MERCURY HW VARIABLE TRUST, 497, 2001-01-19

MERCURY HW VARIABLE TRUST
497, 2001-01-19

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<PAGE>   1

                  MERCURY HW INTERNATIONAL VALUE VIP PORTFOLIO

                 Supplement to the prospectus dated May 1, 2000

     Change in Portfolio Manager. Effective January 8, 2001, James Doyle became
a portfolio manager of Mercury HW International Value VIP Portfolio, joining
existing portfolio managers Harry Hartford and Sarah Ketterer. Mr. Doyle has
been a portfolio manager of the Mercury HW Global Value Fund since July 1, 2000.
He is a Vice President of the investment adviser and has been an investment
professional with the firm since 1997. From 1992 to 1995, Mr. Doyle was a
financial analyst at LaSalle Partners, a real estate investment firm. Mr. Doyle
replaced David Chambers as a portfolio manager of the Mercury HW International
Value VIP Portfolio.

January 19, 2001