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SIGNATURE BOB DELLACROCE
TITLE CONTROLLER
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<TABLE> <S> <C>
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<CIK> 0000925737
<NAME> BISHOP STREET
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<NAME> TREASURY MONEY MARKET FUND
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<S> <C>
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<NUMBER-OF-SHARES-SOLD> 1801697
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<TABLE> <S> <C>
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<CIK> 0000925737
<NAME> BISHOP STREET
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<NUMBER> 040
<NAME> HIGH GRADE INCOME FUND
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<CIK> 0000925737
<NAME> BISHOP STREET
<SERIES>
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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, comprising respectively,
the Equity Fund, Hawaii Municipal Bond Fund, High Grade Income Fund,
Money Market Fund and Treasury Money Market Fund, (collectively the
"Funds") for the year ended December 31, 1998, we considered its internal
control, including control activities 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 internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements and financial highlights
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control 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 internal control would not necessarily disclose all
matters in internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud 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 internal control and its operation,
including controls over safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees, and the Securities and Exchange Commission.
PricewaterhouseCoopers
2400 Eleven Penn Center
Philadelphia, PA 19103
February 2, 1999
