# EDGAR Filing Document

**Accession Number:** 0000925737
**File Stem:** 0001398344-26-004301
**Filing Date:** 2026-3
**Character Count:** 110016
**Document Hash:** bf909c8f91697d332f6b930aded7357b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004301.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001398344-26-004301

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08572
- **FILM NUMBER:** 26719329

**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'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-08572**

**Bishop Street Funds**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip Code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

**Registrant's telephone number, including area code: 1-800-262-9565**

**Date of fiscal year end: December 31, 2025**

**Date of reporting period: December 31, 2025**

---

| | |
|:---|:---|
| Item **1.** | Reports to Stockholders. |

---

(a) A copy of the report transmitted
 to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1),
 is attached hereto.

**# Bishop Street Funds
![Image](i636a6401c6a559d03cfc5e20.jpg)

## Hawaii Municipal Bond Fund

## Class I Shares - BSHIX

## Annual Shareholder Report: December 31, 2025
This annual shareholder report contains important information about Class I Shares of the Hawaii Municipal Bond Fund (the "Fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.bishopstreetfunds.com/literature-resources.html. You can also request this information by contacting us at 1-800-262-9565.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Hawaii Municipal Bond Fund, Class I Shares | $56 | 0.55% |

---

## How did the Fund perform in the last year?
In 2025, despite elevated uncertainty and shifting geopolitical dynamics, the municipal market generated positive returns..

The Class I Shares of the Fund returned 4.32% for the year:

* Underperformed the ICE BofA 1-22 Year U.S. Municipal Securities Index (USD) by 0.33%

* Outperformed the Bloomberg US Municipal Bond Index (USD) by 0.07%

The Class I Share's underperformance versus the ICE BofA 1–22 Year U.S. Municipal Securities Index and slight outperformance versus the Bloomberg US Municipal Bond Index (USD) primarily reflect its emphasis on high quality Hawaii issuers and a somewhat more conservative interest rate profile during periods of market volatility in 2025.

Looking ahead to 2026, municipal yields remain compelling relative to historical interest rates, and fundamentals for the State of Hawaii and its local issuers are stable. We anticipate Hawaii municipal bonds will continue to generate attractive income for shareholders, with the potential for price appreciation if interest rates continue to decline.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $100,000 Investment
![Growth Chart](i4bc40c25c824501ce7bee881.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Hawaii Municipal Bond Fund, Class I Shares | Bloomberg US Municipal Bond Index (USD) | ICE BofA 1-22 Year U.S. Municipal Securities Index (USD) | Bloomberg Hawaii Municipal Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Dec/15 | $100000 | $100000 | $100000 | $100000 |
| Dec/16 | $99684 | $100248 | $100237 | $100008 |
| Dec/17 | $103415 | $105710 | $104778 | $104815 |
| Dec/18 | $104097 | $107065 | $106202 | $106050 |
| Dec/19 | $110020 | $115133 | $113521 | $113394 |
| Dec/20 | $114259 | $121134 | $118939 | $119395 |
| Dec/21 | $114966 | $122972 | $120397 | $120396 |
| Dec/22 | $107283 | $112488 | $112284 | $112083 |
| Dec/23 | $109919 | $119688 | $118629 | $116548 |
| Dec/24 | $111600 | $120949 | $120343 | $117741 |
| Dec/25 | $116423 | $126084 | $125938 | $123292 |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-800-262-9565 or visit https://www.bishopstreetfunds.com/literature-resources.html for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Hawaii Municipal Bond Fund, Class I Shares | 4.32% | 0.38% | 1.53% |
| Bloomberg US Municipal Bond Index (USD) | 4.25% | 0.80% | 2.34% |
| ICE BofA 1-22 Year U.S. Municipal Securities Index (USD) | 4.65% | 1.15% | 2.33% |
| Bloomberg Hawaii Municipal Index (USD) (TR)<sup>Footnote Reference\*</sup> | 4.72% | 0.64% | 2.12% |

---

## Key Fund Statistics as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets (000's)</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid (000's)</u> | <u>Portfolio Turnover Rate</u> |
| $170710 | 210 | $349 | 18% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i681d689cfa8f2291a64d4c6f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Nursing Homes | 0.2% |
| Cash Equivalent | 0.9% |
| General Revenue | 5.4% |
| Education | 5.7% |
| Transportation | 7.8% |
| Healthcare | 8.5% |
| Airports | 10.4% |
| Housing | 11.2% |
| Water | 15.2% |
| General Obligations | 33.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| <u>Holding Name</u> | <u>Coupon Rate</u> | <u>Maturity Date</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Hawaii State, Housing Finance & Development, Ser A | 4.000% | 09/01/33 | 2.6% |
| Hawaii State, Housing Finance & Development, Ser A | 3.750% | 01/01/31 | 2.4% |
| Hawaii State, Housing Finance & Development, Ser A | 4.950% | 04/01/29 | 1.8% |
| Hawaii State, Harbor System Revenue, Ser C | 4.000% | 07/01/40 | 1.7% |
| Hawaii State, Airports System Authority, Ser A, AMT | 4.000% | 07/01/39 | 1.6% |
| Honolulu Hawaii City & County, Wastewater System Revenue, Ser A | 4.000% | 07/01/49 | 1.6% |
| Hawaii State, Housing Finance & Development, Ser A | 3.300% | 12/01/29 | 1.5% |
| University of Hawaii, Ser F | 5.000% | 10/01/35 | 1.5% |
| Hawaii State, Ser FW | 5.000% | 01/01/39 | 1.3% |
| Hawaii State, Airports System Authority, Ser D | 5.000% | 07/01/42 | 1.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-800-262-9565 

* https://www.bishopstreetfunds.com/literature-resources.html 

## Householding
Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-800-262-9565 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

# Bishop Street Funds

## Hawaii Municipal Bond Fund / Class I Shares - BSHIX

## Annual Shareholder Report: December 31, 2025

## BSHIX-AR-2025
![Image](i636a6401c6a559d03cfc5e20.jpg)

# Bishop Street Funds
![Image](i636a6401c6a559d03cfc5e20.jpg)

## Hawaii Municipal Bond Fund

## Class A Shares - BHIAX

## Annual Shareholder Report: December 31, 2025
This annual shareholder report contains important information about Class A Shares of the Hawaii Municipal Bond Fund (the "Fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.bishopstreetfunds.com/literature-resources.html. You can also request this information by contacting us at 1-800-262-9565.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Hawaii Municipal Bond Fund, Class A Shares | $82 | 0.80% |

---

## How did the Fund perform in the last year?
In 2025, despite elevated uncertainty and shifting geopolitical dynamics, the municipal market generated positive returns.

The Class A Shares of the Fund returned 4.06% for the year:

* Underperformed the ICE BofA 1-22 Year U.S. Municipal Securities Index (USD) by 0.33%

* Underperformed the Bloomberg US Municipal Bond Index (USD) by 0.19%

The Class A Share's underperformance primarily reflect its emphasis on high quality Hawaii issuers and a somewhat more conservative interest rate profile during periods of market volatility in 2025.

