Bishop Street Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

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)

c/o CT Corporation

101 Federal Street

Boston, MA 02110

(Address of principal executive offices)

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, 2017

Date of reporting period: June 30, 2017

Item 1. Reports to Stockholders.

The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities is available without charge, by calling 1-800-262-9565 or by visiting the Commission’s website at http://www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge, by calling 1-800-262-9565 or by visiting the Funds’ website at http://www.bishopstreetfunds.com or the website of the Securities and Exchange Commission.

BISHOP STREET

TABLE OF CONTENTS

FUNDS

Schedule of Investments	2
Dividend Value	2
High Grade Income Fund	6
Hawaii Municipal Bond Fund	14
Short-Duration Bond Fund	23
Statements of Assets and Liabilities	27
Statements of Operations	29
Statements of Changes in Net Assets	31
Financial Highlights	34
Notes to Financial Statements	38
Disclosure of Fund Expenses	51
Approval of Investment Advisory Agreement	53

1

Dividend Value Fund (unaudited)

Top Ten Equity Holdings^†

		Percentage of Investments
1.	Microsoft		4.5%
2.	JPMorgan Chase		3.6%
3.	Johnson & Johnson		3.5%
4.	Apple		2.9%
5.	ExxonMobil		2.8%
6.	BlackRock FedFund, Institutional Shares		2.7%
7.	Philip Morris International		2.6%
8.	Comcast Cl A		2.5%
9.	Home Depot		2.5%
10.	Merck		2.4%

† Percentages based on total investments. Top ten holdings do not include short-term investments.

Schedule of Investments

Shares			Value (000)
	COMMON STOCK — 96.9%
	Consumer Discretionary — 9.6%
	27,142	Comcast, Cl A	$	1,056
	2,376	Genuine Parts		221
	6,823	Home Depot		1,047
	8,305	Interpublic Group of Companies		204
	2,757	McDonald’s		422
	5,415	Time Warner		544
	4,635	TJX		334
	2,001	Walt Disney		213
				4,041

Bishop Street Funds

2

Dividend Value Fund (unaudited)

Schedule of Investments

(continued)

Shares			Value (000)
	Consumer Staples — 11.6%
	11,842	Altria Group	$	882
	4,995	Coca-Cola Enterprises		203
	5,108	CVS Health		411
	6,403	General Mills		355
	2,490	Kimberly-Clark		321
	6,830	PepsiCo		789
	9,120	Philip Morris International		1,071
	5,158	Procter & Gamble		450
	5,034	Wal-Mart Stores		381
				4,863
	Energy — 5.1%
	5,000	Chevron		522
	14,302	ExxonMobil		1,155
	6,926	Suncor Energy		202
	4,214	Valero Energy		284
				2,163
	Financials — 17.3%
	18,872	Bank of America		458
	6,941	BB&T		315
	1,304	BlackRock		551
	5,207	Chubb		757
	4,856	CME Group		608
	16,412	JPMorgan Chase		1,500
	8,986	Marsh & McLennan		700
	4,224	Northern Trust		411
	5,355	PNC Financial Services Group		669
	3,844	T Rowe Price Group		285
	8,818	US Bancorp		458
	10,266	Wells Fargo		569
				7,281
	Health Care — 11.3%
	6,566	AbbVie		476
	756	Aetna		115
	3,122	Bristol-Myers Squibb		174
	2,352	Eli Lilly		194
	10,953	Johnson & Johnson		1,449
	3,345	Medtronic PLC		297
	15,468	Merck		991
	24,168	Pfizer		812
	1,378	UnitedHealth Group		255
				4,763

June 30, 2017 www.bishopstreetfunds.com

3

Dividend Value Fund (unaudited)

Schedule of Investments

(continued)

Shares			Value (000)
	Industrials — 14.7%
	2,856	3M	$	595
	1,418	Boeing		280
	1,933	Cummins		314
	4,436	General Dynamics		879
	6,704	Honeywell International		894
	4,090	Ingersoll-Rand PLC		374
	2,979	Lockheed Martin		827
	2,124	Parker Hannifin		339
	2,401	Stanley Black & Decker		338
	6,276	Union Pacific		683
	2,021	United Technologies		247
	5,553	Waste Management		407
				6,177
	Information Technology — 15.1%
	8,354	Apple		1,203
	4,985	Automatic Data Processing		511
	2,598	Broadcom		605
	23,758	Cisco Systems		744
	11,644	Intel		393
	3,463	Lam Research		490
	27,310	Microsoft		1,882
	6,694	Texas Instruments		515
				6,343
	Materials — 2.2%
	6,523	Dow Chemical		411
	1,894	International Paper		107
	1,961	LyondellBasell Industries NV, Cl A		166
	4,639	Sonoco Products		238
				922
	Real Estate — 3.3%
	983	American Tower ‡		130
	440	AvalonBay Communities ‡		84
	1,561	Crown Castle International ‡		156
	2,114	Digital Realty Trust ‡		239
	5,000	Duke Realty ‡		140
	1,364	Equity LifeStyle Properties ‡		118
	598	Essex Property Trust ‡		154
	1,798	Public Storage ‡		375
				1,396

Bishop Street Funds

4

Dividend Value Fund (unaudited)

Schedule of Investments

(concluded)

Shares			Value (000)
	Telecommunication Services — 1.9%
	21,646	AT&T	$	817
	Utilities — 4.8%
	3,656	American Electric Power		254
	6,546	CMS Energy		303
	2,870	Dominion Resources		220
	4,249	Eversource Energy		258
	2,129	NextEra Energy		298
	3,468	PG&E		230
	1,779	Sempra Energy		200
	4,234	WEC Energy Group		260
				2,023
	TOTAL COMMON STOCK (Cost $26,961)			40,789
	PREFERRED STOCK — 0.2%
	Energy — 0.2%
	1,186	Hess, 8.00%* (Cost $67)		66
	CASH EQUIVALENT — 2.6%
	1,117,948	BlackRock FedFund, Institutional Shares, 0.860% (A) (Cost $1,118)		1,118
	TOTAL INVESTMENTS (Cost $28,146) — 99.7%		$	41,973

Percentages are based on Net Assets of $42,104 (000).

‡ Real Estate Investment Trust

* Non-income producing security.

(A) The rate reported is the 7-day effective yield as of June 30, 2017.

Cl — Class

PLC — Public Limited Company

Cost figures are shown in thousands.

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

June 30, 2017 www.bishopstreetfunds.com

5

High Grade Income Fund (unaudited)

Top Ten Holdings^†

		Coupon Rate		Maturity Date		Percentage of Investments
1.	U.S. Treasury Bond		4.500%		08/15/39		2.6%
2.	FHLMC, Ser 2011-3970, Cl KC		3.500%		03/15/33		2.5%
3.	U.S. Treasury Bond		3.625%		08/15/43		1.9%
4.	FHLB		4.125%		03/13/20		1.7%
5.	MetLife		6.817%		08/15/18		1.7%
6.	U.S. Treasury Bond		6.000%		02/15/26		1.7%
7.	Home Depot		5.875%		12/16/36		1.5%
8.	U.S. Treasury Bond		2.250%		08/15/46		1.4%
9.	International Business Machines		8.375%		11/01/19		1.3%
10.	Merck Sharp & Dohme		5.000%		06/30/19		1.3%

† Percentages based on total investments. Top ten holdings do not include short-term investments.

Schedule of Investments

Face Amount (000)			Value (000)
	CORPORATE OBLIGATIONS — 59.8%
	Consumer Discretionary — 10.1%
		Amazon.com
$	650	4.800%, 12/05/34	$	748
		Anheuser-Busch InBev Worldwide
	350	7.750%, 01/15/19		381
		CBS
	500	3.500%, 01/15/25		507
		Comcast
	500	3.600%, 03/01/24		525
	350	3.150%, 03/01/26		352
		DIRECTV Holdings LLC
	275	3.800%, 03/15/22		284
		Discovery Communications LLC
	425	3.250%, 04/01/23		419

Bishop Street Funds

6

High Grade Income Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)			Value (000)
	Consumer Discretionary — (continued)
		George Washington University
$	225	4.363%, 09/15/43	$	229
		Home Depot
	700	5.875%, 12/16/36		912
		McDonald’s MTN
	500	4.600%, 05/26/45		539
		Starbucks
	495	2.450%, 06/15/26		477
		Target
	525	2.300%, 06/26/19		531
		Walt Disney MTN
	425	1.850%, 07/30/26		387
				6,291
	Consumer Staples — 5.2%
		Campbell Soup
	500	4.250%, 04/15/21		532
		Coca-Cola
	250	2.875%, 10/27/25		252
	200	2.450%, 11/01/20		203
		Colgate-Palmolive MTN
	500	1.950%, 02/01/23		488
		CVS Health
	500	2.875%, 06/01/26		485
		Hershey
	250	2.625%, 05/01/23		254
		Kellogg
	250	3.250%, 04/01/26		250
		Unilever Capital
	375	2.100%, 07/30/20		376
		Walgreens Boots Alliance
	400	3.300%, 11/18/21		412
				3,252
	Energy — 4.4%
		BP Capital Markets PLC
	500	3.814%, 02/10/24		521
		ConocoPhillips
	450	3.350%, 11/15/24		459
		Kinder Morgan Energy Partners LP
	450	4.300%, 05/01/24		465
		Occidental Petroleum
	400	2.700%, 02/15/23		400
		Schlumberger Investment SA
	400	3.650%, 12/01/23		421

June 30, 2017 www.bishopstreetfunds.com

7

High Grade Income Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)			Value (000)
	Energy — (continued)
		Shell International Finance BV
$	500	1.875%, 05/10/21	$	494
				2,760
	Financials — 16.0%
		Aflac
	600	3.625%, 11/15/24		628
		Aon PLC
	440	4.450%, 05/24/43		444
		Bank of America MTN
	575	4.000%, 04/01/24		602
		Bank of New York Mellon MTN
	500	4.150%, 02/01/21		532
		Citigroup
	450	3.875%, 10/25/23		470
		Discover Bank
	600	4.200%, 08/08/23		631
		Goldman Sachs Group MTN
	500	7.500%, 02/15/19		542
	800	2.486%, 11/23/24 (A)		796
		JPMorgan Chase
	250	6.400%, 05/15/38		335
	600	2.250%, 01/23/20		602
		Lincoln National
	500	8.750%, 07/01/19		562
		MetLife
	1,000	6.817%, 08/15/18		1,056
		Morgan Stanley MTN
	250	3.702%, 08/31/17 (A)		249
		MUFG Americas Holdings
	250	2.250%, 02/10/20		250
		Prudential Financial MTN
	320	7.375%, 06/15/19		353
		Royal Bank of Canada MTN
	400	2.150%, 03/06/20		401
	300	1.500%, 07/29/19		298
		State Street
	425	4.956%, 03/15/18		434
		US Bancorp MTN
	500	3.000%, 03/15/22		513
		Wells Fargo
	300	2.150%, 01/15/19		301
				9,999

