Bishop Street Funds NPORT-P Hawaii Municipal Bond Fund (Sep 2022 report)

Hawaii Municipal Bond Fund

Schedule of Investments

as of September 30, 2022

Face Amount (000)			Value (000)
		MUNICIPAL BONDS — 98.2%
	California — 1.1%
$	1,050	Orange County, Water District, Ser A, RB 5.000%, 08/15/23, Pre-Refunded @ 100(A)	$	1,067
	255	University of California, Ser AF, RB 5.000%, 05/15/23, Pre-Refunded @ 100(A)		258
				1,325
	Colorado — 0.1%
	100	Denver City & County, School District No. 1, Ser B, GO, ST AID WITHHLDG Insured 5.000%, 12/01/22, Pre-Refunded @ 100(A)		100
	Florida — 0.2%
	205	Miami-Dade County, School Board, Ser D, COP 5.000%, 02/01/27		215
	Hawaii — 93.8%
		Hawaii County, Ser A, GO
	250	5.000%, 09/01/23		254
	180	5.000%, 09/01/24		186
	600	5.000%, 09/01/26		634
	100	5.000%, 09/01/27		106
	510	5.000%, 09/01/30		534
	440	5.000%, 09/01/33		461
	30	5.000%, 09/01/35		31
	335	5.000%, 09/01/36		350
	1,500	4.000%, 09/01/35		1,513
	130	4.000%, 09/01/36		128
		Hawaii County, Ser C, GO
	450	5.000%, 09/01/24		465
	110	5.000%, 09/01/27		116
		Hawaii County, Ser D, GO
	200	5.000%, 09/01/25		209
	300	5.000%, 09/01/27		317
		Hawaii State, Airports System Authority, Ser A, RB, AMT
	360	5.000%, 07/01/31		372

September 30, 2022 www.bishopstreetfunds.com

Hawaii Municipal Bond Fund

Face Amount (000)			Value (000)
	Hawaii — (continued)
$	1,000	5.000%, 07/01/36	$	1,023
	1,000	4.000%, 07/01/39		891
	1,000	Hawaii State, Airports System Authority, Ser B, RB, AMT 5.000%, 07/01/24		1,022
		Hawaii State, Airports System Authority, Ser D, RB
	100	5.000%, 07/01/28		108
	1,025	5.000%, 07/01/29		1,113
	450	5.000%, 07/01/33		484
	260	4.000%, 07/01/39		241
	2,040	Hawaii State, Airports System Revenue, Ser A, RB, AMT 5.000%, 07/01/41		2,024
		Hawaii State, Department of Budget & Finance, Pacific Health Project, Ser A, RB
	1,090	6.000%, 07/01/33		1,111
	310	4.000%, 01/01/24		311
		Hawaii State, Department of Budget & Finance, RB
	155	5.500%, 07/01/43		156
	475	5.125%, 07/01/31		479
	400	5.125%, 11/15/32		401
	40	5.000%, 07/01/24		41
	300	5.000%, 07/01/26		302
	315	5.000%, 07/01/28		317
	340	5.000%, 07/01/29		342
	95	4.625%, 07/01/27		96
	140	4.000%, 01/01/26		137
	250	4.000%, 01/01/31		233
	350	3.250%, 01/01/25		343
	2,695	3.200%, 07/01/39		2,071
	1,000	3.100%, 05/01/26		962
		Hawaii State, Department of Budget & Finance, Ser A, RB
	575	5.000%, 07/01/26		580
	350	5.000%, 07/01/27		363
	75	5.000%, 07/01/29		78
	815	5.000%, 07/01/30		845
	3,170	5.000%, 07/01/35		3,238
	1,330	4.000%, 07/01/40		1,180
	775	Hawaii State, Department of Budget & Finance, Ser B, RB 5.000%, 07/01/28		779
	505	Hawaii State, Department of Hawaiian Home Lands, Kapolie Office Facilities, Ser A, COP, AGM Insured 5.000%, 11/01/26		536

September 30, 2022 www.bishopstreetfunds.com

(unaudited)

