<PAGE>
PROSPECTUS
SUPPLEMENT
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SBL FUND
MEMBERS OF THE SECURITY BENEFIT GROUP OF COMPANIES
700 HARRISON, TOPEKA, KANSAS 66636-0001
SUPPLEMENT DATED NOVEMBER 2, 1998
TO PROSPECTUS DATED APRIL 1, 1998
Effective November 2, 1998, OppenheimerFunds, Inc. became the sub-adviser to
Series D. This Prospectus is amended as set forth below to reflect this change
in the Series' sub-adviser and certain changes in the Series' investment
policies.
Under the section "SERIES D (WORLDWIDE EQUITY SERIES)," the references to
Lexington Management Corporation as the Sub-Adviser are replaced with
OppenheimerFunds, Inc. as the Sub-Adviser.
The last paragraph under the section "SERIES D (WORLDWIDE EQUITY SERIES)" is
deleted in its entirety and replaced with the following:
Series D may from time to time employ or enter into the following
investment practices. Series D may make contracts to purchase
securities for a fixed price at a future date beyond customary
settlement time ("forward commitments"), because new issues of
securities are typically offered to investors on that basis. See the
discussion of forward commitments under "Investment Methods and Risk
Factors." Series D may buy and sell futures contracts (and options on
such contracts) to manage its exposure to changes in securities prices
and foreign currencies and as an efficient means of adjusting its
overall exposure to certain markets. The Series may purchase and write
call and put options on securities, financial indices, and foreign
currencies. The Series may write call and put options only on a
"covered" basis. Initial margin deposits and premiums on options used
for non-hedging purposes will not equal more than 5 percent of the
Series' net asset value. See the discussion of "Forward Currency
Transactions," "Futures Contracts and Related Options" and "Options"
under "Investment Methods and Risk Factors."
As a fundamental policy, for the purpose of realizing additional
income, Series D may lend securities with a value of up to 33 1/3
percent of its total assets to broker-dealers, institutional
investors, or other persons. Any such loan will be continuously
secured by collateral at least equal to the value of the securities
loaned. For a discussion of the limitations on lending and risks of
lending, see "Investment Methods and Risk Factors" -- "Lending of
Portfolio Securities." The Series may purchase securities that are
restricted as to disposition under the federal securities laws,
provided that such securities are eligible for resale to qualified
institutional investors pursuant to Rule 144A under the Securities Act
of 1933 and subject to the Series' policy that not more than 10
percent of its total assets will be invested in illiquid securities.
See the discussion of restricted securities under "Investment Methods
and Risk Factors." The Series may enter into repurchase agreements
which are described under "Investment Methods and Risk Factors."
Series D also may invest in real estate investment trusts (REITs)
which are described under "Investment Methods and Risk Factors."
The sub-section "SHARES OF OTHER INVESTMENT COMPANIES" under "INVESTMENT
METHODS AND RISK FACTORS," is deleted in its entirety and replaced with the
following:
Series D, K, M, N, O and X may invest in shares of other investment
companies. A Series' investment in shares of other investment
companies may not exceed immediately after purchase 10 percent of the
Series' total assets and no more than 5 percent of its total assets
may be invested in the shares of any one investment company.
The second paragraph of the section "MANAGEMENT OF THE FUND" is deleted in
its entirety and replaced with the following:
The Investment Manager has engaged OppenheimerFunds, Inc.
("Oppenheimer"), Two World Trade Center, New York, New York
10048-0203, to provide certain investment advisory services to Series
D. Pursuant to a sub-advisory agreement, Oppenheimer furnishes
investment advisory, statistical and research facilities, supervises
and arranges for the purchase and sale of securities on behalf of
Series D and provides for the compilation and maintenance of records
pertaining to such investment advisory services, subject to the
control and supervision of the Board of Directors of the Fund and the
Investment Manager.
Oppenheimer is owned by Oppenheimer Acquisition Corp., a holding
company that is owned in part by senior officers of Oppenheimer and
controlled by Massachusetts Mutual Life Insurance Company. Oppenheimer
has been providing investment advice since 1959. In addition,
Oppenheimer and its subsidiaries currently manage investment companies
with assets of more than $85 billion, and more than 4 million
shareholder accounts.
