<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 31, 1997
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. 6 /X/
AND
REGISTRATION STATEMENT UNDER
INVESTMENT COMPANY ACT OF 1940 / /
AMENDMENT NO. 7 /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 Investments Company
Oaks, Pennsylvania 19456
(Name and Address of Agent for Service)
COPIES TO:
<TABLE>
<S> <C>
Richard W. Grant, Esq. John H. Grady, Jr., Esq.
Morgan, Lewis & Bockius Morgan, Lewis & Bockius
LLP LLP
2000 One Logan Square 1800 M Street, N.W.
Philadelphia, Pennsylvania Washington, D.C. 20036
19103
</TABLE>
------------------------
It is proposed that this filing will become effective (check appropriate box)
<TABLE>
<C> <S>
/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)
</TABLE>
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, 1996 was filed on February 28, 1997.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
BISHOP STREET FUNDS
CROSS REFERENCE SHEET
POST-EFFECTIVE AMENDMENT NO. 6
<TABLE>
<CAPTION>
N-1A ITEM NO. LOCATION
- -------------------------------------------------------------- --------------------------------------------------
<S> <C> <C>
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 of
Securities....................................... Directors and Officers of the Fund; 5%
Shareholders
Item 16. Investment Advisory and Other Services............ The Adviser; The Sub-Adviser(s); The
Administrator; The Distributor; Experts
</TABLE>
i
<PAGE>
<TABLE>
<CAPTION>
N-1A ITEM NO. LOCATION
- -------------------------------------------------------------- --------------------------------------------------
<S> <C> <C>
Item 17. Brokerage Allocation.............................. Portfolio Transactions
Item 18. Capital Stock and Other Securities................ Description of Shares
Item 19. Purchase, Redemption, and Pricing of Securities
Being Offered.................................... Purchase and Redemption of 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
</TABLE>
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 Prospectus and the Statement of Additional Information for the High Grade
Income Fund, Hawaii Municipal Bond Fund, Equity Fund, Money Market Fund, and
Treasury Money Market Fund, included as a part of Post-Effective Amendment No. 5
to the Registrant's Registration Statement on Form N-1A (File No. 33-80514)
filed with the Securities and Exchange Commission on April 30, 1997, are hereby
incorporated by reference as if set forth in full herein.
<PAGE>
BISHOP STREET FUNDS
EQUITY FUND
HIGH GRADE INCOME FUND
Supplement dated July 31, 1997
to Prospectus dated April 30, 1997
The Prospectus dated April 30, 1997, is hereby amended by the addition of
the following unaudited financial information for the Equity Fund and the High
Grade Income Fund for the period ended June 30, 1997.
FINANCIAL HIGHLIGHTS BISHOP STREET FUNDS
For the Period from Inception Through June 30, 1997 UNAUDITED
For a Share Outstanding Throughout the Period
<TABLE>
<CAPTION>
EQUITY HIGH GRADE
FUND (1) INCOME FUND(1)
--------- ---------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.00 $10.00
Income from Investment Operations:
Net Investment Income 0.04 0.23
Net Realized and Unrealized Gain (Loss) on Investments 1.17 (0.02)
Distributions from Net Investment Income (0.04) (0.23)
NET ASSET VALUE, END OF PERIOD $11.17 $9.98
Total Return* 12.16% 2.17%
Period Net Assets, End of Period (000's) $63,296 $24,909
Ratio of Expenses to Average Net Assets** 1.00% 0.80%
Ratio of Net Investment Income to Average Net Assets** 0.99% 5.67%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Contributions)** 1.23% 1.12%
Ratio of Net Investment Income to Average Net Assets (Excluding Waivers and
Contributions)** 0.76% 5.35%
Portfolio Turnover Rate 13% 11%
Average Commission Rate(A) $0.0705 $0.0000
</TABLE>
* Return is for the period indicated and has not been annualized.
** Annualized.
(A) Average commission rate paid per share for the security purchases and sales
during the period.
(1) Commenced operations January 31, 1997.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
BISHOP STREET FUNDS
SUPPLEMENT DATED JULY 31, 1997 TO
THE STATEMENT OF ADDITIONAL INFORMATION
DATED APRIL 30, 1997
The Statement of Additional Information for the Bishop Street Funds is
hereby amended and supplemented by the following unaudited financial statements
of the Equity Fund and the High Grade Income Fund for the period ended June 30,
1997.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
<PAGE>
BISHOP STREET FUNDS
SEMI-ANNUAL REPORT -- JUNE 30, 1997
EQUITY FUND
STATEMENT OF NET ASSETS
JUNE 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
- --------- ---------
<C> <S> <C>
COMMON STOCK -- 95.2%
AIR TRANSPORTATION -- 0.5%
5,400 Federal Express Corp.*....................................................................... $ 312
---------
AIRCRAFT -- 4.1%
7,200 Allied Signal, Inc........................................................................... 605
23,800 Boeing Co.................................................................................... 1,263
8,500 United Technologies Corp..................................................................... 705
---------
2,573
---------
APPAREL/TEXTILES -- 0.5%
7,200 Liz Claiborne Inc............................................................................ 336
---------
AUTOMOTIVE -- 0.8%
8,100 Chrysler Corp................................................................................ 266
4,700 General Motors Corp.......................................................................... 262
---------
528
---------
BANKS -- 8.2%
9,300 Chase Manhattan Corp......................................................................... 903
9,500 Citicorp..................................................................................... 1,145
10,000 First Chicago NBD Corp....................................................................... 605
9,100 First Union Corp............................................................................. 842
16,400 NationsBank Corp............................................................................. 1,058
11,300 Norwest Corp................................................................................. 636
---------
5,189
---------
BEAUTY PRODUCTS -- 2.3%
7,600 Gillette Co.................................................................................. 720
5,300 Proctor & Gamble Co.......................................................................... 749
---------
1,469
---------
CHEMICALS -- 2.2%
5,500 Air Products & Chemicals, Inc................................................................ 447
22,100 Monsanto Co.................................................................................. 952
---------
1,399
---------
COMMUNICATIONS EQUIPMENT -- 2.1%
13,100 GTE Corp..................................................................................... 575