Looking ahead to 2026, municipal yields remain compelling relative to historical interest rates, and fundamentals for the State of Hawaii and its local issuers are stable. We anticipate Hawaii municipal bonds will continue to generate attractive income for shareholders, with the potential for price appreciation if interest rates continue to decline.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](ife3f6d312f67851754edbf59.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Class A Shares, With Load | Class A Shares, Without Load | Bloomberg US Municipal Bond Index (USD) | ICE BofA 1-22 Year U.S. Municipal Securities Index (USD) | Bloomberg Hawaii Municipal Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Dec/15 | $9850 | $10000 | $10000 | $10000 | $10000 |
| Dec/16 | $9794 | $9943 | $10025 | $10024 | $10001 |
| Dec/17 | $10133 | $10288 | $10571 | $10478 | $10482 |
| Dec/18 | $10168 | $10323 | $10707 | $10620 | $10605 |
| Dec/19 | $10725 | $10889 | $11513 | $11352 | $11339 |
| Dec/20 | $11101 | $11270 | $12113 | $11894 | $11940 |
| Dec/21 | $11131 | $11301 | $12297 | $12040 | $12040 |
| Dec/22 | $10371 | $10529 | $11249 | $11228 | $11208 |
| Dec/23 | $10610 | $10771 | $11969 | $11863 | $11655 |
| Dec/24 | $10735 | $10898 | $12095 | $12034 | $11774 |
| Dec/25 | $11171 | $11341 | $12608 | $12594 | $12329 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-800-262-9565 or visit https://www.bishopstreetfunds.com/literature-resources.html for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Hawaii Municipal Bond Fund |  |  |  |
| Class A Shares, With Load | 2.51% | -0.18% | 1.12% |
| Class A Shares, Without Load | 4.06% | 0.13% | 1.27% |
| Bloomberg US Municipal Bond Index (USD) | 4.25% | 0.80% | 2.34% |
| ICE BofA 1-22 Year U.S. Municipal Securities Index (USD) | 4.65% | 1.15% | 2.33% |
| Bloomberg Hawaii Municipal Index (USD) (TR)<sup>Footnote Reference\*</sup> | 4.72% | 0.64% | 2.12% |

---

## Key Fund Statistics as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets (000's)</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid (000's)</u> | <u>Portfolio Turnover Rate</u> |
| $170710 | 210 | $349 | 18% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i681d689cfa8f2291a64d4c6f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Nursing Homes | 0.2% |
| Cash Equivalent | 0.9% |
| General Revenue | 5.4% |
| Education | 5.7% |
| Transportation | 7.8% |
| Healthcare | 8.5% |
| Airports | 10.4% |
| Housing | 11.2% |
| Water | 15.2% |
| General Obligations | 33.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| <u>Holding Name</u> | <u>Coupon Rate</u> | <u>Maturity Date</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Hawaii State, Housing Finance & Development, Ser A | 4.000% | 09/01/33 | 2.6% |
| Hawaii State, Housing Finance & Development, Ser A | 3.750% | 01/01/31 | 2.4% |
| Hawaii State, Housing Finance & Development, Ser A | 4.950% | 04/01/29 | 1.8% |
| Hawaii State, Harbor System Revenue, Ser C | 4.000% | 07/01/40 | 1.7% |
| Hawaii State, Airports System Authority, Ser A, AMT | 4.000% | 07/01/39 | 1.6% |
| Honolulu Hawaii City & County, Wastewater System Revenue, Ser A | 4.000% | 07/01/49 | 1.6% |
| Hawaii State, Housing Finance & Development, Ser A | 3.300% | 12/01/29 | 1.5% |
| University of Hawaii, Ser F | 5.000% | 10/01/35 | 1.5% |
| Hawaii State, Ser FW | 5.000% | 01/01/39 | 1.3% |
| Hawaii State, Airports System Authority, Ser D | 5.000% | 07/01/42 | 1.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-800-262-9565 

* https://www.bishopstreetfunds.com/literature-resources.html 

## Householding
Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-800-262-9565 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

# Bishop Street Funds

## Hawaii Municipal Bond Fund / Class A Shares - BHIAX

## Annual Shareholder Report: December 31, 2025

## BHIAX-AR-2025
![Image](i636a6401c6a559d03cfc5e20.jpg)**

(b) Not applicable.

**Item 2.** **Code of Ethics.**

The Registrant (also referred to as the "Trust") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

**Item 3.** **Audit Committee Financial Expert.**

(a)(1) The Registrant's board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The Registrant's audit committee financial expert is Robert Mulhall. Mr. Mulhall is considered to be "independent", as that term is defined in Form N-CSR Item 3(a)(2).

**Item 4.** **Principal Accountant Fees and Services.**

Fees billed by PricewaterhouseCoopers LLP ("PwC") related to the Trust.

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp; **2025**  | &nbsp;&nbsp; **2025**  | &nbsp;&nbsp; **2025**  | &nbsp;&nbsp; **2024** | &nbsp;&nbsp; **2024** | &nbsp;&nbsp; **2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | &nbsp;&nbsp; Audit Fees<sup>(1)</sup><br>| $31252 | N/A | N/A | $29849 | N/A | N/A |
| (b) | &nbsp;&nbsp; Audit-Related Fees<br>| N/A | N/A | N/A | N/A | N/A | N/A |
| (c) | &nbsp;&nbsp; Tax Fees<br>| N/A | N/A | N/A | N/A | N/A | N/A |
| (d) | All Other Fees | N/A | N/A | $1499 | N/A | N/A | N/A |

---

Notes:

(1) &nbsp;&nbsp;&nbsp;&nbsp; Audit fees include amounts related to the audit of the Registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(e)(1) The Trust's Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant's Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

(1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor's annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC's rules and whether the provision of such services would impair the auditor's independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee's responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor's methods and procedures for ensuring independence.

&nbsp;&nbsp;&nbsp;&nbsp;(2) (e)(2)&nbsp;&nbsp;&nbsp;&nbsp;Percentage
 of fees billed applicable to non-audit services pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement
 were as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Audit-Related Fees<br>| N/A | N/A |
| Tax Fees | N/A | N/A |
| All Other Fees<br>| N/A | N/A |

---

(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(g) &nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal years ended December 31<sup>st</sup> were $0 and $0 for 2025 and 2024, respectively.

(h) &nbsp;&nbsp;&nbsp;&nbsp; During the past fiscal year, all non-audit services provided by the Registrant's principal accountant to either the Registrant's investment adviser or to any entity controlling, controlled by, or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant's Board of Trustees. Included in the Audit Committee's pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR § 240.3b-4.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments.**

(a) &nbsp;&nbsp;&nbsp;&nbsp; The Schedule of Investments is included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Financial statements and financial highlights are filed herein.

![](fp0097182-1_01.jpg)

**BISHOP STREET**

**TABLE OF CONTENTS**

**FUNDS**

---

| | |
|:---|:---|
| **Financial Statements (Form N-CSR Item 7)** |  |
| &nbsp;&nbsp;&nbsp;**Schedule of Investments** | 2 |
| &nbsp;&nbsp;&nbsp;**Statement of Assets and Liabilities** | 11 |
| &nbsp;&nbsp;&nbsp;**Statement of Operations** | 12 |
| &nbsp;&nbsp;&nbsp;**Statements of Changes in Net Assets** | 13 |
| &nbsp;&nbsp;&nbsp;**Financial Highlights** | 14 |
| &nbsp;&nbsp;&nbsp;**Notes to Financial Statements** | 16 |
| **Report of Independent Registered Public Accounting Firm** | 26 |
| **Notice to Shareholders (Unaudited)** | 28 |
| **Other Information (Form N-CSR Items 8-11) (Unaudited)** | 30 |

---

**1**

Hawaii Municipal Bond Fund

**Schedule of Investments**

---

| | | |
|:---|:---|:---|
| Face<br> Amount<br> (000) |  | Value<br> (000) |
|  | MUNICIPAL BONDS — 97.6% |  |
| *Hawaii — 97.2%* | *Hawaii — 97.2%* |  |
|  | Hawaii County, GO |  |
| $500 | 5.000%, 09/01/31 | $565 |
| 800 | 5.000%, 09/01/37 | 929 |
| 650 | 5.000%, 09/01/38 | 750 |
| 525 | 5.000%, 09/01/40 | 581 |
| 500 | 5.000%, 09/01/44 | 542 |
| 1060 | 4.000%, 09/01/42 | 1058 |
|  | Hawaii County, Ser A, GO |  |
| 115 | 5.000%, 09/01/35 | 123 |
| 345 | 5.000%, 09/01/36 | 352 |
| 500 | 4.000%, 09/01/35 | 501 |
| 170 | 4.000%, 09/01/36 | 176 |
| 1500 | 4.000%, 09/01/40 | 1518 |
|  | Hawaii State, Airports System Authority, Ser A, RB, AMT |  |
| 390 | 5.000%, 07/01/31 | 409 |
| 1000 | 5.000%, 07/01/36 | 1091 |
| 1735 | 5.000%, 07/01/43 | 1761 |
| 525 | 5.000%, 07/01/47 | 534 |
| 2000 | 5.000%, 07/01/48 | 2013 |
| 2000 | 5.000%, 07/01/51 | 2024 |
| 1230 | 4.000%, 07/01/35 | 1248 |
| 2800 | 4.000%, 07/01/39 | 2798 |
|  | Hawaii State, Airports System Authority, Ser B, RB |  |
| 1225 | 5.000%, 07/01/36 | 1431 |
|  | Hawaii State, Airports System Authority, Ser D, RB |  |
| 510 | 5.000%, 07/01/33 | 557 |
| 410 | 5.000%, 07/01/34 | 447 |
| 2000 | 5.000%, 07/01/42 | 2201 |
| 1000 | 4.000%, 07/01/37 | 1022 |
| 260 | 4.000%, 07/01/39 | 263 |
|  | Hawaii State, Department of Budget & Finance, RB |  |
| 2700 | 5.000%, 07/01/28 | 2846 |
| 3450 | 5.000%, 07/01/29 | 3715 |
| 215 | 5.000%, 07/01/30 | 236 |
| 2300 | 5.000%, 07/01/31 | 2564 |
| 1500 | 5.000%, 07/01/34 | 1708 |
| 1455 | 5.000%, 07/01/36 | 1677 |

