# EDGAR Filing Document

**Accession Number:** 0000925737
**File Stem:** 0001398344-26-007779
**Filing Date:** 2026-4
**Character Count:** 624547
**Document Hash:** ff04e44f48f2670ea5d7915c26128a40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-007779.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001398344-26-007779

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 35

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BISHOP STREET FUNDS
- **CENTRAL INDEX KEY:** 0000925737

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08572
- **FILM NUMBER:** 26921991

**BUSINESS ADDRESS:**
- **STREET 1:** 1FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19087-1693
- **BUSINESS PHONE:** 610 767-3204

**MAIL ADDRESS:**
- **STREET 1:** 1FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19087-1693
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BISHOP STREET FUNDS
- **CENTRAL INDEX KEY:** 0000925737

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-80514
- **FILM NUMBER:** 26921990

**BUSINESS ADDRESS:**
- **STREET 1:** 1FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19087-1693
- **BUSINESS PHONE:** 610 767-3204

**MAIL ADDRESS:**
- **STREET 1:** 1FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19087-1693

## Series and Classes Contracts Data

### HAWAII MUNICIPAL BOND FUND (Series ID: S000005797)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015930 | CLASS I SHARES | BSHIX           |
| C000015931 | CLASS A SHARES | BHIAX           |

?xml version='1.0' encoding='ASCII'?

**AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON APRIL 30, 2026**

File No. 033-80514

File No. 811-08572

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-1A**

**REGISTRATION STATEMENT UNDER**

**THE SECURITIES ACT OF 1933**

POST-EFFECTIVE AMENDMENT NO. 61 /X/

AND

**REGISTRATION STATEMENT UNDER**

**THE INVESTMENT COMPANY ACT OF 1940**

AMENDMENT NO. 62 /X/

**<u>BISHOP STREET FUNDS</u>**

(Exact Name of Registrant as Specified in Charter)

ONE FREEDOM VALLEY DRIVE

<u>OAKS, PENNSYLVANIA 19456</u>

(Address of Principal Executive Offices, Zip Code)

Registrant's Telephone Number, including Area Code:

<u>1-888-462-5386</u>

Michael Beattie

c/o SEI Investments

One Freedom Valley Drive

<u>Oaks, Pennsylvania 19456</u>

(Name and Address of Agent for Service)

Copies to:

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| |
|:---|
| David W. Freese |
| Morgan, Lewis & Bockius LLP |
| 2222 Market Street |
| Philadelphia, Pennsylvania 19103 |

---

---

| |
|:---|
| John J. O'Brien |
| Morgan, Lewis & Bockius LLP |
| 2222 Market Street |
| Philadelphia, Pennsylvania 19103 |

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It is proposed that this filing become effective (check appropriate box)

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| | |
|:---|:---|
| /X/ | Immediately upon filing pursuant to paragraph (b) |
| / / | On [date] pursuant to paragraph (b) |
| / / | 60 days after filing pursuant to paragraph (a)(1) |
| / / | 75 days after filing pursuant to paragraph (a)(2) |
| / / | On [date] pursuant to paragraph (a)(1) of Rule 485 |

---

![](fp0098578-2_i.jpg)

**ABOUT THIS PROSPECTUS** 

---

| | |
|:---|:---|
|  | Page |
| [Bishop Street Hawaii Municipal Bond Fund](#x228344190274201) | [2](#x228344190274201) |
| [More Information About Risk](#x016623439779543) | [6](#x016623439779543) |
| [More Information About Fund Investments](#x085666956696339) | [9](#x085666956696339) |
| [More Information About Indices](#x141176470588235) | [9](#x141176470588235) |
| [Information About Portfolio Holdings](#x205147996034556) | [10](#x205147996034556) |
| [Investment Adviser](#x090026049715219) | [10](#x090026049715219) |
| [Purchasing and Selling Fund Shares](#x113996746203905) | [11](#x113996746203905) |
| [Other Policies](#x125494672754947) | [20](#x125494672754947) |
| [Payments to Financial Intermediaries](#x045723122866894) | [22](#x045723122866894) |
| [Dividends and Distributions](#x093843374024944) | [24](#x093843374024944) |
| [Taxes](#x200855161787365) | [24](#x200855161787365) |
| [Additional Information](#x089317958783121) | [26](#x089317958783121) |
| [Financial Highlights](#x000746920166845) | [28](#x000746920166845) |
| [How to Obtain More Information About Bishop Street Funds](#x112533433634236) | [30](#x112533433634236) |

---

www.bishopstreetfunds.com 1

**Bishop Street Hawaii Municipal Bond Fund**

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|:---|:---|
| ■■■  | **INVESTMENT OBJECTIVE**  |

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The investment objective of the Fund is to provide high current income exempt from federal and Hawaii state income taxes.

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| | |
|:---|:---|
| ■■■  | **FEES AND EXPENSES**  |

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*This table describes the fees and expenses that you may pay if you buy and hold Class A Shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of the Fund. More information about these and other discounts is available from your financial professional and in "Sales Charges" beginning on page 14 of this prospectus. Investors investing in the Fund through an intermediary should consult Appendix A – Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries.* 

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| | |
|:---|:---|
| **Shareholder Fees** *(fees paid directly from your investment)* | |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 1.50% |

---

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| | |
|:---|:---|
| **Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)*  | |
| Management Fees | 0.35% |
| Distribution (12b-1) Fees | 0.25% |
| Other Expenses | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees | &nbsp;&nbsp;&nbsp;0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp;&nbsp;0.43% |
| Total Annual Fund Operating Expenses | 1.23% |
| Less Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.43)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.80% |

---

<sup>1</sup> Bishop Street Capital Management, LLC (Adviser) has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses for Class A Shares (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, excluded expenses)) from exceeding 0.80% of the Fund's average daily net assets through April 30, 2027 (Contractual Expense Limitation). In addition, the Board of Trustees (Board) of Bishop Street Funds (Trust) may permit the Adviser to receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the Contractual Expense Limitation to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the Contractual Expense Limitation: (i) at the time of the fee waiver and/or expense reimbursement; and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on April 30, 2027. 

***Example***<br>

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $230 | $493 | $775 | $1579 |

---

***Portfolio Turnover***<br>

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 18% of the average value of its portfolio.

---

| | |
|:---|:---|
| ■■■  | **PRINCIPAL INVESTMENT STRATEGIES**  |

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The Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade municipal bonds, the interest from which is exempt from regular federal and Hawaii state income taxes. While the Adviser attempts to maximize the portion of the Fund's assets invested in Hawaii issues, the Fund may also invest in municipal bonds issued by other U.S. states, territories and possessions. There is no restriction upon the amount of the Fund's assets that may be invested in obligations that pay income subject to the federal alternative minimum tax (the "Federal AMT") applicable to non-corporate shareholders (i.e., shareholders that are not taxed &nbsp;&nbsp;&nbsp;&nbsp;as corporations, including but not limited to individual investors). To the extent that the Fund invests in securities subject to the Federal AMT, the income received from these securities could be taxable to certain shareholders. Although the Adviser intends to invest Fund assets across a variety of municipal securities, the Fund may have significant positions in certain types of municipal obligations, such as state and local general obligation bonds (bonds whose payments are typically backed by the taxing power of the municipal issuer) and revenue bonds (bonds whose payments are backed by revenue from a particular source). The Fund may invest in new municipal bond issues in Hawaii that provide financing for certain Hawaii municipalities. The Fund may also invest in municipal bonds that are pre-refunded, meaning that the payment of principal and interest of the bonds

is funded from a designated escrow account that holds U.S. Treasury securities or other obligations of the U.S. Government (including its agencies and instrumentalities). There is no limit on the average maturity of the Fund's portfolio. While the portfolio duration of the Fund's portfolio will vary, it is generally expected to be within a 10% margin (higher or lower) of the duration of the Fund's benchmark index.

The Adviser will use its judgment to invest in securities that will provide a high level of current income in light of current market conditions. In making a determination to buy, sell or hold a security, the portfolio managers give special consideration to the relative value of the security in comparison to the available alternatives, while remaining consistent with the objectives of the portfolio. The portfolio management team considers several factors when selecting securities for the Fund's portfolio, including the current state of a bond's issuer and the possibility that an improvement or deterioration in its financial health may result in, respectively, an upgrade or downgrade of the issuer's credit rating. The portfolio management team may continue to hold a bond that has been downgraded if it believes it is in the best interest of the Fund's shareholders. The portfolio management team may choose to sell a bond based on its analysis of the economy and any direct impact on budget cash flows, debt ratios, and credit ratings.

The Fund is classified as "non-diversified," which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

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|:---|:---|
| ■■■  | **PRINCIPAL RISKS**  |

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As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. In addition to this risk, the Fund is subject to additional risks that may affect the value of its shares, including:

**■** **Fixed Income Risk** 

The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, fixed income securities will decrease in value if interest rates rise and vice versa. The volatility of lower-rated securities is even greater than that of higher-rated securities. Also, longer-term and longer-duration securities are generally more volatile, so the maturity and duration of securities affects their risk. There is the possibility that an issuer will fail to make timely payments of interest or principal or go bankrupt. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**■** **Concentration Risk** 

The Fund's concentration of investments in securities of issuers located in Hawaii subjects the Fund to economic conditions and government policies within that state. As a result, the Fund will be more susceptible to factors that adversely affect issuers of Hawaii obligations than a mutual fund that does not have as great a concentration in Hawaii.

**■** **Non-Diversification Risk** 

The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political/regulatory occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements for qualifying as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

**■** **Municipal Issuer Risk** 

There may be economic or political changes that impact the ability of municipal issuers to repay principal and to make interest payments on municipal securities. Changes in the financial condition or credit rating of municipal issuers also may adversely affect the value of the Fund's securities. In addition, the Fund invests significantly in municipal obligations of issuers located in Hawaii. The values of shares of the Fund therefore will be affected by economic and political developments in Hawaii.

**■** **Management Risk** 

The Fund is subject to the risk that a strategy used by the Fund's management may fail to produce the intended result.

**■** **Liquidity Risk** 

Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like.

**■** **Valuation Risk** 

Valuation risk is the risk that certain securities may be difficult to value.

**■** **Pre-Refunded Bonds Risk** 

Pre-refunded bonds are bonds that have been refunded to a call date prior to the final maturity of principal, or, in the case of pre-refunded bonds commonly referred to as "escrowed-to-maturity bonds," to the final maturity of principal, and remain outstanding in the municipal market. The payment of principal

www.bishopstreetfunds.com 3

and interest of the pre-refunded bonds held by the Fund is funded from securities held in a designated escrow account where such securities are obligations of the U.S. Treasury and/or U.S. Government agencies or instrumentalities. The securities held in the escrow fund pledged to pay the principal and interest of the pre-refunded bond do not guarantee the price of the bond.

**■** **Tax Risk** 

Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service ("IRS") or state tax authorities, or noncompliant conduct of a bond issuer. In addition, a portion of the Fund's otherwise exempt-interest dividends may be taxable to non-corporate shareholders subject to the Federal AMT.

**■** **Cyber Security Risk** 

The Fund and its service providers may be susceptible to operational and information security risks resulting from a breach in cyber security, including cyber-attacks. Cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its net asset value, cause the release of private shareholder information or confidential company information, impede redemptions, subject the Fund to regulatory fines or financial losses, and cause reputational damage. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests.

**■** **Conflicts of Interest Risk** 

The Adviser or its affiliates may have business relationships with issuers of municipal securities in which the Fund, to the extent permitted by applicable law, invests. For example, an affiliate of the Adviser may provide discretionary investment management or other financial services to a state or municipal entity, including with respect to the investment of bond proceeds prior to their expenditure. As a result of these relationships, the Adviser or its affiliates may have financial or reputational incentives to maintain or enhance such relationships. These relationships could create potential conflicts of interest in connection with the Fund's investment activities. For example, the Adviser may have an incentive to purchase or retain securities issued by such municipal entities, or to refrain from selling such securities, in order to benefit or preserve the Adviser's or its affiliate's relationship with the issuer. In addition, personnel of the Adviser or its affiliates may obtain information about such issuers through these relationships that could restrict the Fund's ability to trade in the issuer's securities or otherwise affect the timing or nature of the Fund's investments.

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|:---|:---|
| ■■■  | **PERFORMANCE INFORMATION**  |

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The bar chart and table that follow illustrate the risks and volatility of an investment in Class A Shares of the Fund. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.bishopstreetfunds.com or by calling 1-800-262-9565.

The following bar chart shows changes in performance of the Fund's Class A Shares from calendar year to calendar year. Sales charges are not reflected in the bar chart; if they were reflected, returns would be less than those shown.

![](fp0098578-2_4.jpg)

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| | |
|:---|:---|
| **Best Quarter**  | **Worst Quarter**  |
| **5.33%** | **(5.02)%** |
| **12/31/2023** | **3/31/2022** |

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The performance information shown above is based on a calendar year. The Fund's Class A Shares' performance information from 1/1/26 to 3/31/26 was (0.30)%.

The following table compares the Fund's Class A Shares' average annual total returns (after applicable sales charges) to those of the Bloomberg US Municipal Bond Index, and a more narrowly based index with characteristics relevant to the Fund's investment strategies. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares.

***Average Annual Total Returns (for the periods ended December 31, 2025)*** <br>

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|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund Return Before Taxes | 2.51% | (0.18)% | 1.12% |
| Fund Return After Taxes on Distributions | 2.49% | (0.21)% | 1.08% |
| Fund Return After Taxes on Distributions and Sale of Fund Shares | 2.39% | 0.24% | 1.27% |
| Bloomberg US Municipal Bond Index (reflects no deduction for fees, expenses or taxes) | 4.25% | 0.80% | 2.34% |
| ICE BofA 1-22 Year US Municipal Securities Index (reflects no deduction for fees, expenses or taxes) | 4.65% | 1.15% | 2.33% |

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|:---|:---|
| ■■■  | **MANAGEMENT OF THE FUND**  |

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Bishop Street Capital Management, LLC serves as investment adviser to the Fund. Ms. Stephanie Nomura, President and Senior Portfolio Manager, has managed the Fund since 2021. Mr. Joshua Lam, Co-Portfolio Manager, has managed the Fund since 2025.

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| ■■■  | **PURCHASE AND SALE OF FUND SHARES**  |

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To purchase Class A Shares of the Fund for the first time, you must invest at least $1,000 ($500 for those investing in an IRA and for officers, directors and employees of First Hawaiian, Inc. and its banking and non-banking subsidiaries). The minimum investment may be reduced with an Automatic Investment Plan (AIP). The Fund may accept investments of smaller amounts in its sole discretion. There is no minimum for subsequent investments. If you own your shares directly, you may redeem your shares on any day that the New York Stock Exchange is open for business by contacting the Fund directly by mail at Bishop Street Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., PO Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: Bishop Street Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307) or by telephone at 1-800-262-9565 (for redemptions of $50,000 or less). If you own your shares through an account with a broker or other institution, contact that broker or institution to redeem your shares.

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|:---|:---|
| ■■■  | **TAX INFORMATION**  |

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The Fund intends to distribute income that is exempt from both regular federal and Hawaii state income taxes.

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|:---|:---|
| ■■■  | **PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**  |

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If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

www.bishopstreetfunds.com 5

**More Information About Risk** 

The Fund is a mutual fund. A mutual fund pools shareholders' money and, using professional investment managers, invests it in securities.

The investment managers invest Fund assets in a way that they believe will help the Fund achieve its investment goal. Still, investing in the Fund involves risk and there is no guarantee that the Fund will achieve its investment goal. An investment manager's judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In fact, no matter how good a job an investment manager does, you could lose money on your investment in the Fund, just as you could with other investments.

The value of your investment in the Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities the Fund owns and the markets in which it trades. The effect on the Fund of a change in the value of a single security will depend on how widely the Fund diversifies its holdings. The Fund is non-diversified, meaning that it may invest a large percentage of its assets in a single issuer or a relatively small number of issuers.

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|:---|:---|
| ■■■  | **FIXED INCOME RISK**  |

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The market value of fixed income investments changes in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or "called") by the issuer prior to maturity. This may cause the Fund's average weighted maturity to fluctuate, and may require the Fund to invest the resulting proceeds at lower interest rates. Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio. A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Fund. Reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments and businesses, elevated inflation levels, problems in the banking sector and wars in Europe and in the Middle East. As a result of these market conditions, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

Fixed income securities may also be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest. Since the Fund purchases securities backed by credit enhancements from banks and other financial institutions, changes in the credit ratings of these institutions could cause the Fund to lose money and may affect the Fund's share price. In addition to these fundamental risks, different types of fixed income securities may be subject to the following additional risks:

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|:---|:---|
| ■■■  | **MUNICIPAL ISSUER RISK**  |

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There may be economic or political changes that impact the ability of municipal issuers to repay principal and to make interest payments on municipal securities. Changes to the financial condition or credit rating of municipal issuers may also adversely affect the value of the Fund's municipal securities. Constitutional or legislative limits on borrowing by municipal issuers may result in reduced supplies of municipal securities. Moreover, certain municipal securities are backed only by a municipal issuer's ability to levy and collect taxes.

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|:---|:---|
| ■■■  | **PRE-REFUNDED BONDS RISK**  |

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Pre-refunded bonds are bonds that have been refunded to a call date prior to the final maturity of principal, or, in the case of pre-refunded bonds commonly referred to as "escrowed-to-maturity bonds," to the final maturity of principal, and remain outstanding in the municipal market. The payment of principal and interest of the pre-refunded bonds held by the Fund is funded from securities held in a designated escrow account where such securities are obligations of the U.S. Treasury and/or U.S. Government agencies or instrumentalities. The securities held in the escrow fund pledged to pay the principal and interest of the pre-refunded bond do not guarantee the price of the bond. In addition, if the Fund sells pre-refunded bonds prior to maturity, the price received may be more or less than the original cost, depending on market conditions at the time of sale.

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|:---|:---|
| ■■■  | **CONCENTRATION RISK**  |

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The Fund's concentration of investments in securities of issuers located in Hawaii subjects the Fund to economic conditions and government policies within that state. As a result, the Fund will be more susceptible to factors that adversely affect issuers of Hawaii obligations than a mutual fund that does not have as great a concentration in Hawaii. The Fund also may be riskier than mutual funds that buy securities of issuers in numerous states.

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|:---|:---|
| ■■■  | **NON-DIVERSIFICATION RISK**  |

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Because the Fund is non-diversified, it can take larger positions in securities of any one issuer with respect to its entire portfolio. The assumption of large positions in the securities of a small number of issuers may cause performance to fluctuate to a greater extent than that of a diversified fund because the Fund may be more susceptible to changes in the financial condition of an issuer, as well as to any single political, regulatory or economic occurrence affecting an issuer. However, the Fund intends to satisfy the asset diversification requirements for qualifying as a RIC under Subchapter M of the Code.

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|:---|:---|
| ■■■  | **MANAGEMENT RISK**  |

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The Fund's management uses specific investment strategies to seek to achieve the Fund's investment objective. Investment decisions made by management in using these strategies may not produce the results expected by management, may cause the Fund's shares to lose value, or may cause the Fund to underperform other funds with similar investment objectives.

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| | |
|:---|:---|
| ■■■  | **LIQUIDITY RISK**  |

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Certain debt obligations may be difficult or impossible to sell at the time and price that the

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Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which may have a negative effect on the management or performance of the Fund.

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| | |
|:---|:---|
| ■■■  | **VALUATION RISK**  |

---

The prices provided by third-party independent pricing services or the fair value determinations made by the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by third-party independent pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. Certain securities and instruments held by the Fund may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.

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|:---|:---|
| ■■■  | **TAX RISK FOR MUNICIPAL SECURITIES**  |

---

The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for federal income tax purposes, and the Adviser will not independently verify that opinion. Subsequent to the Fund's acquisition of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as "exempt-interest dividends" could be adversely affected, subjecting the Fund's shareholders to increased federal income tax liabilities. The IRS also may determine that a municipal bond issued as tax-exempt should in fact be taxable. If the Fund held such a bond, it might have to distribute taxable ordinary income dividends or reclassify a previously distributed exempt-interest dividend as a taxable ordinary income dividend. Distributions of ordinary taxable income (including any net short-term capital gain) will be taxable to shareholders as ordinary income (and are not expected to be eligible for favorable taxation as "qualified dividend income"), and capital gain dividends will be subject to tax rates applicable to capital gains. The Fund may not be a suitable investment for IRAs, for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to federal income tax consequences of their investments (e.g. investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs).

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| | |
|:---|:---|
| ■■■  | **CYBER SECURITY RISK**  |

---

The Fund and its service providers may be subject to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber-attacks affecting the Fund or its service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede redemptions, subject the Fund to regulatory fines or financial losses, and cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such portfolio companies to lose value.

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| | |
|:---|:---|
| ■■■  | **CONFLICTS OF INTEREST RISK**  |

---

The Adviser or its affiliates may have business relationships with issuers of municipal securities in which the Fund, to the extent permitted by

applicable law, invests. For example, an affiliate of the Adviser may provide discretionary investment management or other financial services to a state or municipal entity, including with respect to the investment of bond proceeds prior to their expenditure. As a result of these relationships, the Adviser or its affiliates may have financial or reputational incentives to maintain or enhance such relationships. These relationships could create potential conflicts of interest in connection with the Fund's investment activities. For example, the Adviser may have an incentive to purchase or retain securities issued by such municipal entities, or to refrain from selling such securities, in order to benefit or preserve the Adviser's or its affiliate's relationship with the issuer. In addition, personnel of the Adviser or its affiliates may obtain information about such issuers through these relationships that could restrict the Fund's ability to trade in the issuer's securities or otherwise affect the timing or nature of the Fund's investments. The Adviser seeks to manage these conflicts through the adoption and implementation of policies and procedures designed to promote compliance with applicable law and to ensure that investment decisions are made in the best interests of the Fund. There can be no assurance that such policies and procedures will be successful in mitigating these conflicts in all circumstances.

**More Information About Fund Investments** 

The investment objective of the Fund is a fundamental policy and cannot be changed without shareholder approval.

This prospectus describes the Fund's principal investment strategies, and the Fund will normally invest in the types of securities and other investments described in this prospectus. In addition to the principal investments and strategies described in this prospectus, the Fund also may invest in other securities, use other strategies, and engage in other investment practices. These investments and strategies, as well as those described in this prospectus, are described in the Fund's Statement of Additional Information (SAI) (for information on how to obtain a copy of the SAI, see the back cover of this prospectus). Of course, there is no guarantee that the Fund will achieve its investment goal.

The investments and strategies described in this prospectus are those that the Fund uses under normal conditions. During unusual economic or market conditions, or for temporary defensive purposes, the Fund may invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective. If the Fund invests in this manner, it may not achieve its investment objective. The Fund will only make temporary defensive investments if the portfolio managers believe that the risk of loss outweighs the opportunity for capital appreciation or current income.

**More Information About Indices** 

As noted earlier in this prospectus, the Fund compares its average annual total returns to those of the Bloomberg US Municipal Bond Index and the ICE BofA 1-22 Year US Municipal Securities Index. The Bloomberg US Municipal Bond Index tracks the performance of the U.S. dollar-denominated, long-term, tax-exempt bond market and has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The ICE BofA 1-22 Year US Municipal Securities Index tracks the performance of U.S. dollar-denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market with a

www.bishopstreetfunds.com 9

remaining term to final maturity of less than 22 years.

An index measures the market prices of a specific group of securities in a particular market or market sector. You cannot invest directly in an index. Unlike a mutual fund, an index does not have an investment adviser and does not pay commissions or expenses. If it did, its performance would be lower.

**Information About Portfolio Holdings** 

A description of the Fund's policy and procedures with respect to the circumstances under which the Fund discloses its portfolio securities is available in the SAI. The portfolio holdings for the Fund are disclosed in the Quarterly Holdings Report, which is available on the Fund's website at www.bishopstreetfunds.com. The portfolio holdings information placed on the Fund's website generally will remain there until such information is included in a filing with the SEC.

**Investment Adviser** 

The Fund's adviser, Bishop Street Capital Management, is a Hawaii limited liability company established in 1999 with its principal place of business located at 999 Bishop Street, Honolulu, Hawaii 96813. The Adviser is an investment adviser registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended, and is a wholly-owned subsidiary of First Hawaiian Bank. First Hawaiian Bank is a wholly-owned subsidiary of First Hawaiian, Inc. As of March 31, 2026, the Adviser had approximately $166.8 million in assets under management.

The Adviser makes investment decisions for the Fund and continuously reviews, supervises and administers the Fund's investment program. For its advisory services to the Fund, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rate (based on average daily net assets):

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| | |
|:---|:---|
| *Hawaii Municipal Bond Fund*  | *0.35%*  |

---

Through April 30, 2027, the Adviser has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep net operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding the average daily net assets of Class A Shares of the Fund as follows:

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| | |
|:---|:---|
| *Hawaii Municipal Bond Fund*  | *0.80%* |

---

In addition, the Board may permit the Adviser to receive from the Fund the difference between the Fund's total annual Fund operating expenses (not including excluded expenses) and the Fund's Contractual Expense Limitation to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the Contractual Expense Limitation: (i) at the time of the fee waiver and/or expense reimbursement; and (ii) at the time of the recoupment.

The Adviser intends to continue these fee reductions and expense reimbursements until further notice, but may discontinue them at any time.

In addition to the expense limitation agreement described above, the Fund's administrator and distributor may, from time to time, waive a portion of their fees. These fee waivers are voluntary and may be discontinued at any time. With these fee waivers/reimbursements, the Fund's actual total

annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) for Class A Shares (based on average daily net assets) for the fiscal year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| *Hawaii Municipal Bond Fund*  | *0.80%* |

---

For the fiscal year ended December 31, 2025, the Fund paid advisory fees to the Adviser in the following amount (based on average daily net assets):

---

| | |
|:---|:---|
| *Hawaii Municipal Bond Fund*  | *0.20%* |

---

The Board oversees the Adviser and establishes policies that the Adviser must follow in its management activities. A discussion regarding the basis for the Board's most recent approval of the investment advisory agreement for the Fund will be available in the Fund's reports filed on Form N-CSRS, which will cover the period from January 1, 2026 to June 30, 2026.

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| | |
|:---|:---|
| ■■■  | **PORTFOLIO MANAGERS**  |

---

Stephanie Nomura has 24 years of experience in the financial services industry. She is a Senior Portfolio Manager in the Asset Management department of the Institutional Advisory Services Division, focusing on municipal fixed income securities and serves as co-portfolio manager of the Fund. Prior to First Hawaiian Bank, Stephanie was a fixed-income portfolio manager in Los Angeles and most recently the Director of Fixed Income and the portfolio manager of a Hawaii state-focused municipal bond fund at a local financial institution. Stephanie holds a B.A. from the University of California, Irvine, and a MBA from the University of Hawaii. She is a member of CFA Society Hawaii and serves as its Co-Chair of Continuing Education. She also is a series 54 Municipal Principal.

Joshua Lam has over 25 years of experience in the financial services industry. He is the Manager of the Asset Management department of the Institutional Advisory Services Division and serves as co-portfolio manager of the Fund. Joshua holds a B.A. from the University of Pennsylvania. He is an active member of CFA Society Hawaii, where he currently serves as Co-Chair of Continuing Education.

Additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund is available in the SAI.

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| | |
|:---|:---|
| ■■■  | **ADDITIONAL COMPENSATION**  |

---

The Adviser and its affiliates may act as fiduciaries or provide services in various non-fiduciary capacities with respect to plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and other trust and agency accounts that invest in the Fund. The Adviser and its affiliates may also receive compensation for providing services to the Fund in cases where the compensation is not duplicative of the compensation ERISA accounts pay for fiduciary and non-fiduciary services (e.g., shareholder services).

**Purchasing and Selling Fund Shares** 

This section tells you how to purchase and sell (sometimes called "redeem") shares of the Fund.

The Fund does not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in the Fund subject to the satisfaction of enhanced due diligence.

www.bishopstreetfunds.com 11

For information regarding the federal income tax consequences of transactions in shares of the Fund, including information about cost basis reporting, see "Taxes."

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| | |
|:---|:---|
| ■■■  | **HOW TO PURCHASE FUND SHARES**  |

---

You may purchase shares directly by:

**■** **Mail;** 

**■** **Telephone;** 

**■** **Wire; or** 

**■** **Direct Deposit.** 

To purchase Class A Shares directly from the Fund, complete and send in an account application. If you need an application or have questions, please call 1-800-262-9565. All investments must be made by check, Automated Clearing House (ACH), or wire. All checks must be made payable in U.S. dollars and drawn on U.S. financial institutions. The Fund does not accept purchases made by third-party checks, credit cards, credit card checks, cash, traveler's checks, money orders or cashier's checks. Mail your check to Bishop Street Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., PO Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: Bishop Street Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307).

You may also purchase shares through a representative of First Hawaiian, Inc. and its banking and non-banking subsidiaries, or other financial institutions that have executed dealer agreements.

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services of purchase orders does not constitute receipt by the Fund's transfer agent. The share price used to fill the purchase order is the next price calculated by the Fund after the Fund's transfer agent receives and accepts the order in good order at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

**General Information** 

You may purchase shares on any day that the New York Stock Exchange (NYSE) is open for business (a Business Day).

The Fund reserves the right to reject any specific purchase order for any reason. The Fund is not intended for excessive trading by shareholders in response to short-term market fluctuations. For more information about the Fund's policy on excessive trading, see "Other Policies – Excessive Trading."

The price per share (the offering price) will be the net asset value per share (NAV) next determined after the Fund receives and accepts your purchase order in good order, plus applicable sales charges. The Fund is deemed to have received your order in good order upon receipt of a completed account application and proper payment. If you already have an existing account, the Fund is deemed to have received and accepted your order in good order upon receipt of your order and proper payment. Purchase orders that are not in good order cannot be accepted and processed even if money to purchase shares has been submitted by wire, check or ACH.

The Fund's NAV is calculated once each Business Day as of the regularly scheduled close of normal trading on the NYSE (normally 4:00 p.m., Eastern Time). So, for you to receive the current Business Day's NAV, generally the Fund must receive and accept your purchase order in good order by the close of normal trading on the NYSE. If your purchase order is not received and accepted in good order before the close of normal trading on the NYSE, you will receive the NAV calculated on the subsequent Business Day on which your

order is received and accepted in good order. If the NYSE closes early, as in the case of scheduled half-day trading or unscheduled suspensions of trading, the Fund reserves the right to calculate NAV as of the earlier closing time. The Fund will not accept orders that request a particular day or price for the transaction or any other special conditions. Shares will only be priced on Business Days.

**How the Fund Calculates NAV** 

The NAV of a class of the Fund's shares is determined by dividing the total value of the Fund's portfolio investments and other assets attributable to the class, less any liabilities attributable to the class, by the total number of shares outstanding of the class.

In calculating NAV, the Fund generally values its investment portfolio at market price. If market prices are unavailable or they are unreliable, securities are valued at fair value. The Board has designated the Adviser as the Fund's valuation designee to make all fair value determinations with respect to the Fund's portfolio investments, subject to the Board's oversight. The Adviser has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Adviser makes fair value determinations.

**Fair Value Pricing** 

The Adviser's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the fair value that is assigned to a security may be higher or lower than the security's value would be if a readily available market quotation for the security existed. The Adviser will fair value securities in accordance with its fair valuation policies and procedures, subject to Board oversight.

When valuing fixed income securities with remaining maturities of more than 60 days, the Adviser may use the value of the security provided by pricing services. The values provided by a pricing service may be based upon market quotations for the same security, securities expected to trade in a similar manner or a pricing matrix. When valuing fixed income securities with remaining maturities of 60 days or less, the Adviser may use the security's amortized cost. Amortized cost and the use of a pricing matrix in valuing fixed income securities are forms of fair value pricing.

Other assets for which market quotations are not readily available will be valued at their fair value as determined in good faith by the Adviser, subject to Board oversight.

**Minimum Purchases & Automatic Investment Plans** 

You may open an account with a $1,000 minimum initial investment in the Fund ($500 for those investing in an IRA and for officers, directors and employees of First Hawaiian, Inc. and its banking and non-banking subsidiaries). The minimum initial investment may be reduced with an AIP. The Fund may accept initial investments of smaller amounts in its sole discretion. There is no minimum for subsequent investments.

If you have a checking or savings account, you may establish an AIP and open an account with a $100 minimum initial investment in the Fund ($50 for officers, directors and employees of First Hawaiian, Inc. and its banking and non-banking subsidiaries). You may then begin regularly scheduled investments of at least $50 per month through automatic deductions from your checking or savings accounts.

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|:---|:---|
| ■■■  | **SALES CHARGES**  |

---

**Front-End Sales Charges – Class A Shares** 

The offering price of Class A Shares is the next calculated NAV after the Fund receives and accepts your request in good order, plus the front-end sales charge. The amount of any front-end sales charge included in your offering price for Class A Shares varies, depending on the amount of your investment:

---

| | | |
|:---|:---|:---|
| **If Your Investment is:** | **Your Sales Charge as <br> a Percentage of <br> Offering Price** | **Your Sales Charge as <br> a Percentage of Your <br> Net Investment** |
| Less than $50,000 | 1.50% | 1.52% |
| $50,000 but less than $100,000 | 1.25% | 1.27% |
| $100,000 but less than $250,000 | 1.00% | 1.01% |
| $250,000 and over | 0.00% | 0.00% |

---

You may qualify for a reduced sales charge or a sales charge waiver. If you believe that you may qualify for a reduction or waiver of the sales charge, you should discuss this matter with your broker or other financial intermediary. To qualify for these reductions or waivers, you or your financial intermediary must provide sufficient information at the time of purchase to verify that your purchase qualifies for such treatment. This information could be used to aggregate, for example, holdings in retirement accounts, Fund shares owned by your immediate family members, and holdings in accounts at other brokers or financial intermediaries. In addition to breakpoint discounts, the following sections describe other circumstances in which sales charges are waived or otherwise may be reduced. See "Reduced Sales Charges – Class A Shares" below. Your financial intermediary may not offer any or all of the waivers or discounts discussed below, in which case you would be required to purchase Class A Shares directly from the Fund or through another intermediary in order to receive the desired waiver or discount. **Investors investing in the Fund through an intermediary should consult "Sales Charge Waivers and Reductions Available Through Certain Financial Intermediaries" below, and Appendix A – Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries.** 

**Waiver of Front-End Sales Charges – Class A Shares** 

The front-end sales charge will be waived on Class A Shares purchased:

&nbsp;&nbsp;&nbsp;&nbsp;● through reinvestment of dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;● by persons repurchasing shares they redeemed within the last 30 days (see "Repurchase of Class A Shares" below);

&nbsp;&nbsp;&nbsp;&nbsp;● by investors who purchase shares with redemption proceeds (but only to the extent of such redemption proceeds) from another investment company within 30 days of such redemption, provided that, the investors paid either a front-end or contingent deferred sales charge on the original shares redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;● by present and retired Trustees of the Fund and officers, directors and employees (and members of their immediate family) of First Hawaiian, Inc. and its banking and non-banking subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;● by persons reinvesting distributions from qualified employee benefit retirement plans and rollovers from IRAs previously held with First Hawaiian, Inc. and its banking and non-banking subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;● by persons investing an amount less than or equal to the value of an account distribution when an account for which a bank affiliated with First Hawaiian, Inc. and its banking and

non-banking subsidiaries acted in a fiduciary, administrative, custodial or investment advisory capacity is closed;

&nbsp;&nbsp;&nbsp;&nbsp;● through dealers, retirement plans, asset allocation programs and financial institutions that, under their dealer agreements with the Fund's distributor or otherwise, do not receive any portion of the front-end sales charge; or

&nbsp;&nbsp;&nbsp;&nbsp;● by former shareholders of the Hawaii Municipal Fund (Acquired Fund), a series of Lee Financial Mutual Fund, Inc., that received Fund shares in connection with the Acquired Fund's reorganization into the Fund on December 4, 2023.

You should inquire with your financial intermediary regarding whether a waiver of front-end sales charge is applicable to you.

**Repurchase of Class A Shares** 

You may repurchase any amount of Class A Shares of the Fund at NAV (without the normal front-end sales charge), up to the limit of the value of any amount of Class A Shares (other than those that were purchased with reinvested dividends and distributions) that you redeemed within the past 30 days. In effect, this allows you to reacquire shares that you may have had to redeem, without re-paying the front-end sales charge. To exercise this privilege, the Fund must receive your purchase order within 30 days of your redemption. In addition, you must notify the Fund when you send in your purchase order that you are repurchasing shares. Certain tax rules may limit your ability to recognize a loss on the redemption of your Class A Shares, and you should consult your tax advisor if recognizing such a loss is important to you.

**Reduced Sales Charges – Class A Shares** 

In addition to the above described reductions in initial sales charges for purchases over a certain dollar size, you may also be eligible to participate in one or more of the programs described below to lower your initial sales charge. To be eligible to participate in these programs, you must inform your broker-dealer or financial advisor at the time you purchase shares that you would like to participate in one or more of the programs and provide information necessary to determine your eligibility to participate, including the account number(s) and names in which your accounts are registered at the time of purchase. In addition, the Fund or its agent may request account statements if it is unable to verify your account information.

**Rights of Accumulation.** In calculating the appropriate sales charge rate, the right of accumulation allows you to add the value of the Class A Shares you already own to the amount that you are currently purchasing. The Fund will combine the value of your current purchases with the current value of any Class A Shares you purchased previously for (i) your account, (ii) your spouse's account, (iii) a joint account with your spouse, or (iv) your minor children's trust or custodial accounts. A fiduciary purchasing shares for the same fiduciary account, trust or estate may also use this right of accumulation. The Fund will only consider the value of Class A Shares purchased previously that were sold subject to a sales charge. To be entitled to a reduced sales charge based on shares already owned, you must ask us for the reduction at the time of purchase. You must provide the Fund with your account number(s) and, if applicable, the account numbers for your spouse and/or children (and provide the children's ages). The Fund may amend or terminate this right of accumulation at any time.

**Letter of Intent.** You may purchase Class A Shares at the sales charge rate applicable to the total amount of the purchases you intend to make over a 13-month period. In other words, a Letter of Intent (Letter) allows you to purchase Class A Shares of the Fund over a 13-month period and receive the same sales charge as if you had purchased all the shares at the same

www.bishopstreetfunds.com 15

time. The Fund will only consider the value of Class A Shares sold subject to a sales charge. As a result, Class A Shares purchased with dividends or distributions will not be included in the calculation. To be entitled to a reduced sales charge based on shares you intend to purchase over the 13-month period, you must send the Fund a Letter. In calculating the total amount of purchases, you may include in your Letter purchases made up to 90 days before the date of the Letter. The 13-month period begins on the date of the first purchase, including those purchases made in the 90-day period before the date of the Letter. Please note that the purchase price of these prior purchases will not be adjusted.

You are not legally bound by the terms of your Letter of Intent to purchase the amount of your shares stated in the Letter. The Letter does, however, authorize the Fund to hold in escrow 5% of the total amount you intend to purchase. If you do not complete the total intended purchase at the end of the 13-month period, the Fund's transfer agent will redeem the necessary portion of the escrowed shares to make up the difference between the reduced rate sales charge (based on the amount you intended to purchase) and the sales charge that would normally apply (based on the actual amount you purchased).

**Combined Purchase/Quantity Discount Privilege.** When calculating the appropriate sales charge rate, the Fund will combine same day purchases of Class A Shares (that are subject to a sales charge) made by you, your spouse and your minor children (under age 21). This combination also applies to Class A Shares you purchase with a Letter.

**Purchasers Qualifying for Reductions in Initial Sales Charges.** Only certain persons or groups are eligible for the reductions in initial sales charges described in the preceding section. These qualified purchasers include the following:

**Individuals** 

● an individual, his or her spouse, or children residing in the same household,

● any trust established exclusively for the benefit of an individual,

**Trustees and Fiduciaries** 

● a trustee or fiduciary purchasing for a single trust, estate or fiduciary account, and

**Other Groups** 

● any organized group of persons, whether or not incorporated, purchasing Fund shares, provided that (i) the organization has been in existence for at least six months; and (ii) the organization has some purpose other than the purchase at a discount of redeemable securities of a registered investment company.

Investors or dealers seeking to qualify orders for a reduced initial sales charge must identify such orders at the time of purchase and, if necessary, support their qualification for the reduced charge with appropriate documentation. Appropriate documentation includes, without limitation, account statements regarding shares of the Fund held in all accounts (e.g., retirement accounts) by the investor, and, if applicable, his or her spouse and children residing in the same household, including accounts at broker-dealers or other financial intermediaries different than the broker-dealer of record for the current purchase of Fund shares. The distributor reserves the right to determine whether any purchaser is entitled, by virtue of the foregoing, to the reduced initial sales charge. No person or entity may distribute shares of the Fund without payment of the applicable sales charge other than to persons or entities who qualify for a reduction in the sales charge as provided herein.

You should inquire with your financial intermediary regarding whether a reduction of front-end sales charge is applicable to you.

**Sales Charge Waivers and Reductions Available Through Certain Financial Intermediaries** 

The availability of certain sales charge waivers and discounts may depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Different intermediaries may impose different sales charges (including potential reductions in or waivers of sales charges). Such intermediary-specific sales charge variations are described in Appendix A to this prospectus, entitled "Intermediary-Specific Sales Charge Discounts and Waivers." Appendix A is incorporated herein by reference and, therefore, is legally a part of this prospectus.

In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive such waivers or discounts.

**General Information About Sales Charges** 

Your securities dealer is paid a commission when you buy your shares and is paid a distribution fee as long as you hold your shares. Your securities dealer or servicing agent may receive different levels of compensation depending on which class of shares you buy.

From time to time, some financial institutions, including brokerage firms affiliated with the Adviser or the distributor, may be reallowed up to the entire sales charge. Firms that receive a reallowance of the entire sales charge may be considered underwriters for the purpose of federal securities law.

The distributor may, from time to time in its sole discretion, institute one or more promotional incentive programs for dealers, which will be paid for by the distributor from any sales charge it receives or from any other source available to it. Under any such program, the distributor may provide cash or non-cash compensation as recognition for past sales or encouragement for future sales that may include the following: merchandise, travel expenses, prizes, meals and lodgings, and gifts that do not exceed $100 per year, per individual.

Information regarding the Fund's sales charges may be obtained free of charge by calling toll-free 1-800-262-9565.

Because this prospectus is available on the Fund's website free of charge, the Fund does not separately make information regarding the Fund's sales charges available on the website.

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|:---|:---|
| ■■■  | **HOW TO SELL YOUR FUND SHARES**  |

---

If you own your shares directly, you may sell your shares on any Business Day by contacting the Fund by mail at Bishop Street Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., PO Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: Bishop Street Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307) or by telephone at 1-800-262-9565.

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services of sell orders does not constitute receipt by the Fund's transfer agent. The share price used to fill the sell order is the next price calculated by the Fund after the Fund's transfer

www.bishopstreetfunds.com 17

agent receives and accepts the order in good order at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

If you own your shares through an account with a broker or other institution, contact that broker or institution to sell your shares. Your broker or institution may charge a fee for its services, in addition to the fees charged by the Fund.

Certain redemption requests will require a Medallion Signature Guarantee by an eligible guarantor institution, including redemption requests to sell more than $50,000 of your shares. Eligible guarantors include commercial banks, savings and loans, savings banks, trust companies, credit unions, member firms of a national stock exchange, or any other member or participant of an approved Medallion Signature Guarantor program (Eligible Guarantors). For example, Medallion Signature Guarantees may be required if your address of record has changed in the last 30 days, if you are requesting money to be wired to a bank account that has changed in the last 30 days, if you want the proceeds sent to a bank other than the bank of record on your account, or if you ask that the proceeds be sent to a different person or address. Please note that a notary public is not an acceptable provider of a Medallion Signature Guarantee and the original Guarantee must be provided. Medallion Signature Guarantees are for the protection of Fund shareholders. Before it grants a redemption request, the Fund may require a shareholder to furnish additional legal documents to ensure proper authorization.

Accounts held by a corporation, trust, fiduciary or partnership may require additional documentation along with a signature guaranteed letter of instruction. Please contact the Fund at 1-800-262-9565 for more information.

The Fund participates in the Paperless Legal Program (Program), which allows the transfer agent to rely on Eligible Guarantors, through the Medallion Signature Guarantee process, in authenticating and processing redemption requests. Requests received with a Medallion Signature Guarantee will be reviewed for the proper criteria to meet the guidelines of the Program and may not require additional documentation.

The sale price of each share will be the next determined NAV after the Fund receives and accepts your request in good order.

**Systematic Withdrawal Plan** 

If you have at least $10,000 in the Fund in your account, you may use the Systematic Withdrawal Plan. Under the plan you may arrange monthly, quarterly, semi-annual or annual automatic withdrawals of at least $50 from the Fund. The proceeds of each withdrawal will be mailed to you by check or electronically transferred to your bank account.

**Receiving Your Money** 

Normally, the Fund will send your sale proceeds within one Business Day after it receives your redemption request. The Fund, however, may take up to seven days to pay redemption proceeds. Your proceeds can be wired to your bank account if your redemption proceeds are in excess of $500 (may be subject to a $15 fee), sent to you by check or sent via ACH to your bank account if you have established banking instructions with the Fund. **If you are selling shares that were recently purchased by check or through ACH, redemption proceeds may not be available until your check has cleared or the ACH transaction has been completed (which may take up to 15 days from your date of purchase).**

The Fund typically expects to sell portfolio assets and/or hold cash or cash equivalents to meet redemption requests. On a less regular basis, the Fund may also meet redemption requests

by drawing on a line of credit, using short-term borrowings from its custodian and/or redeeming shares in-kind (as described below). These methods may be used during both normal and stressed market conditions.

**Redemptions in Kind** 

The Fund generally pays sale (redemption) proceeds in cash. However, under unusual conditions that make the payment of cash unwise (and for the protection of the Fund's remaining shareholders) the Fund might pay all or part of your redemption proceeds in liquid securities with a market value equal to the redemption price (redemption in kind). It is highly unlikely that your shares would ever be redeemed in kind, but if they were, you would have to pay transaction costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption. In addition, you would continue to be subject to the risks of any market fluctuation in the value of the securities you receive in kind until they are sold.