Bishop Street Funds

8

High Grade Income Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)			Value (000)
	Health Care — 4.8%
		AbbVie
$	500	2.900%, 11/06/22	$	505
		Amgen
	350	5.700%, 02/01/19		371
	150	4.950%, 10/01/41		162
		Celgene
	450	3.875%, 08/15/25		470
		Gilead Sciences
	650	4.500%, 04/01/21		701
		Merck Sharp & Dohme
	750	5.000%, 06/30/19		797
				3,006
	Industrials — 6.0%
		Caterpillar
	500	7.900%, 12/15/18		544
		FedEx
	425	2.625%, 08/01/22		427
		General Electric MTN
	500	2.246%, 03/15/23 (A)		514
		Johnson Controls International PLC
	250	4.250%, 03/01/21		265
		Norfolk Southern
	450	2.900%, 06/15/26		443
		Northrop Grumman
	500	4.750%, 06/01/43		563
		Raytheon
	475	2.500%, 12/15/22		477
		United Technologies
	500	3.100%, 06/01/22		518
				3,751
	Information Technology — 7.6%
		Apple
	725	2.850%, 05/06/21		745
		Applied Materials
	600	3.900%, 10/01/25		639
		Intel
	500	3.300%, 10/01/21		523
		International Business Machines
	700	8.375%, 11/01/19		803
		Juniper Networks
	410	4.500%, 03/15/24		436

June 30, 2017 www.bishopstreetfunds.com

9

High Grade Income Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)			Value (000)
	Information Technology — (continued)
		Microsoft
$	500	3.625%, 12/15/23	$	530
		NetApp
	550	3.375%, 06/15/21		564
		Texas Instruments
	500	1.000%, 05/01/18		498
				4,738
	Materials — 2.3%
		Mosaic
	400	5.625%, 11/15/43		408
		Praxair
	500	2.200%, 08/15/22		495
		Sherwin-Williams
	500	3.125%, 06/01/24		503
				1,406
	Telecommunication Services — 0.8%
		Ameritech Capital Funding
	425	6.875%, 10/15/27		497
	Transportation — 0.9%
		Burlington Northern Santa Fe LLC
	500	4.450%, 03/15/43		543
	Utilities — 1.7%
		Berkshire Hathaway Energy
	475	6.125%, 04/01/36		610
		Xcel Energy
	425	3.300%, 06/01/25		429
				1,039
	TOTAL CORPORATE OBLIGATIONS (Cost $36,393)			37,282
	U.S. TREASURY OBLIGATIONS — 12.8%
		U.S. Treasury Bond
	800	6.000%, 02/15/26		1,037
	500	5.375%, 02/15/31		672
	350	4.750%, 02/15/37		466
	1,250	4.500%, 08/15/39		1,619
	500	4.375%, 05/15/41		641
	1,000	3.625%, 08/15/43		1,150
	1,000	2.250%, 08/15/46		880

Bishop Street Funds

10

High Grade Income Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)			Value (000)
	U.S. TREASURY OBLIGATIONS — (continued)
		U.S. Treasury Note
$	350	3.625%, 02/15/21	$	374
	250	3.500%, 05/15/20		264
	400	2.875%, 03/31/18		405
	180	2.375%, 08/15/24		183
	300	2.000%, 11/15/26		293
	TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,600)			7,984
	U.S. GOVERNMENT AGENCY OBLIGATIONS — 10.5%
		FFCB
	300	2.670%, 04/18/24		301
	600	2.000%, 06/01/21		599
	675	1.750%, 08/01/22		656
	500	1.420%, 12/28/18		499
	500	1.240%, 11/29/19		493
		FHLB
	475	4.750%, 03/10/23		542
	1,000	4.125%, 03/13/20		1,066
	500	3.750%, 12/14/18		517
		FHLMC MTN
	650	1.600%, 09/30/21		640
	675	1.500%, 08/25/21 (B)		667
	600	1.500%, 05/25/22 (B)		600
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $6,574)			6,580
	MUNICIPAL BONDS — 7.5%
	Municipal — 7.5%
		California State, GO
	560	6.509%, 04/01/39		647
		Clark County, School District, GO
	200	5.510%, 06/15/24		221
		Hawaii State, Department of Budget & Finance, Pacific Health Project, Ser A, RB
	500	5.500%, 07/01/43		562
		Houston, Independent School District, GO
	250	6.125%, 02/15/28		266
		Hudson County, Improvement Authority, RB, AGM Insured
	575	7.400%, 12/01/25		665
		Maryland State, Transportation Authority, RB
	500	5.788%, 07/01/29		591
		Napa Valley, Unified School District, GO
	225	6.507%, 08/01/43		307

June 30, 2017 www.bishopstreetfunds.com

11

High Grade Income Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)			Value (000)
	MUNICIPAL BONDS — (continued)
		Oklahoma County, Finance Authority, RB
$	375	6.600%, 09/01/22	$	440
		Oklahoma, Development Finance Authority, RB
	100	3.200%, 06/01/27		98
		San Antonio, Texas Water System Revenue, RB
	250	5.502%, 05/15/29		296
		Stockton, Public Financing Authority, RB, BAM
	500	7.942%, 10/01/38		559
	TOTAL MUNICIPAL BONDS (Cost $4,523)			4,652
	U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS — 7.1%
		FHLMC, Ser 2011-3970, Cl KC
	1,500	3.500%, 03/15/33		1,559
		FHLMC, Ser 2015-4425, Cl BY
	597	2.000%, 01/15/45		513
		FHLMC, Ser G12710
	76	5.500%, 07/01/22		79
		FNMA, Ser 2003-58, Cl D
	48	3.500%, 07/25/33		49
		FNMA, Ser 2012-84, Cl JB
	399	3.000%, 05/25/42		394
		FNMA, Ser 2013-92, Cl MT
	58	4.000%, 07/25/41		62
		FNMA, Ser 889958
	36	5.000%, 10/01/23		38
		GNMA, Ser 2011-112, Cl JP
	171	2.000%, 02/20/40		170
		GNMA, Ser 2012-101, Cl KL
	711	2.000%, 09/20/41		669
		GNMA, Ser 2012-91, Cl QL
	765	2.000%, 09/20/41		685
		GNMA, Ser 2013-4, Cl CN
	220	2.000%, 10/16/42		218
	TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS (Cost $4,406)			4,436
	NON-AGENCY MORTGAGE-BACKED OBLIGATION — 0.6%
		GSR Mortgage Loan Trust, Ser 2004-4, Cl 3A2
	414	2.600%, 04/25/32 (A) (Cost $380)		390

Bishop Street Funds

12

High Grade Income Fund (unaudited)

Schedule of Investments

(concluded)

Shares			Value (000)
	CASH EQUIVALENT — 1.3%
	831,689	BlackRock FedFund, Institutional Shares, 0.860% (C) (Cost $832)	$	832
	TOTAL INVESTMENTS (Cost $60,708) — 99.6%		$	62,156

Percentages are based on Net Assets of $62,382 (000).

(A) Floating Rate Security — The rate reflected on the Schedule of Investments is the rate in effect on June 30, 2017. The maturity date shown is the final maturity date.

(B) Step Bond — The rate reflected on the Schedule of Investments is the effective yield on June 30, 2017. The coupon on a step bond changes on a specified date.

(C) The rate reported is the 7-day effective yield as of June 30, 2017.

AGM — Assured Guaranty Municipal Corp.

BAM — Build America Mutual

Cl — Class

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Corporation

GNMA — Government National Mortgage Corporation

GO — General Obligation

LLC — Limited Liability Corporation

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

RB — Revenue Bond

Ser — Series

Cost figures are shown in thousands.

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

June 30, 2017 www.bishopstreetfunds.com

13

Hawaii Municipal Bond Fund (unaudited)

Top Ten Holdings^†

		Coupon Rate		Maturity Date		Percentage of Investments
1.	Hawaii State, Department of Budget & Finance, Ser 2009		6.500%		07/01/39		3.3%
2.	Hawaii State, Department of Transportation, Airports Division Lease Revenue, AMT		5.000%		08/01/27		3.1%
3.	Hawaii State, Department of Budget & Finance, Ser A		5.000%		07/01/35		3.0%
4.	Hawaii State, Department of Transportation, Airports Division Lease Revenue, AMT		5.000%		08/01/21		2.1%
5.	Hawaii State, Airport System Authority, Ser A		5.250%		07/01/27		2.1%
6.	Hawaii State, Ser FK		5.000%		05/01/29		1.8%
7.	Hawaii State, Airport System Authority, AMT		5.000%		07/01/24		1.6%
8.	Hawaii State, Department of Budget & Finance, Ser A		5.000%		07/01/27		1.6%
9.	Hawaii State, Housing Finance & Development, Rental Housing System, Ser B, AGM Insured		6.500%		07/01/33		1.6%
10.	Hawaii State, Department of Hawaiian Home Lands, Kapolei Office Facilities, Ser A, AGM Insured		5.000%		11/01/31		1.5%

† Percentages based on total investments. Top ten holdings do not include short-term investments.

