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BISHOP STREET FUNDS
EQUITY FUND, HIGH GRADE INCOME FUND, HAWAII MUNICIPAL BOND FUND,
MONEY MARKET FUND AND TREASURY MONEY MARKET FUND
INSTITUTIONAL CLASS SHARES
SUPPLEMENT DATED NOVEMBER 30, 1999
TO PROSPECTUS DATED APRIL 30, 1999
The Supplement provides new and additional information beyond that contained in
the Prospectus, and should be read in conjunction with the Prospectus.
The fourth paragraph of the section entitled "GENERAL INFORMATION" on page 15 of
the Prospectus should be removed and replaced with the following:
The Funds calculate each bond and equity fund's NAV once each Business Day at
4:00 p.m., Eastern time. The Funds calculate each money market fund's NAV once
each business day at 2:00 p.m., Eastern time. So, for you to be eligible to
receive dividends from the money market funds declared on the day you submit
your purchase order, we must receive your order before 2:00 p.m., Eastern time
and federal funds (readily available funds) before 4:00 p.m., Eastern time.
The following paragraph should be inserted immediately after the third paragraph
in the section entitled "HOW TO SELL FUND SHARES" on page 16 of the Prospectus:
REDEMPTION BY CHECKWRITING
If you are a shareholder of the Treasury Money Market Fund, you may redeem
shares by writing checks for $1,000 or more on an existing account. You can
obtain a Checkwriting application by calling 1-800-262-9565. The checks may be
made payable to any person or entity and your account will continue to earn
dividends until the check clears. Because of the difficulty of determining in
advance the exact value of your Fund account, you may not use a check to close
your account. There is no fee for the Checkwriting privilege, but if payment on
a check is stopped upon your request, or if the check cannot be honored because
of insufficient funds or other valid reasons, you may be charged a fee by the
financial institution where you presented your check for payment.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
