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VERTEX ALL CAP FUND
VERTEX U.S. ALL CAP FUND
VERTEX CONTRARIAN FUND
Supplement to the Current Prospectus
On August 25, 1999 shareholders of each of the Vertex Funds approved new
investment advisory agreements. Under these agreements, effective October 1,
1999, the Basic Fee component of the management fee paid by each Fund to the
Adviser will increase from 1.50% per annum to 2.00% per annum, and the
performance fee adjustment will revolve around a 2.00% per annum Basic Fee (as
opposed to 1.50%) and will increase or decrease from 0.10% to 0.20% for each
full percentage point that each Fund's performance exceeds or lags the S&P 500
Index. The maximum adjustment (up or down) for a Fund's fiscal year will not
exceed 2.00%, so that the minimum and maximum management fee paid by a Fund
during any fiscal year would be 0% and 4%, respectively (as opposed to 0% to
3%). The Adviser is currently waiving its right to receive all management fees.
The date of this Supplement is September 28, 1999.