---

Bishop Street Funds<sub>2</sub>

**Schedule of Investments**

---

| | | |
|:---|:---|:---|
| Face<br> Amount<br> (000) |  | Value<br> (000) |
| *Hawaii — (continued)* | *Hawaii — (continued)* |  |
| $550 | 5.000%, 07/01/39 | $616 |
| 140 | 4.000%, 01/01/26 | 140 |
| 665 | 4.000%, 01/01/27 | 668 |
| 350 | 4.000%, 01/01/28 | 353 |
| 250 | 4.000%, 01/01/31 | 254 |
| 270 | 4.000%, 01/01/32 | 273 |
| 1200 | 4.000%, 07/01/43 | 1202 |
| 435 | 3.000%, 01/01/34 | 406 |
| 600 | 3.000%, 01/01/35 | 553 |
| 585 | 3.000%, 01/01/36 | 529 |
|  | Hawaii State, Department of Hawaiian Home Lands, Kapolie Office Facilities, Ser A, COP |  |
| 530 | 5.000%, 11/01/26 | 541 |
| 680 | 5.000%, 11/01/29 | 707 |
| 500 | 5.000%, 11/01/30 | 520 |
| 350 | 5.000%, 11/01/31 | 363 |
|  | Hawaii State, Department of Hawaiian Home Lands, RB |  |
| 75 | 5.000%, 04/01/26 | 75 |
| 335 | 5.000%, 04/01/29 | 344 |
| 915 | 5.000%, 04/01/30 | 940 |
| 800 | 5.000%, 04/01/32 | 820 |
| 40 | 3.000%, 04/01/32 | 40 |
|  | Hawaii State, Department of Transportation, Airports System, COP, AMT |  |
| 570 | 5.250%, 08/01/26 | 571 |
| 2075 | 5.000%, 08/01/28 | 2077 |
|  | Hawaii State, Harbor System Revenue, Ser A, RB, AMT |  |
| 220 | 4.000%, 07/01/35 | 224 |
|  | Hawaii State, Harbor System Revenue, Ser C, RB |  |
| 1280 | 4.000%, 07/01/32 | 1344 |
| 100 | 4.000%, 07/01/34 | 104 |
| 500 | 4.000%, 07/01/37 | 514 |
| 790 | 4.000%, 07/01/38 | 808 |
| 2160 | 4.000%, 07/01/39 | 2200 |
| 2905 | 4.000%, 07/01/40 | 2938 |
|  | Hawaii State, Highway Revenue, RB |  |
| 50 | 5.000%, 01/01/35 | 55 |
| 505 | 5.000%, 01/01/37 | 552 |

---

---

| | |
|:---|:---|
| December 31, 2025<sub>3</sub> | www.bishopstreetfunds.com |

---

Hawaii Municipal Bond Fund

**Schedule of Investments**

---

| | | |
|:---|:---|:---|
| Face<br> Amount<br> (000) |  | Value<br> (000) |
| *Hawaii — (continued)* | *Hawaii — (continued)* |  |
| $60 | 5.000%, 01/01/38 | $65 |
| 90 | 5.000%, 01/01/39 | 97 |
| 410 | 5.000%, 01/01/40 | 438 |
| 230 | 5.000%, 01/01/41 | 244 |
|  | Hawaii State, Highway Revenue, Ser A, RB |  |
| 610 | 5.000%, 01/01/30 | 655 |
| 510 | 5.000%, 01/01/36 | 540 |
| 750 | 4.000%, 01/01/34 | 753 |
| 1510 | 4.000%, 01/01/35 | 1515 |
| 330 | 4.000%, 01/01/36 | 331 |
|  | Hawaii State, Housing Finance & Development, Ser A, RB |  |
| 3000 | 4.950%, 04/01/29 | 3067 |
| 1065 | 4.750%, 10/01/27 | 1079 |
| 1250 | 4.700%, 07/01/50 | 1252 |
| 750 | 4.500%, 07/01/45 | 749 |
| 4450 | 4.000%, 09/01/33 | 4453 |
| 4035 | 3.750%, 01/01/31 | 4037 |
| 2520 | 3.300%, 12/01/29 (A) | 2538 |
|  | Hawaii State, Housing Finance & Development, Ser A, RB, FHLMC Insured |  |
| 20 | 3.300%, 01/01/26 | 20 |
|  | Hawaii State, Ser EY, GO |  |
| 35 | 5.000%, 10/01/27 | 35 |
|  | Hawaii State, Ser FB, GO |  |
| 50 | 4.000%, 04/01/29 | 50 |
| 1070 | 3.000%, 04/01/32 | 1068 |
|  | Hawaii State, Ser FG, GO |  |
| 375 | 5.000%, 10/01/31 | 381 |
|  | Hawaii State, Ser FH, GO |  |
| 295 | 4.000%, 10/01/31 | 297 |
|  | Hawaii State, Ser FK, GO |  |
| 540 | 5.000%, 05/01/34 | 555 |
| 1100 | 4.000%, 05/01/36 | 1109 |
|  | Hawaii State, Ser FN-REF, GO |  |
| 1160 | 5.000%, 10/01/29 | 1209 |
| 920 | 5.000%, 10/01/30 | 958 |
|  | Hawaii State, Ser FT, GO |  |
| 260 | 5.000%, 01/01/30 | 273 |

---

Bishop Street Funds<sub>4</sub>

**Schedule of Investments**

---

| | | |
|:---|:---|:---|
| Face<br> Amount<br> (000) |  | Value<br> (000) |
| *Hawaii — (continued)* | *Hawaii — (continued)* |  |
| $1275 | 5.000%, 01/01/31 | $1338 |
| 450 | 5.000%, 01/01/36 | 468 |
|  | Hawaii State, Ser FW, GO |  |
| 625 | 5.000%, 01/01/33 | 668 |
| 2110 | 5.000%, 01/01/39 | 2218 |
| 650 | 4.000%, 01/01/37 | 663 |
|  | Honolulu Hawaii City & County, Board of Water Supply, RB |  |
| 215 | 5.000%, 07/01/34 | 248 |
| 140 | 5.000%, 07/01/36 | 159 |
| 400 | 5.000%, 07/01/42 | 433 |
|  | Honolulu Hawaii City & County, Board of Water Supply, Ser A, RB |  |
| 100 | 5.000%, 07/01/30 | 111 |
| 400 | 5.000%, 07/01/34 | 454 |
| 600 | 5.000%, 07/01/43 | 651 |
| 400 | 4.000%, 07/01/36 | 414 |
| 1000 | 4.000%, 07/01/40 | 1018 |
| 1000 | 4.000%, 07/01/44 | 1003 |
| 2075 | 4.000%, 07/01/46 | 2051 |
|  | Honolulu Hawaii City & County, GO |  |
| 270 | 4.000%, 09/01/33 | 277 |
| 295 | 4.000%, 09/01/40 | 298 |
| 200 | 4.000%, 09/01/43 | 199 |
| 1085 | 3.250%, 07/01/35 | 1092 |
| 200 | 3.250%, 07/01/36 | 198 |
| 785 | 3.000%, 07/01/33 | 783 |
| 1330 | 3.000%, 07/01/34 | 1314 |
|  | Honolulu Hawaii City & County, RB |  |
| 40 | 5.000%, 05/01/29 (A) | 42 |
|  | Honolulu Hawaii City & County, RB, HUD SECT 8 Insured |  |
| 1565 | 5.000%, 06/01/27 (A) | 1577 |
|  | Honolulu Hawaii City & County, Ser A, GO |  |
| 90 | 5.000%, 09/01/29 | 96 |
| 500 | 5.000%, 07/01/31 | 565 |
| 580 | 5.000%, 09/01/35 | 599 |
| 200 | 5.000%, 07/01/37 | 232 |
| 60 | 5.000%, 09/01/37 | 63 |
| 1390 | 5.000%, 09/01/38 | 1454 |

