<PAGE>
BISHOP STREET FUNDS
MONEY MARKET FUND
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 7 of
the Prospectus should be removed and replaced with the following:
The Money Market Fund calculates its 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 Fund declared on the day you submit your purchase order, we must receive
your order before 2:00 p.m., Eastern time.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.