<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON SEPTEMBER 4, 1996
File No. 33-80514
File No. 811-8572
- -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933 / /
POST-EFFECTIVE AMENDMENT NO. 4 /X/
and
REGISTRATION STATEMENT UNDER
INVESTMENT COMPANY ACT OF 1940 / /
AMENDMENT NO. 5 /X/
BISHOP STREET FUNDS
(Exact Name of Registrant as Specified in Charter)
c/o The CT Corporation System
2 Oliver Street
Boston, Massachusetts 02109
(Address of Principal Executive Offices, Zip Code)
Registrant's Telephone Number, including Area Code (610) 254-1000
DAVID G. LEE
C/O SEI CORPORATION
680 E. SWEDESFORD ROAD
WAYNE, PENNSYLVANIA 19087
(Name and Address of Agent for Service)
Copies to:
RICHARD W. GRANT, ESQUIRE JOHN H. GRADY, JR., ESQUIRE
Morgan, Lewis & Bockius LLP Morgan, Lewis & Bockius LLP
2000 ONE LOGAN SQUARE 1800 M STREET, N.W.
PHILADELPHIA, PENNSYLVANIA 19103 WASHINGTON, D.C. 20036
It is proposed that this filing will become effective (check appropriate box)
X immediately upon filing pursuant to paragraph (b)
___
___ on [date] pursuant to paragraph (b)
___ 60 days after filing pursuant to paragraph (a)
___ on [date] pursuant to paragraph (a) of Rule 485
___ 75 days after filing pursuant to paragraph (a)
Pursuant to the provisions of Rule 24f-2 under the Investment Company Act of
1940, an indefinite number of units of beneficial interest have been registered
by this Registration Statement. Registrant's Rule 24f-2 notice for fiscal year
ended December 31, 1995 was filed on February 21, 1996.
- -------------------------------------------------------------------------------
<PAGE>
BISHOP STREET FUNDS
CROSS REFERENCE SHEET
POST-EFFECTIVE AMENDMENT NO. 4
N-1A ITEM NO. LOCATION
- -------------------------------------------------------------------------------
PART A -
Item 1. Cover Page Cover Page
Item 2. Synopsis Summary; Expense Summary
Item 3. Condensed Financial Information *
Item 4. General Description of Registrant The Trust; Investment
Objectives and Policies;
General Investment Policies;
Risk Factors; Description of
Permitted Investments and Risk
Factors; Investment
Limitations; General
Information -- The Trust
Item 5. Management of the Trust General Information --
Trustees of the Trust; The
Adviser; The Sub-Adviser(s);
The Administrator; The
Transfer Agent; The
Distributor
Item 6. Capital Stock and Other Securities General Information -- Voting
Rights; General Information --
Shareholder Inquiries;
Performance; General
Information -- Dividends;
Taxes
Item 7. Purchase of Securities Being Offered How to Purchase Retail Class B
Shares; How to Purchase
Institutional Class A Shares;
Sales Charges; Exchanges;
Redemption of Shares
Item 8. Redemption or Repurchase How to Purchase Retail Class B
Shares; How to Purchase
Institutional Class A Shares;
Sales Charges; Exchanges;
Redemption of Shares
Item 9. Pending Legal Proceedings *
PART B -
Item 10. Cover Page Cover Page
Item 11. Table of Contents Table of Contents
Item 12. General Information and History The Corporation
Item 13. Investment Objectives and Policies Description of Permitted
Investments; Investment
Limitations; Description of
Shares
Item 14. Management of the Registrant Directors and Officers of the
Corporation; The Administrator
Item 15. Control Persons and Principal Holders Directors and Officers of the
of Securities Fund; 5% Shareholders
Item 16. Investment Advisory and Other Services The Adviser; The Sub-
Adviser(s); The Administrator;
The Distributor; Experts
Item 17. Brokerage Allocation Portfolio Transactions
Item 18. Capital Stock and Other Securities Description of Shares
Item 19. Purchase, Redemption, and Pricing Purchase and Redemption of
of Securities Being Offered Shares; Determination of Net
Asset Value
Item 20. Tax Status Taxes
Item 21. Underwriters The Distributor
Item 22. Calculation of Yield Quotations Performance
Item 23. Financial Statements Financial Statements
i
<PAGE>
PART C
Information required to be included in Part C is set forth under the
appropriate item, so numbered, in Part C of this Registration Statement.
* Not Applicable
ii
<PAGE>
The Prospectuses for the Retail Class B and Institutional Class A Shares of the
Bishop Street Treasury Money Market Fund, Bishop Street Money Market Fund,
Bishop Street High Grade Income Fund, Bishop Street Hawaii Municipal Bond Fund
and Bishop Street Equity Fund included as parts of Post-Effective Amendments
Nos. 2 and 3, and the Statement of Additional Information included as part of
Post-Effective Amendment No. 3 to the Registrant's Registration Statements on
Form N-1A (File No. 33-80514) filed with the Securities and Exchange Commission
on December 4, 1995 and February 29, 1996, respectively, are hereby incorporated
by reference as if set forth in full herein.
iii
<PAGE>
BISHOP STREET FUNDS
BISHOP STREET TREASURY MONEY MARKET FUND
Supplement dated September 5, 1996
to the Prospectus dated February 17, 1996
The Prospectus dated February 17, 1996 is hereby amended by the addition of the
following unaudited financial information for the Bishop Street Treasury Money
Market Fund for the period ended June 30, 1996.
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
Bishop Street Treasury
Money Market Fund - Class A (1)
Net Asset Value, Beginning of Period . . . . . . . . . . . . . . . . . ---
Investment Activities
Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . 0.01
Net Realized and Unrealized Gain (Loss) on Investments . . . . . . . ---
Distributions
Net Investment Income . . . . . . . . . . . . . . . . . . . . . . .(0.01)
Capital Gains . . . . . . . . . . . . . . . . . . . . . . . . . . . ---
Net Asset Value, End of Period . . . . . . . . . . . . . . . . . . . . 1.00
Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.10%
Net Assets, End of Period (000) . . . . . . . . . . . . . . . . . . . . $173,023
Ratio of Expenses to Average Net Assets . . . . . . . . . . . . . . . . 0.44%
Expenses to Average Net Assets Excluding Fee Waivers and Reimbursements 0.56%
Ratio of Net Investment Income to Average Net Assets . . . . . . . . . 4.91%
Ratio of Net Investment Income to Average Net Assets Excluding Fee
Waivers and Reimbursements . . . . . . . . . . . . . . . . . . . . . . 4.79%
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . ---
Amounts Designated as "---" are either $0 or have been rounded to $0.