---

---

| | |
|:---|:---|
| December 31, 2025<sub>5</sub> | www.bishopstreetfunds.com |

---

Hawaii Municipal Bond Fund

**Schedule of Investments**

---

| | | |
|:---|:---|:---|
| Face<br> Amount<br> (000) |  | Value<br> (000) |
| *Hawaii — (continued)* | *Hawaii — (continued)* |  |
| $1000 | 5.000%, 07/01/41 | $1103 |
| 1100 | 5.000%, 09/01/42 | 1134 |
| 1055 | 4.000%, 07/01/33 | 1118 |
| 810 | 4.000%, 07/01/34 | 852 |
| 1220 | 4.000%, 09/01/37 | 1230 |
| 1035 | 4.000%, 07/01/41 | 1043 |
|  | Honolulu Hawaii City & County, Ser B, GO |  |
| 85 | 5.250%, 07/01/45 | 91 |
| 1100 | 5.000%, 07/01/31 | 1243 |
| 1050 | 5.000%, 07/01/32 | 1202 |
| 655 | 5.000%, 07/01/37 | 728 |
|  | Honolulu Hawaii City & County, Ser C, GO |  |
| 945 | 5.000%, 08/01/34 | 1017 |
| 1060 | 5.000%, 07/01/38 | 1139 |
| 1000 | 5.000%, 08/01/44 | 1034 |
| 620 | 5.000%, 07/01/45 | 642 |
| 2175 | 4.000%, 10/01/33 | 2188 |
| 180 | 4.000%, 07/01/39 | 182 |
| 500 | 4.000%, 08/01/39 | 504 |
| 725 | 4.000%, 07/01/40 | 733 |
|  | Honolulu Hawaii City & County, Ser F, GO |  |
| 625 | 5.000%, 07/01/33 | 687 |
| 310 | 5.000%, 07/01/34 | 340 |
|  | Honolulu Hawaii City & County, Wastewater System Revenue, RB |  |
| 1580 | 5.250%, 07/01/53 | 1676 |
| 1025 | 5.000%, 07/01/32 | 1107 |
| 205 | 5.000%, 07/01/33 | 221 |
| 610 | 5.000%, 07/01/34 | 703 |
| 130 | 5.000%, 07/01/36 | 138 |
| 500 | 5.000%, 07/01/37 | 580 |
| 625 | 5.000%, 07/01/38 | 715 |
| 1015 | 5.000%, 07/01/39 | 1145 |
| 1055 | 5.000%, 07/01/40 | 1175 |
| 500 | 5.000%, 07/01/49 | 524 |
| 350 | 4.000%, 07/01/39 | 363 |

---

Bishop Street Funds<sub>6</sub>

**Schedule of Investments**

---

| | | |
|:---|:---|:---|
| Face<br> Amount<br> (000) |  | Value<br> (000) |
| *Hawaii —* (continued) | *Hawaii —* (continued) |  |
|  | Honolulu Hawaii City & County, Wastewater System Revenue, Ser A, RB |  |
| $500 | 5.000%, 07/01/34 | $567 |
| 205 | 5.000%, 07/01/35 | 207 |
| 550 | 5.000%, 07/01/37 | 570 |
| 90 | 5.000%, 07/01/47 | 94 |
| 1025 | 4.000%, 07/01/37 | 1042 |
| 1000 | 4.000%, 07/01/38 | 1013 |
| 500 | 4.000%, 07/01/42 | 498 |
| 1000 | 4.000%, 07/01/44 | 974 |
| 2990 | 4.000%, 07/01/49 | 2785 |
|  | Honolulu Hawaii City & County, Wastewater System Revenue, Ser B, RB |  |
| 1020 | 5.250%, 07/01/40 | 1175 |
| 750 | 5.250%, 07/01/50 | 810 |
| 1000 | 5.000%, 07/01/42 | 1101 |
| 170 | 4.000%, 07/01/32 | 171 |
|  | Kauai County, Community Facilities District, GO |  |
| 1300 | 5.000%, 05/15/49 | 1290 |
| 1000 | 5.000%, 05/15/51 | 988 |
|  | Kauai County, GO |  |
| 175 | 5.000%, 08/01/27 | 182 |
| 140 | 5.000%, 08/01/28 | 145 |
| 255 | 5.000%, 08/01/30 | 281 |
| 1010 | 5.000%, 08/01/31 | 1138 |
| 1515 | 5.000%, 08/01/32 | 1732 |
| 1270 | 5.000%, 08/01/33 | 1469 |
| 390 | 5.000%, 08/01/37 | 401 |
| 375 | 4.000%, 08/01/32 | 382 |
| 135 | 4.000%, 08/01/33 | 137 |
| 20 | 3.000%, 08/01/38 | 19 |
|  | Maui County, GO |  |
| 500 | 5.000%, 03/01/29 | 539 |
| 245 | 5.000%, 09/01/29 | 261 |
| 165 | 5.000%, 03/01/30 | 182 |
| 500 | 5.000%, 09/01/32 | 574 |
| 300 | 5.000%, 03/01/34 | 339 |
| 70 | 5.000%, 03/01/35 | 76 |

---

---

| | |
|:---|:---|
| December 31, 2025<sub>7</sub> | www.bishopstreetfunds.com |

---

Hawaii Municipal Bond Fund

**Schedule of Investments**

---

| | | | |
|:---|:---|:---|:---|
| Face<br> Amount<br> (000) | Face<br> Amount<br> (000) |  | Value<br> (000) |
| *Hawaii — (continued)* | *Hawaii — (continued)* | *Hawaii — (continued)* |  |
| $| 100 | 5.000%, 03/01/36 | $108 |
|  | 1015 | 5.000%, 09/01/37 | 1178 |
|  | 405 | 5.000%, 03/01/38 | 445 |
|  | 150 | 5.000%, 03/01/40 | 159 |
|  | 20 | 5.000%, 03/01/42 | 21 |
|  | 540 | 4.000%, 03/01/36 | 561 |
|  | 685 | 4.000%, 03/01/37 | 707 |
|  | 1080 | 3.250%, 09/01/36 | 1064 |
|  | 65 | 3.125%, 06/01/31 | 65 |
|  | 400 | 3.000%, 03/01/31 | 401 |
|  | 185 | 3.000%, 09/01/33 | 183 |
|  |  | University of Hawaii, Ser B, RB |  |
|  | 1030 | 3.000%, 10/01/28 | 1034 |
|  |  | University of Hawaii, Ser D, RB |  |
|  | 700 | 4.000%, 10/01/32 | 737 |
|  | 325 | 4.000%, 10/01/33 | 341 |
|  | 105 | 3.000%, 10/01/30 | 105 |
|  | 750 | 3.000%, 10/01/36 | 718 |
|  |  | University of Hawaii, Ser E, RB |  |
|  | 500 | 5.000%, 10/01/32 | 510 |
|  |  | University of Hawaii, Ser F, RB |  |
|  | 600 | 5.000%, 10/01/33 | 623 |
|  | 2425 | 5.000%, 10/01/35 | 2510 |
|  |  |  | 165994 |
| *Oklahoma — 0.0%* | *Oklahoma — 0.0%* | *Oklahoma — 0.0%* |  |
|  |  | Oklahoma State, Development Finance Authority, RB |  |
|  | 19 | 5.000%, 06/01/44 | 19 |
| *Wisconsin — 0.4%* | *Wisconsin — 0.4%* | *Wisconsin — 0.4%* |  |
|  |  | Public Finance Authority, RB |  |
|  | 325 | 5.000%, 11/15/35 | 355 |

