SUPPLEMENT DATED MARCH 27, 2000 TO THE STATEMENTS OF
ADDITIONAL INFORMATION OF THE MLAM/FAM/MERCURY FUNDS
The following paragraph is added to the section headed "Performance Data" (or
"Yield Information" in the case of money market funds) following the last
paragraph thereof:
"The Fund may provide information designed to help investors understand
how the Fund is seeking to achieve its investment objectives. This may include
information about past, current or possible economic, market, political, or
other conditions, descriptive information on general principles of investing
such as asset allocation, diversification and risk tolerance, discussion of the
Fund's portfolio composition, investment philosophy, strategy or investment
techniques, comparisons of the Fund's performance or portfolio composition to
that of other funds or types of investments, indices relevant to the comparison
being made, or to a hypothetical or model portfolio. The Fund may also quote
various measures of volatility and benchmark correlation in advertising and
other materials, and may compare these measures to those of other funds or types
of investments."
Code #AMG-3-00ALL
