<PAGE> 1
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 FEBRUARY 25, 2000
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.
BancWest Corporation, the entity formed by the merger of First Hawaiian, Inc.
and BancWest Corporation, has created an investment advisory subsidiary entitled
Bishop Street Capital Management. On November 9, 1999, the Board of Trustees of
the Trust approved Bishop Street Capital Management as the new Adviser to the
Funds. This change became effective on February 22, 2000. Bishop Street Capital
Management employs the same investment personnel that currently manage the Funds
and the management and control of the new Adviser to the Funds, as well as the
services provided, will remain the same.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE> 2
BISHOP STREET FUNDS
EQUITY FUND, HIGH GRADE INCOME FUND AND HAWAII MUNICIPAL BOND FUND
CLASS A SHARES
SUPPLEMENT DATED FEBRUARY 25, 2000
TO PROSPECTUS DATED JUNE 14, 1999
The Supplement provides new and additional information beyond that contained in
the Prospectus, and should be read in conjunction with the Prospectus.
BancWest Corporation, the entity formed by the merger of First Hawaiian, Inc.
and BancWest Corporation, has created an investment advisory subsidiary entitled
Bishop Street Capital Management. On November 9, 1999, the Board of Trustees of
the Trust approved Bishop Street Capital Management as the new Adviser to the
Funds. This change became effective on February 22, 2000. Bishop Street Capital
Management employs the same investment personnel that currently manage the Funds
and the management and control of the new Adviser to the Funds, as well as the
services provided, will remain the same.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE> 3
BISHOP STREET FUNDS
MONEY MARKET FUND
INSTITUTIONAL CLASS SHARES
SUPPLEMENT DATED FEBRUARY 25, 2000
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.
BancWest Corporation, the entity formed by the merger of First Hawaiian, Inc.
and BancWest Corporation, has created an investment advisory subsidiary entitled
Bishop Street Capital Management. On November 9, 1999, the Board of Trustees of
the Trust approved Bishop Street Capital Management as the new Adviser to the
Fund. This change became effective on February 22, 2000. Bishop Street Capital
Management employs the same investment personnel that currently manage the Fund
and the management and control of the new Adviser to the Fund, as well as the
services provided, will remain the same.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
