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<PAGE> PAGE 21
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
<PAGE> PAGE 22
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
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071 B000400 21183
071 C000400 35333
071 D000400 60
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072 B000400 114
072 C000400 606
072 D000400 0
072 E000400 0
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072 G000400 57
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072 K000400 0
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<PAGE> PAGE 23
072 U000400 6
072 V000400 0
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072 X000400 413
072 Y000400 33
072 Z000400 340
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072BB000400 1527
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072CC020400 569
072DD010400 3
072DD020400 338
072EE000400 0
073 A010400 0.0789
073 A020400 0.0803
073 B000400 0.0000
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<PAGE> PAGE 24
SIGNATURE TOM SHEEHAN
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE MEMORIAL FUNDS ANNUAL REPORT DATED DECEMBER 31, 1999
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 010
<NAME> Memorial Governement Bond Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-END> Dec-31-1999
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<ACCUM-APPREC-OR-DEPREC> (3346348)
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<TABLE> <S> <C>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
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</LEGEND>
<SERIES>
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<NAME> Memorial Corporate Bond Fund
<S> <C>
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<OVERDISTRIBUTION-GAINS> 4841249
<ACCUM-APPREC-OR-DEPREC> (5135179)
<NET-ASSETS> 152390629
<DIVIDEND-INCOME> 170942
<INTEREST-INCOME> 9399142
<OTHER-INCOME> 0
<EXPENSES-NET> (979735)
<NET-INVESTMENT-INCOME> 8590349
<REALIZED-GAINS-CURRENT> (4742972)
<APPREC-INCREASE-CURRENT> (6321805)
<NET-CHANGE-FROM-OPS> (2474428)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8525409)
<DISTRIBUTIONS-OF-GAINS> (64940)
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<NUMBER-OF-SHARES-SOLD> 4910769
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<SHARES-REINVESTED> 30819
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</TABLE>
<TABLE> <S> <C>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
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</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> Memorial Growth Equity Fund--Inst. Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-START> Jan-01-1999
<PERIOD-END> Dec-31-1999
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<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-GAINS> 144870
<ACCUM-APPREC-OR-DEPREC> 7722451
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<DIVIDEND-INCOME> 280965
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<EXPENSES-NET> (411200)
<NET-INVESTMENT-INCOME> (40947)
<REALIZED-GAINS-CURRENT> 3509663
<APPREC-INCREASE-CURRENT> 4718673
<NET-CHANGE-FROM-OPS> 8187389
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1694)
<DISTRIBUTIONS-OF-GAINS> (5153827)
<DISTRIBUTIONS-OTHER> (311013)
<NUMBER-OF-SHARES-SOLD> 5356774
<NUMBER-OF-SHARES-REDEEMED> (4535771)
<SHARES-REINVESTED> 224,237
<NET-CHANGE-IN-ASSETS> 15598976
<ACCUMULATED-NII-PRIOR> 1715
<ACCUMULATED-GAINS-PRIOR> 1605831
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 448906
<AVERAGE-NET-ASSETS> 40972099
<PER-SHARE-NAV-BEGIN> 11.49
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.67
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.56)
<RETURNS-OF-CAPITAL> (0.09)
<PER-SHARE-NAV-END> 12.50
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE MEMORIAL FUNDS ANNUAL REPORT DATED DECEMBER 31, 1999
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> Memorial Growth Equity Fund--Trust Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-START> Jan-01-1999
<PERIOD-END> Dec-31-1999
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<INVESTMENTS-AT-VALUE> 42965090
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<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 605012
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34820614
<SHARES-COMMON-STOCK> 45348
<SHARES-COMMON-PRIOR> 32603
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 144870
<ACCUM-APPREC-OR-DEPREC> 7722451
<NET-ASSETS> 42398195
<DIVIDEND-INCOME> 280965
<INTEREST-INCOME> 89288
<OTHER-INCOME> 0
<EXPENSES-NET> (411200)
<NET-INVESTMENT-INCOME> (40947)
<REALIZED-GAINS-CURRENT> 3509663
<APPREC-INCREASE-CURRENT> 4718673
<NET-CHANGE-FROM-OPS> 8187389
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21)