Bishop Street Funds

14

Hawaii Municipal Bond Fund (unaudited)

Schedule of Investments

Face Amount (000)			Value (000)
	MUNICIPAL BONDS — 98.0%
	Alabama — 0.2%
		Huntsville, Electric System Revenue, RB
$	225	5.250%, 12/01/29	$	260
	Alaska — 1.4%
		Alaska, Municipal Bond Bank Authority, Ser 3, RB, Bond Bank Moral Obligation Insured
	1,000	5.000%, 09/01/22		1,134
		Alaska State, Housing Finance, State Capital Project, Ser A, RB
	175	5.000%, 12/01/33		201
		Alaska State, Ser A, GO
	525	5.000%, 08/01/34		598
				1,933
	California — 3.9%
		California State, GO
	1,000	5.000%, 09/01/23		1,198
	5	4.500%, 08/01/30		5
		Orange County, Water District, Ser A, RB
	1,000	5.000%, 08/15/31		1,178
		Sacramento City, Unified School District, GO
	500	5.000%, 07/01/23		598
		Sonoma County, Junior College District, GO
	1,000	5.000%, 08/01/27		1,184
		University of California, Ser AF, RB
	1,000	5.000%, 05/15/36		1,150
				5,313
	Florida — 1.0%
		Jacksonville, Sales Tax Revenue, Ser A, RB
	1,000	5.000%, 10/01/29		1,145
		Miami-Dade County, School Board, Ser D, COP
	150	5.000%, 02/01/27		179
				1,324
	Georgia — 0.4%
		Atlanta, Water & Wastewater Revenue, Ser A, RB, NATL Insured
	450	5.500%, 11/01/27		558
	Hawaii — 83.4%
		Hawaii County, Ser A, GO
	1,000	5.000%, 07/15/18, Pre-Refunded @ 100 (A)		1,041

June 30, 2017 www.bishopstreetfunds.com

15

Hawaii Municipal Bond Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)			Value (000)
	Hawaii — (continued)
$	500	5.000%, 09/01/20	$	558
	250	5.000%, 09/01/22(B)		294
	1,000	5.000%, 09/01/31		1,181
	500	4.000%, 03/01/20, Pre-Refunded @ 100 (A)		537
	1,500	4.000%, 09/01/35		1,605
		Hawaii County, Ser B, GO
	200	5.000%, 09/01/22		235
		Hawaii County, Ser D, GO
	450	5.000%, 09/01/25		552
		Hawaii State, Airport System Authority, RB, AGM Insured
	1,000	5.250%, 07/01/27		1,117
		Hawaii State, Airport System Authority, RB, AMT
	2,000	5.000%, 07/01/24		2,218
	1,000	4.125%, 07/01/24		1,065
	250	3.000%, 07/01/17		250
		Hawaii State, Airport System Authority, Ser A, RB
	250	5.250%, 07/01/23		279
	2,500	5.250%, 07/01/27		2,789
	1,000	5.250%, 07/01/28		1,115
	900	5.250%, 07/01/30		1,003
	1,500	5.000%, 07/01/45		1,682
		Hawaii State, Airports System Revenue, Ser A, RB
	420	5.000%, 07/01/39		461
		Hawaii State, Department of Budget & Finance, Mid Pacific Institute, RB, AGC Insured
	920	5.000%, 01/01/26		922
		Hawaii State, Department of Budget & Finance, Pacific Health Project, Ser A, RB
	425	6.000%, 07/01/33		499
	500	4.625%, 07/01/21		544
		Hawaii State, Department of Budget & Finance, Pacific Health Project, Ser B, RB
	225	5.000%, 07/01/18		234
		Hawaii State, Department of Budget & Finance, RB
	325	5.125%, 07/01/31		365
	350	3.250%, 01/01/25		356
		Hawaii State, Department of Budget & Finance, RB, AMT
	500	4.000%, 03/01/37		500
		Hawaii State, Department of Budget & Finance, Ser 2009, RB
	4,100	6.500%, 07/01/39		4,428
		Hawaii State, Department of Budget & Finance, Ser A, RB
	100	5.000%, 07/01/22		115

Bishop Street Funds

16

Hawaii Municipal Bond Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)			Value (000)
	Hawaii — (continued)
$	575	5.000%, 07/01/26	$	658
	1,800	5.000%, 07/01/27		2,143
	3,500	5.000%, 07/01/35		3,986
	600	4.000%, 07/01/18		617
		Hawaii State, Department of Budget & Finance, Ser B, RB
	775	5.000%, 07/01/28		878
		Hawaii State, Department of Hawaiian Home Lands, Kapolei Office Facilities, Ser A, COP, AGM Insured
	2,000	5.000%, 11/01/31		2,005
	110	4.250%, 11/01/26		110
		Hawaii State, Department of Transportation, Airports Division Lease Revenue, COP, AMT
	1,000	5.250%, 08/01/25		1,158
	2,525	5.000%, 08/01/21		2,858
	3,675	5.000%, 08/01/27		4,143
	1,000	5.000%, 08/01/28		1,119
		Hawaii State, Harbor System Revenue, Ser A, RB
	100	5.000%, 07/01/25		110
	1,125	4.250%, 07/01/21		1,209
		Hawaii State, Highway Authority, Ser A, RB
	700	5.000%, 01/01/23		825
	1,600	5.000%, 01/01/30		1,905
	1,700	5.000%, 01/01/31		1,984
	1,000	5.000%, 01/01/33		1,178
		Hawaii State, Housing Finance & Development, Kuhio Park Terrace Multi-Family Housing, Ser A, RB, FHLMC Insured
	200	3.900%, 04/01/22		216
	115	3.750%, 04/01/21		124
	180	3.500%, 04/01/20		190
		Hawaii State, Housing Finance & Development, Rental Housing System, Ser B, RB, AGM Insured
��	2,000	6.500%, 07/01/33		2,134
		Hawaii State, Housing Finance & Development, Single-Family Housing, Ser B, RB, GNMA/FNMA/FHLMC Insured
	465	3.450%, 01/01/22		493
		Hawaii State, Housing Finance & Development, Wilikina Apartments Project, Ser A, RB
	1,000	5.000%, 05/01/34		1,009
		Hawaii State, Ser DQ, GO
	35	5.000%, 06/01/19, Pre-Refunded @ 100 (A)		38
		Hawaii State, Ser DR, GO
	1,000	5.000%, 06/01/19		1,073

June 30, 2017 www.bishopstreetfunds.com

17

Hawaii Municipal Bond Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)			Value (000)
	Hawaii — (continued)
		Hawaii State, Ser DT, GO
$	270	5.000%, 11/01/19	$	294
		Hawaii State, Ser DY, GO
	825	5.000%, 02/01/19		875
		Hawaii State, Ser DZ, GO
	100	5.000%, 12/01/20 (D)		112
	1,895	5.000%, 12/01/21, Pre-Refunded @ 100 (A)		2,189
		Hawaii State, Ser EA, GO
	935	5.000%, 12/01/21		1,081
	1,700	5.000%, 12/01/22		1,958
		Hawaii State, Ser EE-2017, GO
	315	5.000%, 11/01/27		369
	85	5.000%, 11/01/22, Pre-Refunded @ 100 (A)		100
		Hawaii State, Ser EF, GO
	500	5.000%, 11/01/22		590
	300	5.000%, 11/01/23		354
		Hawaii State, Ser EH, GO
	335	5.000%, 08/01/23 (B)		400
	285	5.000%, 08/01/23, Pre-Refunded @ 100 (A)		340
	365	5.000%, 08/01/24		436
	855	5.000%, 08/01/30		1,003
	195	5.000%, 08/01/32		228
		Hawaii State, Ser EH-2017, GO
	85	5.000%, 08/01/23 (B)		101
	255	5.000%, 08/01/23		306
		Hawaii State, Ser EO, GO
	150	5.000%, 08/01/24		182
	1,000	5.000%, 08/01/29		1,178
	1,000	5.000%, 08/01/30		1,174
	1,000	5.000%, 08/01/33		1,161
		Hawaii State, Ser EP, GO
	1,000	5.000%, 08/01/22		1,174
	325	5.000%, 08/01/26		389
		Hawaii State, Ser ET, GO
	300	5.000%, 10/01/24		365
		Hawaii State, Ser EY, GO
	140	5.000%, 10/01/26		172
	1,000	5.000%, 10/01/27		1,216
		Hawaii State, Ser FE, GO
	285	5.000%, 10/01/27		352
		Hawaii State, Ser FK, GO
	2,000	5.000%, 05/01/29		2,450

Bishop Street Funds

18

Hawaii Municipal Bond Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)			Value (000)
	Hawaii — (continued)
		Hawaii State, Ser FN, GO
$	1,000	5.000%, 10/01/23	$	1,200
	500	5.000%, 10/01/24		609
		Honolulu Hawaii City & County, Board of Water Supply, Ser A, RB
	1,050	5.000%, 07/01/19		1,129
	875	5.000%, 07/01/23		1,019
	400	5.000%, 07/01/24		485
	600	5.000%, 07/01/27		720
		Honolulu Hawaii City & County, Ser A, GO
	275	5.250%, 08/01/21, Pre-Refunded @ 100 (A)		318
	700	5.000%, 10/01/19		760
	680	5.000%, 11/01/21		785
	500	5.000%, 11/01/22		589
	1,000	5.000%, 10/01/27		1,209
	325	5.000%, 10/01/29		387
	500	5.000%, 11/01/30		581
	700	4.000%, 11/01/19		746
	325	4.000%, 08/01/21, Pre-Refunded @ 100 (A)		359
		Honolulu Hawaii City & County, Ser B, GO
	250	5.000%, 12/01/18		264
	375	5.000%, 08/01/21		430
	350	5.000%, 08/01/22		400
	1,200	5.000%, 11/01/24		1,408
	300	5.000%, 08/01/26		342
	1,525	5.000%, 10/01/26		1,859
	500	4.000%, 10/01/19		531
		Honolulu Hawaii City & County, Ser B, GO, AGM Insured
	100	5.250%, 07/01/19		108
		Honolulu Hawaii City & County, Ser C, GO
	750	5.000%, 10/01/23		899
	1,000	5.000%, 10/01/28		1,201
		Honolulu Hawaii City & County, Ser D, GO
	400	5.250%, 09/01/19, Pre-Refunded @ 100 (A)		435
		Honolulu Hawaii City & County, Ser Junior A, RB
	450	4.000%, 07/01/25		483
		Honolulu Hawaii City & County, Wastewater System Authority, Ser A, RB
	440	5.000%, 07/01/20		473
	250	5.000%, 07/01/21, Pre-Refunded @ 100 (A)		286
	100	5.000%, 07/01/22, Pre-Refunded @ 100 (A)		117
	1,500	5.000%, 07/01/24		1,804
	500	5.000%, 07/01/38		562

