Mercury Select Growth Fund of the
Mercury Funds, Inc.
Series No. 7
File No. 811-8797
Item No. 77M (Mergers) -- Attachment
During the fiscal semi-annual period ended September 30,
2000, the Mercury Select Growth Fund of the Mercury
Asset Management Funds, Inc. (the "Registrant"), acquired
substantially all of the assets and assumed substantially all
of the liabilities of Turner Large Cap Growth Equity Fund
(the "Turner Fund") of the TIP Funds, File No. 811-7527.
On February 25, 2000, the Turner Fund's Board of Trustees
approved an Agreement and Plan of Reorganization (the
"Reorganization"). The Reorganization refers collectively
to (i) the transfer of substantially all of the assets and
liabilities of the Turner Fund to the Registrant; (ii) the
opening of shareholder accounts with the Registrant and the
credit to those accounts of a number of Class I shares of the
Registrant equal to the number of Turner Fund shares
owned by shareholders immediately prior to the completion
of the Reorganization; (iii) the further transfer by the
Registrant to the Mercury Master Select Growth Portfolio
of the Mercury Asset Management Master Trust (File No.
811-9049) of the assets acquired and certain liabilities
assumed from the Turner Fund in exchange for an equal
value of interest in the Mercury Master Select Growth
Portfolio; and (iv) the termination of the Turner Fund as a
series of the TIP Funds.
In connection with the Reorganization, on March 10, 2000,
the Registrant filed a Registration Statement on Form N-14,
File Nos. 333-32198 and 811-8797 (the "N-14 Registration
Statement"). The N-14 Registration Statement contained
the proxy materials soliciting the approval of the
Reorganization by the shareholders of the Turner Fund.
The N-14 Registration Statement was declared effective by
the Commission on April 10, 2000. Post-Effective
Amendment No. 1 was filed on April 28, 2000.
The shareholders of the Turner Fund approved the
Reorganization at a special meeting of shareholders on June
9, 2000. On June 16, 2000 (the "Reorganization Date"),
pursuant to the Agreement, the Turner Fund transferred
assets valued at $45,643,223.15 to the Registrant and
received in exchange 1,678,554.175 Class I shares of the
Registrant. Such shares were then distributed to the
shareholders of the Turner Fund on that date in proportion
to each shareholder's interest in the assets transferred. The
Turner Fund, a series of the TIP Funds, ceased offering its
shares as of the Reorganization Date.
