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TO PROSPECTUS DATED NOVEMBER 1, 1995.
THE LEGENDS FUND, INC.
The Prospectus is hereby supplemented as follows:
1. BY SUBSTITUTING THE FOLLOWING LANGUAGE FOR THE DESCRIPTION OF
RENAISSANCE INVESTMENT MANAGEMENT UNDER "MANAGEMENT OF THE FUND - INVESTMENT
MANAGER, SUB-ADVISERS AND DISTRIBUTOR:"
RENAISSANCE INVESTMENT MANAGEMENT (Renaissance), 1700 Young Street, Cincinnati,
Ohio 45210, serves as the Sub-Adviser to the Renaissance Balanced Portfolio.
Renaissance is a recognized leader in providing quantitatively-based investment
management strategies to individual and institutional clients of all types,
including corporate, endowment, religious, foundation, public and Taft-Hartley
funds. As of June 30, 1995, the firm managed in excess of $1.5 billion in
assets.
Michael E. Schroer is responsible for the day-to-day management of the
Renaissance Balanced Portfolio and has been since the Portfolio's inception.
Mr. Schroer has served as Senior Vice President, Director of Research and a
portfolio manager at Renaissance since January 1984.
Renaissance Investment Management, Inc. ("RIM") and Descartes, Inc.
("Descartes") are the two general partners of Renaissance. RIM owns 80% of the
partnership interests in Renaissance and Descartes owns the remaining 20%. RIM
also has the right to purchase from Descartes partnership interests which would
give RIM an aggregate 91% of the partnership interests in Renaissance and leave
Descartes with a 9% interest in Renaissance. RIM is controlled by S. William
Miller and Frank W. Terrizzi, who together own approximately 88% of the voting
stock of RIM. Descartes is principally owned by Donald W. Kennedy, Michael E.
Schroer and Paul A. Radomski, who together own approximately 88% of the voting
stock of Descartes.
Proposed Sale of Renaissance. Renaissance is currently the subject of the
agreement described below (the "Renaissance Transaction"), the consummation of
which will result in a change in the ownership of Renaissance and, accordingly,
an automatic termination of the sub-advisory agreement between Integrity and
Renaissance. The Board of Directors of the Fund has unanimously approved a new
sub-advisory agreement between Integrity and Renaissance, to become effective
upon the consummation of the Renaissance Transaction. The new sub-advisory
agreement is being submitted for approval by the shareholders of the Renaissance
Balanced Portfolio at a meeting scheduled to be held on November 3, 1995.
Renaissance, RIM, and Descartes, together with certain key management employees
of Renaissance who are also stockholders in Descartes, and corporations wholly
owned by such key management employees, have entered into an agreement pursuant
to which, subject to the satisfaction of certain conditions, RIM will exercise
its purchase rights to obtain an additional 11% interest in Renaissance, and
immediately thereafter RIM will transfer all its interest in Renaissance to
Affiliated Managers Group, Inc. ("AMG"), a Delaware corporation. Upon the
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closing of the Renaissance Transaction, AMG will be the sole managing general
partner of Renaissance and will have a seventy percent (70%) interest in the
profits of Renaissance. Descartes and the corporations owned by key management
employees of Renaissance will have in the aggregate a thirty percent (30%)
interest in the profits of Renaissance. An additional ten percent (10%)
interest, of which AMG will be deemed the owner upon consummation of the
Renaissance Transaction, will be reserved for subsequent issuance to key
employees upon the satisfaction of certain conditions.
AMG was established in December 1993 to obtain investment interests in high
quality investment management firms. More than fifty percent (50%) of the stock
of AMG is controlled by TA Associates, Inc., a Delaware corporation which,
together with its predecessors, has directly or indirectly invested in more than
200 enterprises prior to its investment in AMG.
2. BY SUBSTITUTING THE FOLLOWING LANGUAGE FOR THE DESCRIPTION OF DREMAN
VALUE ADVISORS INC. UNDER "MANAGEMENT OF THE FUND - INVESTMENT MANAGER, SUB-
ADVISERS AND DISTRIBUTOR:"
DREMAN VALUE ADVISORS INC., 10 Exchange Place, 20th Floor, Jersey City, New
Jersey 07302, serves as the Sub-Adviser to the Dreman Value Portfolio. As of
June 30, 1995, Dreman managed over $1.5 billion. Clients include public funds,
corporate benefit funds, college endowments and foundations, Taft-Hartley funds,
and other institutional accounts. In addition, Dreman serves as investment
adviser to the Kemper-Dreman Mutual Group, Inc., which consists of three
portfolios, Kemper-Dreman Contrarian Fund, Kemper-Dreman High Return Fund and
Kemper-Dreman Small Cap Value Fund. Dreman, a Delaware corporation wholly owned
by Kemper Financial Services, Inc. ("KFS"), was formed in August, 1995 in order
to purchase substantially all of the assets of Dreman Value Management, L.P. ,
Dreman's predecessor organization. KFS is an indirect wholly owned subsidiary
of Kemper Corporation ("Kemper"), a publicly owned financial services holding
company. Together with its predecessor organizations, Dreman has been in the
investment management business since 1977.
All investment decisions by Dreman for the Dreman Value Portfolio are made by an
investment committee, which includes a group of senior investment professionals.
Proposed Sale of Kemper to Zurich Insurance Company. Kemper has entered into an
agreement (the "Merger Agreement") whereby ZIP Acquisition Corp. ("ZIP"), an 80%
owned, indirect subsidiary of Zurich Insurance Company ("Zurich"), will be
merged with and into Kemper and Kemper will continue as the surviving
corporation (the "Kemper merger"). In connection with the Kemper merger, KFS
will be merged with KFS Acquisition Corp., a wholly-owned, indirect subsidiary
of Zurich, with the surviving corporation ("New KFS") continuing with the name
"Kemper Financial Services, Inc." Founded in 1872, Zurich is a multinational,
public corporation organized under the laws of Switzerland. Zurich's primary
business is as an insurer. It is expected that the foregoing transactions will
close in early January, 1996.
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The consummation of the Kemper merger will result in a change in control of
Dreman and, accordingly, an automatic termination of the sub-advisory agreement
between Integrity and Dreman. The Board of Directors has unanimously approved a
new sub-advisory agreement between Integrity and Dreman, to become effective
upon the consummation of the Kemper merger. The new sub-advisory agreement was
also approved by the shareholders of the Dreman Value Portfolio.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH
THE PROSPECTUS FOR FUTURE REFERENCE
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