June 30, 2017 www.bishopstreetfunds.com

19

Hawaii Municipal Bond Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)			Value (000)
	Hawaii — (continued)
		Honolulu Hawaii City & County, Wastewater System Authority, Ser B, RB
$	1,575	5.000%, 07/01/23	$	1,875
	200	4.000%, 07/01/21		220
		Honolulu Hawaii City & County, Wastewater System Authority, Ser S, RB
	650	5.000%, 07/01/22		759
		Honolulu Hawaii City & County, Wastewater System Revenue, Ser B, RB
	125	5.000%, 07/01/20		139
		Kauai County, Ser A, GO
	250	5.000%, 08/01/21		286
	150	5.000%, 08/01/23		175
	250	4.000%, 08/01/24		278
	250	3.250%, 08/01/23		264
		Kauai County, Ser A, GO, NATL FGIC Insured
	415	5.000%, 08/01/21		416
		Maui County, GO
	250	5.000%, 06/01/20		277
	150	5.000%, 06/01/21		171
		Maui County, Ser B, GO
	500	4.000%, 06/01/21		538
		University of Hawaii, RB
	1,400	5.000%, 10/01/25		1,731
	1,350	5.000%, 10/01/32		1,606
		University of Hawaii, Ser A, RB
	100	6.000%, 10/01/38		111
		University of Hawaii, Ser A, RB, NATL Insured
	350	3.500%, 07/15/28		350
		University of Hawaii, Ser A-2, RB
	1,030	4.000%, 10/01/18		1,067
		University of Hawaii, Ser B, RB
	1,500	5.000%, 10/01/34		1,752
	1,000	4.000%, 10/01/23		1,144
				114,314
	Indiana — 0.1%
		Indiana State, Housing & Community Development Authority, Ser C, RB, GNMA/FNMA/FHLMC Insured
	70	4.100%, 06/01/27		73
	Maine — 0.6%
		Maine State, Health & Higher Educational Facilities Authority, Ser A, RB
	750	5.250%, 07/01/31		827

Bishop Street Funds

20

Hawaii Municipal Bond Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)			Value (000)
	Maryland — 0.5%
		Maryland State, GO
$	575	5.000%, 03/01/22	$	631
	New York — 1.2%
		New York City, Trust for Cultural Resources, Ser S, RB
	1,000	5.000%, 07/01/41		1,142
		New York, Ser H, GO
	500	5.000%, 08/01/20		557
				1,699
	Ohio — 1.1%
		Akron, Income Tax Revenue, RB
	1,000	5.000%, 12/01/33		1,148
		Ohio State, Ser 2011-B, GO
	300	5.000%, 08/01/22		352
				1,500
	Oklahoma — 0.5%
		Oklahoma City, Water Utilities Trust, RB
	125	5.000%, 07/01/40		141
		Tulsa County, Industrial Authority, RB
	500	5.000%, 09/01/26		598
				739
	Tennessee — 0.4%
		Memphis, Ser A, GO
	500	5.000%, 04/01/26		608
	Texas — 2.2%
		Arlington, Higher Education Finance, Ser 2014-A, RB, PSF-GTD Insured
	750	5.000%, 08/15/27		881
		City of Mesquite, GO
	1,000	5.000%, 02/15/27		1,192
		Clifton, Higher Education Finance, Ser 2014, RB, PSF-GTD Insured
	500	5.000%, 08/15/26		586
		Midland County, Fresh Water Supply District No. 1, Ser A, RB
	1,000	4.789%, 09/15/37(C)		405
				3,064
	Utah — 0.2%
		Central Utah, Water Conservancy District, Ser B, GO
	200	5.250%, 04/01/23		228

June 30, 2017 www.bishopstreetfunds.com

21

Hawaii Municipal Bond Fund (unaudited)

Schedule of Investments

(concluded)

Face Amount (000)/Shares			Value (000)
	Washington — 0.9%
		Port of Seattle Washington, Ser A, RB
$	750	5.000%, 08/01/26	$	871
		Washington State, Housing Finance Commission, RB
	300	4.750%, 07/15/29		331
				1,202
	TOTAL MUNICIPAL BONDS (Cost $132,114)			134,273
	CASH EQUIVALENT — 0.5%
	713,904	BlackRock FedFund, Institutional Shares, 0.860% (D) (Cost $714)		714
	TOTAL INVESTMENTS (Cost $132,828) — 98.5%		$	134,987

Percentages are based on Net Assets of $137,016 (000).

(A) Pre-Refunded Security — The maturity date shown is the pre-refunded date.

(B) Security is escrowed to maturity.

(C) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(D) The rate reported is the 7-day effective yield as of June 30, 2017.

AGC — American Guarantee Corporation

AGM — Assured Guaranty Municipal Corp.

AMT — Alternative Minimum Tax

COP — Certificate of Participation

FGIC — Financial Guarantee Insurance Corporation

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Corporation

GNMA — Government National Mortgage Corporation

GO — General Obligation

NATL — National Public Finance Guarantee Corporation

PSF-GTD — Guaranteed by Permanent School Fund

RB — Revenue Bond

Ser — Series

Cost figures are shown in thousands.

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

Bishop Street Funds

22

Short-Duration Bond Fund (unaudited)

Top Ten Holdings^†

		Coupon Rate		Maturity Date		Percentage of Investments
1.	FHLMC		1.250%		08/01/19		8.4%
2.	U.S. Treasury Note		0.875%		05/15/19		7.8%
3.	FHLMC		0.750%		04/09/18		7.5%
4.	U.S. Treasury Note		1.500%		05/15/20		5.9%
5.	FHLB		1.375%		11/15/19		5.0%
6.	U.S. Treasury Note		1.250%		12/31/18		4.3%
7.	FHLB		1.375%		03/18/19		3.9%
8.	U.S. Treasury Note		1.375%		12/15/19		3.8%
9.	U.S. Treasury Note		0.750%		08/31/18		2.0%
10.	FNMA		4.000%		07/01/29		1.9%

† Percentages based on total investments. Top ten holdings do not include short-term investments.

Schedule of Investments

Face Amount (000)			Value (000)
	U.S. GOVERNMENT AGENCY OBLIGATIONS — 42.6%
		FHLB
$	465	1.375%, 03/18/19	$	465
	595	1.375%, 11/15/19		593
		FHLMC
	168	6.000%, 01/01/24		177
	40	5.500%, 04/01/19		41
	163	5.000%, 06/01/20		169
	102	5.000%, 01/01/24		108
	35	4.500%, 09/01/20		35
	84	4.500%, 05/01/25		89
	39	4.000%, 08/01/18		41
	191	4.000%, 03/01/25		200
	129	4.000%, 08/01/25		137
	82	2.500%, 06/01/24		84
	1,010	1.250%, 08/01/19		1,005

June 30, 2017 www.bishopstreetfunds.com

23

Short-Duration Bond Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)			Value (000)
	U.S. GOVERNMENT AGENCY OBLIGATIONS — (continued)
		FHLMC MTN
$	895	0.750%, 04/09/18	$	892
		FNMA
	89	6.000%, 02/01/23		95
	61	5.500%, 09/01/20		63
	152	5.500%, 05/01/24		160
	71	5.000%, 06/01/20		73
	120	4.500%, 06/01/20		123
	89	4.500%, 06/01/25		95
	125	4.000%, 05/01/21		129
	106	4.000%, 02/01/25		112
	79	4.000%, 06/01/25		84
	102	2.500%, 09/01/23		104
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $5,085)			5,074
	U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS — 31.3%
		FHLMC
	18	5.500%, 10/01/19		19
	130	5.500%, 05/01/20		135
	71	5.500%, 07/01/20		73
	106	5.500%, 01/01/24		114
	85	4.500%, 12/01/24		90
	84	4.500%, 02/01/25		89
	59	4.500%, 06/01/26		63
	176	4.000%, 05/01/27		188
		FNMA
	82	6.000%, 05/01/21		87
	46	6.000%, 08/01/21		49
	77	6.000%, 10/01/39		88
	24	5.500%, 10/01/18		24
	64	5.500%, 02/01/20		66
	57	5.500%, 07/01/20		59
	20	5.500%, 10/01/21		21
	141	5.500%, 09/01/23		149
	80	5.000%, 05/01/19		82
	194	5.000%, 11/01/21		200
	37	4.500%, 05/01/23		39
	141	4.500%, 01/01/27		148
	89	4.000%, 06/01/25		94
	43	4.000%, 10/01/26		45
	145	4.000%, 11/01/26		153

Bishop Street Funds

24

Short-Duration Bond Fund (unaudited)

Schedule of Investments

(continued)

Face Amount (000)/Shares			Value (000)
	U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS — (continued)
$	74	4.000%, 02/01/29	$	78
	215	4.000%, 07/01/29		227
	161	3.557%, 06/01/35 (A)		171
	198	3.500%, 05/01/27		206
	91	3.500%, 07/01/27		94
	157	3.500%, 08/01/28		164
	88	3.250%, 10/01/38 (A)		92
	195	3.155%, 12/01/36 (A)		206
	86	2.000%, 08/01/23		85
	34	2.000%, 09/01/23		34
		GNMA
	121	4.000%, 05/15/25		127
	158	4.000%, 05/15/26		165
	TOTAL U.S. GOVERNMENT MORTGAGE-BACKED OBLIGATIONS (Cost $3,756)			3,724
	U.S. TREASURY OBLIGATIONS — 24.8%
		U.S. Treasury Note
	700	1.500%, 05/15/20		699
	455	1.375%, 12/15/19		454
	515	1.250%, 12/31/18		514
	940	0.875%, 05/15/19		932
	240	0.750%, 08/31/18		238
	125	0.750%, 08/15/19		123
	TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,968)			2,960
	CASH EQUIVALENT — 1.3%
	150,687	BlackRock FedFund, Institutional Shares, 0.860% (B) (Cost $151)		151
	TOTAL INVESTMENTS (Cost $11,960) — 100.0%		$	11,909

Percentages are based on Net Assets of $11,907 (000).

(A) Floating Rate Security — The rate reflected on the Schedule of Investments is the rate in effect on June 30, 2017. The maturity date shown is the final maturity date.

(B) The rate reported is the 7-day effective yield as of June 30, 2017.

June 30, 2017 www.bishopstreetfunds.com

25

Short-Duration Bond Fund (unaudited)

Schedule of Investments

(concluded)

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Corporation

GNMA — Government National Mortgage Corporation

MTN — Medium Term Note

Cost figures are shown in thousands.