(1) The Fund commenced operations on May 1, 1996.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
iv
<PAGE>
BISHOP STREET FUNDS
SUPPLEMENT DATED SEPTEMBER 5, 1996 TO THE
STATEMENT OF ADDITIONAL INFORMATION
The Statement of Additional Information for the Bishop Street Funds is hereby
amended and supplemented by the following unaudited financial statements of
the Bishop Street Treasury Money Market Fund for the period ended June 30,
1996.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
v
<PAGE>
JUNE 30, 1996 (Unaudited)
STATEMENT OF NET ASSETS
TREASURY MONEY MARKET FUND
- ----------------------------------------------------------
FACE
AMOUNT VALUE
DESCRIPTION (000) (000)
- ----------------------------------------------------------
U.S. TREASURY OBLIGATIONS (31.8%)
U.S. Treasury Bill
0.000%, 09/05/96 $30,000 $ 29,720
U.S. Treasury Note
7.500%, 01/31/97 25,000 25,274
--------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $54,994) 54,994
--------
REPURCHASE AGREEMENTS (68.1%)
Chase
5.47%, dated 06/28/96, matures
07/01/96, repurchase price
$30,004,558 (collateralized by
U.S. Treasury Note, par value
$31,665,000, 5.75%, matures
08/15/03: market value
$30,603,512) 30,000 30,000
DWR
5.30%, dated 06/28/96, matures
07/01/96, repurchase price
$7,000,000 (collateralized by
U.S. Treasury Note, par value
$7,001,031, 5.50%, matures
04/15/97: market value
$7,200,686) 7,000 7,000
Goldman Sachs
5.35%, dated 06/28/96, matures
07/01/96, repurchase price
$7,001,040 (collateralized by
U.S. Treasury Bond, par value
$6,820,000, 7.50%, matures
11/15/16: market value
$7,212,500) 7,000 7,000
JP Morgan
5.43%, dated 06/28/96, matures
07/01/96, repurchase price
$7,001,056 (collateralized by
U.S. Treasury Note, par value
$6,800,000, 8.75%, matures
10/15/97: market value
$7,155,176) 7,000 7,000
Lanstan
5.45%, dated 06/28/96, matures
07/01/96, repurchase price
$6,878,041 (collateralized by
U.S. Treasury Note, par value
$6,770,000, 6.375%, matures
06/30/97: market value
$7,019,644) 6,877 6,877
- --------------------------------------------------------------
FACE
AMOUNT VALUE
DESCRIPTION (000) (000)
- --------------------------------------------------------------
Lehman Brothers
5.50%, dated 06/28/96, matures
07/01/96, repurchase price
$23,003,514 (collateralized by
U.S. Treasury Note, par value
$30,470,000, 5.875%, matures
04/30/98: market value
$30,595,206) $23,000 $ 23,000
Morgan Stanley
5.32%, dated 06/28/96, matures
07/01/96, repurchase price
$7,001,034 (collateralized by
U.S. Treasury Note, par value
$5,245,000, 11.75%, matures
02/15/10: market value
$7,139,291) 7,000 7,000
UBS
5.48%, dated 06/28/96, matures
07/01/96, repurchase price
$30,004,568 (collateralized by
various U.S. Treasury Notes,
total par value $28,983,000,
6.875% - 8.50%, 01/31/00 -
03/31/00: total market value
$30,600,876) 30,000 30,000
--------
TOTAL REPURCHASE AGREEMENTS
(Cost $117,877) 117,877
--------
TOTAL INVESTMENTS (99.9%)
(Cost $172,871) 172,871
--------
OTHER ASSETS AND LIABILITIES, NET (0.1%) 152
--------
NET ASSETS:
Fund Shares of Institutional Class
(unlimited authorization -- no par
value) based on 173,023,020
outstanding shares of
beneficial interest 173,023
--------
TOTAL NET ASSETS (100.0%) $173,023
========
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE --
INSTITUTIONAL CLASS $1.00
========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
<PAGE>
FOR THE PERIOD ENDED JUNE 30, 1996
STATEMENT OF OPERATIONS (000)
(Unaudited)
- --------------------------------------------------------------------------------
TREASURY MONEY
MARKET FUND(1)
==============
INTEREST INCOME: $1,344
------
EXPENSES:
Investment Adviser Fee 75
Investment Adviser Fee Waiver (30)
Contribution by Investment
Adviser --
Management Fee 50
Management Fee Waiver (25)
Custody Fees 7
Transfer Agent Fees 7
Registration Fees 17
Trustees Fees 3
Printing Fees 2
Professional Fees 4
Amortization of Deferred
Organizational Costs --
Miscellaneous Expenses --
------
Total Expenses 110
------
Net Investment Income 1,234
------
Net Realized Loss on Investments --
Change in Unrealized Depreciation
on Investments --
------
Net Realized and Unrealized Loss
on Investments --
------
Increase (Decrease) in Net Assets
Resulting from Operations $1,234
======
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(1) COMMENCED OPERATIONS ON MAY 1, 1996.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
<PAGE>
BISHOP STREET FUNDS
STATEMENT OF CHANGES IN NET ASSETS (000)
(UNAUDITED)
- --------------------------------------------------------------------------------
TREASURY
MONEY MARKET
FUND
=============
5/01/96 (1)
TO 06/30/96
-------------
INVESTMENT ACTIVITIES:
Net Investment Income $ 1,234
Net Realized Gain (Loss) on
Investments --
Change in Unrealized Appreciation
on Investments --
--------
Increase in Net Assets Resulting
From Operations 1,234
--------
DISTRIBUTIONS TO SHAREHOLDERS:
Net Investment Income:
Institutional Class A (1,234)
Retail Class B --
--------
Total Distributions (1,234)
--------
Change in Net Assets --
--------
CAPITAL SHARE TRANSACTIONS:
(ALL AT $1.00 PER SHARE)
Institutional Class A Shares:
Proceeds from Shares Issued 317,866
Reinvestment of Cash Distribution --
Cost of Shares Redeemed (144,843)
--------
Total Institutional Capital
Share Transactions 173,023
Retail Class B Shares:
Proceeds from Shares Issued --
Reinvestment of Cash Distribution --
Cost of Shares Redeemed --
--------
Total Retail Capital Share
Transactions --
--------
Net Increase in Net Assets From
Share Transactions 173,023
--------
Total Increase in Net Assets 173,023
NET ASSETS:
Beginning of Period --
--------
End of Period $173,023
========
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(1) COMMENCED OPERATIONS ON MAY 1, 1996.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
<PAGE>
BISHOP STREET FUNDS
FINANCIAL HIGHLIGHTS
(Unaudited)
- --------------------------------------------------------------------------------