---

Bishop Street Funds<sub>8</sub>

**Schedule of Investments**

---

| | | |
|:---|:---|:---|
| Face<br> Amount<br> (000) |  | Value<br> (000) |
| *Wisconsin — (continued)* | *Wisconsin — (continued)* |  |
|  | Public Finance Authority, Ser A, RB |  |
| $250 | 5.000%, 07/01/28 (B) | $257 |
|  |  | 612 |
| TOTAL MUNICIPAL BONDS (Cost $168,455) | TOTAL MUNICIPAL BONDS (Cost $168,455) | 166625 |

---

---

| | | |
|:---|:---|:---|
| Shares |  |  |
|  | *CASH EQUIVALENT — 0.9%* |  |
|  | First American Treasury Obligations Fund, Cl X, 3.680% (C) |  |
| 1494192 | (Cost $1,494) | 1494 |
| TOTAL INVESTMENTS (Cost $169,949) —98.5% | TOTAL INVESTMENTS (Cost $169,949) —98.5% | $168119 |

---

Percentages are based on Net Assets of $170,710 (000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutions. At December 31, 2025, these securities amounted to $257($ Thousands), representing 0.15% of net assets of the Fund.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* *The rate reported is the 7-day effective yield as of December 31, 2025.* 

*AMT—Alternative Minimum Tax*

*Cl— Class*

*COP—Certificate of Participation*

*FHLMC—Federal Home Loan Mortgage Corporation*

*GO—General Obligation*

*HUD SECT 8—U.S. Department of Housing and Urban Development Section 8*

*RB—Revenue Bond*

*Ser—Series*

 

*Cost figures are shown in thousands.*

---

| | |
|:---|:---|
| December 31, 2025<sub>9</sub> | www.bishopstreetfunds.com |

---

Hawaii Municipal Bond Fund

**Schedule of Investments**

*The following is a summary of the inputs used as of December 31, 2025, in valuing the Fund's investments carried at value (000):*

Hawaii Municipal Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | $— | $166625 | $— | $166625 |
| &nbsp;&nbsp;&nbsp;Cash Equivalent | 1494 |  |  | 1494 |
| Total Investments in Securities | $1494 | $166625 | $— | $168119 |

---

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

*For more information on valuation inputs, see Note 2 in the Notes to Financial Statements.*

 

*The accompanying notes are an integral part of the financial statements.*

Bishop Street Funds<sub>10</sub>

Bishop Street Funds

**Statement of Assets and Liabilities (000)**

*December 31, 2025*

---

| | |
|:---|:---|
| | Hawaii Municipal<br> Bond Fund |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at Cost | $169949 |
| &nbsp;&nbsp;&nbsp;Investments, at Value | $168119 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 3003 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 171134 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Income Distribution Payable | 152 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees Payable | 105 |
| &nbsp;&nbsp;&nbsp;Audit Expense Payable | 31 |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees Payable | 28 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees Payable | 28 |
| &nbsp;&nbsp;&nbsp;Distribution Fees Payable, Class A | 21 |
| &nbsp;&nbsp;&nbsp;Payable for Fund Shares Redeemed | 15 |
| &nbsp;&nbsp;&nbsp;Administrative Fees Payable | 7 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees Payable | 2 |
| &nbsp;&nbsp;&nbsp;Other Accrued Expenses Payable | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 424 |
| Commitments and Contingencies † |  |
| Net Assets | $170710 |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $188743 |
| &nbsp;&nbsp;&nbsp;Total Accumulated Losses | (18033) |
| Net Assets | $170710 |
| Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $65963 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unlimited authorization — no par value) | 6568 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per Share — Class I (Net Assets / Shares Outstanding) | $10.04 |
| Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $104747 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unlimited authorization — no par value) | 10428 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per Share — Class A (Net Assets / Shares Outstanding) | $10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Shares — Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($10.04/ 97.00%) | $10.35 |

---

† See Note 3 in the Notes to Financial Statements.

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| December 31, 2025<sub>11</sub> | www.bishopstreetfunds.com |

---

Bishop Street Funds

**Statement of Operations (000)**

*For the year ended December 31, 2025*

---

| | |
|:---|:---|
| | Hawaii<br> Municipal<br> Bond Fund |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Interest Income | $5467 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 5467 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 617 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees | 353 |
| &nbsp;&nbsp;&nbsp;Administrative Fees | 349 |
| &nbsp;&nbsp;&nbsp;Distribution Fees, Class A | 266 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 29 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 10 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 176 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 43 |
| &nbsp;&nbsp;&nbsp;Printing Fees | 32 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 27 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 26 |
| &nbsp;&nbsp;&nbsp;Pricing Fees | 25 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 10 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Expenses | 35 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 1998 |
| &nbsp;&nbsp;&nbsp;Less Waivers: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees | (268) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees | (265) |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative Fees | (229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Waivers | (762) |
| &nbsp;&nbsp;&nbsp;Total Net Expenses | 1236 |
| &nbsp;&nbsp;&nbsp;Net Investment Income | 4231 |
| Net Realized Loss | (2132) |
| Net Change in Unrealized |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Appreciation | 5029 |
| Net Realized and Unrealized Gain | 2897 |
| Increase in Net Assets Resulting from Operations | $7128 |

---

*The accompanying notes are an integral part of the financial statements.*

Bishop Street Funds<sub>12</sub>

Bishop Street Funds

**Statements of Changes in Net Assets (000)**

*For the years ended December 31,*

---

| | | |
|:---|:---|:---|
| | Hawaii Municipal Bond<br> Fund | Hawaii Municipal Bond<br> Fund |
| | 2025 | 2024 |
| **Investment Activities from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $4231 | $4546 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (2132) | (2070) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 5029 | 184 |
| &nbsp;&nbsp;&nbsp;Increase in Net Assets Resulting from Operations | 7128 | 2660 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I Shares | (1764) | (2021) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Shares | (2425) | (2535) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (4189) | (4556) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 5877 | 4240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestments of Cash Distributions | 606 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (16481) | (24682) |
| Total Class I Capital Share Transactions | (9998) | (19872) |
| &nbsp;&nbsp;&nbsp;Class A Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 2279 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestments of Cash Distributions | 1888 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | (14237) | (21871) |
| Total Class A Capital Share Transactions | (10070) | (19670) |
| Net Decrease in Net Assets from Capital Share Transactions | (20068) | (39542) |
| Total Decrease in Net Assets | (17129) | (41438) |
| **Net Assets:** |  |  |
| Beginning of Year | 187839 | 229277 |
| End of Year | $170710 | $187839 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 596 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Cash Distributions | 61 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1671) | (2491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Class I Transactions | (1014) | (2005) |
| &nbsp;&nbsp;&nbsp;Class A Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 228 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Cash Distributions | 191 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1448) | (2211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Class A Transactions | (1029) | (1989) |
| Net Decrease in Shares Outstanding from Share Transactions | (2043) | (3994) |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| December 31, 2025<sub>13</sub> | www.bishopstreetfunds.com |

---

Bishop Street Funds

**Financial Highlights**

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

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Activities | Investment Activities | | Dividends and<br> Distributions | Dividends and<br> Distributions |
|  |<br>Net Asset Value,<br> Beginning of<br> Year | Net<br> Investment<br> Income<br> (Loss)<sup>(1)</sup> | Net Realized<br> and<br> Unrealized<br> Gain(Loss)<br> on Investments |<br>Total<br> Investment<br> Activities<br> from<br> Operations | Net<br> Investment<br> Income | Capital<br> Gains |
| HAWAII MUNICIPAL BOND FUND | HAWAII MUNICIPAL BOND FUND |  |  |  |  |  |
| **Class I Shares:** |  |  |  |  |  |  |
| 2025 | $9.87 | $0.25 | $0.17 | $0.42 | $(0.25) | $— |
| 2024 | 9.95 | 0.23 | (0.08) | 0.15 | (0.23) |  |
| 2023 | 9.90 | 0.19 | 0.05 | 0.24 | (0.19) |  |
| 2022 | 10.78 | 0.16 | (0.88) | (0.72) | (0.16) |  |
| 2021 | 10.90 | 0.16 | (0.10) | 0.06 | (0.16) | (0.02) |
| **Class A Shares:** |  |  |  |  |  |  |
| 2025 | $9.87 | $0.22 | $0.17 | $0.39 | $(0.22) | $— |
| 2024 | 9.96 | 0.19 | (0.07) | 0.12 | (0.21) |  |
| 2023 | 9.90 | 0.16 | 0.06 | 0.22 | (0.16) |  |
| 2022 | 10.77 | 0.13 | (0.87) | (0.74) | (0.13) |  |
| 2021 | 10.90 | 0.14 | (0.11) | 0.03 | (0.14) | (0.02) |

