth of $10,000 invested in the
Limited-Term Bond Balance Portfolio from inception compared with
$10,000 invested in a broad-based index or average over the same
period.