For a Share Outstanding Throughout the Period
<TABLE>
<CAPTION>
INVESTMENT ACTIVITIES DISTRIBUTIONS
--------------------- -------------
NET
NET REALIZED NET
ASSET AND ASSET
VALUE, NET UNREALIZED NET VALUE,
BEGINNING INVESTMENT GAIN (LOSS) ON INVESTMENT CAPITAL END OF TOTAL
OF PERIOD INCOME INVESTMENTS INCOME GAINS PERIOD RETURN
--------- ---------- -------------- ---------- ------- ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C>
- --------------------------
TREASURY MONEY MARKET FUND
- --------------------------
INSTITUTIONAL CLASS A
FOR THE PERIOD ENDED JUNE 30,
1996(1): -- $0.01 -- $(0.01) -- $1.00 5.10%
- --------------------------
</TABLE>
<TABLE>
<CAPTION>
RATIO OF
NET INVESTMENT
RATIO OF EXPENSES TO RATIO OF INCOME TO
NET EXPENSES AVERAGE NET AVERAGE
ASSETS, TO NET ASSETS INVESTMENT NET ASSETS
END OF AVERAGE EXCLUDING FEE INCOME TO EXCLUDING FEE PORTFOLIO
PERIOD NET WAIVERS AND AVERAGE WAIVERS AND TURNOVER
(000) ASSETS REIMBURSEMENTS NET ASSETS REIMBURSEMENTS RATE
------- -------- -------------- ----------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C>
- --------------------------
TREASURY MONEY MARKET FUND
- --------------------------
INSTITUTIONAL CLASS A
FOR THE PERIOD ENDED JUNE 30,
1996(1): $173,023 0.44% 0.56% 4.91% 4.79% --
- --------------------------
HAWAII MUNICIPAL BOND FUND
- --------------------------
<FN>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(1) COMMENCED OPERATIONS ON MAY 1, 1996.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
<PAGE>
JUNE 30, 1996 (Unaudited)
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION
================================================================================
The Bishop Street Funds (the "Trust") are registered under the Investment
Company Act of 1940, as amended, as an open-end, management investment company.
The Bishop Street Funds consists of a series of five funds (the "Funds") which
includes the High Grade Income Fund, Hawaii Municipal Bond Fund (formerly Hawaii
Tax-Free Fund), Equity Fund, the Treasury Money Market Fund and the Money Market
Fund. Effective January 29, 1996, the Hawaii Tax Free Bond Fund officially
changed its name to the Hawaii Municipal Bond Fund. The Bishop Street Funds
Declaration of Trust permits the Trust to offer separate portfolios of shares
and different classes of each portfolio. The assets of each Fund are segregated,
and a shareholder's interest is limited to the Fund in which shares are held.
Each Fund, with the exception of the High Grade Income Fund and Equity Fund, has
commenced operations prior to June 30, 1996. This report pertains only to the
Treasury Money Market Fund, Money Market Fund and the Hawaii Municipal Bond
Fund. The Funds' prospectus provides a description of each Fund's investment
objectives, policies and strategies.
2. SIGNIFICANT ACCOUNTING POLICIES
================================================================================
The following is a summary of significant accounting policies followed by
the Trust.
SECURITY VALUATION -- Investment securities held by the Money Market Fund are
stated at amortized cost, which approximates market value. Under this
valuation method, purchase discounts and premiums are accreted and amortized
ratably to maturity and are included in interest income.
Debt obligations exceeding sixty days to maturity for which market
quotations are readily available are valued at the most recently quoted bid
price. Debt obligations with sixty days or less remaining until maturity may be
valued at their amortized cost. Restricted securities for which quotations are
not readily available are valued at fair value using methods determined in good
faith under general Trustee supervision.
SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on the date the security is purchased or sold (trade date). Costs
used in determining net realized capital gains and losses on the sale of
securities are those of the specific securities sold adjusted for the accretion
and amortization of the purchase discounts and premiums during the respective
holding periods. Interest income is recorded on the accrual basis.
DISCOUNTS AND PREMIUMS -- Discounts and premiums are accreted or amortized over
the life of each security and are recorded as interest income for each of the
Funds using a method which approximates the effective interest method.
REPURCHASE AGREEMENTS -- Securities pledged as collateral for Repurchase
Agreements are held by the custodian bank until the respective agreements
mature. Provisions of repurchase agreements and
<PAGE>
BISHOP STREET FUNDS
procedures adopted by the Adviser ensure that the market value of the collateral
is sufficient in the event of default by the counterparty. If the counterparty
defaults and the value of the collateral declines or if the counterparty enters
an insolvency proceeding, realization of the collateral by the Fund may be
delayed or limited.
CLASSES -- Class specific expenses are borne by that class. Income, nonclass
specific expenses and realized/unrealized gains and losses are allocated to the
respective classes on the basis of the relative daily net assets.
EXPENSES -- Expenses that are directly related to one of the Funds are charged
directly to that Fund. Other operating expenses of the Trust are prorated to the
Funds on the basis of relative net assets.
DISTRIBUTIONS TO SHAREHOLDERS -- Distributions from net investment income are
declared daily and paid on a monthly basis for the Hawaii Municipal Bond Fund
and the Money Market Fund. Any net realized capital gains will be distributed
at least annually for all Funds.
FEDERAL INCOME TAXES -- It is each Fund's intention to qualify as a regulated
investment company for Federal income tax purposes and to distribute all of its
taxable income and net capital gains. Accordingly, no provision for Federal
income taxes is required.