---

&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 does not reflect the applicable sales charges. Fee waivers are in effect; if they had not been in effect, performance would have been lower.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *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.*

Bishop Street Funds<sub>14</sub>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Total<br> Dividends<br> and<br> Distributions | Net Asset<br> Value, End<br> of Year | Total<br> Return† | Net Assets End<br> of Year (000) | Ratio of<br> Expenses<br> to<br> Average<br> Net Assets | Ratio of<br> Expenses<br> to Average Net<br> Assets (Excluding<br> Waivers) | Ratio of<br> Net<br> Investments<br> Income<br> to Average<br> Net Assets | Portfolio<br> Turnover<br> Rate(2) |
| $(0.25) | $10.04 | 4.32% | $65963 | 0.55% | 0.98% | 2.54% | 18% |
| (0.23) | 9.87 | 1.53 | 74797 | 0.55 | 0.96 | 2.31 | 15 |
| (0.19) | 9.95 | 2.46 | 95422 | 0.55 | 1.08 | 1.96 | 23 |
| (0.16) | 9.90 | (6.68) | 105663 | 0.55 | 1.04 | 1.59 | 15 |
| (0.18) | 10.78 | 0.62 | 118341 | 0.55 | 1.03 | 1.49 | 14 |
| $(0.22) | $10.04 | 4.06% | $104747 | 0.80% | 1.23% | 2.29% | 18% |
| (0.21) | 9.87 | 1.18 | 113042 | 0.80 | 1.21 | 2.06 | 15 |
| (0.16) | 9.96 | 2.30 | 133855 | 0.80 | 1.33 | 1.75 | 23 |
| (0.13) | 9.90 | (6.83) | 12500 | 0.80 | 1.29 | 1.33 | 15 |
| (0.16) | 10.77 | 0.27 | 16955 | 0.80 | 1.28 | 1.25 | 14 |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **15** | www.bishopstreetfunds.com |

---

Bishop Street Funds

**Notes to Financial Statements**

*December 31, 2025*

*The amounts included in the Notes to Financial Statements are in thousands unless otherwise noted.*

1. ORGANIZATION

The Bishop Street Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end, management investment company. The Bishop Street Funds consists of the Hawaii Municipal Bond Fund (the "Fund"). The Fund is non-diversified. Class A Shares of the Fund are subject to a sales load as disclosed in the prospectus. The assets of the Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. The Fund's prospectus provides a description of the Fund's investment objectives, policies and strategies.

2. SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund. The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB").

*Use of Estimates in the Preparation of Financial Statements*

The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the fair value of assets, the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

*Security Valuation*

The Fund's investments in equity securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (the "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 valuation date (or at approximately 4:00 pm ET if a security's primary 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. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Investment companies are valued at Net Asset Value.

Such values generally reflect the last reported sales price in the most advantageous market, if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the fair value for such securities. Such methodologies typically include matrix systems which reflect such factors as security prices, yields, maturities and ratings. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. Prices for most securities held in the Fund is provided daily by recognized independent pricing agents.

---

| | |
|:---|:---|
| Bishop Street Funds | **16** |

---

If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain a bid price from at least one independent broker.

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by Bishop Street Capital Management (the "Adviser") and approved by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") of the Adviser.

Some of the more common reasons that may necessitate that a security be 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; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

In accordance with the authoritative guidance on fair value measurement under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities
 that the Fund has the ability to access at the measurement date;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest
 rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets,
 etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Prices, inputs or proprietary modeling techniques which are both significant to the fair value
 measurement and unobservable (supported by little or no market activity).

---

| | | |
|:---|:---|:---|
| December 31, 2025 | **17** | www.bishopstreetfunds.com |

---

Bishop Street Funds

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

*Federal Income Taxes*

It is the Fund's intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Sub-chapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Fund did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 open tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

*Security Transactions and Investment Income*

Security transactions are accounted for on trade date. Costs used in determining net realized capital gains and losses on the sale of securities are on the basis of specific identification. Interest income is recorded on the accrual basis from settlement date and dividend income is recorded on ex-dividend date.

Discounts and premiums are accreted or amortized using the effective interest method over the life of each security and are recorded as interest income. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

*Classes*

Class-specific expenses are borne by the applicable class of shares. Income, realized and unrealized gains/losses and non-class-specific expenses are allocated to the respective class on the basis of relative daily net assets. Distribution fees are the only class-specific expense.

*Expenses*

Expenses that are directly related to the Fund are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Fund on the basis of relative net assets.

---

| | |
|:---|:---|
| Bishop Street Funds | **18** |

---

*Dividends and Distributions to Shareholders*

Dividends from net investment income are declared daily and paid on a monthly basis for the Fund. Any net realized capital gains will be distributed at least annually for the Fund. Distributions to shareholders are recorded on the ex-dividend date.

*Front-End Sales Commission*

Front-end sales commissions (the "sales charges") are not recorded as expenses of the Fund. Sales charges are deducted from proceeds from the sales of Fund shares prior to investment in Class A Shares.

*Cash Overdraft Charges*

U.S. Bank, N.A. serves as custodian (the "Custodian") for the Fund. The Custodian plays no role in determining the investment policies of the Fund or which securities are to be purchased or sold by the Fund. If the Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of the Prime Rate plus 4.00%. Cash overdraft charges are included in miscellaneous expenses on the Statement of Operations. For the year ended December 31, 2025, there were no cash overdraft charges.

*Segment Reporting*

The Fund adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) – "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of this standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Fund's Adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio manager. The financial information in the form of the Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the accompanying Statement of Operations.

---

| | | |
|:---|:---|:---|
| December 31, 2025 | **19** | www.bishopstreetfunds.com |

---

Bishop Street Funds

3. INVESTMENT ADVISORY AGREEMENT

Investment advisory services are provided to the Fund by the Adviser, a registered adviser and wholly owned subsidiary of First Hawaiian Bank. First Hawaiian Bank is a wholly owned subsidiary of First Hawaiian Inc. The Adviser is entitled to receive an annual fee of 0.35% of the average daily net assets of the Fund. The Adviser has contractually agreed, through April 30, 2026, to waive a portion of its advisory fee (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses (collectively, excluded expenses) to the extent necessary to keep operating expenses at or below certain percentages of the respective average daily net assets.

The contractual expense limitations are as follows:

---

| | |
|:---|:---|
| Hawaii Municipal Bond Fund, Class I Shares | 0.55% |
| Hawaii Municipal Bond Fund, Class A Shares | 0.80% |

---

If at any point it becomes unnecessary for the Adviser to reduce fees and make expense reimbursements, the Board may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses and contractual expense limitations to recapture all or a portion of its prior expense reductions or reimbursements made during the preceding three year period during which this agreement was in place. During the year ended December 31, 2025, the Adviser did not recapture any previously waived fees.

As of December 31, 2025, fees which were previously waived by the Investment Manager which may be subject to possible future recapture to the Adviser were as follows:

---

| | |
|:---|:---|
|  | Expires |
| $302 | 12/31/2026 |
| 264 | 12/31/2027 |
| 268 | 12/31/2028 |

---

&nbsp;&nbsp;&nbsp;&nbsp;4. ADMINISTRATIVE, CUSTODIAN, TRANSFER AGENT, DISTRIBUTION AND SHAREHOLDER SERVICES

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides administrative services to the Fund. For these services, the Administrator is paid an asset based fee which will vary depending on the number of share classes and the average daily net assets of the Fund. The Administrator has voluntarily agreed to waive a portion of its fee equal to 0.13% of the Fund's average daily net assets. These fee waivers are voluntary and may be discontinued at any time. For the year ended December 31, 2025, the Fund was charged $349 for these services. For the year ended December 31, 2025, the Administrator waived $229 for these services to the Fund. These fees and waivers are labeled as "Administrative Fees/Waivers" on the Statement of Operations.

The Custodian plays no role in determining the investment policies of the Fund or which securities are to be purchased or sold by the Fund. These fees are labeled on the Statement of Operations as "Custody Fees."

