<PAGE> 1
MERCURY HW INTERNATIONAL VALUE FUND
Supplement to the prospectus dated October 6, 2000
Change in Portfolio Manager. Effective January 8, 2001, James Doyle became
a portfolio manager of Mercury HW International Value Fund, 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 Fund.
January 19, 2001
Code #MHW-SUPP-1030-0101