Face Amount (000)			Value (000)
	Hawaii — (continued)
		Hawaii State, Department of Hawaiian Home Lands, RB
$	240	5.000%, 04/01/24	$	246
	580	5.000%, 04/01/25		603
	500	5.000%, 04/01/27		534
	60	5.000%, 04/01/29		63
	65	5.000%, 04/01/31		68
	350	Hawaii State, Department of Hawaiian Home Lands, Ser A, RB 4.000%, 11/01/22		350
		Hawaii State, Department of Transportation, Airports Division Lease Revenue, COP, AMT
	1,045	5.000%, 08/01/27		1,052
	2,075	5.000%, 08/01/28		2,089
	500	Hawaii State, Department of Transportation, COP, AMT 5.250%, 08/01/25		505
		Hawaii State, Harbor System Revenue, Ser A, RB, AMT
	1,000	5.000%, 07/01/24		1,027
	1,000	5.000%, 07/01/26		1,052
	460	4.000%, 07/01/36		429
		Hawaii State, Harbor System Revenue, Ser C, RB
	1,250	4.000%, 07/01/32		1,276
	75	4.000%, 07/01/38		71
	1,000	4.000%, 07/01/39		944
	800	4.000%, 07/01/40		750
		Hawaii State, Highway Revenue, RB
	1,110	5.000%, 01/01/37		1,197
	355	5.000%, 01/01/40		379
		Hawaii State, Highway Revenue, Ser A, RB
	125	5.000%, 01/01/24		128
	215	5.000%, 01/01/25		222
	1,025	5.000%, 01/01/30		1,087
	1,045	5.000%, 01/01/33		1,069
	510	4.000%, 01/01/32		518
	250	4.000%, 01/01/36		247
		Hawaii State, Highway Revenue, Ser B, RB
	260	5.000%, 01/01/24		266
	1,000	Hawaii State, Housing Finance & Development, Wilikina Apartments Project, Ser A, RB 5.000%, 05/01/34		959
	185	Hawaii State, Ser EE, GO 5.000%, 11/01/22, Pre-Refunded @ 100(A)		185
	85	Hawaii State, Ser EE-2017, GO 5.000%, 11/01/22, Pre-Refunded @ 100(A)		85

September 30, 2022 www.bishopstreetfunds.com

Hawaii Municipal Bond Fund

Face Amount (000)			Value (000)
	Hawaii — (continued)
$	1,115	Hawaii State, Ser EF, GO 5.000%, 11/01/22, Pre-Refunded @ 100(A)	$	1,117
	975	Hawaii State, Ser EH, GO 5.000%, 08/01/23, Pre-Refunded @ 100(A)		990
	95	Hawaii State, Ser EH-2017, GO 5.000%, 08/01/23 (B)		96
		Hawaii State, Ser EO, GO
	1,460	5.000%, 08/01/24, Pre-Refunded @ 100(A)		1,506
	1,210	5.000%, 08/01/29		1,247
	1,105	5.000%, 08/01/30		1,138
	75	Hawaii State, Ser EP, GO 5.000%, 08/01/24, Pre-Refunded @ 100(A)		77
	450	Hawaii State, Ser ET, GO 5.000%, 10/01/25, Pre-Refunded @ 100(A)		473
	2,000	4.000%, 10/01/26		2,045
		Hawaii State, Ser FB, GO
	50	4.000%, 04/01/29		51
	450	3.000%, 04/01/35		386
		Hawaii State, Ser FG, GO
	130	5.000%, 10/01/27		138
	125	5.000%, 10/01/28		133
	560	5.000%, 10/01/30		593
	210	5.000%, 10/01/31		221
		Hawaii State, Ser FH, GO
	120	5.000%, 10/01/27		128
	75	4.000%, 10/01/31		76
		Hawaii State, Ser FK, GO
	2,005	5.000%, 05/01/29		2,146
	685	Hawaii State, Ser FN-REF, GO 5.000%, 10/01/30		735
		Hawaii State, Ser FT, GO
	190	5.000%, 01/01/30		206
	845	5.000%, 01/01/31		910
		Hawaii State, Ser FW, GO
	1,000	5.000%, 01/01/30		1,092
	2,040	5.000%, 01/01/37		2,167
	1,240	5.000%, 01/01/39		1,312
		Honolulu Hawaii City & County, Board of Water Supply, Ser A, RB
	525	5.000%, 07/01/24		541
	250	5.000%, 07/01/24, Pre-Refunded @ 100(A)		258
	1,000	5.000%, 07/01/25		1,030

September 30, 2022 www.bishopstreetfunds.com

(unaudited)

Face Amount (000)			Value (000)
	Hawaii — (continued)
$	500	5.000%, 07/01/26	$	531
	100	5.000%, 07/01/27		107
	900	5.000%, 07/01/28		980
	400	5.000%, 07/01/34		440
	1,000	4.000%, 07/01/38		951
	1,000	4.000%, 07/01/40		926
		Honolulu Hawaii City & County, GO
	135	5.000%, 09/01/23		137
	265	4.000%, 09/01/33		268
	690	3.000%, 07/01/33		615
	1,330	3.000%, 07/01/34		1,140
	50	Honolulu Hawaii City & County, Ser A, GO 5.000%, 11/01/22, Pre-Refunded @ 100(A)		50
	1,000	5.000%, 10/01/23		1,019
	700	5.000%, 11/01/23		714
	360	5.000%, 10/01/29		376
	800	5.000%, 10/01/31		833
	555	5.000%, 09/01/32		590
	1,420	5.000%, 10/01/32		1,476
	200	5.000%, 10/01/36		207
	1,515	5.000%, 10/01/37		1,566
	1,175	5.000%, 09/01/38		1,249
	25	4.000%, 11/01/22, Pre-Refunded @ 100(A)		25
	750	4.000%, 07/01/34		751
	650	Honolulu Hawaii City & County, Ser B, GO 5.000%, 07/01/37		712
		Honolulu Hawaii City & County, Ser C, GO
	755	5.000%, 08/01/34		815
	400	5.000%, 07/01/38		430
	1,400	5.000%, 08/01/44		1,475
	500	4.000%, 08/01/23		504
	1,400	4.000%, 10/01/32		1,420
	165	3.000%, 10/01/28		162
	805	Honolulu Hawaii City & County, Ser D, GO 5.000%, 07/01/23		816
	625	Honolulu Hawaii City & County, Ser F, GO 5.000%, 07/01/33		685
		Honolulu Hawaii City & County, Wastewater System Revenue, RB
	1,000	5.000%, 07/01/25, Pre-Refunded @ 100(A)		1,048
	500	5.000%, 07/01/39		532