The Investment Manager has engaged Lexington Management Corporation
("Lexington"), Park 80 West, Plaza Two, Saddle Brook, New Jersey
07663, to provide investment advisory services to Series K of the
Fund. Pursuant to the agreement, Lexington furnishes investment
advisory, statistical and research facilities, supervises and arranges
for the purchase and sale of securities on behalf of Series K and
provides for the compilation and maintenance of records pertaining to
such investment advisory services, subject to the control and
supervision of the Board of Directors of the Fund and the Investment
Manager. Lexington is a wholly-owned subsidiary of Lexington Global
Asset Managers, Inc., a Delaware corporation with offices at Park 80
West, Plaza Two, Saddle Brook, New Jersey 07663. Descendants of
Lunsford Richardson, Sr., their spouses, trusts and other related
entities have a majority voting control of the outstanding shares of
Lexington Global Asset Managers, Inc. Lexington which was established
in 1938 currently serves as an investment adviser, sub-adviser and/or
sponsor to 21 investment companies with varying objectives and manages
over $3.8 billion in assets.
The seventh and eighth paragraphs of the section "MANAGEMENT OF THE FUND" are
deleted in their entirety and replaced with the following:
Subject to the supervision and direction of the Fund's Board of
Directors, the Investment Manager manages the Fund's portfolios in
accordance with each Series' stated investment objective and policies
and makes all investment decisions, except that as to Series D of the
Fund, the Investment Manager supervises such management of the Series
by Oppenheimer, as to Series K, supervises management of the Series by
Lexington, as to Series M, supervises management of the Series by
Meridian, as to Series N and O, supervises management of those Series
by T. Rowe Price, and as to Series X, supervises management of the
Series by Strong. As compensation for its management services, the
Investment Manager receives on an annual basis, an amount equal to .75
percent of the average net assets of Series A, B, E, S, J, K, P, and
V; .50 percent of the average net assets of Series C; and 1.00 percent
of the average net assets of Series D, M, N, O, and X computed on a
daily basis and payable monthly.
The Investment Manager pays Oppenheimer an annual fee equal to a
percentage of the average daily closing value of the combined net
assets of Series D and another series managed by the Investment
Manager, computed on a daily basis as follows: 0.35 percent of the
combined average daily net assets up to $300 million, plus 0.30
percent of such assets over $300 million up to $750 million and 0.25
percent of such assets over $750 million.
The Investment Manager pays Lexington an annual fee equal to .35
percent of the average net assets of Series K for management services
provided to Series K. For the services provided to Lexington by MFR,
MFR, receives from Lexington, on an annual basis, a fee equal to .15
percent of the average net assets of Series K, calculated daily and
payable monthly.
The section "PORTFOLIO MANAGEMENT" is deleted in its entirety and replaced
with the following:
Steve Bowser, Second Vice President and Portfolio Manager of the
Investment Manager, has co-managed SERIES E (HIGH GRADE INCOME SERIES)
since June 1997 and the fixed-income portion of SERIES M'S
(SPECIALIZED ASSET ALLOCATION SERIES) portfolio since January 1998.
Prior to joining the Investment Manager in 1992, he was Assistant Vice
President and Portfolio Manager with Federal Home Loan Bank of Topeka
from 1989 to 1992. He was employed at the Federal Reserve Bank of
Kansas City in 1988 and began his career with the Farm Credit System
from 1982 to 1987, serving as Senior Financial Analyst and Assistant
Controller. He graduated with a Bachelor of Science degree from Kansas
State University in 1982. He is a Chartered Financial Analyst.
Pat Boyle, Portfolio Manager at Meridian, has managed the equity
portion of SERIES M'S (SPECIALIZED ASSET ALLOCATION SERIES) portfolio
since August 1997. He has five years of investment experience and is a
Chartered Financial Analyst. Mr. Boyle graduated from the University
of Denver with a B.S.B.A. degree and an M.S. degree in Finance.