---

| | |
|:---|:---|
| Bishop Street Funds | **20** |

---

SS&C Global Investor Distribution Solutions, Inc. ("SS&C") acts as the Transfer Agent of the Fund. As such, SS&C provides transfer agency, dividend disbursing and shareholder services to the Fund. These fees are disclosed on the Statement of Operations as "Transfer Agent Fees."

SEI Investments Distribution Co. ("SIDCO"), the "Distributer" a wholly owned subsidiary of SEI Investments Company, acts as the Trust's Distributor pursuant to the distribution agreement. The Fund has adopted a Distribution Plan (the "Plan") on behalf of Class A Shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. The Plan provides that Class A Shares will bear the cost of their distribution expenses. SIDCO, as compensation for its services under the Plan, receives a distribution fee, computed daily and payable monthly, of 0.25% of the average daily net assets attributable to the Fund's Class A Shares. This fee is disclosed as "Distribution Fees, Class A" on the Statement of Operations.

The Trust has adopted and entered into a shareholder service plan and agreement with SIDCO. The Fund pays to SIDCO a shareholder servicing fee not to exceed an annual rate of 0.25% of the average daily net asset value of all shares of the fund, which is computed daily and paid monthly. Under the shareholder service plan, SIDCO may perform, or may compensate other service providers for performing various shareholder and administrative services. SIDCO may also retain as profit any difference between the fee it receives and amount it pays to third parties. For the year, SIDCO paid the entire amount of fees received under the shareholder service plan to First Hawaiian Bank, the Parent Company of Bishop Street Capital Management, for shareholder services performed by First Hawaiian Bank on behalf of SIDCO for the benefit of certain shareholders to the Fund. SIDCO has voluntarily agreed to waive a portion its fee equal 0.15% of average daily net asset value. These fees and waivers are represented as "Shareholder Servicing Fees/Waivers" on the Statement of Operations.

5. TRANSACTIONS WITH AFFILIATES

Certain officers of the Trust are also officers of SEI Investments Global Funds Services (the "Administrator"), a wholly owned subsidiary of SEI Investments Company, and/or SIDCO. Such officers are paid no fees by the Trust other than the Chief Compliance Officer ("CCO") as described below, for serving as officers of the Trust.

A portion of the services provided by the CCO and his staff, who are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's Advisers and service providers as required by SEC regulations. The CCO's services and expenses have been approved by and are reviewed by the Board. These fees are disclosed on the Statement of Operations as "Chief Compliance Officer Fees."

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities, other than short-term investments, for the year ended December 31, 2025 are presented below for the Fund.

---

| | | |
|:---|:---|:---|
| December 31, 2025 | **21** | www.bishopstreetfunds.com |

---

Bishop Street Funds

---

| | |
|:---|:---|
| Purchases |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | $– |
| &nbsp;&nbsp;&nbsp;Other | 31818 |
| Sales and Maturities |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | $– |
| &nbsp;&nbsp;&nbsp;Other | 50034 |

---

For the year ended December 31, 2025, there were no purchases or sales of long-term U.S. Government securities.

7. FEDERAL TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP.

The tax character of dividends and distributions declared during the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Ordinary<br> Income | Tax Exempt<br> Income | Long Term<br> Capital Gain | Total |
| 2025.0 | $81 | $4108 | $– $| 4189 |
| 2024.0 | 100 | 4456 | – | 4556 |

---

As of December 31, 2025, the components of Accumulated Losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed Tax-Exempt Income | $30 |
| Capital Loss Carryforwards | (16255) |
| Unrealized Depreciation | (1813) |
| Other Temporary Differences | 5 |
| Total Accumulated Losses | $(18033) |

---

For Federal income tax purposes, capital loss carryforwards may be carried forward indefinitely and applied against all future gains. As of December 31, 2025, the Fund had $2,706 and $13,549 in short-term and long-term capital loss carryforwards, respectively.

For Federal income tax purposes, the difference between Federal tax cost and book cost primarily relates to market discounts on bonds and wash sales. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at December 31, 2025, were as follows:

---

| | |
|:---|:---|
| Federal Tax Cost | $169932 |
| Gross Unrealized Appreciation | 1385 |
| Gross Unrealized Depreciation | (3198) |
| Net Unrealized Depreciation | $(1813) |

---

---

| | |
|:---|:---|
| Bishop Street Funds | **22** |

---

The Fund did not pay any federal or state and local income taxes. The Fund may have paid income taxes in foreign jurisdictions for the year ended December 31, 2025. Taxes paid to specific jurisdictions, if applicable, represent less than 5% of income taxes paid (net of refunds received).

8. RISKS

The Fund invests primarily in debt instruments in the state of Hawaii. The issuers' ability to meet their obligations may be affected by economic developments in that state. In addition, the Fund's investments in debt securities are subject to "credit risk," which is the risk that an issuer will be unable, or will be perceived to be unable, to repay its obligations at maturity and "interest rate risk" which is the potential for fluctuations in bond prices due to changing interest rates. Funds that invest primarily in high quality debt securities generally are subject to less credit risk than funds that invest in lower quality debt securities.

Certain debt securities are backed by credit enhancements from various financial institutions and financial guarantee assurance agencies. These credit enhancements reinforce the credit quality of the individual securities; however, if any of the financial institutions or financial guarantee assurance agencies' credit quality should deteriorate, it could cause the individual security's credit quality to change. Additionally, if the Fund concentrates its credit enhancements in any one financial institution, the risk of credit quality deterioration increases. The following tables provide detail on the approximate percentage of the Fund's investments in securities with these types of enhancements, as well as the name of the entity providing the largest proportion of enhancements in the Fund.

---

| | |
|:---|:---|
| % or investments in securities with credit enhancements or liquidity enhancements | 0.94% |
| Largest % of investments in securities with credit enhancements or liquidity enhancements from a single institution | 0.94% |
|  | (Public School Fund Guarantee) |

---

The value of asset-backed securities may be affected by the credit risk of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition to credit risk, asset-backed securities and other securities with early redemption features are subject to pre-payment risk. During periods of declining interest rates, prepayment of loans underlying asset-backed securities can be expected to accelerate or an issuer may retire an outstanding bond early to reduce interest costs. The Fund's ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to the general prevailing interest rates at that time.

The market value of the Fund's investments in fixed income securities may change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments.

---

| | | |
|:---|:---|:---|
| December 31, 2025 | **23** | www.bishopstreetfunds.com |

---

Bishop Street Funds

9. INDEMNIFICATIONS

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

10. LINE OF CREDIT

During the year, the Fund had entered into an agreement which enabled it to participate in a $5 million unsecured committed revolving line of credit on a first come, first served basis, with U.S. Bank, N.A. The proceeds from the borrowings are permitted to be used to finance the Fund's short term general working capital requirements, including the funding of shareholder redemptions.

For the year ended December 31, 2025 the Fund did not have borrowings under the line of credit. The agreement has been extended until December 31, 2026.

11. CONCENTRATION OF SHAREHOLDERS

At December 31, 2025, the percentage of total shares outstanding held by shareholders owning 10% or greater of total shares outstanding of the Fund, which comprised omnibus accounts that were held on behalf of several individual shareholders, was as follows:

---

| | | |
|:---|:---|:---|
|  | Number of<br> Shareholders | % of<br> Outstanding<br> Shares |
| Hawaii Municipal Bond Fund, Class I Shares | 1 | 63% |
| Hawaii Municipal Bond Fund, Class A Shares | 1 | 12% |

---

12. RECENT ACCOUNTING PRONOUNCEMENT

In this reporting period, the Fund adopted FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

---

| | |
|:---|:---|
| Bishop Street Funds | **24** |

---

13. SUBSEQUENT EVENTS

The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements.

---

| | | |
|:---|:---|:---|
| December 31, 2025 | **25** | www.bishopstreetfunds.com |

---

Bishop Street Funds

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Bishop Street Funds and Shareholders of Hawaii Municipal Bond Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hawaii Municipal Bond Fund (constituting Bishop Street Funds, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 25, 2026

We have served as the auditor of one or more investment companies in Bishop Street Capital Management since 1998.

---

| | |
|:---|:---|
| Bishop Street Funds | **26** |

---

This page intentionally left blank.