**Involuntary Sales of Your Shares** 

If your account balance drops below $1,000 ($500 for those investing in an IRA and for officers, directors and employees of First Hawaiian, Inc. and its banking and non-banking subsidiaries; $100 for those who have arranged to purchase shares through an AIP; and $50 for officers, directors and employees of First Hawaiian, Inc. and its banking and non-banking subsidiaries who have arranged to purchase shares through an AIP) because of redemptions, you may be required to sell your shares.

The Fund will give you at least 60 days' written notice to give you time to add to your account and avoid the involuntary redemption of your shares.

**Suspension of Your Right to Sell Your Shares** 

The Fund may suspend your right to sell your shares or delay payment of redemption proceeds for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. More information about this is in the SAI.

**Telephone Transactions** 

Purchasing and selling Fund shares over the telephone is extremely convenient, but not without risk. Although the Fund has certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions, the Fund is not responsible for any losses or costs incurred by following telephone instructions the Fund reasonably believes to be genuine. If you or your financial institution transact with the Fund over the telephone, you will generally bear the risk of any loss.

**Buying or Selling Shares through a Financial Intermediary** 

In addition to being able to buy and sell Fund shares directly from the Fund through its transfer agent, you may also buy or sell shares of the Fund through accounts with financial intermediaries, such as brokers and other institutions that are authorized to place trades in Fund shares for their customers. When you purchase or sell Fund shares through a financial intermediary (rather than directly from the Fund), you may have to transmit your purchase and sale requests to the financial intermediary at an earlier time for your transaction to become effective that day. This allows the financial intermediary time to process your requests and transmit them to the Fund prior to the time the Fund calculates its NAV that day. Your financial intermediary is responsible for transmitting all purchase and redemption requests, investment information, documentation and money to the Fund on time. If your financial intermediary fails to do so, it may be responsible for any resulting fees or losses. Unless your financial intermediary is an authorized institution,

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orders transmitted by the financial intermediary and received by the Fund after the time NAV is calculated for a particular day will receive the following day's NAV.

Certain financial intermediaries, including certain broker-dealers and shareholder organizations, are authorized to act as agent on behalf of the Fund with respect to the receipt of purchase and redemption orders for Fund shares (authorized institutions). Authorized institutions are also authorized to designate other intermediaries to receive purchase and redemption orders on the Fund's behalf. The Fund will be deemed to have received a purchase or redemption order when an authorized institution or, if applicable, an authorized institution's designee, receives the order. Orders will be priced at the Fund's next computed NAV after they are received by an authorized institution or an authorized institution's designee. To determine whether your financial intermediary is an authorized institution or an authorized institution's designee such that it may act as agent on behalf of the Fund with respect to purchase and redemption orders for Fund shares, you should contact your financial intermediary directly.

If you deal directly with a financial intermediary, you will have to follow its procedures for transacting with the Fund. Your financial intermediary may charge a fee for your purchase and/or redemption transactions. For more information about how to purchase or sell Fund shares through a financial intermediary, you should contact your financial intermediary directly.

**Other Policies** 

**Excessive Trading** 

The Fund is intended for long-term investment purposes only and discourages shareholders from engaging in "market timing" or other types of excessive short-term trading. This frequent trading into and out of the Fund may present risks to the Fund's long-term shareholders, all of which could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Fund's investment strategies, triggering the recognition of taxable gains and losses on the sale of Fund investments, requiring the Fund to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs.

The Fund's service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Fund's policies and procedures described in this prospectus and approved by the Board. For purposes of applying these policies, the Fund's service providers may consider the trading history of accounts under common ownership or control. The Fund's policies and procedures include:

● Shareholders are restricted from making more than four "round trips" into or out of the Fund per calendar year. If a shareholder exceeds this amount, the Fund and/or its service providers may, at their discretion, reject any additional purchase orders. The Fund defines a "round trip" as a purchase into the Fund by a shareholder, followed by a subsequent redemption out of the Fund, of an amount the Adviser reasonably believes would be harmful or disruptive to the Fund.

● The Fund reserves the right to reject any purchase request by any investor or group of investors for any reason without prior notice, including, in particular, if the Fund or the Adviser reasonably believe that the trading activity would be harmful or disruptive to the Fund.

The following types of transactions are exempt from these policies: 1) systematic purchases and redemptions, and 2) purchases or redemptions

by an account participating in a bona fide asset allocation program.

The Fund and/or its service providers seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Fund's long-term shareholders. Although these policies are designed to deter frequent trading in the Fund, none of these measures alone nor all of them taken together eliminate the possibility that frequent trading will occur.

Financial intermediaries (such as investment advisers and broker-dealers) often establish omnibus accounts in the Fund for their customers through which transactions are placed. The Fund has entered into "information sharing agreements" with these financial intermediaries, which permit the Fund to obtain, upon request, information about the trading activity of the intermediary's customers that invest in the Fund. If the Fund or its service providers identify omnibus account level trading patterns that have the potential to be detrimental to the Fund, the Fund or its service providers may, in their sole discretion, request from the financial intermediary information concerning the trading activity of its customers. Based upon a review of that information, if the Fund or its service providers determine that the trading activity of any customer may be detrimental to the Fund, they may, in their sole discretion, request the financial intermediary to restrict or limit further trading in the Fund by that customer. If the Fund is not satisfied that the intermediary has taken appropriate action, the Fund may terminate the intermediary's ability to transact in Fund shares. When information regarding transactions in the Fund's shares is requested by the Fund and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), any financial intermediary with whom the Fund has an information sharing agreement is obligated to obtain transaction information from the indirect intermediary or, if directed by the Fund, to restrict or prohibit the indirect intermediary from purchasing shares of the Fund on behalf of other persons.

The Fund and its service providers will use reasonable efforts to work with financial intermediaries to identify excessive short-term trading in omnibus accounts that may be detrimental to the Fund. However, there can be no assurance that the monitoring of omnibus account level trading will enable the Fund to identify or prevent all such trading by a financial intermediary's customers. Please contact your financial intermediary for more information.

**Customer Identification and Verification** 

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

When you open an account, the Fund will ask you to provide your name, address, date of birth and other information that will allow the Fund to identify you. This information is subject to verification to ensure the identity of all persons opening a mutual fund account.

In certain instances, the Fund is required to collect documents to fulfill its legal obligation. Documents provided in connection with your application will be used solely to establish and verify your identity.

The Fund is required by law to reject your new account application if the required identifying information is not provided. Attempts to collect the missing information required on the application will be performed by either contacting you or, if applicable, your broker. If this information is unable to be obtained within

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a reasonable timeframe established in the sole discretion of the Fund, your application will be rejected.

Upon receipt of your application in good order (or upon receipt of all identifying information required on the application), your investment will be accepted and your order will be processed at the Fund's next determined NAV.

The Fund reserves the right to close or liquidate your account at the then-current day's price and remit proceeds to you via check if it is unable to verify your identity. Attempts to verify your identity will be performed within a reasonable timeframe established in the sole discretion of the Fund. Further, the Fund reserves the right to hold your proceeds until your original check clears the bank, which may take up to 15 days from the date of your purchase. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications.

**Anti-Money Laundering Program** 

Customer identification and verification is part of the Fund's overall obligation to deter money laundering under federal law. The Fund has adopted an anti-money laundering compliance program designed to prevent the Fund from being used for money laundering or the financing of terrorist activities. In this regard, the Fund reserves the right to (i) refuse, cancel or rescind any purchase order, (ii) freeze any account and/or suspend account services, or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of the Fund or in cases when the Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Fund is required to withhold such proceeds.

**Unclaimed Property** 

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property under various circumstances. Such circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. Once it flags property as unclaimed, the Fund will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. A completed designation form may be mailed to the Fund (if shares are held directly with the Fund) or to the shareholder's financial intermediary (if shares are not held directly with the Fund).

More information on unclaimed property and how to maintain an active account is available through your state or by calling 1-800-262-9565.

**Payments to Financial Intermediaries** 

The Fund and/or the Adviser may compensate financial intermediaries for providing a variety of services to the Fund and/or its shareholders.

Financial intermediaries include affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Fund, its service providers or their respective affiliates. This section briefly describes how financial intermediaries may be paid for providing these services. For more information, please see "Payments to Financial Intermediaries" in the SAI.

**Distribution Plan** 

The Fund has adopted a distribution plan under Rule 12b-1 of the Investment Company Act of 1940, as amended for Class A Shares that allows the Fund to pay distribution and/or service fees for the sale and distribution of Fund shares, and for services provided to shareholders. Because these fees are paid out of the Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. The maximum annual Rule 12b-1 fee for Class A Shares of the Fund is 0.25%.

**Shareholder Servicing Plan** 

The Fund has adopted a shareholder servicing plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.25% based on the average daily net assets of the Fund's Class A Shares. The services for which financial intermediaries are compensated may include record-keeping, transaction processing for shareholders' accounts and other shareholder services.

**Payments by the Adviser** 

From time to time, the Adviser and/or its affiliates, in their discretion, may make payments to certain affiliated or unaffiliated financial intermediaries to compensate them for the costs associated with distribution, marketing, administration and shareholder servicing support for the Fund. These payments are sometimes characterized as "revenue sharing" payments and are made out of the Adviser's and/or its affiliates' own legitimate profits or other resources, and may be in addition to any payments made to financial intermediaries by the Fund. A financial intermediary may provide these services with respect to Fund shares sold or held through programs such as retirement plans, qualified tuition programs, fund supermarkets, fee-based advisory or wrap fee programs, bank trust programs, and insurance (e.g., individual or group annuity) programs. In addition, financial intermediaries may receive payments for making shares of the Fund available to their customers or registered representatives, including providing the Fund with "shelf space," placing it on a preferred or recommended fund list, or promoting the Fund in certain sales programs that are sponsored by financial intermediaries. To the extent permitted by SEC and Financial Industry Regulatory Authority ("FINRA") rules and other applicable laws and regulations, the Adviser and/or its affiliates may pay or allow other promotional incentives or payments to financial intermediaries.

The level of payments made by the Adviser and/or its affiliates to individual financial intermediaries varies in any given year and may be negotiated on the basis of sales of Fund shares, the amount of Fund assets serviced by the financial intermediary or the quality of the financial intermediary's relationship with the Adviser and/or its affiliates. These payments may be more or less than the payments received by the financial intermediaries from other mutual funds and may influence a financial intermediary to favor the sales of certain funds or share classes over others. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments will not

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change the NAV or price of the Fund's shares. Please contact your financial intermediary for information about any payments it may receive in connection with the sale of Fund shares or the provision of services to Fund shareholders.

In addition to these payments, your financial intermediary may charge you account fees, commissions or transaction fees for buying or redeeming shares of the Fund, or other fees for servicing your account. Your financial intermediary should provide a schedule of its fees and services to you upon request.

**Dividends and Distributions** 

The Fund declares its net investment income, if any, daily and distributes its net investment income monthly. The Fund makes distributions of its net realized capital gains, if any, at least annually. If you own Fund shares on the Fund's record date, you will be entitled to receive the distribution.

You will receive dividends and distributions in the form of additional Fund shares unless you elect to receive payment in cash. To elect cash payment, you must notify the Fund in writing prior to the date of the distribution. Your election will be effective for dividends and distributions paid after the Fund receives your written notice. To cancel your election, simply send the Fund written notice.

**Taxes** 

**Please consult your tax advisor regarding your specific questions about U.S. federal, state and local income taxes**. The following is a summary of certain important U.S. federal income tax issues that affect the Fund and its shareholders. This summary is based on current tax laws, which may change. This summary does not apply to shares held in an IRA or other tax-qualified plans, which are generally not subject to current tax. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future.

The Fund has elected and intends to qualify each year for treatment as a RIC under Subchapter M of the Code. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, the Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

The Fund generally intends to operate in a manner such that it will not be liable for federal income or excise taxes.

The Fund intends to distribute substantially all of its net investment income and net realized capital gains, if any. The Fund intends to qualify to pay "exempt-interest dividends" to its shareholders by satisfying the requirement that at the close of each quarter of its taxable year at least 50% of the value of its total assets consist of obligations, the interest on which is exempt from regular federal income tax. As long as this and certain other requirements are met, dividends derived from the Fund's net tax-exempt interest income will be "exempt-interest dividends" that may be excluded from shareholders' gross income for federal income tax purposes. Distributions from the Fund to its shareholders that are attributable to interest on obligations exempt from income tax in the State of Hawaii will not be subject to Hawaii income tax in the hands of shareholders so long as at least 50% of the Fund's assets are invested in securities the interest from which is exempt from Hawaii state taxation. While the Fund intends to invest primarily in obligations that produce interest

exempt from regular federal and Hawaii state tax, if the Fund invests in obligations that are not exempt for Hawaii income tax purposes, a portion of the Fund's distribution will be subject to Hawaii income tax. A portion of the Fund's distributions from "private activity bonds" may be taxable to certain shareholders as an "item of tax preference" for purposes of the Federal AMT applicable to non-corporate shareholders. The Fund may also invest a portion of its assets in securities that generate taxable income for federal or state income tax purposes. In addition, exempt-interest dividends may affect the federal corporate AMT for certain corporations. Income exempt from federal tax may also be subject to state or local income taxes. Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the IRS or state tax authorities, or noncompliant conduct of a bond issuer. Interest paid on a municipal bond issued after December 31, 2017 to advance refund another municipal bond is subject to federal income tax. Distributions of capital gains and any investment income that is not exempt from federal income tax are generally taxable to you regardless of whether you reinvest them in additional shares of the Fund or receive them in cash. Some distributions from the Fund may also include nontaxable returns of capital. Return of capital distributions reduce your tax basis in your Fund shares and are treated as gain from the sale of the shares to the extent your basis is reduced below zero.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by the Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

The Fund's distribution of its net investment income (other than distributions of exempt-interest dividends) and short-term capital gains are generally taxable at ordinary income tax rates. Long-term capital gains distributions are generally taxable at the rates applicable to long-term capital gains currently set at a maximum tax rate for individuals at 20% (lower rates apply to individuals in lower tax brackets). Once a year the Fund (or its administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year.

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and should generally be avoided by taxable investors.

www.bishopstreetfunds.com 25

Each sale of Fund shares may be a taxable event. Assuming a shareholder holds Fund shares as a capital asset, the gain or loss on the sale of Fund shares generally will be treated as a short-term capital gain or loss if you held the shares for 12 months or less or as a long-term capital gain or loss if you held the shares for longer. Any loss realized upon a taxable disposition of Fund shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by you with respect to Fund shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed if you purchase other substantially identical shares within 30 days before or after disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains received from the Fund (including capital gains realized on the sale of shares of the Fund). Exempt-interest dividends do not constitute "net investment income" for this purpose.

The Fund (or its administrative agent) must report to the IRS and furnish to Fund shareholders cost basis information for purchases of Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, the Fund (or its administrative agent) is also required to report the cost basis information for such shares and report whether these shares had a short-term or long-term holding period. For each sale of Fund shares, the Fund will permit shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, the Fund will use the average cost basis method as the default cost basis method. The cost basis method elected by Fund shareholders (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Fund.

**More information about taxes is included in the SAI.**

**Additional Information** 

The Trust enters into contractual arrangements with various parties, including, among others, the Fund's investment adviser, custodian, transfer agent, accountants and distributor, who provide services to the Fund. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus and the SAI provide information concerning the Trust and the Fund that you should consider in determining whether to purchase shares of the Fund. The Fund may make changes to this information from time to time. Neither this prospectus, the SAI or any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise

to an agreement or contract between the Trust or the Fund and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

www.bishopstreetfunds.com 27

**Financial Highlights** 

The table that follows presents performance information about the Fund's Class A Shares. This information is intended to help you understand the Fund's financial performance for the past five fiscal years. Some of this information reflects financial information for a single Fund share. The total returns in the table represent the rate that you would have earned (or lost) on an investment in the Fund, assuming you reinvested all of your dividends and distributions. This information has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm for the Fund. The financial statements and the unqualified opinion of PricewaterhouseCoopers LLP are included in the Fund's Form N-CSR filing for the fiscal year ended December 31, 2025, and are available upon request by calling the Fund at 1-800-262-9565.

*For a share outstanding throughout the years ended December 31,* 

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | ***Investment<br> Activities*** | ***Investment<br> Activities*** | | ***Dividends and<br> Distributions*** | ***Dividends and<br> Distributions*** | | | | | | | | |
|  | <br>**Net Asset<br> Value,<br> Beginning<br> of Year** | **Net Investment Income<sup>(1)</sup>** | **Net<br> Realized<br> and<br> Unrealized Gain<br> (Loss) on<br> Investments** | <br>**Total Investment Activities from Operations** | **Net Investment Income** | **Capital Gains** | <br>**Total Dividends and Distributions** | <br>**Net Asset Value, <br> End of <br> Year** | <br>**Total Return<sup>†</sup>** | <br>**Net Assets End of <br> Year <br> (000)** | <br>**Ratio of Expenses <br> to <br> Average Net Assets** | <br>**Ratio of Expenses to Average Net Assets (Excluding Waivers)** | <br>**Ratio of Net Investments Income to Average Net Assets** | <br>**Portfolio Turnover Rate<sup>(2)</sup>** |
| **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** |
| Class A Shares: | Class A Shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $9.87 | $0.22 | $0.17 | $0.39 | $(0.22) | $— | $(0.22) | $10.04 | 4.06% | $104747 | 0.80% | 1.23% | 2.29% | 18% |
| 2024 | 9.96 | 0.19 | (0.07) | 0.12 | (0.21) |  | (0.21) | 9.87 | 1.18 | 113042 | 0.80 | 1.21 | 2.06 | 15 |
| 2023 | 9.90 | 0.16 | 0.06 | 0.22 | (0.16) |  | (0.16) | 9.96 | 2.30 | 133855 | 0.80 | 1.33 | 1.75 | 23 |
| 2022 | 10.77 | 0.13 | (0.87) | (0.74) | (0.13) |  | (0.13) | 9.90 | (6.83) | 12500 | 0.80 | 1.29 | 1.33 | 15 |
| 2021 | 10.90 | 0.14 | (0.11) | 0.03 | (0.14) | (0.02) | (0.16) | 10.77 | 0.27 | 16955 | 0.80 | 1.28 | 1.25 | 14 |

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| | |
|:---|:---|
| <sup>†</sup>  | Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and do not reflect the applicable sales charges. Fee waivers are in effect; if they had not been in effect, performance would have been lower.  |

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<sup>(1)</sup> Per share data calculated using average shares method.

<sup>(2)</sup> Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

Amounts designated as "—" are either $0 or have been rounded to $0.

**INVESTMENT ADVISER** 

Bishop Street Capital Management, LLC

999 Bishop Street, 25th Floor

Honolulu, Hawaii 96813

**DISTRIBUTOR**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

**LEGAL COUNSEL** 

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

More information about the Fund is available without charge through the following:

**Appendix A to the Prospectus - Intermediary-Specific Sales Charge Discounts and Waivers** 

Appendix A contains more information about specific sales charge discounts and waivers available for shareholders who purchase Fund shares through a specific financial intermediary. Appendix A is incorporated by reference into this prospectus. This means that Appendix A, for legal purposes, is a part of this prospectus.

**Statement of Additional Information (SAI)** 

The SAI dated May 1, 2026, as it may be amended from time to time, includes detailed information about Bishop Street Funds. The SAI is on file with the U.S. Securities and Exchange Commission (SEC) and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus. Investors can receive a free copy of the SAI on the Fund's website at www.bishopstreetfunds.com.

**Annual and Semi-Annual Reports** 

Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Fund's annual reports, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements. Investors can receive free copies of the Fund's most recent annual and semi-annual reports on the Fund's website at www.bishopstreetfunds.com.

**To Obtain an SAI, Annual or Semi-Annual Report, Fund Financial Statements, or More Information:** 

***By Telephone:*** Call 1-800-262-9565

***By Mail:*** Write to the Fund

Bishop Street Funds

c/o SS&C Global Investor &

Distribution Solutions, Inc.

PO Box 219009

Kansas City, MO 64121-9009

***From the SEC:*** You can also obtain the SAI, Annual and Semi-Annual Reports, Fund Financial Statements, as well as other information about Bishop Street Funds, from the EDGAR Database on the SEC's website (https://www.sec.gov). You may also obtain this information, upon payment of a duplicating fee, by e-mailing the SEC at publicinfo@sec.gov.

**Bishop Street Funds' Investment Company Act registration number is 811-08572.** 

***Visit us online at www.bishopstreetfunds.com.***

BSF-PS-008-2800

![](fp0098578-2_30.jpg)

*Your Avenue to Sound Investment*

**Appendix A** 

**Intermediary-Specific Sales Charge Discounts and Waivers** 

Specific intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. **For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive such waivers or discounts.** Please see the "Purchasing and Selling Fund Shares - Sales Charges" section of the Class A Shares prospectus for more information on sales charge discounts and waivers.

The following descriptions of financial intermediary sales charge waivers, discounts, policies or procedures, as the case may be, are reproduced based on information provided by the intermediary. The financial intermediary sales charge waivers, discounts, policies or procedures disclosed in this Appendix may vary from those disclosed in the Class A Shares prospectus or SAI and are subject to change. This Appendix will be updated based on information provided by the financial intermediaries. Neither the Fund, nor the Adviser, nor the Distributor supervises the implementation of financial intermediary sales charge waivers, discounts, policies or procedures nor do they verify the intermediaries' administration of such waivers, discounts, policies or procedures.

The information in this Appendix is part of, and incorporated into, the Class A Shares prospectus.

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")** 

Effective March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following front-end sales charge waivers and discounts, which may differ from those disclosed elsewhere in the Class A Shares prospectus or SAI. You should inquire with your financial intermediary regarding whether the following front-end sales charge waivers and discounts are applicable to you.

*Front-end sales load waivers on Class A Shares available at Raymond James* 

● Shares purchased in an investment advisory program.

● Shares purchased within the Bishop Street Funds family through a systematic reinvestment of capital gains and dividend distributions.

● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

● Shares purchased from the proceeds of redemptions within the Bishop Street Funds family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end sales load (known as Rights of Reinstatement).

*Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent* 

● Breakpoints as described in the Class A Shares prospectus.

● Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Bishop Street Funds family assets held by accounts within the purchaser's household at Raymond James. Eligible Bishop Street Funds family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

● Letters of intent which allow for breakpoint discounts based on anticipated purchases within the Bishop Street Funds family, over a 13-month time period. Eligible Bishop Street Funds family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**Edward D. Jones & Co., L.P. ("Edward Jones")**

<u>**Policies Regarding Transactions Through Edward Jones**</u>

*The following information has been provided by Edward Jones:*

**The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones** 

*A-1*

**at the time of purchase of any relationship, holdings of Hawaii Municipal Bond Fund, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.** 

**Breakpoints**

● Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

**Rights of Accumulation ("ROA")** 

● The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of Hawaii Municipal Bond Fund held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

● The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

● ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

**Letter of Intent ("LOI")** 

● Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

● If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**Sales Charge Waivers** 

Sales charges are waived for the following shareholders and in the following situations:

● Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

● Shares purchased in an Edward Jones fee-based program.

● Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

● Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

● The redemption and repurchase occur in the same account.

● The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

● Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

*A-2*

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

● The death or disability of the shareholder.

● Systematic withdrawals with up to 10% per year of the account value.

● Return of excess contributions from an Individual Retirement Account (IRA).

● Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

● Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

● Shares exchanged in an Edward Jones fee-based program.

● Shares acquired through NAV reinstatement.

● Shares redeemed at the discretion of Edward Jones for Minimums Balances, as described below.

<u><u>**Other Important Information Regarding Transactions Through Edward Jones**</u></u>

**Minimum Purchase Amounts** 

● Initial purchase minimum: $250

● Subsequent purchase minimum: none

**Minimum Balances** 

● Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

● A fee-based account held on an Edward Jones platform

● A 529 account held on an Edward Jones platform

● An account with an active systematic investment plan or LOI

**Exchanging Share Classes** 

● At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

*A-3*

![](fp0098578-6_i.jpg)

**ABOUT THIS PROSPECTUS** 

---

| | | |
|:---|:---|:---|
|  |  | Page |
| [Bishop Street Hawaii Municipal Bond Fund](#x734582132564841) | [Bishop Street Hawaii Municipal Bond Fund](#x734582132564841) | [2](#x734582132564841) |
| [More Information About Risk](#x056848820414059) | [More Information About Risk](#x056848820414059) | [6](#x056848820414059) |
| [More Information About Fund Investments](#x414072164948454) | [More Information About Fund Investments](#x414072164948454) | [9](#x414072164948454) |
| [More Information About Indices](#x275655542312277) | [More Information About Indices](#x275655542312277) | [9](#x275655542312277) |
| [Information About Portfolio Holdings](#x148281016442451) | [Information About Portfolio Holdings](#x148281016442451) | [10](#x148281016442451) |
| [Investment Adviser](#x184000226065333) | [Investment Adviser](#x184000226065333) | [10](#x184000226065333) |
| [Purchasing and Selling Fund Shares](#x124744674642545) | [Purchasing and Selling Fund Shares](#x124744674642545) | [11](#x124744674642545) |
| [Other Policies](#x087735219538236) | [Other Policies](#x087735219538236) | [16](#x087735219538236) |
| [Payments to Financial Intermediaries](#x04271992767953) | [Payments to Financial Intermediaries](#x04271992767953) | [18](#x04271992767953) |
| [Dividends and Distributions](#x343672971323978) | [Dividends and Distributions](#x343672971323978) | [20](#x343672971323978) |
| [Taxes](#x050109512815959) | [Taxes](#x050109512815959) | [20](#x050109512815959) |
| [Additional Information](#x182728522747653) | [Additional Information](#x182728522747653) | [22](#x182728522747653) |
| [Financial Highlights](#x142670915411356) | [Financial Highlights](#x142670915411356) | [23](#x142670915411356) |
| [How to Obtain More Information About Bishop Street Funds](#x064438224710116) | [Back Cover](#x064438224710116) | [Back Cover](#x064438224710116) |

---

www.bishopstreetfunds.com 1

**Bishop Street Hawaii Municipal Bond Fund**

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| | |
|:---|:---|
| ■■■  | **INVESTMENT OBJECTIVE**  |

---

The investment objective of the Fund is to provide high current income exempt from federal and Hawaii state income taxes.

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| | |
|:---|:---|
| ■■■  | **FEES AND EXPENSES**  |

---

*This table describes the fees and expenses that you may pay if you buy and hold Class I Shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.***

**Shareholder Fees** *(fees paid directly from your investment)*<br>

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| | |
|:---|:---|
| **Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)* | |
| Management Fees | 0.35% |
| Other Expenses | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees | &nbsp;&nbsp;&nbsp;0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp;&nbsp;0.43% |
| Total Annual Fund Operating Expenses | 0.98% |
| Less Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.43)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | 0.55% |

---

<sup>1</sup> Bishop Street Capital Management, LLC (Adviser) has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses for Class I Shares (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, excluded expenses)) from exceeding 0.55% of the Fund's average daily net assets through April 30, 2027 (Contractual Expense Limitation). In addition, the Board of Trustees (Board) of Bishop Street Funds (Trust) may permit the Adviser to receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the Contractual Expense Limitation to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the Contractual Expense Limitation: (i) at the time of the fee waiver and/or expense reimbursement; and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on April 30, 2027. 

***Example***<br>

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $56 | $269 | $500 | $1162 |

---

***Portfolio Turnover***<br>

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 18% of the average value of its portfolio.

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| | |
|:---|:---|
| ■■■  | **PRINCIPAL INVESTMENT STRATEGIES**  |

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The Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade municipal bonds, the interest from which is exempt from regular federal and Hawaii state income taxes. While the Adviser attempts to maximize the portion of the Fund's assets invested in Hawaii issues, the Fund may also invest in municipal bonds issued by other U.S. states, territories and possessions. There is no restriction upon the amount of the Fund's assets that may be invested in obligations that pay income subject to the federal alternative minimum tax (the "Federal AMT") applicable to non-corporate shareholders (i.e., shareholders that are not taxed as corporations, including but not limited to individual investors). To the extent that the Fund invests in securities subject to the Federal AMT, the income received from these securities could be taxable to certain shareholders. Although the Adviser intends to invest Fund assets across a variety of municipal securities, the Fund may have significant positions in certain types of municipal obligations, such as state and local general obligation bonds (bonds whose payments are typically backed by the taxing power of the municipal issuer) and revenue bonds (bonds whose payments are backed by revenue from a particular source). The Fund may invest in new municipal bond issues in Hawaii that provide financing for certain Hawaii municipalities. The Fund may also invest in municipal bonds that are pre-refunded, meaning that the payment of principal and interest of the bonds is funded from a designated escrow account that holds U.S. Treasury securities or other obligations of the U.S. Government (including its agencies and instrumentalities). There is no limit on the average maturity of the Fund's portfolio. While the portfolio duration of the Fund's portfolio will vary, it is generally expected to be within a 10% margin (higher or lower) of the duration of the Fund's benchmark index.

The Adviser will use its judgment to invest in securities that will provide a high level of current income in light of current market conditions. In making a determination to buy, sell or hold a security, the portfolio managers give special consideration to the relative value of the security in comparison to the available alternatives, while remaining consistent with the objectives of the portfolio. The portfolio management team considers several factors when selecting securities for the Fund's portfolio, including the current state of a bond's issuer and the possibility that an improvement or deterioration in its financial health may result in, respectively, an upgrade or downgrade of the issuer's credit rating. The portfolio management team may continue to hold a bond that has been downgraded if it believes it is in the best interest of the Fund's shareholders. The portfolio management team may choose to sell a bond based on its analysis of the economy and any direct impact on budget cash flows, debt ratios, and credit ratings.

The Fund is classified as "non-diversified," which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

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| | |
|:---|:---|
| ■■■  | **PRINCIPAL RISKS**  |

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As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. In addition to this risk, the Fund is subject to additional risks that may affect the value of its shares, including:

**■** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fixed Income Risk** 

The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, fixed income securities will decrease in value if interest rates rise and vice versa. The volatility of lower-rated securities is even greater than that of higher-rated securities. Also, longer-term and longer-duration securities are generally more volatile, so the maturity and duration of securities affects their risk. There is the possibility that an issuer will fail to make timely payments of interest or principal or go bankrupt. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**■** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Concentration Risk** 

The Fund's concentration of investments in securities of issuers located in Hawaii subjects the Fund to economic conditions and government policies within that state. As a result, the Fund will be more susceptible to factors that adversely affect issuers of Hawaii obligations than a mutual fund that does not have as great a concentration in Hawaii.

**■** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-Diversification Risk** 

The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political/regulatory occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements for qualifying as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

**■** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Municipal Issuer Risk** 

There may be economic or political changes that impact the ability of municipal issuers to repay principal and to make interest payments on municipal securities. Changes in the financial condition or credit rating of municipal issuers also may adversely affect the value of the Fund's securities. In addition, the Fund invests significantly in municipal obligations of issuers located in Hawaii. The values of shares of the Fund therefore will be affected by economic and political developments in Hawaii.

**■** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Management Risk** 

The Fund is subject to the risk that a strategy used by the Fund's management may fail to produce the intended result.

**■** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liquidity Risk** 

Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like.

**■** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Valuation Risk** 

Valuation risk is the risk that certain securities may be difficult to value.

**■** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pre-Refunded Bonds Risk** 

Pre-refunded bonds are bonds that have been refunded to a call date prior to the final maturity of principal, or, in the case of pre-refunded bonds commonly referred to as

"escrowed-to-maturity bonds," to the final maturity of principal, and remain outstanding in the municipal market. The payment of principal and interest of the pre-refunded bonds held by the Fund is funded from securities held in a designated escrow account where such securities are obligations of the U.S. Treasury and/or U.S. Government

www.bishopstreetfunds.com 3

agencies or instrumentalities. The securities held in the escrow fund pledged to pay the principal and interest of the pre-refunded bond do not guarantee the price of the bond.

**■** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tax Risk** 

Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service ("IRS") or state tax authorities, or noncompliant conduct of a bond issuer. In addition, a portion of the Fund's otherwise exempt-interest dividends may be taxable to non-corporate shareholders subject to the Federal AMT.

**■** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cyber Security Risk** 

The Fund and its service providers may be susceptible to operational and information security risks resulting from a breach in cyber security, including cyber-attacks. Cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its net asset value, cause the release of private shareholder information or confidential company information, impede redemptions, subject the Fund to regulatory fines or financial losses, and cause reputational damage. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests.

**■** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Conflicts of Interest Risk** 

The Adviser or its affiliates may have business relationships with issuers of municipal securities in which the Fund, to the extent permitted by applicable law, invests. For example, an affiliate of the Adviser may provide discretionary investment management or other financial services to a state or municipal entity, including with respect to the investment of bond proceeds prior to their expenditure. As a result of these relationships, the Adviser or its affiliates may have financial or reputational incentives to maintain or enhance such relationships. These relationships could create potential conflicts of interest in connection with the Fund's investment activities. For example, the Adviser may have an incentive to purchase or retain securities issued by such municipal entities, or to refrain from selling such securities, in order to benefit or preserve the Adviser's or its affiliate's relationship with the issuer. In addition, personnel of the Adviser or its affiliates may obtain information about such issuers through these relationships that could restrict the Fund's ability to trade in the issuer's securities or otherwise affect the timing or nature of the Fund's investments.

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| | |
|:---|:---|
| ■■■  | **PERFORMANCE INFORMATION**  |

---

The bar chart and table that follow illustrate the risks and volatility of an investment in Class I Shares of the Fund. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.bishopstreetfunds.com or by calling 1-800-262-9565.

The following bar chart shows changes in performance of the Fund's Class I Shares from calendar year to calendar year.

![](fp0098578-6_4.jpg)

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| **5.29%** | **(5.14)%** |
| **12/31/2023** | **3/31/2022** |

---

The performance information shown above is based on a calendar year. The Fund's Class I Shares' performance information from 1/1/26 to 3/31/26 was (0.24)%.

The following table compares the Fund's Class I Shares' average annual total returns to those of the Bloomberg US Municipal Bond Index, and a more narrowly based index with characteristics relevant to the Fund's investment strategies. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares.

***Average Annual Total Returns (for the periods ended December 31, 2025)***<br>

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| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Fund Return Before Taxes | 4.32% | 0.38% | 1.53% |
| Fund Return After Taxes on Distributions | 4.30% | 0.35% | 1.49% |
| Fund Return After Taxes on Distributions and Sale of Fund Shares | 3.58% | 0.72% | 1.65% |
| Bloomberg US Municipal Bond Index (reflects no deduction for fees, expenses or taxes) | 4.25% | 0.80% | 2.34% |
| ICE BofA 1-22 Year US Municipal Securities Index (reflects no deduction for fees, expenses or taxes) | 4.65% | 1.15% | 2.33% |

---

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| | |
|:---|:---|
| ■■■  | **MANAGEMENT OF THE FUND**  |

---

Bishop Street Capital Management, LLC serves as investment adviser to the Fund. Ms. Stephanie Nomura, President and Senior Portfolio Manager, has managed the Fund since 2021. Mr. Joshua Lam, Co-Portfolio Manager, has managed the Fund since 2025.

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| | |
|:---|:---|
| ■■■  | **PURCHASE AND SALE OF FUND SHARES**  |

---

To purchase Class I Shares of the Fund for the first time, you must invest at least $100,000 through a broker-dealer or other financial intermediary. As of May 1, 2024, initial investments in Class I Shares of the Fund may not be purchased directly from the Fund. The Fund may accept investments of smaller amounts in its sole discretion. There is no minimum for subsequent investments. If you own your shares directly, you may redeem your shares on any day that the New York Stock Exchange is open for business by contacting the Fund directly by mail at Bishop Street Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., PO Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: Bishop Street Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307) or by telephone at 1-800-262-9565 (for redemptions of $50,000 or less). If you own your shares through an account with a broker or other institution, contact that broker or institution to redeem your shares.

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| | |
|:---|:---|
| ■■■  | **TAX INFORMATION**  |

---

The Fund intends to distribute income that is exempt from both regular federal and Hawaii state income taxes.

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| | |
|:---|:---|
| ■■■  | **PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**  |

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If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

www.bishopstreetfunds.com 5

**More Information About Risk** 

The Fund is a mutual fund. A mutual fund pools shareholders' money and, using professional investment managers, invests it in securities.

The investment managers invest Fund assets in a way that they believe will help the Fund achieve its investment goal. Still, investing in the Fund involves risk and there is no guarantee that the Fund will achieve its investment goal. An investment manager's judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In fact, no matter how good a job an investment manager does, you could lose money on your investment in the Fund, just as you could with other investments.

The value of your investment in the Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities the Fund owns and the markets in which it trades. The effect on the Fund of a change in the value of a single security will depend on how widely the Fund diversifies its holdings. The Fund is non-diversified, meaning that it may invest a large percentage of its assets in a single issuer or a relatively small number of issuers.

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|:---|:---|
| ■■■  | **FIXED INCOME RISK**  |

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The market value of fixed income investments changes in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or "called") by the issuer prior to maturity. This may cause the Fund's average weighted maturity to fluctuate, and may require the Fund to invest the resulting proceeds at lower interest rates. Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio. A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Fund. Reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments and businesses, elevated inflation levels, problems in the banking sector and wars in Europe and in the Middle East. As a result of these market conditions, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

Fixed income securities may also be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest. Since the Fund purchases securities backed by credit enhancements from banks and other financial institutions, changes in the credit ratings of these institutions could cause the Fund to lose money and may affect the Fund's share price. In addition to these fundamental risks, different types of fixed income securities may be subject to the following additional risks:

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|:---|:---|
| ■■■  | **MUNICIPAL ISSUER RISK**  |

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There may be economic or political changes that impact the ability of municipal issuers to repay principal and to make interest payments on municipal securities. Changes to the financial condition or credit rating of municipal issuers may also adversely affect the value of the Fund's municipal securities. Constitutional or legislative limits on borrowing by municipal issuers may result in reduced supplies of municipal securities. Moreover, certain municipal securities are backed only by a municipal issuer's ability to levy and collect taxes.

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| | |
|:---|:---|
| ■■■  | **PRE-REFUNDED BONDS RISK**  |

---

Pre-refunded bonds are bonds that have been refunded to a call date prior to the final maturity of principal, or, in the case of pre-refunded bonds commonly referred to as "escrowed-to-maturity bonds," to the final maturity of principal, and remain outstanding in the municipal market. The payment of principal and interest of the pre-refunded bonds held by the Fund is funded from securities held in a designated escrow account where such securities are obligations of the U.S. Treasury and/or U.S. Government agencies or instrumentalities. The securities held in the escrow fund pledged to pay the principal and interest of the pre-refunded bond do not guarantee the price of the bond. In addition, if the Fund sells pre-refunded bonds prior to maturity, the price received may be more or less than the original cost, depending on market conditions at the time of sale.

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|:---|:---|
| ■■■  | **CONCENTRATION RISK**  |

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The Fund's concentration of investments in securities of issuers located in Hawaii subjects the Fund to economic conditions and government policies within that state. As a result, the Fund will be more susceptible to factors that adversely affect issuers of Hawaii obligations than a mutual fund that does not have as great a concentration in Hawaii. The Fund also may be riskier than mutual funds that buy securities of issuers in numerous states.

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|:---|:---|
| ■■■  | **NON-DIVERSIFICATION RISK**  |

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Because the Fund is non-diversified, it can take larger positions in securities of any one issuer with respect to its entire portfolio. The assumption of large positions in the securities of a small number of issuers may cause performance to fluctuate to a greater extent than that of a diversified fund because the Fund may be more susceptible to changes in the financial condition of an issuer, as well as to any single political, regulatory or economic occurrence affecting an issuer. However, the Fund intends to satisfy the asset diversification requirements for qualifying as a RIC under Subchapter M of the Code.

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|:---|:---|
| ■■■  | **MANAGEMENT RISK**  |

---

The Fund's management uses specific investment strategies to seek to achieve the Fund's investment objective. Investment decisions made by management in using these strategies may not produce the results expected by management, may cause the Fund's shares to lose value, or may cause the Fund to underperform other funds with similar investment objectives.

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|:---|:---|
| ■■■  | **LIQUIDITY RISK**  |

---

Certain debt obligations may be difficult or impossible to sell at the time and price that the

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Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which may have a negative effect on the management or performance of the Fund.

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|:---|:---|
| ■■■  | **VALUATION RISK**  |

---

The prices provided by third-party independent pricing services or the fair value determinations made by the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by third-party independent pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. Certain securities and instruments held by the Fund may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.

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|:---|:---|
| ■■■  | **TAX RISK FOR MUNICIPAL SECURITIES**  |

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The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for federal income tax purposes, and the Adviser will not independently verify that opinion. Subsequent to the Fund's acquisition of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as "exempt-interest dividends" could be adversely affected, subjecting the Fund's shareholders to increased federal income tax liabilities. The IRS also may determine that a municipal bond issued as tax-exempt should in fact be taxable. If the Fund held such a bond, it might have to distribute taxable ordinary income dividends or reclassify a previously distributed exempt-interest dividend as a taxable ordinary income dividend. Distributions of ordinary taxable income (including any net short-term capital gain) will be taxable to shareholders as ordinary income (and are not expected to be eligible for favorable taxation as "qualified dividend income"), and capital gain dividends will be subject to tax rates applicable to capital gains. The Fund may not be a suitable investment for IRAs, for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to federal income tax consequences of their investments (e.g. investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs).

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|:---|:---|
| ■■■  | **CYBER SECURITY RISK**  |

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The Fund and its service providers may be subject to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber-attacks affecting the Fund or its service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede redemptions, subject the Fund to regulatory fines or financial losses, and cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such portfolio companies to lose value.

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|:---|:---|
| ■■■  | **CONFLICTS OF INTEREST RISK**  |

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The Adviser or its affiliates may have business relationships with issuers of municipal securities in which the Fund, to the extent permitted by

applicable law, invests. For example, an affiliate of the Adviser may provide discretionary investment management or other financial services to a state or municipal entity, including with respect to the investment of bond proceeds prior to their expenditure. As a result of these relationships, the Adviser or its affiliates may have financial or reputational incentives to maintain or enhance such relationships. These relationships could create potential conflicts of interest in connection with the Fund's investment activities. For example, the Adviser may have an incentive to purchase or retain securities issued by such municipal entities, or to refrain from selling such securities, in order to benefit or preserve the Adviser's or its affiliate's relationship with the issuer. In addition, personnel of the Adviser or its affiliates may obtain information about such issuers through these relationships that could restrict the Fund's ability to trade in the issuer's securities or otherwise affect the timing or nature of the Fund's investments. The Adviser seeks to manage these conflicts through the adoption and implementation of policies and procedures designed to promote compliance with applicable law and to ensure that investment decisions are made in the best interests of the Fund. There can be no assurance that such policies and procedures will be successful in mitigating these conflicts in all circumstances.

**More Information About Fund Investments** 

The investment objective of the Fund is a fundamental policy and cannot be changed without shareholder approval.

This prospectus describes the Fund's principal investment strategies, and the Fund will normally invest in the types of securities and other investments described in this prospectus. In addition to the principal investments and strategies described in this prospectus, the Fund also may invest in other securities, use other strategies, and engage in other investment practices. These investments and strategies, as well as those described in this prospectus, are described in the Fund's Statement of Additional Information (SAI) (for information on how to obtain a copy of the SAI, see the back cover of this prospectus). Of course, there is no guarantee that the Fund will achieve its investment goal.

The investments and strategies described in this prospectus are those that the Fund uses under normal conditions. During unusual economic or market conditions, or for temporary defensive purposes, the Fund may invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective. If the Fund invests in this manner, it may not achieve its investment objective. The Fund will only make temporary defensive investments if the portfolio managers believe that the risk of loss outweighs the opportunity for capital appreciation or current income.

**More Information About Indices** 

As noted earlier in this prospectus, the Fund compares its average annual total returns to those of the Bloomberg US Municipal Bond Index and the ICE BofA 1-22 Year US Municipal Securities Index. The Bloomberg US Municipal Bond Index tracks the performance of the U.S. dollar-denominated, long-term, tax-exempt bond market and has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The ICE BofA 1-22 Year US Municipal Securities Index tracks the performance of U.S. dollar-denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market with a

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remaining term to final maturity of less than 22 years.

An index measures the market prices of a specific group of securities in a particular market or market sector. You cannot invest directly in an index. Unlike a mutual fund, an index does not have an investment adviser and does not pay commissions or expenses. If it did, its performance would be lower.

**Information About Portfolio Holdings** 

A description of the Fund's policy and procedures with respect to the circumstances under which the Fund discloses its portfolio securities is available in the SAI. The portfolio holdings for the Fund are disclosed in the Quarterly Holdings Report, which is available on the Fund's website at www.bishopstreetfunds.com. The portfolio holdings information placed on the Fund's website generally will remain there until such information is included in a filing with the SEC.

**Investment Adviser** 

The Fund's adviser, Bishop Street Capital Management, is a Hawaii limited liability company established in 1999 with its principal place of business located at 999 Bishop Street, Honolulu, Hawaii 96813. The Adviser is an investment adviser registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended, and is a wholly-owned subsidiary of First Hawaiian Bank. First Hawaiian Bank is a wholly-owned subsidiary of First Hawaiian, Inc. As of March 31, 2026, the Adviser had approximately $166.8 million in assets under management.

The Adviser makes investment decisions for the Fund and continuously reviews, supervises and administers the Fund's investment program. For its advisory services to the Fund, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rate (based on average daily net assets):

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|:---|:---|
| *Hawaii Municipal Bond Fund*  | *0.35%*  |

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Through April 30, 2027, the Adviser has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep net operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding the average daily net assets of Class I Shares of the Fund as follows:

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|:---|:---|
| *Hawaii Municipal Bond Fund*  | *0.55%* |

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In addition, the Board may permit the Adviser to receive from the Fund the difference between the Fund's total annual Fund operating expenses (not including excluded expenses) and the Fund's Contractual Expense Limitation to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the Contractual Expense Limitation: (i) at the time of the fee waiver and/or expense reimbursement; and (ii) at the time of the recoupment.

The Adviser intends to continue these fee reductions and expense reimbursements until further notice, but may discontinue them at any time.