David Eshnaur, Assistant Vice President and Portfolio Manager of
the Investment Manager, has co-managed SERIES E (HIGH GRADE INCOME
SERIES) and the fixed-income portion of SERIES M'S (SPECIALIZED ASSET
ALLOCATION SERIES) portfolio since January 1998 and SERIES P (HIGH
YIELD SERIES) since July 1997. Mr. Eshnaur has 15 years of investment
experience. Prior to joining the Investment Manager in 1997, he worked
at Waddell & Reed in the positions of Assistant Vice President,
Assistant Portfolio Manager, Senior Analyst, Industry Analyst and
Account Administrator. Mr. Eshnaur earned a Bachelor of Arts degree in
Business Administration from Coe College and an M.B.A. degree in
Finance from the University of Missouri-Kansas City.
Denis P. Jamison, CFA, Senior Vice President, Director Fixed Income
Strategy of Lexington, has co-managed SERIES K (GLOBAL AGGRESSIVE BOND
SERIES) since its inception in 1995. He is responsible for
fixed-income portfolio management for Lexington. He is a member of the
New York Society of Security Analysts. Mr. Jamison has more than 20
years investment experience. Prior to joining Lexington in 1981, Mr.
Jamison had spent nine years at Arnold Bernhard & Company, an
investment counseling and financial services organization. At
Bernhard, he was a Vice President supervising the security analyst
staff and managing investment portfolios. He is a specialist in
government, corporate and municipal bonds. Mr. Jamison is a graduate
of the City College of New York with a B.A. in Economics.
Terry A. Milberger, Senior Vice President and Senior Portfolio
Manager of the Investment Manager, has managed SERIES A (GROWTH
SERIES) since 1989. Mr. Milberger has more than 20 years of investment
experience. He began his career as an investment analyst in the
insurance industry and from 1974 through 1978 he served as an
assistant portfolio manager for the Investment Manager. He was then
employed as Vice President of Texas Commerce Bank and managed its
pension fund assets until he returned to the Investment Manager in
1981. Mr. Milberger holds a bachelor's degree in business and an
M.B.A. from the University of Kansas and is a Chartered Financial
Analyst. His investment philosophy is based on patience and
opportunity for the long-term investor.
Edmund M. Notzon, Managing Director of T. Rowe Price and a Senior
Portfolio Manager in the firm's Taxable Bond Department, has managed
SERIES N (MANAGED ASSET ALLOCATION SERIES) since its inception in
1995. He joined T. Rowe Price in 1989 and has been managing
investments since 1991. Prior to joining T. Rowe Price, Mr. Notzon was
Director of the Analysis and Evaluation Division at the U.S.
Environmental Protection Agency.
Ronald C. Ognar, Portfolio Manager of Strong, has managed SERIES X
(SMALL CAP SERIES) since its inception in 1997. He is a Chartered
Financial Analyst with more than 25 years of investment experience.
Mr. Ognar joined Strong in April 1993 after two years as a principal
and portfolio manager with RCM Capital Management. Prior to his
position at RCM Capital Management, he was a portfolio manager at
Kemper Financial Services in Chicago. Mr. Ognar began his investment
career in 1968 at LaSalle National Bank. He is a graduate of the
University of Illinois with a bachelor's degree in accounting.
Michael Petersen, Vice President and Senior Portfolio Manager of
the Investment Manager, has managed SERIES B (GROWTH-INCOME SERIES)
since December 1997. Mr. Petersen has 15 years of investment
experience. Prior to joining the Investment Manager in 1997, he was
Director of Equity Research and Fund Management at Old Kent Bank and
Trust Corporation from 1988 to 1997. Prior to 1988, he was an
Investment Officer at First Asset Management. Mr. Petersen earned a
Bachelor of Science degree in Accounting from the University of
Minnesota. He is a Chartered Financial Analyst.