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

Bishop Street Funds

26

Bishop Street Funds (unaudited)

Statements of Assets and Liabilities (000)

June 30, 2017

	Dividend Value Fund		High Grade Income Fund
Assets:
Investments, at Cost	$	28,146	$	60,708
Investments, at Value	$	41,973	$	62,156
Receivable for Investment Securities Sold		651		—
Dividends and Interest Receivable		50		523
Reclaim Receivable		1		2
Receivable for Fund Shares Sold		—		2
Prepaid Expenses		1		6
Total Assets		42,676		62,689
Liabilities:
Payable for Investment Securities Purchased		511		198
Advisory Fees Payable		20		13
Administrative Fees Payable		5		7
Shareholder Servicing Fees Payable		3		5
Chief Compliance Officer Fees Payable		1		1
Income Distribution Payable		—		35
Other Accrued Expenses Payable		32		48
Total Liabilities		572		307
Net Assets	$	42,104	$	62,382
Paid-in Capital	$	26,585	$	60,742
Undistributed Net Investment Income		2		10
Accumulated Net Realized Gain on Investments		1,690		182
Net Unrealized Appreciation on Investments		13,827		1,448
Net Assets	$	42,104	$	62,382
Class I Shares:
Net Assets	$	42,104	$	62,382
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		2,670		6,390
Net Asset Value, Offering and Redemption Price Per Share — Class I (Net Assets / Shares Outstanding)	$	15.77	$	9.76

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

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

June 30, 2017 www.bishopstreetfunds.com

27

Bishop Street Funds (unaudited)

Statements of Assets and Liabilities (000)

June 30, 2017

	Hawaii Municipal Bond Fund			Short- Duration Bond Fund
Assets:
Investments, at Cost	$	132,828		$	11,960
Investments, at Value	$	134,987		$	11,909
Receivable for Investment Securities Sold		2,371			628
Dividends and Interest Receivable		2,180			28
Receivable for Fund Shares Sold		326			2,000
Due from Advisor		—			6
Prepaid Expenses		6			—
Total Assets		139,870			14,571
Liabilities:
Payable for Investment Securities Purchased		—			2,631
Payable for Fund Shares Redeemed		2,490			—
Income Distribution Payable		214			—
Advisory Fees Payable		15			—
Shareholder Servicing Fees Payable		12			1
Administrative Fees Payable		11			1
Chief Compliance Officer Fees Payable		2			—
Other Accrued Expenses Payable		110			31
Total Liabilities		2,854			2,664
Net Assets	$	137,016		$	11,907
Paid-in Capital	$	134,848		$	12,048
Undistributed (Distributions in Excess of) Net Investment Income		53			(45	)
Accumulated Net Realized Loss on Investments		(44	)		(45	)
Net Unrealized Appreciation (Depreciation) on Investments		2,159			(51	)
Net Assets	$	137,016		$	11,907
Class I Shares:
Net Assets	$	116,011		$	11,907
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		10,927			1,207
Net Asset Value, Offering and Redemption Price Per Share — Class I (Net Assets / Shares Outstanding)	$	10.62		$	9.87	*
Class A Shares:
Net Assets	$	21,005			N/A
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		1,979			N/A
Net Asset Value, Offering and Redemption Price Per Share — Class I (Net Assets / Shares Outstanding)	$	10.62	*		N/A
Maximum Offering Price Per Shares — Class A ($10.62/ 97.00%)	$	10.95			N/A

* Difference in net asset value recalculation and net asset value stated is caused by rounding differences.

N/A — Not Applicable. Share class currently not offered.

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

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

Bishop Street Funds

28

Bishop Street Funds (unaudited)

Statements of Operations (000)

For the six-month period ended June 30, 2017

	Dividend Value Fund			High Grade Income Fund
Investment Income:
Dividend Income	$	528		$	—
Interest Income		—			944
Total Investment Income		528			944
Expenses:
Investment Adviser Fees		152			168
Shareholder Servicing Fees		51			76
Administrative Fees		41			61
Chief Compliance Officer Fees		1			2
Transfer Agent Fees		21			24
Audit Fees		9			14
Printing Fees		7			10
Trustees’ Fees		4			5
Legal Fees		4			6
Custody Fees		2			3
Registration Fees		1			11
Pricing Fees		1			6
Miscellaneous Expenses		3			4
Total Expenses		297			390
Less Waivers:
Investment Adviser Fees		(41	)		(98	)
Shareholder Servicing Fees		(31	)		(46	)
Administrative Fees		(10	)		(14	)
Total Waivers		(82	)		(158	)
Total Net Expenses		215			232
Net Investment Income		313			712
Net Realized Gain on Investments		282			59
Net Change in Unrealized Appreciation on Investments		2,601			630
Net Realized and Unrealized Gain on Investments		2,883			689
Increase in Net Assets Resulting from Operations	$	3,196		$	1,401

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

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

June 30, 2017 www.bishopstreetfunds.com

29

Bishop Street Funds (unaudited)

Statements of Operations (000)

For the six-month period ended June 30, 2017

	Hawaii Municipal Bond Fund			Short- Duration Bond Fund
Investment Income:
Interest Income	$	2,108		$	61
Total Investment Income		2,108			61
Expenses:
Investment Adviser Fees		247			13
Shareholder Servicing Fees		176			13
Administrative Fees		141			10
Distribution Fees, Class A		27			—
Chief Compliance Officer Fees		5			—
Transfer Agent Fees		50			15
Audit Fees		31			2
Printing Fees		24			2
Legal Fees		14			1
Pricing Fees		14			1
Trustees’ Fees		12			1
Registration Fees		5			—
Custody Fees		4			2
Offering Fees		—			26
Miscellaneous Expenses		9			1
Total Expenses		759			87
Less Waivers:
Investment Adviser Fees		(170	)		(13	)
Shareholder Servicing Fees		(106	)		(7	)
Administrative Fees		(69	)		(2	)
Expense Reimbursement by Advisor		—			(37	)
Total Waivers		(345	)		(59	)
Total Net Expenses		414			28
Net Investment Income		1,694			33
Net Realized (Loss) on Investments		(2	)		(6	)
Net Change in Unrealized Appreciation on Investments		2,241			14
Net Realized and Unrealized Gain on Investments		2,239			8
Increase in Net Assets Resulting from Operations	$	3,933		$	41

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

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

Bishop Street Funds

30

Bishop Street Funds

Statement of Changes in Net Assets (000)

For the six-month period ended June 30, 2017 (unaudited) and the year ended December 31, 2016

	Dividend Value Fund						High Grade Income Fund
	2017			2016			2017			2016
Investment Activities from Operations:
Net Investment Income	$	313		$	741		$	712		$	1,504
Net Realized Gain on Investments		282			5,496			59			600
Net Change in Unrealized Appreciation (Depreciation) on Investments		2,601			(860	)		630			(692	)
Increase in Net Assets Resulting from Operations		3,196			5,377			1,401			1,412
Dividends and Distributions to Shareholders:
Net Investment Income:
Class I Shares		(312	)		(746	)		(703	)		(1,478	)
Capital Gains:
Class I Shares		—			(694	)		—			(514	)
Total Dividends and Distributions to Shareholders		(312	)		(1,440	)		(703	)		(1,992	)
Capital Share Transactions:
Proceeds from Shares Issued		503			102			2,260			3,317
Reinvestments of Cash Distributions		187			873			483			1,374
Cost of Shares Redeemed		(1,112	)		(11,516	)		(2,263	)		(15,158	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(422	)		(10,541	)		480			(10,467	)
Total Increase (Decrease) in Net Assets		2,462			(6,604	)		1,178			(11,047	)
Net Assets:
Beginning of Period		39,642			46,246			61,204			72,251
End of Period	$	42,104		$	39,642		$	62,382		$	61,204
Undistributed Net Investment Income	$	2		$	1		$	10		$	1
Share Transactions:
Shares Issued		33			7			232			330
Shares Issued in Lieu of Cash Distributions		12			60			50			139
Shares Redeemed		(72	)		(808	)		(233	)		(1,499	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(27	)		(741	)		49			(1,030	)

Amounts designated as “—” are either $0, or have been rounded to $0.

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

June 30, 2017 www.bishopstreetfunds.com

31

Bishop Street Funds

Statement of Changes in Net Assets (000)

For the six-month period ended June 30, 2017 (unaudited) and the year ended December 31, 2016

	Hawaii Municipal Bond Fund						Short-Duration Bond Fund(1)
	2017			2016			2017			2016
Investment Activities from Operations:
Net Investment Income	$	1,694		$	3,621		$	33		$	24
Net Realized Gain (Loss) on Investments		(2	)		578			(6	)		—
Net Change in Unrealized Appreciation (Depreciation) on Investments		2,241			(4,551	)		14			(65	)
Increase (Decrease) in Net Assets Resulting from Operations		3,933			(352	)		41			(41	)
Dividends and Distributions to Shareholders:
Net Investment Income:
Class I Shares		(1,457	)		(3,091	)		(78	)		(63	)
Class A Shares		(233	)		(508	)		N/A			N/A
Capital Gains:
Class I Shares		—			(658	)		—			—
Class A Shares		—			(121	)		N/A			N/A
Total Dividends and Distributions to Shareholders		(1,690	)		(4,378	)		(78	)		(63	)
Capital Share Transactions:
Class I Shares:
Proceeds from Shares Issued		3,521			9,032			2,580			10,087
Reinvestments of Cash Distributions		216			572			18			10
Cost of Shares Redeemed		(10,517	)		(12,434	)		(647	)		—
Total Class I Capital Share Transactions		(6,780	)		(2,830	)		1,951			10,097
Class A Shares:
Proceeds from Shares Issued		474			1,745			N/A			N/A
Reinvestments of Cash Distributions		164			483			N/A			N/A
Cost of Shares Redeemed		(2,353	)		(2,071	)		N/A			N/A
Total Class A Capital Share Transactions		(1,715	)		157			N/A			N/A
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(8,495	)		(2,673	)		1,951			10,097
Total Increase (Decrease) in Net Assets		(6,252	)		(7,403	)		1,914			9,993
Net Assets:
Beginning of Period		143,268			150,671			9,993			—
End of Period	$	137,016		$	143,268		$	11,907		$	9,993
Undistributed (Distributions in Excess of) Net Investment Income	$	53		$	49		$	(45	)	$	—

(1) Fund commenced operations May 31, 2016.

N/A – Not Applicable. Share class currently not offered.

Amounts designated as “—” are either $0, or have been rounded to $0.

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

Bishop Street Funds

32

Bishop Street Funds

Statement of Changes in Net Assets (000)

For the six-month period ended June 30, 2017 (unaudited) and the year ended December 31, 2016

	Hawaii Municipal Bond Fund						Short-Duration Bond Fund(1)
	2017			2016			2017			2016
Share Transactions:
Class I Shares:
Shares Issued		333			825			261			1,008
Shares Issued in Lieu of Cash Distributions		20			53			2			1
Shares Redeemed		(993	)		(1,139	)		(65	)		–
Total Class I Transactions		(640	)		(261	)		198			1,009
Class A Shares:
Shares Issued		45			160			N/A			N/A
Shares Issued in Lieu of Cash Distributions		16			45			N/A			N/A
Shares Redeemed		(223	)		(191	)		N/A			N/A
Total Class A Transactions		(162	)		14			N/A			N/A
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(802	)		(247	)		198			1,009

(1) Fund commenced operations May 31, 2016.

