SUPPLEMENT DATED NOVEMBER 29, 1996
                   TO PROSPECTUS DATED NOVEMBER 1, 1996
                                   FOR 
                          THE LEGENDS FUND, INC.
                                     

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SBM FINANCIAL SERVICES, INC. (SBMFS), a wholly-owned subsidiary of 
ARM Financial Group, Inc. and the principal underwriter of shares 
for The Legends Fund, Inc., changed its name to ARM SECURITIES 
CORPORATION effective November 29, 1996.  All references to SBM 
Financial Services, Inc., and SBMFS in the prospectus are hereby 
changed to "ARM Securities Corporation" and "ARMSC", respectively.



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