Maria Fiorini Ramirez, President and Chief Executive Officer of
MFR, has managed SERIES K (GLOBAL AGGRESSIVE BOND SERIES) since its
inception in 1995. She began her career as a credit analyst with
American Express International Banking Corporation in 1968. In 1972,
Ms. Ramirez moved to Banco Nazionale De Lavoro in New York. The
following year, she started a ten year association with Merrill Lynch,
serving as Vice President and Senior Money Market Economist. She
joined Becker Paribas in 1984 as Vice President and Senior Money
Market Economist before joining Drexel Burnham Lambert that same year
as First Vice President and Money Market Economist. She was promoted
to Managing Director of Drexel in 1986. From April 1990 to August
1992, Ms. Ramirez was the President and Chief Executive Officer of
Maria Ramirez Capital Consultants, Inc., a subsidiary of John Hancock
Freedom Securities Corporation. Ms. Ramirez established MFR in August
1992. She is known in international financial, banking and economic
circles for her assessment of the interaction between global economic
policy and political trends and their effect on investments. Ms.
Ramirez holds a B.A. in Business Administration/Economics from Pace
University.
Brian C. Rogers, Managing Director and Portfolio Manager for T.
Rowe Price, has managed SERIES O (EQUITY INCOME SERIES) since its
inception in 1995. He joined T. Rowe Price in 1982 and has been
managing investments since 1983.
James P. Schier, Assistant Vice President and Portfolio Manager of
the Investment Manager, has managed SERIES J (EMERGING GROWTH SERIES)
since January 1998 and SERIES V (VALUE SERIES) since its inception in
1997. He has 13 years experience in the investment field and is a
Chartered Financial Analyst. While employed by the Investment Manager,
he also served as a research analyst. Prior to joining the Investment
Manager in 1995, he was a portfolio manager for Mitchell Capital
Management from 1993 to 1995. From 1988 to 1995 he served as Vice
President and Portfolio Manager for Fourth Financial. Prior to 1988,
Mr. Schier served in various positions in the investment field for
Stifel Financial, Josepthal & Company and Mercantile Trust Company.
Mr. Schier earned a Bachelor of Business degree from the University of
Notre Dame and an M.B.A. from Washington University.
Cindy L. Shields, Assistant Vice President and Portfolio Manager of
the Investment Manager, has managed SERIES S (SOCIAL AWARENESS SERIES)
since 1994. She has eight years experience in the securities field.
Ms. Shields has been a portfolio manager since 1994, and prior to that
time, she served as a research analyst for the Investment Manager. She
is a Chartered Financial Analyst. Ms. Shields graduated from Washburn
University with a Bachelor of Business Administration degree, majoring
in finance and economics. She joined the Investment Manager in 1989.
Tom Swank, Vice President and Portfolio Manager of the Investment
Manager, has co-managed SERIES P (HIGH YIELD SERIES) since its
inception in 1996. He has over ten years of experience in the
investment field. He is a Chartered Financial Analyst. Prior to
joining the Investment Manager in 1992, he was an Investment
Underwriter and Portfolio Manager for U.S. West Financial Services,
Inc. from 1986 to 1992. From 1984 to 1986, he was a Commercial Credit
Officer for United Bank of Denver. From 1982 to 1984, he was employed
as a Bank Holding Company examiner for the Federal Reserve Bank of
Kansas City - Denver Branch. Mr. Swank graduated from Miami University
in Ohio with a Bachelor of Science degree in Finance in 1982 and
earned a Master of Business Administration degree from the University
of Colorado.
William L. Wilby, Senior Vice President of Oppenheimer, became
manager of SERIES D (WORLDWIDE EQUITY SERIES) in November 1998. Prior
to joining Oppenheimer in 1991, he was an international investment
strategist at Brown Brothers Harriman & Co. Prior to Brown Brothers,
Mr. Wilby was a managing director and portfolio manager at AIG Global
Investors. He joined AIG from Northern Trust Bank in Chicago, where he
was an international pension manager. Before starting his career in
portfolio management, Mr. Wilby was an international financial
economist at Northern Trust Bank and at the Federal Reserve Bank in
Chicago. Mr. Wilby is a graduate of the United States Military Academy
and holds an M.A. and a Ph.D. in International Monetary Economics from
the University of Colorado. He is a Chartered Financial Analyst.
<PAGE>
SBL FUND
A Member of The Security Benefit Group of Companies
700 SW Harrison, Topeka, Kansas 66636-0001
SUPPLEMENT DATED NOVEMBER 2, 1998
TO STATEMENT OF ADDITIONAL INFORMATION
DATED APRIL 1, 1998
Effective November 2, 1998, OppenheimerFunds, Inc. became the sub-adviser to
Series D and certain changes to Series D's fundamental investment limitations
were approved by shareholders. This Statement of Additional Information is
amended as set forth below to reflect these changes.
