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SUPPLEMENT DATED AUGUST 23, 2000 TO
PROSPECTUS DATED NOVEMBER 1, 1999, AS SUPPLEMENTED
THE LEGENDS FUND, INC.
SCUDDER KEMPER VALUE PORTFOLIO
ZWEIG ASSET ALLOCATION PORTFOLIO
ZWEIG EQUITY (SMALL CAP) PORTFOLIO
At a meeting of the Board of Directors of The Legends Fund, Inc. (the
"Fund") held on August 21, 2000, the Board approved the termination of the
existing sub-advisory agreements for the Scudder Kemper Value Portfolio, Zweig
Asset Allocation Portfolio and Zweig Equity (Small Cap) Portfolio of the Fund
(each, a "Portfolio," and collectively, the "Portfolios"). The Board also
approved new sub-advisory agreements for these Portfolios (the "New Sub-Advisory
Agreements") between the Fund's investment adviser, Touchstone Advisors, Inc.
and three new sub-advisers (the "New Sub-Advisers"), each to take effect on
November 1, 2000, subject to approval from shareholders of each respective
Portfolio.
The following Portfolio name changes and New Sub-Advisers will be
submitted to shareholders for approval:
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Portfolio New Portfolio Name New Sub-Adviser
--------- ------------------ ---------------
<S> <C> <C>
Scudder Kemper Value Portfolio Third Avenue Value Portfolio EQSF Advisers, Inc.
Zweig Asset Allocation Portfolio Gabelli Blue Chip Value Portfolio GAMCO Investors, Inc.
Zweig Equity (Small Cap) Portfolio Baron Small Cap Portfolio BAMCO, Inc.
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With respect to the Scudder Kemper Value Portfolio, the Board approved
changing the Portfolio's investment objective to eliminate a secondary objective
of seeking current income, in order to permit the New Sub-Adviser more
flexibility in pursuing its investment strategy. In addition, the Board approved
changing the Portfolio's status as a diversified investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"), to that of a
non-diversified investment company under the 1940 Act. Both changes are subject
to shareholder approval.
No other changes to the Portfolios' fundamental policies are being
proposed. However, each New Sub-Adviser intends to employ a principal investment
strategy that differs in certain respects from that currently being employed for
the Portfolio.
The Fund intends to hold a special meeting of shareholders on or about
October 19, 2000, for the purpose of voting on the New Sub-Advisory Agreements
and the two fundamental changes relating to the Scudder Kemper Value Portfolio
that are described briefly above. Contractholders as of September 6, 2000 will
receive a proxy statement and voting instructions card. The proxy statement will
describe the New Sub-Advisers as well as the proposed changes for the
Portfolios.
