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BISHOP STREET FUNDS
SUPPLEMENT DATED JANUARY 2, 1998 TO THE
PROSPECTUS DATED APRIL 30, 1997, AS SUPPLEMENTED ON JULY 31, 1997.
This Supplement provides new and additional information beyond that
contained in the Prospectus, and should be retained and read in conjunction with
the Prospectus.
The first sentence in the section titled "SUMMARY--HOW DO I PURCHASE,
EXCHANGE OR REDEEM SHARES?" on page 2 of the Prospectus should be removed and
replaced with the following:
Purchases, exchanges or redemptions of shares may be made on any day on
which both the New York Stock Exchange and Federal Reserve wire system are
open for business ("Business Days").
The first paragraph in the section titled "HOW TO PURCHASE SHARES--GENERAL
INFORMATION" on page 14 of the Prospectus should be removed and replaced with
the following:
You may purchase shares of the Funds on any day on which both the New York
Stock Exchange and Federal Reserve wire system are open for business
("Business Days").
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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BISHOP STREET FUNDS
SUPPLEMENT DATED JANUARY 2, 1998 TO
THE STATEMENT OF ADDITIONAL INFORMATION
DATED APRIL 30, 1997, AS SUPPLEMENTED ON JULY 31, 1997.
This Supplement provides new and additional information beyond that
contained in the Statement of Additional Information, and should be retained and
read in conjunction with the Statement of Additional Information.
In response to recent regulatory changes, the Board of Trustees voted to
eliminate the non-fundamental policies that govern the Funds. Accordingly, the
sub-section titled "NON-FUNDAMENTAL POLICIES" on page S-7 of the Statement of
Additional Information should be removed.
Additionally, the first paragraph in the section titled "PURCHASE AND
REDEMPTION OF SHARES" on page S-14 of the Statement of Additional Information
should be replaced with the following:
Purchases and redemptions of shares of the Funds may be made on any day that
the New York Stock Exchange and the Federal Reserve wire system are open for
business. Currently, the weekdays on which the Trust is closed for business
are: New Year's Day, Martin Luther King Jr.'s Day, Presidents' Day, Good
Friday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans'
Day, Thanksgiving Day, and Christmas Day.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
