Based on a field in my merge data I am trying to set multiple variables like:

If {MERGEFIELD ProgStatus} = "AD"
then {Set Variable1 "FoundIt"}
{Set Variable2 {MERGEFIELD AcadProgram} }
{Set Variable3 {MERGEFIELD AdmitTerm} }
otherwise
{Set Variable1 "Not Found"}
{Set Variable2 "" }
{Set Variable3 "" }

something like that. Or must I set up 3 separate IF tests like:
{If {MERGEFIELD ProgStatus} = "AD" {Set Variable1 "FoundIt"} {Set Variable1
"Not Found"} }

{If {MERGEFIELD ProgStatus} = "AD" {Set Variable2 {MERGEFIELD AcadProgram} }
{Set Variable2 ""} }

{If {MERGEFIELD ProgStatus} = "AD" {Set Variable3 {MERGEFIELD AdmitTerm} }
{Set Variable3 ""} }

Thanks in advance for any help.