9,900 Motorola, Inc................................................................................ 752
---------
1,327
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
1
<PAGE>
EQUITY FUND
STATEMENT OF NET ASSETS (CONTINUED)
JUNE 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
- --------- ---------
<C> <S> <C>
COMMON STOCK -- CONTINUED
COMPUTERS & SERVICES -- 3.8%
8,400 Cisco Systems, Inc.*......................................................................... $ 564
3,000 Compaq Computer Corp.*....................................................................... 298
10,700 Hewlett Packard Co........................................................................... 599
10,200 International Business Machine Corp.......................................................... 920
---------
2,381
---------
DRUGS -- 10.6%
7,900 Abbott Laboratories.......................................................................... 527
7,400 American Home Products Corp.................................................................. 566
4,000 Amgen Inc.*.................................................................................. 232
10,600 Bristol-Myers Squibb Co...................................................................... 859
7,100 Eli Lilly & Co............................................................................... 776
11,600 Johnson & Johnson............................................................................ 747
10,600 Merck & Co., Inc............................................................................. 1,097
5,700 Pfizer Inc................................................................................... 681
10,000 Schering Plough Corp......................................................................... 479
6,200 Warner Lambert Co............................................................................ 770
---------
6,734
---------
ELECTRICAL UTILITIES -- 0.4%
5,900 FPL Group, Inc............................................................................... 272
---------
ENTERTAINMENT -- 0.8%
6,100 Walt Disney Co............................................................................... 490
---------
ENVIRONMENTAL SERVICES -- 0.5%
9,100 Waste Management, Inc........................................................................ 292
---------
FINANCIAL SERVICES -- 3.3%
6,300 American Express Co.......................................................................... 469
9,800 Federal Home Loan Mortgage Corp.............................................................. 337
16,500 Federal National Mortgage Association........................................................ 720
9,800 Merrill Lynch & Co., Inc..................................................................... 584
---------
2,110
---------
FOOD, BEVERAGE & TOBACCO -- 4.9%
13,800 Campbell Soup, Co............................................................................ 690
14,600 Coca Cola, Co................................................................................ 1,018
23,400 Philip Morris Companies Inc.................................................................. 1,038
7,700 Sara Lee Corp................................................................................ 321
---------
3,067
---------
GAS/NATURAL GAS -- 0.9%
13,600 Williams Companies Inc....................................................................... 595
---------
</TABLE>
2
<PAGE>
EQUITY FUND
STATEMENT OF NET ASSETS (CONTINUED)
JUNE 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
- --------- ---------
<C> <S> <C>
COMMON STOCK -- CONTINUED
HOTELS & LODGING -- 0.7%
17,500 Hilton Hotels Corp........................................................................... $ 465
---------
INSURANCE -- 4.4%
4,900 American International Group, Inc............................................................ 732
5,200 Chubb Corp................................................................................... 348
1,600 Cigna Corp................................................................................... 284
1,600 General Re Corp.............................................................................. 291
4,100 Hartford Financial Services Group Inc........................................................ 339
12,000 Travelers Group Inc.......................................................................... 757
---------
2,751
---------
MACHINERY -- 5.5%
12,450 Baker Hughes, Inc............................................................................ 482
7,100 Deere & Co................................................................................... 390
5,000 Emerson Electric Co.......................................................................... 275
35,800 General Electric, Co......................................................................... 2,340
---------
3,487
---------
MEDICAL PRODUCTS & SERVICES -- 0.7%
11,600 Columbia/HCA Healthcare Corp................................................................. 456
---------
METALS & MINING -- 0.5%
4,000 Phelps Dodge Corp............................................................................ 341
---------
MISCELLANEOUS BUSINESS SERVICES -- 5.4%
12,900 First Data Corp.............................................................................. 567
14,300 Microsoft, Corp.*............................................................................ 1,807
13,400 Oracle Corp.*................................................................................ 675
9,100 Sun Microsystems, Inc.*...................................................................... 339
---------
3,388
---------
MISCELLANEOUS CONSUMER SERVICES -- 0.4%
8,300 Service Corp International................................................................... 273
---------
OFFICE FURNITURE & FIXTURES -- 0.9%
14,000 Johnson Controls, Inc........................................................................ 575
---------
PAPER & PAPER PRODUCTS -- 0.9%
6,200 Kimberly-Clark Corp.......................................................................... 308
4,600 Mead Corp.................................................................................... 286
---------
594
---------
PETROLEUM & FUEL PRODUCTS -- 1.1%
5,400 Schlumberger Ltd............................................................................. 675
---------
</TABLE>
3
<PAGE>
EQUITY FUND
STATEMENT OF NET ASSETS (CONTINUED)
JUNE 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
- --------- ---------
<C> <S> <C>
COMMON STOCK -- CONTINUED
PETROLEUM REFINING -- 9.7%
7,300 Amoco Corp................................................................................... $ 635
20,800 Royal Dutch Petroleum Co. New York Registry.................................................. 1,131
7,800 British Petroleum, ADR....................................................................... 584
