MEMORIAL FUNDS
VALUE EQUITY FUND
INSTITUTIONAL SHARES
Supplement Dated May 1, 2000 to
Prospectus Dated May 1, 2000
On March 30, 2000, pursuant to a vote of the Board of Trustees of
Memorial Funds (the "Trust"), PPM America, Inc. ("PPM") became the sub-adviser
to Value Equity Fund (the "Fund") under an interim sub-advisory agreement. Fund
shareholders will meet on May 31, 2000 to decide whether to approve an
investment sub-advisory agreement between the Trust, Forum Investment Advisors,
LLC and PPM (the "PPM Agreement"). If the Fund's shareholders approve the PPM
Agreement, PPM will remain the investment sub-adviser to the Fund.
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