ORGANIZATION COSTS -- Organization costs of approximately $134,000 have been
capitalized by the Funds and are being amortized over sixty months commencing
with operations. In the event any of the initial shares are redeemed by any
holder thereof during the period that the fund is amortizing its organization
costs, the redemption proceeds payable to the holder thereof by the Fund will be
reduced by the unamortized organization costs in the same ratio as the number of
initial shares being redeemed bears to the number of initial shares outstanding
at the time of the redemption.
3. INVESTMENT ADVISORY AGREEMENT
================================================================================
Investment advisory services are provided to the Funds by First Hawaiian
Bank (the "Adviser"). The Adviser is entitled to receive an annual fee of 0.30%
of the average daily net assets of the Treasury Money Market Fund, 0.30% of the
average daily net assets of the Money Market Fund and 0.35% of the average daily
net assets of the Hawaii Municipal Bond Fund. The Adviser has voluntarily agreed
for an indefinite period of time to waive a portion of its fee in the Treasury
Money Market Fund, the Money Market Fund and the Hawaii Municipal Bond Fund, in
order to limit the operating expenses of the Funds to 0.44%, 0.50% and 0.21%,
respectively.
Wellington Management Company (The "Sub-Adviser") serves as the
investment sub-adviser for the Money Market Fund and the Treasury Money Market
Fund pursuant to a sub-adviser agreement. The Sub-Adviser is entitled to
receive from the Adviser a fee, computed daily and paid monthly, at the annual
rate of 0.075% of the average daily net assets of the Fund up to $500 million
and 0.020% of the average daily net assets of the Fund in excess of $500
million.
<PAGE>
JUNE 30, 1996 (Unaudited)
4. ADMINISTRATIVE, TRANSFER AGENT AND DISTRIBUTION SERVICES
================================================================================
Pursuant to an administration agreement dated January 27, 1995, (the
"Agreement") SEI Financial Management Corporation ("SFM"), a wholly owned
subsidiary of SEI Corporation ("SEI"), acts as the Trust's Administrator. Under
the terms of the Agreement, SFM is entitled to receive an annual fee of 0.20% of
the average daily net assets of each Fund. SFM has voluntarily agreed to waive
a portion of its fee in order to limit operating expenses.
Pursuant to an agreement dated January 30, 1995, DST Systems, Inc. ("DST")
acts as the Transfer Agent of the Trust. As such, DST provides transfer agency,
dividend disbursing and shareholder services to the Trust.
SEI Financial Services Company ("SFS"), wholly owned subsidiary of SEI,
acts as the Trust's Distributor pursuant to a distribution agreement dated
January 27, 1995. The Retail Class B shares of the Trust have a Rule 12b-1
Distribution Plan under which such shares of the Funds bear distribution
expenses and related service fees at the annual rate of 0.10% and 0.25% of their
average daily net assets for the Money Market Fund and Hawaii Municipal Bond
Fund, respectively. SFS has voluntarily agreed to waive a portion of the
distribution charge for the Hawaii Municipal Bond Fund in order to limit
operating expenses for the Retail Class B shares.
Certain officers of the Trust are also officers of the Administrator. Such
officers are paid no fees by the Trust.
<PAGE>
BISHOP STREET FUNDS
5. INVESTMENT TRANSACTIONS
================================================================================
The cost of security purchases and the proceeds from the sale of
securities, other than temporary cash investments for the period ended June 30,
1996 are presented below for the Hawaii Municipal Bond Fund.
FUND INVESTMENT TRANSACTIONS
HAWAII MUNICIPAL BOND
FUND
=====================
Purchases
U.S. Government Securities $ --
Other 11,220,360
Sales
U.S. Government Securities $ --
Other 2,352,058
At June 30, 1996 the total cost of securities and the net realized gains
and losses on securities sold for federal income tax purposes were not
materially different from amounts reported for financial reporting purposes. The
aggregate unrealized appreciation/depreciation on securities at June 30, 1996
for the Hawaii Municipal Bond Fund is as follows:
Gross Unrealized Appreciation $ 148,468
Gross Unrealized Depreciation (234,241)
---------
Net Unrealized Depreciation $ (85,773)
=========
<PAGE>
JUNE 30, 1996 (Unaudited)
6. CONCENTRATION OF CREDIT RISK (Unaudited)
================================================================================
The Hawaii Tax Free Bond Fund invests primarily in debt instruments in
the state of Hawaii. The issuers' ability to meet their obligations may be
affected by economic developments in that state. At June 30, 1996, the
percentage of the Fund investments by each revenue source was as follows:
HAWAII MUNICIPAL BOND
FUND
=====================
Cash Equivalents 2.5%
Education Bonds 4.7%
General Obligation Bonds 22.5%
Hospital Bonds 17.1%
Housing Bonds 16.2%
Mortgage Revenue Bonds 1.1%
Transportation Bonds 21.8%
Utility Bonds 13.4%
Other Revenue Bonds 0.7%
-----
100.0%
======
The ratings of long-term debt holdings as a percentage of total value of
investments at June 30, 1996 are as follows:
HAWAII MUNICIPAL BOND
STANDARD & POOR'S RATING FUND
======================== =====================
AAA 56.9%
AA 18.7%
A 16.4%
A- 3.2%
Not Rated 4.8%
------
100.0%
======
<PAGE>
BISHOP STREET FUNDS
PART C: OTHER INFORMATION
POST-EFFECTIVE AMENDMENT NO. 4
Item 24. Financial Statements and Exhibits:
(a) Financial Statements
Audited Financial Statements for the Fiscal Year ending December 31,
1995 for the Money Market Fund, Hawaii Tax-Free Fund, High Grade
Income Fund and Equity Fund
Statement of Net Assets as of December 31, 1995
Statement of Operations for the period ended December 31, 1995
Statement of Changes in Net Assets as of December 31, 1995
Financial Highlights for the period ended December 31, 1995
Notes to Financial Statements
Report of Independent Accountants
(b) Additional Exhibits
1 Agreement and Declaration of Trust of the Registrant as originally
filed with the Registrant's Registration Statement on June 20, 1994,
incorporated herein by reference to Post-Effective Amendment No. 3 to
the Registrant's Registration Statement on Form N-1A (File No. 33-
80514), as filed February 29, 1996.
