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SIGNATURE DAVID G. LEE
TITLE PRESIDENT
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
______
To the Board of Trustees of
Bishop Street Funds
In planning and performing our audit of the financial statements
and financial highlights of the Bishop Street Funds (Hawaii Municipal
Bond, Treasury Money Market, and Money Market Funds) for the
year ended December 31, 1996, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and financial highlights and
to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of Bishop Street Funds is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but
not absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection
of any evaluation of the structure to future periods is subject to the
risk that it may become inadequate because of changes in conditions
or that the effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American
institute of Certified Public Accountants. A material weakness is
a condition in which the design or operation of the specific
internal control structure elements does not reduce to a relatively low
level the risk that errors or irregularities in amounts that would be
material in relation to the financial statements and financial highlights
being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we consider to
be material weaknesses, as defined above, as of December 31, 1996.
This report is intended solely for the information and use of management
and the Board of Trustees of Bishop Street Funds and for the Securities
and Exchange Commission.
/s/ Coopers & Lybrand L.L.P.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
February 14, 1997