N/A – Not Applicable. Share class currently not offered.

Amounts designated as “—” are either $0, or have been rounded to $0.

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

June 30, 2017 www.bishopstreetfunds.com

33

Bishop Street Funds

Financial Highlights

For a share outstanding throughout the six-month period ended June 30, 2017 (unaudited) and the years ended

December 31,

				Investment Activities							Total Investment Activities from Operations				Dividends and Distributions from
	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain(Loss) on Investments								Net Investment Income				Capital Gains				Total Dividends and Distributions
DIVIDEND VALUE FUND
Class I Shares:
2017		$	14.70		$	0.12		$	1.07			$	1.19			$	(0.12	)		$	—			$	(0.12	)
2016			13.45			0.24			1.52				1.76				(0.25	)			(0.26	)			(0.51	)
2015			13.62			0.22			(0.17	)			0.05				(0.22	)			—				(0.22	)
2014			12.43			0.29			1.20				1.49				(0.30	)			—				(0.30	)
2013			9.83			0.21			2.61				2.82				(0.22	)			—				(0.22	)
2012			9.05			0.21			0.79				1.00				(0.22	)			—				(0.22	)
HIGH GRADE INCOME FUND
Class I Shares:
2017		$	9.65		$	0.11		$	0.11			$	0.22			$	(0.11	)		$	—			$	(0.11	)
2016			9.80			0.22			(0.07	)			0.15				(0.22	)			(0.08	)			(0.30	)
2015			10.05			0.23			(0.19	)			0.04				(0.23	)			(0.06	)			(0.29	)
2014			9.78			0.23			0.33				0.56				(0.23	)			(0.06	)			(0.29	)
2013			10.51			0.22			(0.50	)			(0.28	)			(0.22	)			(0.23	)			(0.45	)
2012			10.44			0.26			0.26				0.52				(0.26	)			(0.19	)			(0.45	)

(1) Per share net investment income calculated using average shares.

 * Annualized.

 † 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. Fee waivers are in effect; if they had not been in effect, performance would have been lower.

Amounts designated as “—” are either $0 or have been rounded to $0

Bishop Street Funds

34

Net Asset Value, End of Period			Total Return†			Net Assets End of Period (000)			Ratio of Expenses  to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investments Income (Loss) to Average Net Assets			Portfolio Turnover Rate
	$	15.77		8.08	%		$	42,104		1.05	%*		1.45	%*		1.52	%*		6	%
		14.70		13.16				39,642		1.05			1.43			1.70			17
		13.45		0.44				46,246		1.05			1.38			1.62			24
		13.62		12.08				55,665		1.05			1.37			2.27			21
		12.43		28.84				61,460		1.05			1.38			1.87			13
		9.83		11.07				57,137		1.05			1.38			2.19			17
	$	9.76		2.30	%		$	62,382		0.76	%*		1.28	%*		2.33	%*		20	%
		9.65		1.47				61,204		0.76			1.25			2.20			27
		9.80		0.37				72,251		0.76			1.21			2.31			24
		10.05		5.77				74,642		0.76			1.20			2.32			28
		9.78		(2.69	)			74,007		0.76			1.21			2.18			35
		10.51		5.05				85,771		0.76			1.20			2.47			39

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

June 30, 2017 www.bishopstreetfunds.com

35

Bishop Street Funds

Financial Highlights

For a share outstanding throughout the six-month period ended June 30, 2017 (unaudited) and the years ended

December 31,

				Investment Activities							Total Investment Activities from Operations				Dividends and Distributions from
	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain(Loss) on Investments								Net Investment Income				Capital Gains				Total Dividends and Distributions
HAWAII MUNICIPAL BOND FUND
Class I Shares:
2017		$	10.45		$	0.13		$	0.17			$	0.30			$	(0.13	)		$	—			$	(0.13	)
2016			10.80			0.27			(0.30	)			(0.03	)			(0.26	)			(0.06	)			(0.32	)
2015			10.88			0.29			(0.01	)			0.28				(0.29	)			(0.07	)			(0.36	)
2014			10.52			0.29			0.38				0.67				(0.29	)			(0.02	)			(0.31	)
2013			11.13			0.29			(0.57	)			(0.28	)			(0.29	)			(0.04	)			(0.33	)
2012			10.94			0.32			0.23				0.55				(0.32	)			(0.04	)			(0.36	)
Class A Shares:
2017		$	10.45		$	0.11		$	0.17			$	0.28			$	(0.11	)		$	—			$	(0.11	)
2016			10.80			0.24			(0.29	)			(0.05	)			(0.24	)			(0.06	)			(0.30	)
2015			10.88			0.26			(0.01	)			0.25				(0.26	)			(0.07	)			(0.33	)
2014			10.52			0.26			0.38				0.64				(0.26	)			(0.02	)			(0.28	)
2013			11.13			0.27			(0.57	)			(0.30	)			(0.27	)			(0.04	)			(0.31	)
2012			10.94			0.29			0.23				0.52				(0.29	)			(0.04	)			(0.33	)
SHORT-DURATION BOND FUND
Class I Shares:
2017		$	9.90		$	0.03		$	0.02			$	0.05			$	(0.08	)		$	—			$	(0.08	)
2016**			10.00			0.03			(0.06	)			(0.03	)			(0.07	)			—				(0.07	)

(1) Per share net investment income calculated using average shares.

 * Annualized.

** Fund commenced operations on May 31, 2016.

 † 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. Fee waivers are in effect; if they had not been in effect, performance would have been lower.

Amounts designated as “—” are either $0 or have been rounded to $0

Bishop Street Funds

36

Net Asset Value, End of Period			Total Return†			Net Assets End of Period (000)			Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investments Income (Loss) to Average Net Assets			Portfolio Turnover Rate
	$	10.62		2.86	%		$	116,011		0.55	%*		1.04	%*		2.44	%*		13	%
		10.45		(0.32	)			120,894		0.55			1.02			2.45			26
		10.80		2.61				127,712		0.55			0.98			2.64			28
		10.88		6.36				132,540		0.55			0.99			2.66			27
		10.52		(2.47	)			126,289		0.55			1.01			2.72			29
		11.13		5.06				134,179		0.55			0.99			2.86			23
	$	10.62		2.72	%		$	21,005		0.80	%*		1.29	%*		2.19	%*		13	%
		10.45		(0.57	)			22,374		0.80			1.27			2.20			26
		10.80		2.36				22,959		0.80			1.23			2.39			28
		10.88		6.10				22,324		0.80			1.24			2.41			27
		10.52		(2.72	)			24,359		0.80			1.26			2.47			29
		11.13		4.80				25,660		0.80			1.24			2.61			23
	$	9.87		0.47	%		$	11,907		0.55	%*		1.73	%*		0.65	%*		18	%
		9.90		(0.32	)			9,993		0.55	*		1.88	*		0.53	*		9

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

June 30, 2017 www.bishopstreetfunds.com

37

Bishop Street Funds (unaudited)

Notes to Financial Statements

June 30, 2017

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

1. ORGANIZATION

The Bishop Street Funds (the “Trust”) are registered under the Investment Company Act of 1940, as amended, as an open-end, management investment company. The Bishop Street Funds consist of a series of four funds (each a Fund, collectively the “Funds”) which includes Dividend Value Fund, High Grade Income Fund, Hawaii Municipal Bond Fund and the Short-Duration Bond Fund. Each Fund is diversified, with the exception of Hawaii Municipal Bond Fund, which is non-diversified. Class A Shares of the Hawaii Municipal Bond Fund are subject to a sales load as disclosed in the prospectus. The Short-Duration Bond Fund commenced operations on May 31, 2016. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The Funds’ prospectus provides a description of each Fund’s investment objectives, policies and strategies. On April 7, 2017 the Bishop Strategic Growth Fund ceased operations and liquidated all remaining assets on a pro rata basis to the shareholders.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Trust. The Funds are investment companies in conformity with U.S. generally accepted accounting principles (U.S. GAAP). Therefore, the Funds follow the accounting and reporting guidelines for investment companies.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with 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 Funds’ 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 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.

Bishop Street Funds

38

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 Funds are provided daily by recognized independent pricing agents.

If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek 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 established by the Funds’ Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Pricing Committee (the “Committee”) designated by the Funds’ Board. 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 delisted from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. 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 Funds disclose fair value of their 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:

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

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Bishop Street Funds (unaudited)

• 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

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

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.

As of June 30, 2017, all investments in the Dividend Value Fund were considered Level 1.

The following is a summary of the levels of inputs used in valuing the following Fund’s investments carried at value:

High Grade Income Fund
Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	37,282	$	—	$	37,282
U.S. Treasury Obligations		—		7,984		—		7,984
U.S. Government Agency Obligations		—		6,580		—		6,580
Municipal Bonds		—		4,652		—		4,652
U.S. Government Mortgage-Backed Obligations		—		4,436		—		4,436
Non-Agency Mortgage-Backed Obligation		—		390		—		390
Cash Equivalent		832		—		—		832
Total Investments in Securities	$	832	$	61,324	$	—	$	62,156
Hawaii Municipal Bond Fund
Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	134,273	$	—	$	134,273
Cash Equivalent		714		—		—		714
Total Investments in Securities	$	714	$	134,273	$	—	$	134,987

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Short-Duration Bond Fund
Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government Agency Obligations	$	—	$	5,074	$	—	$	5,074
U.S. Government Mortgage-Backed Obligations		—		3,724		—		3,724
U.S. Treasury Obligations		—		2,960		—		2,960
Cash Equivalent		151		—		—		151
Total Investments in Securities	$	151	$	11,758	$	—	$	11,909

For the six-month period ended June 30, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-month period ended June 30, 2017, there were no transfers between Level 2 and Level 3 assets and liabilities. There were no Level 3 investments during the six-month period ended June 30, 2017. For the six-month period ended June 30, 2017, there have been no changes to the Funds’ fair value methodologies.

Federal Income Taxes

It is each Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter 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 Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ 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 Funds 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.

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Bishop Street Funds (unaudited)

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 one of the Funds are charged directly to that Fund. Other operating expenses of the Trust are prorated to each of the Funds on the basis of relative net assets.