<DISTRIBUTIONS-OF-GAINS> (66157)
<DISTRIBUTIONS-OTHER> (3996)
<NUMBER-OF-SHARES-SOLD> 21397
<NUMBER-OF-SHARES-REDEEMED> (14620)
<SHARES-REINVESTED> 5968
<NET-CHANGE-IN-ASSETS> 15598976
<ACCUMULATED-NII-PRIOR> 1715
<ACCUMULATED-GAINS-PRIOR> 1605831
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 143402
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 448906
<AVERAGE-NET-ASSETS> 40972099
<PER-SHARE-NAV-BEGIN> 11.45
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 2.67
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.55)
<RETURNS-OF-CAPITAL> (0.10)
<PER-SHARE-NAV-END> 12.46
<EXPENSE-RATIO> 1.01
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE MEMORIAL FUNDS ANNUAL REPORT DATED DECEMBER 31, 1999
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 042
<NAME> Memorial Value Equity Fund--Inst. Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-START> Jan-01-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 37346897
<INVESTMENTS-AT-VALUE> 37274186
<RECEIVABLES> 65129
<ASSETS-OTHER> 20762
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37360077
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50442
<TOTAL-LIABILITIES> 50442
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40838783
<SHARES-COMMON-STOCK> 4234471
<SHARES-COMMON-PRIOR> 3338042
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3456437
<ACCUM-APPREC-OR-DEPREC> (72711)
<NET-ASSETS> 37309635
<DIVIDEND-INCOME> 606233
<INTEREST-INCOME> 113556
<OTHER-INCOME> 0
<EXPENSES-NET> (380096)
<NET-INVESTMENT-INCOME> 339693
<REALIZED-GAINS-CURRENT> (1526723)
<APPREC-INCREASE-CURRENT> (568697)
<NET-CHANGE-FROM-OPS> (1755727)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (338111)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3060722
<NUMBER-OF-SHARES-REDEEMED> (2174325)
<SHARES-REINVESTED> 10032
<NET-CHANGE-IN-ASSETS> 6335138
<ACCUMULATED-NII-PRIOR> 649
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 1929714
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<PER-SHARE-NAV-BEGIN> 9.19
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> (0.44)
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.75
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE MEMORIAL FUNDS ANNUAL REPORT DATED DECEMBER 31, 1999
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT.
</LEGEND>
<SERIES>
<NUMBER> 041
<NAME> Memorial Value Equity Fund--Trust Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-START> Jan-01-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 37346897
<INVESTMENTS-AT-VALUE> 37274186
<RECEIVABLES> 65129
<ASSETS-OTHER> 20762
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37360077
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50442
<TOTAL-LIABILITIES> 50442
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40838783
<SHARES-COMMON-STOCK> 27681
<SHARES-COMMON-PRIOR> 33204
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3456437
<ACCUM-APPREC-OR-DEPREC> (72711)
<NET-ASSETS> 37309635
<DIVIDEND-INCOME> 606233
<INTEREST-INCOME> 113556
<OTHER-INCOME> 0
<EXPENSES-NET> (380096)
<NET-INVESTMENT-INCOME> 339693
<REALIZED-GAINS-CURRENT> (1526723)
<APPREC-INCREASE-CURRENT> (568697)
<NET-CHANGE-FROM-OPS> (1755727)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3042)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16602
<NUMBER-OF-SHARES-REDEEMED> (22427)
<SHARES-REINVESTED> 302
<NET-CHANGE-IN-ASSETS> 6335138
<ACCUMULATED-NII-PRIOR> 649
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1929714
<GROSS-ADVISORY-FEES> 132560
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 413073
<AVERAGE-NET-ASSETS> 37874199
<PER-SHARE-NAV-BEGIN> 9.16
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> (0.43)
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.73
<EXPENSE-RATIO> 1.07
</TABLE>
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROLS
To the Shareholders and
Board of Trustees of
Memorial Funds:
In planning and performing our audit of the financial statements of Government
Bond Fund, Corporate Bond Fund, Growth Equity Fund and Value Equity Fund,
portfolios of the Memorial Funds (collectively, the "Funds"), for the year ended
December 31, 1999, we considered their internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
the internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risks that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that error or fraud in amounts that would be material in relation
to the financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal control and its
operation, including controls for safeguarding securities, that we consider to
be material weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of Memorial Funds and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than these
specified parties.
/S/ KPMG LLP
February 2, 2000