1(a) Amended and Restated Agreement and Declaration of Trust as originally
filed with the Registrant's Pre-Effective Amendment No. 1 on September
7, 1994, incorporated herein by reference to Post-Effective Amendment
No. 3 to the Registrant's Registration Statement on Form N-1A (File
No. 33-80514), as filed February 29, 1996.
2 By-Laws of the Registrant as originally filed with the Registrant's
Registration Statement on June 20, 1994, incorporated herein by
reference to Post-Effective Amendment No. 3 to the Registrant's
Registration Statement on Form N-1A (File No. 33-80514), as filed
February 29, 1996.
2(a) Amended By-Laws of the Registrant as originally filed with the
Registrant's Pre-Effective Amendment No. 1 on September 7, 1994,
incorporated herein by reference to Post-Effective Amendment No. 3 to
the Registrant's Registration Statement on Form N-1A (File No. 33-
80514), as filed February 29, 1996.
5(a) Investment Advisory Agreement between the Registrant and First
Hawaiian Bank, incorporated herein by reference to Post-Effective
Amendment No. 3 to the Registrant's Registration Statement on Form N-
1A (File No. 33-80514), as filed February 29, 1996.
5(b) Investment Sub-Advisory Agreement by and among the Registrant, First
Hawaiian Bank and Wellington Management Company, incorporated herein
by reference to Post-Effective Amendment No. 3 to the Registrant's
Registration Statement on Form N-1A (File No. 33-80514), as filed
February 29, 1996.
5(c) Form of amended Investment Sub-Advisory Agreement by and among the
Registrant, First Hawaiian Bank and Wellington Management Company,
incorporated herein by reference to Post-Effective Amendment No. 3 to
the Registrant's Registration Statement on Form N-1A (File No. 33-
80514), as filed February 29, 1996.
6 Distribution Agreement between the Registrant and SEI Financial
Services Company, incorporated herein by reference to Post-Effective
Amendment No. 3 to the Registrant's Registration Statement on Form N-
1A (File No. 33-80514), as filed February 29, 1996.
8 Custodian Agreement between the Registrant and Chemical Bank, N.A.,
incorporated herein by reference to Post-Effective Amendment No. 3 to
the Registrant's Registration Statement on Form N-1A (File No. 33-
80514), as filed February 29, 1996.
9(a) Administration Agreement between the Registrant and SEI Financial
Management Corporation, incorporated herein by reference to Post-
Effective Amendment No. 3 to the Registrant's Registration Statement
on Form N-1A (File No. 33-80514), as filed February 29, 1996.
9(b) Transfer Agent Agreement between the Registrant and Supervised Service
Company, incorporated herein by reference to Post-Effective Amendment
No. 3 to the Registrant's Registration Statement on Form N-1A (File
No. 33-80514), as filed February 29, 1996.
C-1
<PAGE>
10 Opinion and Consent of Counsel as originally filed with the
Registrant's Pre-Effective Amendment No.1 on September 7, 1994,
incorporated herein by reference to Post-Effective Amendment No. 3 to
the Registrant's Registration Statement on Form N-1A (File No. 33-
80514), as filed February 29, 1996.
11 Consent of Independent Public Accountants, filed herewith.
15 12b-1 Plan as originally filed with the Registrant's Pre-Effective
Amendment No.1 on September 7, 1994, incorporated herein by reference
to Post-Effective Amendment No. 3 to the Registrant's Registration
Statement on Form N-1A (File No. 33-80514), as filed February 29,
1996.
16 Performance Calculations as originally filed with the Registrant's
Pre-Effective Amendment No.1 on September 7, 1994, incorporated herein
by reference to Post-Effective Amendment No. 3 to the Registrant's
Registration Statement on Form N-1A (File No. 33-80514), as filed
February 29, 1996.
18 Rule 18f-3 Plan as originally filed with the Registrant's Post-
Effective Amendment No.1 on July 31, 1995, incorporated herein by
reference to Post-Effective Amendment No. 3 to the Registrant's
Registration Statement on Form N-1A (File No. 33-80514), as filed
February 29, 1996.
27 Financial Data Schedules, filed herewith.
Item 25. Persons Controlled by or under Common Control with Registrant
See the Prospectuses and the Statement of Additional Information
regarding the Registrant's control relationships. The Administrator is a
subsidiary of SEI Corporation, which also controls the distributor of the
Registrant, SEI Financial Services Company, other corporations engaged in
providing various financial and record keeping services, primarily to bank trust
departments, pension plan sponsors, and investment managers.
Item 26. Number of Holders of Securities
The number of record holders of each class as of August 27, 1996:
Number of
Title of Class Record Holders
INSTITUTIONAL CLASS A
Bishop Street High Grade Income Fund 0
Bishop Street Hawaii Municipal Bond Fund 7
Bishop Street Equity Fund 0
Bishop Street Money Market Fund 7
Bishop Street Treasury Money Market Fund 5
RETAIL CLASS B
Bishop Street High Grade Income Fund 0
Bishop Street Hawaii Municipal Bond Fund 307
Bishop Street Equity Fund 0
Bishop Street Money Market Fund 71
Bishop Street Treasury Money Market Fund 0
Item 27. Indemnification:
Article VIII of the Agreement of Declaration of Trust filed as Exhibit
1 to the Registration Statement is incorporated by reference. Insofar as
indemnification liabilities arising under the Securities Act of 1933, as
amended, may be permitted to trustees, directors, officers and controlling
persons of the Registrant by the Registrant pursuant to the Declaration of Trust
or otherwise, the Registrant is aware that in the opinion of the Securities and
Exchange Commission, such indemnification is against public policy as expressed
in the Act and, therefore, is unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by
C-2
<PAGE>
trustees, directors, officers or controlling persons of the Registrant in
connection with the successful defense of any act, suit or proceeding) is
asserted by such trustees, directors, officers or controlling persons in
connection with the shares being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issues.
