Step 1: Recall the relationship between \( \sin^{-1}t \) and \( \cos^{-1}t \).
For every \( t \in [-1,1] \), we have
\[
\sin^{-1}t+\cos^{-1}t=\frac{\pi}{2}
\]
This is a very important standard identity.
Step 2: Apply the identity separately to \( x \) and \( y \).
Thus,
\[
\cos^{-1}x=\frac{\pi}{2}-\sin^{-1}x
\]
and
\[
\cos^{-1}y=\frac{\pi}{2}-\sin^{-1}y
\]
Step 3: Add the two equations.
Adding both, we get
\[
\cos^{-1}x+\cos^{-1}y
=
\left(\frac{\pi}{2}-\sin^{-1}x\right)
+
\left(\frac{\pi}{2}-\sin^{-1}y\right)
\]
\[
=\pi-\left(\sin^{-1}x+\sin^{-1}y\right)
\]
Step 4: Substitute the given value.
We are given
\[
\sin^{-1}x+\sin^{-1}y=\frac{2\pi}{3}
\]
Hence,
\[
\cos^{-1}x+\cos^{-1}y
=
\pi-\frac{2\pi}{3}
\]
Step 5: Simplify the expression.
\[
\pi-\frac{2\pi}{3}
=
\frac{3\pi}{3}-\frac{2\pi}{3}
=
\frac{\pi}{3}
\]
Step 6: Check consistency with principal ranges.
Since both \( \cos^{-1}x \) and \( \cos^{-1}y \) lie in
\[
[0,\pi]
\]
their sum must be non-negative.
The value
\[
\frac{\pi}{3}
\]
is perfectly valid, while negative options are impossible.
Step 7: Final conclusion.
Therefore,
\[
\boxed{\cos^{-1}x+\cos^{-1}y=\frac{\pi}{3}}
\]
Hence, the correct option is
\[
\boxed{(5)\ \frac{\pi}{3}}
\]