In addition to the expense limitation agreement described above, the Fund's administrator and distributor may, from time to time, waive a portion of their fees. These fee waivers are voluntary and may be discontinued at any time. With these fee waivers/reimbursements, the Fund's actual total

annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) for Class I Shares (based on average daily net assets) for the fiscal year ended December 31, 2025 were as follows:

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| | |
|:---|:---|
| *Hawaii Municipal Bond Fund*  | *0.55%* |

---

For the fiscal year ended December 31, 2025, the Fund paid advisory fees to the Adviser in the following amount (based on average daily net assets):

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|:---|:---|
| *Hawaii Municipal Bond Fund*  | *0.20%* |

---

The Board oversees the Adviser and establishes policies that the Adviser must follow in its management activities. A discussion regarding the basis for the Board's most recent approval of the investment advisory agreement for the Fund will be available in the Fund's reports filed on Form N-CSRS, which will cover the period from January 1, 2026 to June 30, 2026.

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|:---|:---|
| ■■■  | **PORTFOLIO MANAGERS**  |

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Stephanie Nomura has 24 years of experience in the financial services industry. She is a Senior Portfolio Manager in the Asset Management department of the Institutional Advisory Services Division, focusing on municipal fixed income securities and serves as co-portfolio manager of the Fund. Prior to First Hawaiian Bank, Stephanie was a fixed-income portfolio manager in Los Angeles and most recently the Director of Fixed Income and the portfolio manager of a Hawaii state-focused municipal bond fund at a local financial institution. Stephanie holds a B.A. from the University of California, Irvine, and a MBA from the University of Hawaii. She is a member of CFA Society Hawaii and serves as its Co-Chair of Continuing Education. She also is a series 54 Municipal Principal.

Joshua Lam has over 25 years of experience in the financial services industry. He is the Manager of the Asset Management department of the Institutional Advisory Services Division and serves as co-portfolio manager of the Fund. Joshua holds a B.A. from the University of Pennsylvania. He is an active member of CFA Society Hawaii, where he currently serves as Co-Chair of Continuing Education.

Additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund is available in the SAI.

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|:---|:---|
| ■■■  | **ADDITIONAL COMPENSATION**  |

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The Adviser and its affiliates may act as fiduciaries or provide services in various non-fiduciary capacities with respect to plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and other trust and agency accounts that invest in the Fund. The Adviser and its affiliates may also receive compensation for providing services to the Fund in cases where the compensation is not duplicative of the compensation ERISA accounts pay for fiduciary and non-fiduciary services (e.g., shareholder services).

**Purchasing and Selling Fund Shares** 

This section tells you how to purchase and sell (sometimes called "redeem") shares of the Fund.

Class I Shares of the Fund are generally available through intermediaries for the accounts of their customers and directly to certain institutional investors and individuals. Institutional investors may include corporations; private banks; trust companies; endowments and foundations; defined contribution, defined benefit and other employer

www.bishopstreetfunds.com 11

sponsored retirement plans; institutional platforms; insurance companies; registered investment advisor firms; bank trusts; and family offices.

The Fund does not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in the Fund subject to the satisfaction of enhanced due diligence.

For information regarding the federal income tax consequences of transactions in shares of the Fund, including information about cost basis reporting, see "Taxes."

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|:---|:---|
| ■■■  | **HOW TO PURCHASE FUND SHARES**  |

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If you purchased Fund shares prior to May 1, 2024, you may purchase additional shares directly by:

**■** Mail;

**■** Telephone;

**■** Wire; or

**■** Direct Deposit.

All other shareholders may purchase shares of the Fund only through accounts with financial intermediaries.

All direct investments must be made by check, Automated Clearing House (ACH), or wire. All checks must be made payable in U.S. dollars and drawn on U.S. financial institutions. The Fund does not accept purchases made by third-party checks, credit cards, credit card checks, cash, traveler's checks, money orders or cashier's checks. Mail your check to Bishop Street Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., PO Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: Bishop Street Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307).

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services of purchase orders does not constitute receipt by the Fund's transfer agent. The share price used to fill the purchase order is the next price calculated by the Fund after the Fund's transfer agent receives and accepts the order in good order at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

**General Information** 

You may purchase shares on any day that the New York Stock Exchange (NYSE) is open for business (a Business Day).

The Fund reserves the right to reject any specific purchase order for any reason. The Fund is not intended for excessive trading by shareholders in response to short-term market fluctuations. For more information about the Fund's policy on excessive trading, see "Other Policies – Excessive Trading."

The price per share (the offering price) will be the net asset value per share (NAV) next determined after the Fund receives and accepts your purchase order in good order. The Fund is deemed to have received your order in good order upon receipt of a completed account application and proper payment. If you already have an existing account, the Fund is deemed to have received and accepted your order in good order upon receipt of your order and proper payment. Purchase orders that are not in good order cannot be accepted and processed even if money to purchase shares has been submitted by wire, check or ACH.

The Fund's NAV is calculated once each Business Day as of the regularly scheduled close of normal trading on the NYSE (normally 4:00 p.m., Eastern Time). So, for you to receive the current Business Day's NAV, generally the Fund must receive and accept your purchase order in good order by the close of normal trading on the NYSE. If your purchase order is not received and accepted in good order before the close of normal trading on

the NYSE, you will receive the NAV calculated on the subsequent Business Day on which your order is received and accepted in good order. If the NYSE closes early, as in the case of scheduled half-day trading or unscheduled suspensions of trading, the Fund reserves the right to calculate NAV as of the earlier closing time. The Fund will not accept orders that request a particular day or price for the transaction or any other special conditions. Shares will only be priced on Business Days.

**How the Fund Calculates NAV** 

The NAV of a class of the Fund's shares is determined by dividing the total value of the Fund's portfolio investments and other assets attributable to the class, less any liabilities attributable to the class, by the total number of shares outstanding of the class.

In calculating NAV, the Fund generally values its investment portfolio at market price. If market prices are unavailable or they are unreliable, securities are valued at fair value. The Board has designated the Adviser as the Fund's valuation designee to make all fair value determinations with respect to the Fund's portfolio investments, subject to the Board's oversight. The Adviser has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Adviser makes fair value determinations.

**Fair Value Pricing** 

The Adviser's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the fair value that is assigned to a security may be higher or lower than the security's value would be if a readily available market quotation for the security existed. The Adviser will fair value securities in accordance with its fair valuation policies and procedures, subject to Board oversight.

When valuing fixed income securities with remaining maturities of more than 60 days, the Adviser may use the value of the security provided by pricing services. The values provided by a pricing service may be based upon market quotations for the same security, securities expected to trade in a similar manner or a pricing matrix. When valuing fixed income securities with remaining maturities of 60 days or less, the Adviser may use the security's amortized cost. Amortized cost and the use of a pricing matrix in valuing fixed income securities are forms of fair value pricing.

Other assets for which market quotations are not readily available will be valued at their fair value as determined in good faith by the Adviser, subject to Board oversight.

**Minimum Purchases** 

You may open a new account with a $100,000 minimum initial investment in the Fund and only through a broker-dealer or financial intermediary. The Fund may accept initial investments of smaller amounts in its sole discretion. There is no minimum for subsequent investments.

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|:---|:---|
| ■■■  | **HOW TO SELL YOUR FUND SHARES**  |

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If you own your shares directly, you may sell your shares on any Business Day by contacting the Fund by mail at Bishop Street Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., PO Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: Bishop Street Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307) or by telephone at 1-800-262-9565.

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services of sell orders does not constitute

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receipt by the Fund's transfer agent. The share price used to fill the sell order is the next price calculated by the Fund after the Fund's transfer agent receives and accepts the order in good order at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

If you own your shares through an account with a broker or other institution, contact that broker or institution to sell your shares. Your broker or institution may charge a fee for its services, in addition to the fees charged by the Fund.

Certain redemption requests will require a Medallion Signature Guarantee by an eligible guarantor institution, including redemption requests to sell more than $50,000 of your shares. Eligible guarantors include commercial banks, savings and loans, savings banks, trust companies, credit unions, member firms of a national stock exchange, or any other member or participant of an approved Medallion Signature Guarantor program (Eligible Guarantors). For example, Medallion Signature Guarantees may be required if your address of record has changed in the last 30 days, if you are requesting money to be wired to a bank account that has changed in the last 30 days, if you want the proceeds sent to a bank other than the bank of record on your account, or if you ask that the proceeds be sent to a different person or address. Please note that a notary public is not an acceptable provider of a Medallion Signature Guarantee and the original Guarantee must be provided. Medallion Signature Guarantees are for the protection of Fund shareholders. Before it grants a redemption request, the Fund may require a shareholder to furnish additional legal documents to ensure proper authorization.

Accounts held by a corporation, trust, fiduciary or partnership may require additional documentation along with a signature guaranteed letter of instruction. Please contact the Fund at 1-800-262-9565 for more information.

The Fund participates in the Paperless Legal Program (Program), which allows the transfer agent to rely on Eligible Guarantors, through the Medallion Signature Guarantee process, in authenticating and processing redemption requests. Requests received with a Medallion Signature Guarantee will be reviewed for the proper criteria to meet the guidelines of the Program and may not require additional documentation.

The sale price of each share will be the next determined NAV after the Fund receives and accepts your request in good order.

**Systematic Withdrawal Plan** 

If you have at least $10,000 in the Fund in your account, you may use the Systematic Withdrawal Plan. Under the plan you may arrange monthly, quarterly, semi-annual or annual automatic withdrawals of at least $50 from the Fund. The proceeds of each withdrawal will be mailed to you by check or electronically transferred to your bank account.

**Receiving Your Money** 

Normally, the Fund will send your sale proceeds within one Business Day after it receives your redemption request. The Fund, however, may take up to seven days to pay redemption proceeds. Your proceeds can be wired to your bank account if your redemption proceeds are in excess of $500 (may be subject to a $15 fee), sent to you by check or sent via ACH to your bank account if you have established banking instructions with the Fund. **If you are selling shares that were recently purchased by check or through ACH, redemption proceeds may not be available until your check has cleared or the ACH transaction has been completed (which may take up to 15 days from your date of purchase).**

The Fund typically expects to sell portfolio assets and/or hold cash or cash equivalents to meet

redemption requests. On a less regular basis, the Fund may also meet redemption requests by drawing on a line of credit, using short-term borrowings from its custodian and/or redeeming shares in-kind (as described below). These methods may be used during both normal and stressed market conditions.

**Redemptions in Kind** 

The Fund generally pays sale (redemption) proceeds in cash. However, under unusual conditions that make the payment of cash unwise (and for the protection of the Fund's remaining shareholders) the Fund might pay all or part of your redemption proceeds in liquid securities with a market value equal to the redemption price (redemption in kind). It is highly unlikely that your shares would ever be redeemed in kind, but if they were, you would have to pay transaction costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption. In addition, you would continue to be subject to the risks of any market fluctuation in the value of the securities you receive in kind until they are sold.

**Involuntary Sales of Your Shares** 

If your account balance drops below $1,000 because of redemptions, you may be required to sell your shares.

The Fund will give you at least 60 days' written notice to give you time to add to your account and avoid the involuntary redemption of your shares.

**Suspension of Your Right to Sell Your Shares** 

The Fund may suspend your right to sell your shares or delay payment of redemption proceeds for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. More information about this is in the SAI.

**Telephone Transactions** 

Purchasing and selling Fund shares over the telephone is extremely convenient, but not without risk. Although the Fund has certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions, the Fund is not responsible for any losses or costs incurred by following telephone instructions the Fund reasonably believes to be genuine. If you or your financial institution transact with the Fund over the telephone, you will generally bear the risk of any loss.

**Buying or Selling Shares through a Financial Intermediary** 

If you purchased Fund shares prior to May 1, 2024, you may buy and sell Fund shares directly from the Fund through its transfer agent, or you may also buy or sell shares of the Fund through accounts with financial intermediaries, such as brokers and other institutions that are authorized to place trades in Fund shares for their customers. All other shareholders may buy or sell shares of the Fund only through accounts with financial intermediaries. When you purchase or sell Fund shares through a financial intermediary (rather than directly from the Fund), you may have to transmit your purchase and sale requests to the financial intermediary at an earlier time for your transaction to become effective that day. This allows the financial intermediary time to process your requests and transmit them to the Fund prior to the time the Fund calculates its NAV that day. Your financial intermediary is responsible for transmitting all purchase and redemption requests, investment information, documentation and money to the Fund on time. If your financial intermediary fails to do so, it may be responsible for any resulting fees or losses. Unless your financial intermediary is an authorized institution, orders transmitted by the financial intermediary and received by the Fund after the time NAV

www.bishopstreetfunds.com 15

is calculated for a particular day will receive the following day's NAV.

Certain financial intermediaries, including certain broker-dealers and shareholder organizations, are authorized to act as agent on behalf of the Fund with respect to the receipt of purchase and redemption orders for Fund shares (authorized institutions). Authorized institutions are also authorized to designate other intermediaries to receive purchase and redemption orders on the Fund's behalf. The Fund will be deemed to have received a purchase or redemption order when an authorized institution or, if applicable, an authorized institution's designee, receives the order. Orders will be priced at the Fund's next computed NAV after they are received by an authorized institution or an authorized institution's designee. To determine whether your financial intermediary is an authorized institution or an authorized institution's designee such that it may act as agent on behalf of the Fund with respect to purchase and redemption orders for Fund shares, you should contact your financial intermediary directly.

If you deal directly with a financial intermediary, you will have to follow its procedures for transacting with the Fund. Your financial intermediary may charge a fee for your purchase and/or redemption transactions. For more information about how to purchase or sell Fund shares through a financial intermediary, you should contact your financial intermediary directly.

**Other Policies** 

**Excessive Trading** 

The Fund is intended for long-term investment purposes only and discourages shareholders from engaging in "market timing" or other types of excessive short-term trading. This frequent trading into and out of the Fund may present risks to the Fund's long-term shareholders, all of which could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Fund's investment strategies, triggering the recognition of taxable gains and losses on the sale of Fund investments, requiring the Fund to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs.

The Fund's service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Fund's policies and procedures described in this prospectus and approved by the Board. For purposes of applying these policies, the Fund's service providers may consider the trading history of accounts under common ownership or control. The Fund's policies and procedures include:

● Shareholders are restricted from making more than four "round trips" into or out of the Fund per calendar year. If a shareholder exceeds this amount, the Fund and/or its service providers may, at their discretion, reject any additional purchase orders. The Fund defines a "round trip" as a purchase into the Fund by a shareholder, followed by a subsequent redemption out of the Fund, of an amount the Adviser reasonably believes would be harmful or disruptive to the Fund.

● The Fund reserves the right to reject any purchase request by any investor or group of investors for any reason without prior notice, including, in particular, if the Fund or the Adviser reasonably believe that the trading activity would be harmful or disruptive to the Fund.

The following types of transactions are exempt from these policies: 1) systematic purchases and redemptions, and 2) purchases or redemptions by an account participating in a bona fide asset allocation program.

The Fund and/or its service providers seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Fund's long-term shareholders. Although these policies are designed to deter frequent trading in the Fund, none of these measures alone nor all of them taken together eliminate the possibility that frequent trading will occur.

Financial intermediaries (such as investment advisers and broker-dealers) often establish omnibus accounts in the Fund for their customers through which transactions are placed. The Fund has entered into "information sharing agreements" with these financial intermediaries, which permit the Fund to obtain, upon request, information about the trading activity of the intermediary's customers that invest in the Fund. If the Fund or its service providers identify omnibus account level trading patterns that have the potential to be detrimental to the Fund, the Fund or its service providers may, in their sole discretion, request from the financial intermediary information concerning the trading activity of its customers. Based upon a review of that information, if the Fund or its service providers determine that the trading activity of any customer may be detrimental to the Fund, they may, in their sole discretion, request the financial intermediary to restrict or limit further trading in the Fund by that customer. If the Fund is not satisfied that the intermediary has taken appropriate action, the Fund may terminate the intermediary's ability to transact in Fund shares. When information regarding transactions in the Fund's shares is requested by the Fund and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), any financial intermediary with whom the Fund has an information sharing agreement is obligated to obtain transaction information from the indirect intermediary or, if directed by the Fund, to restrict or prohibit the indirect intermediary from purchasing shares of the Fund on behalf of other persons.

The Fund and its service providers will use reasonable efforts to work with financial intermediaries to identify excessive short-term trading in omnibus accounts that may be detrimental to the Fund. However, there can be no assurance that the monitoring of omnibus account level trading will enable the Fund to identify or prevent all such trading by a financial intermediary's customers. Please contact your financial intermediary for more information.

**Customer Identification and Verification** 

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

When you open an account, the Fund will ask you to provide your name, address, date of birth and other information that will allow the Fund to identify you. This information is subject to verification to ensure the identity of all persons opening a mutual fund account.

In certain instances, the Fund is required to collect documents to fulfill its legal obligation. Documents provided in connection with your application will be used solely to establish and verify your identity.

The Fund is required by law to reject your new account application if the required identifying information is not provided. Attempts to collect the missing information required on the application will be performed by either contacting you or, if applicable, your broker. If this information is unable to be obtained within a reasonable timeframe established in the sole discretion of the Fund, your application will be rejected.

www.bishopstreetfunds.com 17

Upon receipt of your application in good order (or upon receipt of all identifying information required on the application), your investment will be accepted and your order will be processed at the Fund's next determined NAV.

The Fund reserves the right to close or liquidate your account at the then-current day's price and remit proceeds to you via check if it is unable to verify your identity. Attempts to verify your identity will be performed within a reasonable timeframe established in the sole discretion of the Fund. Further, the Fund reserves the right to hold your proceeds until your original check clears the bank, which may take up to 15 days from the date of your purchase. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications.

**Anti-Money Laundering Program** 

Customer identification and verification is part of the Fund's overall obligation to deter money laundering under federal law. The Fund has adopted an anti-money laundering compliance program designed to prevent the Fund from being used for money laundering or the financing of terrorist activities. In this regard, the Fund reserves the right to (i) refuse, cancel or rescind any purchase order, (ii) freeze any account and/or suspend account services, or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of the Fund or in cases when the Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Fund is required to withhold such proceeds.

**Unclaimed Property** 

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property under various circumstances. Such circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. Once it flags property as unclaimed, the Fund will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. A completed designation form may be mailed to the Fund (if shares are held directly with the Fund) or to the shareholder's financial intermediary (if shares are not held directly with the Fund).

More information on unclaimed property and how to maintain an active account is available through your state or by calling 1-800-262-9565.

**Payments to Financial Intermediaries** 

The Fund and/or the Adviser may compensate financial intermediaries for providing a variety of services to the Fund and/or its shareholders. Financial intermediaries include affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered

investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Fund, its service providers or their respective affiliates. This section briefly describes how financial intermediaries may be paid for providing these services. For more information, please see "Payments to Financial Intermediaries" in the SAI.

**Shareholder Servicing Plan** 

The Fund has adopted a shareholder servicing plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.25% based on the average daily net assets of the Fund's Class I Shares. The services for which financial intermediaries are compensated may include record-keeping, transaction processing for shareholders' accounts and other shareholder services.

**Payments by the Adviser** 

From time to time, the Adviser and/or its affiliates, in their discretion, may make payments to certain affiliated or unaffiliated financial intermediaries to compensate them for the costs associated with distribution, marketing, administration and shareholder servicing support for the Fund. These payments are sometimes characterized as "revenue sharing" payments and are made out of the Adviser's and/or its affiliates' own legitimate profits or other resources, and may be in addition to any payments made to financial intermediaries by the Fund. A financial intermediary may provide these services with respect to Fund shares sold or held through programs such as retirement plans, qualified tuition programs, fund supermarkets, fee-based advisory or wrap fee programs, bank trust programs, and insurance (e.g., individual or group annuity) programs. In addition, financial intermediaries may receive payments for making shares of the Fund available to their customers or registered representatives, including providing the Fund with "shelf space," placing it on a preferred or recommended fund list, or promoting the Fund in certain sales programs that are sponsored by financial intermediaries. To the extent permitted by SEC and Financial Industry Regulatory Authority ("FINRA") rules and other applicable laws and regulations, the Adviser and/or its affiliates may pay or allow other promotional incentives or payments to financial intermediaries.

The level of payments made by the Adviser and/or its affiliates to individual financial intermediaries varies in any given year and may be negotiated on the basis of sales of Fund shares, the amount of Fund assets serviced by the financial intermediary or the quality of the financial intermediary's relationship with the Adviser and/or its affiliates. These payments may be more or less than the payments received by the financial intermediaries from other mutual funds and may influence a financial intermediary to favor the sales of certain funds or share classes over others. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments will not change the NAV or price of the Fund's shares. Please contact your financial intermediary for information about any payments it may receive in connection with the sale of Fund shares or the provision of services to Fund shareholders.

In addition to these payments, your financial intermediary may charge you account fees, commissions or transaction fees for buying or redeeming shares of the Fund, or other fees for servicing your account. Your financial intermediary should provide a schedule of its fees and services to you upon request.

www.bishopstreetfunds.com 19

**Dividends and Distributions** 

The Fund declares its net investment income, if any, daily and distributes its net investment income monthly. The Fund makes distributions of its net realized capital gains, if any, at least annually. If you own Fund shares on the Fund's record date, you will be entitled to receive the distribution.

You will receive dividends and distributions in the form of additional Fund shares unless you elect to receive payment in cash. To elect cash payment, you must notify the Fund in writing prior to the date of the distribution. Your election will be effective for dividends and distributions paid after the Fund receives your written notice. To cancel your election, simply send the Fund written notice.

**Taxes** 

**Please consult your tax advisor regarding your specific questions about U.S. federal, state and local income taxes.** The following is a summary of certain important U.S. federal income tax issues that affect the Fund and its shareholders. This summary is based on current tax laws, which may change. This summary does not apply to shares held in an IRA or other tax-qualified plans, which are generally not subject to current tax. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future.

The Fund has elected and intends to qualify each year for treatment as a RIC under Subchapter M of the Code. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, the Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

The Fund generally intends to operate in a manner such that it will not be liable for federal income or excise taxes.

The Fund intends to distribute substantially all of its net investment income and net realized capital gains, if any. The Fund intends to qualify to pay "exempt-interest dividends" to its shareholders by satisfying the requirement that at the close of each quarter of its taxable year at least 50% of the value of its total assets consist of obligations, the interest on which is exempt from regular federal income tax. As long as this and certain other requirements are met, dividends derived from the Fund's net tax-exempt interest income will be "exempt-interest dividends" that may be excluded from shareholders' gross income for federal income tax purposes. Distributions from the Fund to its shareholders that are attributable to interest on obligations exempt from income tax in the State of Hawaii will not be subject to Hawaii income tax in the hands of shareholders so long as at least 50% of the Fund's assets are invested in securities the interest from which is exempt from Hawaii state taxation. While the Fund intends to invest primarily in obligations that produce interest exempt from regular federal and Hawaii state tax, if the Fund invests in obligations that are not exempt for Hawaii income tax purposes, a portion of the Fund's distribution will be subject to Hawaii income tax. A portion of the Fund's distributions from "private activity bonds" may be taxable to certain shareholders as an "item of tax preference" for purposes of the Federal AMT applicable to non-corporate shareholders. The Fund may also invest a portion of its assets in securities that generate taxable income for federal or state income tax purposes. In addition, exempt-interest dividends may affect the federal corporate AMT for certain corporations. Income exempt from

federal tax may also be subject to state or local income taxes. Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the IRS or state tax authorities, or noncompliant conduct of a bond issuer. Interest paid on a municipal bond issued after December 31, 2017 to advance refund another municipal bond is subject to federal income tax. Distributions of capital gains and any investment income that is not exempt from federal income tax are generally taxable to you regardless of whether you reinvest them in additional shares of the Fund or receive them in cash. Some distributions from the Fund may also include nontaxable returns of capital. Return of capital distributions reduce your tax basis in your Fund shares and are treated as gain from the sale of the shares to the extent your basis is reduced below zero.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by the Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

The Fund's distribution of its net investment income (other than distributions of exempt-interest dividends) and short-term capital gains are generally taxable at ordinary income tax rates. Long-term capital gains distributions are generally taxable at the rates applicable to long-term capital gains currently set at a maximum tax rate for individuals at 20% (lower rates apply to individuals in lower tax brackets). Once a year the Fund (or its administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year.

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and should generally be avoided by taxable investors.

Each sale of Fund shares may be a taxable event. Assuming a shareholder holds Fund shares as a capital asset, the gain or loss on the sale of Fund shares generally will be treated as a short-term capital gain or loss if you held the shares for 12 months or less or as a long-term capital gain or loss if you held the shares for longer. Any loss realized upon a taxable disposition of Fund shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by you with respect to Fund shares. All or a portion of any loss realized upon a taxable

www.bishopstreetfunds.com 21

disposition of Fund shares will be disallowed if you purchase other substantially identical shares within 30 days before or after disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains received from the Fund (including capital gains realized on the sale of shares of the Fund). Exempt-interest dividends do not constitute "net investment income" for this purpose.

The Fund (or its administrative agent) must report to the IRS and furnish to Fund shareholders cost basis information for purchases of Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, the Fund (or its administrative agent) is also required to report the cost basis information for such shares and report whether these shares had a short-term or long-term holding period. For each sale of Fund shares, the Fund will permit shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, the Fund will use the average cost basis method as the default cost basis method. The cost basis method elected by Fund shareholders (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Fund.

**More information about taxes is included in the SAI.**

**Additional Information** 

The Trust enters into contractual arrangements with various parties, including, among others, the Fund's investment adviser, custodian, transfer agent, accountants and distributor, who provide services to the Fund. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus and the SAI provide information concerning the Trust and the Fund that you should consider in determining whether to purchase shares of the Fund. The Fund may make changes to this information from time to time. Neither this prospectus, the SAI or any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Fund and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**Financial Highlights** 

The table that follows presents performance information about the Fund's Class I Shares. This information is intended to help you understand the Fund's financial performance for the past five fiscal years. Some of this information reflects financial information for a single Fund share. The total returns in the table represent the rate that you would have earned (or lost) on an investment in the Fund, assuming you reinvested all of your dividends and distributions. This information has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm for the Fund. The financial statements and the unqualified opinion of PricewaterhouseCoopers LLP are included in the Fund's Form N-CSR filing for the fiscal year ended December 31, 2025, and are available upon request by calling the Fund at 1-800-262-9565.

*For a share outstanding throughout the years ended December 31,* 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | ***Investment<br> Activities*** | ***Investment<br> Activities*** | | ***Dividends and<br> Distributions*** | ***Dividends and<br> Distributions*** | | | | | | | | |
|  | <br>**Net Asset<br> Value,<br> Beginning<br> of Year** | **Net Investment<br> Income<sup>(1)</sup>** | **Net<br> Realized<br> and<br> Unrealized Gain<br> (Loss) on<br> Investments** | <br>**Total Investment Activities from Operations** | **Net Investment Income** | **Capital Gains** | <br>**Total Dividends and Distributions** | <br>**Net Asset Value, <br> End of <br> Year** | <br>**Total Return<sup>†</sup>** | <br>**Net Assets End of <br> Year <br> (000)** | <br>**Ratio of Expenses <br> to <br> Average Net Assets** | <br>**Ratio of Expenses to Average Net Assets (Excluding Waivers)** | <br>**Ratio of Net Investments Income to Average Net Assets**  | <br>**Portfolio Turnover Rate<sup>(2)</sup>** |
| **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** | **HAWAII MUNICIPAL BOND FUND** |
| Class I Shares: | Class I Shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $9.87 | $0.25 | $0.17 | $0.42 | $(0.25) | $— | $(0.25) | $10.04 | 4.32% | $65963 | 0.55% | 0.98% | 2.54% | 18% |
| 2024 | 9.95 | 0.23 | (0.08) | 0.15 | (0.23) |  | (0.23) | 9.87 | 1.53 | 74797 | 0.55 | 0.96 | 2.31 | 15 |
| 2023 | 9.90 | 0.19 | 0.05 | 0.24 | (0.19) |  | (0.19) | 9.95 | 2.46 | 95422 | 0.55 | 1.08 | 1.96 | 23 |
| 2022 | 10.78 | 0.16 | (0.88) | (0.72) | (0.16) |  | (0.16) | 9.90 | (6.68) | 105663 | 0.55 | 1.04 | 1.59 | 15 |
| 2021 | 10.90 | 0.16 | (0.10) | 0.06 | (0.16) | (0.02) | (0.18) | 10.78 | 0.62 | 118341 | 0.55 | 1.03 | 1.49 | 14 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and do not reflect the applicable sales charges. Fee waivers are in effect; if they had not been in effect, performance would have been lower.  |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per share data calculated using average shares method.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.

Amounts designated as "—" are either $0 or have been rounded to $0.

www.bishopstreetfunds.com 23

**INVESTMENT ADVISER** 

Bishop Street Capital Management, LLC

999 Bishop Street, 25th Floor

Honolulu, Hawaii 96813

**DISTRIBUTOR**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

**LEGAL COUNSEL** 

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

More information about the Fund is available without charge through the following:

**Statement of Additional Information (SAI)** 

The SAI dated May 1, 2026, as it may be amended from time to time, includes detailed information about Bishop Street Funds. The SAI is on file with the U.S. Securities and Exchange Commission (SEC) and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus. Investors can receive a free copy of the SAI on the Fund's website at www.bishopstreetfunds.com.

**Annual and Semi-Annual Reports** 

Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Fund's annual reports, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements. Investors can receive free copies of the Fund's most recent annual and semi-annual reports on the Fund's website at www.bishopstreetfunds.com.

**To Obtain an SAI, Annual or Semi-Annual Report, Fund Financial Statements, or More Information:** 

***By Telephone:*** Call 1-800-262-9565

***By Mail:*** Write to the Fund

Bishop Street Funds

c/o SS&C Global Investor &

Distribution Solutions, Inc.

PO Box 219009

Kansas City, MO 64121-9009

***From the SEC:*** You can also obtain the SAI, Annual and Semi-Annual Reports, Fund Financial Statements, as well as other information about Bishop Street Funds, from the EDGAR Database on the SEC's website (https://www.sec.gov). You may also obtain this information, upon payment of a duplicating fee, by e-mailing the SEC at publicinfo@sec.gov.

Bishop Street Funds' Investment Company Act registration number is 811-08572.

***Visit us online at www.bishopstreetfunds.com.***

BSF-PS-007-3100

![](fp0098578-6_26.jpg)

*Your Avenue to Sound Investment*

**STATEMENT OF ADDITIONAL INFORMATION**

**BISHOP STREET FUNDS<sup>®</sup> May 1, 2026**

**Investment Adviser: Bishop Street Capital Management, LLC**

**(the "Adviser")**

This Statement of Additional Information ("SAI") is not a prospectus. It is intended to provide additional information regarding the activities and operations of Bishop Street Funds (the "Trust") and should be read in conjunction with the Trust's prospectuses, each dated May 1, 2026, as each may be amended from time to time (the "Prospectuses"). This SAI relates to the following series of the Trust (the "Fund"):

**Hawaii Municipal Bond Fund**

**(Class A Shares Ticker Symbol: BHIAX)**

**(Class I Shares Ticker Symbol: BSHIX)**

This SAI is incorporated by reference into the Prospectuses. Capitalized terms not defined herein are defined in the Prospectuses. The Fund's audited financial statements dated December 31, 2025, including notes thereto and the report of the Fund's independent registered public accounting firm thereon, are included in the most recent Form [N-CSR](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000925737/000139834426004301/fp0097182-1_ncsrixbrl.htm) for the Fund, and are incorporated by reference into this SAI. Shareholders may obtain copies of the Prospectuses, the Fund's annual or semi-annual reports, and other information such as the Fund's financial statements, free of charge, by writing to the Fund at Bishop Street Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., PO Box 219009, Kansas City, MO 64121-9009, by calling the Fund at 1-800-262-9565 or by visiting the Fund's website at www.bishopstreetfunds.com.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| [THE TRUST](#sai_001) | [S-1](#sai_001) |
| [DESCRIPTION OF PERMITTED INVESTMENTS](#sai_002) | [S-1](#sai_002) |
| [INVESTMENT LIMITATIONS](#sai_003) | [S-17](#sai_003) |
| [TEMPORARY DEFENSIVE POSITIONS](#sai_004) | [S-19](#sai_004) |
| [THE ADVISER](#sai_005) | [S-19](#sai_005) |
| [THE PORTFOLIO MANAGERS](#sai_006) | [S-20](#sai_006) |
| [THE ADMINISTRATOR](#sai_007) | [S-21](#sai_007) |
| [THE DISTRIBUTOR](#sai_008) | [S-22](#sai_008) |
| [PAYMENTS TO FINANCIAL INTERMEDIARIES](#sai_009) | [S-23](#sai_009) |
| [THE TRANSFER AGENT](#sai_010) | [S-25](#sai_010) |
| [THE CUSTODIAN](#sai_011) | [S-25](#sai_011) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#sai_012) | [S-26](#sai_012) |
| [LEGAL COUNSEL](#sai_013) | [S-26](#sai_013) |
| [SECURITIES LENDING](#sai_014) | [S-26](#sai_014) |
| [FINANCIAL INDUSTRY RELATIONSHIPS](#sai_032) | [S-26](#sai_032) |
| [CODES OF ETHICS](#sai_015) | [S-26](#sai_015) |
| [TRUSTEES AND OFFICERS OF THE TRUST](#sai_016) | [S-26](#sai_016) |
| [REPORTING](#sai_017) | [S-37](#sai_017) |
| [PURCHASING AND REDEEMING SHARES](#sai_018) | [S-37](#sai_018) |
| [PRICING/DETERMINATION OF NET ASSET VALUE](#sai_019) | [S-37](#sai_019) |
| [TAXES](#sai_020) | [S-39](#sai_020) |
| [FUND TRANSACTIONS](#sai_021) | [S-49](#sai_021) |
| [DESCRIPTION OF SHARES](#sai_022) | [S-51](#sai_022) |
| [PORTFOLIO HOLDINGS](#sai_023) | [S-51](#sai_023) |
| [VOTING](#sai_024) | [S-53](#sai_024) |
| [SHAREHOLDER LIABILITY](#sai_025) | [S-53](#sai_025) |
| [LIMITATION OF TRUSTEES' LIABILITY](#sai_026) | [S-53](#sai_026) |
| [PROXY VOTING](#sai_027) | [S-53](#sai_027) |
| [PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS](#sai_028) | [S-54](#sai_028) |
| [FINANCIAL INFORMATION](#sai_029) | [S-54](#sai_029) |
| [APPENDIX A – DESCRIPTION OF RATINGS](#sai_030) | [A-1](#sai_030) |
| [APPENDIX B – PROXY VOTING POLICIES AND PROCEDURES](#sai_031) | [B-1](#sai_031) |

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May 1, 2026 BSF-SX-002-2500

**THE TRUST**

**General.** The Fund is a separate series of the Trust, an open-end management investment company. The Trust is organized under Massachusetts law as a voluntary association (commonly known as a business trust) under an Amended and Restated Agreement and Declaration of Trust dated September 1, 1994, as amended May 15, 2012 (the "Declaration of Trust"). The Declaration of Trust permits the Trust to offer separate series of units of beneficial interest (known as shares) and separate classes of shares.

Shareholders may purchase shares in the Fund through two separate classes, Class A and Class I, which provide for variations in sales charges, distribution and shareholder servicing costs, transfer agent fees, voting rights and dividends. Except for differences between the Class A Shares and the Class I Shares pertaining to sales charges, distribution and shareholder servicing costs, voting rights, dividends and transfer agent expenses, each share of each series represents an equal proportionate interest in that series. Please see "Description of Shares" for more information.

**Voting Rights.** Each share held entitles the shareholder of record to one vote and each fractional share is entitled to a proportionate fractional vote. The Fund will vote separately on matters relating solely to it. As a Massachusetts business trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Shareholder approval may be sought, however, for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances. Under the Declaration of Trust, the Trustees have the power to liquidate the Fund without shareholder approval, which they may exercise if the Fund fails to reach or maintain a viable size or for some other extraordinary reason as may be determined by the Board of Trustees of the Trust (each, a "Trustee" and collectively, the "Board").

In addition, a Trustee may be removed by the remaining Trustees or by shareholders at a special meeting called upon written request of shareholders owning at least 10 percent of the outstanding shares of the Trust. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

**Non-Diversification.** The Fund is non-diversified, as that term is defined under the Investment Company Act of 1940, as amended (the "1940 Act"), which means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund, which increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a "diversified" fund holding a greater number of investments. Accordingly, the value of the shares of the Fund may be more susceptible to any single economic, political or regulatory occurrence than the shares of a "diversified" fund would be. The Fund intends to satisfy the diversification requirements necessary to qualify as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). For more information, see "Taxes" below.

**DESCRIPTION OF PERMITTED INVESTMENTS**

The following are descriptions of the permitted investments and investment practices of the Fund and the associated risk factors. The Fund's principal investment strategies and the risks associated with the same are described in the "Summary Section," "More Information about Risk," and "More Information about Fund Investments" sections of the Prospectuses. The following discussion provides additional information about those principal investment strategies and related risks, as well as information about investment strategies (and related risks) that the Fund may utilize, even though they are not considered to be "principal" investment strategies. Accordingly, an investment strategy (and related risk) that is described below, but which is not described in the Prospectuses, should not be considered to be a principal strategy (or related risk) applicable to the Fund. The table below identifies which investments, investment practices and risk factors, including those that may not be principal strategies or risks, apply to the Fund.

**Legend**

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| | |
|:---|:---|
| % | - Maximum percentage permissible. All percentages shown are of total assets unless otherwise noted. |

---

&nbsp;&nbsp;&nbsp;&nbsp;√ - No policy limitation; Fund may be currently using.

\* - Permitted, but not typically used.

- - Not permitted.

---

| | |
|:---|:---|
| American Depositary Receipts | - |
| Asset-Backed Securities | - |
| Bank Obligations | - |
| Commercial Paper | - |
| Convertible Securities | - |
| Corporate Debt Obligations | - |
| Equity Securities | - |
| Futures | - |
| Investment Company Shares | 10% |
| Mortgage-Backed Securities | - |
| Municipal Securities | √<sup>2</sup> |
| Options | - |
| Repurchase Agreements | 20%<sup>1</sup> |
| Restricted Securities | 15% |
| Securities of Foreign Issuers | - |
| Supranational Agency Obligations | - |
| U.S. Government Agency and Treasury Obligations | 20%<sup>1</sup> |
| Variable & Floating Rate Instruments | √ |
| Zero Coupon Obligations | √ |
| Securities Lending | 33 1/3% |
| Standby Commitments | 33% |
| When-Issued Securities | 33% |

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<sup>1</sup> Percentage is based on net assets, not total assets.

<sup>2</sup> Shall invest at least 80 percent of its net assets (plus any borrowings for investment purposes), under normal circumstances, in investment grade municipal bonds the interest from which is exempt from regular federal and Hawaii state income taxes.

**AMERICAN DEPOSITARY RECEIPTS ("ADRs")** are securities typically issued by U.S. financial institutions (depositaries). ADRs represent ownership interests in a security, or a pool of securities, issued by a foreign issuer and deposited with the depositary. ADRs may be available through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the security underlying the receipt and a depositary. An unsponsored facility may be established by a depositary without the participation of the issuer of the underlying security.

**ADJUSTABLE RATE MORTGAGE SECURITIES ("ARMs")** are pass-through certificates representing ownership in a pool of adjustable rate mortgages. ARMs make monthly payments based on a pro rata share of interest and principal payments, and prepayments of principal on the pool of underlying mortgages. The adjustable rate feature reduces, but does not eliminate, price fluctuations in this type of mortgage-backed security.

**ASSET-BACKED SECURITIES** are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. These securities are generally issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Asset-backed securities may also be obligations, which are also known as collateralized obligations and are generally issued as the debt of a special purpose entity, such as a trust, organized solely for the purpose of owning these assets and issuing debt obligations.

**BANK OBLIGATIONS** are **SHORT-TERM OBLIGATIONS** issued by U.S. and foreign banks, including bankers' acceptances, certificates of deposit, custodial receipts, and time deposits.

**COMMERCIAL PAPER** is a term used to describe unsecured short-term promissory notes issued by municipalities, corporations, and other entities that have maturities generally from a few days to nine months.

**CONVERTIBLE SECURITIES** are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by the Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest-rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.

**CORPORATE DEBT OBLIGATIONS** are debt securities issued by public or private companies to finance their operations. The issuer of the security has a contractual obligation to pay interest on specific dates at a stated rate and to repay principal on a specified maturity date. Corporate debt obligations may expose the Fund to the following types of risk: (1) interest rate risk (the potential for fluctuations in bond prices due to changing interest rates); (2) income risk (the potential for a decline in the Fund's income due to falling market interest rates); (3) credit risk (the possibility that a bond issuer will fail to make timely payments of either interest or principal to the Fund); (4) prepayment risk or call risk (the likelihood that, during periods of falling interest rates, securities with high stated interest rates will be prepaid, or "called" prior to maturity, requiring the Fund to invest the proceeds at generally lower interest rates); and (5) extension risk (the likelihood that as interest rates increase, slower than expected principal payments may extend the average life of fixed income securities, which will have the effect of locking in a below-market interest rate, increasing the security's duration and reducing the value of the security).

**EQUITY SECURITIES** represent ownership interests in a company and consist of common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a fund invests will cause the net asset value of the fund to fluctuate. The Fund purchases equity securities traded in the United States on registered exchanges or the over-the-counter market. Equity securities are described in more detail below:

• **Common Stock.** Common stock represents an equity or ownership interest in an issuer. In the event
an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those
who own common stock.

• **Preferred Stock.** Preferred stock represents an equity or ownership interest in an issuer that pays
dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated
or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

**FOREIGN SECURITIES** are U.S. dollar denominated obligations of foreign issuers and may consist of obligations of foreign branches of U.S. banks and of foreign banks, including European Certificates of Deposit, European Time Deposits, Canadian Time Deposits, Yankee Certificates of Deposits, investments in Canadian Commercial Paper, foreign securities, ADRs and Europaper. Foreign securities have investment risks that differ in some respects from those related to investments in obligations of U.S. domestic issuers. Such risks include future adverse political and economic developments, the possible imposition of withholding taxes on interest or other income, possible seizure, nationalization or expropriation of foreign deposits, the possible establishment of exchange controls or taxation at the source, greater fluctuations in value due to changes in exchange rates, or the adoption of other foreign governmental restrictions that might adversely affect the payment of principal and interest on such obligations. Such investments may also entail higher custodial fees and sales commissions than domestic investments. Foreign issuers of securities or obligations are often subject to accounting treatment and engage in business practices different from those respecting domestic issuers of similar securities or obligations. Foreign branches of U.S. banks and foreign banks may be subject to less stringent reserve requirements than those applicable to domestic branches of U.S. banks. Periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in the Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses.

Given the increasing interdependence among global economies and markets, conditions in one country, region or market might adversely affect financial conditions or issuers in other countries, regions or markets. For example, on January 31, 2020, the United Kingdom (the "UK") formally withdrew from the European Union (the "EU") (commonly referred to as "Brexit"). Following a transition period, the UK and the EU signed a post-Brexit trade agreement governing their future economic relationship on December 30, 2020. This agreement became effective on a provisional basis on January 1, 2021 and formally entered into force on May 1, 2021. While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets. The effects of Brexit on the UK and EU economies and the broader global economy could be significant, resulting in negative impacts, such as business and trade disruptions, increased volatility and illiquidity, and potentially lower economic growth of markets in the UK, EU and globally, which could negatively impact the value of the Fund's investments. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations while the new relationship between the UK and EU is further defined and the UK determines which EU laws to replace or replicate. Additionally, depreciation of the British pound sterling and/or the euro in relation to the U.S. dollar following Brexit could adversely affect Fund investments denominated in the British pound sterling and/or the euro, regardless of the performance of the investment.

In addition, on February 24, 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Following Russia's actions, various countries, including the U.S., Canada, the UK, Germany, and France, as well as the EU, issued broad-ranging economic sanctions against Russia. The sanctions consist of the prohibition of trading in certain Russian securities and engaging in certain private transactions, the prohibition of doing business with certain Russian corporate entities, large financial institutions, officials and oligarchs, and the freezing of Russian assets. The extent and duration of the war in Ukraine and the longevity and severity of sanctions remain unknown, but they could have a significant adverse impact on the European economy as well as the price and availability of certain commodities, including oil and natural gas, throughout the world. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Fund, even if the Fund does not have direct exposure to securities of Russian issuers.

Whether or not the Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund's investments due to the interconnected nature of the global economy and capital markets.

Similarly, armed conflict between Israel and Hamas and other militant groups in the Middle East and related events could cause significant market disruptions and volatility. This conflict could disrupt regional trade and supply chains, potentially affecting U.S. businesses with exposure to the region. Additionally, the Middle East plays a pivotal role in the global energy sector, and prolonged instability could impact oil prices, leading to increased costs for businesses and consumers. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to affected issuers.

**FUTURES AND OPTIONS ON FUTURES -** Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security at a specified future time and at a specified price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. The Fund will reduce the risk that it will be unable to close out a futures contract by only entering into futures contracts that are traded on a national futures exchange regulated by the Commodities Futures Trading Commission ("CFTC"). The Fund may use futures contracts and related options for bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes.

Pursuant to rules adopted under the Commodity Exchange Act ("CEA") by the CFTC, the Fund must either operate within certain guidelines and restrictions with respect to the Fund's use of futures, options on such futures, commodity options and certain swaps, or the Adviser will be subject to registration with the CFTC as a "commodity pool operator" ("CPO").

Consistent with the CFTC's regulations, the Adviser, on behalf of the Fund, has filed a notice of exclusion from the definition of the term CPO under the CEA pursuant to CFTC Rule 4.5 with respect to the Fund's operation. Therefore, the Fund is not subject to regulation as a commodity pool under the CEA and the Adviser is not subject to registration or regulation as a CPO under the CEA with respect to the Fund. As a result, the Fund will be limited in its ability to use futures, options on such futures, commodity options and certain swaps. Complying with the limitations may restrict the Adviser's ability to implement the Fund's investment strategies and may adversely affect the Fund's performance.

An index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of trading of the contract and the price at which the futures contract is originally struck. No physical delivery of the securities comprising the index is made; generally contracts are closed out prior to the expiration date of the contract.

There are significant risks associated with the Fund's use of futures contracts and related options, including the following: (1) the success of a hedging strategy may depend on the Adviser's ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates, (2) there may be an imperfect or no correlation between the changes in market value of the securities held by the Fund and the prices of futures and options on futures, (3) there may not be a liquid secondary market for a futures contract or option, (4) trading restrictions or limitations may be imposed by an exchange, and (5) government regulations may restrict trading in futures contracts and options on futures. In addition, some strategies reduce the Fund's exposure to price fluctuations, while others tend to increase its market exposure.