Item 28. Business and Other Connections of Investment Adviser and Investment
Sub-Adviser:
Other business, profession, vocation, or employment of a substantial
nature in which each director or principal executive officer of the Adviser is
or has been, at any time during the last two fiscal years, engaged for his own
account or in the capacity of director, officer, employee, partner or trustee
are as follows:
FIRST HAWAIIAN BANK
Name and Position Name of Connection with
with Investment Adviser Other Company Other Company
- ----------------------- ------------- -------------
John W.A. Buyers C. Brewer & Co., Ltd. Chairman and Chief
Director Executive Officer
Albert C.K. Chun-Hoon -- Orthopedic Surgeon
Director
John C. Couch Alexander & Baldwin, Inc. President and Chief
Director Executive Officer
Walter A. Dods, Jr. First Hawaiian, Inc. Chairman and Chief
Director, Chairman and Executive Officer
Chief Executive Officer
Dr. Julia Ann Frohlich Blood Bank of Hawaii President
Director
Paul Mullin Ganley Estate of S.M. Damon Trustee
Director Carlsmith, Ball, Wichman, Partner
Murray, Case & Ichiki
David M. Haig Estate of S.M. Damon Trustee
Director
Warren H. Haruki GTE Hawaiian Tel President
Director
Howard K. Hiroki Coopers & Lybrand L.L.P. Partner (retired)
Director
John A. Hoag First Hawaiian, Inc. President
Director, President
Glenn A. Kaya Gem of Hawaii, Inc. President
Director
Dr. Richard R. Kelley Outrigger Hotels Hawaii Chairman and Chief
Director Executive Officer
C-3
<PAGE>
Name and Position Name of Connection with
with Investment Adviser Other Company Other Company
- ----------------------- ------------- -------------
Bert T. Kobayashi, Jr. Kobayashi, Sugita & Goda Principal
Director
Dr. Richard T. Mamiya Richard Mamiya, M.D., Inc. Heart Surgeon
Director
Dr. Fujio Matsuda The Research Corp. of the Executive Director
Director University of Hawaii
Dr. Roderick F. McPhee Punahou School President
Director
Robert J. Pfeiffer Alexander & Baldwin, Inc. Chairman of the Board
Director
Hugh R. Pingree -- Retired
Director
David W. Pratt Grove Farm Company, Inc. President and Chief
Director Executive Officer
Robert G. Reed, III Pacific Resources, Inc. Chairman, President
Director and Chief Executive
Officer (retired)
George P. Shea, Jr. First Insurance Company Chairman, President
Director of Hawaii, Ltd. and Chief Executive
Officer
R. Dwayne Steele Grace Pacific Corporation Chairman
Director
Laurence Vogel -- Royal Danish Consul
Director
Gen. Fred C. Weyand Estate of S.M. Damon Trustee
Director
James C. Wo Bojim Investments Chairman and Chief
Director Executive Officer
BJ Management Corp. Vice President and
Treasurer
Robert C. Wo BJ Management Corp. President and Secretary
Director C.S. Wo & Sons, Ltd. Chairman
Lily K. Yao Pioneer Federal Savings President and Chief
Director Bank Executive Officer
C-4
<PAGE>
Name and Position Name of Connection with
with Investment Adviser Other Company Other Company
- ----------------------- ------------- -------------
Howard H. Karr -- --
Vice Chairman and Chief
Financial Officer
Philip H. Ching -- --
Vice Chairman
Donald G. Horner -- --
Executive Vice President
Kenneth J. Bentley -- --
Executive Vice President
Anthony R. Guerrero, Jr. -- --
Executive Vice President
Norwood W. Pope -- --
Executive Vice President
Harriet M. Aoki -- --
Senior Vice President
Thomas P. Huber -- --
Senior Vice President and
General Counsel
Gary K. Kai -- --
Senior Vice President
WELLINGTON MANAGEMENT COMPANY
The list required by this Item 28 of officers and directors of Wellington
Management, together with information as to any other business, profession,
vocation or employment of a substantial nature engaged in by such officers and
directors during the past two years, is incorporated by reference to Schedules A
and D of Form ADV, filed by Wellington Management pursuant to the Investment
Advisers Act of 1940 (SEC File No. 801-15908).
Item 29. Principal Underwriter:
(a) Furnish the name of each investment company (other than the
Registrant) for which each principal underwriter currently
distributing the securities of the Registrant also acts as a principal
underwriter, distributor or investment adviser.
Registrant's distributor, SEI Financial Services Company ("SFS"), acts
as distributor for:
SEI Daily Income Trust July 15, 1982
SEI Liquid Asset Trust November 29, 1982
SEI Tax Exempt Trust December 3, 1982
C-5
<PAGE>
SEI Index Funds July 10, 1985
SEI Institutional Managed Trust January 22, 1987
SEI International Trust August 30, 1988
Stepstone Funds January 30, 1991
The Advisors' Inner Circle Fund November 14, 1991
The Pillar Funds February 28, 1992
CUFUND May 1, 1992
STI Classic Funds May 29, 1992
CoreFunds, Inc. October 30, 1992
First American Funds, Inc. November 1, 1992
First American Investment Funds, Inc. November 1, 1992
The Arbor Fund January 28, 1993
1784 Funds-Registered Trademark- June 1, 1993
The PBHG Funds, Inc. July 16, 1993
Marquis Funds-Registered Trademark- August 17, 1993
Morgan Grenfell Investment Trust January 3, 1994
Inventor Funds, Inc. August 1, 1994
The Achievement Funds Trust December 27, 1994
Bishop Street Funds January 27, 1995
CrestFunds, Inc. March 1, 1995
STI Classic Variable Trust August 18, 1995
ARK Funds November 1, 1995
Monitor Funds January 11, 1996
FMB Funds, Inc. March 1, 1996
SEI Asset Allocation Trust April 1, 1996
Turner Funds April 30, 1996
SEI Institutional Investments Trust June 14, 1996
SFS provides numerous financial services to investment managers,
pension plan sponsors, and bank trust departments. These services
include portfolio evaluation, performance measurement and consulting
services ("Funds Evaluation") and automated execution, clearing and
settlement of securities transactions ("MarketLink").
(b) Furnish the Information required by the following table with respect
to each director, officer or partner of each principal underwriter
named in the answer to Item 21 of Part B. Unless otherwise noted, the
business address of each director or officer is 680 East Swedesford
Road, Wayne, PA 19087.