The fifth paragraph of the section "WHAT IS SBL FUND," page 1, is deleted in
its entirety and replaced with the following:
Professional investment advice is provided to the Fund and to each
Series by Security Management Company, LLC (the "Investment Manager"),
which is ultimately controlled by SBL. The Investment Manager has
engaged OppenheimerFunds, Inc. ("Oppenheimer') to provide investment
advisory services to Series D of the Fund. The Investment Manager has
engaged Lexington Management Corporation ("Lexington") to provide
certain investment advisory services to Series K of the Fund.
Lexington has entered into a sub-advisory contract with MFR Advisors,
Inc. ("MFR") to provide Series K with investment and economic research
services. The Investment Manager has engaged T. Rowe Price Associates,
Inc. ("T. Rowe Price") to provide certain investment advisory services
to Series N and O. The Investment Manager has engaged Meridian
Investment Management Corporation ("Meridian") to provide certain
investment advisory services to Series M and Strong Capital
Management, Inc. ("Strong") to provide certain investment advisory
services to Series X.
Under the section "SERIES D (WORLDWIDE EQUITY SERIES)," page 5, the
references to Lexington Management Corporation as the Sub-Adviser are replaced
with OppenheimerFunds, Inc. as the Sub-Adviser.
The section "INVESTMENT POLICY LIMITATIONS," page 50, is amended by deleting
all references to Series D. The section is further amended by adding the
following:
Series D's investment limitations are as follows:
1. No Series will purchase a security if, as a result, with respect
to 75% of the value of its total assets, more than 5% of the
value of its total assets would be invested in the securities of
any one issuer (other than obligations issued or guaranteed by
the U.S. Government, its agencies or instrumentalities).
2. No Series will purchase more than 10% of the outstanding voting
securities of any one issuer.
3. No Series will purchase securities for the purpose of exercising
control over the issuers thereof.
4. No Series may act as underwriter of securities issued by others,
except to the extent that the Series may be considered an
underwriter within the meaning of the Securities Act of 1933 in
the disposition of restricted securities.
5. No Series may borrow in excess of 33 1/3% of its total assets.
6. No Series may lend any security or make any other loan if, as a
result, more than 33 1/3% of the Series' total assets would be
lent to other parties, except (i) through the purchase of a
portion of an issue of debt securities in accordance with its
investment objective and policies, or (ii) by engaging in
repurchase agreements with respect to portfolio securities.
7. No Series may concentrate investments in particular industries or
make an investment in any one industry if, when added to its
other investments, total investments in the same industry then
held by the Series would exceed 25% of the value of its assets.
8. No Series may purchase or sell interests in real estate except as
are represented by securities of companies, including real estate
trusts whose assets consist substantially of interests in real
estate, including obligations secured by real estate or interests
therein and which therefore may represent indirect interest in
real estate.
9. No Series may invest in commodities, except that as consistent
with its investment objective and policies, a Series may: (a)
purchase and sell options, forward contracts and futures
contracts, including without limitation those relating to
indices; (b) purchase and sell options on futures contracts or
indices; and (c) purchase publicly traded securities of companies
engaging in such activities.
10. No Series may issue senior securities, except as permitted under
the Investment Company Act of 1940.
The following operating policies of Series D are not fundamental
policies and may be changed by a vote of a majority of the Fund's
Board of Directors without shareholder approval.
1. The Series may borrow money or securities for any purpose except
that borrowing up to 5% of the Series' total assets from
commercial banks is permitted for emergency or temporary
purposes.
2. The Series does not currently intend to lend assets other than
securities to other parties. (This limitation does not apply to
purchases of debt securities or to repurchase agreements.)
3. The Series does not currently intend to sell securities short,
unless it owns or has the right to obtain securities equivalent
in kind and amount to the securities sold short, and provided
that transactions in futures contracts and options are not deemed
to constitute selling securities short. In addition, the Series
does not currently intend to purchase securities on margin,
except that the Series may obtain such short-term credits as are
necessary for the clearance of transactions, and provided that
margin payments in connection with futures contracts and options
on futures contracts shall not constitute purchasing securities
on margin.
