SUPPLEMENT DATED SEPTEMBER 7, 1995
TO PROSPECTUS DATED NOVEMBER 1, 1994
THE LEGENDS FUND, INC.
On August 24, 1995, Dreman Value Management, L.P. (the "Advisor"), the
sub-advisor to the Dreman Value Portfolio (the "Portfolio") of The Legends Fund,
Inc. (the "Fund"), entered into an agreement with Dreman Value Advisors, Inc.
("Dreman Advisors"), an affiliate of Kemper Financial Services, Inc., pursuant
to which Dreman Advisors purchased substantially all of the assets of the
Advisor. Dreman Advisors will continue the investment management business of the
Advisor, including the Advisor's investment orientation to value investing.
As a result of the purchase by Dreman Advisors, the sub-advisory agreement
between the Advisor and Integrity Life Insurance Company ("Integrity"), the
Fund's investment adviser, terminated as of that date. However, in connection
with the termination Dreman Advisors agreed with Integrity to continue to
provide investment advisory services (the "Interim Agreement") to the Portfolio
until such time as a new sub-advisory agreement in respect of the Portfolio is
approved by the Portfolio's shareholders. Dreman Advisors has agreed to provide
such services without compensation, but in all other respects the Interim
Agreement is on substantially identical terms to those of the terminated
sub-advisory agreement.
The Board of Directors of the Fund has voted to approved, and the
shareholders of the Portfolio will be asked to vote on and approve, a new
sub-advisory agreement between Integrity and Dreman Advisors. Further details
will be included in the proxy materials to be furnished to shareholders in
connection with the shareholders' meeting, which is anticipated to be held in
October 1995.