9,200 Chevron, Corp................................................................................ 680
25,400 Exxon Corp................................................................................... 1,562
8,800 Mobil Corp................................................................................... 615
8,700 Texaco, Inc.................................................................................. 946
---------
6,153
---------
PHOTOGRAPHIC EQUIPMENT & SUPPLIES -- 0.4%
3,200 Eastman Kodak Co............................................................................. 246
---------
RAILROADS -- 0.9%
15,700 Illinois Central, Corp....................................................................... 549
---------
RETAIL -- 5.6%
8,700 Albertson's Inc.............................................................................. 318
13,900 Dayton-Hudson Corp........................................................................... 739
10,400 Home Depot, Inc.............................................................................. 717
9,200 McDonald's Corp.............................................................................. 444
18,800 Pepsico, Inc................................................................................. 706
11,500 Sears Roebuck & Co........................................................................... 618
---------
3,542
---------
RUBBER & PLASTIC -- 0.8%
8,200 Nike, Inc., Cl B............................................................................. 479
---------
SEMI-CONDUCTORS/INSTRUMENTS -- 4.0%
17,850 Intel Corp................................................................................... 2,531
---------
TELEPHONES & TELECOMMUNICATION -- 6.9%
21,700 Airtouch Communications Inc.*................................................................ 594
15,600 AT & T Corp.................................................................................. 547
5,800 Bell Atlantic Corp........................................................................... 440
12,000 Bellsouth Corp............................................................................... 556
10,300 Lucent Technologies Inc...................................................................... 742
3,700 NYNEX, Corp.................................................................................. 213
5,800 SBC Communications, Inc...................................................................... 359
5,000 US West Communications Group................................................................. 188
22,200 Worldcom Inc.*............................................................................... 710
---------
4,349
---------
WHOLESALE -- 0.5%
1,600 Unilever NV, ADR............................................................................. 342
---------
TOTAL COMMON STOCK (Cost $52,972)............................................................ 60,270
---------
</TABLE>
4
<PAGE>
EQUITY FUND
STATEMENT OF NET ASSETS (CONTINUED)
JUNE 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
- --------- ---------
<C> <S> <C>
CASH EQUIVALENT -- 4.7%
$ 2,602 SEI Daily Income Trust Money Market Portfolio................................................ $ 2,603
384 SEI Daily Income Trust Prime Obligation Portfolio............................................ 385
---------
TOTAL CASH EQUIVALENT (Cost $2,988).......................................................... 2,988
---------
TOTAL INVESTMENTS (COST $55,960) -- 99.9%............................................................... 63,258
---------
OTHER ASSETS AND LIABILITIES, NET -- 0.1%............................................................... 38
---------
NET ASSETS:
Fund shares of Institutional Class A (unlimited authorization -- no par value) based on 5,668,039
outstanding shares of beneficial interest............................................................. 56,634
Accumulated net realized loss on investments............................................................ (636)
Net unrealized appreciation on investments.............................................................. 7,298
---------
TOTAL NET ASSETS -- 100.0%.............................................................................. $ 63,296
---------
---------
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION
PRICE PER SHARE -- INSTITUTIONAL CLASS A.............................................................. $ 11.17
---------
---------
</TABLE>
- ------------------------
* Non-Income producing security
Cl -- Class
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
BISHOP STREET FUNDS
SEMI-ANNUAL REPORT -- JUNE 30, 1997
HIGH GRADE INCOME FUND
STATEMENT OF NET ASSETS
JUNE 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE
AMOUNT MARKET
(000) VALUE
- --------- ---------
<C> <S> <C>
CORPORATE OBLIGATIONS -- 28.1%
AIRCRAFT -- 2.3%
Boeing
$ 600 6.350%, 06/15/03............................................................................. $ 586
---------
BANKS -- 1.2%
Bayerische Landesbank
300 6.375%, 10/15/05............................................................................. 289
---------
CHEMICALS -- 4.3%
Hercules
600 6.625%, 06/01/03............................................................................. 588
PPG Industries, Inc.
500 6.875%, 02/15/12............................................................................. 487
---------
1,075
---------
COMMUNICATIONS EQUIPMENT -- 1.2%
Rockwell International Corp.
300 6.625%, 06/01/05............................................................................. 295
---------
FOOD, BEVERAGE & TOBACCO -- 5.4%
Pet Inc.
700 6.500%, 07/01/03............................................................................. 678
Philip Morris Companies, Inc.
700 6.375%, 02/01/06............................................................................. 659
---------
1,337
INSURANCE -- 2.7%
Aon Corp.
700 6.300%, 01/15/04............................................................................. 671
---------
MACHINERY -- 1.2%
Dresser Industries, Inc.
300 6.250%, 06/01/00............................................................................. 298
---------
PRINTING & PUBLISHING -- 2.8%
Tribune Co.
700 6.875%, 11/01/06............................................................................. 694
---------
RETAIL -- 1.1%
Lowes Companies Inc.
300 6.375%, 12/15/05............................................................................. 287
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
HIGH GRADE INCOME FUND
STATEMENT OF NET ASSETS (CONTINUED)
JUNE 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE
AMOUNT MARKET
(000) VALUE
- --------- ---------
<C> <S> <C>
CORPORATE OBLIGATIONS -- CONTINUED
SEMI-CONDUCTORS/INSTRUMENTS -- 3.1%
Texas Instruments, Inc.
700 8.750%, 04/01/07............................................................................. 778
---------
TELEPHONES & TELECOMMUNICATION -- 2.8%
US West Communications Group, Inc.