Dividends and Distributions to Shareholders

The Dividend Value Fund and Short-Duration Bond Fund declare and pay dividends from net investment income, if available, on a quarterly basis. Dividends from net investment income are declared daily and paid on a monthly basis for the High Grade Income and Hawaii Municipal Bond. Any net realized capital gains will be distributed at least annually for all Funds. 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 Hawaii Municipal Bond Fund. Sales charges are deducted from proceeds from the sales of Hawaii Municipal Bond Fund shares prior to investment in Class A shares.

Cash Overdraft Charges

Per the terms of the agreement with MUFG Union Bank, N.A., the custodian of the Funds (the “Custodian”), if a 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 Statements of Operations. For the six-month period ended June 30, 2017, there were no cash overdraft charges.

3. INVESTMENT ADVISORY AGREEMENT

Investment advisory services are provided to the Funds by Bishop Street Capital Management (the “Adviser”), a registered adviser and wholly owned subsidiary of First Hawaiian Bank. First Hawaiian Bank is a subsidiary of BancWest Corporation, itself a subsidiary of BNP Paribas. The Adviser is entitled to receive an annual fee of 0.74% of

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the average daily net assets of the Dividend Value Funds, 0.55% of the average daily net assets of the High Grade Income Fund, 0.35% of the average daily net assets of the Hawaii Municipal Bond Fund and 0.25% of the daily average net assets of the Short-Duration Bond Fund. The Adviser has contractually agreed, through April 30, 2018, 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:

Dividend Value Fund, Class I Shares	1.05%
High Grade Income Fund, Class I Shares	0.76%
Hawaii Municipal Bond Fund, Class I Shares	0.55%
Hawaii Municipal Bond Fund, Class A Shares	0.80%

The Adviser has voluntarily agreed to waive a portion of its advisory fees and to assume expenses, if necessary, in order to keep the Short-Duration Bond Fund’s total annual operating expenses, after the effect of expense-offset arrangements, from exceeding 0.55% of average daily net assets. These fees and waivers are labeled on the Statement of Operations as “Investment Adviser Fees/Waivers and Reimbursement from Adviser.” The Adviser intends to continue these fee reductions and expense reimbursements until further notice, but may discontinue them at any time.

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 six-month period ended June 30, 2017, the Adviser did not recapture any previously waived fees.

As of June 30, 2017, fees which were previously waived by the Investment Manager which may be subject to possible future reimbursement to the Adviser were as follows:

Dividend Value Fund		High Grade Income Fund		Hawaii Municipal Bond Fund		Short- Duration Bond Fund		Total		Expires
$	53	$	160	$	237	$	0	$	450		12/31/2017
	52		160		236		0		448		12/31/2018
	73		192		319		51		635		12/31/2019
	41		98		170		50		359		12/31/2020

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Bishop Street Funds (unaudited)

Columbia Management Investment Advisers, LLC (“Columbia”) serves as the investment sub-adviser for the Dividend Value Fund, pursuant to a sub-adviser agreement. Columbia is entitled to receive from the Adviser a fee, computed daily and paid monthly, at the annual rate based on the average daily net assets of the Dividend Value Fund, under the following fee schedule: 0.360% on the first $75 million; 0.350% on the next $75 million; 0.325% on the next $100 million; 0.300% on the next $250 million; and 0.250% on assets over $500 million.

4. ADMINISTRATIVE, CUSTODIAN, TRANSFER AGENT, DISTRIBUTION AND SHAREHOLDER SERVICES

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administrative services to the Funds. 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 Funds. The Administrator has voluntarily agreed to waive 0.06% of its administrative fee on each of the Funds’ average daily net assets excluding the Hawaii Municipal Bond Fund for which the Administrator is waiving 0.11% of its fee. These fee waivers are voluntary and may be discontinued at any time. For the six-month period ended June 30, 2017, the Funds were charged as follows for these services: $41 in the Dividend Value Fund, $61 in the High Grade Income Fund, $141 in the Hawaii Municipal Bond Fund and $10 in the Short-Duration Bond Fund. For the six-month period ended June 30, 2017, the Funds waived as follows for these services: $10 in the Dividend Value Fund, $14 in the High Grade Income Fund, and $69 in the Hawaii Municipal Bond Fund, and $2 in the Short-Duration Bond Fund. These fees and waivers are labeled as “Administrative Fees/Waivers” on the Statement of Operations.

MUFG Union Bank, N.A. acts as custodian for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds. These fees are labeled on the Statement of Operations as “Custody Fees.”

DST Systems, Inc. (“DST”) acts as the Transfer Agent of the Funds. As such, DST provides transfer agency, dividend disbursing and shareholder services to the Funds. 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 Funds have 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

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fee, computed daily and payable monthly, of 0.25% of the average daily net assets attributable to each 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. Each 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 each 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 Funds. SIDCO has voluntarily agreed to waive 0.15% of its shareholder servicing fee to the extent necessary to keep operating expenses at or below certain percentages of the respective average daily net assets. 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 six-month period ended June 30, 2017 are presented below for the Funds.

	Dividend Value Fund		High Grade Income Fund		Hawaii Municipal Bond Fund		Short- Duration Bond Fund
Purchases
U.S. Government Securities	$	—	$	4,130	$	—	$	4,601
Other		2,603		8,612		17,800		—

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Bishop Street Funds (unaudited)

	Dividend Value Fund		High Grade Income Fund		Hawaii Municipal Bond Fund		Short- Duration Bond Fund
Sales and Maturities
U.S. Government Securities	$	—	$	3,587	$	—	$	1,728
Other		3,779		7,945		25,787		—

7. FEDERAL TAX INFORMATION

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with Federal tax regulations which may differ from U.S. GAAP.

As a result, net investment income (loss) and net realized gain (loss) on investment transactions for the reporting period may differ from distributions during such period. These book/tax differences may be temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to undistributed net investment income/(loss), paid-in capital or accumulated net realized gain/(loss), as appropriate, in the period that the differences arise.

The tax character of dividends and distributions declared during the years ended December 31, 2016 and 2015 were as follows:

	Ordinary Income		Tax Exempt Income		Long Term Capital Gain		Total
Dividend Value Fund
2016	$	746	$	—	$	694	$	1,440
2015		847		—		—		847
High Grade Income Fund
2016	$	1,647	$	—	$	345	$	1,992
2015		1,709		—		423		2,132
Hawaii Municipal Bond Fund
2016	$	163	$	3,599	$	616	$	4,378
2015		3		3,978		1,037		5,018
Short-Duration Bond Fund
2016	$	63	$	—	$	—	$	63

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As of December 31, 2016, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

	Dividend Value Fund		High Grade Income Fund		Hawaii Municipal Bond Fund			Short- Duration Bond Fund
Undistributed Tax-Exempt Income	$	—	$	—	$	4		$	—
Undistributed Ordinary Income		—		—		—			—
Undistributed Long-Term Capital Gain Income		1,433		123		—			—
Capital Loss Carryforwards		—		—		—			(39	)
Post October Losses		—		—		(40	)		—
Unrealized Appreciation (Depreciation)		11,202		817		(39	)		(65	)
Other Temporary Differences		—		2		—			—
Total Distributable Earnings (Accumulated Losses)	$	12,635	$	942	$	(75	)	$	(104	)

Post-October losses represent losses realized on investment transactions from November 1, 2016 through December 31, 2016 that, in accordance with Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

For Federal income tax purposes, capital losses incurred may be carried forward and applied against future capital gains. Under the Regulated Investment Company Modernization Act of 2010, Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Losses carried forward under these new provisions are as follows:

	Short-Term Loss
Short-Duration Bond Fund	$	39

During the year ended December 31, 2016, the Dividend Value Fund utilized capital loss carryforwards of $3,387.

For Federal income tax purposes, the cost of securities owned at December 31, 2016, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation of securities held by the Dividend Value, High Grade

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Bishop Street Funds (unaudited)

Income, Hawaii Municipal Bond and Short-Duration Bond Funds for Federal income tax purposes at June 30, 2017 were as follows:

	Dividend Value Fund			High Grade Income Fund			Hawaii Municipal Bond Fund			Short- Duration Bond Fund
Federal Tax Cost	$	28,146		$	60,708		$	132,775		$	11,960
Gross Unrealized Appreciation		13,923			1,897			2,995			8
Gross Unrealized Depreciation		(96	)		(449	)		(783	)		(59	)
Net Unrealized Appreciation (Depreciation)	$	13,827		$	1,448		$	2,212		$	(51	)

8. RISKS

The Hawaii Municipal Bond 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, each 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 any of the Funds concentrate their credit enhancements in any one financial institution, the risk of credit quality deterioration increases. The following table provides detail on the approximate percentage of each 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.

	Hawaii Municipal Bond Fund
% of investments in securities with credit enhancements or liquidity enhancements	8.68%
Largest % of investments in securities with credit enhancements or liquidity enhancements from a single institution	4.06% (Assured Guaranty Municipal Corporation)

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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. A 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 Funds’ 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.

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

Dividend Value Fund invest solely in equity securities. Purchases of equity securities are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund’s.

9. LINE OF CREDIT

Through June 4, 2017, the Funds, which are not jointly liable, had entered into an agreement which enabled them to participate in a $5 million unsecured committed revolving line of credit on a first come, first served basis, with MUFG Union Bank, N.A. (the “Bank”). The proceeds from the borrowings were used to finance the Funds’ short term general working capital requirements, including the funding of shareholder redemptions. Interest was charged to the Funds based on their borrowings during the period at the Bank current reference rate minus 1%.

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Bishop Street Funds (unaudited)

For the six-month period ended June 30, 2017, the Funds had the following borrowings under the line of credit:

Fund	Average Borrowings		Borrowing Cost		Number of Days Outstanding		Weighted Average Interest Rate
Hawaii Municipal Bond Fund	$	124		—		5		3.95	%

10. OTHER

At June 30, 2017, the percentage of total shares outstanding held by shareholders owning 10% or greater of total shares outstanding of each Fund, which comprised omnibus accounts that were held on behalf of several individual shareholders, was as follows:

	Number of Shareholders		% of Outstanding Shares
Dividend Value Fund, Class I Shares		2		97.98
High Grade Income Fund, Class I Shares*		3		84.85
Hawaii Municipal Bond Fund, Class I Shares		1		64.15
Hawaii Municipal Bond Fund, Class A Shares		—		—
Short-Duration Bond Fund, Class I Shares		2		100.00

* Includes one unaffiliated shareholder, all other shareholders in the above table are affiliated.

11. REGULATORY MATTERS

In October 2016, the Securities and Exchange Commission (the “SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule which introduces two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are consistent with the Portfolios’ current financial statement presentation and expects that the Portfolios will be able to comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

12. SUBSEQUENT EVENTS

The Funds have 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 additional disclosures and/or adjustments were required to the financial statements.