<TABLE>
<CAPTION>
Position and Office Positions and Offices
Name with Underwriter with Registrant
- ---- ---------------- ---------------
<S> <C> <C>
Alfred P. West, Jr. Director, Chairman & Chief Executive Officer --
Henry H. Greer Director, President & Chief Operating Officer --
Carmen V. Romeo Director, Executive Vice President & Treasurer --
Gilbert L. Beebower Executive Vice President --
Richard B. Lieb Executive Vice President, President-Investment
Services Division --
Leo J. Dolan, Jr. Senior Vice President --
Carl A. Guarino Senior Vice President --
Jerome Hickey Senior Vice President --
Steven Kramer Senior Vice President --
David G. Lee Senior Vice President President and Chief Executive Officer
William Madden Senior Vice President --
A. Keith McDowell Senior Vice President --
</TABLE>
C-6
<PAGE>
<TABLE>
<CAPTION>
Position and Office Positions and Offices
Name with Underwriter with Registrant
- ---- ---------------- ---------------
<S> <C> <C>
Dennis J. McGonigle Senior Vice President --
Hartland J. McKeown Senior Vice President --
James V. Morris Senior Vice President --
Steven Onofrio Senior Vice President --
Kevin P. Robins Senior Vice President, General Counsel & Vice President and Assistant Secretary
Secretary
Robert Wagner Senior Vice President --
Patrick K. Walsh Senior Vice President --
Kenneth Zimmer Senior Vice President --
Robert Aller Vice President --
Marc H. Cahn Vice President & Assistant Secretary --
Gordon W. Carpenter Vice President --
Todd Cipperman Vice President & Assistant Secretary Vice President and Assistant Secretary
Robert Crudup Vice President & Managing Director --
Ed Daly Vice President --
Jeff Drennen Vice President --
Mick Duncan Vice President and Team Leader --
Vic Galef Vice President & Managing Director --
Kathy Heilig Vice President --
Larry Hutchison Vice President --
Michael Kantor Vice President --
Samuel King Vice President --
Kim Kirk Vice President & Managing Director --
Donald H. Korytowski Vice President --
John Krzeminski Vice President & Managing Director --
Robert S. Ludwig Vice President and Team Leader --
Vicki Malloy Vice President and Team Leader --
Jack May Vice President --
Carolyn McLaurin Vice President & Managing Director --
Barbara Moore Vice President & Managing Director --
W. Kelso Morrill Vice President --
Barbara A. Nugent Vice President & Assistant Secretary --
Sandra K. Orlow Vice President & Assistant Secretary Vice President and Assistant Secretary
Donald Pepin Vice President & Managing Director --
Larry Pokora Vice President --
Kim Rainey Vice President --
Paul Sachs Vice President --
Mark Samuels Vice President & Managing Director --
Steve Smith Vice President --
Daniel Spaventa Vice President --
Kathryn L. Stanton Vice President & Assistant Secretary Vice President and Assistant Secretary
Wayne M. Withrow Vice President & Managing Director --
William Zawaski Vice President --
James Dougherty Director of Brokerage Services --
</TABLE>
Item 30. Location of Accounts and Records:
Books or other documents required to be maintained by Section 31(a) of the
Investment Company Act of 1940, and the rules promulgated thereunder, are
maintained as follows:
C-7
<PAGE>
(a) With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3);
(6); (8); (12); and 31a-1(d), the required books and records will be
maintained at the offices of Registrant's Custodian:
Chemical Bank
4 New York Plaza
New York, New York 10004
(b)/(c) With respect to Rules 31a-1(a); 31a-1(b)(1),(4); (2)(C) and
(D); (4); (5); (6); (8); (9); (10); (11); and 31a-1(f), the required
books and records are maintained at the offices of Registrant's
Administrator:
SEI Financial Management Corporation
680 East Swedesford Road
Wayne, Pennsylvania 19087
(c) With respect to Rules 31a-1(b)(5), (6), (9) and (10) and 31a-
1(f), the required books and records are maintained at the principal
offices of the Registrant's Adviser and Sub-Adviser:
First Hawaiian Bank Wellington Management Company
1132 Bishop Street 75 State Street
17th Floor Boston, Massachusetts 02109
Honolulu, Hawaii 96813
Item 31. Management Services: None.
Item 32. Undertakings:
Registrant hereby undertakes that whenever shareholders meeting the
requirements of Section 16(c) of the Investment Company Act of 1940 inform the
Board of Trustees of their desire to communicate with Shareholders of the Trust,
the Trustees will inform such Shareholders as to the approximate number of
Shareholders of record and the approximate costs of mailing or afford said
Shareholders access to a list of Shareholders.
Registrant hereby undertakes to call a meeting of Shareholders for the
purpose of voting upon the question of removal of a Trustee(s) when requested in
writing to do so by the holders of at least 10% of Registrant's outstanding
shares and in connection with such meetings to comply with the provisions of
Section 16(c) of the Investment Company Act of 1940 relating to Shareholder
communications.
Registrant undertakes to furnish each person to whom a prospectus for
any series of the Registrant is delivered with a copy of the Registrant's latest
annual report to shareholders for such series, when such annual report is issued
containing information called for by Item 5A of Form N-1A, upon request and
without charge.
C-8
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, as amended, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment
No. 4 to Registration Statement No. 33-80514 to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Wayne, Commonwealth of
Pennsylvania on the 3rd day of September, 1996.
By: /s/ David G. Lee
----------------------------
David G. Lee,
President and Chief
Executive Officer
ATTEST:
/s/ Jeffrey A. Cohen
- ----------------------------
Jeffrey A. Cohen,
Controller and Chief
Financial Officer
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed below by the following persons in the capacity on the
dates indicated.
/s/ Martin Anderson Trustee September 3, 1996
- ----------------------------------
Martin Anderson
/s/ Philip H. Ching Trustee September 3, 1996
- ----------------------------------
Philip H. Ching
/s/ Shunichi Kimura Trustee September 3, 1996
- ----------------------------------
Shunichi Kimura
Trustee September 3, 1996
- ----------------------------------
William S. Richardson
/s/ Manuel R. Sylvester Trustee September 3, 1996
- ----------------------------------
Manuel R. Sylvester
/s/ Joyce S. Tsunoda Trustee September 3, 1996
- ----------------------------------
Joyce S. Tsunoda
/s/ David G. Lee Trustee, President September 3, 1996
- ---------------------------------- and Chief
David G. Lee Executive Officer
/s/ Jeffrey A. Cohen Controller and September 3, 1996
- ---------------------------------- Chief
Jeffrey A. Cohen Financial Officer
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Name Exhibit
- ---- -------
<S> <C>
Agreement and Declaration of Trust of the Registrant dated May 25, 1994, EX-99.B1
as originally filed with the Registrant's Registration Statement on June 20, 1994,
incorporated herein by reference to Post-Effective Amendment No. 3 to the Registrant's
Registration Statement on Form N-1A (File No. 33-80514), as filed February 29, 1996.