$ 700 6.625%, 09/15/05............................................................................. $ 686
---------
TOTAL CORPORATE OBLIGATIONS (Cost $7,020).................................................... 6,996
---------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 34.3%
FHLB
700 7.170%, 03/29/00............................................................................. 714
FHLB
400 6.000%, 07/05/00............................................................................. 395
FHLB
700 7.310%, 07/06/01............................................................................. 719
FHLB
700 7.570%, 08/19/04............................................................................. 735
FHLMC
1,100 5.690%, 01/24/01............................................................................. 1,070
FHLMC
700 6.220%, 03/24/03............................................................................. 686
FNMA
2,000 6.605%, 05/08/02............................................................................. 2,004
FNMA
800 7.400%, 07/01/04............................................................................. 833
FNMA
300 6.350%, 06/10/05............................................................................. 292
FNMA
400 6.440%, 06/21/05............................................................................. 392
FNMA
700 6.590%, 05/21/02............................................................................. 704
---------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $8,555)....................................... 8,544
---------
CASH EQUIVALENT -- 3.4%
622 SEI Daily Income Trust Money Market Portfolio................................................ 623
223 SEI Daily Income Trust Prime Obligation Portfolio............................................ 224
---------
TOTAL CASH EQUIVALENT (Cost $847)............................................................ 847
---------
</TABLE>
7
<PAGE>
HIGH GRADE INCOME FUND
STATEMENT OF NET ASSETS (CONTINUED)
JUNE 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE
AMOUNT MARKET
(000) VALUE
- --------- ---------
<C> <S> <C>
U.S. TREASURY OBLIGATIONS -- 32.6%
U.S. Treasury Bond
$ 700 7.500%, 11/15/16............................................................................. $ 748
U.S. Treasury Notes
1,500 5.750%, 12/31/98............................................................................. 1,495
U.S. Treasury Notes
1,000 6.375%, 01/15/99............................................................................. 1,005
U.S. Treasury Notes
500 7.500%, 10/31/99............................................................................. 514
U.S. Treasury Notes
1,500 5.875%, 11/15/99............................................................................. 1,490
U.S. Treasury Notes
700 8.500%, 11/15/00............................................................................. 746
U.S. Treasury Notes
700 7.750%, 02/15/01............................................................................. 732
U.S. Treasury Notes
700 6.125%, 12/31/01............................................................................. 693
U.S. Treasury Notes
700 6.375%, 08/15/02............................................................................. 700
---------
TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,147)................................................ 8,123
---------
TOTAL INVESTMENTS (COST $24,569) -- 98.4%............................................................... 24,510
---------
OTHER ASSETS AND LIABILITIES, NET -- 1.6%............................................................... 399
---------
NET ASSETS:
Fund shares of Institutional Class A (unlimited authorization -- no par value) based on 2,496,881
outstanding shares of beneficial interest............................................................. 24,967
Accumulated net realized gain on investments............................................................ 1
Net unrealized depreciation on investments.............................................................. (59)
---------
TOTAL NET ASSETS -- 100.0%.............................................................................. $ 24,909
---------
---------
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION
PRICE PER SHARE -- INSTITUTIONAL CLASS A.............................................................. $ 9.98
---------
</TABLE>
- ------------------------
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
BISHOP STREET FUNDS
SEMI-ANNUAL REPORT -- JUNE 30, 1997
STATEMENT OF OPERATIONS
(IN THOUSANDS)
FOR THE PERIOD ENDED JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
EQUITY HIGH GRADE
FUND(2) INCOME FUND(2)
----------- -----------------
<S> <C> <C>
INTEREST INCOME:....................................................................... $ 79 $ 650
Dividend Income...................................................................... 408 --
----------- -----
Total Investment Income............................................................ 487 650
----------- -----
EXPENSES:
Investment Adviser Fee............................................................... 181 61
Investment Adviser Fee Waiver........................................................ (46) (27)
Management Fee....................................................................... 49 20
Management Fee Waiver................................................................ (12) (5)
Shareholder Servicing Fee............................................................ 50 21
Shareholder Servicing Fee Waiver..................................................... (30) (12)
Custody Fees......................................................................... 8 2
Transfer Agent Fees.................................................................. 11 6
Registration Fees.................................................................... 10 4
Distribution Fees (1)................................................................ -- --
Distribution Fee Waiver.............................................................. -- --
Trustees Fees........................................................................ 4 1
Printing Fees........................................................................ 3 2
Professional Fees.................................................................... 6 2
Amortization of Deferred Organizational Costs........................................ 1 1
Miscellaneous Expenses............................................................... 9 4
----------- -----
Total Expenses..................................................................... 244 80
----------- -----
Net Investment Income................................................................ 243 570
----------- -----
Net Realized Gain (Loss) on Investments................................................ (636) 1
Change in Unrealized Appreciation on Investments....................................... 7,297 (59)
----------- -----
Net Realized and Unrealized Gain (Loss) on Investments................................. 6,661 (58)
----------- -----
Increase in Net Assets Resulting from Operations....................................... $ 6,904 $ 512
----------- -----
----------- -----
</TABLE>
- ------------------------
Amounts designated as "--" are either $0 or have been rounded to $0.
(1) All distribution fees are incurred in the Retail Class B.
(2) Commenced operations on January 31, 1997.