**GNMA SECURITIES** are securities issued by the Government National Mortgage Association ("GNMA"), a wholly-owned U.S. government corporation, and guarantee the timely payment of principal and interest. The market value and interest yield of these instruments can vary due to market interest rate fluctuations and early prepayments of underlying mortgages. These securities represent ownership in a pool of federally insured mortgage loans. GNMA certificates consist of underlying mortgages with a maximum maturity of 30 years. However, due to scheduled and unscheduled principal payments, GNMA certificates have a shorter average maturity and, therefore, less principal volatility than a comparable 30-year bond. Since prepayment rates vary widely, it is not possible to accurately predict the average maturity of a particular GNMA pool. GNMA securities differ from conventional bonds in that principal is paid back to the certificate holders over the life of the loan rather than at maturity. The scheduled monthly interest and principal payments relating to mortgages in the pool are "passed through" to investors. In addition, there may be unscheduled principal payments representing prepayments on the underlying mortgages. Although GNMA certificates may offer yields higher than those available from other types of U.S. government securities, GNMA certificates may be less effective than other types of securities as a means of "locking in" attractive long-term rates because of the prepayment feature. For instance, when interest rates decline, the value of a GNMA certificate likely will not rise as much as comparable debt securities due to the prepayment feature. In addition, these prepayments can cause the price of a GNMA certificate originally purchased at a premium to decline in price to its par value, which may result in a loss.

**GOVERNMENT PASS-THROUGH SECURITIES** are securities issued or guaranteed by a U.S. government agency representing an interest in a pool of mortgage loans. Government and private guarantees do not extend to the securities' value, which is likely to vary inversely with fluctuations in interest rates.

**HIGH YIELD SECURITIES** are debt securities rated below investment-grade (junk bonds). Junk bonds are highly speculative securities that are usually issued by smaller, less credit worthy and/or highly leveraged (indebted) companies. A corporation may issue a junk bond because of a corporate restructuring or other similar event. Compared with investment-grade bonds, junk bonds carry a greater degree of risk and are less likely to make payments of interest and principal. Market developments and the financial and business condition of the issuer of these securities influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities. Insufficient liquidity in the junk bond market may make it more difficult to dispose of junk bonds and may cause the Fund to experience sudden and substantial price declines. A lack of reliable, objective data or market quotations may make it more difficult to value junk bonds accurately.

**ILLIQUID INVESTMENTS** are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may not acquire an illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15 percent of its net assets in illiquid investments that are assets.

**INVESTMENT COMPANY SHARES** are shares of other mutual funds that may be purchased by the Fund to the extent consistent with applicable law. Generally, the federal securities laws limit the extent to which the Fund can invest in securities of other investment companies, subject to certain exceptions. For example, under Section 12(d)(1)(A) of the 1940 Act, the Fund is prohibited from acquiring the securities of other investment companies if, as a result of such acquisition, (i) the Fund would own more than 3 percent of the total voting stock of the company, (ii) securities issued by any one investment company represented more than 5 percent of the Fund's assets, or (iii) securities (other than treasury stock) issued by all investment companies would represent more than 10 percent of the total assets of the Fund. These investment companies typically incur fees that are separate from those fees incurred directly by the Fund. The Fund's purchase of such investment company securities results in the layering of expenses, such that shareholders of the Fund would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees.

The Fund may rely on Section 12(d)(1)(F) of the 1940 Act, which provides an exemption from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including ETFs, if, among other conditions, the Fund, together with its affiliates, acquires no more than 3% of the outstanding voting stock of any acquired fund. The Fund may also rely on Rule 12d1-4 under the 1940 Act. Rule 12d1-4 permits the Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions specified in the Rule including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company). In addition, the Fund may be able to rely on certain other rules under the 1940 Act to invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but subject to certain conditions.

**MORTGAGE-BACKED SECURITIES** - Two principal types of mortgage-backed securities are collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits ("REMICs"). CMOs are securities collateralized by mortgages, mortgage pass-through certificates, mortgage pay-through bonds (bonds representing an interest in a pool of mortgages where the cash flow generated from the mortgage collateral pool is dedicated to bond repayment) and mortgage-backed bonds (general obligations of issuers payable out of the issuers' general funds and additionally secured by a first lien on a pool of single family properties).

Many CMOs are issued with a number of classes or series that have different maturities and are retired in sequence. Investors purchasing CMOs in the shortest maturities receive or are credited with their pro rata portion of the scheduled payments of interest and principal on the underlying mortgages plus all unscheduled prepayments of principal up to a predetermined portion of the total CMO obligation. Until that portion of such CMO obligation is repaid, investors in the longer maturities receive interest only. Accordingly, CMOs in longer maturity series are less likely than other mortgage pass-throughs to be prepaid prior to their stated maturity. Although some of the mortgages underlying CMOs may be supported by various types of insurance, and while some CMOs may be backed by GNMA certificates or other mortgage pass-throughs issued or guaranteed by U.S. government agencies or instrumentalities, CMOs themselves are not generally guaranteed by the U.S. government or any other entity.

REMICs, which were authorized under the Tax Reform Act of 1986, are private entities formed for the purpose of holding a fixed pool of mortgages secured by an interest in real property. REMICs are similar to CMOs in that they issue multiple classes of securities.

**MUNICIPAL SECURITIES** include, but are not limited to, general obligation notes, tax anticipation notes (notes sold to finance working capital needs of the issuer in anticipation of receiving taxes on a future date), revenue anticipation notes (notes sold to provide needed cash prior to receipt of expected non-tax revenues from a specific source), bond anticipation notes, certificates of indebtedness, demand notes and construction loan notes.

General obligation bonds and revenue bonds are debt instruments issued by states and local governments to raise funds for public works. General obligation bonds are backed by the full faith and credit of the issuing municipality, which means that the municipality commits its full resources to paying bondholders, including general taxation and the ability to raise more funds through credit. The ability to back up bond payments with tax funds is what distinguishes general obligation bonds from revenue bonds, which are repaid solely using the revenue generated by the specific project the bonds are issued to fund.

The principal of and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer. Pre-refunded municipal securities are often purchased at a price which represents a premium over their face value.

Private activity bonds are issued by or on behalf of states or political subdivisions thereof to finance privately owned or operated facilities for business and manufacturing, housing, sports and pollution control and to finance activities of and facilities for charitable institutions. Private activity bonds are also used to finance public facilities such as airports, mass transit systems, ports, parking and low income housing. The payment of the principal and interest on private activity bonds is dependent solely on the ability of the facility's user to meet its financial obligations and may be secured by a pledge of real and personal property so financed.

Investments in floating rate instruments will normally involve industrial development or revenue bonds, which provide that the rate of interest is set as a specific percentage of a designated base rate (such as the prime rate) at a major commercial bank, and that the Fund can demand payment of the obligation at all times or at stipulated dates on short notice (not to exceed 30 days) at par plus accrued interest. Such obligations are frequently secured by letters of credit or other credit support arrangements provided by banks. The quality of the underlying credit or of the bank, as the case may be, must, in the Adviser's opinion, be equivalent to the three highest ratings categories by S&P or Moody's. The Adviser will monitor the earning power, cash flow and liquidity ratios of the issuers of such instruments and the ability of an issuer of a demand instrument to pay principal and interest on demand. The Fund may purchase other types of tax-exempt instruments as long as they are of a quality equivalent to the ratings stated above. As discussed in the Prospectuses and in the "Investment Limitations" section below, the Fund will invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade municipal bonds the interest from which is exempt from regular federal and Hawaii state income taxes.

The Adviser has the authority to purchase securities at a price that would result in a yield to maturity lower than that generally offered by the seller at the time of purchase when they can simultaneously acquire the right to sell the securities back to the seller, the issuer or a third party (the "writer") at an agreed-upon price at any time during a stated period or on a certain date. Such a right is generally denoted as a "standby commitment" or a "put." The purpose of engaging in transactions involving puts is to maintain flexibility and liquidity in order to meet redemptions and remain as fully invested as possible in municipal securities. The right to put the securities depends on the writer's ability to pay for the securities at the time the put is exercised. The Fund will limit its put transactions to those with institutions that the Adviser believes present minimum credit risks, and the Adviser will use its best efforts to determine initially and thereafter monitor the financial strength of the put providers by evaluating their financial statements and such other information as is available in the marketplace. It may, however, be difficult to monitor the financial strength of the writers where adequate current financial information is not available. In the event that any writer is unable to honor a put for financial reasons, the Fund would be a general creditor (*i.e.*, on a parity with all other unsecured creditors) of the writer. Furthermore, particular provisions of the contract between the Fund and the writer may excuse the writer from repurchasing the securities in certain circumstances (for example, a change in the published rating of the underlying municipal securities or any similar event that has an adverse effect on the issuer's credit); or a provision in the contract may provide that the put will not be exercised except in certain special cases, for example, to maintain portfolio liquidity. The Fund could, however, sell the underlying portfolio security in the open market or wait until the portfolio security matures, at which time it should realize the full par value of the security.

Municipal securities purchased subject to a put may be sold to third persons at any time, even though the put is outstanding, but the put itself, unless it is an integral part of the security as originally issued, may not be marketable or otherwise assignable. Sale of the securities to third parties or lapse of time with the put unexercised may terminate the right to put the securities. Prior to the expiration of any put option, the Fund could seek to negotiate terms for the extension of such an option. If such a renewal cannot be negotiated on terms satisfactory to the Fund, the Fund could, of course, sell the portfolio security. The maturity of the underlying security will generally be different from that of the put. There will be no limit to the percentage of portfolio securities that the Fund may purchase subject to a put. For the purpose of determining the "maturity" of securities purchased subject to an option to put, and for the purpose of determining the dollar-weighted average maturity of the Fund including such securities, the Fund will consider "maturity" to be the first date on which it has the right to demand payment from the writer of the put although the final maturity of the security is later than such date.

**Special Considerations Relating to Hawaii Municipal Securities**

As measured by real gross domestic product (GDP), Hawaii's economy grew 2.7 percent in the first three quarters of 2025 as compared to the same period in 2024. Hawaii's economy remained resilient through 2025 and entered 2026 with solid labor market conditions, rising incomes, and continued strength in visitor spending. Economic conditions continue to evolve, however, amid federal policy uncertainty and developments in the Middle East. While global factors are expected to have limited direct impacts on Hawaii, they are part of a broader environment that could indirectly influence the state's economic performance over time.

Hawaii's major economic indicators were mixed in the fourth quarter of 2025, while Hawaii's labor market conditions generally improved during such period. Total nominal annualized personal income in the third quarter of 2025 increased 4.5 percent from the same quarter of 2024, while Hawaii tax revenue decreased, with general fund tax revenues in the fourth quarter of 2025 being 14.7 percent lower when compared to the same period in 2024. Visitor arrivals by air to Hawaii during the fourth quarter of 2025 totaled 2,305,547, a decrease of 3.2 percent from the same quarter in 2024. The average daily visitor census decreased 3.6 percent in the fourth quarter of 2025 compared to the same quarter of 2024. The indicators of Hawaii's construction industry were mixed in the fourth quarter of 2025. Construction jobs and government contracts awarded increased in the fourth quarter of 2025 compared to the fourth quarter of 2024, while state government capital investment project expenditures and private building authorizations decreased in the fourth quarter of 2025 compared to the fourth quarter of 2024.

According to the State of Hawaii there are lawsuits and claims, that, if ultimately resolved against the State, could have a material adverse effect on the State's financial condition or as to which the State is unable to predict the magnitude of its potential liability, if any. Such lawsuits and claims include those involving (i) the Hawaiian Home Lands Trust and the Department of Hawaiian Home Lands (as to certain alleged breaches of trust and fiduciary duties and related individual claims by beneficiaries of the Hawaiian Homes Commission Act of 1920); (ii) the Hawaii Employer-Union Health Benefits Trust Fund (as to the alleged rights of retirees and their dependents to health care benefits equivalent to those provided to active employees and their dependents); and (iii) the 2023 Maui wildfires (as to the State's alleged negligent maintenance of grasses and invasive species of plants that allegedly contributed to the spread of the wildfires, and the State's alleged negligent handling of the emergency, including failure to use emergency sirens).

The ability of issuers to pay interest on, and repay principal of, Hawaii municipal securities may be affected by: (1) the general financial condition of the State of Hawaii; (2) amendments to the Hawaii Constitution and related statutes that limit the taxing and spending authority of Hawaii government entities; (3) voter initiatives; (4) civil actions; and (5) a wide variety of Hawaii laws and regulations.

Municipal securities, which are payable only from the revenues derived from a particular facility, may be adversely affected by Hawaii laws or regulations that make it more difficult for the particular facility to generate revenues sufficient to pay such interest and principal including, among others, laws and regulations that limit the amount of fees, rates or other charges that may be imposed for use of the facility or that increase competition among facilities of that type or that limit or otherwise have the effect of reducing the use of such facilities generally, thereby reducing the revenues generated by the particular facility. Municipal securities, the payment of interest and principal on which is insured, in whole or in part, by a Hawaii governmentally created fund, may be adversely affected by Hawaii laws or regulations that restrict the aggregate proceeds available for payment of principal and interest in the event of a default on such municipal securities. Similarly, municipal securities, the payment of interest and principal on which is secured, in whole or in part, by an interest in real property may be adversely affected by Hawaii laws that limit the availability of remedies or the scope of remedies available in the event of a default on such municipal securities. Because of the diverse nature of such laws and regulations and the impossibility of either predicting in which specific municipal securities the Fund will invest from time to time or predicting the nature or extent of future changes in existing laws or regulations or the future enactment or adoption of additional laws or regulations, it is not presently possible to determine the impact of such laws and regulations on the securities in which the Fund may invest and, therefore, on the shares of the Fund.

The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for federal income tax purposes, and the Adviser will not independently verify that opinion. Subsequent to the Fund's acquisition of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as "exempt-interest dividends" could be adversely affected, subjecting the Fund's shareholders to increased federal income tax liabilities. The Internal Revenue Service ("IRS") also may determine that a municipal bond issued as tax-exempt should in fact be taxable. If the Fund held such a bond, it might have to distribute taxable ordinary income dividends or reclassify previously distributed exempt-interest dividends as taxable income. Distributions of ordinary taxable income (including any net short-term capital gain) will be taxable to shareholders as ordinary income (and not eligible for favorable taxation as "qualified dividend income"), and capital gain dividends will be subject to capital gains taxes. The Fund may not be a suitable investment for individual retirement accounts ("IRAs"), for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to federal income tax consequences of their investments (e.g. investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs).

**General Considerations Relating to State Specific Municipal Securities**

With respect to municipal securities issued by a state and its political subdivisions, as well as certain other governmental issuers such as the Commonwealth of Puerto Rico, the Adviser cannot predict what legislation, if any, may be proposed in the state's legislature in regards to the state's personal income tax status of interest on such obligations, or which proposals, if any, might be enacted. Such proposals, if enacted, might materially adversely affect the availability of the state's municipal securities for investment by the Fund and the value of the Fund's investments.

**OPTIONS** – Put and call options for the various securities and indices are traded on national securities exchanges. As consistent with the Fund's investment objective, options may be used from time to time as the Adviser deems to be appropriate. Options will generally be used for hedging purposes.

A put option gives the purchaser of the option the right to sell, and the writer the obligation to buy, the underlying security at any time during the option period. A call option gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract. The initial purchase (sale) of an option contract is an "opening transaction." In order to close out an option position, the Fund may enter into a "closing transaction" – the sale (purchase) of an option contract on the same security with the same exercise price and expiration date as the option contract originally opened.

Although the Fund may engage in option transactions as hedging transactions, there are risks associated with such investments including the following: (i) the success of a hedging strategy may depend on the ability of the Adviser to predict movements in the prices of the individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect or no correlation between the changes in market value of the securities held by the Fund and the prices of options; (iii) there may not be a liquid secondary market for options; and (iv) while the Fund will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security. The Fund is permitted to engage in option transactions with respect to securities that are permitted investments and related indices. If the Fund writes call options, it will write only covered call options.

**OTHER INVESTMENTS** - The Fund is not prohibited from investing in obligations of banks that are clients of SEI Investments Company. However, the purchase of shares of the Trust by such banks or by their customers will not be a consideration in determining which bank obligations the Fund will purchase. The Fund will not purchase obligations of the Adviser.

**PRIVATE PASS-THROUGH SECURITIES** are mortgage-backed securities issued by a non-governmental entity, such as a trust. While they are generally structured with one or more types of credit enhancement, private pass-through securities typically lack a guarantee by an entity having the credit status of a governmental agency or instrumentality.

**REPURCHASE AGREEMENTS** are agreements by which a person (*e.g.*, the Fund) obtains a security and simultaneously commits to return the security to the seller (a financial institution deemed to present minimal risk of bankruptcy during the term of the agreement based on guidelines established and periodically reviewed by the Trustees) at an agreed upon price (including principal and interest) on an agreed upon date within a number of days (usually not more than seven) from the date of purchase. The resale price reflects the purchase price plus an agreed upon market rate of interest, which is unrelated to the coupon rate or maturity date of the underlying security. A repurchase agreement involves the obligation of the seller to pay the agreed upon price, which obligation is in effect secured by the value of the underlying security. The Fund may enter into "tri-party" repurchase agreements. In "tri-party" repurchase agreements, an unaffiliated third party custodian maintains accounts to hold collateral for the Fund and its counterparties and, therefore, the Fund may be subject to the credit risk of those custodians.

Repurchase agreements are considered to be loans by the Fund for purposes of its investment limitations. Repurchase agreements entered into by the Fund will provide that the underlying security at all times shall have a value at least equal to 102 percent of the resale price stated in the agreement. Under all repurchase agreements entered into by the Fund, the Fund takes actual or constructive possession of the underlying collateral. However, if the seller defaults, the Fund could realize a loss on the sale of the underlying security to the extent that the proceeds of sale including accrued interest are less than the resale price provided in the agreement including interest. In addition, even though the Bankruptcy Code provides protection for most repurchase agreements, if the seller should be involved in bankruptcy or insolvency proceedings, the Fund may incur delays and costs in selling the underlying security or may suffer a loss of principal and interest if the Fund is treated as an unsecured creditor and required to return the underlying security to the seller's estate.

**RESTRICTED SECURITIES** are securities that may not be sold to the public without registration under the Securities Act of 1933, as amended (the "1933 Act") or an exemption from registration. Permitted investments for the Fund include restricted securities. Restricted securities, including securities eligible for re-sale pursuant to Rule 144A under the 1933 Act, that are determined to be liquid are not subject to the limitation on investments in illiquid investments described above under "Illiquid Investments." This determination is to be made by the Adviser pursuant to guidelines adopted by the Board. In purchasing such restricted securities, the Adviser intends to purchase securities that are exempt from registration pursuant to Rule 144A under the 1933 Act.

**SECURITIES LENDING** may be undertaken by the Fund pursuant to agreements requiring that the loans be continuously secured by cash or liquid securities as collateral equal to 100 percent of the market value of the securities lent at all times. Such loans will not be made if, as a result, the aggregate amount of all outstanding securities loans for the Fund exceed one-third of the value of its total assets taken at fair market value. The Fund will continue to receive interest on the securities lent while simultaneously earning interest on the investment of the cash collateral in U.S. government securities. However, the Fund will normally pay lending fees to broker-dealers and related expenses from the interest earned on invested collateral. There may be risks of delay in receiving additional collateral or risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans are made only to borrowers deemed by the Adviser to be of good standing and when, in the judgment of the Adviser, the consideration that can be earned currently from such securities loans justifies the attendant risk. Any loan may be terminated by either party upon reasonable notice to the other party.

**STANDBY COMMITMENTS AND PUTS** permit the holder to sell securities subject to the standby commitment or put at a fixed price prior to maturity. Securities subject to a standby commitment or put may be sold at any time at the current market price. However, unless the standby commitment or put was an integral part of the security as originally issued, it may not be marketable or assignable.

**STRIPPED MORTGAGE-BACKED SECURITIES ("SMBS")** are usually structured with two classes that receive specified proportions of monthly interest and principal payments from a pool of mortgage securities. One class may receive all of the interest payments, and the other class may receive all of the principal payments. SMBS are extremely sensitive to changes in interest rates because of the impact of prepayment of principal on the underlying mortgage securities.

**SUPRANATIONAL AGENCY OBLIGATIONS** are debt obligations established through the joint participation of several governments, and include the Asian Development Bank, the Inter-American Development Bank, International Bank for Reconstruction and Development ("World Bank"), African Development Bank, European Economic Community, European Investment Bank and the Nordic Investment Bank.

**U.S. GOVERNMENT AGENCY OBLIGATIONS** are obligations issued or guaranteed by agencies or instrumentalities of the U.S. government. Agencies of the U.S. government which issue obligations consist of, among others, the Export Import Bank of the United States, Farmers Home Administration, Federal Farm Credit Bank, Federal Housing Administration, GNMA, Maritime Administration, Small Business Administration and The Tennessee Valley Authority. Obligations of instrumentalities of the U.S. government include securities issued by, among others, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation ("Freddie Mac"), Federal Intermediate Credit Banks, Federal Land Banks, Federal National Mortgage Association ("Fannie Mae") and the United States Postal Service as well as government trust certificates. Some of these securities are supported by the full faith and credit of the U.S. Treasury, others are supported by the right of the issuer to borrow from the U.S. Treasury and others are supported only by the credit of the agency or instrumentality. Guarantees of principal by agencies or instrumentalities of the U.S. government may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing the value of the obligation prior to maturity.

On September 7, 2008, the U.S. Treasury and the Federal Housing Finance Agency ("FHFA") announced a federal takeover of Fannie Mae and Freddie Mac, placing the two federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the "Senior Preferred Stock Purchase Agreement" or "Agreement"). Under the Agreement, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. On December 24, 2009, the U.S. Treasury announced that it was amending the Agreement to allow the $200 billion cap on the U.S. Treasury's funding commitment to increase as necessary to accommodate any cumulative reduction in net worth through the end of 2012.

On August 17, 2012, the U.S. Treasury announced that it was again amending the Agreement to terminate the requirement that Fannie Mae and Freddie Mac each pay a 10 percent annual dividend. Instead, the companies will transfer to the U.S. Treasury on a quarterly basis all profits earned during a quarter that exceed a capital reserve amount. The capital reserve amount was $3 billion in 2013, and decreased by $600 million in each subsequent year through 2017. It is believed that this amendment put Fannie Mae and Freddie Mac in a better position to service their debt because it eliminated the need for the companies to have to borrow from the U.S. Treasury to make fixed dividend payments. As part of the new terms, Fannie Mae and Freddie Mac also will be required to reduce their investment portfolios over time. On December 21, 2017, the U.S. Treasury announced that it was again amending the Agreement to reinstate the $3 billion capital reserve amount. On September 30, 2019, the U.S. Treasury announced that it was further amending the Agreement, permitting Fannie Mae and Freddie Mac to retain earnings beyond the $3 billion capital reserves previously allowed through the 2017 amendment.

Under a letter agreement entered into in January 2021, each company is permitted to retain earnings and raise private capital to enable them to meet the minimum capital requirements under the FHFA's Enterprise Regulatory Capital Framework ("ERCF"). The letter agreement also permits each company to develop a plan to exit conservatorship, but may not do so until all litigation involving the conservatorships is resolved and each company has the minimum capital required by FHFA's rules.

Fannie Mae and Freddie Mac are continuing to operate while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. The Agreement is intended to enhance each of Fannie Mae's and Freddie Mac's ability to meet its obligations. The FHFA has indicated that the conservatorship of each company will end when the director of FHFA determines that FHFA's plan to restore the company to a safe and solvent condition has been completed. Under amendments to the ERCF, Fannie Mae and Freddie Mac have published capital disclosures which provide additional information about their capital position and capital requirements on a quarterly basis since the first quarter of 2023 and delivered their first capital plans to FHFA in May 2023. The FHFA finalized amendments to certain provisions of the ERCF in November 2023 that modify various capital requirements for Freddie Mac and Fannie Mae. Should Fannie Mae and Freddie Mac be taken out of conservatorship, it is unclear whether the U.S. Treasury would continue to enforce its rights or perform its obligations under the Agreement. It is also unclear how the capital structure of Fannie Mae and Freddie Mac would be constructed post-conservatorship, and what effects, if any, the privatization of Fannie Mae and Freddie Mac will have on their creditworthiness and guarantees of certain mortgage-backed securities. The ERCF requires Fannie Mae and Freddie Mac, upon exit from conservatorship, to maintain higher levels of capital than prior to conservatorship to satisfy their risk-based capital requirements, leverage ratio requirements and prescribed buffer amounts. Accordingly, should the FHFA take Fannie Mae and Freddie Mac out of conservatorship, there could be an adverse impact on the value of their securities, which could cause the Fund's investments to lose value.

**VARIABLE AMOUNT MASTER DEMAND NOTES** are debt obligations that may or may not be backed by bank letters of credit. These notes permit the investment of fluctuating amounts at varying market rates of interest pursuant to direct arrangements between the Fund, as lender, and the borrower. Such notes provide that the interest rate on the amount outstanding varies on a daily, weekly or monthly basis depending upon a stated short-term interest rate index. Both the lender and the borrower have the right to reduce the amount of outstanding indebtedness at any time. There is no secondary market for the notes. It is not generally contemplated that such instruments will be traded.

**VARIABLE AND FLOATING RATE INSTRUMENTS** involve certain debt obligations that may carry variable or floating rates of interest, and may involve a conditional or unconditional demand feature. Such instruments bear interest at rates that are not fixed, but which vary with changes in specified market rates or indices. The interest rates on these securities may be reset daily, weekly, quarterly or some other reset period. There is a risk that the current interest rate on such obligations may not accurately reflect existing market interest rates. A demand instrument with a demand notice exceeding seven days may be considered illiquid if there is no secondary market for such security.

**WHEN-ISSUED SECURITIES** involve the purchase of debt obligations on a when-issued basis, in which case delivery and payment normally take place within 45 days after the date of commitment to purchase. The Fund will only make commitments to purchase obligations on a when-issued basis with the intention of actually acquiring the securities, but may sell them before the settlement date. The when-issued securities are subject to market fluctuation, and no interest accrues on the security to the purchaser during this period. The payment obligation and the interest rate that will be received on the securities are each fixed at the time the purchaser enters into the commitment. Purchasing obligations on a when-issued basis is a form of leveraging and can involve a risk that the yields available in the market when the delivery takes place may actually be higher than those obtained in the transaction itself. In that case there could be an unrealized loss at the time of delivery.

Rule 18f-4 under the 1940 Act permits the Fund to enter into when-issued basis securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date. If a when-issued basis security entered into by the Fund does not satisfy those requirements, the Fund would need to comply with Rule 18f-4 under the 1940 Act with respect to its when issued transactions, which are considered derivatives transactions under Rule 18f-4 under the 1940 Act.

**YANKEE BONDS** are U.S. dollar denominated debt obligations issued in the U.S. by foreign banks and corporations.

**ZERO COUPON OBLIGATIONS** are debt obligations that do not bear any interest, but instead are issued at a deep discount from face value or par. The value of a zero coupon obligation increases over time to reflect the interest accredited. Such obligations will not result in the payment of interest until maturity and will have greater price volatility than similar securities that are issued at face value or par and pay interest periodically.

**GENERAL MARKET AND GEOPOLITICAL RISK -** Geopolitical events, such as war (including ongoing armed conflicts in Europe and in the Middle East), terrorism, social unrest, government defaults, government shutdowns, economic uncertainty, sanctions or the threat of sanctions, trade disputes with key trading partners and the imposition of associated tariffs, natural and environmental disasters, the spread of infectious illness, widespread disease or other public health issues such as pandemics and epidemics (including those caused by COVID-19), and/or systemic market dislocations (including due to events outside of such countries or regions) have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally. Whether or not the Fund invests in securities of issuers located in countries impacted by such events, these and other events could negatively affect the value and liquidity of the Fund's investments due to the interconnected nature of the global economy and capital markets, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**SPECIAL RISKS OF CYBER ATTACKS -** As with any entity that conducts business through electronic means in the modern marketplace, the Fund, and its service providers, may be susceptible to operational and information security risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential information, unauthorized access to relevant systems, compromises to networks or devices that the Fund and its service providers use to service the Fund's operations, ransomware, operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service providers, or various other forms of cyber security breaches. Cyber attacks affecting the Fund, the Adviser, the Fund's distributor, custodian, or any other of the Fund's intermediaries or service providers may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses or the inability of Fund shareholders to transact business. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its net asset value, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes designed to mitigate or prevent the risk of cyber attacks. Such costs may be ongoing because threats of cyber attacks are constantly evolving as cyber attackers become more sophisticated and their techniques become more complex. Similar types of cyber security risks are also present for issuers of securities in which the Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investments in such companies to lose value. There can be no assurance that the Fund, the Fund's service providers, or the issuers of the securities in which the Fund invests will not suffer losses relating to cyber attacks or other information security breaches in the future.

**INVESTMENT LIMITATIONS**

**Fundamental Policies**

The investment objective of the Fund, and the following investment limitations are fundamental policies of the Fund and cannot be changed without the consent of the holders of a majority of the Fund's outstanding shares. The term "majority of the outstanding shares" means the vote of (i) 67% or more of the Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of the Fund's outstanding shares, whichever is less.

The Fund may not:

1. Invest more than 25% of its assets in securities of non-governmental entities that are in the same industry.

2. Invest in companies for the purpose of exercising control.

3. Borrow money except for temporary or emergency purposes and then only in an amount not exceeding one-third
of the value of its total assets. To the extent that such borrowing exceeds 5% of the value of the Fund's assets, asset coverage
of at least 300% is required. The Fund will not purchase securities while its borrowings exceed 5% of its total assets.

4. Make loans, except that (a) the Fund may purchase or hold debt instruments in accordance with its investment
objective and policies; (b) the Fund may enter into repurchase agreements; and (c) the Fund may engage in securities lending.

5. Pledge, mortgage or hypothecate assets except to secure borrowings permitted by (3) above in aggregate
amounts not to exceed 33% of total assets taken at current value at the time of the incurrence of such loan.

6. Purchase or sell real estate, real estate limited partnership interests, commodities or commodities contracts.
However, the Fund may invest in companies which invest in real estate, and in commodities contracts.

7. Make short sales of securities or purchase securities on margin, except that the Fund may obtain short-term
credits as necessary for the clearance of security transactions.

8. Act as an underwriter of securities of other issuers except as it may be deemed an underwriter in selling
a portfolio security.

9. Purchase securities of other investment companies, except as permitted by the 1940 Act and the rules and
regulations thereunder.

10. Issue senior securities (as defined in the 1940 Act) except in connection with permitted borrowings as
described above or as permitted by rule, regulation or order of the SEC.

11. Invest in interests in oil, gas or other mineral exploration or development programs and oil, gas or mineral
leases.

In addition,

12. The Fund shall invest at least 80% of its net assets (plus any borrowings for investment purposes), under
normal circumstances, in investment grade municipal bonds the interest from which is exempt from regular federal and Hawaii state income
taxes.

The following descriptions of certain provisions of the 1940 Act may assist investors in understanding the above policies and restrictions:

<u>Concentration</u>. The 1940 Act requires that every investment company have a fundamental investment policy regarding concentration. The SEC has defined concentration as investing 25% or more of an investment company's total assets in any particular industry or group of industries, with certain exceptions. For purposes of the Fund's concentration policy, the Fund may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner, consistent with SEC and SEC staff guidance.

<u>Borrowing</u>. The 1940 Act presently allows an investment company to borrow from any bank in an amount up to 33 1/3% of its total assets (including the amount borrowed) and to borrow for temporary purposes in an amount not exceeding 5% of the value of its total assets.

<u>Lending</u>. Under the 1940 Act, an investment company may only make loans if expressly permitted by its investment policies.

<u>Senior Securities</u>. Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although the 1940 Act does provide allowances for certain borrowings. In addition, Rule 18f-4 under the 1940 Act permits a fund to enter into derivatives transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act, provided that the fund complies with the conditions of the Rule.

<u>Real Estate and Commodities</u>. The 1940 Act does not directly restrict an investment company's ability to invest in real estate or commodities, but does require that every investment company have a fundamental investment policy governing such investments.

<u>Underwriting</u>. Under the 1940 Act, underwriting securities involves an investment company purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. Under the 1940 Act, a diversified fund may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets.

Except with respect to Fund policies concerning borrowing, if a percentage restriction is adhered to at the time of an investment, a later increase or decrease in percentage resulting from changes in values or assets will not constitute a violation of such restriction. With respect to the limitation on borrowing, in the event that a subsequent change in net assets or other circumstances cause the Fund to exceed its limitation, the Fund will take steps to bring the aggregate amount of borrowing back within the limitations within three days thereafter (not including Sundays and holidays).

**TEMPORARY DEFENSIVE POSITIONS**

During unusual economic or market conditions, or for temporary defensive purposes, the Fund may invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective. If the Fund invests in this manner, it may not achieve its investment objective. The Fund will only make temporary defensive investments if the portfolio managers believe that the risk of loss outweighs the opportunity for capital appreciation or current income.

**THE ADVISER**

**General.** The Adviser, Bishop Street Capital Management, is a Hawaii limited liability company established in 1999. The Adviser is a direct subsidiary of First Hawaiian Bank and an indirect subsidiary of First Hawaiian, Inc., First Hawaiian Bank's parent company. The Adviser makes the investment decisions for the assets of the Fund and continuously reviews, supervises and administers the Fund's investment program, subject to the oversight of, and policies established by the Board. The principal business address of the Adviser is 999 Bishop Street, 25th Floor, Honolulu, Hawaii 96813. As of March 31, 2026, the Adviser had approximately $166.8 million in assets under management.

**Advisory Agreement with the Trust.** The Trust and First Hawaiian Bank entered into an advisory agreement dated March 31, 1999 (the "Advisory Agreement"). First Hawaiian, Inc., then known as BancWest Corporation, created an investment advisory subsidiary entitled Bishop Street Capital Management. On November 9, 1999, the Board approved Bishop Street Capital Management as the new adviser to the Trust. This change became effective on February 22, 2000. The Advisory Agreement between First Hawaiian Bank and the Trust, and the obligations contained in that Agreement were assumed by Bishop Street Capital Management. At the time of this change, Bishop Street Capital Management employed the same investment personnel that managed the Trust under First Hawaiian Bank, and the management and control of the Adviser, as well as the services provided, remained the same. On March 27, 2025, Bishop Street Capital Management reorganized from a Hawaii corporation to a limited liability company organized under the state of Hawaii.

The Advisory Agreement provides that if, for any fiscal year, the ratio of expenses of the Fund (including amounts payable to the Adviser but excluding interest, taxes, brokerage, litigation, and other extraordinary expenses) exceeds limitations established by any state, the Adviser will bear the amount of such excess. The Adviser will not be required to bear expenses of the Trust to an extent that would result in the Fund's inability to qualify as a RIC under provisions of the Code.

After the initial two-year term, the continuance of the Advisory Agreement must be specifically approved at least annually: (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time without penalty by the Board or by a majority of the outstanding voting securities of the Fund, on not less than 30 days' nor more than 60 days' written notice to the Adviser, or by the Adviser on 90 days' written notice to the Trust.

**Advisory Fees Paid to the Adviser.** For its services under the Advisory Agreement, the Adviser is entitled to a fee, which is calculated daily and paid monthly at an annual rate of 0.35% of the daily average net assets of the Fund. Advisory fees are calculated and charged to each class of shares based on net assets.

The Adviser has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding the average daily net assets of the Fund through April 30, 2027 as follows:

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| | |
|:---|:---|
| *Hawaii Municipal Bond Fund (Class I Shares)* | 0.55% |
| *Hawaii Municipal Bond Fund (Class A Shares)* | 0.80% |

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In addition, the Board may permit the Adviser to receive from the Fund the difference between the Fund's total annual Fund operating expenses (not including excluded expenses) and the Fund's contractual expense limitation to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of recoupment.

The Adviser intends to continue these fee reductions and expense reimbursements until further notice, but may discontinue them at any time.

**For Fiscal Years Ended December 31:**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Advisory Fees**<br> **Waived by Adviser** | **Advisory Fees**<br> **Waived by Adviser** | **Advisory Fees**<br> **Waived by Adviser** | **Total Advisory Fees Paid** | **Total Advisory Fees Paid** | **Total Advisory Fees Paid** |
| **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| $424560 | $732368 | $617353 | $302120 | $263711 | $268190 | $122440 | $468657 | $349163 |

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The Fund's Administrator and Distributor also may, from time to time, waive a portion of their fees. These fee waivers are voluntary and may be discontinued at any time. With these fee waivers/reimbursements, the Fund's actual total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principals and extraordinary expenses) were as follows:

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| | |
|:---|:---|
| *Hawaii Municipal Bond Fund (Class I Shares)* | 0.55% |
| *Hawaii Municipal Bond Fund (Class A Shares)* | 0.80% |

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**THE PORTFOLIO MANAGERS**

This section includes information about the Fund's portfolio managers including information about other accounts they manage, the dollar range of Fund shares they own and how they are compensated.

**Compensation.** The Adviser compensates each portfolio manager based on his or her performance with respect to management of the Fund. Each portfolio manager's compensation package consists of a combination of an annual base salary, a discretionary bonus, deferred compensation through First Hawaiian Bank's 401(k) and Profit Sharing Plan, and in the case of selected employees, an additional discretionary bonus award under the company's Long-Term Incentive Plan ("LTIP"). The LTIP bonus award is based upon First Hawaiian Bank's financial performance in accordance with pre-determined criteria. The discretionary bonus award is directly related to First Hawaiian Bank's profitability; however, bonus amounts paid are purely discretionary.

**Fund Shares Owned by Portfolio Managers**

The following table shows the dollar amount range of each portfolio manager's "beneficial ownership" of shares of the Fund as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended ("1934 Act").

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Owned<sup>1</sup>** |
| Stephanie Nomura | $1 - $10000 |
| Joshua Lam |  |

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<sup>1</sup> Valuation date is December 31, 2025.

 

**Management of Other Accounts**

**** 

In addition to the Fund, the portfolio managers may also be responsible for the day-to-day management of certain other accounts as indicated by the following table. None of these accounts are subject to a performance-based advisory fee. All information is as of the most recently completed fiscal year end.

****

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | <br> **Other Accounts** | <br> **Other Accounts** |
| **Name** | **Number of Accounts** | **Total**<br> **Assets** | **Number of Accounts** | **Total**<br> **Assets** | **Number of Accounts** | **Total**<br> **Assets**<br> **(Millions)** |
| Stephanie Nomura | 0 | $0 | 0 | $0 | 66 | $200.20 |
| Joshua Lam | 0 | $0 | 0 | $0 | 92 | $1559.26 |

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**Conflicts of Interest.** The portfolio managers' management of other accounts included in the preceding table may give rise to potential conflicts of interest in connection with their management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio managers could favor one account over another. Another potential conflict could include the portfolio managers' knowledge about the size, timing and possible market impact of Fund trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Fund. However, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts it manages are fairly and equitably allocated. Pursuant to such policies and procedures, in the event transactions are not able to be filled completely or in the event of a limited quantity of a security, the Adviser will allocate the available securities among clients on a pro-rata basis among those clients participating in the order or transaction.

**THE ADMINISTRATOR**

**General.** SEI Investments Global Funds Services (the "Administrator"), a Delaware statutory trust, has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456. SEI Investments Management Corporation ("SIMC"), a wholly-owned subsidiary of SEI Investments Company ("SEI Investments"), is the owner of all beneficial interest in the Administrator. SEI Investments and its subsidiaries and affiliates, including the Administrator and the Trust's principal underwriter, SEI Investments Distribution Co., are leading providers of fund evaluation services, trust accounting systems, and brokerage and information services to financial institutions, institutional investors, and money managers. The Administrator and its affiliates also serve as administrator or sub-administrator to other mutual funds.

**Administration Agreement with the Trust.** The Trust and the Administrator have entered into a second amended and restated administration agreement dated March 23, 2026 (the "Administration Agreement"). Under the Administration Agreement, the Administrator provides the Trust with administrative services, including fund accounting, regulatory reporting, necessary office space, equipment, personnel and facilities.

The Administration Agreement provides that the Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Administration Agreement relates, except a loss resulting from willful misfeasance, bad faith or negligence on the part of the Administrator in the performance of its duties or from reckless disregard by it of its duties and obligations thereunder.

**Administration Fees Paid to the Administrator.** For its services under the Administration Agreement, the Administrator is paid a fee, which varies based on the average daily net assets of the Fund, subject to certain minimums. For the fiscal years ended December 31, 2023, 2024 and 2025, the Fund paid the following amounts for these services:

**For Fiscal Years Ended December 31:**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contractual Administrative Fees** | **Contractual Administrative Fees** | **Contractual Administrative Fees** | **Administrative Fees Voluntarily Waived by Administrator** | **Administrative Fees Voluntarily Waived by Administrator** | **Administrative Fees Voluntarily Waived by Administrator** | **Total Administrative Fees Paid** | **Total Administrative Fees Paid** | **Total Administrative Fees Paid** |
| **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| $239106 | $414996 | $349273 | $157694 | $272022 | $229302 | $81412 | $142974 | $119971 |

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**THE DISTRIBUTOR**

The Trust and SEI Investments Distribution Co. (the "Distributor"), One Freedom Valley Drive, Oaks, Pennsylvania 19456, are parties to an amended and restated distribution agreement dated February 21, 2007, as amended August 30, 2010 and November 13, 2018 (the "Distribution Agreement"), whereby the Distributor acts as a principal underwriter for the continuous offering of the Fund's shares on a "best efforts" basis. The Distributor and the Administrator are both wholly-owned subsidiaries of SEI Investments.

The continuance of the Distribution Agreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Trust and (ii) by the vote of a majority of the Trustees who are not parties to the Distribution Agreement or "interested persons" of the Trust and have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement will terminate automatically in the event of its assignment (as such term is defined in the 1940 Act), and is terminable at any time without penalty by the Board or by a majority of the outstanding voting securities of the Trust, or by the Distributor, upon not less than 60 days' written notice to the other party.

**Dealer Reallowances.** Class A Shares of the Fund are offered to the public at the net asset value per share plus any applicable front-end sales charges (the "offering price"). The Distributor collects the sales charges and pays a portion of the sales charges to dealers in accordance with the reallowance schedule below. The difference between the offering price and the applicable sales charges is the amount of the purchaser's investment in the Fund. For the fiscal years ended December 31, 2023, 2024 and 2025, the Distributor retained sales charges of $3,179, $0 and $0, respectively, for Class A Shares of the Fund.

With respect to the Fund, depending upon the amount of an investment in Class A Shares, the front-end sales charge reallowed to dealers will vary as follows:

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| | |
|:---|:---|
| <br> **Investment Amount:** | **Dealer Reallowance as a**<br> **Percentage of Offering Price** |
| Less than $50,000 | 1.50% |
| $50,000 but less than $100,000 | 1.25% |
| $100,000 but less than $250,000 | 1.00% |
| $250,000 and over | 0.00% |

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**PAYMENTS TO FINANCIAL INTERMEDIARIES**

**Shareholder Servicing Plan.** The Fund has adopted a shareholder servicing plan under which a shareholder servicing fee of up to 0.25% of the average daily net assets of Class I Shares and Class A Shares of the Fund will be paid to financial intermediaries. Under the plan, financial intermediaries may perform, or may compensate other financial intermediaries for performing, certain shareholder and/or administrative services or similar non-distribution services, including: (i) maintaining shareholder accounts; (ii) arranging for bank wires; (iii) responding to shareholder inquiries relating to the services performed by the financial intermediaries; (iv) responding to inquiries from shareholders concerning their investment in the Fund; (v) assisting shareholders in changing dividend options, account designations and addresses; (vi) providing information periodically to shareholders showing their position in the Fund; (vii) forwarding shareholder communications from the Fund such as proxies, shareholder reports, annual reports, and dividend and capital gain distribution and tax notices to shareholders; (viii) processing purchase, exchange and redemption requests from shareholders and placing orders with the Fund or its service providers; (ix) providing sub-accounting services; (x) processing dividend and capital gain payments from the Fund on behalf of shareholders; (xi) preparing tax reports; and (xii) providing such other similar non-distribution services as the Fund may reasonably request to the extent that the financial intermediary is permitted to do so under applicable laws or regulations.

First Hawaiian Bank, an affiliate of the Adviser, may receive payments for shareholder services performed for the Fund's shareholders.

**Distribution Plan.** The Trust has adopted a Distribution Plan with respect to the Class A Shares of the Fund (the "Plan") in accordance with the provisions of Rule 12b-1 under the 1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. Continuance of the Plan must be approved annually by a majority of the Trustees and by a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Qualified Trustees"). The Plan requires that quarterly written reports of amounts spent under the Plan and the purposes of such expenditures be furnished to and reviewed by the Trustees. The Plan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding shares of the Fund. All material amendments of the Plan will require approval by a majority of the Trustees and of the Qualified Trustees.

The Plan provides a method of paying for distribution and shareholder services, which may help the Fund grow or maintain asset levels to provide operational efficiencies and economies of scale, provided by the Distributor or other financial intermediaries that enter into agreements with the Distributor. The Fund may make payments to financial intermediaries, such as banks, savings and loan associations, insurance companies, investment counselors, broker-dealers, mutual fund "supermarkets" and the Distributor's affiliates and subsidiaries, as compensation for services, reimbursement of expenses incurred in connection with distribution assistance or provision of shareholder services. The Distributor may, at its discretion, retain a portion of such payments to compensate itself for distribution services and distribution related expenses such as the costs of preparation, printing, mailing or otherwise disseminating sales literature, advertising, and prospectuses (other than those furnished to current shareholders of the Fund), promotional and incentive programs, and such other marketing expenses that the Distributor may incur.

Under the Plan, the Distributor or financial intermediaries may receive up to 0.25% of the average daily net assets of the Class A Shares of the Fund as compensation for distribution and shareholder services. The Plan is characterized as a compensation plan since the distribution fee will be paid to the Distributor without regard to the distribution or shareholder service expenses incurred by the Distributor or the amount of payments made to financial intermediaries. First Hawaiian Bank, an affiliate of the Adviser, may receive such payments for distribution and shareholder services. The Trust intends to operate the Plan in accordance with its terms and with Financial Industry Regulatory Authority ("FINRA") rules concerning sales charges.