4. The Series may not, except in connection with a merger,
consolidation, acquisition, or reorganization, invest in the
securities of other investment companies, including investment
companies advised by the Investment Manager, if, immediately
after such purchase or acquisition, more than 10% of the value of
the Series' total assets would be invested in such securities,
more than 5% of the value of the Series' total assets would be
invested in the securities of any one investment company, or the
Series would own more than 3% of the total outstanding voting
stock of another investment company.
The fifth paragraph of the section "INVESTMENT MANAGEMENT," page 55, is
deleted in its entirety and replaced with the following:
The Investment Manager has entered into a sub-advisory agreement
with OppenheimerFunds, Inc. ("Oppenheimer"), Two World Trade Center,
New York, NY 10048-0203, to provide certain investment advisory
services to Series D. Pursuant to this agreement, Oppenheimer
furnishes investment advisory, statistical and research facilities,
supervises and arranges for the purchase and sale of securities on
behalf of Series D and provides for the compilation and maintenance of
records pertaining to such investment advisory services, subject to
the control and supervision of the Fund's Board of Directors and the
Investment Manager. For such services, the Investment Manager pays
Oppenheimer an annual fee equal to a percentage of the average daily
closing value of the combined net assets of Series D and another
series managed by the Investment Manager, Security Equity Fund, Global
Series, computed on a daily basis as follows: 0.35 percent of the
combined average daily net assets up to $300 million, plus 0.30
percent of such assets over $300 million up to $750 million and 0.25
percent of such assets over $750 million.
Oppenheimer is owned by Oppenheimer Acquisition Corp., a holding
company that is owned in part by senior officers of Oppenheimer and
controlled by Massachusetts Mutual Life Insurance Company. Oppenheimer
has been providing investment advice since 1959. In addition,
Oppenheimer and its subsidiaries currently manage investment companies
with assets of more than $85 billion, and more than 4 million
shareholder accounts.
The Investment Manager has retained Lexington Management
Corporation ("Lexington"), Park 80 West, Plaza Two, Saddle Brook, New
Jersey 07663, to furnish certain investment advisory services to
Series K of the Fund pursuant to a Sub-Advisory Agreement, dated May
1, 1995. Pursuant to the agreement, Lexington furnishes investment
advisory, statistical and research facilities, supervises and arranges
for the purchase and sale of securities on behalf of Series K and
provides for the compilation and maintenance of records pertaining to
such investment advisory services, subject to the control and
supervision of the Board of Directors of the Fund and the Investment
Manager. For such services, the Investment Manager pays Lexington an
amount equal to .35% of the average net assets of Series K, computed
on a daily basis and payable monthly. The Lexington Sub-Advisory
Agreement may be terminated without penalty at any time by either
party on 60 days' written notice and are automatically terminated in
the event of assignment or in the event that the Investment Advisory
Contract between the Investment Manager and the Fund is terminated,
assigned or not renewed.
The section "PORTFOLIO MANAGEMENT," page 58, is deleted in its entirety and
replaced with the following:
Steve Bowser, Second Vice President and Portfolio Manager of the
Investment Manager, has co-managed SERIES E (HIGH GRADE INCOME SERIES)
since June 1997 and the fixed-income portion of SERIES M'S
(SPECIALIZED ASSET ALLOCATION SERIES) portfolio since January 1998.
Prior to joining the Investment Manager in 1992, he was Assistant Vice
President and Portfolio Manager with Federal Home Loan Bank of Topeka
from 1989 to 1992. He was employed at the Federal Reserve Bank of
Kansas City in 1988 and began his career with the Farm Credit System
from 1982 to 1987, serving as Senior Financial Analyst and Assistant
Controller. He graduated with a Bachelor of Science degree from Kansas
State University in 1982. He is a Chartered Financial Analyst.
Pat Boyle, Portfolio Manager at Meridian, has managed the equity
portion of SERIES M'S (SPECIALIZED ASSET ALLOCATION SERIES) portfolio
since August 1997. He has five years of investment experience and is a
Chartered Financial Analyst. Mr. Boyle graduated from the University
of Denver with a B.S.B.A. degree and an M.S. degree in Finance.
