SUPPLEMENT DATED NOVEMBER 15, 1995
TO PROSPECTUS DATED NOVEMBER 1, 1995.
THE LEGENDS FUND, INC.
The Prospectus is hereby supplemented as follows 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.
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