**Payments Under the Distribution Plan.** For the fiscal years ended December 31, 2023, 2024 and 2025, the Fund's Class A Shares incurred the following expenses under the Plan:

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| | | | |
|:---|:---|:---|:---|
| **Year** | **Total (As a % of Net Assets)** | **Total**<br> **($ Amount)** | **Amount Paid To 3rd Parties by the Distributor for Distribution Related Services ($ Amount)** |
| 2023 | 0.25% | $51834 | $51834 |
| 2024 | 0.25% | $305381 | $305381 |
| 2025 | 0.25% | $266127 | $266127 |

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Although banking laws and regulations prohibit banks from distributing shares of open end investment companies such as the Trust, according to an opinion issued to the staff of the SEC by the Office of the Comptroller of the Currency, financial institutions are not prohibited from acting in other capacities for investment companies, such as providing shareholder services. Should future legislative, judicial or administrative action prohibit or restrict the activities of financial institutions in connection with providing shareholder services, the Trust may be required to alter materially or discontinue its arrangements with such financial institutions.

**Payments by the Adviser.** The Adviser, and/or its affiliates, in their discretion, may make payments from their own resources and not from Fund assets to affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Fund, its service providers or their respective affiliates, as incentives to help market and promote the Fund and/or in recognition of their distribution, marketing, administrative services, and/or processing support.

These additional payments may be made to financial intermediaries that sell Fund shares or provide services to the Fund, the Distributor or shareholders of the Fund through the financial intermediary's retail distribution channel and/or fund supermarkets. Payments may also be made through the financial intermediary's retirement, qualified tuition, fee-based advisory, wrap fee bank trust, or insurance (e.g., individual or group annuity) programs. These payments may include, but are not limited to, placing the Fund in a financial intermediary's retail distribution channel or on a preferred or recommended fund list; providing business or shareholder financial planning assistance; educating financial intermediary personnel about the Fund; providing access to sales and management representatives of the financial intermediary; promoting sales of Fund shares; providing marketing and educational support; maintaining share balances and/or for sub-accounting, administrative or shareholder transaction processing services. A financial intermediary may perform the services itself or may arrange with a third party to perform the services.

The Adviser, and/or its affiliates may also make payments from their own resources to financial intermediaries for costs associated with the purchase of products or services used in connection with sales and marketing, participation in and/or presentation at conferences or seminars, sales or training programs, client and investor entertainment and other sponsored events. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law.

Revenue sharing payments may be negotiated based on a variety of factors, including the level of sales, the amount of Fund assets attributable to investments in the Fund by financial intermediaries' customers, a flat fee or other measures as determined from time to time by the Adviser, and/or its affiliates. A significant purpose of these payments is to increase the sales of Fund shares, which in turn may benefit the Adviser through increased fees as Fund assets grow.

Investors should understand that some financial intermediaries may also charge their clients fees in connection with purchases of shares or the provision of shareholder services.

**THE TRANSFER AGENT**

SS&C Global Investor & Distribution Solutions, Inc. (the "Transfer Agent"), 1055 Broadway, Kansas City, Missouri 64105, serves as the Fund's transfer agent and dividend disbursing agent under a transfer agency agreement with the Trust.

**THE CUSTODIAN**

U.S. Bank National Association, 800 Nicollett Mall, Minneapolis, Minnesota 55402-4302 (the "Custodian"), serves as the Fund's custodian, and is responsible for maintaining the custody of the Fund's assets.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

PricewaterhouseCoopers LLP, Two Commerce Square, 2001 Market Street, Suite 1800, Philadelphia, Pennsylvania 19103, serves as the Fund's independent registered public accounting firm, and is responsible for auditing the Fund's financial statements.

**LEGAL COUNSEL**

Morgan, Lewis & Bockius LLP, 2222 Market Street, Philadelphia, Pennsylvania 19103 serves as legal counsel to the Trust.

**SECURITIES LENDING**

The Fund did not engage in securities lending activities during the fiscal year ended December 31, 2025.

**FINANCIAL INDUSTRY RELATIONSHIPS**

SEI Investments, along with its subsidiaries and affiliates (including, but not limited to, the Administrator, the Distributor and SIMC) (collectively, "SEI"), provides a range of services to various financial market participants and has a broad network of relationships with financial services companies, including investment funds, asset managers, broker-dealers and other intermediaries, accounting firms, banks and transfer agents. Although SEI's various business units largely operate independently of one another, their customers and relationships may, and often will, overlap. For example, a particular asset manager might be a sub-adviser to an investment fund that is managed primarily by SIMC, may sponsor a fund that is registered on the Advisors' Inner Circle platform, and/or may manage a fund in which SEI Investments is an investor (with its own capital). From time to time, one SEI business unit may introduce or refer a third-party to another SEI business unit for additional potential services. These various relationships may give rise to actual or perceived conflicts of interest. However, understanding the duties and responsibilities that SEI owes its customers under law and under contract, SEI keeps such actual or perceived conflicts of interest front-of-mind on an ongoing basis and, where appropriate, works with the compliance function, as well as internal and external counsel, to identify and mitigate or eliminate such conflicts, including through appropriate disclosure to applicable governing boards.

**CODES OF ETHICS**

The Board, on behalf of the Trust, has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, the Adviser, the Administrator, and the Distributor each has adopted a Code of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of Trustees, officers and certain employees ("access persons"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. Under each Code of Ethics, access persons are permitted to invest in securities, including securities that may be purchased or held by the Fund, but are required to report their personal securities transactions for monitoring purposes. In addition, certain access persons are required to obtain approval before investing in initial public offerings or private placements. Copies of these Codes of Ethics are on file with the SEC and are available to the public.

**TRUSTEES AND OFFICERS OF THE TRUST**

**Board Responsibilities.** The management and affairs of the Trust and its series, including the Fund described in this SAI, are overseen by the Trustees. The Board has approved contracts, as described above, under which certain companies provide essential management services to the Trust.

Like most mutual funds, the day-to-day business of the Trust, including the management of risk, is performed by third party service providers, such as the Adviser, Distributor and Administrator. The Trustees are responsible for overseeing the Trust's service providers and, thus, have oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, i.e., events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the Fund. The Fund and its service providers employ a variety of processes, procedures and controls to identify various possible events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (e.g.*,* the Adviser is responsible for the day-to-day management of the Fund's portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Fund's service providers the importance of maintaining vigorous risk management.

The Trustees' role in risk oversight begins before the inception of a fund, at which time certain of the fund's service providers present the Board with information concerning the investment objectives, strategies and risks of the fund as well as proposed investment limitations for the fund. Additionally, the Adviser provides the Board with an overview of, among other things, its investment philosophy, brokerage practices and compliance infrastructure. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer, as well as personnel of the Adviser, and other service providers, such as the fund's independent accountants, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the funds may be exposed.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the Fund by the Adviser and receives information about those services at its regular meetings. In addition, on an annual basis, in connection with its consideration of whether to renew the advisory agreement with the Adviser, the Board meets with the Adviser to review such services. Among other things, the Board regularly considers the Adviser's adherence to the Fund's investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations. The Board also reviews information about the Fund's investments, including, for example, reports on the Adviser's use of derivatives in managing the Fund, if any, as well as reports on the Fund's investments in other investment companies, if any.

The Trust's Chief Compliance Officer reports regularly to the Board to review and discuss compliance issues and Fund and Adviser risk assessments. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the Adviser. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board receives reports from the Fund's service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. The Adviser makes regular reports to the Board concerning investments for which market quotations are not readily available. Annually, the independent registered public accounting firm reviews with the Audit Committee its audit of the Fund's financial statements, focusing on major areas of risk encountered by the Fund and noting any significant deficiencies or material weaknesses in the Fund's internal controls. Additionally, in connection with its oversight function, the Board oversees Fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their review of these reports and discussions with the Adviser, Chief Compliance Officer, independent registered public accounting firm and other service providers, the Board and the Audit Committee learn in detail about the material risks of the Fund, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the Fund can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of the Fund's investment management and business affairs are carried out by or through the Adviser and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Fund's and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are seven members of the Board, five of whom are not "interested persons" of the Trust, as that term is defined in the 1940 Act ("Independent Trustees"). Robert Nesher, an interested person of the Trust, serves as Chairman of the Board. Joseph T. Grause, Jr., an Independent Trustee, serves as the lead independent Trustee. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Trust made this determination in consideration of, among other things, the fact that the Independent Trustees constitute more than two-thirds of the Board, the fact that the chairperson of each Committee of the Board is an independent Trustee, the amount of assets under management in the Trust, and the number of Funds (and classes of shares) overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Fund management.

The Board has two standing committees: the Audit Committee and the Governance Committee. The Audit Committee and Governance Committee are chaired by an Independent Trustee and composed of all of the Independent Trustees.

In his role as Lead Independent Trustee, Mr. Grause, among other things: (i) presides over Board meetings in the absence of the Chairman of the Board; (ii) presides over executive sessions of the Independent Trustees; (iii) along with the Chairman of the Board, oversees the development of agendas for Board meetings; (iv) facilitates communication between the Independent Trustees and management, and among the Independent Trustees; (v) serves as a key point person for dealings between the Independent Trustees and management; and (vi) has such other responsibilities as the Board or Independent Trustees determine from time to time.

Set forth below are the names, years of birth, position with the Trust and length of time served, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee. There is no stated term of office for the Trustees. Nevertheless, an independent Trustee must retire from the Board as of the end of the calendar year in which such independent Trustee first attains the age of seventy-five years; provided, however, that, an independent Trustee may continue to serve for one or more additional one calendar year terms after attaining the age of seventy-five years (each calendar year a "Waiver Term") if, and only if, prior to the beginning of such Waiver Term: (1) the Governance Committee (a) meets to review the performance of the independent Trustee; (b) finds that the continued service of such independent Trustee is in the best interests of the Trust; and (c) unanimously approves excepting the independent Trustee from the general retirement policy set out above; and (2) a majority of the Trustees approves excepting the independent Trustee from the general retirement policy set out above. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456.

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Principal Occupations**<br> **in the Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Trustee** | **Other Directorships Held in the Past 5 Years** |
| **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** |
| Robert Nesher<br> (Born: 1946)<br> Chairman of the Board of Trustees<sup>1</sup><br> (since 1998) | SEI employee 1974 to present; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. President, Chief Executive Officer and Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. President and Director of SEI Structured Credit Fund, LP. Vice Chairman of Winton Series Trust to 2017. Vice Chairman of Winton Diversified Opportunities Fund (closed-end investment company), The Advisors' Inner Circle Fund III, Gallery Trust, Schroder Series Trust and Schroder Global Series Trust to 2018. | 1 | Current Directorships: Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Frost Family of Funds, Catholic Responsible Investments Funds, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Director of SEI Structured Credit Fund, LP, SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments—Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd.<br>Former Directorships: Trustee of The KP Funds to 2022. |

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| | | | | |
|:---|:---|:---|:---|:---|
| N. Jeffrey Klauder<br> (Born: 1952) | Trustee<sup>1</sup><br> (since 2018) | Senior Advisor of SEI Investments since 2018. Executive Vice President and General Counsel of SEI Investments, 2004 to 2018. | 1 | Current Directorships: Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II and Catholic Responsible Investments Funds. Director of SEI Private Trust Company, SEI Global Fund Services Ltd., SEI Investments Global Limited, SEI Global Master Fund, SEI Global Investments Fund and SEI Global Assets Fund.<br>Former Directorships: Trustee of SEI Investments Management Corporation, SEI Trust Company, SEI Investments (South Africa), Limited and SEI Investments (Canada) Company to 2018. Trustee of The KP Funds to 2022. Trustee of SEI Investments - Guernsey Limited to 2025.<br>|
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Kathleen Gaffney<br> (Born: 1961) | Trustee<br> (since 2022) | Retired since 2019. Vice President and Portfolio Manager, Eaton Vance Management from 2012 to 2019. | 1 | Current Directorships: Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, and Catholic Responsible Investments Funds. |

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| | | | | |
|:---|:---|:---|:---|:---|
| Joseph T. Grause, Jr.<br> (Born: 1952) | Trustee<br> (since 2011)<br>Lead Independent Trustee<br> (since 2018) | Self-Employed Consultant since 2012. Director of Endowments and Foundations, Morningstar Investment Management, Morningstar, Inc., 2010 to 2011. Director of International Consulting and Chief Executive Officer of Morningstar Associates Europe Limited, Morningstar, Inc., 2007 to 2010. Country Manager – Morningstar UK Limited, Morningstar, Inc., 2005 to 2007. | 1 | Current Directorships: Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Frost Family of Funds, and Catholic Responsible Investments Funds.<br>Former Directorships: Trustee of The KP Funds to 2022. |
| Robert Mulhall<br> (Born: 1958) | Trustee<br> (since 2019) | Partner, Ernst & Young LLP, from 1998 to 2018. | 1 | Current Directorships: Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Frost Family of Funds and Catholic Responsible Investments Funds.<br>Former Directorships: Trustee of Villanova University Alumni Board of Directors to 2018. Trustee of The KP Funds to 2022. |

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| | | | | |
|:---|:---|:---|:---|:---|
| Bruce Speca<br> (Born: 1956) | Trustee<br> (since 2011) | Global Head of Asset Allocation, Manulife Asset Management (subsidiary of Manulife Financial), 2010 to 2011. Executive Vice President – Investment Management Services, John Hancock Financial Services (subsidiary of Manulife Financial), 2003 to 2010. | 1 | Current Directorships: Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Frost Family of Funds and Catholic Responsible Investments Funds.<br>Former Directorships: Trustee of The KP Funds to 2022. Director of Stone Harbor Investments Funds (8 Portfolios), Stone Harbor Emerging Markets Income Fund (closed-end fund) and Stone Harbor Emerging Markets Total Income Fund (closed-end fund) to 2022. |
| Monica Walker<br> (Born: 1958) | Trustee<br> (since 2022) | Retired. Private Investor since 2017. Co-Founder of Holland Capital Management, LLC in 1991 and Chairman, Chief Executive Officer and Chief Investment Officer – Equity of Holland Capital Management, LLC (Chicago) from 2009 to 2017. | 1 | Current Directorships: Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II and Catholic Responsible Investments Funds. |

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<sup>1</sup> Trustees who are deemed to be "interested persons" (as the term is defined in the 1940 Act) of the Trust are referred to as "Interested Trustees." Messrs. Nesher and Klauder are deemed Interested Trustees by virtue of their affiliation with the Distributor and/or its affiliates.

**Individual Trustee Qualifications.** The Trust has concluded that each of the Trustees should serve on the Board because of his or her ability to review and understand information about the Fund provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Fund, and to exercise their business judgment in a manner that serves the best interests of the Fund's shareholders. The Trust has concluded that each of the Trustees should serve as a Trustee based on his or her own experience, qualifications, attributes and skills as described below.

The Trust has concluded that Mr. Nesher should serve as Trustee because of the experience he has gained in his various roles with SEI Investments, which he joined in 1974, his knowledge of and experience in the financial services industry, and the experience he has gained serving as a trustee of the Trust since 1998.

The Trust has concluded that Mr. Klauder should serve as Trustee because of the experience he has gained in his various roles with SEI Investments, which he joined in 2004, his knowledge of and experience in the financial services industry, and the experience he gained serving as a partner of a large law firm.

The Trust has concluded that Ms. Gaffney should serve as Trustee because of the experience she gained serving as a vice president and portfolio manager for a large asset management company, her experience in and knowledge of the asset management industry, and the experience she has gained serving in board and leadership positions in a variety of nonprofit and civic organizations.

The Trust has concluded that Mr. Grause should serve as Trustee because of the knowledge and experience he gained in a variety of leadership roles with different financial institutions, his knowledge of the mutual fund and investment management industries, and his past experience as an interested trustee and chair of the investment committee for a multi-managed investment company, and the experience he has gained serving as a trustee of the Trust since 2011.

The Trust has concluded that Mr. Mulhall should serve as Trustee because of the knowledge and experience he gained in a variety of leadership roles with an audit firm and various financial services firms, his experience in and knowledge of the financial services industry, and his experience serving in a variety of leadership capacities for non-profit organizations.

The Trust has concluded that Mr. Speca should serve as Trustee because of the knowledge and experience he gained serving as president of a mutual fund company and portfolio manager for a $95 billion complex of asset allocation funds, and his over 25 years of experience working in a management capacity with mutual fund boards, and the experience he has gained serving as a trustee of the Trust since 2011.

The Trust has concluded that Ms. Walker should serve as Trustee because of the experience she gained in a variety of leadership roles with an asset management company that she co-founded, her experience in and knowledge of the financial services industry, and the experience she has gained in various other corporate accounting, finance and investment roles.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Fund.

**Board Committees.** The Board has established the following standing committees:

&nbsp;&nbsp;&nbsp;&nbsp;• **Audit Committee.** The Board
 has a standing Audit Committee that is composed of each of the Independent Trustees. The
 Audit Committee operates under a written charter approved by the Board. The principal responsibilities
 of the Audit Committee include: (i) recommending which firm to engage as the Fund's
 independent registered public accounting firm and whether to terminate this relationship;
 (ii) reviewing the independent registered public accounting firm's compensation, the
 proposed scope and terms of its engagement, and the firm's independence; (iii) pre-approving
 audit and non-audit services provided by the Fund's independent registered public accounting
 firm to the Trust and certain other affiliated entities; (iv) serving as a channel of communication
 between the independent registered public accounting firm and the Trustees; (v) reviewing
 the results of each external audit, including any qualifications in the independent registered
 public accounting firm's opinion, any related management letter, management's
 responses to recommendations made by the independent registered public accounting firm in
 connection with the audit, reports submitted to the Committee by the internal auditing department
 of the Administrator that are material to the Trust as a whole, if any, and management's
 responses to any such reports; (vi) reviewing the Fund's audited financial statements
 and considering any significant disputes between the Trust's management and the independent
 registered public accounting firm that arose in connection with the preparation of those
 financial statements; (vii) considering, in consultation with the independent registered
 public accounting firm and the Trust's senior internal accounting executive, if any,
 the independent registered public accounting firms' report on the adequacy of the Trust's
 internal financial controls; (viii) reviewing, in consultation with the Fund's independent
 registered public accounting firm, major changes regarding auditing and accounting principles
 and practices to be followed when preparing the Fund's financial statements; and (ix)
 other audit related matters. Mses. Gaffney and Walker and Messrs. Grause, Mulhall and Speca
 currently serve as members of the Audit Committee. Mr. Mulhall serves as the Chairman of
 the Audit Committee. The Audit Committee meets periodically, as necessary, and met four (4)
 times during the most recently completed fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;• **Governance Committee.** The Board has a standing Governance Committee (formerly the Nominating Committee)
 that is composed of each of the Independent Trustees. The Governance Committee operates under
 a written charter approved by the Board. The principal responsibilities of the Governance
 Committee include: (i) considering and reviewing Board governance and compensation issues;
 (ii) conducting a self-assessment of the Board's operations; (iii) selecting and nominating
 all persons to serve as Independent Trustees; and (iv) reviewing shareholder recommendations
 for nominations to fill vacancies on the Board if such recommendations are submitted in writing
 and addressed to the Committee at the Trust's office. Mses. Gaffney and Walker and
 Messrs. Grause, Mulhall and Speca currently serve as members of the Governance Committee.
 Mr. Speca serves as the Chairman of the Governance Committee. The Governance Committee meets
 periodically, as necessary, and met one (1) time during the most recently completed fiscal
 year.

**Fund Shares Owned by Board Members.** The following table shows the dollar amount range of each Trustee's "beneficial ownership" of shares of the Fund as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. The Trustees and officers of the Trust own less than 1% of the outstanding shares of the Trust.

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| | | |
|:---|:---|:---|
| Name of Trustee | **Dollar Range of Fund Shares**<br> **(Fund)<sup>1</sup>** | **Aggregate Dollar Range of Shares**<br> **(All Funds in the Family of Investment Companies)<sup>1,2</sup>** |
| **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** |
| Robert A. Nesher |  |  |
| N. Jeffrey Klauder |  |  |
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Kathleen Gaffney |  |  |
| Joseph T. Grause, Jr. |  |  |
| Robert Mulhall |  |  |
| Bruce Speca |  |  |
| Monica Walker |  |  |

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<sup>1</sup> Valuation date is December 31, 2025.

<sup>2</sup> The Fund is the only fund in the family of investment companies.

 

**Board Compensation.** The Trust paid the following fees to the Trustees during the most recently completed fiscal year:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Aggregate Compensation from the Trust** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation from the Trust and Fund Complex<sup>1</sup>** |
| **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** | **<u>Interested Trustees</u>** |
| Robert A. Nesher | $0 | N/A | N/A | $0 for service on one (1) board |
| N. Jeffrey Klauder | $0 | N/A | N/A | $0 for service on one (1) board |
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Kathleen Gaffney | $4965 | N/A | N/A | $4,965 for service on one (1) board |
| Joseph T. Grause, Jr. | $5559 | N/A | N/A | $5,559 for service on one (1) board |
| Robert Mulhall | $5707 | N/A | N/A | $5,707 for service on one (1) board |
| Bruce Speca | $5559 | N/A | N/A | $5,559 for service on one (1) board |
| Monica Walker | $4965 | N/A | N/A | $4,965 for service on one (1) board |

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<sup>1</sup> All funds in the Fund Complex are series of the Trust.

**Trust Officers.** Set forth below are the names, years of birth, position with the Trust and length of time served, and the principal occupations for the last five years of each of the persons currently serving as executive officers of the Trust. There is no stated term of office for the officers of the Trust. Unless otherwise noted, the business address of each officer is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456. The Chief Compliance Officer is the only officer who receives compensation from the Trust for his services.

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| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position with Trust and Length of Time Served** | **Principal Occupations in Past 5 Years** |
| Michael Beattie<br> (Born: 1965) | President<br> (since 2011) | Managing Director, SEI Investments, since 2021. Director of Client Service, SEI Investments, from 2004 to 2021. |
| John Bourgeois<br> (Born: 1973) | Assistant Treasurer<br> (since 2017) | Fund Accounting Manager, SEI Investments, since 2000. |

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---

| | | |
|:---|:---|:---|
| Eric C. Griffith<br> (Born: 1969) | Vice President and Assistant Secretary<br> (since 2019) | Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018. |
| Matthew M. Maher<br> (Born: 1975) | Vice President<br> (since 2018)<br>Secretary<br> (since 2020) | Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013. |
| Andrew Metzger<br> (Born: 1980) | Treasurer, Controller and Chief Financial Officer<br> (since 2021) | Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019. |
| Marci M. Morgan<br> (Born: 1971)<br>| Anti-Money Laundering Compliance Officer and Privacy Officer<br> (since 2025)<br>| Director of Anti-Money Laundering Compliance at SEI Investments since May 2025. Director of Global Due Diligence at SEI Investments from October 2023 to May 2025. Vice President of Regulatory Management at BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing) from December 2001 to January 2006 and from April 2010 to February 2023. |
| Robert Morrow<br> (Born: 1968) | Vice President<br> (since 2017) | Account Manager, SEI Investments, since 2007. |
| Stephen F. Panner<br> (Born: 1970) | Chief Compliance Officer<br> (since 2022) | Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and Catholic Responsible Investments Funds since September 2022. Chief Compliance Officer of SEI Alternative Income Fund since May 2023. Chief Compliance Officer of Symmetry Panoramic Trust since December 2023. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011. |
| Alexander F. Smith<br> (Born: 1977) | Vice President and Assistant Secretary<br> (since 2020) | Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012. |

---

Certain officers of the Trust also serve as officers of one or more funds for which SEI Investments or its affiliates act as investment manager, administrator or distributor.

**REPORTING**

The Trust issues unaudited financial information semi-annually and audited financial statements annually. The Trust furnishes proxy statements and other shareholder reports to shareholders of record.

**PURCHASING AND REDEEMING SHARES**

Purchases and redemptions may be made through the Transfer Agent on any day the New York Stock Exchange ("NYSE") is open for business. Shares of the Fund are offered and redeemed on a continuous basis. Currently, the NYSE is closed for business when the following holidays are observed: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving and Christmas. Purchases and redemptions will be made in full and fractional shares, calculated to three decimal places.

It is currently the Trust's policy to pay for redemptions in cash. The Trust retains the right, however, to alter this policy so as to provide for redemptions in whole or in part by a distribution in kind of securities held by the Fund in lieu of cash. Shareholders may incur brokerage charges on the sale of any such securities so received in payment of redemptions. A shareholder will at all times be entitled to aggregate cash redemptions from the Fund of up to the lesser of $250,000 or 1% of the Trust's net assets during any 90-day period.

The Trust reserves the right to suspend the right of redemption and/or to postpone the date of payment upon redemption for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, for any period on which trading on the NYSE is restricted (as determined by the SEC by rule or regulation), or during the existence of an emergency (as determined by the SEC by rule or regulation) as a result of which disposal or valuation of the Fund's securities is not reasonably practicable, or for such other periods as the SEC has by order permitted. The Trust also reserves the right to suspend sales of shares of the Fund for any period during which the NYSE, the Adviser, the Administrator, the Transfer Agent and/or the Custodian are not open for business.

**PRICING/DETERMINATION OF NET ASSET VALUE**

**General Policy.** The Fund adheres to Section 2(a)(41), and Rules 2a-4 and 2a-5 thereunder, of the 1940 Act with respect to the valuation of portfolio securities. In general, securities for which market quotations are readily available are valued at current market value, and all other securities are valued at fair value by the Adviser in good faith, and subject to the oversight of the Board. In complying with the 1940 Act, the Trust relies on guidance provided by the SEC and by the SEC staff in various interpretive letters and other guidance.

**Equity Securities**. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. Eastern Time if such exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If such prices are not available or determined to not represent the fair value of the security as of the Fund's pricing time, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Money Market Securities and Other Debt Securities.** If available, money market securities and other debt securities are priced based upon valuations provided by recognized independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. Money market securities and other debt securities with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. If such prices are not available or determined to not represent the fair value of the security as of the Fund's pricing time, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Foreign Securities.** The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents.

**Derivatives and Other Complex Securities.** Exchange traded options on securities and indices purchased by the Fund generally are valued at their last trade price or, if there is no last trade price, the last bid price. Exchange traded options on securities and indices written by the Fund generally are valued at their last trade price or, if there is no last trade price, the last asked price. In the case of options traded in the over-the-counter market, if the over-the-counter option is also an exchange traded option, the Fund will follow the rules regarding the valuation of exchange traded options. If the over-the-counter option is not also an exchange traded option, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

Futures and swaps cleared through a central clearing house ("centrally cleared swaps") are valued at the settlement price established each day by the board of the exchange on which they are traded. The daily settlement prices for financial futures are provided by an independent source. On days when there is excessive volume or market volatility, or the future or centrally cleared swap does not end trading by the time the Fund calculates net asset value, the settlement price may not be available at the time at which the Fund calculates its net asset value. On such days, the best available price (which is typically the last sales price) may be used to value the Fund's futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.

If available, non-centrally cleared swaps, collateralized debt obligations, collateralized loan obligations and bank loans are priced based on valuations provided by an independent third party pricing agent. If a price is not available from an independent third party pricing agent, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Use of Third-Party Independent Pricing Services.** Pursuant to contracts with the Administrator, prices for most securities held by the Fund with readily available market quotations are provided by third-party independent pricing agents. The valuations for these securities are reviewed by the Administrator. In accordance with the Adviser's Valuation Procedures, the Adviser may also use third-party independent pricing agents (reviewed and approved by the Adviser) to fair value certain securities without readily available market quotations (or where market quotations are unreliable).

**Fair Value Procedures.** Securities for which market prices are not "readily available" or which cannot be valued using the methodologies described above are valued in accordance with Fair Value Procedures established by the Adviser and implemented through the Adviser's Valuation Committee. In establishing a fair value for an investment, the Adviser will use valuation methodologies established by the Adviser and may consider inputs and methodologies provided by, among others, third-party independent pricing agents, independent broker dealers and/or the Adviser's own personnel (including investment personnel).

Some of the more common reasons that may necessitate a security being valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; trading of the security is subject to local government-imposed restrictions; or a significant event with respect to a security has occurred after the close of the market or exchange on which the security principally trades and before the time the Fund calculates net asset value. When a security is valued in accordance with the Fair Value Procedures, the Adviser's Valuation Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

**TAXES**

The following is only a summary of certain additional U.S. federal income tax considerations generally affecting the Fund and its shareholders that is intended to supplement the discussion contained in the Prospectuses. No attempt is made to present a detailed explanation of the tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectuses is not intended as a substitute for careful tax planning. The summary is very general, except as expressly discussed below, and does not address investors subject to special rules, such as non-U.S. investors and investors who hold shares through an IRA, 401(k) or other tax-advantaged account. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations, including their state, local and foreign tax liabilities.

The following general discussion of certain federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

You are urged to consult your own tax advisor regarding your investment in the Fund.

**Qualification as a Regulated Investment Company.** The Fund has elected and intends to qualify to be treated as a RIC under Subchapter M of the Code. By following such a policy, the Fund expects to eliminate or reduce to a nominal amount the federal taxes to which it may be subject. A Fund that qualifies as a RIC will generally not be subject to federal income taxes on the net investment income and net realized capital gains that the Fund timely distributes to its shareholders. The Board reserves the right not to maintain the qualification of the Fund as a RIC if it determines such course of action to be beneficial to shareholders.

In order to qualify as a RIC under the Code, the Fund must distribute annually to its shareholders at least 90% of its net investment income (which includes dividends, taxable interest, and the excess of net short-term capital gains over net long-term capital losses, less operating expenses) and at least 90% of its net tax exempt interest income, for each tax year, if any (the "Distribution Requirement") and also must meet certain additional requirements. Among these requirements are the following: (i) at least 90% of the Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities, or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies, and net income derived from an interest in a qualified publicly traded partnership (the "Qualifying Income Test"); and (ii) at the close of each quarter of the Fund's taxable year: (A) at least 50% of the value of the Fund's total assets must be represented by cash and cash items, U.S. government securities, securities of other RICs and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and that does not represent more than 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership, and (B) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government securities or the securities of other RICs) of any one issuer or the securities (other than the securities of another RIC) of two or more issuers that the Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Asset Test").

Although the Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year, the Fund will be subject to federal income taxation to the extent any such income or gains are not distributed.

If the Fund fails to satisfy the Qualifying Income Test or Asset Test in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. If the Fund fails to maintain qualification as a RIC for a tax year, and the relief provisions are not available, the Fund will be subject to federal income tax at the regular corporate rate (currently 21%) without any deduction for distributions to shareholders. In such case, its shareholders would be taxed as if they received ordinary dividends to the extent of the Fund's current and accumulated earnings and profits, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC. The Board reserves the right not to maintain the qualification of the Fund as a RIC if it determines such course of action to be beneficial to shareholders.

The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

The treatment of capital loss carryovers for the Fund is similar to the rules that apply to capital loss carryovers of individuals, which provide that such losses are carried over indefinitely. If the Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. The carryover of capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined in the Code.

**Federal Excise Tax.** Notwithstanding the Distribution Requirement described above, which generally requires the Fund to distribute at least 90% of its annual investment company taxable income and the excess of its exempt interest income (but does not require any minimum distribution of net capital gain), the Fund will be subject to a nondeductible 4% federal excise tax to the extent it fails to distribute by the end of the calendar year at least 98% of its ordinary income for that year and 98.2% of its capital gain net income (the excess of short- and long-term capital gains over short- and long-term capital losses) for the one-year period ending on October 31 of such year (including any retained amount from the prior calendar year on which the Fund paid no federal income tax). The Fund intends to make sufficient distributions to avoid liability for federal excise tax but can make no assurances that such tax will be completely eliminated. For example, the Fund may receive delayed or corrected tax reporting statements from its investments that cause the Fund to accrue additional income and gains after the Fund has already made its excise tax distributions for the year. In such a situation, the Fund may incur an excise tax liability resulting from such delayed receipt of such tax information statements. In addition, the Fund may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the Adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Fund to satisfy the requirement for qualification as a RIC.

**Federal Income Tax Treatment of Dividends and Distributions.** The Fund's ordinary income generally consists of interest on investments and dividend income. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of the Fund, constitutes the Fund's net investment income from which dividends may be paid to you. Distributions of net investment income (other than distributions of exempt-interest dividends) and net short-term capital gains are taxable to shareholders at ordinary income tax rates or at the lower capital gains rates that apply to individuals receiving qualified dividend income, whether you take them in cash or in additional shares.

Distributions by the Fund are currently eligible for the reduced maximum tax rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that the Fund receives qualified dividend income on the securities it holds and the Fund reports the distributions as qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that: (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" (which is the day on which declared distributions (dividends or capital gains) are deducted from the Fund's assets before it calculates the net asset value) with respect to such dividend, (ii) the Fund has not satisfied similar holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder), (iii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iv) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Code. Therefore, if you lend your shares in the Fund, such as pursuant to a securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income. It is currently not anticipated that the Fund will make distributions eligible for the reduced tax rates applicable to qualified dividend income.

Distributions by the Fund of its net short-term capital gains will be taxable as ordinary income. Capital gain distributions consisting of the Fund's net capital gains will be taxable as long-term capital gains for individual shareholders, currently set at a maximum rate of 20%, regardless of the length of time they have held their shares. Distributions from capital gains are generally made after applying any available capital loss carryforwards.

In the case of corporate shareholders of the Fund, the Fund's distributions (other than capital gain distributions) generally qualify for the dividends received deduction to the extent such distributions are so reported and do not exceed the gross amount of qualifying dividends received by the Fund for the year. Generally, and subject to certain limitations (including certain holding period limitations), a dividend will be treated as a qualifying dividend if it has been received from a domestic corporation. It is currently not anticipated that the Fund will make distributions eligible for the dividends received deduction for corporate shareholders.

To the extent that the Fund makes a distribution of income received by the Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If the Fund's distributions exceed its taxable income and capital gains realized during a taxable year, all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to the shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the Fund and result in a higher reported capital gain or lower reported capital loss when those shares on which the distribution was received are sold. Capital gains distributions are not eligible for the dividends received deduction for corporate shareholders.

A dividend or distribution received shortly after the purchase of shares reduces the net asset value of the shares by the amount of the dividend or distribution and, although in effect a return of capital, will be taxable to the shareholder. If the net asset value of shares were reduced below the shareholder's cost by dividends or distributions representing gains realized on sales of securities, such dividends or distributions would be a return of investment though taxable to the shareholder in the same manner as other dividends or distributions.

Distributions of any ordinary income and net realized capital gains will be taxable as described above, whether received in shares or in cash. Shareholders who choose to receive distributions in the form of additional shares will have a cost basis for federal income tax purposes in each share so received equal to the net asset value of a share on the reinvestment date.

Distributions of capital gain and distributions of net investment income received shortly after the purchase of shares reduce the net asset value of the Fund's shares by the amount of the distribution. If you purchase shares just prior to a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you are taxed on the distribution even though, as an economic matter, the distribution represents a return of your investment. This is known as "buying a dividend" and should be avoided by taxable investors.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by the Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

Distributions are generally taxable when received. However, distributions declared in October, November or December to shareholders of record on a date in such a month and paid in the following January are taxable as if received by shareholders on December 31 of the calendar year in which declared. Under this rule, therefore, a shareholder may be taxed in one year on dividends or distributions actually received in January of the following year.

The Fund (or its administrative agent) will inform you of the amount of your ordinary income dividends, qualified dividend income, exempt-interest dividends, and capital gain distributions, if any, and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year. If you have not held Fund shares for a full year, the Fund may report and distribute to you, as ordinary income, qualified dividend income or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Fund.

**Sales and Redemptions.** Sales and redemptions of Fund shares may be taxable transactions for federal and state income tax purposes. Assuming a shareholder holds shares as a capital asset, any gain or loss recognized on a sale or redemption of shares of the Fund by a shareholder will generally be treated as a long-term capital gain or loss if the shares have been held for more than twelve months and otherwise will be treated as a short-term capital gain or loss. However, if shares on which a shareholder has received a net capital gain distribution are subsequently sold or redeemed and such shares have been held for six months or less, any loss recognized will be treated as a long-term capital loss to the extent of the net capital gain distribution. In addition, any loss recognized by a shareholder upon the sale or redemption of shares of the Fund held for six months or less will be disallowed to the extent of any exempt-interest dividends received by the shareholder with respect to such shares. The loss realized on a sale or other disposition of shares will be disallowed to the extent a shareholder repurchases (or enters into a contract to or option to repurchase) shares within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of the shares). This loss disallowance rule will apply to shares received through the reinvestment of dividends during the 61-day period.

The Fund (or its administrative agent) must report to the IRS and furnish to its shareholders cost basis information for purchases of Fund shares. In addition to the requirement to report the gross proceeds from the sale of Fund shares, the Fund (or its administrative agent) is also required to report the cost basis information for such shares and indicate whether these shares had a short-term or long-term holding period. For each sale of Fund shares, the Fund will permit shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, the Fund will use the average cost basis method as its default cost basis method. The cost basis method elected by Fund shareholders (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult with their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review the cost basis information provided to them by the Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale of shares of the Fund). Exempt-interest dividends do not constitute "net investment income" for this purpose.

**Tax Treatment of Complex Securities.** The Fund may invest in complex securities and these investments may be subject to numerous special and complex rules that will determine the character and timing of recognition of the income received in connection therewith by the Fund. These rules could affect the Fund's ability to qualify as a RIC, affect whether gains and losses recognized by the Fund are treated as ordinary income or capital gain, accelerate the recognition of income to the Fund and/or defer the Fund's ability to recognize losses, and, in limited cases, subject the Fund to federal income tax on income from certain of its foreign securities. In turn, these rules may affect the amount, timing or character of the income distributed to you by the Fund and may require the Fund to sell securities to mitigate the effect of these rules and prevent disqualification of the Fund as a RIC at a time when the Adviser might not otherwise have chosen to do so.

The Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts subject to section 1256 of the Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. The Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Fund. These provisions may also require the Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out), which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above. Accordingly, in order to avoid certain income and excise taxes, the Fund may be required to liquidate its investments at a time when the Adviser might not otherwise have chosen to do so.

With respect to investments in STRIPS, treasury receipts, and other zero coupon securities which are sold at original issue discount and thus do not make periodic cash interest payments, the Fund will be required to include as part of its current income the imputed interest on such obligations even though the Fund has not received any interest payments on such obligations during that period. Because the Fund intends to distribute all of its net investment income to its shareholders, the Fund may have to sell Fund securities to distribute such imputed income which may occur at a time when the Adviser would not have chosen to sell such securities and which may result in taxable gain or loss.

Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the Fund's disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

**Foreign Taxes.** Dividends and interest received by the Fund may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield on the Fund's stock or securities. Tax conventions between certain countries and the U.S. may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors.

The Fund's shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from the Fund until a shareholder begins receiving payments from their retirement account.

**Backup Withholding.** The Fund will be required in certain cases to withhold at a rate of 24% and remit to the U.S. Treasury such withheld amount on any distribution payable to any shareholder who: (i) has provided the Fund either an incorrect tax identification number or no number at all; (ii) is subject to backup withholding by the IRS for failure to properly report payments of interest or dividends; (iii) has failed to certify to the Fund that such shareholder is not subject to backup withholding; or (iv) has failed to certify to the Fund that the shareholder is a U.S. person (including a resident alien). Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

**Non-U.S. Investors.** Any non-U.S. investors in the Fund may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Fund. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at a 30% rate (or a lower treaty rate) on distributions derived from taxable ordinary income. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of the Fund generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), the Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by the Fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to the Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

A non-U.S. entity that invests in the Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in the Fund should consult their tax advisors in this regard.

**Tax Shelter Reporting Regulations.** Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of RICs are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**State Taxes.** Depending upon state and local law, distributions by the Fund to its shareholders and the ownership of such shares may be subject to state and local taxes. Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for federal income taxation described above. It is expected that the Fund will not be liable for any corporate excise, income or franchise tax in Massachusetts if it qualifies as a RIC for federal income tax purposes.

Many states grant tax-free status to dividends paid to you from interest the Fund earned on direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by the Fund. Investments in GNMA and Fannie Mae securities, banker's acceptances, commercial paper and repurchase agreements collateralized by U.S. government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are different for corporate shareholders. Shareholders are urged to consult their tax advisors regarding state and local taxes applicable to an investment in the Fund.

Because each shareholder's tax situation is different, shareholders should consult their tax advisor about the tax implications of an investment in the Fund.

**Additional Considerations for the Fund.** If at least 50% of the value of the Fund's total assets at the close of each quarter of its taxable years consists of debt obligations that generate interest exempt from U.S. federal income tax, then the Fund may qualify to pass through to its shareholders the tax-exempt character of its income from such debt obligations by paying tax-exempt interest dividends. The Fund intends to qualify and to provide shareholders with income exempt from U.S. federal income tax in the form of exempt-interest dividends. "Tax exempt-interest dividends" are dividends (other than capital gain dividends) paid by a RIC that are properly reported as such in a written statement furnished to shareholders. An underlying fund taxable as a RIC will generally be eligible to distribute exempt-interest dividends if at least 50% of its total assets at the close of each quarter of its taxable year consist of tax-exempt obligations. The Fund will report to its shareholders the portion of the distributions for the taxable year that constitutes tax-exempt interest dividends. The reported portion generally cannot exceed the excess of the amount of interest excludable from gross income under the Code received by the Fund during the taxable year over any amounts disallowed with respect to deductions for interest expense incurred to purchase or carry tax-exempt obligations. Similarly, interest on indebtedness incurred to purchase or carry shares of the Fund by shareholders will not be deductible to the extent that the Fund's distributions are exempt from the U.S. federal income tax. In addition, an investment in the Fund may result in federal alternative minimum tax ("Federal AMT") liability for certain shareholders. In the case of non-corporate taxpayers, certain deductions and exemptions have been designated an "item of tax preference" which must be added back to taxable income for purposes of calculating the Federal AMT for such shareholders. Tax preference items generally include tax-exempt interest on certain "private activity bonds." To the extent the Fund invests in certain private activity bonds, its non-corporate shareholders subject to the Federal AMT will be required to report that portion of the Fund's distributions attributable to income from the bonds as a tax preference item in determining their Federal AMT, if any. In addition, exempt-interest dividends may affect the federal corporate alternative minimum tax for certain corporations. Shareholders will be notified of the tax status of distributions made by the Fund. Interest paid on a municipal bond issued after December 31, 2017 to advance refund another municipal bond is subject to federal income tax.

Persons who may be "substantial users" (or "related persons" of substantial users) of facilities financed by private activity bonds should consult their tax advisers before purchasing shares in the Fund. Furthermore, non-corporate shareholders subject to the Federal AMT will not be permitted to deduct any of their share of the Fund's expenses in computing their Federal AMT.

Shareholders with questions or concerns about the Federal AMT should consult own their own tax advisors.

The IRS is paying increased attention to whether debt obligations intended to produce interest exempt from U.S. federal income tax in fact meet the requirements for such exemption. Ordinarily, the Fund relies on opinions from the issuer's bond counsel that interest on the issuer's debt obligation will be exempt from U.S. federal income tax. However, no assurance can be given that the IRS will not successfully challenge such exemption, which could cause interest on the debt obligation to be taxable and could jeopardize the Fund's ability to pay any tax-exempt interest dividends. Similar challenges may occur as to state specific exemptions.

The percentage of income that constitutes exempt-interest dividends will be determined for each year for the Fund and will be applied uniformly to all dividends declared with respect to the Fund during that year. This percentage may differ from the actual percentage for any particular day.

The deduction for interest on indebtedness incurred or continued by shareholders to purchase or carry shares of the Fund will be limited for federal income tax purposes to the extent that any portion of the Fund's distributions consists of exempt-interest dividends. The deduction otherwise allowable to property and casualty insurance companies for "losses incurred" will be reduced by an amount equal to a portion of exempt-interest dividends received or accrued during any taxable year. Foreign corporations engaged in a trade or business in the United States will be subject to a "branch profits tax" on their "dividend equivalent amount" for the taxable year, which will include exempt-interest dividends. Certain Subchapter S corporations may also be subject to taxes on their "passive investment income," which could include exempt-interest dividends. Up to 85% of the Social Security benefits or railroad retirement benefits received by an individual during any taxable year will be included in the gross income of such individual if the individual's "modified adjusted gross income" (which includes exempt-interest dividends) plus one-half of the Social Security benefits or railroad retirement benefits received by such individual during that taxable year exceeds the base amount described in Section 86 of the Code.

Any loss on the sale of shares of the Fund held for six months or less will be disallowed to the extent of any exempt-interest dividends received by the selling shareholder with respect to such shares.

Distributions of the Fund's income other than tax-exempt interest dividends generally will be taxable to shareholders. Gains realized by the Fund on the sale or exchange of investments that generate tax-exempt income will also be taxable to shareholders.

Although tax-exempt interest dividends are generally exempt from U.S. federal income tax (except for certain shareholders subject to the Federal AMT), there may not be a similar exemption under the laws of a particular state or local taxing jurisdiction. Thus, tax-exempt interest dividends may be subject to state and local taxes. You should consult your own tax advisor to discuss the tax consequences of your investment in the Fund.

Issuers of bonds purchased by the Fund (or the beneficiary of such bonds) may have made certain representations or covenants in connection with the issuance of such bonds to satisfy certain requirements of the Code that must be satisfied subsequent to the issuance of such bonds. Investors should be aware that exempt-interest dividends derived from such bonds may become subject to federal income taxation retroactively to the date thereof if such representations are determined to have been inaccurate or if the issuer of such bonds (or the beneficiary of such bonds) fails to comply with such covenants.

The Fund may not be a suitable investment for IRAs, for other tax-exempt or tax-deferred accounts or for investors who are not sensitive to the federal income tax consequences of their investments because such shareholders and plans would not gain any additional tax benefit from the receipt of exempt-interest dividends.

The state and local tax consequences of an investment in the Fund may differ from the federal consequences described above and shareholders are urged to consult their tax advisers with respect to such consequence.

**Hawaii Taxation.** The State of Hawaii has specifically adopted Sections 852 and 855 of the Code for the purposes of calculating the Fund's taxable income, which provisions provide for pass-through treatment of exempt-interest dividends and capital gains, *i.e.*, distributions by the Fund of dividends representing exempt interest and capital gains retain their original character in the hands of shareholders. Distributions from the Fund to its shareholders that are attributable to interest on obligations exempt from income tax in the State of Hawaii will not be subject to Hawaii income tax in the hands of shareholders so long as at least 50% of the Fund's assets are invested in securities the interest from which is exempt from Hawaii state taxation. In addition, interest income on obligations issued by the U.S. government and its territories is exempt from State of Hawaii income taxation. While the Fund intends to invest primarily in obligations that produce interest exempt from regular federal and Hawaii state tax, if the Fund invests in obligations that are not exempt for Hawaii income tax purposes, a portion of the Fund's distribution will be subject to Hawaii income tax.