David Eshnaur, Assistant Vice President and Portfolio Manager of
the Investment Manager, has co-managed SERIES E (HIGH GRADE INCOME
SERIES) and the fixed-income portion of SERIES M'S (SPECIALIZED ASSET
ALLOCATION SERIES) portfolio since January 1998 and SERIES P (HIGH
YIELD SERIES) since July 1997. Mr. Eshnaur has 15 years of investment
experience. Prior to joining the Investment Manager in 1997, he worked
at Waddell & Reed in the positions of Assistant Vice President,
Assistant Portfolio Manager, Senior Analyst, Industry Analyst and
Account Administrator. Mr. Eshnaur earned a Bachelor of Arts degree in
Business Administration from Coe College and an M.B.A. degree in
Finance from the University of Missouri-Kansas City.
Denis P. Jamison, C.F.A., Senior Vice President, Director Fixed
Income Strategy of Lexington, has co-managed SERIES K (GLOBAL
AGGRESSIVE BOND SERIES) since its inception in 1995. He is responsible
for fixed-income portfolio management for Lexington. He is a member of
the New York Society of Security Analysts. Mr. Jamison has more than
20 years investment experience. Prior to joining Lexington in 1981,
Mr. Jamison had spent nine years at Arnold Bernhard & Company, an
investment counseling and financial services organization. At
Bernhard, he was a Vice President supervising the security analyst
staff and managing investment portfolios. He is a specialist in
government, corporate and municipal bonds. Mr. Jamison is a graduate
of the City College of New York with a B.A. in Economics.
Terry A. Milberger, Senior Vice President and Senior Portfolio
Manager of the Investment Manager, has managed SERIES A (GROWTH
SERIES) since 1989. Mr. Milberger has more than 20 years of investment
experience. He began his career as an investment analyst in the
insurance industry and from 1974 through 1978 he served as an
assistant portfolio manager for the Investment Manager. He was then
employed as Vice President of Texas Commerce Bank and managed its
pension fund assets until he returned to the Investment Manager in
1981. Mr. Milberger holds a bachelor's degree in business and an
M.B.A. from the University of Kansas and is a Chartered Financial
Analyst. His investment philosophy is based on patience and
opportunity for the long-term investor.
Edmund M. Notzon, Managing Director of T. Rowe Price and a Senior
Portfolio Manager in the firm's Taxable Bond Department, has managed
SERIES N (MANAGED ASSET ALLOCATION SERIES) since its inception in
1995. He joined T. Rowe Price in 1989 and has been managing
investments since 1991. Prior to joining T. Rowe Price, Mr. Notzon was
Director of the Analysis and Evaluation Division at the U.S.
Environmental Protection Agency.
Ronald C. Ognar, Portfolio Manager of Strong, has managed SERIES X
(SMALL CAP SERIES) since its inception in 1997. He is a Chartered
Financial Analyst with more than 25 years of investment experience.
Mr. Ognar joined Strong in April 1993 after two years as a principal
and portfolio manager with RCM Capital Management. Prior to his
position at RCM Capital Management, he was a portfolio manager at
Kemper Financial Services in Chicago. Mr. Ognar began his investment
career in 1968 at LaSalle National Bank. He is a graduate of the
University of Illinois with a bachelor's degree in accounting.
Michael Petersen, Vice President and Senior Portfolio Manager of
the Investment Manager, has managed SERIES B (GROWTH-INCOME SERIES)
since December 1997. Mr. Petersen has 15 years of investment
experience. Prior to joining the Investment Manager in 1997, he was
Director of Equity Research and Fund Management at Old Kent Bank and
Trust Corporation from 1988 to 1997. Prior to 1988, he was an
Investment Officer at First Asset Management. Mr. Petersen earned a
Bachelor of Science degree in Accounting from the University of
Minnesota. He is a Chartered Financial Analyst.
