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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 MANAGEMENT, L.P. On August 24, 1995, Dreman Value Management, L.P.
("DVM, L.P."), the Sub-Advisor to the Dreman Value Portfolio, sold substantially
all of its assets to Dreman Value Advisors, Inc. ("Dreman Advisors"), a wholly
owned subsidiary of Kemper Financial Services, Inc. ("KFS") (the "Acquisition").
KFS is an indirect wholly owned subsidiary of Kemper Corporation ("Kemper"), a
publicly owned financial services holding company. As a result of the
Acquisition, the sub-advisory agreement between Integrity and DVM, L.P.
automatically terminated. In connection with the Acquisition, however, Dreman
Advisors, as successor to DVM, L.P., agreed with Integrity to continue to
provide investment advisory services to the Dreman Value Portfolio on an interim
basis until such time as a sub-advisory agreement in respect of the Portfolio is
approved by the Portfolio's shareholders. Dreman Advisors has agreed with
Integrity to provide such interim services without compensation. The interim
agreement with Dreman Advisors was approved by the Fund's Board of Directors,
including all of the directors who are not "interested persons" of the Fund. In
addition, Dreman Advisors has agreed to pay the expenses of soliciting
shareholder approval of a proposed new sub-advisory agreement between Integrity
and Dreman Advisors.
The Board of Directors has unanimously approved the proposed sub-advisory
agreement between Integrity and Dreman Advisors, to become effective upon the
approval thereof by the shareholders of the Dreman Value Portfolio. The sub-
advisory agreement was submitted for the approval of the shareholders of the
Dreman Value Portfolio at a meeting scheduled to be held on October 27, 1995.
Dreman Advisors is located at 10 Exchange Place, 20th Floor, Jersey City, New
Jersey 07302. As of June 30, 1995, Dreman Advisors' predecessor organization,
DVM, L.P., 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 Advisors 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 Advisors, a Delaware corporation, was
formed in August, 1995 in order to purchase substantially all of the assets of
DVM, L.P. Together with its predecessor organizations, Dreman Advisors has been
in the investment management business since 1977.
All investment decisions by Dreman Advisors 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 Advisors and, accordingly, an automatic termination of the sub-advisory
agreement between Integrity and Dreman Advisors. The Board of Directors has
unanimously approved a new sub-advisory agreement between Integrity and Dreman
Advisors, to become effective upon the consummation of the Kemper merger. The
new sub-advisory agreement has also been submitted for approval by the
shareholders of the Dreman Value Portfolio.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH
THE PROSPECTUS FOR FUTURE REFERENCE
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