**FUND TRANSACTIONS**

**Brokerage Transactions.** Generally, equity securities, both listed and over-the-counter, are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Fund will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark up or reflect a dealer's mark down. When the Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In addition, an adviser may place a combined order for two or more accounts it manages, including the Fund, engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or the Fund may obtain, it is the opinion of the advisers that the advantages of combined orders outweigh the possible disadvantages of combined orders.

For the fiscal years ended December 31, 2023, 2024 and 2025, the Fund did not pay any aggregate brokerage commissions on portfolio transactions.

**Brokerage Selection.** The Trust relies on the Adviser to select brokers for Fund portfolio transactions. The Adviser does not expect to use one particular broker or dealer for Fund portfolio transactions. The Adviser selects brokers based on the broker's ability to provide "best execution." The Adviser considers a number of factors when selecting brokers, such as the broker's reputation and level of experience, the broker's ability to handle block trades and difficult transactions, commission rate, timeliness and accuracy of execution and settlement, the broker's familiarity with the market, the broker's reliability and integrity, the broker's fairness in resolving any disputes with respect to a trade, the time and size of the order and execution, available liquidity and current market conditions. In addition, when one or more brokers are believed capable of providing the best combination of price and execution, the Adviser may select a broker based upon brokerage or research services provided to the Adviser. The Adviser may pay a higher commission than otherwise obtainable from other brokers in return for such services only if a good faith determination is made that the commission is reasonable in relation to the brokerage or research services provided.

Section 28(e) of the 1934 Act permits the Adviser, under certain circumstances, to cause the Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. In addition to agency transactions, the Adviser may receive brokerage and research services in connection with certain riskless principal transactions, in accordance with applicable SEC guidance. Brokerage and research services include: (i) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (ii) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts; and (iii) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement and custody). In the case of research services, the Adviser believes that access to independent investment research is beneficial to their investment decision-making processes and, therefore, to the Fund.

To the extent research services may be a factor in selecting brokers, such services may be in written form or through direct contact with individuals and may include information as to particular companies and securities as well as market, economic or institutional areas and information that assists in the valuation and pricing of investments. Examples of research-oriented services for which the Adviser might utilize Fund commissions include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis. The Adviser may use research services furnished by brokers in servicing all client accounts and not all services may necessarily be used in connection with the account that paid commissions to the broker providing such services. Information so received by the Adviser will be in addition to and not in lieu of the services required to be performed by the Adviser under the Advisory Agreement. Any advisory or other fees paid to the Adviser are not reduced as a result of the receipt of research services.

In some cases the Adviser may receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, the Adviser makes a good faith allocation, under all the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while the Adviser will use its own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, the Adviser faces a potential conflict of interest, but the adviser believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates the anticipated use of such services to their research and non-research uses.

From time to time, the Adviser may purchase new issues of securities for clients, including the Fund, in a fixed price offering. In these situations, the seller may be a member of the selling group that will, in addition to selling securities for clients, provide the adviser with research services. FINRA has adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the seller will provide research "credits" in these situations at a rate that is higher than that which is available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section 28(e).

For the fiscal year ended December 31, 2025, the Fund did not pay any commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides research services to the Adviser.

**Brokerage with Fund Affiliates.** The Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of either the Fund or the Adviser for a commission in conformity with the 1940 Act and rules promulgated by the SEC. The 1940 Act requires that commissions paid to the affiliate by the Fund for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Trustees, including those who are not "interested persons" of the Fund, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

For the fiscal years ended December 31, 2023, 2024 and 2025, the Fund did not pay any aggregate brokerage commissions on portfolio transactions effected through affiliated brokers.

**Securities of "Regular Broker-Dealers."** The Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) that the Fund held during its most recent fiscal year. During the fiscal year ended December 31, 2025, the Fund did not hold any securities of its "regular brokers and dealers."

**Portfolio Turnover Rate.** For the fiscal years ended December 31, 2024 and 2025, the Fund experienced the following portfolio turnover rates:

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| | |
|:---|:---|
| **Portfolio Turnover Rate** | **Portfolio Turnover Rate** |
| **2024** | **2025** |
| 15% | 18% |

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**DESCRIPTION OF SHARES**

The Declaration of Trust authorizes the issuance of an unlimited number of series and shares. Each share of the Fund represents an equal proportionate interest in the Fund with each other share of the Fund. Each share upon liquidation entitles a shareholder to a pro rata share in the net assets of the Fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Board may create additional series of shares or separate classes of series. All consideration received by the Trust for shares of any additional series or separate class and all assets in which such consideration is invested would belong to that series or separate class and would be subject to the liabilities related thereto. Share certificates will not be issued. The Fund's shares, when issued, are fully paid and non-assessable.

**PORTFOLIO HOLDINGS**

The Board has approved a policy and procedures that govern the timing and circumstances regarding the disclosure of Fund portfolio holdings information to shareholders and third parties. This policy and the accompanying procedures are designed to ensure that disclosure of information regarding the Fund's portfolio securities is in the best interests of Fund shareholders, and includes procedures to address conflicts between the interests of the Fund's shareholders, on the one hand, and those of the Adviser, principal underwriter or any affiliated person of the Fund, the Adviser, or its principal underwriter, on the other. Pursuant to such procedures, the Board has authorized the President, Chief Compliance Officer, and portfolio managers to authorize the release of the Fund's portfolio holdings, as necessary, in conformity with the foregoing principles. The Chief Compliance Officer reports quarterly to the Board regarding the implementation of such policies and procedures.

Pursuant to applicable law, the Fund is required to disclose its complete portfolio holdings quarterly, within 60 days of the end of each fiscal quarter (currently, each March 31, June 30, September 30, and December 31). The Fund files with the SEC a complete schedule of investments following the second and fourth fiscal quarters on Form N-CSR, and a complete schedule of investments following the first and third fiscal quarters as exhibits to Form N-PORT. Complete schedules of investments filed with the SEC on Form N-CSR and as exhibits to Form N-PORT are available, free of charge, on the SEC's website at www.sec.gov. The Fund's complete schedules of investments are also posted to the Fund's website (www.bishopstreetfunds.com) and are distributed to Fund shareholders upon request.

The Fund's website also provides information about the Fund's complete portfolio holdings, including some or all of the following: security description, ticker, security identification number, price per share, par value, and interest rate updated as of the end of the most recent calendar/fiscal quarter (*i.e.*, each March 31, June 30, September 30, and December 31) for the Fund. The information for the Fund is posted to the website 15 days after the end of each calendar/fiscal quarter. The information on the Fund's website is publicly available to all categories of persons. The portfolio holdings information placed on the Fund's website generally will remain there until such information is included in a filing on Form N-PORT or Form N-CSR as described above.

In addition to information provided to shareholders and the general public, from time to time rating and ranking organizations, such as S&P and Morningstar, Inc., may request complete portfolio holdings information in connection with rating the Fund. Similarly, institutional investors, financial planners, pension plan sponsors and/or their consultants may request a complete list of portfolio holdings in order to assess the risks of the Fund's portfolio along with related performance attribution statistics. The Fund believes that these third parties have legitimate objectives in requesting such portfolio holdings information. The Fund's policy and procedures provide that the Chief Compliance Officer may authorize disclosure of portfolio holdings information to such parties at differing times and/or with different lag times to such third parties provided that the recipient is, either by contractual agreement or otherwise by law, (i) required to maintain the confidentiality of the information and (ii) prohibited from using the information to facilitate or assist in any securities transactions or investment program.

No compensation or other consideration is paid to or received by any party in connection with the disclosure of portfolio holdings information, including the Fund, the Adviser and their affiliates or recipients of the Fund's portfolio holdings information.

In addition, portfolio holdings information may be disclosed as frequently as daily to the Fund's Adviser, Administrator, Custodian, Transfer Agent, financial printer, pricing vendors, liquidity analytics vendors, class action reclaim vendors, foreign tax reclaim vendors and other vendors that provide the Adviser with various middle office, back office, client reporting and portfolio analytics services in connection with their services to the Fund.

The Adviser may manage other accounts that are not subject to these policies and procedures with investment objectives and strategies that are substantially similar to those of the Fund. Because the portfolio holdings of such accounts may be substantially similar, and in some cases nearly identical, to those of the Fund, an investor in such an account may be able to infer the portfolio holdings of the Fund from the portfolio holdings of the account.

**VOTING**

Each share held entitles the shareholder of record to one vote. The shareholders of the Fund or class will vote separately on matters pertaining solely to the Fund or class, such as any distribution plan. As a Massachusetts business trust, the Trust is not required to hold annual meetings of shareholders, but approval will be sought for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances. In addition, a Trustee may be removed by the remaining Trustees or by shareholders at a special meeting called upon written request of shareholders owning at least 10% of the outstanding shares of the Trust. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Where the Prospectuses or SAI state that an investment limitation or a fundamental policy may not be changed without shareholder approval, such approval means the vote of (i) 67% or more of the Fund's shares present at a meeting if the holders of more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of the Fund's outstanding shares, whichever is less.

**SHAREHOLDER LIABILITY**

The Trust is an entity of the type commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders of such a trust could, under certain circumstances, be held personally liable as partners for the obligations of the trust. Even if, however, the Trust were held to be a partnership, the possibility of the shareholders' incurring financial loss for that reason appears remote because the Declaration of Trust contains an express disclaimer of shareholder liability for obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by or on behalf of the Trust or the Trustees, and because the Declaration of Trust provides for indemnification out of the Trust property for any shareholder held personally liable for the obligations of the Trust.

**LIMITATION OF TRUSTEES' LIABILITY**

The Declaration of Trust provides that a Trustee shall be liable only for his or her own willful defaults and, if reasonable care has been exercised in the selection of officers, agents, employees or investment advisers, shall not be liable for any neglect or wrongdoing of any such person. The Declaration of Trust also provides that the Trust will indemnify its Trustees and officers against liabilities and expenses incurred in connection with actual or threatened litigation in which they may be involved because of their offices with the Trust unless it is determined in the manner provided in the Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the Trust. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**PROXY VOTING**

The Board has delegated the responsibility for decisions regarding proxy voting for securities held by the Fund to the Adviser. The Adviser will vote such proxies in accordance with its proxy voting policies and procedures, which are included in Appendix B to this SAI.

The Trust is required to disclose annually the Fund's complete proxy voting record during the most recent 12-month period ended June 30 on Form N-PX. This voting record is available (i) without charge, upon request, by calling 1-800-262-9565; (ii) by visiting www.bishopstreetfunds.com; and (iii) on the SEC's website at http://www.sec.gov.

**PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS**

As of April 1, 2026, the following persons were record owners (or to the knowledge of the Trust, beneficial owners) of 5% or more of any class of the shares of the Fund. The Trust believes that most of the shares referred to below were held by the below persons in accounts for their fiduciary, agency or custodial customers. Persons beneficially owning more than 25% of the Fund's outstanding shares may be deemed to "control" the Fund within the meaning of the 1940 Act. Shareholders controlling the Fund may have a significant impact on any shareholder vote of the Fund.

---

| | | |
|:---|:---|:---|
| **Hawaii Municipal Bond Fund** | **Hawaii Municipal Bond Fund** | **Hawaii Municipal Bond Fund** |
| **Name and Address** | **Class of Shares** | **% of Class** |
| C/O FIRST HAWAIIAN BANK<br> SEI PRIVATE TRUST COMPANY<br> ONE FREEDOM VALLEY DRIVE<br> OAKS PA 19456-9989 | Class I Shares | 64.50% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | Class I Shares | 5.99% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105-1901 | Class A Shares | 11.09% |

---

**FINANCIAL INFORMATION**

The Fund's audited financial statements dated December 31, 2025, including notes thereto and the report of the Fund's independent registered public accounting firm thereon, are included in the most recent Form [N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000925737/000139834426004301/fp0097182-1_ncsrixbrl.htm) for the Fund, and are incorporated by reference into this SAI. Copies of the Fund's annual or semi-annual reports, and other information such as the Fund's financial statements, are available without charge at www.bishopstreetfunds.com or by calling 1-800-262-9565.

**APPENDIX A**

**DESCRIPTION OF RATINGS**

**Description of Ratings**

The following descriptions of securities ratings have been published by Moody's Investors Services, Inc. ("Moody's"), S&P Global Ratings ("S&P"), and Fitch Ratings ("Fitch"), respectively.

**Description of Moody's Global Ratings**

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

**Description of Moody's Global Long-Term Ratings**

**Aaa** Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa** Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A** Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa** Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba** Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B** Obligations rated B are considered speculative and are subject to high credit risk.

**Caa** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*Note*: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**Hybrid Indicator (hyb)**

The hybrid indicator (hyb) is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**Description of Moody's Global Short-Term Ratings**

**P-1** Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

**P-2** Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

**P-3** Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

**NP** Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**Description of Moody's U.S. Municipal Short-Term Obligation Ratings**

The Municipal Investment Grade ("MIG") scale is used to rate U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

Moody's U.S. municipal short-term obligation ratings are as follows:

**MIG 1** This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

**MIG 2** This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

**MIG 3** This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**SG** This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

**Description of Moody's Demand Obligation Ratings**

For variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the Variable Municipal Investment Grade ("VMIG") scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. For VRDOs, Moody's typically assigns a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

Moody's demand obligation ratings are as follows:

**VMIG 1** This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 2** This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 3** This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

**SG** This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

**Description of S&P's Issue Credit Ratings**

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 likelihood of payment—the capacity and willingness of the obligor to meet its financial
 commitments on an obligation in accordance with the terms of the obligation;

&nbsp;&nbsp;&nbsp;&nbsp;• The nature and provisions of the financial obligation, and the promise S&P
imputes; and

&nbsp;&nbsp;&nbsp;&nbsp;• The protection afforded by, and relative position of, the financial obligation
in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors'
rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

NR indicates that a rating has not been assigned or is no longer assigned.

**Description of S&P's Long-Term Issue Credit Ratings\***

**AAA** An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA** An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A** An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB** An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB; B; CCC; CC; and C** Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB** An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B** An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC** An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC** An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

**C** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**Description of S&P's Short-Term Issue Credit Ratings**

**A-1** A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2** A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3** A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B** A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C** A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D** A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**Description of S&P's Municipal Short-Term Note Ratings**

An S&P U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P's analysis will review the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;• Amortization
 schedule—the larger the final maturity relative to other maturities, the more likely
 it will be treated as a note; and

&nbsp;&nbsp;&nbsp;&nbsp;• Source
 of payment—the more dependent the issue is on the market for its refinancing, the more
 likely it will be treated as a note.

S&P's municipal short-term note ratings are as follows:

**SP-1** Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2** Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3** Speculative capacity to pay principal and interest.

**D** 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

**Description of Fitch's Credit Ratings**

Fitch's credit ratings relating to issuers are forward looking opinions on the relative ability of an entity or obligation to meet financial commitments. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation. Credit ratings are used as indications of the likelihood of repayment in accordance with the terms of the issuance.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative grade categories signal either a higher level of credit risk or that a default has already occurred.

Fitch may also disclose issues relating to a rated issuer that are not and have not been rated. Such issues are also denoted as 'NR' on its webpage.

Fitch's credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with the risk of market value loss due to changes in interest rates, liquidity and/or other market considerations. However, market risk may be considered to the extent that it influences the ability of an issuer to pay or refinance a financial commitment. Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of payments linked to performance of an index).

Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e. rate to a higher or lower standard than that implied in the obligation's documentation).

**Description of Fitch's Long-Term Corporate Finance Obligations Ratings**

**AAA** Highest credit quality. 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA** Very high credit quality. 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A** High credit quality. 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB** Good credit quality. 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**BB** Speculative. 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

**B** Highly speculative. 'B' ratings indicate that material default risk is present.

**CCC** Substantial credit risk. 'CCC' ratings indicate that substantial default risk is present.

**CC** Very high levels of credit risk. 'CC' ratings indicate very high levels of default risk.

**C** Exceptionally high levels of credit risk. 'C' ratings indicate exceptionally high levels of credit risk.

Ratings in the categories of 'CCC', 'CC' and 'C' can also relate to obligations or issuers that are in default. In this case, the rating does not opine on default risk but reflects the recovery expectation only.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'CCC' to 'C' rating categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

**Description of Fitch's Short-Term Ratings**

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means a timeframe of up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

Fitch's short-term ratings are as follows:

**F1** Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2** Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

**F3** Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

**B** Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C** High short-term default risk. Default is a real possibility.

**RD** Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D** Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

**APPENDIX B - PROXY VOTING POLICIES AND PROCEDURES**

**BISHOP STREET CAPITAL MANAGEMENT, LLC**

**Proxy Voting Policies and Procedures**

**<u>Policy</u>**

Bishop Street Capital Management, LLC, as a matter of policy and as a fiduciary to our clients, has responsibility for voting proxies for portfolio securities consistent with the best economic interests of the clients. Our firm maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our firm's proxy policies and practices. Our policy and practice includes the responsibility to monitor corporate actions, receive and vote client proxies and disclose any potential conflicts of interest as well as making information available to clients about the voting of proxies for their portfolio securities and maintaining relevant and required records.

Bishop Street Capital Management, LLC, through its affiliation with First Hawaiian Bank, has retained the services of Broadridge and Glass-Lewis, nationally recognized and independent proxy service providers, to provide research and automated voting for proxy issues based on Glass-Lewis' research.

**<u>Background</u>**

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised.

Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) to disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) to describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser does have proxy voting authority.

Staff Legal Bulletin No. 20 was jointly published by the SEC's Division of Investment Management and Division of Corporation Finance on June 30, 2014. The Division of Investment Management provided guidance about investment advisers' responsibilities in voting client proxies and retaining proxy advisory firms, while the Division of Corporation Finance addressed the availability and requirements of two exemptions to the federal proxy rules that are often relied upon by proxy advisory firms.

**<u>Proxy Voting Advice as a Solicitation Under the Exchange Act</u>**

On July 22, 2020, the SEC adopted amendments to its rules governing proxy solicitations. The amendments specify that proxy voting advice generally constitutes a solicitation within the meaning of Section 14(a) of the Exchange Act.

The Commission noted several factors that indicate proxy voting advice businesses generally engage in solicitations when they provide proxy voting advice to their clients, including:

&nbsp;&nbsp;&nbsp;&nbsp;• The proxy voting advice generally
 describes the specific proposals that will be presented at the registrant's upcoming
 meeting and presents a "vote recommendation" for each proposal that indicates
 how the client should vote;

&nbsp;&nbsp;&nbsp;&nbsp;• Proxy voting advice businesses
 market their expertise in researching and analyzing matters that are subject to a proxy vote
 for the purpose of assisting their clients in making voting decisions;

&nbsp;&nbsp;&nbsp;&nbsp;• Many clients of proxy voting advice
 businesses retain and pay a fee to these firms to provide detailed analyses of various issues,
 including advice regarding how the clients should vote through their proxies on the proposals
 to be considered at the registrant's upcoming meeting or on matters for which shareholder
 approval is sought; and

&nbsp;&nbsp;&nbsp;&nbsp;• Proxy voting advice businesses
 typically provide their recommendations shortly before a shareholder meeting or authorization
 vote, enhancing the likelihood that their recommendations will influence their clients'
 voting determinations.

The Commission observed that where these or other significant factors are present, the proxy voting advice businesses' voting advice generally would constitute a solicitation subject to the Commission's proxy rules because such advice would be "a communication to security holders under circumstances reasonably calculated to result in the procurement, withholding or revocation of a proxy."

*Exemptions*

 

The SEC recognizes two exemptions to the solicitation rule:

&nbsp;&nbsp;&nbsp;&nbsp;1. When a business
 that provides proxy voting services does not provide any voting recommendations and is instead
 exercising delegated voting authority on behalf of its clients; and

&nbsp;&nbsp;&nbsp;&nbsp;2. Any proxy voting
 advice provided by a person who furnishes such advice only in response to an unprompted request.

However, the persons who provide proxy voting advice in reliance on the exemptions must include in their voting advice to clients the conflicts of interest disclosure specified in new Rule 14a-2(b)(9)(i). Such persons must include in their voting advice (or in any electronic medium used to deliver the advice) prominent disclosure of:

&nbsp;&nbsp;&nbsp;&nbsp;• Any information regarding an interest,
 transaction, or relationship of the proxy voting advice business (or its affiliates) that
 is material to assessing the objectivity of the proxy voting advice in light of the circumstances
 of the particular interest, transaction, or relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;• Any policies and procedures used
 to identify, as well as the steps taken to address, any such material conflicts of interest
 arising from such interest, transaction, or relationship.

On July 13, 2022, the SEC voted to rescind Rules 14a-2(b)(9)(ii-iv) which required proxy advisor firms to make their advice available and to provide clients with a mechanism to become aware of information before they vote. This became effective on September 19, 2022.

**<u>Responsibility</u>**

The Chief Compliance Officer has the responsibility for the implementation and monitoring of our proxy voting policy, practices, disclosures and record keeping, including outlining our voting guidelines in our procedures.

**<u>Procedure</u>**

Bishop Street Capital Management, LLC has adopted various procedures and reviews to implement the firm's policy and to monitor and insure the firm's policy is observed, implemented properly and amended or updated as appropriate, which include the following:

<u>PROXIES:</u>

Broadridge receives all proxies and through the research service provider Glass-Lewis, votes the proxies for publicly traded companies, in accordance with Glass-Lewis' voting guidelines. Broadridge's and Glass-Lewis' responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;• Review of proxies received against
 securities held and attempt to obtain any missing proxy materials/ballots prior to the voting
 deadline.

&nbsp;&nbsp;&nbsp;&nbsp;• Voting the proxies according to
 Glass-Lewis' recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;• Transmitting the voted proxies to the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;• Recording how each proxy was voted for each client.

&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining appropriate proxy voting records by issuer and for clients.

&nbsp;&nbsp;&nbsp;&nbsp;• Prepare and provide proxy voting reports to clients upon client request.

Glass-Lewis votes all proxies based on their recommendations and underlying voting guidelines and value system. The BSCM Proxy Committee performs an annual review of the Glass-Lewis voting guidelines and value system to confirm that they are consistent with the best economic interests of the firm's clients. The BSCM Proxy Committee also performs an annual review of the Glass-Lewis Policies, Procedures and Practices Regarding Potential Conflicts of Interest to confirm that Glass-Lewis remains independent and objective in the formulation of its recommendations according to its voting guidelines and value system, as well as Glass-Lewis' Policies & Procedures, generally, for compliance with Rule 14a-2, as amended. All reviews and conclusions will be documented in minutes of the BSCM Proxy Committee and kept in the BSCM Proxy Voting file.

Quarterly, the Chief Compliance Officer or designate will review the Glass-Lewis voting recommendations for proxies voted for any BSCM holdings under its direct management upon which the firm has authority to act and that are not under the oversight of its subadvisers, where applicable, and test proxy votes cast by Glass-Lewis for compliance with the Glass-Lewis voting guidelines and value system then in effect.

<u>CORPORATE ACTIONS:</u>

For CORPORATE ACTIONS involving SECURITIES CLASS ACTIONS only, Bishop Street Capital Management, LLC relies on its custodians to act on behalf of its clients. For example, BSCM will rely on U.S. Bank, the custodian of Bishop Street Funds, to handle and keep records of all CLASS ACTION notices, claims, and proceeds in accordance with that custodian's policies and procedures pertaining to SECURITIES CLASS ACTIONS.

<u>PROXY COMMITTEE:</u>

The Proxy Committee shall consist of the following members: the CEO of BSCM, the Director of Fixed Income, and the Chief Compliance Officer.

<u>DISCLOSURE:</u>

Bishop Street Capital Management, LLC discloses a summary of our proxy voting policy and practices in the prospectus of Bishop Street Funds, which is updated annually.

<u>RECORDKEEPING:</u>

The Chief Compliance Officer has overall responsibility for maintaining files and records regarding BSCM's proxy policies and practices in an appropriate manner and for the required period, i.e., two years on-site in BSCM's offices and an additional five years off-site in secure and accessible facilities. The firm's recordkeeping procedures include the following:

• BSCM maintains relevant records, in paper or electronic format,
internally and externally, including voting records of Glass-Lewis for all BSCM holdings.

• BSCM also works with the fund administrator, SEI Global Funds
Services Inc., to maintain and file the Form N-PX of Bishop Street Funds for which BSCM acts as investment adviser.

**BISHOP STREET FUNDS**

**PART C: OTHER INFORMATION**

**Item 28.** **Exhibits:**

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| | |
|:---|:---|
| (a)(1) | [Amended and Restated Agreement and Declaration of Trust of Bishop Street Funds (the "Trust" or the "Registrant"), dated September 1, 1994 (the "Agreement and Declaration of Trust"), is incorporated herein by reference to Exhibit B1(a) of Post-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the U.S. Securities and Exchange Commission (the "SEC") via EDGAR Accession No. 0000912057-96-003560 on February 29, 1996.](https://www.sec.gov/Archives/edgar/data/925737/0000912057-96-003560.txt) |

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| | |
|:---|:---|
| (a)(2) | [Amendment No. 1, dated May 15, 2012, to the Agreement and Declaration of Trust, is incorporated herein by reference to Exhibit (a)(3) of Post-Effective Amendment No. 37 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-13-187776 on April 30, 2013.](https://www.sec.gov/Archives/edgar/data/925737/000119312513187776/d524245dex99a3.htm) |

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| | |
|:---|:---|
| (b)(1) | [Second Amended and Restated By-Laws of the Registrant (the "By-Laws") are incorporated herein by reference to Exhibit (b)(4) of Post-Effective Amendment No. 35 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-12-196505 on April 30, 2012.](https://www.sec.gov/Archives/edgar/data/925737/000119312512196505/d305021dex99b4.htm) |

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| | |
|:---|:---|
| (b)(2) | [Amendment No. 1, dated May 20, 2020, to the By-Laws, is incorporated herein by reference to Exhibit (b)(2) of Post-Effective Amendment No. 56 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-21-145263 on April 30, 2021.](https://www.sec.gov/Archives/edgar/data/925737/000119312521145263/d62255dex99b2.htm) |

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(c) [See Article III and Article V of the Agreement and Declaration of Trust, which has been incorporated by reference in Exhibit (a)(1) to this Registration Statement.](https://www.sec.gov/Archives/edgar/data/925737/0000912057-96-003560.txt)

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| | |
|:---|:---|
| (d)(1) | [Investment Advisory Agreement, dated March 31, 1999, between the Registrant and First Hawaiian Bank is incorporated herein by reference to Exhibit (d)(5) of Post-Effective Amendment No. 12 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001047469-99-017444 on April 30, 1999.](https://www.sec.gov/Archives/edgar/data/925737/0001047469-99-017444.txt) |

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| | |
|:---|:---|
| (d)(2) | [Assignment and Assumption Agreement, dated February 22, 2000, between First Hawaiian Bank and Bishop Street Capital Management, LLC (formerly, Bishop Street Capital Management) is incorporated herein by reference to Exhibit (d)(7) of Post-Effective Amendment No. 14 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0000893220-00-000577 on May 1, 2000.](https://www.sec.gov/Archives/edgar/data/925737/000089322000000577/0000893220-00-000577.txt) |

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| | |
|:---|:---|
| (d)(3) | [Consent to Assignment and Assumption, dated February 22, 2000, between the Registrant and First Hawaiian Bank is incorporated herein by reference to Exhibit (d)(8) of Post-Effective Amendment No. 14 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0000893220-00-000577 on May 1, 2000.](https://www.sec.gov/Archives/edgar/data/925737/000089322000000577/0000893220-00-000577.txt) |

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| | |
|:---|:---|
| (d)(4) | [Schedule A, as last amended March 31, 2016, to the Investment Advisory Agreement, dated March 31, 1999, between the Registrant and Bishop Street Capital Management, LLC (formerly, Bishop Street Capital Management), is incorporated herein by reference to Exhibit (d)(4) of Post-Effective Amendment No. 45 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-16-569745 on April 29, 2016.](https://www.sec.gov/Archives/edgar/data/925737/000119312516569745/d139602dex99d4.htm) |

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| | |
|:---|:---|
| (d)(5) | [Amendment No. 1, dated April 22, 2025, to the Investment Advisory Agreement, dated March 31, 1999, between the Registrant and Bishop Street Capital Management, LLC (formerly, Bishop Street Capital Management), is incorporated herein by reference to Exhibit (d)(5) of Post-Effective Amendment No. 60 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001398344-25-008265 on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/925737/000139834425008265/fp0093169-1_ex9928d5.htm) |

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| | |
|:---|:---|
| (d)(6) | [Amended and Restated Expense Limitation Agreement, dated December 31, 2019, between the Registrant and Bishop Street Capital Management, LLC (formerly, Bishop Street Capital Management) is incorporated herein by reference to Exhibit (d)(5) of Post-Effective Amendment No. 56 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-21-145263 on April 30, 2021.](https://www.sec.gov/Archives/edgar/data/925737/000119312521145263/d62255dex99d5.htm) |

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| | |
|:---|:---|
| (e)(1) | [Amended and Restated Distribution Agreement, dated February 21, 2007, between the Registrant and SEI Investments Distribution Co. is incorporated herein by reference to Exhibit (e)(2) of Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with SEC via EDGAR Accession No. 0000893220-07-001562 on April 30, 2007.](https://www.sec.gov/Archives/edgar/data/925737/000089322007001562/w32500exv99we2.txt) |

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| | |
|:---|:---|
| (e)(2) | [Amendment No. 1, dated August 10, 2010, to the Amended and Restated Distribution Agreement, dated February 21, 2007, between the Registrant and SEI Investments Distribution Co., is incorporated herein by reference to Exhibit (e)(2) of Post-Effective Amendment No. 37 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-13-187776 on April 30, 2013.](https://www.sec.gov/Archives/edgar/data/925737/000119312513187776/d524245dex99e2.htm) |

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| | |
|:---|:---|
| (e)(3) | [Amendment, dated November 13, 2018, to the Amended and Restated Distribution Agreement, dated February 21, 2007, as amended August 10, 2010, between the Registrant and SEI Investments Distribution Co., is incorporated herein by reference to Exhibit (e)(3) of Post-Effective Amendment No. 51 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-19-129637 on April 30, 2019.](https://www.sec.gov/Archives/edgar/data/925737/000119312519129637/d689464dex99e3.htm) |

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| | |
|:---|:---|
| (e)(4) | [SEI Investments Distribution Co. Sub-Distribution and Servicing Agreement, is incorporated herein by reference to Exhibit (e)(3) of Post-Effective Amendment No. 37 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-13-187776 on April 30, 2013.](https://www.sec.gov/Archives/edgar/data/925737/000119312513187776/d524245dex99e3.htm) |

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(f) Not Applicable.

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| | |
|:---|:---|
| (g)(1) | [Custodian Agreement, dated July 8, 2015, between the Registrant and MUFG Union Bank, N.A., is incorporated herein by reference to Exhibit (g) of Post-Effective Amendment No. 51 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-19-129637 on April 30, 2019.](https://www.sec.gov/Archives/edgar/data/925737/000119312519129637/d689464dex99g.htm) |

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| | |
|:---|:---|
| (g)(2) | [Assignment of Custody Agreement, dated July 7, 2021 by and among the registrant, MUFG Union Bank, N.A., and U.S. Bank N.A., relating to the Custodian Agreement, dated July 8, 2015, between the Registrant and MUFG Union Bank, N.A., is incorporated herein by reference to Exhibit (g)(2) of Post-Effective Amendment No. 57 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-22-134020 on April 29, 2022.](https://www.sec.gov/Archives/edgar/data/925737/000119312522134020/d238522dex99g2.htm) |

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(h)(1) [Second Amended and Restated Administration Agreement, dated March 23, 2026, between the Registrant and SEI Investments Global Funds Services, is filed herewith.](fp0098578-1_ex9928h1.htm)

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| | |
|:---|:---|
| (h)(2) | [Agency Agreement, dated August 13, 2004, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.) is incorporated herein by reference to Exhibit (h)(2) of Post-Effective Amendment No. 25 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0000893220-06-000980 on May 1, 2006.](https://www.sec.gov/Archives/edgar/data/925737/000089322006000980/w19893exv99whx2y.txt) |

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| | |
|:---|:---|
| (h)(3) | [Amendment, dated September 5, 2008, to the Agency Agreement, dated August 13, 2004, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(6) of Post-Effective Amendment No. 37 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-13-187776 on April 30, 2013.](https://www.sec.gov/Archives/edgar/data/925737/000119312513187776/d524245dex99h6.htm) |

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| | |
|:---|:---|
| (h)(4) | [Amendment, dated May 2011, to the Agency Agreement, dated August 13, 2004, as amended September 5, 2008, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(4) of Post-Effective Amendment No. 51 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-19-129637 on April 30, 2019.](https://www.sec.gov/Archives/edgar/data/925737/000119312519129637/d689464dex99h4.htm) |

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| | |
|:---|:---|
| (h)(5) | [Amendment, dated April 30, 2018, to the Agency Agreement, dated August 13, 2004, as amended September 5, 2008 and May 2011, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(5) of Post-Effective Amendment No. 51 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-19-129637 on April 30, 2019.](https://www.sec.gov/Archives/edgar/data/925737/000119312519129637/d689464dex99h5.htm) |

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| | |
|:---|:---|
| (h)(6) | [Amendment, dated June 26, 2018, to the Agency Agreement, dated August 13, 2004, as amended September 5, 2008, May 2011 and April 30, 2018, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(6) of Post-Effective Amendment No. 51 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-19-129637 on April 30, 2019.](https://www.sec.gov/Archives/edgar/data/925737/000119312519129637/d689464dex99h6.htm) |

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| | |
|:---|:---|
| (h)(7) | [Amendment, dated November 29, 2023, to the Agency Agreement, dated August 13, 2004, as amended September 5, 2008, May 2011, April 30, 2018 and June 26, 2018, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(7) of Post-Effective Amendment No. 59 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001398344-24-008225 on April 29, 2024](https://www.sec.gov/Archives/edgar/data/925737/000139834424008225/fp0088028-1_ex9928h7.htm). |

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| | |
|:---|:---|
| (h)(8) | [Shareholder Services Plan between the Registrant and SEI Investments Distribution Co., is incorporated herein by reference to Exhibit (h)(7) of Post-Effective Amendment No. 45 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-16-569745 on April 29, 2016.](https://www.sec.gov/Archives/edgar/data/925737/000119312516569745/d139602dex99h7.htm) |

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| | |
|:---|:---|
| (h)(9) | [Shareholder Service Provider Agreement between SEI Investments Distribution Co. and First Hawaiian Bank, is incorporated herein by reference to Exhibit (h)(8) of Post-Effective Amendment No. 37 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-13-187776 on April 30, 2013.](https://www.sec.gov/Archives/edgar/data/925737/000119312513187776/d524245dex99h8.htm) |

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(i) [Opinion and Consent of Counsel, Morgan, Lewis & Bockius LLP, is filed herewith.](fp0098578-1_ex9928i.htm)

(j) [Consent of Independent Registered Public Accounting Firm, PricewaterhouseCoopers LLP, is filed herewith.](fp0098578-1_ex9928j.htm)

(k) Not Applicable.

(l) Not Applicable.

(m) [Distribution (12b-1) Plan (Class A Shares) is incorporated herein by reference to Exhibit (m)(2) of Post-Effective Amendment No. 13 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with SEC via EDGAR Accession No. 0001047469-99-023948 on June 11, 1999.](https://www.sec.gov/Archives/edgar/data/925737/000104746999023948/0001047469-99-023948.txt)

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| | |
|:---|:---|
| (n)(1) | [Amended and Restated Rule 18f-3 Multiple Class Plan, dated February 21, 2007, including Schedules and Certificates of Class Designation thereto, is incorporated herein by reference to Exhibit (n) of Post-Effective Amendment No. 29 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0000893220-09-000426 on February 27, 2009.](https://www.sec.gov/Archives/edgar/data/925737/000089322009000426/w72948exv99wn.htm) |

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| | |
|:---|:---|
| (n)(2) | [Amended and Restated Schedule A to the Amended and Restated Rule 18f-3 Multiple Class Plan, dated February 21, 2007, is incorporated herein by reference to Exhibit (n)(2) of Post-Effective Amendment No. 45 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-16-569745 on April 29, 2016.](https://www.sec.gov/Archives/edgar/data/925737/000119312516569745/d139602dex99n2.htm) |

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(o) Not Applicable.

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| | |
|:---|:---|
| (p)(1) | [Combined Code of Ethics for the Registrant, The Advisors' Inner Circle Fund and The Advisors' Inner Circle Fund II, as last revised November 13, 2012, is incorporated herein by reference to Exhibit (p)(1) of Post-Effective Amendment No. 37 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-13-187776 on April 30, 2013.](https://www.sec.gov/Archives/edgar/data/925737/000119312513187776/d524245dex99p1.htm) |

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| | |
|:---|:---|
| (p)(2) | [Code of Ethics for SEI Investments Distribution Co. is incorporated herein by reference to Exhibit (p)(2) of Post-Effective Amendment No. 60 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001398344-25-008265 on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/925737/000139834425008265/fp0093169-1_ex9928p2.htm) |

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| | |
|:---|:---|
| (p)(3) | [Code of Ethics for SEI Investments Global Funds Services is incorporated herein by reference to Exhibit (p)(3) of Post-Effective Amendment No. 60 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001398344-25-008265 on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/925737/000139834425008265/fp0093169-1_ex9928p3.htm) |

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(p)(4) [Code of Ethics for Bishop Street Capital Management, LLC is filed herewith.](fp0098578-1_ex9928p4.htm)

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| | |
|:---|:---|
| (q)(1) | [Powers of Attorney, dated August 18, 2020, for Messrs. Robert A. Nesher, N. Jeffrey Klauder, Michael Beattie, Bruce R. Speca, Robert Mulhall and Joseph T. Grause, Jr. are incorporated herein by reference to Exhibit (q)(1) of Post-Effective Amendment No. 56 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-21-145263 on April 30, 2021.](https://www.sec.gov/Archives/edgar/data/925737/000119312521145263/d62255dex99q1.htm) |

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| | |
|:---|:---|
| (q)(2) | [Resolution adopted by the Board of Trustees of the Registrant on August 18, 2020, is incorporated herein by reference to Exhibit (q)(2) of Post-Effective Amendment No. 56 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-21-145263 on April 30, 2021.](https://www.sec.gov/Archives/edgar/data/925737/000119312521145263/d62255dex99q1.htm) |

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| | |
|:---|:---|
| (q)(3) | [Power of Attorney, dated March 24, 2021, for Mr. Andrew Metzger is incorporated herein by reference to Exhibit (q)(3) of Post-Effective Amendment No. 56 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-21-145263 on April 30, 2021.](https://www.sec.gov/Archives/edgar/data/925737/000119312521145263/d62255dex99q3.htm) |

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| | |
|:---|:---|
| (q)(4) | [Powers of Attorney for Mses. Kathleen Gaffney and Monica Walker are incorporated herein by reference to Exhibit (q)(4) of Post-Effective Amendment No. 57 to the Registrant's Registration Statement on Form N-1A (File No. 033-80514), filed with the SEC via EDGAR Accession No. 0001193125-22-134020 on April 29, 2022.](https://www.sec.gov/Archives/edgar/data/925737/000119312522134020/d238522dex99q4.htm) |

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**Item 29. Persons Controlled by or under Common Control with Registrant:**

See the Statement of Additional Information regarding the Registrant's control relationships. The administrator of the Registrant, SEI Investments Global Funds Services, is a subsidiary of SEI Investments Company, which also controls the distributor of the Registrant, SEI Investments Distribution Co., and other corporations engaged in providing various financial and record keeping services, primarily to bank trust departments, pension plan sponsors, and investment managers.

**Item 30. Indemnification:**

Article VIII of the Agreement and Declaration of Trust filed as exhibit (a)(1) to the Registrant's Registration Statement is incorporated herein by reference. Insofar as indemnification liabilities arising under the Securities Act of 1933, as amended (the "1933 Act") may be permitted to trustees, directors, officers and controlling persons of the Registrant by the Registrant pursuant to the Agreement and Declaration of Trust or otherwise, the Registrant is aware that in the opinion of the SEC, such indemnification is against public policy as expressed in the 1933 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 1933 Act and will be governed by the final adjudication of such issues.

**Item 31. Business and Other Connections of the Investment Adviser:** 

The following lists any other business, profession, vocation or employment of a substantial nature in which each investment adviser, and each director, officer or partner of that investment adviser, is or has been engaged within the last two fiscal years for his or her own account or in the capacity of director, officer, employee, partner, or trustee. Unless noted below, none of the investment advisers, and/or director, officer or partner of each investment adviser, is or has been engaged within the last two fiscal years in any other business, profession, vocation or employment of a substantial nature for his or her own account or in the capacity of director, officer, employee, partner or trustee.

<u>Bishop Street Capital Management, LLC</u>

Bishop Street Capital Management, LLC ("BSCM") serves as the investment adviser to the Registrant's Hawaii Municipal Bond Fund. The principal business address for BSCM is 999 Bishop Street, 25th Floor, Honolulu, Hawaii 96813. BSCM is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information listed below is for the fiscal years ended December 31, 2024 and 2025.

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| | | |
|:---|:---|:---|
| **Name and Position <br> with Investment <br> Adviser** | **Name and Principal Business Address of Other Company** | **Connection with <br> Other Company** |
| Stephen K. Rodgers, Chairman, Chief Executive Officer, Chief Investment Officer | First Hawaiian Bank<br> 999 Bishop Street<br> Honolulu, HI 96813 | Executive Vice President, Chief Investment Officer, <br> and Division Manager |
| Stephen K. Rodgers, Chairman, Chief Executive Officer, Chief Investment Officer | Hawaii Opera Theatre<br> 848 S. Beretania Street, Ste 400 Honolulu, HI 96813 | Director |
| Stephen K. Rodgers, Chairman, Chief Executive Officer, Chief Investment Officer | CFA Society Hawaii<br> P.O. Box 580<br> Honolulu, HI 96809 | Director |
| Stephanie C. Nomura, <br> President | First Hawaiian Bank <br> 999 Bishop Street <br> Honolulu, HI 96813 | Vice President and Senior Portfolio Manager |
| Stephanie C. Nomura, <br> President | Hongwanji Mission School Parent Teacher Organization & Alumni Association<br> 1728 Pali Hwy<br> Honolulu, HI 96813 | Board Member |
| Ryan S. Ushijima, Senior Vice President, Chief Compliance Officer | First Hawaiian Bank <br> 999 Bishop Street <br> Honolulu, HI 96813 | Senior Vice President and Chief Trust Compliance Officer |
| Ryan S. Ushijima, Senior Vice President, Chief Compliance Officer | ULR Laboratories LLC<br> PO Box 4676<br> Honolulu, HI 96812 | Director & PCQI |
| Ryan S. Ushijima, Senior Vice President, Chief Compliance Officer | Waimea Community Association<br> PO Box 2622<br> Kamuela, HI 96743 | Director |
| Ryan S. Ushijima, Senior Vice President, Chief Compliance Officer | Luala'i Homeowners Association<br> 74-5620 Palani Road, Suite 215<br> Kailua-Kona, HI 96740 | Director |
| Joshua T. Lam, Director of Fixed Income | First Hawaiian Bank <br> 999 Bishop Street <br> Honolulu, HI 96813 | Vice President and Fixed Income Team Manager |

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**Item 32. Principal Underwriters**

(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.

The Registrant's distributor, SEI Investments Distribution Co. (the "Distributor"), acts as distributor for:

---

| | |
|:---|:---|
| SEI Daily Income Trust | July 15, 1982 |
| SEI Tax Exempt Trust | December 3, 1982 |
| SEI Institutional Managed Trust | January 22, 1987 |
| SEI Institutional International Trust | August 30, 1988 |
| The Advisors' Inner Circle Fund | November 14, 1991 |
| The Advisors' Inner Circle Fund II | January 28, 1993 |
| SEI Asset Allocation Trust | April 1, 1996 |
| SEI Institutional Investments Trust | June 14, 1996 |
| City National Rochdale Funds (f/k/a CNI Charter Funds) | April 1, 1999 |
| Causeway Capital Management Trust | September 20, 2001 |
| SEI Offshore Opportunity Fund II, Ltd. | September 1, 2005 |
| ProShares Trust | November 14, 2005 |
| Community Capital Trust (f/k/a Community Reinvestment Act Qualified Investment Fund) | January 8, 2007 |
| SEI Offshore Advanced Strategy Series SPC | July 31, 2007 |
| SEI Structured Credit Fund, LP | July 31, 2007 |
| Global X Funds | October 24, 2008 |
| ProShares Trust II | November 17, 2008 |
| SEI Special Situations Fund, Ltd. | July 1, 2009 |
| Exchange Traded Concepts Trust (f/k/a FaithShares Trust) | August 7, 2009 |
| Schwab Strategic Trust | October 12, 2009 |
| RiverPark Funds Trust | September 8, 2010 |
| Adviser Managed Trust | December 10, 2010 |
| SEI Core Property Fund, LP | January 1, 2011 |
| New Covenant Funds | March 23, 2012 |
| KraneShares Trust | December 18, 2012 |
| The Advisors' Inner Circle Fund III | February 12, 2014 |
| SEI Catholic Values Trust | March 24, 2015 |
| SEI Hedge Fund SPC | June 26, 2015 |
| SEI Energy Debt Fund, LP | June 30, 2015 |
| Gallery Trust | January 8, 2016 |
| City National Rochdale Select Strategies Fund | March 1, 2017 |

---

---

| | |
|:---|:---|
| City National Rochdale Strategic Credit Fund | May 16, 2018 |
| Symmetry Panoramic Trust | July 23, 2018 |
| Frost Family of Funds | May 31, 2019 |
| SEI Vista Fund, Ltd. | January 20, 2021 |
| Wilshire Private Assets Fund | March 22, 2021 |
| Catholic Responsible Investments Funds | November 17, 2021 |
| SEI Exchange Traded Funds | May 18, 2022 |
| SEI Global Private Assets VI, L.P. | July 29, 2022 |
| Quaker Investment Trust | June 8, 2023 |
| SEI Alternative Income Fund | September 1, 2023 |
| Global X Venture Fund | March 12, 2025 |

---

The Distributor 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 25 of Part B. Unless otherwise noted, the business address of each director or officer is One Freedom Valley Drive, Oaks, PA 19456.