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
BISHOP STREET FUNDS
SEMI-ANNUAL REPORT -- JUNE 30, 1997
STATEMENT OF CHANGES IN NET ASSETS
(IN THOUSANDS)
FOR THE PERIOD ENDED JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
HIGH GRADE
EQUITY FUND INCOME FUND
------------ ------------
01/31/97 01/31/97
TO TO
06/30/97(1) 06/30/97(1)
------------ ------------
<S> <C> <C>
INVESTMENT ACTIVITIES:
Net Investment Income.............................................................. $ 243 $ 570
Net Realized Gain (Loss) on Investments............................................ (636) 1
Change in Unrealized Appreciation (Depreciation) on Investments.................... 7,298 (59)
------------ ------------
Increase (Decrease) in Net Assets Resulting From Operations.......................... 6,905 512
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
Net Investment Income:
Institutional Class A Shares..................................................... (243) (570)
Capital Gains:
Institutional Class A Shares..................................................... -- --
Total Distributions............................................................ (243) (570)
------------ ------------
Change in Net Assets................................................................. 6,662 (58)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Institutional Class A Shares:
Proceeds from Shares Issued...................................................... 57,491 24,397
Reinvestments of Cash Distributions.............................................. 243 570
Cost of Shares Redeemed.......................................................... (1,100) --
------------ ------------
Total Institutional Capital Share Transactions................................. 56,634 24,967
------------ ------------
Net Increase (Decrease) in Net Assets
From Share Transactions............................................................ 56,634 24,967
------------ ------------
Total Increase (Decrease) in Net Assets............................................ 63,296 24,909
------------ ------------
NET ASSETS:
Beginning of Period................................................................ -- --
------------ ------------
End of Period...................................................................... $ 63,296 $ 24,909
------------ ------------
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Institutional Class A Shares:
Shares Issued.................................................................... 5,748 2,439
Shares Issued in Lieu of Cash Distributions...................................... 23 58
Shares Redeemed.................................................................. (103) --
------------ ------------
Total Institutional Capital Share Transactions................................. 5,668 2,497
------------ ------------
Net Increase (Decrease) in Capital Shares............................................ $ 5,668 $ 2,497
------------ ------------
------------ ------------
</TABLE>
- ------------------------
Amounts designated as "--" are either $0 or have been rounded to $0.
(1) Commenced operations on January 31, 1997.
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
BISHOP STREET FUNDS
SEMI-ANNUAL REPORT -- JUNE 30, 1997
FINANCIAL HIGHLIGHTS
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD ENDED
<TABLE>
<CAPTION>
EQUITY FUND
-----------
1/31/97 TO
6/30/97(1)
-----------
<S> <C>
INSTITUTIONAL CLASS A
Net asset value, beginning of period............................................................... $ 10.00
Net investment income.............................................................................. 0.04
Net realized and unrealized gain (loss) on investments............................................. 1.17
Distributions from net investment income........................................................... (0.04)
Distributions from capital gains................................................................... --
Net asset value, end of period..................................................................... $ 11.17
Total return+...................................................................................... 12.16%
Net assets, end of period (000).................................................................... $ 63,296
Ratio of expenses to average net assets*........................................................... 1.00%
Ratio of expenses to average net assets excluding fee waivers and reimbursements*.................. 1.23%
Ratio of net investment income to average net assets*.............................................. 0.99%
Ratio of net investment income to average net assets excluding fee waivers and reimbursements*..... 0.76%
Portfolio turnover rate............................................................................ 13%
Average commission rate............................................................................ $ 0.0705
</TABLE>
- ------------------------
+ Total return is for the period indicated and has not been annualized.
* Annualized
Amounts designated as "--" are either $0 or have been rounded to $0.
(1) Commenced operations on January 31, 1997.
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
FINANCIAL HIGHLIGHTS (CONTINUED)
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD ENDED
<TABLE>
<CAPTION>
HIGH GRADE
INCOME FUND
-----------
1/31/97 TO
6/30/97(1)
-----------
<S> <C>
INSTITUTIONAL CLASS A
Net asset value, beginning of period............................................................... $ 10.00
Net investment income.............................................................................. 0.23
Net realized and unrealized gain (loss) on investments............................................. (0.02)
Distributions from net investment income........................................................... (0.23)
Distributions from capital gains................................................................... --
Net asset value, end of period..................................................................... $ 9.98
Total return+...................................................................................... 2.17%
Net assets, end of period (000).................................................................... $ 24,909
Ratio of expenses to average net assets*........................................................... 0.80%
Ratio of expenses to average net assets excluding fee waivers and reimbursements*.................. 1.12%
Ratio of net investment income to average net assets*.............................................. 5.67%
Ratio of net investment income to average net assets excluding fee waivers and reimbursements*..... 5.35%
Portfolio turnover rate............................................................................ 11%
Average commission rate............................................................................ $ 0.0000
</TABLE>
- ------------------------
+ Total return is for the period indicated and has not been annualized.
* Annualized
Amounts designated as "--" are either $0 or have been rounded to $0.
(1) Commenced operations on January 31, 1997.
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
BISHOP STREET FUNDS
SEMI-ANNUAL REPORT -- JUNE 30, 1997
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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 which includes the
Equity Fund and the High Grade Income Fund (the "Funds"). The Funds commenced
operations on January 31, 1997. The other Funds in the series which are not
being reported at this time include the Hawaii Municipal Bond Fund (formerly the
Hawaii Tax-Free Fund), the Treasury Money Market Fund and the Money Market 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. 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
For the Equity Fund investment securities which are traded on a national
securities exchange (or reported on the NASDAQ national market system) are
stated at the last quoted sales price if readily available for such equity
securities on each business day; other equity securities traded in the over-the-
counter market and listed equity securities for which no sale was reported on
that date are stated at the last quoted bid price.
For the High Grade Income Fund 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 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.
13
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 High Grade Income Fund. The Equity Fund declares and pays
such distributions on a quarterly basis. Any net realized capital gains will be
distributed at least annually for both 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 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 prior to the end of the amortization period, the proceeds
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.
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS
The preparation of financial statements, in conformity with generally
accepted accounting principles, requires management to make estimates and
assumptions that affect the reported amount of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.
