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SUPPLEMENT DATED MARCH 3, 2000
TO
PROSPECTUS DATED NOVEMBER 1, 1999, AS SUPPLEMENTED
THE LEGENDS FUND, INC.
On March 3, 2000 (the "Effective Date"), ARM Financial Group Inc. ("ARM")
completed the sale of its insurance subsidiaries to The Western and Southern
Life Insurance Company. ARM is also the parent company of Integrity Capital
Advisors, Inc. (the "Current Manager"), the investment manager to The Legends
Fund, Inc. (the "Fund"). The Current Manager ceased operations as an investment
adviser as of the Effective Date.
As of the Effective Date, Touchstone Advisors, Inc. (the "New Manager") has
commenced serving as investment manager to the Fund pursuant to an interim
management agreement with the Fund. Each of the Sub-Advisers for the four
portfolios of the Fund is continuing to serve in such capacity pursuant to
interim sub-advisory agreements with the New Manager. Each of these interim
agreements will remain in effect for a period up to 150 days and requires all
advisory and sub-advisory fees to be escrowed pending shareholder approval of a
new management agreement with the New Manager and new sub-advisory agreements
between the New Manager and each Sub-Adviser (collectively, the "New Advisory
Agreements").
The Fund intends to hold a special meeting of the shareholders on or about
April 4, 2000, for the purpose of voting on the New Advisory Agreements and
certain other matters. Contract holders as of February 24, 2000 will receive a
proxy statement and voting instructions card.
Touchstone Securities Corporation (the "New Distributor") has become the
distributor of the Fund as of the Effective Date. The address of the New Manager
and the New Distributor is 311 Pike Street, Cincinnati, Ohio 45202.