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Bishop Street Funds (unaudited)

Disclosure of Fund Expenses

All mutual funds have operating expenses. As a shareholder of a mutual fund you incur two types of costs: (1) transaction costs, including applicable sales charges (loads); and (2) ongoing costs, which include (among others) costs for portfolio management, administrative services, distribution and service (12b-1), shareholder service fees, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from a mutual fund’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; this percentage is known as the mutual fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from January 1, 2017 to June 30, 2017.

The table on the next page illustrates your Fund’s costs in two ways:

• Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

• Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

Note: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

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Bishop Street Funds (unaudited)

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratios			Expenses Paid During Period*
Dividend Value Fund — Class I
Actual Fund Return	$	1,000.00	$	1,080.80		1.05	%	$	5.42
Hypothetical 5% Return		1,000.00		1,019.59		1.05			5.26
High Grade Income Fund — Class I
Actual Fund Return	$	1,000.00	$	1,023.00		0.76	%	$	3.81
Hypothetical 5% Return		1,000.00		1,021.03		0.76			3.81
Hawaii Municipal Bond Fund — Class I
Actual Fund Return	$	1,000.00	$	1,028.60		0.55	%	$	2.77
Hypothetical 5% Return		1,000.00		1,022.07		0.55			2.76
Hawaii Municipal Bond Fund — Class A
Actual Fund Return	$	1,000.00	$	1,027.20		0.80	%	$	4.02
Hypothetical 5% Return		1,000.00		1,020.83		0.80			4.01
Short-Duration Bond Fund — Class I
Actual Fund Return	$	1,000.00	$	1,004.70		0.55	%	$	2.73
Hypothetical 5% Return		1,000.00		1,022.07		0.55			2.76

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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Bishop Street Funds (unaudited)

Approval of Investment Advisory Agreement

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ advisory and sub-advisory agreements must be renewed after their initial two-year term: (i) by the vote of the Board of Trustees (the “Board” or the “Trustees”) of Bishop Street Funds (the “Trust”) or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the advisory or sub-advisory agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on March 1, 2017 to decide whether to renew the following agreements (the “Agreements”) for additional one-year terms:

• the advisory agreement between Bishop Street Capital Management (the “Adviser”) and the Trust, on behalf of the Bishop Street Hawaii Municipal Bond Fund, Bishop Street High Grade Income Fund, Bishop Street Dividend Value Fund, and Bishop Street Short Duration Bond Fund; and

• the sub-advisory agreement between the Adviser and Columbia Management Investment Advisers, LLC (the “Sub-Adviser”) on behalf of the Bishop Street Dividend Value Fund.

In preparation for the meeting, the Trustees requested that the Adviser and the Sub-Adviser furnish information necessary to evaluate the terms of the Agreements. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser, the Sub-Adviser and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreements for an additional year.

Specifically, the Board requested and received written materials from the Adviser, the Sub-Adviser and other service providers of the Funds regarding: (i) the nature, extent and quality of the Adviser’s and the Sub-Adviser’s services; (ii) the Adviser’s and the Sub-Adviser’s investment management personnel; (iii) the Adviser’s and the Sub-Adviser’s operations and financial condition; (iv) the Adviser’s and the Sub-Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds’ advisory fees paid to the Adviser and the Sub-Adviser and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Adviser’s and the Sub-Adviser’s profitability from their relationships with the Funds, including both direct and indirect benefits accruing to the Adviser and the Sub-Adviser and their affiliates; (vii) the Adviser’s and the Sub-Adviser’s potential economies of scale; (viii) the Adviser’s and the Sub-Adviser’s compliance programs, including a description of material compliance matters and material compliance violations;

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Bishop Street Funds (unaudited)

(ix) the Adviser’s and the Sub-Adviser’s policies on and compliance procedures for personal securities transactions; and (x) the Funds’ performance compared with peer groups of mutual funds and the Funds’ benchmark indices.

Representatives from the Adviser and the Sub-Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Adviser’s and the Sub-Adviser’s services, fees and other aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management, the Adviser and the Sub-Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser, the Sub-Adviser and other service providers of the Funds, renewed the Agreements. In considering the renewal of the Agreements, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser; (ii) the investment performance of the Funds and the Adviser and the Sub-Adviser; (iii) the costs of the services provided and profits realized by the Adviser and the Sub-Adviser from their relationships with the Funds, including both direct and indirect benefits accruing to the Adviser and the Sub-Adviser and their affiliates; (iv) the extent to which economies of scale are being realized by the Adviser and the Sub-Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

Nature, Extent and Quality of Services Provided by the Adviser and the Sub-Adviser

In considering the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser, the Board reviewed the portfolio management services provided by the Adviser and the Sub-Adviser to the Funds, including the quality and continuity of the Adviser’s and the Sub-Adviser’s portfolio management personnel, the resources of the Adviser and the Sub-Adviser, and the Adviser’s and the Sub-Adviser’s compliance histories and compliance programs. The Trustees reviewed the terms of the Agreements. The Trustees also reviewed the Adviser’s and the Sub-Adviser’s investment and risk management approaches for the Funds. The Trustees considered that the Adviser supervises and monitors the performance of the Sub-Adviser. The most recent investment adviser registration forms (“Form ADV”) for the Adviser and the Sub-Adviser were provided to the Board, as were the responses of the Adviser and the Sub-Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser and the Sub-Adviser to the Funds.

Bishop Street Funds

54

The Trustees also considered other services provided to the Funds by the Adviser and the Sub-Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Adviser and the Sub-Adviser were sufficient to support renewal of the Agreements.

Investment Performance of the Funds, the Adviser and the Sub-Adviser

The Board was provided with regular reports regarding the Funds’ performance over various time periods, including since their inception, and information regarding the Funds’ performance since the Agreements were last renewed. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser and the Sub-Adviser provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds’ performance was satisfactory, or, where the Funds’ performance was materially below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser and the Sub-Adviser in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser and the Sub-Adviser had been able to achieve for the Funds were sufficient to support renewal of the Agreements.

Costs of Advisory Services, Profitability and Economies of Scale

In considering the advisory fees payable by the Funds to the Adviser, as well as the fees payable by the Adviser to the Sub-Adviser, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser and the Sub-Adviser. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Sub-Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Bishop Street Dividend Value Fund and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Fund is subject. The Trustees also considered that the Adviser, not the Bishop Street Dividend Value Fund, paid the Sub-Adviser pursuant to

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Bishop Street Funds (unaudited)

the sub-advisory agreement and that the fee payable to the Sub-Adviser reflected an arms-length negotiation between the Adviser and the Sub-Adviser. The Trustees evaluated both the fee under the sub-advisory agreement and the portion of the fee under the advisory agreement retained by the Adviser. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Adviser and the Sub-Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser and the Sub-Adviser from their relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and the Sub-Adviser and their affiliates. The Trustees considered how the Adviser’s and the Sub-Adviser’s profitability was affected by factors such as their organizational structures and methods for allocating expenses. The Trustees concluded that the profit margins of the Adviser and the Sub-Adviser with respect to the management of the Funds were not unreasonable. The Board also considered the Adviser’s and the Sub-Adviser’s commitment to managing the Funds and the Adviser’s willingness to continue its expense limitation and fee waiver arrangements with the Funds.

The Trustees considered the Adviser’s and Sub-Adviser’s views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fees were reasonable in light of the information that was provided to the Trustees by the Adviser and the Sub-Adviser with respect to economies of scale.

Renewal of the Agreements

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreements, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreements for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

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INVESTMENT ADVISER

BISHOP STREET CAPITAL MANAGEMENT

HONOLULU, HI 96813

ADMINISTRATOR

SEI INVESTMENTS GLOBAL FUNDS SERVICES

ONE FREEDOM VALLEY DRIVE

OAKS, PA 19456

DISTRIBUTOR

SEI INVESTMENTS DISTRIBUTION CO.

ONE FREEDOM VALLEY DRIVE

OAKS, PA 19456

TRANSFER AGENT

DST SYSTEMS, INC.

KANSAS CITY, MO 64121

CUSTODIAN

MUFG UNION BANK, N.A.

SAN FRANCISCO, CA 94101

LEGAL COUNSEL

MORGAN, LEWIS & BOCKIUS LLP

PHILADELPHIA, PA 19103

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PRICEWATERHOUSECOOPERS LLP

PHILADELPHIA, PA 19103

FORMOREINFORMATIONABOUT BISHOP STREET FUNDS,CALL 1-800-262-9565

ORYOUR INVESTMENT SPECIALIST

VISITUSONLINEATWWW.BISHOPSTREETFUNDS.COM

BISHOP STREET FUNDS P.O. BOX 219721 KANSAS CITY, MO 64121-9721

THISREPORTANDTHEFINANCIALSTATEMENTSCONTAINEDHEREINARESUBMITTEDFORTHEGENERALINFORMATIONOF BISHOP STREET FUNDS’SHAREHOLDERS. THISREPORTISNOTAUTHORIZEDFORDISTRIBUTIONTOPROSPECTIVEINVESTORSUNLESSPRECEDEDORACCOMPANIEDBYANEFFECTIVEPROSPECTUS.

SHARESOF BISHOP STREET FUNDSARE NOTDEPOSITSOROBLIGATIONSOF,ORGUARANTEEDBY FIRST HAWAIIAN BANKORANYOFITSAFFILIATES. SUCHSHARESAREALSO NOTFEDERALLYINSUREDBYTHE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD,ORANYOTHERAGENCY. INVESTMENTINSHARESOFMUTUALFUNDSINVOLVESRISK,INCLUDINGTHEPOSSIBLELOSSOFPRINCIPAL. THE BISHOP STREET FUNDSAREDISTRIBUTEDBY SEI INVESTMENTS DISTRIBUTION CO.,WHICHIS NOTAFFILIATEDWITH FIRST HAWAIIAN BANK, BANKOFTHE WESTOR BANCWEST CORPORATION. BANCWEST CORPORATIONISAWHOLLY-OWNEDSUBSIDIARYOF BNP PARIBAS.

BSF-SA-004-2300

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. 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 11. 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 Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.30a-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 second fiscal quarter of 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.

Items 12. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) 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 Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), is filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an exhibit.

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
	President

Date: September 8, 2017

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
	President

Date: September 8, 2017

By (Signature and Title)*	/s/ Stephen Connors
	Stephen Connors
	Treasurer, Controller & CFO

Date: September 8, 2017