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 0.74%
of the average daily net assets of the Equity Fund and 0.55% of the average
daily net assets of the High Grade Income Fund. The Adviser may from time to
time waive a portion of its fee in order to limit the operating expenses of the
Fund.
4. ADMINISTRATIVE, TRANSFER AGENT AND DISTRIBUTION SERVICES
Pursuant to an administration agreement dated January 27, 1995, (the
"Agreement") SEI Fund Resources ("SEI"), a wholly owned subsidiary of SEI
Investments, acts as the Trust's Administrator. Under the terms of the
Agreement, SEI is entitled to receive an annual fee of 0.20% of the average
daily net assets of each Fund. SEI has voluntarily agreed to waive a portion of
its fee in order to limit operating expenses.
14
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
4. ADMINISTRATIVE, TRANSFER AGENT AND DISTRIBUTION SERVICES (CONTINUED)
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 Investments Distribution Co., a wholly owned subsidiary of SEI
Investments, acts as the Trust's Distributor pursuant to a distribution
agreement dated January 27, 1995.
Certain officers of the Trust are also officers of the Administrator. Such
officers are paid no fees by the Trust.
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, 1997 are
presented below for the Funds.
FUND INVESTMENT TRANSACTIONS
<TABLE>
<CAPTION>
HIGH GRADE
EQUITY FUND INCOME FUND
------------- -------------
<S> <C> <C>
Purchases
U.S. Government Securities................................... $ -- $ 18,418,398
Other........................................................ 60,788,932 7,698,976
Sales
U.S. Government Securities................................... $ -- $ 1,701,531
Other........................................................ 7,180,012 680,106
</TABLE>
At June 30, 1997 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, 1997 for the
Funds is as follows:
<TABLE>
<CAPTION>
HIGH GRADE
EQUITY FUND INCOME FUND
------------ ------------
<S> <C> <C>
Gross Unrealized Appreciation..................................... $ 7,830,920 $ 17,600
Gross Unrealized Depreciation..................................... (533,258) (76,987)
------------ ------------
Net Unrealized Appreciation....................................... $ 7,297,662 $ (59,387)
------------ ------------
------------ ------------
</TABLE>
15
<PAGE>
BISHOP STREET FUNDS
PART C: OTHER INFORMATION
POST-EFFECTIVE AMENDMENT NO. 6
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS:
(a) Financial Statements
Part A: Financial Highlights
Part B: The following audited financial statements for Bishop Street
Funds as of December 31, 1996 and the report of the independent
auditors, Coopers & Lybrand, LLP dated February 18, 1997 are
incorporated by reference to the Statement of Additional Information
from Form N-30D filed on February 27, 1997 with Accession Number
0000935069-97-000015.
Schedule of Investments
Statement of Assets & Liabilities
Statement of Operations
Statement of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
Unaudited financial statements for the Equity Fund and High Grade Income
Fund for the period ending June 30, 1997, filed herewith.
Schedule of Investments
Statement of Assets & Liabilities
Statement of Operations
Statement of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
(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.
C-1
<PAGE>
5(b) Investment Sub-Advisory Agreement by and among the Registrant, First
Hawaiian Bank and Wellington Management Company, LLP, 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) Amended and Restated Investment Sub-Advisory Agreement by and among
the Registrant, First Hawaiian Bank and Wellington Management
Company, LLP, incorporated herein by reference to Post-Effective
Amendment No. 5 to the Registrant's Registration Statement on Form
N-1A (File No. 33-80514), as filed April 30, 1997.
5(d) Schedule B dated April 30, 1996, to the Investment Advisory
Agreement dated January 27, 1995, between the Registrant and First
Hawaiian Bank, incorporated herein by reference to Post-Effective
Amendment No. 5 to the Registrant's Registration Statement on Form
N-1A (File No. 33-80514), as filed April 30, 1997.
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.
9(c) Consent to Assignment and Assumption of the Administration Agreement
between the Trust and SEI Financial Management Corporation to SEI
Fund Resources, incorporated herein by reference to Post-Effective
Amendment No. 5 to the Registrant's Registration Statement on Form
N-1A (File No. 33-80514), as filed April 30, 1997.
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.
C-2
<PAGE>
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
Investments Company, which also controls the distributor of the Registrant, SEI
Investments Distribution Co., 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 July 3, 1997:
<TABLE>
<CAPTION>
NUMBER OF
TITLE OF CLASS RECORD HOLDERS
- ------------------------------------------------------------------------------ -----------------
<S> <C>
INSTITUTIONAL CLASS A
Bishop Street High Grade Income Fund.......................................... 5
Bishop Street Hawaii Municipal Bond Fund...................................... 17
Bishop Street Equity Fund..................................................... 5
Bishop Street Money Market Fund............................................... 9
Bishop Street Treasury Money Market Fund...................................... 5
RETAIL CLASS B
Bishop Street High Grade Income Fund.......................................... 0
Bishop Street Hawaii Municipal Bond Fund...................................... 286
Bishop Street Equity Fund..................................................... 0
Bishop Street Money Market Fund............................................... 95
Bishop Street Treasury Money Market Fund...................................... 0
</TABLE>
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 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.
