MEMORIAL FUNDS
GOVERNMENT BOND FUND
INSTITUTIONAL SHARES
Supplement Dated September 18, 2000 to
Prospectus Dated May 1, 2000
The Government Bond Fund (the "Fund"), as provided on pages 2 and 5 of the
Prospectus, invests under normal circumstances at least 90 percent of its total
assets in a portfolio of fixed and variable rate U.S. Government Securities,
including zero coupon bonds issued or guaranteed by the U.S. Treasury and
mortgage-backed securities.
Effective September 18, 2000, the Fund's sub-adviser will manage the Fund's
portfolio so that under normal circumstances 100 percent of the Fund's total
assets will be invested in fixed and variable rate U.S. Government Securities,
including zero coupon bonds issued or guaranteed by the U.S. Treasury and
mortgage-backed securities.
On October 2, 2000, the Board of Trustees of Memorial Funds will meet and is
expected to approve a change to the Fund's investment policies that will require
that 100% of the Fund's total assets be invested in U.S. Government Securities.