The Money Market and Bond Portfolios, and that portion of the Asset
Allocation Portfolio which invests in bonds and money market assets is managed
by James L. Mahnke. He has been the Portfolio Manager for these assets since
August, 1997. He is a Senior Vice President and Portfolio Manager of the
Adviser, Washington Square Advisers, where he has served in its investment
department since October, 1995. Previously he was employed by Alliance Capital
Management,L.P. from 1987 to 1995; first as an Analyst and then as a Vice
President and Portfolio Manager. He has a Masters Degree in Economics from
Purdue University.
