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SIGNATURE CHRISTOPHER SALFI
TITLE CONTROLLER
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</TABLE>
Report of Independent Accountants
To the Board of Trustees and Shareholders
of Bishop Street Funds
In planning and performing our audit of the financial
statements of the Equity Fund, Hawaii Municipal Bond Fund,
High Grade Income Fund,Money Market Fund and Treasury
Money Market Fund, constituting the
Bishop Street Funds (collectively, the "Funds") for the
year ended December 31, 1999, 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 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
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,
errors 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 controls may
become inadequate because of changes in conditions or that
the effectiveness of their 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 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 for safeguarding
securities, that we consider to be material weaknesses
as defined above as of December 31, 1999.
This report is intended solely for the information and
use of the Board of Trustees, management and the Securities
and Exchange Commission and
is not intended to be and should not be used by anyone other than these
specified parties.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 15, 2000
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