---

| | | |
|:---|:---|:---|
| Name | Position and Office<br> with Underwriter | Positions and Offices<br> with Registrant |
| Robert Hum | President, Chief Executive Officer & Director | -- |
| Heather Corkery | Director | -- |
| Gabriel Garcia | Director | -- |
| John C. Munch | General Counsel & Secretary | -- |
| Jason McGhin | Chief Operations Officer | -- |
| John P. Coary | Chief Financial Officer & Treasurer | -- |
| Jennifer H. Campisi | Chief Compliance Officer, Assistant Secretary & Anti-Money Laundering Officer | -- |
| William M. Martin | Vice President | -- |
| Christopher Rowan | Vice President | -- |
| Judith A. Rager | Vice President | -- |
| Gary Michael Reese | Vice President | -- |
| Robert M. Silvestri | Vice President | -- |

---

**Item 33. Location of Accounts and Records:**

Books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder, are maintained as follows:

(a) With respect to Rules 31a-1(a); 31(a)-1(b); (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:

U.S. Bank, National Association

800 Nicollett Mall

Minneapolis, Minnesota 55402-4302

(b) 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 Investments Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(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 investment advisers:

Bishop Street Capital Management, LLC&nbsp;&nbsp;&nbsp;&nbsp;

999 Bishop Street

25th Floor

Honolulu, Hawaii 96813

**Item 34. Management Services:** None.

**Item 35. Undertakings:** None.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, 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, as amended, and has duly caused this Post-Effective Amendment No. 61 to Registration Statement No. 033-80514 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 April, 2026.

---

| | |
|:---|:---|
|  | **BISHOP STREET FUNDS** |
| By: | \* |
|  | Michael Beattie, President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated.

---

| | | |
|:---|:---|:---|
| \* |  |  |
| Kathleen Gaffney | Trustee | April 30, 2026 |
| \* |  |  |
| Joseph T. Grause, Jr. | Trustee | April 30, 2026 |
| \* |  |  |
| N. Jeffrey Klauder | Trustee | April 30, 2026 |
| \* |  |  |
| Robert Mulhall | Trustee | April 30, 2026 |
| \* |  |  |
| Robert A. Nesher | Trustee | April 30, 2026 |
| \* |  |  |
| Bruce Speca | Trustee | April 30, 2026 |
| \* |  |  |
| Monica Walker | Trustee | April 30, 2026 |
| \* |  |  |
| Michael Beattie | President | April 30, 2026 |
| \* |  |  |
| Andrew Metzger | Treasurer, Controller & <br> Chief Financial Officer | April 30, 2026 |

---

---

| | |
|:---|:---|
| \*By: | /s/ Matthew M. Maher |
|  | Matthew M. Maher |
|  | Attorney-in-Fact |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| [(h)(1)](fp0098578-1_ex9928h1.htm) | [Second Amended and Restated Administration Agreement, dated March 23, 2026, between the Registrant and SEI Investments Global Funds Services](fp0098578-1_ex9928h1.htm) |
| [(i)](fp0098578-1_ex9928i.htm) | [Opinion and Consent of Counsel, Morgan, Lewis & Bockius LLP](fp0098578-1_ex9928i.htm) |
| [(j)](fp0098578-1_ex9928j.htm) | [Consent of Independent Registered Public Accounting Firm, PricewaterhouseCoopers LLP](fp0098578-1_ex9928j.htm) |
| [(p)(4)](fp0098578-1_ex9928p4.htm) | [Code of Ethics for Bishop Street Capital Management, LLC](fp0098578-1_ex9928p4.htm) |

---

## Exhibit 99.28

**SECOND AMENDED AND RESTATED ADMINISTRATION AGREEMENT**

THIS SECOND AMENDED AND RESTATED ADMINISTRATION AGREEMENT (this "<u>Agreement</u>") is made as of the 23<sup>rd</sup> day of March 2026, effective November 19, 2025 (the "<u>Effective Date</u>"), by and between Bishop Street Funds, a Massachusetts business trust (the "<u>Trust</u>") and SEI Investments Global Funds Services, a statutory trust formed under the laws of the State of Delaware (the "<u>Administrator</u>").

WHEREAS, the Trust has entered into an Amended and Restated Administration Agreement dated as of November 13, 2018, as amended, modified or supplemented from time to time (the "<u>Amended and Restated Administration Agreement</u>"), pursuant to which the Administrator agreed to provide certain administrative services to the Trust;

WHEREAS, the Trust has appointed Bishop Street Capital Management as its Investment Adviser;

WHEREAS, the Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), consisting of separate investment portfolios set forth in <u>Schedule I</u> attached hereto, as the same may be amended from time to time (each a "<u>Fund</u>"), each of which may consist of one or more classes of shares of beneficial interest ("<u>Shares</u>");

WHEREAS, the Trust desires the Administrator to provide, and the Administrator is willing to provide, administrative and accounting services to such Funds of the Trust on the terms and conditions set forth herein; and

WHEREAS the Administrator and the Trust each desire to amend and restate the Amended and Restated Administration Agreement with this Agreement; and

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the Trust and the Administrator hereby agree as follows:

SECTION 1 DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 " <u>1940 Act</u> " shall have the meaning given to such term in the preamble of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 " <u>Administrator</u> " shall have the meaning given to such term in the preamble of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 " <u>Agreement</u> " shall have the meaning given to such term in the preamble of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 " <u>AML Regime</u> " shall have the meaning given to such term in <u>Section 14.12</u> of this
Agreement. " <u>AML Regime</u> " shall have the meaning given to such term in <u>Section 14.12</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 " <u>Authorized Person</u> " shall include, as applicable, any trustee, Investment Adviser,
director or other Person having similar status or performing similar functions, as the case may be, acting on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 " <u>Board of Trustees</u> " shall mean the board of trustees of the Funds of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 " <u>Confidential Information</u> " shall have the meaning given to such term in <u>Section 11.01</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 " <u>Disclosing Party</u> " shall have the meaning given to such term in <u>Section 11.01</u> of this Agreement.

Bishop Street Funds Second Amended and Restated Administration Agreement Page 1 of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 " <u>Fund</u> " shall have the meaning given to such term in the preamble of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 " <u>Fund Counsel</u> " shall mean the counsel to the Funds of the Trust as approved by the
Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 " <u>Gross Negligence</u> " means a conscious, voluntary act or omission in reckless disregard
of a legal duty and the rights of, or consequences to, others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 " <u>Instructions</u> " means oral or written instructions, explanations, information, specifications
or documentation actually received by the Administrator pertaining to the performance of its duties hereunder relating to a Fund and from
an Authorized Person of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 " <u>Interested Party</u> " or " <u>Interested Parties</u> " means the Administrator,
its subsidiaries and its affiliates and each of their respective officers, directors, employees, agents, delegates and associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 " <u>Investment Adviser</u> " shall refer to Bishop Street Capital Management that is exclusively
responsible for the investment program of the Funds listed in <u>Schedule I</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 " <u>Investments</u> " shall mean such cash, securities and all other assets and property of
whatsoever nature now owned or subsequently acquired by or for the account of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 " <u>Organizational Documents</u> " means, as applicable, the, declaration of trust, certificate
of trust, bylaws or other similar documentation setting forth the respective rights and obligations of trustees, officers and Shareholders
of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 " <u>Person</u> " shall mean any natural person, partnership, estate, association, custodian,
nominee, limited liability company, corporation, trust or other legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 " <u>Pricing Sources</u> " shall have the meaning given to such term in <u>Section 7</u> of
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 " <u>Proprietary Information</u> " shall have the meaning given to such term in <u>Section 14.01</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 " <u>Reasonable Steps</u> " shall have the meaning given to such term in <u>Section 11.01</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 " <u>Receiving Party</u> " shall have the meaning given to such term in <u>Section 11.01</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 " <u>Shares</u> " refers to the shares of stock of or other equity interest in, as the case
may be, a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 " <u>Shareholder</u> " shall refer to a record owner of outstanding Shares of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 " <u>Sub-Ad</u> v <u>iser</u> " shall refer to each investment sub-adviser approved by the Board
of Trustees of the Trust (or successor investment sub-adviser as may be approved by the Board of Trustees of the Trust from time to time)
that serves as sub-adviser to an Investment Adviser of any Fund of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 " <u>Trust Data</u> " shall have the meaning given to such term in <u>Section 3</u> of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 " <u>Trust Materials</u> " means any prospectus, statement of additional information, supplement,
registration statement, including material agreements as filed with Part C thereof, N-14, exemptive application, proxy statement or proxy
solicitation materials, manager information statement, board materials, board minutes or other periodic report of the Trust or a Fund
as applicable, or any advertising, marketing, Shareholder communication, or promotional material generated by the Trust, an Investment
Adviser or sub-adviser on behalf of a Fund from time to time, as appropriate. Trust Materials shall also include all amendments or supplements
to any of the foregoing. Any Trust Materials prepared by Administrator shall be subject to review by Fund Counsel. The Administrator is
not responsible for Trust Materials.

Bishop Street Funds Second Amended and Restated Administration Agreement Page 2 of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 " <u>Web Access</u> " shall have the meaning given to such term in <u>Section 14.01</u> of this
Agreement.

SECTION 2 APPOINTMENT AND CONTROL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 <u>Services</u>. The Trust hereby appoints the Administrator to be, and the Administrator agrees to act
as, the administrative agent of the Trust for the term and subject to the provisions hereof. The Administrator shall perform (and may
delegate or sub-contract, as provided below) the services set forth in this Agreement, including the services set forth in <u>Schedule II</u>, which may be amended from time to time in writing by the Administrator and the Trust (" <u>Services</u> "). Each of
the parties hereto agree that additional portfolios may be established within the Trust upon approval by the Board of Trustees of the
Trust. Following such approval by the Board of Trustees, the portfolios will be added by amendment to <u>Schedule I</u> executed by the
Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 <u>Authority/Instructions.</u> Each of the activities engaged in under the provisions of this Agreement
by the Administrator on behalf of any Fund in the Trust shall be subject to the overall direction and control of the Board of Trustees,
any Authorized Person of a Fund or any person authorized to act on the Trust's behalf including, without limitation, the Board of
Trustees of the Trust and the Investment Adviser with respect to a Fund; provided, however, that the Administrator shall have the general
authority to do all acts deemed in the Administrator's good faith belief to be necessary and proper to perform its obligations under
this Agreement. In performing its duties hereunder, the Administrator shall observe and comply with all applicable resolutions and/or
directives of the Trust's Board of Trustees of which it has notice, and applicable laws which may from time to time apply to the
Services rendered by the Administrator. The Administrator shall not provide any services related to the management, investment advisory
or sub-advisory functions of any Fund of the Trust and shall have no liability relating to the foregoing.

Each Fund shall furnish the Administrator with any and all Instructions deemed necessary by the Administrator in the performance of its duties hereunder, and the Administrator shall not be liable for any action taken or omitted to be taken by it in good faith without gross negligence, reckless disregard or willful misconduct in accordance with such Instructions. The Administrator, in performing its duties hereunder, shall be entitled to fully rely on the accuracy and validity of any and all Instructions furnished to it by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 <u>Third Parties; Affiliates</u>. The Administrator may delegate to, or sub-contract with, third parties
or affiliates certain administrative or other functions it deems necessary to perform its obligations under this Agreement; provided,
however, all fees and expenses incurred in any delegation or sub-contract shall be paid by the Administrator. The Trust acknowledges that
during the term of this Agreement, the services to be performed by the Administrator may be completed by one or more of the Administrator's
affiliates or third parties located in or outside of the United States of America.

Bishop Street Funds Second Amended and Restated Administration Agreement Page 3 of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 <u>Trust Data</u>. Each Fund of a Trust shall be solely responsible for the accuracy, completeness, and
timeliness of all data and other information provided to the Administrator by or on behalf of the Fund pursuant to this Agreement (including,
without limitation, (i) prices, (ii) sufficient transaction supporting documentation, (iii) detailed accounting methodologies with respect
to a Fund's Investments as approved by the Fund's auditors, (iv) trade and settlement information from prime brokers and custodians,
and (v), Fund information provided directly or indirectly by an Investment Adviser or Sub-Adviser) (collectively, " <u>Trust Data</u> ").
All Trust Data shall be provided to the Administrator by a Fund on a timely basis and in a format and medium reasonably requested by the
Administrator from time to time. Each Fund shall have an ongoing obligation to promptly update all Trust Data applicable to the Fund so
that such information remains complete and accurate. All Trust Data shall be prepared and maintained, by or on behalf of the Trust, in
accordance with applicable law, applicable Trust Materials and generally accepted accounting principles. The Administrator shall be entitled
to rely on all Trust Data and shall have no liability for any loss, damage or expense incurred by any Fund or any other Person to the
extent that such loss, damage or expense arises out of or is related to Trust Data that is not timely, current, complete and accurate.

SECTION 3 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 The Trust represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01.01. it has full power, right and authority to execute and deliver this Agreement and to consummate the transactions
contemplated hereby; the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been
duly and validly approved by all requisite actions on its part, including by the Board of Trustees of the Trust, and no other proceedings
on its part are necessary to approve this Agreement or to consummate the transactions contemplated hereby; this Agreement has been duly
executed and delivered by it; this Agreement constitutes a legal, valid and binding obligation, enforceable against it in accordance with
the Agreement's terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01.02. it is not a party to any, and there are no, pending or threatened legal, administrative, arbitral or other
proceedings, claims, actions or governmental or regulatory investigations or inquiries (collectively, " <u>Actions</u> ") of
any nature against it or its properties or assets which could, individually or in the aggregate, have a material effect upon its business
or financial condition. There is no injunction, order, judgment, decree, or regulatory restriction imposed specifically upon it or any
of its properties or assets which could prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01.03. it is not in default under any contractual or statutory obligations whatsoever (including the payment
of any tax) which, individually or in the aggregate, could materially and adversely affect, or is likely to materially and adversely affect,
its business or financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01.04. it has obtained all consents and given all notices (regulatory or otherwise) and has made all required
regulatory filings necessary to carry on its business and is in compliance in all material respects with all applicable laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01.05. it has a valid engagement with an independent auditor, custodian and broker and will provide additional
information regarding such service providers, including information regarding the terms of its agreements with such service providers,
upon request;

Bishop Street Funds Second Amended and Restated Administration Agreement Page 4 of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01.06. as of the close of business on the Effective Date, the Trust has authorized the issuance of an indefinite
number of Shares and has elected to register an indefinite number of shares in accordance with Rule 24f-2 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01.07. if necessary, any Shareholder approval of this Agreement has been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01.08. it has notified the Administrator of any and all separate agreements, arrangements or undertakings between
the Trust and any third party that could have an impact on the Administrator's performance of its obligations pursuant to this Agreement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 The Trust covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02.01. Upon request, it will furnish the Administrator from time to time with complete copies, authenticated
or certified, of each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Trust's current Declaration of Trust and of any amendments thereto, certified by the proper official of the state in which
such document has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Trust's current bylaws and any amendments thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Copies of resolutions of the Board of Trustees covering the approval of this Agreement, authorization of a specified officer of the
Trust to execute and deliver this Agreement and authorization for specified officers of the Trust to instruct the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A list of all the officers of the Trust, together with specimen signatures of those officers who are authorized to instruct the Administrator
in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Copies of the current prospectus and statement of additional information for each Fund and other Trust Materials as requested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The expense budget for each Fund for the current fiscal year.

The Trust shall promptly provide the Administrator with notice of any material updates of or changes to any of the foregoing documents or information, including an updated written copy of such document or information. Until the Administrator receives such updated information or document, the Administrator shall have no obligation to implement or rely upon such updated information or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02.02. it shall timely perform or oversee the performance of all obligations identified in this Agreement as
obligations of the Trust, including, without limitation, providing the Administrator with all Trust Data and Organizational Documents
reasonably requested by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02.03. it will notify the Administrator as soon as reasonably practical in advance of any matter which could
materially affect the Administrator's performance of its duties and obligations under this Agreement, including any amendment to
the documents referenced in <u>Section 4.02.01</u> above;

Bishop Street Funds Second Amended and Restated Administration Agreement Page 5 of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02.04. it will comply in all material respects with all applicable requirements of the Securities Act of 1933,
the Securities Exchange Act of 1934, the 1940 Act, and any laws, rules and regulations of governmental authorities having jurisdiction
over the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02.05. any reference to the Administrator or this Agreement in the Trust Materials shall be limited solely to
the description provided by the Administrator in writing from time to time or such other description as the parties shall mutually agree
in advance and in writing, or which is required by applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02.06. it shall be solely responsible for its compliance with applicable investment policies, the Trust Materials,
and any laws and regulations governing the manner in which its assets may be invested, and shall be solely responsible for any losses
attributable to non-compliance with the Trust Materials, and applicable policies, laws and regulations governing the Trust, its activities
or the duties, actions or omissions of each Investment Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02.07. it will promptly notify the Administrator of updates to its representations and warranties hereunder.

SECTION 4 REPRESENTATIONS, WARRANTIES and covenants OF THE ADMINISTRATOR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 The Administrator represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01.01. It is duly organized and validly existing in good standing under the laws of the state of its jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01.02. it has full power, right and authority to execute and deliver this Agreement and to consummate the transactions
contemplated hereby; the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been
duly and validly approved by all requisite action on its part, and no other proceedings on its part are necessary to approve this Agreement
or to consummate the transactions contemplated hereby; this Agreement has been duly executed and delivered by it; this Agreement constitutes
a legal, valid and binding obligation, enforceable against it in accordance with the Agreement's terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 <u>Cybersecurity</u>. The Administrator represents, warrants, covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02.01 from the Effective Date and for so long as this Agreement is in effect, (i) it has access to and shall
maintain the facilities, computers, equipment, and personnel reasonably necessary to perform its duties and obligations under this Agreement
and (ii) it has implemented a written information security program that includes commercially reasonable administrative, technical and
physical safeguards designed to protect the safety, security and confidentiality of information of its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02.02 the Administrator's use and dissemination of personal information in connection with the Administrator's
business shall be conducted in accordance in all material respects with applicable privacy policies published or otherwise adopted by
the Administrator and laws applicable to the Administrator;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02.03 it shall: (i) take Reasonable Steps to ensure that information of and about the Trust or any of the
Trust's investors is reasonably protected against loss and against unauthorized access, use, modification, disclosure or other misuse;
(ii) take Reasonable Steps to protect the confidentiality, integrity and security of its software, databases, systems, networks and Internet
sites and all information stored or contained therein or transmitted thereby from potential unauthorized use, access, interruption or
modification by third parties; (iii) encrypt all such information while in transit outside of the Administrator's computing systems
or networks; and (iv) maintain business continuity controls and plans that are reviewed not less than annually. Without limiting the foregoing,
the Administrator shall provide in writing to the Trust, upon reasonable request: (w) a summary of its then current written information
security program; (x) confirmation that, to the Administrator's knowledge, no unauthorized access, interruption or modification
to, loss, or destruction of Confidential Information of the Trust or non-public personal information provided by or on behalf of the Trust
(each, a " <u>Data Breach</u> ") has occurred; (y) a current summary of its business continuity / disaster recovery plan and
the results of the most recent test of such business continuity / disaster recovery plan; and (z) a written privacy policy governing the
manner by which the Administrator collects, uses and transfers "nonpublic personal information" (as defined in such published
privacy policy) and other Confidential Information. As used herein, " <u>Reasonable Steps</u> " means steps that a party takes
to protect its own, similarly confidential or proprietary information of a similar nature, which steps shall in no event be less than
a reasonable standard of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02.04 it shall notify the Trust as soon as reasonably practicable after: (i) the Administrator becomes aware
of any Data Breach, and shall provide information about such Data Breach as reasonably requested by the Trust.

SECTION 5 LIMITATION OF LIABILITY AND INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 The duties of the Administrator shall be confined to those expressly set forth herein, and no implied
duties are assumed by or may be asserted against the Administrator hereunder. The Administrator and its affiliates, including their respective
officers, directors, agents and employees, shall not be liable for any error of judgment or mistake of law or for any loss arising out
of any investment or trading error or for any act or omission in carrying out its duties hereunder, except a loss resulting from willful
misfeasance, bad faith or Gross Negligence in the performance of its duties, or by reason of reckless disregard of its obligations and
duties hereunder. Under no circumstances shall the Administrator be liable to the Trust, Investment Adviser, Sub-Adviser or any Fund for
any special, incidental, consequential, indirect or punitive damages, , lost profits or loss of business of any kind whatsoever (including,
without limitation, attorney and accountant fees) under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 So long as the Administrator, or its agents, acts without willful misfeasance, bad faith or Gross Negligence
in the performance of its duties, and without reckless disregard of its obligations and duties hereunder, the Trust assumes full responsibility
on behalf of each Fund and shall indemnify the Administrator and hold it harmless from and against any and all actions, suits and claims,
whether groundless or otherwise, and from and against any and all claims, demands, losses, damages, costs, charges, reasonable counsel
fees and disbursements, payments, expenses and liabilities (including reasonable investigation expenses) arising directly or indirectly
out of any act or omission of the Administrator in carrying out its duties hereunder. The indemnity and defense provisions set forth herein
shall indefinitely survive the termination of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 The indemnification rights hereunder shall include the right to reasonable advances of defense expenses
in the event of any pending or threatened litigation with respect to which indemnification hereunder may ultimately be merited. If in
any case the Trust may be asked to indemnify or hold the Administrator harmless, the Administrator shall promptly advise the Trust of
the pertinent facts concerning the situation in question, and the Administrator will use all reasonable care to identify and notify the
Trust promptly concerning any situation which presents or appears likely to present the probability of such a claim for indemnification,
but failure to do so shall not affect the rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04 The Trust shall be entitled to participate at its own expense or, if it so elects, to assume the defense
of any suit brought to enforce any claims subject to this indemnity provision. If the Trust elects to assume the defense of any such claim,
the defense shall be conducted by counsel chosen by the Trust and satisfactory to the Administrator, whose approval shall not be unreasonably
withheld. In the event that the Trust elects to assume the defense of any suit and retain counsel, the Administrator shall bear the fees
and expenses of any additional counsel retained by it. If the Trust does not elect to assume the defense of a suit, it will reimburse
the Administrator for the fees and expenses of any counsel retained by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 The Administrator may apply to the Trust, Investment Adviser, or any Person acting on the Trust's
behalf at any time for instructions and may consult Fund Counsel or with accountants, counsel and other experts with respect to any matter
arising in connection with the Administrator's duties hereunder, and the Administrator shall not be liable or accountable for any
action taken or omitted by it in good faith in accordance with such instruction or consultation. Also, the Administrator shall not be
liable for actions taken pursuant to any document which it reasonably believes to be genuine and to have been signed by an Authorized
Person or Authorized Persons. The Administrator shall not be held to have notice of any change of authority of any officer, employee or
agent of the Trust until receipt of written notice thereof. To the extent that the Administrator consults with the Trust's counsel
or accountants pursuant to this provision, any such expense shall be borne by the Trust. Nothing in this paragraph shall be construed
as imposing upon the Administrator any obligation to seek such instructions or advice, or to act in accordance with such advice when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 Subject to the oversight and direction of the Board of Trustees, the Administrator will maintain oversight
of a compliance program for the Trust consistent with Rule 38a-1 under the Investment Company Act of 1940 that includes a Trust Chief
Compliance Officer (CCO) and such additional Compliance Officers as deemed appropriate from time to time. Notwithstanding the foregoing,
the Fund Compliance Services provided through the Administrator under this Agreement are administrative in nature and do not constitute,
nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of any Fund or any other
person. The Fund Compliance Services performed under this Agreement will be at the request and direction of the Board of Trustees, a Fund
or its Chief Compliance Officer, as applicable.

Each Investment Adviser will be responsible for the development of compliance policies and procedures reasonably designed to prevent violation of the federal securities laws, as such term is defined under Rule 38a-1 of the Investment Company Act of 1940, for each Fund for which it serves as Investment Adviser. The Administrator shall have no responsibility for the investment decisions of any Fund and the Administrator shall have no obligation to ensure compliance by any Fund with the policies, restrictions, guidelines, or disclosures applicable to the Fund or any other term or condition of the original documents, operating documents, policies and procedures of any fund or its registration statement. Further, the Administrator shall have no liability to the Trust for any loss or damage suffered by the Trust as a result of any breach of investment policies, objectives, guidelines or restrictions applicable to a Fund or any misstatement or omission in the registration statement. The Trust acknowledges that any reporting by the Administrator to the Fund's Board does not constitute a duty to monitor compliance of any Fund and the Administrator shall not be liable for ensuring compliance by any Fund with any legislation or regulations or exemptions from legislation or regulations of any jurisdiction applicable to a Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 The Administrator may, from time to time, provide to the Trust services and products (" <u>Special Third Party Services</u> ") from external third party sources that are telecommunication carriers, Pricing Sources, data feed providers
or other similar service providers (" <u>Special Third Party Vendors</u> "). The Trust and each Investment Adviser acknowledges
and agrees that the Special Third Party Services are confidential and proprietary trade secrets of the Special Third Party Vendors. Accordingly,
the Trust and Investment Advisers shall honor requests by the Administrator and the Special Third Party Vendors to protect their proprietary
rights in their data, information and property including requests that the Trust and Investment Advisers place copyright notices or other
proprietary legends on printed matter, print outs, tapes, disks, film or any other medium of dissemination. The Trust and each Investment
Adviser further acknowledges and agrees that all Special Third Party Services are provided on an "AS IS WITH ALL FAULTS" basis
solely for such internal use in connection with the Trust, and as an aid in connection with the receipt of the Services. The Trust and
each Investment Adviser may use Special Third Party Services as normally required on view-only screens and hard copy statements, reports
and other documents necessary to support Fund Shareholders, however they shall not distribute any Special Third Party Services to other
third parties. THE SPECIAL THIRD PARTY VENDORS AND THE ADMINISTRATOR MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY, FITNESS
FOR A PARTICULAR USE, OR ANY OTHER MATTER WITH RESPECT TO ANY OF THE SPECIAL THIRD PARTY SERVICES. NEITHER THE ADMINISTRATOR NOR THE SPECIAL
THIRD PARTY VENDORS SHALL BE LIABLE FOR ANY DAMAGES SUFFERED BY THE TRUST, INVESTMENT ADVISER OR ANY FUND IN THE USE OF ANY OF THE SPECIAL
THIRD PARTY SERVICES, INCLUDING, WITHOUT LIMITATION, LIABILITY FOR ANY INCIDENTAL, CONSEQUENTIAL OR SIMILAR DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 The Administrator shall have no liability for its reliance on Trust Data or the performance or omissions
of unaffiliated third parties such as, by way of example and not limitation, transfer agents, sub-transfer agents, custodians, prime brokers,
placement agents, third party marketers, asset data service providers, Investment Advisers or sub-advisers, current or former third-party
service providers, Pricing Sources, software providers, printers, postal or delivery services, telecommunications providers and processing
and settlement services. The Administrator may rely on and shall have no duty to investigate or confirm the accuracy or adequacy of any
information provided by any of the foregoing third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 The Administrator shall have no obligations with respect to any laws relating to the distribution, purchase
or sale of Shares. Further, the Trust assumes full responsibility for the preparation, contents and distribution of its Trust Materials
and its compliance with any applicable laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 THE TRUST AND THE ADMINISTRATOR HAVE FREELY AND OPENLY NEGOTIATED THIS AGREEMENT, INCLUDING THE PRICING,
WITH THE KNOWLEDGE THAT THE LIABILITY OF THE PARTIES IS TO BE LIMITED IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 The provisions of this <u>Section 6</u> shall survive the termination of this Agreement.

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SECTION 6 VALUATION

The method of valuation of securities and the method of computing the Net Asset value shall be as set forth in each Fund's registration statement. The Administrator is entitled to rely on the price and value information (hereinafter "<u>Valuation Information</u>") provided by brokers and custodians, Investment Advisers, Sub-Advisers or any third-party pricing services selected by the Administrator, an Investment Adviser, Sub-Adviser or the Trust (collectively hereinafter referred to as the "<u>Pricing Sources</u>") as reasonably necessary in the performance of the Services. The Administrator shall have no obligation to obtain Valuation Information from any sources other than the Pricing Sources and may rely on estimates provided by a Fund's Investment Adviser, or Sub-Adviser. The Administrator shall have no liability or responsibility for the accuracy of the Valuation Information provided by a Pricing Source or the delegate of a Pricing Source and the Trust shall indemnify and defend the Administrator against any loss, damages, costs, charges or reasonable counsel fees and expenses in connection with any inaccuracy of such Valuation Information. The Trust shall not use Valuation Information for any purpose other than in connection with the Services provided in accordance with the provisions of this Agreement.

SECTION 7 Allocation of Charges and Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.01** <u>The Administrator</u>. The Administrator shall furnish at its own expense the personnel necessary to
perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 <u>Fund Expenses</u>. The Trust on behalf of each Fund, assumes and shall pay or cause to be paid all
expenses of a Fund not otherwise allocated in this Agreement. For avoidance of doubt, Fund expenses incurred shall be borne by the Funds
and include, but are not limited to, initial organization and offering expenses; costs of maintaining corporate existence; taxes; costs
of preferred shares; expenses of conducting repurchase orders for the purpose of repurchasing fund shares; transfer agency, custodial
and dividend disbursing expenses; interest; compensation and expenses of the Trust's trustees and compliance officers; brokerage
fees and commissions; fees associated with Securities and Exchange Commission filings, including EDGAR fees and securities pricing data
and expenses; regulatory fees; state and federal registration fees and fees for blue sky services; advisory, sub-advisory, administration
and shareholder servicing fees; insurance premiums; fidelity bond premiums; costs relating to use of vendors to meet fund regulatory requirements,
including liquidity vendors; costs relating to printing and delivery of materials in connection with meetings of the Trust's trustees;
costs relating to printing; Fund legal, accounting and audit expenses; and extraordinary expenses, including litigation affecting any
Fund and legal obligations relating thereto for which the Fund may have to indemnify its Trustees or officers. In certain instances an
Investment Adviser of a Fund in the Trust may elect to be responsible for certain Fund expenses but in no circumstance will any Fund expenses
be borne by the Administrator. The Administrator may determine in its sole discretion which Fund expenses may be allocated to multiple
Funds in the Trust or across all Funds in the Trust.

SECTION 8 COMPENSATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 <u>Fees</u>. Each Fund shall pay to the Administrator compensation for the services performed by the Administrator
pursuant to this Agreement, the fees set forth in <u>Schedule III</u>. No Fund shall have a right of set-off. The fees set forth on <u>Schedule III</u> are determined based on the characteristics of the Fund(s) as of the effective date of the Agreement. Any material change to the
characteristics to a Fund may give rise to an adjustment to the fees. In the event of such a change, the parties shall negotiate any adjustment
to the fees payable hereunder in good faith. The Trust shall cause each Fund to pay the Administrator's fees monthly in U.S. Dollars,
unless otherwise agreed to by the parties. The Administrator is hereby authorized to, and may, at its option, automatically debit its
fees due from a Fund's cash account(s). The Trust shall cause the foregoing fees to be paid despite the existence of any dispute
among the parties. The Trust shall cause each Fund to pay interest on all amounts past due in an amount equal to the lesser of the maximum
amount permitted by applicable law or the month fee of one and one-half percent (1 ½ %) times the amount past due multiplied by
the number of whole or partial months from the date on which such amount was first due up to and including the day on which payment is
received by the Administrator.

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SECTION 9 DURATION AND TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 <u>Term and Renewal</u>. This Agreement shall become effective as of the Effective Date and shall remain
in effect until January 27, 2029 and thereafter shall automatically renew for successive two year terms (each such period, a "Renewal
Term"), unless terminated by either party on not less than 90 days prior written notice to the other party prior to the end of the
ten then current term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 <u>Termination for Cause</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02.01. This Agreement may be terminated by the Trust or Administrator by giving at least ninety days prior notice
in writing to the other parties if at any time the other party shall have been first (i) notified in writing that such party shall have
materially failed to perform its duties and obligations under this Agreement (such notice shall be of the specific asserted material breach)
(" <u>Breach Notice</u> ") and (ii) the party receiving the Breach Notice shall not have remedied the noticed failure within-forty
five days after receipt of the Breach Notice requiring it to be remedied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 <u>Effect of Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03.01. The termination of this Agreement shall be without prejudice to any rights that may have accrued hereunder
to any party hereto prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03.02. After termination of this Agreement and upon payment of all accrued fees, reimbursable expenses and other
moneys owed to the Administrator, the Administrator shall send to the Trust, or as it shall direct, all books of account, records, registers,
correspondence, documents and assets relating to the affairs of or belonging to the Trust in the possession of or under the control of
the Administrator or any of its agents or delegates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03.03. In the event any and all accrued fees, reimbursable expenses and other moneys owed to the Administrator
hereunder remain unpaid in whole or in part for more than thirty days past due, the Administrator, without further notice, may take any
and all actions it deems necessary to collect such amounts due, and any and all of its collection expenses, costs and fees shall be paid
by the applicable Fund(s), including, without limitation, administrative costs, attorney's fees, court costs, collection agencies
or agents and interest.

SECTION 10 CONFLICTS OF INTEREST

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 <u>Non-Exclusive</u>. The services of the Administrator rendered to the Trust are not deemed to be exclusive.
The Administrator is free to render such services to others. The Administrator shall not be deemed to be affected by notice of, or to
be under any duty to disclose to the Trust or Person acting on the Trust's behalf, information which has come into its possession
or the possession of an Interested Party in the course of or in connection with providing administrative or other services to any other
person or in any manner whatsoever other than in the course of carrying out its duties pursuant to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 <u>Rights of Interested Parties</u>. Subject to applicable law, nothing herein contained shall prevent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02.01. an Interested Party from buying, holding, disposing of or otherwise dealing in any Shares for its own
account or the account of any of its customers or from receiving remuneration in connection therewith, with the same rights which it would
have had if the Administrator were not a party to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02.02. an Interested Party from buying, holding, disposing of or otherwise dealing in any securities or other
investments for its own account or for the account of any of its customers and receiving remuneration in connection therewith, notwithstanding
that the same or similar securities or other investments may be held by or for the account of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02.03. an Interested Party from receiving any commission or other remuneration which it may negotiate in connection
with any sale or purchase of Shares or Investments effected by it for the account of the Trust; provided, however, that the amount of
such commission or other remuneration is negotiated at arm's length; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02.04. an Interested Party from contracting or entering into any financial, banking or other transaction with
the Trust or from being interested in any such contract or transaction; provided, however, that the terms of such transaction are negotiated
at arm's length.

SECTION 11 Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.01 <u>Confidential Information</u>. The Administrator, the Trust, and Investment Adviser (in such capacity,
the " <u>Receiving Party</u> ") acknowledge and agree to maintain the confidentiality of Confidential Information (as hereinafter
defined) provided to the Receiving Party by the Administrator, the Trust, and Investment Adviser (in such capacity, the " <u>Disclosing Party</u> ") in connection with this Agreement. The Receiving Party shall not disclose or disseminate the Disclosing Party's
Confidential Information to any Person other than those employees, agents, contractors, subcontractors and licensees of the Receiving
Party, or with respect to the Administrator as a Receiving Party, to those employees, agents, technology service providers, contractors,
subcontractors, licensors and licensees of any agent or affiliate, who have a need to know it in order to assist the Receiving Party in
performing its obligations, or to permit the Receiving Party to exercise its rights under this Agreement. In addition, the Receiving Party
(a) shall take all Reasonable Steps to prevent unauthorized access to the Disclosing Party's Confidential Information, and (b) shall
not use the Disclosing Party's Confidential Information, or authorize other Persons to use the Disclosing Party's Confidential
Information, for any purposes other than in connection with performing its obligations or exercising its rights hereunder. As used herein,
"Reasonable Steps" means steps that a party takes to protect its own confidential or proprietary information of a similar
nature, which steps shall in no event be less than a reasonable standard of care.

The term "<u>Confidential Information</u>," as used herein, means any of the Disclosing Party's proprietary or confidential information provided in connection with this Agreement including, without limitation, any non-public personal information (as defined in Regulation S-P) of a Sub-Adviser or of the Disclosing Party, its affiliates, their respective clients or suppliers, or other Persons with whom they do business, that may be obtained by the Receiving Party, the terms of (or any exercise of rights granted by) this Agreement, the Trust's portfolio, trading or position information, technical data; trade secrets; know-how; business processes; product plans; product designs; service plans; services; customer lists and customers; markets; software; developments; inventions; processes; formulas; technology; designs; drawings; and marketing, distribution or sales methods and systems; sales and profit figures or other financial information that is disclosed, directly or indirectly, to the Receiving Party by or on behalf of the Disclosing Party, whether in writing, orally, electronically or by other means and whether or not such information is marked as confidential.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.02 <u>Exclusions</u>. Notwithstanding the foregoing, information shall not be Confidential Information and
shall not be subject to such confidentiality obligations if it: (a) is already known to the Receiving Party free of any restriction at
the time it is obtained from the Disclosing Party, (b) is subsequently learned from an independent third party free of any restriction
and without breach of this Agreement; (c) is or becomes publicly available through no wrongful act of the Receiving Party; (d) is independently
developed by or for the Receiving Party without reference to or use of any Confidential Information of the Disclosing Party; (e) is received
by a Receiving Party and/or its affiliates pursuant to business and/or service relationships separate from this Agreement (hereinafter
"Other Services"), the confidentiality of which shall be governed only by any contract or agreement related to such Other
Services; or (f) is required to be disclosed pursuant to an applicable law, rule, regulation, government requirement or court order, or
the rules of any stock exchange (provided, however, that the Receiving Party shall advise the Disclosing Party of such required disclosure
promptly upon learning thereof in order to afford the Disclosing Party a reasonable opportunity to contest, limit and/or assist the Receiving
Party in crafting such disclosure).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.03 <u>Permitted Disclosure</u>. The Receiving Party shall advise its employees, agents, contractors, subcontractors
and licensees, and shall require its affiliates to advise their employees, agents, contractors, subcontractors and licensees, of the Receiving
Party's obligations of confidentiality and non-use under this <u>Section 11</u>, and shall be responsible for ensuring compliance
by its and its affiliates' employees, agents, contractors, subcontractors and licensees with such obligations. In addition, the
Receiving Party shall require all Persons that are provided access to the Disclosing Party's Confidential Information, other than
the Receiving Party's accountants and legal counsel, to execute confidentiality or non-disclosure agreements containing provisions
substantially similar to those set forth in this <u>Section 11</u>. The Receiving Party shall promptly notify the Disclosing Party in
writing upon learning of any unauthorized disclosure or use of the Disclosing Party's Confidential Information by such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.04 <u>Effect of Termination</u>. Upon the Disclosing Party's written request following the termination
of this Agreement, the Receiving Party promptly shall return to the Disclosing Party, or destroy, all Confidential Information of the
Disclosing Party provided under or in connection with this Agreement, including all copies, portions and summaries thereof. Notwithstanding
the foregoing sentence, (a) the Receiving Party may retain one copy of each item of the Disclosing Party's Confidential Information
for purposes of identifying and establishing its rights and obligations under this Agreement, for archival or audit purposes and/or to
the extent required by applicable law, and (b) the Administrator shall have no obligation to return or destroy Confidential Information
of the Trust that resides in save tapes of Administrator; provided, however, that in either case all such Confidential Information retained
by the Receiving Party shall remain subject to the provisions of <u>Section 11</u> for so long as it is so retained. If requested by the
Disclosing Party, the Receiving Party shall certify in writing its compliance with the provisions of this <u>Section 11</u>.

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SECTION 12 ROLE OF ADMINISTRATOR STAFF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 Nothing in this Agreement shall be deemed to appoint the Administrator and/or its officers, directors
or employees as the attorneys of the Trust or of any Fund; form any attorney-client relationships or be deemed to constitute the provision
of legal advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.02 The Trust and each Fund registered with the Trust acknowledges that in-house attorneys of the Administrator
exclusively represent the Administrator and rely on Fund Counsel to review all services provided by in-house attorneys of the Administrator,
including any services performed pursuant to a mutually agreed upon Statement of Work between the Administrator and a Fund, and to provide
independent judgment on each Fund's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 Due to the fact that no attorney-client relationship exists between in-house attorneys of the Administrator
and either the Trust or any Fund, any information provided to attorneys of the Administrator may not be privileged and may be subject
to compulsory disclosure under certain circumstances.

SECTION 13 Miscellaneous provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 <u>Internet Access</u>. Data and information may be made electronically accessible to the Trust, Investment
Adviser, and/or Sub-Adviser(s) and its Shareholders through Internet access to one or more web sites provided by the Administrator (" <u>Web Access</u> "). As between the Trust and Administrator, the Administrator shall own all right, title and interest to such Web Access,
including, without limitation, all content, software, interfaces, documentation, data, trade secrets, design concepts, "look and
feel" attributes, enhancements, improvements, ideas and inventions and all intellectual property rights inherent in any of the foregoing
or appurtenant thereto including all patent rights, copyrights, trademarks, know-how and trade secrets (collectively, the "Proprietary
Information"). The Trust recognizes that the Proprietary Information is of substantial value to the Administrator and shall not
use or disclose the Proprietary Information except as specifically authorized in writing by the Administrator. Use of the Web Access by
the Trust or its agents or Shareholders will be subject to any additional terms of use set forth on the web site. All Web Access and the
information (including text, graphics and functionality) on the web sites related to such Web Access is presented "As Is"
and "As Available" without express or implied warranties including, but not limited to, implied warranties of non-infringement,
merchantability and fitness for a particular purpose. The Administrator neither warrants that the Web Access will be uninterrupted or
error free, nor guarantees the accessibility, reliability, performance, timeliness, sequence, or completeness of information provided
on the Web Access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.02 <u>Independent Contractor</u>. In making, and performing under, this Agreement, the Administrator shall
be deemed to be acting as an independent contractor of the Trust and neither the Administrator nor its employees shall be deemed an agent,
affiliate, legal representative, joint venturer or partner of the Trust or Investment Adviser. No party is authorized to bind any other
party to any obligation, affirmation or commitment with respect to any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.03 <u>Assignment; Binding Effect</u>. The Trust may not assign, delegate or transfer, by operation of law
or otherwise, this Agreement (in whole or in part), or any of the Trust's obligations hereunder, without the prior written consent
of the Administrator, which consent shall not be unreasonably withheld or delayed. The Administrator may assign or transfer, by operation
of law or otherwise, all or any portion of its rights under this Agreement to an affiliate of the Administrator or to any person or entity
who purchases all or substantially all of the business or assets of the Administrator to which this Agreement relates, provided that such
affiliate, person or entity agrees in advance and in writing to be bound by the terms, conditions and provisions of this Agreement. Subject
to the foregoing, all of the terms, conditions and provisions of this Agreement shall be binding upon and shall inure to the benefit of
each party's successors and permitted assigns. Any assignment, delegation, or transfer in violation of this provision shall be void
and without legal effect.

Bishop Street Funds Second Amended and Restated Administration Agreement Page 14 of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.04 <u>Agreement for Sole Benefit of the Administrator and the Trust</u>. This Agreement is for the sole and
exclusive benefit of the Administrator, the Trust, and solely with respect to the Funds, Investment Adviser, and will not be deemed to
be for the direct or indirect benefit of the clients or customers of the Administrator, the Trust, or Investment Adviser. The clients
or customers of the Administrator, the Trust, or Investment Adviser will not be deemed to be third party beneficiaries of this Agreement
nor to have any other contractual relationship with the Administrator by reason of this Agreement. Notwithstanding the foregoing, Investment
Adviser is a third-party beneficiary to this Agreement solely for the purposes of Section 11.01 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 <u>Governing Law; Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with
the laws of the Commonwealth of Pennsylvania without giving effect to any choice or conflict of law provision or rule that would cause
the application of the laws of any other jurisdiction. To the extent that the applicable laws of the Commonwealth of Pennsylvania, or
any of the provisions of this Agreement, conflict with the applicable provisions of the 1940 Act, the Securities Act of 1933 or the Securities
Exchange Act of 1934, the latter shall control. Each party to this Agreement, by its execution hereof, (i) hereby irrevocably submits
to the nonexclusive jurisdiction of the state courts of the Commonwealth of Pennsylvania or the United States District Courts for the
Eastern District of Pennsylvania for the purpose of any action between the parties arising in whole or in part under or in connection
with this Agreement, and (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion,
as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts,
that its property is exempt or immune from attachment or execution, that any such action brought in one of the above-named courts should
be dismissed on grounds of forum non conveniens, should be transferred or removed to any court other than one of the above-named courts,
or should be stayed by reason of the pendency of some other proceeding in any other court other than one of the above-named courts, or
that this Agreement or the subject matter hereof may not be enforced in or by such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.06 <u>Equitable Relief</u>. Each party agrees that any other party's violation of the provisions of <u>Section 11 (Confidentiality)</u> may cause immediate and irreparable harm to the other party for which money damages may not constitute
an adequate remedy at law. Therefore, the parties agree that, in the event either party breaches or threatens to breach said provision
or covenant, the other party shall have the right to seek, in any court of competent jurisdiction, an injunction to restrain said breach
or threatened breach, without posting any bond or other security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.07 <u>Dispute Resolution</u>. Whenever any party desires to institute legal action against another party
concerning this Agreement, it shall provide written notice to that effect to such other parties. The party providing such notice shall
refrain from instituting said legal proceedings for a period of thirty days following the date of provision of such notice. During such
period, the parties shall attempt in good faith to amicably resolve their dispute by negotiation among their executive officers. This <u>Section 14.07</u> shall not prohibit any party from seeking, at any time, equitable relief as permitted under <u>Section 14.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.08 <u>Notice</u>. All notices provided for or permitted under this Agreement (except for correspondence between
the parties related to operations in the ordinary course) shall be deemed effective upon receipt, and shall be in writing and (a) delivered
personally, (b) sent by commercial overnight courier with written verification of receipt, or (c) sent by certified or registered U.S.
mail, postage prepaid and return receipt requested, to the party to be notified, at the address for such party set forth below, or at
such other address of such party specified in the opening paragraph of this Agreement. Notices to the Administrator shall be sent to the
attention of: General Counsel, SEI Investments Global Funds Services, One Freedom Valley Drive, Oaks, Pennsylvania 19456, with a copy,
given in the manner prescribed above, to the Administrator relationship manager assigned to the applicable Fund. Notices to the Trust
shall be sent to the Person(s) indicated on <u>Schedule IV</u>.