C-3
<PAGE>
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
<TABLE>
<CAPTION>
NAME AND POSITION NAME OF CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
- -------------------------------------------- -------------------------------------------- ------------------------
<S> <C> <C>
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. Chairman, President and
Director Chief Executive
Officer
Walter A. Dods, Jr. First Hawaiian, Inc. Chairman and Chief
Director, Chairman and Chief Executive Executive Officer
Officer
Craig D. Eerkes Tri-City Oil Company Chairman and Chief
Director Executive Officer
Dr. Julia Ann Frohlich Blood Bank of Hawaii President
Director
Paul Mullin Ganley Estate of S.M. Damon Carlsmith, Ball, Trustee
Director Wichman, Murray, Case & Ichiki Partner
David M. Haig Estate of S.M. Damon Trustee
Director
Warren H. Haruki GTE Hawaiian Tel President
Director
Howard K. Hiroki Coopers & Lybrand Partner (retired)
Director
John A. Hoag First Hawaiian, Inc. President (retired)
Director
Glenn A. Kaya Hawaii Seiyu, Ltd. President
Director
Dr. Richard R. Kelley Outrigger Enterprises Chairman of the Board
Director
Bert T. Kobayashi, Jr. Kobayashi, Sugita & Goda Principal
Director
Dr. Richard T. Mamiya Richard Mamiya, M.D., Inc. Heart Surgeon
Director
Dr. Fujio Matsuda Pacific International Center for High Chairman
Director Technology Research
Dr. Roderick F. McPhee Punahou School President (retired)
Director
</TABLE>
C-4
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION NAME OF CONNECTION WITH
WITH INVESTMENT ADVISER OTHER COMPANY OTHER COMPANY
- -------------------------------------------- -------------------------------------------- ------------------------
<S> <C> <C>
George P. Shea, Jr. First Insurance Company of Hawaii, Ltd. Chairman, President and
Director Chief Executive
Officer (retired)
R. Dwayne Steele Grace Pacific Corporation Chairman
Director
John K. Tsui First Hawaiian, Inc. President
Director, President & Chief Operating
Officer
Jenai Sullivan Wall Foodland Super Market, Ltd. President
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
Howard H. Karr -- --
Vice Chairman and Chief Financial Officer
Donald G. Horner -- --
Vice Chairman
Robert A. Alm -- --
Senior Vice President
Gary L. Caulfield -- --
Executive Vice President
Anthony R. Guerrero, Jr. -- --
Executive Vice President
Thomas P. Huber -- --
Executive Vice President and General
Counsel
Gerald M. Pang -- --
Executive Vice President and Chief Credit
Officer
Barbara S. Tomber -- --
Executive Vice President
</TABLE>
WELLINGTON MANAGEMENT COMPANY
The list required by this Item 28 of officers and directors of Wellington
Management Company, LLP, 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
C-5
<PAGE>
Schedules A and D of Form ADV, filed by Wellington Management Company, LLP,
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 Investments Distribution Co., acts as
distributor for:
<TABLE>
<S> <C>
SEI Daily Income Trust July 15, 1982
SEI Liquid Asset Trust November 29, 1982
SEI Tax Exempt Trust December 3, 1982
SEI Index Funds July 10, 1985
SEI Institutional Managed Trust January 22, 1987
SEI International Trust August 30, 1988
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
Boston 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
The Achievement Funds Trust December 27, 1994
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 28, 1996
SEI Institutional Investments Trust June 14, 1996
First American Strategy Funds, Inc. October 1, 1996
HighMark Funds February 15, 1997
Armada Funds March 8, 1997
The Expedition Funds June 9, 1997
</TABLE>
SEI Investments Distribution Co. 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 Oaks, PA 19456.
C-6
<PAGE>
<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 & President-- --
Investment Advisory Group
Gilbert L. Beebower Executive Vice President --
Richard B. Lieb Executive Vice President, President--Investment Services --
Division
Dennis J. McGonigle Executive Vice President --
Leo J. Dolan, Jr. Senior Vice President --
Carl A. Guarino Senior Vice President --
Larry Hutchison Senior Vice President --
David G. Lee Senior Vice President President and Chief
Executive Officer
Jack May Senior Vice President --
A. Keith McDowell Senior Vice President --
Hartland J. McKeown Senior Vice President --
Barbara J. Moore Senior Vice President --
Kevin P. Robins Senior Vice President, General Counsel & Secretary Vice President and
Assistant Secretary
Robert Wagner Senior Vice President --
Patrick K. Walsh Senior Vice President --
Robert Aller Vice President --
Marc H. Cahn Vice President & Assistant Secretary Vice President and
Assistant Secretary
Gordon W. Carpenter Vice President --
Todd Cipperman Vice President & Assistant Secretary Vice President and
Assistant Secretary
Robert Crudup Vice President & Managing Director --
Barbara Doyne Vice President --
Jeff Drennen Vice President --
Vic Galef Vice President & Managing Director --
Kathy Heilig Vice President & Treasurer --
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 --
Carolyn McLaurin Vice President & Managing Director --
</TABLE>
C-7
<PAGE>
<TABLE>
<CAPTION>
POSITION AND OFFICE POSITIONS AND OFFICES
NAME WITH UNDERWRITER WITH REGISTRANT
- ------------------------- ------------------------------------------------------------ ------------------------
<S> <C> <C>
W. Kelso Morrill Vice President --
Joanne Nelson Vice President --
Barbara A. Nugent Vice President & Assistant Secretary Vice President and
Assistant Secretary
Sandra K. Orlow Vice President & Assistant Secretary Vice President and
Assistant Secretary
Donald Pepin Vice President & Managing Director --
Kim Rainey 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 --
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:
(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:
Chase Manhattan 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 Fund Resources
Oaks, Pennsylvania 19456
C-8
<PAGE>
(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:
<TABLE>
<S> <C>
First Hawaiian Bank Wellington Management Company, LLP
1132 Bishop Street 75 State Street
17th Floor Boston, Massachusetts 02109
Honolulu, Hawaii 96813
</TABLE>
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-9
<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. 6 to Registration Statement No. 33-80514 to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Oaks,
Commonwealth of Pennsylvania on the 30th day of July, 1997.