Maria Fiorini Ramirez, President and Chief Executive Officer of
MFR, has managed SERIES K (GLOBAL AGGRESSIVE BOND SERIES) since its
inception in 1995. She began her career as a credit analyst with
American Express International Banking Corporation in 1968. In 1972,
Ms. Ramirez moved to Banco Nazionale De Lavoro in New York. The
following year, she started a ten year association with Merrill Lynch,
serving as Vice President and Senior Money Market Economist. She
joined Becker Paribas in 1984 as Vice President and Senior Money
Market Economist before joining Drexel Burnham Lambert that same year
as First Vice President and Money Market Economist. She was promoted
to Managing Director of Drexel in 1986. From April 1990 to August
1992, Ms. Ramirez was the President and Chief Executive Officer of
Maria Ramirez Capital Consultants, Inc., a subsidiary of John Hancock
Freedom Securities Corporation. Ms. Ramirez established MFR in August
1992. She is known in international financial, banking and economic
circles for her assessment of the interaction between global economic
policy and political trends and their effect on investments. Ms.
Ramirez holds a B.A. in Business Administration/ Economics from Pace
University.
Brian C. Rogers, Managing Director and Portfolio Manager for T.
Rowe Price, has managed SERIES O (EQUITY INCOME SERIES) since its
inception in 1995. He joined T. Rowe Price in 1982 and has been
managing investments since 1983.
James P. Schier, Assistant Vice President and Portfolio Manager of
the Investment Manager, has managed SERIES J (EMERGING GROWTH SERIES)
since January 1998 and SERIES V (VALUE SERIES) since its inception in
1997. He has 13 years experience in the investment field and is a
Chartered Financial Analyst. While employed by the Investment Manager,
he also served as a research analyst. Prior to joining the Investment
Manager in 1995, he was a portfolio manager for Mitchell Capital
Management from 1993 to 1995. From 1988 to 1995 he served as Vice
President and Portfolio Manager for Fourth Financial. Prior to 1988,
Mr. Schier served in various positions in the investment field for
Stifel Financial, Josepthal & Company and Mercantile Trust Company.
Mr. Schier earned a Bachelor of Business degree from the University of
Notre Dame and an M.B.A. from Washington University.
Cindy L. Shields, Assistant Vice President and Portfolio Manager of
the Investment Manager, has managed SERIES S (SOCIAL AWARENESS SERIES)
since 1994. She has eight years experience in the securities field.
Ms. Shields has been a portfolio manager since 1994, and prior to that
time, she served as a research analyst for the Investment Manager. She
is a Chartered Financial Analyst. Ms. Shields graduated from Washburn
University with a Bachelor of Business Administration degree, majoring
in finance and economics. She joined the Investment Manager in 1989.
Tom Swank, Vice President and Portfolio Manager of the Investment
Manager, has co-managed SERIES P (HIGH YIELD SERIES) since its
inception in 1996. He has over ten years of experience in the
investment field. He is a Chartered Financial Analyst. Prior to
joining the Investment Manager in 1992, he was an Investment
Underwriter and Portfolio Manager for U.S. West Financial Services,
Inc. from 1986 to 1992. From 1984 to 1986, he was a Commercial Credit
Officer for United Bank of Denver. From 1982 to 1984, he was employed
as a Bank Holding Company examiner for the Federal Reserve Bank of
Kansas City - Denver Branch. Mr. Swank graduated from Miami University
in Ohio with a Bachelor of Science degree in Finance in 1982 and
earned a Master of Business Administration degree from the University
of Colorado.
William L. Wilby, Senior Vice President of Oppenheimer, became
manager of SERIES D (WORLDWIDE EQUITY SERIES) in November 1998. Prior
to joining Oppenheimer in 1991, he was an international investment
strategist at Brown Brothers Harriman & Co. Prior to Brown Brothers,
Mr. Wilby was a managing director and portfolio manager at AIG Global
Investors. He joined AIG from Northern Trust Bank in Chicago, where he
was an international pension manager. Before starting his career in
portfolio management, Mr. Wilby was an international financial
economist at Northern Trust Bank and at the Federal Reserve Bank in
Chicago. Mr. Wilby is a graduate of the United States Military Academy
and holds an M.A. and a Ph.D. in International Monetary Economics from
the University of Colorado. He is a Chartered Financial Analyst.
