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VERTEX SM CONTRARIAN FUND
Supplement to the Current Prospectus
Effective July 10, 2000, the following changes are in effect:
o The first paragraph under the fund's "Principal Investment Policies"
is restated, and a second paragraph is added as follows:
The fund invests, under normal market conditions, at least 65% of
its total assets in common stocks and related securities, such as
preferred stocks, convertible securities and depositary receipts
for those securities. The fund is flexibly managed, with the
ability to invest in issuers of all market capitalizations and
industry focus. The fund may invest, without limitation, in all
markets, domestic and foreign, may invest in securities listed on
securities exchanges or not so listed, and may at times maintain
large weightings of securities of companies located in a
particular country or region. The fund may pursue a "growth
strategy", by investing in companies which the fund's investment
adviser, VertexSM Investment Management, Inc. (referred to as VIM
or the adviser) believes offer superior prospects for growth, or
a "value strategy", by investing in companies which the adviser
believes are undervalued.
While the fund may invest in companies with any market
capitalization, it generally focuses on small to medium market
capitalization companies, defined by the fund as companies with
market capitalizations up to the top of the Russell MidcapTM
Growth Index range at the time of the fund's investment. This
Index is a widely recognized, unmanaged index of mid-cap common
stock prices. The fund's investments may include securities
listed on a securities exchange or traded in the over-the-counter
markets.
o The description of portfolio manager under the "Management of the
Funds" section is hereby restated as follows:
Mark Regan, a Senior Vice President of MFS, has been employed by
MFS in the investment management area since 1989. Mr. Regan
became a portfolio manager of the fund effective July 10, 2000.
The date of this Supplement is July 10, 2000.