By: /s/ DAVID G. LEE
-----------------------------------------
David G. Lee
PRESIDENT AND CHIEF EXECUTIVE 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 July 30, 1997
Martin Anderson
/s/ PHILIP H. CHING
- ------------------------------ Trustee July 30, 1997
Philip H. Ching
/s/ SHUNICHI KIMURA
- ------------------------------ Trustee July 30, 1997
Shunichi Kimura
/s/ WILLIAM S. RICHARDSON
- ------------------------------ Trustee July 30, 1997
William S. Richardson
/s/ MANUEL R. SYLVESTER
- ------------------------------ Trustee July 30, 1997
Manuel R. Sylvester
/s/ JOYCE S. TSUNODA
- ------------------------------ Trustee July 30, 1997
Joyce S. Tsunoda
/s/ DAVID G. LEE
- ------------------------------ Trustee, President and July 30, 1997
David G. Lee Chief Executive Officer
/s/ ROBERT DELLACROCE
- ------------------------------ Controller and Chief July 30, 1997
Robert DellaCroce Financial Officer
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
NAME EXHIBIT
- ----------------- -----------------------------------------------------------------------------------------------
<S> <C>
EX-99.B1 Agreement and Declaration of Trust of the Registrant dated May 25, 1994, 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.
EX-99.B1(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.
EX-99.B2 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.
EX-99.B2(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.
EX-99.B5(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.
EX-99.B5(b) Investment Sub-Advisory Agreement by and among the Registrant, First Hawaiian Bank and
Wellington Management Company, LLP, 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.
EX-99.B5(c) Form of Amended and Restated Investment Sub-Advisory Agreement by and among the Registrant,
First Hawaiian Bank and Wellington Management Company, LLP, incorporated herein by reference
to Post-Effective Amendment No. 5 to the Registrant's Registration Statement on Form N-1A
(File No. 33-80514), as filed April 30, 1997.
EX-99.B5(d) Schedule B dated April 30, 1996, to the Investment Advisory Agreement dated January 27, 1995,
between the Registrant and First Hawaiian Bank, incorporated herein by reference to
Post-Effective Amendment No. 5 to the Registrant's Registration Statement on Form N-1A (File
No. 33-80514), as filed April 30, 1997.
EX-99.B6 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.
EX-99.B8 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.
EX-99.B9(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.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NAME EXHIBIT
- ----------------- -----------------------------------------------------------------------------------------------
<S> <C>
EX-99.B9(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.
EX-99.B9(c) Consent to Assignment and Assumption of the Administration Agreement between the Trust and SEI
Financial Management Corporation to SEI Fund Resources, incorporated herein by reference to
Post-Effective Amendment No. 5 to the Registrant's Registration Statement on Form N-1A (File
No. 33-80514), as filed April 30, 1997.
EX-99.B10 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.
EX-99.B11 Consent of Independent Public Accountants, filed herewith.
EX-99.B15 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.
EX-99.B16 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.
EX-99.B18 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.
Financial Data Schedules, filed herewith.
EX-27.1 Bishop Street Equity Fund (Institutional Class A)
EX-27.2 Bishop Street High Grade Income Fund (Institutional Class A)
</TABLE>
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in this Post Effective
Amendment No. 6 to the Registration Statement under the Securities Act of
1933 on Form N-1A (File No. 33-80514) of our report dated February 18, 1997
on our audit of the financial statements and financial highlights of Bishop
Street Funds in the Statement of Additional Information. We also consent to
the reference to our Firm under the captions "Financial Highlights" and
"Counsel and Independent Accountants" in the Prospectus and under the caption
"Financial Information" in the Statement of Additional Information.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
July 31, 1997
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000925737
<NAME> BISHOP STREET
<SERIES>
<NUMBER> 050
<NAME> EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 55960
<INVESTMENTS-AT-VALUE> 63258
<RECEIVABLES> 213
<ASSETS-OTHER> 41
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63512
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (216)
<TOTAL-LIABILITIES> (216)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56634
<SHARES-COMMON-STOCK> 5668
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (636)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7298
<NET-ASSETS> 63296
<DIVIDEND-INCOME> 408
<INTEREST-INCOME> 79
<OTHER-INCOME> 0
<EXPENSES-NET> 244
<NET-INVESTMENT-INCOME> 243
<REALIZED-GAINS-CURRENT> (636)
<APPREC-INCREASE-CURRENT> 7298
<NET-CHANGE-FROM-OPS> 6905
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (243)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5748
<NUMBER-OF-SHARES-REDEEMED> (103)
<SHARES-REINVESTED> 23
<NET-CHANGE-IN-ASSETS> 63296
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 181
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 332
<AVERAGE-NET-ASSETS> 59166
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 1.17
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.17
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000925737
<NAME> BISHOP STREET
<SERIES>
<NUMBER> 040
<NAME> HIGH GRADE INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 24569
<INVESTMENTS-AT-VALUE> 24510
<RECEIVABLES> 506
<ASSETS-OTHER> 35
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25051
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (142)
<TOTAL-LIABILITIES> (142)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24967
<SHARES-COMMON-STOCK> 2497
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (59)
<NET-ASSETS> 24909
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 650
<OTHER-INCOME> 0
<EXPENSES-NET> 80
<NET-INVESTMENT-INCOME> 570
<REALIZED-GAINS-CURRENT> 1
<APPREC-INCREASE-CURRENT> (59)
<NET-CHANGE-FROM-OPS> 512
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (570)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2439
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 58
<NET-CHANGE-IN-ASSETS> 24909
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 61
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 124
<AVERAGE-NET-ASSETS> 24294
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> (.02)
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.98
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