September 30, 2022 www.bishopstreetfunds.com

Hawaii Municipal Bond Fund

Face Amount (000)			Value (000)
	Hawaii — (continued)
		Honolulu Hawaii City & County, Wastewater System Revenue, Ser A, RB
$	775	5.000%, 07/01/26	$	810
	500	5.000%, 07/01/27		538
	500	5.000%, 07/01/34		552
	575	5.000%, 07/01/49		599
	1,420	4.000%, 07/01/39		1,325
	100	Honolulu Hawaii City & County, Wastewater System Revenue, Ser B, RB 4.000%, 07/01/32		101
	105	Honolulu Hawaii City & County, Wastewater System Revenue, Ser S, RB 5.000%, 07/01/27		110
		Kauai County, GO
	175	5.000%, 08/01/26		186
	75	5.000%, 08/01/27		81
	65	5.000%, 08/01/28		70
	25	5.000%, 08/01/30		27
	250	5.000%, 08/01/37		262
	125	4.000%, 08/01/33		127
		Maui County, GO
	460	5.000%, 03/01/24		472
	430	5.000%, 03/01/27		462
	450	5.000%, 03/01/29		494
	1,550	5.000%, 03/01/34		1,694
	400	5.000%, 03/01/38		434
	450	4.000%, 03/01/36		440
	1,500	Maui County, RB 3.250%, 09/01/36		1,321
		University of Hawaii, Ser B, RB
	1,500	5.000%, 10/01/34		1,546
	1,000	4.000%, 10/01/23		1,008
		University of Hawaii, Ser D, RB
	700	4.000%, 10/01/32		718
	100	3.000%, 10/01/30		96
		University of Hawaii, Ser E, RB
	1,485	5.000%, 10/01/25		1,557
	1,430	5.000%, 10/01/32		1,493
		University of Hawaii, Ser F, RB
	100	5.000%, 10/01/27		108
	2,425	5.000%, 10/01/35		2,568
				108,445

September 30, 2022 www.bishopstreetfunds.com

(unaudited)

Face Amount (000)			Value (000)
	New York — 1.0%
$	75	New York City, Metropolitan Transportation Authority, Ser B, RB 5.000%, 11/15/23	$	76
	55	New York City, Metropolitan Transportation Authority, Ser C, RB 5.000%, 11/15/22 (B)		55
	1,000	New York City, Trust for Cultural Resources, Ser S, RB 5.000%, 07/01/41		1,015
				1,146
	Oklahoma — 0.5%
	500	Comanche County, Educational Facilities Authority, Ser A, RB 5.000%, 12/01/30		536
	19	Oklahoma State, Development Finance Authority, RB 5.000%, 06/01/44		19
				555
	Texas — 0.9%
	1,000	Tomball City, Independent School District, GO, PSF-GTD Insured 5.000%, 02/15/28		1,037
	Utah — 0.4%
	450	Utah State, Charter School Finance Authority, Ser A, RB, UT CSCE Insured 4.000%, 10/15/40		405
	Washington — 0.2%
	200	Grant & Douglas Counties, School District No. 165-55J Ephrata, GO, SCH BD GTY Insured 5.000%, 12/01/22		201
	TOTAL MUNICIPAL BONDS (Cost $123,712)			113,429

September 30, 2022 www.bishopstreetfunds.com

Hawaii Municipal Bond Fund

Shares			Value (000)
		CASH EQUIVALENT — 0.7%
	802,041	First American Treasury Obligations Fund, Cl X, 2.875% (C) (Cost $ 802)	$	802
	TOTAL INVESTMENTS (Cost $ 124,514) —98.9%		$	114,231

Percentages are based on Net Assets of $115,476 (000).

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

(B) Escrowed to maturity.

(C) The rate reported is the 7-day effective yield as of September 30, 2022.

AGM—Assured Guaranty Municipal

AMT—Alternative Minimum Tax

Cl—Class

COP—Certificate of Participation

GO—General Obligation

PSF-GTD—Guaranteed by Permanent School Fund

RB—Revenue Bond

Ser—Series

UT CSCE— Utah Charter School Enhancement Program

Cost figures are shown in thousands.

The following is a summary of the inputs used as of September 30, 2022, in valuing the Fund’s investments carried at value (000):

Hawaii Municipal Bond Fund
Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	113,429	$	—	$	113,429
Cash Equivalent		802		—		—		802
Total Investments in Securities	$	802	$	113,429	$	—	$	114,231

Amounts designated as “—” are $0.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

BSF-QH-001-3900

September 30, 2022 www.bishopstreetfunds.com