Bishop Street Funds

**Notice to Shareholders of Bishop Street Funds (Unaudited)**

For shareholders that do not have a December 31, 2025 taxable year end, this notice is for informational purposes only. For shareholders with a December 31, 2025 tax year end, please consult your tax adviser as to the pertinence of this notice.

---

| | | | |
|:---|:---|:---|:---|
| **(A)\***<br> **Long Term**<br> **Capital Gains**<br> **Distributions**<br> **(Tax Basis)** | **(B)\***<br> **Ordinary Income**<br> **Distributions**<br> **(Tax Basis)** | **(C)\***<br> **Tax Exempt**<br> **Interest** | **(A+B+C)**<br> **(D)**<br> **Total**<br> **Distributions**<br> **(Tax Basis)** |
| 0.00% | 1.95% | 98.05% | 100.00% |

---

 

*\** *Items (A), (B) and (C) are based on the percentage of each fund's total distribution.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short-term capital gain and net investment income distributions).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a percentage of "Ordinary Income Distributions" (the total of short term capital gain and net investment income distributions). It is the intention of the Fund to designate the maximum amount permitted by the law.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *"U.S. Government Interest" represents the amount of interest that was derived from direct U.S. Government Obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government Obligations is exempt from state income tax. However, for residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.* 

---

| | |
|:---|:---|
| Bishop Street Funds | **28** |

---

*(Unaudited)*

For the fiscal year ended December 31, 2025, each fund has designated the following items with regard to distributions paid during the year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Qualifying**<br> **for**<br> **Corporate**<br> **Dividends**<br> **Receivable**<br> **Deduction<sup>(1)</sup>** | **Qualifying**<br> **Dividend**<br> **Income<sup>(2)</sup>** | **U.S.**<br> **Government**<br> **Interest<sup>(3)</sup>** | **Interest**<br> **Related**<br> **Dividends<sup>(4)</sup>** | **Short-Term**<br> **Capital**<br> **Gain**<br> **Dividends<sup>(5)</sup>** |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

---

For California income tax purposes, for the fiscal year ended December 31, 2025, the Hawaii Municipal Bond Fund designated 0.000% of their distributions paid from net investment income as exempt interest dividends under Section 17145 of the California Revenue and Taxation Code.

---

| | | |
|:---|:---|:---|
| December 31, 2025 | **29** | www.bishopstreetfunds.com |

---

Bishop Street Funds

**Other Information (Form N-CSR Items 8-11) (Unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The remuneration paid by the company during the period covered by the report to the Trustees on the company's Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

---

| | |
|:---|:---|
| Bishop Street Funds | **30** |

---

**Investment Adviser**

**Bishop Street Capital Management 999 Bishop Street, 25th Floor Honolulu, HI 96813**

**Administrator**

**SEI Investments Global Funds Services**

**One Freedom Valley Drive**

**Oaks, PA19456**

**Distributor**

**SEI Investments Distribution Co.**

**One Freedom Valley Drive**

**Oaks, PA 19456**

**Transfer Agent**

**SS&C** **GIDS, Inc.** 

**333 W. 11th Street**

**Kansas City, MO 64105**

**Custodian**

**U.S. Bank, N.A.**

**800 Nicollett Mall Minneapolis, MN 55402**

**Legal Counsel**

**Morgan, Lewis & Bockius LLP 2222 Market Street Philadelphia, PA 19103**

**Independent Registered Public Accounting Firm**

**PricewaterhouseCoopers LLP Two Commerce Square**

**2001 Market Street, Suite 1800 Philadelphia, PA 19103**

![](fp0097182-1_02.jpg)

**For more information about Bishop Street Funds, call** 

**1-800-262-9565 or your Investment Specialist**

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

![](fp0097182-1_03.jpg)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.**

Not applicable to open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of Ethics attached hereto.](fp0097182-1_ex99code.htm)

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](fp0097182-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0097182-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Bishop Street Funds |
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |
| Date: March 4, 2026 |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |
| Date: March 4, 2026 |  |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |
| Date: March 4, 2026 |  |

---

## Ex-99.Code

**THE ADVISORS' INNER CIRCLE FUND**

**THE ADVISORS' INNER CIRCLE FUND II**

**THE ADVISORS' INNER CIRCLE FUND III**

**BISHOP STREET FUNDS**

**GALLERY TRUST**

**FROST FAMILY OF FUNDS**

**CATHOLIC RESPONSIBLE INVESTMENTS FUNDS**

**SYMMETRY PANORAMIC TRUST**

**WILSHIRE PRIVATE ASSETS MASTER FUND**

**WILSHIRE PRIVATE ASSETS FUND**

**FINANCIAL OFFICER CODE OF ETHICS**

**I.** **Introduction** 

The reputation and integrity of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Gallery Trust, Frost Family of Funds, Catholic Responsible Investments Funds, Symmetry Panoramic Trust, Wilshire Private Assets Master Fund and Wilshire Private Assets Fund (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

**II.** **Purposes of the Code** 

The purposes of this Code are:

● To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

● To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

● To promote compliance with applicable laws, rules and regulations;

● To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

● To establish accountability for adherence to this Code.

**III.** **Questions about this Code** 

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

**IV.** **Conduct Guidelines** 

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with
 honesty and integrity and avoid violations of this Code, including the avoidance of actual
 or apparent conflicts of interest with the Trust in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must
 disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO
 may have with the Trust that reasonably could be expected to give rise to any violations
 of this Code. Such conflicts of interest may arise as a result of material transactions
 or business or personal relationships to which the SFO may be a party. If it is not possible
 to disclose the matter to the Compliance Officer, it should be disclosed to the Trust's
 Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition
 to disclosing any actual or apparent conflicts of interest in which an SFO is personally
 involved, the Trusts' SFOs have an obligation to report any other actual or apparent
 conflicts which they discover or of which they otherwise become aware. If you are unsure
 whether a particular fact pattern gives rise to a conflict of interest, or whether a
 particular transaction or relationship is "material," you should bring the
 matter to the attention of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Standards for quality of information shared with service providers of the Trusts.** Each Trust's
 SFOs must at all times seek to provide information
to the Trust's service providers (adviser, administrator, outside auditor, outside counsel, custodian, *etc.*) that
is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Standards for quality of information included in periodic reports.** Each Trust's SFOs
 must at all times endeavor to ensure full, fair, timely, accurate, and understandable
 disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and
 other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due
 care, competence and diligence, without misrepresenting material facts or allowing your
 independent judgment to be subordinated. Each Trust's SFOs must conduct the affairs
 of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
 of information acquired in the course of their professional duties, except when authorized
 by the Trust to disclose it or where disclosure is otherwise legally mandated. You may
 not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Sharing of information and educational standards.** Each Trust's SFOs should share information
 with relevant parties to keep them informed of the business affairs of the Trust, as
 appropriate, and maintain skills important and relevant to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Promote ethical conduct.** Each Trust's SFOs should at all times proactively promote
 ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standards for recordkeeping.** Each Trust's SFOs must at all times endeavor to ensure that
 the Trust's financial books and records are thoroughly and accurately maintained
 to the best of their knowledge in a manner consistent with applicable laws and this Code.

**V.** **Waivers of this Code** 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders to the extent required by SEC rules.

**VI.** **Affirmation of the Code** 

Upon adoption of the Code, each Trust's SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

**VII.** **Reporting Violations** 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO <u>must</u> immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his or her discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

**VIII.** **Violations of the Code** 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

Dated: September 2025

## Ex-99.Cert

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Michael Beattie, certify that:

1. I have reviewed this report on Form N-CSR of Bishop Street Funds (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this
report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this
report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to
record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Dated: March 4, 2026 |
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Andrew Metzger, certify that:

1. I have reviewed this report on Form N-CSR of Bishop Street Funds (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this
report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this
report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to
record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Dated: March 4, 2026 |
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Michael Beattie, the Principal Executive Officer of the Bishop Street Funds (the "Fund"), with respect to the Fund's Form N-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material
respects, the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| Dated: March 4, 2026 |  |
|  | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Andrew Metzger, the Principal Financial Officer of the Bishop Street Funds (the "Fund"), with respect to the Fund's Form N-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material
respects, the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| Dated: March 4, 2026 |  |
|  | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |

---