Amended and Restated Agreement and Declaration of Trust as originally filed with the EX-99.B1(a)
Registrant's Pre-Effective Amendment No. 1 on September 7, 1994, incorporated herein by
reference to Post-Effective Amendment No. 3 to the Registrant's Registration Statement
on Form N-1A (File No. 33-80514), as filed February 29, 1996.
By-Laws of the Registrant as originally filed with the Registrant's Registration Statement EX-99.B2
on June 20, 1994, incorporated herein by reference to Post-Effective
Amendment No. 3 to the Registrant's Registration Statement on Form N-1A
(File No. 33-80514), as filed February 29, 1996.
Amended By-Laws of the Registrant as originally filed with the Registrant's Pre-Effective EX-99.B2(a)
Amendment No. 1 on September 7, 1994, incorporated herein by reference to
Post-Effective Amendment No. 3 to the Registrant's Registration Statement
on Form N-1A (File No. 33-80514), as filed February 29, 1996.
Investment Advisory Agreement between the Registrant and First Hawaiian Bank, EX-99.B5(a)
incorporated herein by reference to Post-Effective Amendment No. 3 to the Registrant's
Registration Statement on Form N-1A (File No. 33-80514), as filed February 29, 1996.
Investment Sub-Advisory Agreement by and among the Registrant, First Hawaiian Bank EX-99.B5(b)
and Wellington Management Company, incorporated herein by reference to Post-Effective
Amendment No. 3 to the Registrant's Registration Statement on Form N-1A (File No. 33-80514),
as filed February 29, 1996.
Form of amended Investment Sub-Advisory Agreement by and among the Registrant, EX-99.B5(c)
First Hawaiian Bank and Wellington Management Company, incorporated herein by
reference to Post-Effective Amendment No. 3 to the Registrant's Registration Statement
on Form N-1A (File No. 33-80514), as filed February 29, 1996.
Distribution Agreement between the Registrant and SEI Financial Services Company, EX-99.B6
incorporated herein by reference to Post-Effective Amendment No. 3 to the Registrant's
Registration Statement on Form N-1A (File No. 33-80514), as filed February 29, 1996.
Custodian Agreement between the Registrant and Chemical Bank, N.A., incorporated EX-99.B8
herein by reference to Post-Effective Amendment No. 3 to the Registrant's Registration
Statement on Form N-1A (File No. 33-80514), as filed February 29, 1996.
Administration Agreement between the Registrant and SEI Financial Management EX-99.B9(a)
Corporation, incorporated herein by reference to Post-Effective Amendment No. 3 to the
Registrant's Registration Statement on Form N-1A (File No. 33-80514), as filed
February 29, 1996.
Transfer Agent Agreement between the Registrant and Supervised Service Company, EX-99.B9(b)
incorporated herein by reference to Post-Effective Amendment No. 3 to the Registrant's
Registration Statement on Form N-1A (File No. 33-80514), as filed February 29, 1996.
<PAGE>
<CAPTION>
Name Exhibit
- ---- -------
<S> <C>
Opinion and Consent of Counsel as originally filed with the Registrant's Pre-Effective EX-99.B10
Amendment No. 1 on September 7, 1994, incorporated herein by reference to Post-Effective
Amendment No. 3 to the Registrant's Registration Statement on Form N-1A (File No. 33-80514),
as filed February 29, 1996.
Consent of Independent Public Accountants, filed herewith. EX-99.B11
12b-1 Plan as originally filed with the Registrant's Pre-Effective Amendment No. 1 on EX-99.B15
September 7, 1994, incorporated herein by reference to Post-Effective Amendment No. 3 to
the Registrant's Registration Statement on Form N-1A (File No. 33-80514), as filed
February 29, 1996.
Performance Calculations as originally filed with the Registrant's Pre-Effective Amendment EX-99.B16
No. 1 on September 7, 1994, incorporated herein by reference to Post-Effective
Amendment No. 3 to the Registrant's Registration Statement on Form N-1A (File No. 33-80514),
as filed February 29, 1996.
Rule 18f-3 Plan as originally filed with the Registrant's Post-Effective Amendment No. 1 EX-99.B18
on July 31, 1995, incorporated herein by reference to Post-Effective Amendment No. 3 to the
Registrant's Registration Statement on Form N-1A (File No. 33-80514), as filed February 29,
1996.
Financial Data Schedules, filed herewith. EX-27.1-10
</TABLE>
<PAGE>
EX-99.B11
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in this Post-Effective Amendment
No. 4 to the Registration Statement under the Securities Act of 1933 on Form
N-1A (File No. 33-80514) of our report dated February 16, 1996 accompanying
financial statements and financial highlights of Bishop Street Funds in the
Statement of Additional Information. We also consent to the reference of our
Firm under the captions "Financial Highlights" and "Counsel and Independent
Accountants" in the Prospectus and under the captions "Experts" and "Financial
Information" in the Statement of Additional Information.
/s/ COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
September 4, 1996
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000925737
<NAME> BISHOP STREET FUNDS
<SERIES>
<NUMBER> 030
<NAME> TREASURY MONEY MARKET FUND - CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 172871
<INVESTMENTS-AT-VALUE> 172871
<RECEIVABLES> 0
<ASSETS-OTHER> 152
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 173023
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 173023
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 173023
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1344
<OTHER-INCOME> 0
<EXPENSES-NET> (110)
<NET-INVESTMENT-INCOME> 1234
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1234
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1234)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 317866
<NUMBER-OF-SHARES-REDEEMED> (144843)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 173023
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (75)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (165)
<AVERAGE-NET-ASSETS> 150687
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 5.10
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
