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SUPPLEMENT DATED JANUARY 21, 2000
TO
PROSPECTUS DATED NOVEMBER 1, 1999
THE LEGENDS FUND, INC.
On December 17, 1999, ARM Financial Group, Inc. (ARM), announced that it had
signed a definitive agreement whereby Western & Southern Life Insurance Company
(WESTERN & SOUTHERN) would acquire the insurance subsidiaries of ARM (the
TRANSACTION). ARM is also the parent company of Integrity Capital Advisors, Inc.
(INTEGRITY CAPITAL), the investment adviser to The Legends Fund, Inc. (the
FUND). Integrity Capital is not being sold in the Transaction. The Transaction
is expected to close late in the first quarter of 2000. The Transaction is being
implemented pursuant to a chapter 11 bankruptcy case filed by ARM on December
20, 1999. In addition to approval by the bankruptcy court, the closing of the
Transaction is subject to the approval of various state departments of insurance
and other customary conditions to closing.
Integrity Capital has advised the Fund that the bankruptcy filing by ARM has not
affected, and is not expected to affect, its ability to continue to provide the
Fund with services of the same nature and quality as in the past. However, it is
contemplated that upon consummation of the Transaction, Integrity Capital will
cease operations as an investment adviser. Therefore, as part of the
Transaction, it is contemplated that the investment advisory agreement between
Integrity Capital and the Fund will be assigned to an advisory affiliate of
Western & Southern, subject to approval by the Board of Directors of the Fund
and the shareholders of each Portfolio.