Bishop Street Funds Second Amended and Restated Administration Agreement Page 15 of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.09 <u>Entire Agreement; Amendments</u>. This Agreement sets forth the entire understanding of the parties
with respect to the subject matter hereof. This Agreement supersedes all prior or contemporaneous representations, discussions, negotiations,
letters, proposals, agreements and understandings between the parties hereto with respect to the subject matter hereof, whether written
or oral. This Agreement may be amended, modified or supplemented only by a written instrument duly executed by an authorized representative
of each of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 <u>Severability</u>. Any provision of this Agreement that is determined to be invalid or unenforceable
in any jurisdiction shall be ineffective to the extent of such invalidity or unenforceability in such jurisdiction, without rendering
invalid or unenforceable the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any
other jurisdiction. If a court of competent jurisdiction declares any provision of this Agreement to be invalid or unenforceable, the
parties agree that the court making such determination shall have the power to reduce the scope, duration, or area of the provision, to
delete specific words or phrases, or to replace the provision with a provision that is valid and enforceable and that comes closest to
expressing the original intention of the parties, and this Agreement shall be enforceable as so modified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 <u>Waiver</u>. Any term or provision of this Agreement may be waived at any time by the party entitled
to the benefit thereof by written instrument executed by such party. No failure of either party hereto to exercise any power or right
granted hereunder, or to insist upon strict compliance with any obligation hereunder, and no custom or practice of the parties with regard
to the terms of performance hereof, will constitute a waiver of the rights of such party to demand full and exact compliance with the
terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 <u>Anti-Money Laundering Laws</u>. In connection with performing the Services set forth herein, the Administrator
may provide information that the Trust may rely upon in connection with the Trust's compliance with applicable laws, policies and
regulations aimed at the prevention and detection of money laundering and/or terrorism activities (hereinafter, the " <u>AML Regime</u> ").
The Trust and the Administrator agree that the Trust shall be responsible for its compliance with such AML Regime. It shall be a condition
precedent to providing Services to the Trust under this Agreement and the Administrator shall have no liability for non-performance of
its obligations under this Agreement unless it is satisfied, in its absolute discretion, that it has sufficient and appropriate information
and material to discharge its obligations under the AML Regime, and that the performance of such obligations will not violate any AML
Regime applicable to it. Without in any way limiting the foregoing, the Trust acknowledges that the Administrator is authorized to return
a Shareholder's Investment in any Fund and take any action necessary to restrict payment of redemption proceeds to the extent necessary
to comply with its obligations pursuant to the AML Regime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 <u>Force Majeure</u>. No breach of any obligation of a party to this Agreement (other than obligations
to pay amounts owed) will constitute an event of default or breach to the extent it arises out of a cause, existing or future, that is
beyond the control and without negligence of the party otherwise chargeable with breach or default, including without limitation: work
action or strike; governmental action; lockout or other labor dispute; flood; war; riot; theft; act of terrorism, earthquake or natural
disaster. Either party desiring to rely upon any of the foregoing as an excuse for default or breach will, when the cause arises, give
to the other party prompt notice of the facts which constitute such cause; and, when the cause ceases to exist, give prompt notice thereof
to the other party.

Bishop Street Funds Second Amended and Restated Administration Agreement Page 23 of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 <u>Equipment Failures</u>. In the event of equipment failures beyond the Administrator's control,
the Administrator shall take reasonable and prompt steps to minimize service interruptions but shall have no liability with respect thereto.
The Administrator shall develop and maintain a plan for recovery from equipment failures which may include contractual arrangements with
appropriate parties making reasonable provision for emergency use of electronic data processing equipment to the extent appropriate equipment
is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 <u>Headings</u>. All <u>Section</u> headings contained in this Agreement are for convenience of reference
only, do not form a part of this Agreement and will not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16 <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, all of which shall constitute
one and the same instrument. Each such counterpart shall be deemed an original, and it shall not be necessary in making proof of this
Agreement to produce or account for more than one such counterpart. This Agreement shall be deemed executed by both parties when any one
or more counterparts hereof or thereof, individually or taken together, bears the original facsimile or scanned signatures of each of
the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17 <u>Limited Recourse</u>. The Trust has been established with segregated liability between its Funds. The
Trust and Administrator acknowledge that any amounts due or payable to the Administrator under this Agreement, howsoever arising, will
be payable only out of the assets of the Fund to which such amounts are attributable, or in the sole discretion of Investment Adviser,
directly out of the assets of the Investment Adviser, and in no circumstances will the assets of one Fund be used to discharge the liabilities
of any other Fund of the Trust.

Notwithstanding any other provision of this Agreement, the Administrator's recourse against the Trust in respect of any claims which may be brought against, suffered or incurred by the Administrator, its permitted delegates, servants or agents shall be limited to the Fund established in respect of Shares to which the claims relate, and the Administrator shall have no recourse directly to the Trust or any other Fund in respect of any such claims or to any assets of Investment Adviser. If, following the realization of all of the assets of the relevant Fund and subject to the application on such realization proceeds in payment of all claims relating to the relevant Fund (if any) and all other liabilities (if any) to the Trust ranking pari passu with or senior to the claims which have recourse to the relevant Fund, the claims are not paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount outstanding in respect of the claims relating to
the relevant Fund shall be automatically extinguished;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrator shall have no further right of payment in
respect thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Administrator shall not be able to petition for the winding-up
of the Trust or the termination of any other Fund as a consequence of any such shortfall.

PROVIDED HOWEVER that sub-clauses (a) and (b) above shall not apply to any assets of any Fund that may be subsequently held or recouped by the Fund.

Bishop Street Funds Second Amended and Restated Administration Agreement Page 23 of

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **ADMINISTRATOR:** | **ADMINISTRATOR:** | **TRUST:** | **TRUST:** |
| SEI INVESTMENTS GLOBAL FUNDS SERVICES | SEI INVESTMENTS GLOBAL FUNDS SERVICES | BISHOP STREET FUNDS | BISHOP STREET FUNDS |
| By: | /s/ Sean Lawlor | By: | /s/ Michael Beattie |
| Name: | Sean Lawlor | Name: | Michael Beattie |
| Title: | Vice President | Title: | Title: President |
| **READ AND ACKNOWLEDGED:** | **READ AND ACKNOWLEDGED:** |  |  |
| **INVESTMENT ADVISER**: | **INVESTMENT ADVISER**: |  |  |
| BISHOP STREET CAPITAL MANAGEMENT | BISHOP STREET CAPITAL MANAGEMENT |  |  |
| By: | /s/ Stephen Rodgers |  |  |
| Name: | Stephen Rodgers |  |  |
| Title: | CEO, BSCM, LLC |  |  |

---

Bishop Street Funds Second Amended and Restated Administration Agreement Page 23 of

**SCHEDULE I**

Funds

Hawaii Municipal Bond Fund (Institutional Class and Retail A Class)

Bishop Street Funds Second Amended and Restated Administration Agreement Page 23 of

**SCHEDULE II**

List of Services

1. Maintain the Trust's accounting books and records;

2. Obtain Fund security valuations from appropriate sources consistent with the Trust's pricing and
valuation policies, and calculate net asset value of each Fund and class;

3. Compute yields, total return, expense ratios, portfolio turnover rate and average dollar-weighted portfolio
maturity, as appropriate;

4. Track and validate income and expense accruals, analyze and modify expense accrual changes periodically,
and process expense disbursements to vendors and service providers;

5. Perform cash processing such as recording paid-in capital activity, perform necessary reconciliations
with the transfer agent and the custodian, and provide cash availability data to the Investment Adviser, if requested;

6. Calculate required ordinary income and capital gains distributions, coordinate estimated cash payments,
and perform necessary reconciliations with the transfer agent;

7. Provide standardized performance reporting data to the Trust and each Investment Adviser;

8. Provide performance, financial and expense information for registration statements and proxies;

9. Communicate net asset value, yield, total return or other financial data to appropriate third party reporting
agencies, and assist in resolution of errors reported by such third party agencies;

10. Update accounting system to reflect rate changes, as received from a Fund's Investment Adviser, sub-adviser
or respective designee, on variable interest rate instruments;

11. Accrue expenses of each Fund according to instructions received from the Trust's treasurer or other authorized
representative (including officers of the a Fund's Investment Adviser);

12. Determine the outstanding receivables and payables for all (1) security trades, (2) portfolio share transactions
and (3) income and expense accounts in accordance with the budgets provided by the Trust or its Investment Adviser;

13. Prepare the Trust's financial statements for review by fund management and independent auditors,
manage annual and semi-annual report preparation process, prepare Forms N-SAR, N-Q, N-CSR, N-CEN, N-PORT and 24f-2, provide Fund performance
data for annual report, coordinate printing and delivery of annual and semi-annual reports to Shareholders, and file Forms N-SAR, N-Q,
N-CSR, N-CEN, N-PORT and 24f-2 with the SEC via EDGAR.

14. Monitor each Fund's compliance with the requirements of Subchapter M of the Internal Revenue Code
with respect to status as a regulated investment company;

15. Prepare and file federal and state tax returns for the Trust other than those required to be prepared
and filed by the Trust's transfer agent or custodian.

16. Provide data for year-end 1099's and supplemental tax letters;

Bishop Street Funds Second Amended and Restated Administration Agreement Page 23 of

17. Provide such fund accounting and financial reports in connection with quarterly meetings of the Board
of Trustees as the Board of Trustees may reasonably request;

18. Excluding proxy statements that arise due to Investment Adviser or sub-adviser changes in control, manage
the Trust's proxy solicitation process, including evaluating proxy distribution channels, coordinating with outside service provider
to distribute proxies, tracking Shareholder responses and tabulating voting results, and managing the proxy solicitation vendor if necessary;

19. Provide individuals to serve as ministerial officers of the Trust, as requested;

20. Provide principal financial officer for purposes of Sarbanes-Oxley;

21. Provide a liquidity risk management program coordinator to administer Trust-level liquidity policies and
procedures and facilitate board reporting and compliance oversight relating to fund-level liquidity risk management programs

22. Coordinate with the Trust's counsel on filing of the Trust's registration statements and proxy
statements, and coordinate printing and delivery of the Trust's prospectuses and proxy statements;

23. Provide consultation to the Trust on regulatory matters relating to the operation of the Trust as requested
and coordinate with the Trust's legal counsel regarding such matters;

24. Assist legal counsel to the Trust in the development of policies and procedures relating to the operation
of the Trust;

25. Act as liaison to legal counsel to the Trust and, where applicable, to legal counsel to the Trust's
independent trustees;

26. Coordinate
with Trust counsel in the preparation, review and execution of contracts between the Trust and third parties, such as the Trust's
Investment Adviser, transfer agent, and custodian, and record-keepers or Shareholder service providers;

27. Assist the Trust in handling and responding to routine regulatory examinations with respect to records
retained or services provided by the Administrator, and coordinate with the Trust's legal counsel in responding to any non-routine
regulatory matters with respect to such matters;

28. Provide consulting with respect to the ongoing design, development and operation of the Trust, including
new Funds or Share classes and/or load structures and financing, as well as changes to investment objectives and policies for existing
Funds;

29. Coordinate as necessary the registration or qualification of Shares with appropriate state securities
authorities;

30. Except with respect to special board meetings called at the request of an Investment Adviser, manage the
preparation for and conducting of Board of Trustees meetings by (i) coordinating the Trust's Board of Trustees' schedule and
book production and distribution process, (ii) subject to review and approval by the Trust and its counsel, preparing meeting agendas,
(iii) preparing the relevant sections of the Board of Trustees materials required to be prepared by the Administrator, (iv) assisting
to gather and coordinate special materials related to annual contract renewals and approval of rule 12b-1 plans for and as directed by
the Board of Trustees or Trust counsel, (v) attending Board of Trustees meetings, and (vi) performing such other Board of Trustees meeting
functions as shall be agreed by the parties in writing (in this regard, the Trust shall provide the Administrator with notice of regular
meetings at least six (6) weeks before such meeting and as soon as practicable before any special meeting of the Board of Trustees);

Bishop Street Funds Second Amended and Restated Administration Agreement Page 23 of

31. Cooperate with, and take all reasonable actions in the performance of its duties under this Agreement
to ensure that all necessary information is made available to the Trust's independent public accountants in connection with the preparation
of any audit or report requested by the Trust, including the provision of a conference room at the Administrator's location if necessary
(in this regard, the Trust's independent auditors shall provide the Administrator with reasonable notice of any such audit so that
(i) the audit will be completed in a timely fashion and (ii) the Administrator will be able to promptly respond to such information requests
without undue disruption of its business); and

32. On a T+2 post-trade basis and based on the information available to the Administrator, periodically monitor
the Funds for compliance with applicable limitations as set forth in the Trust's or any Fund's then current Prospectus or Statement
of Additional Information (this provision shall not relieve the Trust's Investment Adviser and sub-advisers, if any, of their primary
day-to-day responsibility for assuring such compliance, including on a pre-trade basis).

33. Additional Reports and Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Upon reasonable notice and as mutually agreed upon, the Administrator may provide additional reports upon the request of the Trust
or its Investment Adviser, which may result in additional charges, the amount of which shall be agreed upon between the parties prior
to the provision of such report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Upon reasonable notice and as mutually agreed upon, the Administrator may provide such additional services with respect to a Fund,
which may result in an additional charge, the amount of which shall be agreed upon between the parties prior to the provision of such
service.

34. Fund Compliance Services. Subject to the approval and oversight of the Board of Trustees, the Administrator
will maintain oversight of a compliance program for the Trust consistent with Rule 38a-1 under the Investment Company Act of 1940 that
includes a Trust Chief Compliance Officer (CCO) responsible for administering the Trust's policies and procedures adopted under
Rule 38a-1 of the Investment Company Act of 1940 ("1940 Act"). The CCO and Fund compliance officers ("Fund Compliance
Team") will conduct an initial due diligence review of each Investment Adviser and sub-adviser of a Fund and will provide information
to the Board of Trustees regarding the policies and procedures that each Investment Adviser and sub-adviser has adopted pursuant to Rule
38a-1 under the 1940 Act on behalf of the Fund(s) for which it serves as Investment Adviser or sub-adviser ("Fund Compliance Programs").
The Fund Compliance Team will facilitate quarterly and annual reporting to the Board of Trustees regarding the operation and effectiveness
of the Fund Compliance Programs and will serve as a liaison between the Investment Adviser or sub-adviser and the Board of Trustees regarding
material compliance matters that arise relating to the Fund Compliance Programs.

\*\*\*

Bishop Street Funds Second Amended and Restated Administration Agreement Page 23 of

**Enhanced Services:**

Upon request by a Fund, the Administrator may, at its discretion, provide the following enhanced services. In the sole discretion of the Administrator, the provision of any enhanced services by the Administrator may be subject to the completion of a Statement of Work detailing the terms relating to the performance of any Enhanced Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Perform administrative functions associated with account opening, name change, conversion, merger, market-specific
licensing renewals, and account closing documentation for foreign custody market registration provided to the Administrator by the Fund's
custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Perform administrative functions associated with the completion of tax documentation required by the custodian
or sub-custodian for tax reclaim applications in foreign markets that the Fund's adviser requests the Fund be able to trade in including
forms, signatures and appropriate certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Perform administrative functions associated with the completion of, and subject to adviser review, proxy
documentation as required by the custodian or sub-custodian for it to process voting requirements in foreign markets that the Fund's
adviser requests the Fund be able to trade in, including forms, signatures and appropriate certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Perform initial review of due diligence materials in connection with Fund reorganizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Prepare preliminary drafts of any of the following Trust Materials for review and completion by Fund Counsel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prospectuses, Summary Prospectuses, Statements of Additional<br>
 Information, Registration Statements, including Part C, and supplements and annual updates thereto

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Registration statement disclosure pertaining to special issues or related performance information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Proxy statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) N-14s

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Manager information statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Board meeting minutes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Board meeting materials or materials relating to written consents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Exemptive orders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Contact the SEC staff to obtain comments relating to Fund filings, prepare initial draft of comment letters
and revision of Fund filings to reflect staff comments, each subject to review and completion by Fund Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Pursuant to individual Statements of Work, provide information
relating to new regulations or changes in regulations and compliance with such regulations. Any such information shall be administrative
in nature and shall not constitute, nor shall it be construed to constitute, legal advice or the provision of legal services for or on
behalf of any Fund or any person.

Bishop Street Funds Second Amended and Restated Administration Agreement Page 23 of

**SCHEDULE II**

Schedule of Fees

[REDACTED]

 ****

**SCHEDULE VI**

**Notice Instruction Form**

TO WHOM NOTICES SHOULD BE SENT PURSUANT TO <u>SECTION 14.08</u> OF THE AGREEMENT:

---

| |
|:---|
| Name of Party or Parties: |
| Name of Contact: |
| Address: |
| Telephone No.: |
| Facsimile No.: |
| Email Address: |

---

## Exhibit 99.28

![](ml_logo.jpg)

April 30, 2026

Bishop Street Funds

One Freedom Valley Drive

Oaks, PA 19456

Re: <u>Opinion of Counsel regarding Post-Effective Amendment No. 61 to the Registration Statement filed on Form N-1A under the Securities Act of 1933 (File No. 033-80514)</u>

Ladies and Gentlemen:

We have acted as counsel to Bishop Street Funds (the "Trust"), a Massachusetts voluntary association (commonly known as a business trust), in connection with the above-referenced registration statement (as amended, the "Registration Statement"), which relates to the Trust's units of beneficial interest, with no par value per share (collectively, the "Shares") of the following portfolio of the Trust: Hawaii Municipal Bond Fund (the "Fund"). This opinion is being delivered to you in connection with the Trust's filing of Post-Effective Amendment No. 61 to the Registration Statement (the "Amendment") to be filed with the U.S. Securities and Exchange Commission pursuant to Rule 485(b) under the Securities Act of 1933, as amended (the "1933 Act"). With your permission, all assumptions and statements of reliance herein have been made without any independent investigation or verification on our part except to the extent otherwise expressly stated, and we express no opinion with respect to the subject matter or accuracy of such assumptions or items relied upon.

In connection with this opinion, we have reviewed, among other things, copies of the following documents:

(a) a certificate of the Commonwealth of Massachusetts certifying that the Trust is validly existing under
the laws of the Commonwealth of Massachusetts;

(b) the Trust's Amended and Restated Agreement and Declaration of Trust dated September 1, 1994, as
amended May 15, 2012 (the "Declaration of Trust"), and the Trust's Second Amended and Restated By-Laws, as amended May
20, 2020 (the "By-Laws");

(c) a certificate executed by Matthew M. Maher, the Secretary of the Trust, certifying as to, and attaching
copies of, the Declaration of Trust and By-Laws, and certain resolutions adopted by the Board of Trustees of the Trust authorizing the
issuance of the Shares of the Fund; and

(d) a printer's proof of the Amendment.

---

| | |
|:---|:---|
| **Morgan, Lewis & Bockius llp**<br>2222 Market Street<br> Philadelphia, PA 19103-3007<br> United States | ![](ml_t.jpg) +1.215.963.5000<br> ![](ml_f.jpg) +1.215.963.5001 |

---

In our capacity as counsel to the Trust, we have examined the originals, or certified, conformed or reproduced copies, of all records, agreements, instruments and documents as we have deemed relevant or necessary as the basis for the opinion hereinafter expressed. In all such examinations, we have assumed the legal capacity of all natural persons executing documents, the genuineness of all signatures, the authenticity of all original or certified copies, and the conformity to original or certified copies of all copies submitted to us as conformed or reproduced copies. As to various questions of fact relevant to such opinion, we have relied upon, and assume the accuracy of, certificates and oral or written statements of public officials and officers and representatives of the Trust. We have assumed that the Amendment, as filed with the U.S. Securities and Exchange Commission, will be in substantially the form of the printer's proof referred to in paragraph (d) above.

Based upon, and subject to, the limitations set forth herein, we are of the opinion that the Shares, when issued and sold in accordance with the terms of purchase described in the Registration Statement, will be legally issued, fully paid and non-assessable under the laws of the Commonwealth of Massachusetts, except that, as set forth in the Registration Statement, shareholders of the Fund may under certain circumstances be held personally liable for its obligations.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the 1933 Act.

Very truly yours,

/s/ Morgan, Lewis & Bockius LLP<br>

## Exhibit 99.28

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Bishop Street Funds of our report dated February 25, 2026, relating to the financial statements and financial highlights of Hawaii Municipal Bond Fund, which appears in Bishop Street Funds' Certified Shareholder Report on Form N-CSR for the year ended December 31, 2025. We also consent to the references to us under the headings "Independent Registered Public Accounting Firm" and "Financial Highlights" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

April 29, 2026

## Exhibit 99.28

**BISHOP STREET CAPITAL MANAGEMENT, LLC CODE OF ETHICS**

**ADOPTED UNDER RULE 17j-1 AND RULE 204A-1 **TABLE OF CONTENTS****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. About this Code of Ethics 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Who is covered by the Code of Ethics? 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. What rules apply to me? 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Statement of General Principles 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Prohibitions and Restrictions 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Prohibition Against Fraud, Deceit and Manipulation. 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Limits on Accepting or Receiving Gifts 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Restrictions on Personal Securities Transactions. 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Prohibition on Selling Recently Acquired Securities 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Prohibition on Market Timing. 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Prohibition on Service as a Director. 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Reporting Requirements 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Review and Enforcement of Code 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Appointment of a Chief Compliance Officer. 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Duties and Responsibilities of the Chief Compliance Officer 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Resolution; Sanctions 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Annual Written Report to the Funds' Trustees 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Annual Report 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Other Reports 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Interrelationship with the Funds' Code of Ethics 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Principle. 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Procedures. 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Recordkeeping 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Amendments 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Miscellaneous 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Confidentiality. 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Interpretation of Provisions 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Compliance Certification 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Certification of Disciplinary History 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Interpretative Matters 7

PART A REPORTS REQUIRED FROM ACCESS PERSONS AND INVESTMENT PERSONNEL 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. LIST OF SECURITIES HOLDINGS 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Initial Holdings Report. 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Annual Holdings Report 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Reportable Securities and Accounts 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. REQUIRED TRANSACTION REPORTS 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Quarterly Transaction Reports. 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. What Securities Transactions and Accounts Are Covered under the Quarterly Reporting Obligation? 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. What Securities and Transactions May Be Excluded from the Report? 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Disclaiming Beneficial Ownership 3

APPENDIX I DEFINITIONS i

APPENDIX II QUARTERLY PERSONAL SECURITIES TRANSACTIONS REPORT i

APPENDIX III INITIAL HOLDINGS REPORT i

APPENDIX IV ANNUAL HOLDINGS REPORT i

APPENDIX V ANNUAL COMPLIANCE CERTIFICATION i

APPENDIX VI INVESTMENT ADVISER CERTIFICATION i

**BISHOP STREET CAPITAL MANAGEMENT, LLC <br> CODE OF ETHICS**

**ADOPTED UNDER RULE 17j-1 AND RULE 204A-1**

Bishop Street Capital Management, LLC ("BSCM") has adopted this Code of Ethics ("Code") pursuant to Rule 204A-1 of the Investment Advisers Act of 1940, as amended ("Advisers Act") and Rule 17j-1 promulgated under the Investment Company Act of 1940, as amended ("Investment Company Act").

BSCM has adopted the Code in an effort to: (i) prevent conflicts from arising; (ii) address certain transactions that may create or appear to create conflicts of interest; (iii) satisfy certain requirements of Rule 17j-1 under the Investment Company Act or of Rule 204-2(a)(12) or 204A-1 under the Advisers Act; and (iv) to establish related reporting requirements and enforcement procedures. The meanings of certain <u>underlined</u> terms as used in this Code are set forth in Appendix I Definitions.

BSCM recognizes that personal interests may conflict with those of the Bishop Street Funds (the "Funds") where <u>Officers</u>, <u>Compliance Officers</u>, client services specialists, and/or analysts of BSCM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· know about present or future portfolio transactions or recommendations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· have the power to influence portfolio transactions or recommendations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in <u>securities</u> transactions for their personal accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. About this Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Who is covered by the Code of Ethics</u>?

All <u>Supervised Persons</u> of BSCM. That term includes all BSCM <u>Officers</u>, <u>Compliance Officers</u>, client services specialists, and/or analysts of BSCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>What rules apply to me</u>?

The following sections of this Code apply to *all* <u>Supervised Persons</u> of BSCM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Section II. Statement of General Principles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Section III.A. Prohibition Against Fraud, Deceit, and Manipulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Section III.B Limits on Accepting or Receiving Gifts

You must comply with additional rules *(including initial, quarterly, and annual transaction reporting requirements)* if you are an <u>Access Person</u>. <u>Investment Personnel</u> are subject to *all* the rules in this Code, including both reporting requirements, and certain trading restrictions.

Before reading further, please review Appendix I (Definitions) to determine whether you are covered by the definition of <u>Access Person</u> or <u>Investment Personnel</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Statement of General Principles

In recognition of the trust and confidence placed in BSCM by the Funds and the Funds' shareholders and to protect their interests, BSCM has adopted the following basic principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You must place the interests of our advisory clients (which includes the Funds
and the Funds' shareholders) before your own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You must conduct all personal securities transactions in a manner consistent with
the Code and that avoids any actual or potential conflict of interest (or the appearance of a conflict) between your personal interests
and those of our advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You must avoid actions or activities that allow (or appear to allow) you to benefit
from your position with BSCM, or that bring into question your independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. You must ensure that investment advice is suitable to the Funds and the Funds'
shareholders objectives, needs, and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Prohibitions and Restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Prohibition
Against Fraud, Deceit and Manipulation.

You cannot, in connection with the purchase or sale of any security by the Funds or other advisory clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. employ any device, scheme or artifice to defraud the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. make any untrue statement of a material fact to the Funds or omit to state a material
fact to the Funds necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. engage in any act, practice or course of business that operates or would operate
as a fraud or deceit upon the Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. engage in any manipulative practice with respect to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Limits on Accepting or Receiving Gifts</u>.

All <u>Supervised Persons</u> of BSCM must comply with First Hawaiian, Inc.'s Code of Conduct & Ethics for Officers, Directors, and Employees (P 3224.00) ("Code of Conduct & Ethics"), specifically including (1) Section 3.2 Conflict of Interest Situations, and (2) Section 4.2 Bribery concerning the Bank Bribery Law (18 U.S.C. § 215). Accordingly, BSCM Personnel may not accept gifts, hospitality, favors, or things of value in connection with BSCM's business, of that of the Bank, unless it is clear that they would not influence or appear to influence the recipient's judgment.

Further, HR 103.1 Bank Bribery Law Policy requires that all personnel submit written reports and obtain management approval concerning the offer or receipt of most gifts and hospitality with a value of more than $250. These reports must be made on the Request for Exception Bank Bribery Code of Conduct (P-1372).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Restrictions on Personal Securities Transactions</u>.

<u>Investment Personnel</u> may not knowingly <u>purchase or sell</u>, directly or indirectly, any fixed income <u>security</u> on the same day as the same (or a related) fixed income <u>security is being purchased or sold</u> by the Funds (or any series thereof), until those transactions are completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Prohibition on Selling Recently Acquired Securities</u>.

<u>Investment Personnel</u> may not sell a <u>security</u> within thirty (30) days of acquiring that <u>security</u>, and/or may not purchase any <u>security</u> within thirty (30) days of selling that <u>security</u>, without prior written approval from the Chief Compliance Officer (as defined in Section V Review and Enforcement of Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Prohibition on Market Timing</u>.

<u>Access Persons</u> are prohibited from engaging in market timing with respect to buying and selling shares issued by the Bishop Street Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Prohibition on Service as a Director</u>.

<u>Investment Personnel</u> may not serve on the board of directors of any publicly-traded company unless they obtain advance written approval from the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Reporting Requirements

All <u>Supervised Persons</u> of BSCM must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promptly report any violations of this Code to the Chief Compliance Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, comply with the securities transaction reporting requirements set forth in Part A Reports
Required from Access Persons and Investment Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Review and Enforcement of Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Appointment of a Chief Compliance Officer</u>.

A chief compliance officer ("Chief Compliance Officer") will be appointed by the senior management of the <u>Member</u> of BSCM to perform the duties described in this Section V. The Chief Compliance Officer may appoint other compliance officers who shall assist in performing the duties and responsibilities set forth in this Section under the supervision of the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Duties and Responsibilities of the Chief Compliance Officer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Chief Compliance Officer shall (i) furnish copies of this Code to all <u>Supervised Persons</u> of BSCM; and (ii) obtain their written acknowledgments that they have received said Code and any amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. To determine whether a Code violation may have occurred, the Chief Compliance
Officer (or designee) will, on a quarterly basis, review all reported personal securities transactions and identify any holdings that
may violate the Code, unusual trading patterns that may be the result of trading on inside information, or any other fraudulent activity
in breach of the Code. Before determining that a person has violated the Code, the Chief Compliance Officer must give the person an opportunity
to supply explanatory material. The Chief Compliance Officer (or designee) will review the quarterly personal securities transactions
report within thirty (30) days of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. After considering any explanatory material provided above, the Chief Compliance
Officer will determine whether a person violated the Code. The Chief Compliance Officer must submit to the Chief Executive Officer ("CEO")
a written confidential report regarding any violations, together with any explanatory material provided by the person(s) who committed
the violation(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. No person is required to participate in a determination of whether he has committed
a Code violation or discuss the possible imposition of any sanction against him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The Chief Compliance Officer will submit his own reports, as may be required pursuant
to Part A hereof, to the CEO or the CEO's designee, who shall fulfill the duties of the Chief Compliance Officer with respect to
the Chief Compliance Officer's own reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The Chief Compliance Officer (or designee) will create a written report detailing
any approvals granted <u>for any personal securities transactions requiring advance approval</u> under Section III Prohibitions and Restrictions above. The report must include the rationale supporting any such approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Resolution; Sanctions</u>.

If the Chief Compliance Officer finds that a person has violated the Code, the Chief Compliance Officer and the CEO will approve a proposed resolution of the situation or, if appropriate, impose upon the person sanctions that they together deem appropriate. The Chief Compliance Officer will report the violation, and the resolution and/or sanction imposed to the CEO as soon as reasonably practicable unless, in the sole discretion of the Chief Compliance Officer, circumstances warrant an earlier report. If either the Chief Compliance Officer or the CEO are found to have violated the Code, the other of the two will be solely responsible for approving a proposed resolution, imposing any sanctions on the violator, and reporting the matter to the senior management of the <u>Member</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Annual Written Report to the Funds' Trustees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Annual Report</u>.

At least once a year, BSCM will provide to the Funds' Board of Trustees (the "Trustees") a written report that includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Issues Arising Under the Code</u>. The report must describe any issues that
arose during the previous year under the Code or related procedures, including any material Code or procedural violations, and any resulting
sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Certification</u>. Each report must be accompanied by a certification to the
Trustees that BSCM has adopted procedures reasonably necessary to prevent its <u>Access Persons</u> from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Other Reports</u>.

The Chief Compliance Officer and the CEO may report to the Trustees more frequently if they deem such reports to be necessary or appropriate and shall do so if requested by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Interrelationship with the Funds' Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>General Principle</u>.

A person who is *both* an Officer and/or Trustee of the Funds *and* a Officer, and/or employee of BSCM is only required to report under this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Procedures</u>.

The CEO of BSCM shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Submit to the Board of Trustees of the Funds a copy of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Promptly furnish to the Funds, upon request, copies of any reports made under
this Code by any person who is also covered by the Funds' code of ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Immediately furnish to the Funds, without request, all material information regarding
any violation of this Code by any person who is an officer or Trustee of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Recordkeeping

BSCM will maintain records pertaining to this Code and related reporting requirements in accordance with Rules 17j-1(f) and 31a-2 under the Investment Company Act, Rule 204-2 under the Advisers Act, and the requirements set forth below. Such records shall be available for examination by representatives of the Securities and Exchange Commission and other regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A copy of this Code, as may be amended from time to time, and any other code of
ethics adopted by BSCM, which is, or at any time within the past five (5) years has been, in effect will be preserved in an easily accessible
place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of any Code violation and of any resulting action taken will be preserved
in an easily accessible place for a period of at least five (5) years following the end of the fiscal year in which the violation occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A copy of each Quarterly Transaction Report, Initial Holdings Report, and Annual
Holdings Report submitted under this Code, including any information provided in lieu of any such reports (see Part A for more information
about reporting), will be preserved for a period of at least five (5) years from the end of the fiscal year in which it is made. Such
copies shall be maintained for the first two (2) years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A record of all persons, currently or within the past five (5) years, who are or
were required to submit reports under this Code, or who are or were responsible for reviewing these reports, will be maintained in an
easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A copy of each annual report required by Section VI.A Annual Report of this Code
must be maintained for at least five (5) years from the end of the fiscal year in which it is made. Such copies shall be maintained for
the first two (2) years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Amendments

This Code of Ethics may be amended at any time by the CEO and the Chief Compliance Officer subject to the approval of the senior management of the <u>Member</u>. The CEO or Chief Compliance Officer shall furnish the Funds with copies of any material amendments to this Code promptly after they are adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Confidentiality</u>.

All reports and other information submitted to BSCM or to the Funds pursuant to this Code shall be treated as confidential, provided that such reports and information may be produced to the Securities and Exchange Commission and other regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Interpretation of Provisions</u>.

The CEO and the Chief Compliance Officer may from time to time adopt such interpretations of this Code as they deem appropriate subject to the approval of the senior management of the <u>Member</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Compliance Certification</u>.

Within ten (10) days of becoming an <u>Access Person</u>, and each year thereafter, each such person shall complete the Compliance Certification attached as Appendix V Annual Compliance Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Certification of Disciplinary History</u>.

All <u>Access Persons</u> will certify quarterly that they have not been arrested or convicted of any criminal offense involving dishonesty or breach of trust, been a party to any lawsuit, bankruptcy, unsatisfied judgments, or liens. In the event that an <u>Access Person</u> is unable to certify to any one of these conditions, then they must fully disclose why.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Interpretative Matters</u>.

Whenever required by the context, pronouns and any variations thereof will be deemed to refer to the masculine, feminine, or neuter, and the singular shall include the plural, and vice versa.

**PART A**

**REPORTS REQUIRED FROM**

**ACCESS PERSONS AND INVESTMENT PERSONNEL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. LIST OF SECURITIES HOLDINGS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Initial Holdings Report</u>.

You must submit a listing of all <u>Securities</u> you <u>beneficially own</u>, as well as a list of all brokers, dealers and banks where you hold securities accounts, as of the date you first become subject to this Code's reporting requirements. We also request that you include the account numbers for all such accounts. You must submit this initial report to the Chief Compliance Officer within ten (10) days of the date you first become subject to this Code's reporting requirements. An Initial Holdings Report Form is attached as Appendix III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Annual Holdings Report</u>.

Each year, you must submit to the Chief Compliance Officer a listing of all <u>Securities</u> you <u>beneficially own</u>, as well as a list of all brokers, dealers and banks where you held securities accounts. We also request that you include the account numbers for all such accounts. Your list must be current as of a date no more than forty-five (45) days before you submit the report. An Annual Holdings Report Form is attached as Appendix IV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Reportable Securities and Accounts</u>.

For purposes of the Initial Holdings Report and Annual Holdings Report, Securities held in a self-directed brokerage account under a qualified retirement plan are reportable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. REQUIRED TRANSACTION REPORTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Quarterly Transaction Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each quarter, you must report all of your <u>Securities</u> transactions effected, *as well as a list of all brokers, dealers and banks where you established new securities accounts,* during the quarter (with the
account numbers for all new accounts). You must submit your report to the Chief Compliance Officer *no later than thirty (30) days after the end of each calendar quarter.* A Quarterly Personal Securities Transactions Report Form is included as Appendix II. As an attachment
to the Quarterly Personal Securities Transactions Report Form, you  ***must*** provide a copy of related account statements of
all brokers, dealers, and banks where you hold securities accounts to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If you had no reportable transactions and did not open any securities accounts
during the quarter, you are still required to submit your account statements and a report. Please note on your report that you had no
reportable items during the quarter, and return it, signed, and dated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Your quarterly reports do not need to include entries that would duplicate information
contained in broker trade confirmations or account statements received by BSCM, provided that all required information is contained in
the broker trade confirmations or account statements and is received by the Chief Compliance Officer *no later than* thirty (30)
days after the end of the calendar quarter. Please see the Chief Compliance Officer for more information about this reporting mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>What Securities Transactions and Accounts Are Covered under the Quarterly Reporting Obligation</u>?

You must report all transactions during the quarter in any <u>Securities</u> in which you had or acquired any direct or indirect <u>beneficial ownership</u>.

You must also report the names of all brokers, dealers and banks where you established securities accounts during the quarter for your direct or indirect benefit (including accounts for family members who share your household). Identify these accounts even if they do not hold any reportable securities.

For purposes of the above, self-directed brokerage accounts held under qualified retirement plans and Securities transactions in such accounts are subject to the Quarterly Reporting Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>What Securities and Transactions May Be Excluded from the Report</u>?

You are not required to detail or list any of the following items on your reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or sales of any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares in open-ended mutual funds with the exception of any of the Bishop Street
Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the U.S. government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Banker's acceptances, bank certificates of deposit, commercial paper or <u>High quality short-term debt instruments</u>, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases or sales effected for any account over which you have no direct or indirect influence or
control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions effected pursuant to an automatic investment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Disclaiming Beneficial Ownership</u>.

You may include a statement in your report that it shall not be construed as an admission that you have any direct or indirect <u>beneficial ownership</u> in a <u>security</u> included in the report.

**APPENDIX I <br> DEFINITIONS**

**General Note**

 ****

*The definitions and terms used in this Code of Ethics are intended to mean the same as they do under the Investment Company Act, Investment Advisers Act, and other federal securities laws. If a Code definition conflicts with the definitions in those Acts or other federal securities laws, or if a term used in this Code is not defined, you should follow the definitions and meanings in those Acts or other federal securities laws, as applicable.*

 

<u>Access Person</u> means any <u>Supervised Person</u> (as defined below) of BSCM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· who is an <u>Officer</u>, <u>Compliance Officer</u>, client service specialist
and/or analyst of BSCM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· who has access to nonpublic information regarding any client's purchase or
sale of securities, or who is involved in making securities recommendations to clients, or who has access to such recommendations that
are nonpublic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· who is an employee of the Funds or of BSCM (or of any other subsidiary of First
Hawaiian, Inc.) and who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding
the purchase or sale of <u>Securities</u> by the Funds or whose functions relate to the making of any recommendations with respect to
such purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· who otherwise is determined by the Chief Compliance Officer or the Chief Executive
Officer to be an "advisory person" under Rule 17j-1(a)(2) of the Investment Company Act of 1940.

<u>Beneficial ownership</u> means the same as it does under Section 16 of the Securities Exchange Act of 1934 and Rule 16a-1(a)(2) thereunder. You should generally consider yourself the "beneficial owner" of any <u>Securities</u> or accounts in which you have a direct or indirect pecuniary interest. In addition, you should generally consider yourself the beneficial owner of <u>Securities</u> held by your spouse, your minor children, or a relative who shares your home; or by other persons if any contract, arrangement, understanding, or relationship provides you with sole or shared voting or investment power over those <u>Securities</u>.

<u>Compliance Officers</u> means the Chief Compliance Officer appointed by the senior management of the <u>Member</u> and any other compliance officers appointed by the Chief Compliance Officer as set forth in Section V of this Code of Ethics.

<u>High quality short-term debt instrument</u> means any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized statistical rating organization (*e.g.*, Moody's Investors Service).

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<u>Investment Personnel</u> means employees of BSCM who, in connection with their regular duties, make or participate in making recommendations regarding the <u>Purchase or sale of securities</u> by the Funds.

<u>Member</u> means First Hawaiian Bank, a Hawaii corporation, which is the sole member of BSCM.

<u>Officers</u> means the individuals appointed as the Chief Executive Officer and President of BSCM by the senior management of the <u>Member</u> who have the authority to bind BSCM to do all things necessary or convenient to carry out the business and operations of BSCM pursuant to the Operating Agreement.

<u>Operating Agreement</u> means the Operating Agreement of Bishop Street Capital Management, LLC, effective as of<u> </u>, 2025, entered into by and between BSCM and First Hawaiian Bank, as the sole member.

<u>Purchase or sale of a security</u> includes, among other things, the writing of an option to purchase or sell a <u>Security</u>.

<u>Security</u> means any security (including securities of privately held entities), as "security" is defined by Section 2(a)(36) of the Investment Company Act of 1940 Act, <u>except</u> that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· open-ended mutual funds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct obligations of the U.S. government (e.g., treasury bonds),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bankers' acceptances,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bank certificates of deposit,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· commercial paper,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>High quality short-term debt instruments</u> (including repurchase agreements), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interests in variable annuity insurance products.

A <u>Security</u> is <u>being purchased or sold</u> by the Funds from the time a purchase or sale program has been communicated to the person who places buy and sell orders for the Funds until the program has been fully completed or terminated.

<u>Supervised Person</u> means Officers, Compliance Officers, client services specialists, and/or analysts, or any other person who provides investment advice on behalf of BSCM and who is subject to its supervision and control. A Supervised Person does not include personnel of First Hawaiian Bank or its affiliates unless they are also employees of BSCM. The Chief Compliance Officer will maintain a list of all Supervised Persons. Any questions as to whether an individual is a Supervised Person shall be resolved by the Chief Executive Officer and the Chief Compliance Officer.

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**APPENDIX II**

**QUARTERLY PERSONAL SECURITIES TRANSACTIONS REPORT**

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| |
|:---|
| Name of Reporting Person: |
| Calendar Quarter Ended: |
| Date Report Due: |
| Date Report Submitted: |

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*Securities Transactions*

 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Date of | Name of | No. Of | Principal Amount, | Type of | &nbsp;&nbsp;&nbsp;Price | Name of Broker, |
| Transaction | Issuer and | Shares (if | Maturity Date, and | Transaction |  | Dealer or Bank |
|  | Title of | applicable) | Interest Rate |  |  | Effecting |
| | Security | | (if applicable) | | | Transaction |

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If you had no reportable transactions during the quarter, please check here. [ ]

If you do not want this report to be construed as an admission that you have beneficial ownership of one or more securities reported above, please describe below and indicate which securities are at issue.

 

*Securities Accounts*

If you established an account within the quarter, please provide the following information:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name of Broker, Dealer or Bank | &nbsp;&nbsp;&nbsp;&nbsp;Date Account was Established | &nbsp;&nbsp;(Optional) Account Name(s), Type and Number |

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If you did not establish a securities account during the quarter, please check here. [ ]

*I certify that I have included on this report all securities transactions and accounts required to be reported pursuant to the Code of Ethics.*

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| | |
|:---|:---|
| Signature | Date |
| Printed Name |  |

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**APPENDIX III <br> INITIAL HOLDINGS REPORT**

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| |
|:---|
| Name of Reporting Person: |
| Date Person Became Subject to the Code's Reporting Requirements: |
| Information in the Report Dated as of: |
| Date Report Due: |
| Date Report Submitted: |

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*Securities Holdings*

 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name of Issuer and Title of Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. of Shares (if applicable) | &nbsp;&nbsp;&nbsp;&nbsp;Principal Amount, Maturity Date and Interest Rate (if applicable) |

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If you have no securities holdings to report, please check here. [ ]

If you do not want this report to be construed as an admission that you have beneficial ownership of one or more securities reported above, please describe below and indicate which securities are at issue.

*Securities Accounts*

 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of Broker, Dealer or Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Optional) Account Name(s), Type and Number |

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If you have no securities accounts to report, please check here. [ ]

*I certify that I have included on this report all securities transactions and accounts required to be reported pursuant to the Code of Ethics.*

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| | |
|:---|:---|
| Signature | Date |
| Printed Name |  |

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**APPENDIX IV <br> ANNUAL HOLDINGS REPORT**

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| | |
|:---|:---|
| Name of Reporting Person: | |
| Information in Report Dated as of: | |
| Date Report Due: | |
| Date Report Submitted: | |
| Calendar Year Ended: | December 31, 20XX |

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*Securities Holdings*

 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name of Issuer and Title of Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. of Shares (if applicable) | &nbsp;&nbsp;&nbsp;&nbsp;Principal Amount, Maturity Date, and Interest Rate (if applicable) |

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If you have no securities holdings to report for the year, please check here. [ ]

If you do not want this report to be construed as an admission that you have beneficial ownership of one or more securities reported above, please describe below and indicate which securities are at issue.

*Securities Accounts*

 

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| | | |
|:---|:---|:---|
| Name of Broker, Dealer or Bank | &nbsp;&nbsp;Date Account was Established | (Optional) Account Name(s), Type and Number |

---

If you have no securities accounts to report for the year, please check here. [ ]

*I certify that I have included on this report all securities transactions and accounts required to be reported pursuant to the Code of Ethics.*

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| | |
|:---|:---|
| Signature | Date |
| Printed Name |  |

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**APPENDIX V**

**ANNUAL COMPLIANCE CERTIFICATION**

**Initial Certification**

I certify that I:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have received, read and reviewed the Bishop Street Capital Management, LLC's Code of Ethics ("Code");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) understand the policies and procedures in the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) recognize that I am subject to such policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) will fully comply with the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) have fully and accurately completed this Certificate.

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| |
|:---|
| Signature: |
| Printed Name: |
| Date Submitted: |
| Date Due: |

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**Annual Certification**

I certify that I:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have received, read and reviewed the Bishop Street Capital Management, LLC's Code of Ethics ("Code");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) understand the policies and procedures in the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) recognize that I am subject to such policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have complied with the Code and any applicable reporting requirements during the past year (or have
fully disclosed below any exceptions to my compliance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) will fully comply with the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) have fully and accurately completed this Certificate.

EXCEPTION(S): <br>  

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| |
|:---|
| Signature: |
| Printed Name: |
| Date Submitted: |
| Date Due: |

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**APPENDIX VI <br> INVESTMENT ADVISER CERTIFICATION**

Bishop Street Capital Management, LLC ("BSCM"), investment adviser to the Bishop Street Funds, hereby certifies to the Board of Trustees of Bishop Street Funds, that it has adopted procedures reasonably necessary to prevent its Access Persons from violating its Code of Ethics.

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| |
|:---|
| BISHOP STREET CAPITAL MANAGEMENT, LLC, |
| a Hawaii limited liability company |
| By: |
| Printed Name: |
| Its: |

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