UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-08572

Bishop Street Funds

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices)

c/o 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, 2021

Date of reporting period: December 31, 2021

Item 1. Reports to Stockholders.

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

The Fund files its complete schedule of investments with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Fund’s Forms N-Q and N-PORT reports are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’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 Fund uses 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 SEC’s website at http://www.sec.gov. Information regarding how the Fund 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 Fund’s website at http://www.bishopstreetfunds. com or the website of the Securities and Exchange Commission.

BISHOP STREET

TABLE OF CONTENTS

FUNDS

Letter to Shareholders	2
Definition of Comparative Index	4
Hawaii Municipal Bond Fund
Management Discussion	5
Schedule of Investments	8
Statement of Assets and Liabilities	18
Statement of Operations	19
Statements of Changes in Net Assets	20
Financial Highlights	22
Notes to Financial Statements	24
Report of Independent Registered Public Accounting Firm	34
Disclosure of Fund Expenses	36
Notice to Shareholders	38
Board of Trustees and Officers	40

1

BISHOP STREET

LETTER TO SHAREHOLDERS

FUNDS

Dear Shareholder:

2021 was in many ways a year for the economic and financial record books, but will be remembered, sadly, as the second devastating chapter of the COVID pandemic. In last year’s edition of this letter, with the emergence of mass vaccinations and more effective therapies for COVID, we held out hope for continued economic recovery and an end to the pandemic. Looking back, our hopes for the economy and financial markets were more than fulfilled, but with the pandemic death toll continuing to rise and everyday life still dominated by the public health emergency, we confess to little appetite for celebration.

The facts, however, speak for themselves. Last year the U.S. economy grew 5.5% (adjusted for inflation), the fastest rate since 1984, and added 6.7 million jobs, the highest ever recorded. Including dividends, the S&P 500 Index of U.S. stocks returned a very strong 28.7% and has notched an average return of 18.5% annually over the past three years. Astoundingly, at the end of the year the S&P 500 had returned over 800% since the 2009 market bottom associated with the Great Financial Crisis. The bond market has been correspondingly subdued, losing about 1.5% in 2021 as interest rates pushed higher (bond prices are inversely related to interest rates).

Early in 2022, the stock market has given back some of its gains even as bonds continue to be pressured by higher rates, due largely to fears of high inflation and the prospect of tightening Fed monetary policy. Such fears are well-founded, as headline inflation has reached 7.5% and shows signs of spreading beyond the sectors impacted by supply-demand imbalances associated with the pandemic. We remain optimistic, however, that inflation will moderate before the Fed is forced into such aggressive monetary that it precipitates a “hard landing” for the economy. We are also encouraged by expected above-trend economic growth in 2022, boosted by the financial windfall of trillions of dollars of fiscal stimulus over the past two years that remains largely unspent.

If the economy is able to avoid worst-case scenarios due to inflation, the pandemic, and geopolitics, we are likely to see a decent year in the stock market and an indifferent year for bonds. These, however, are big “ifs”, and in our view most investors should continue to hold high-grade bonds as part of a diversified portfolio as a hedge against economic risk. As always, thank you for your continued trust and confidence.

Bishop Street Funds

2

Sincerely,

Ken Miller, CFA

Chairman, Chief Executive Officer and Chief Investment Officer

Bishop Street Capital Management

February 7, 2022

The performance data quoted represents past performance. Past performance does not guarantee future results. Index returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.

Investing involves risk including possible loss of principal. Diversification does not protect against market loss.

December 31, 2021 www.bishopstreetfunds.com

3

BISHOP STREET

DEFINITION OF COMPARATIVE INDEX

FUNDS

Definition of Comparative Index

The ICE BofAML 1-22 Year U.S. Municipal Securities Index is a subset of the ICE BofAML U.S. Municipal Securities Index including all securities with a remaining term to final maturity greater than or equal to 1 years and less than 22 years.

Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

Bishop Street Funds

4

BISHOP STREET

MANAGEMENT DISCUSSION

FUNDS

Hawaii Municipal Bond Fund

By the end of 2021, the U.S. was in another wave of COVID-19, Congress recently passed a $1 trillion bipartisan infrastructure bill and the Federal Reserve had to react to inflationary pressures that were no longer transitory. Despite higher rates causing security prices to move lower during the year, municipals posted positive total returns in 2021. Municipals had a muted response to the Federal Reserve as strong demand from investors for tax free income coincided with a shrinking supply, as bonds called or matured outpaced new issuance.

The Hawaii economy continues to recover as tourism returns to the islands. By May of 2021, our visitor arrivals surpassed 2019 numbers, although expenditures have yet to rebound to pre-pandemic levels. The State of Hawaii Department of Budget and Finance projects Hawaii’s real gross domestic product to increase by 3.0% in 2022 and 2.3% in 2023 and the average annual unemployment rate to be 6.0% in 2022 and 5.2% in 2023. The strong return of tourism combined with recent Federal Stimulus should allow the financial position of Hawaii’s municipalities to continue to remain stable going forward.

The Bishop Street Hawaii Municipal Bond Fund returned 0.62% for the year, underperforming the ICE BofAML 1-22 Yr. US Municipal Securities Index which returned 1.23%. The Fund’s revenue bond allocation made positive contributions to performance while its short duration positioning and allocation to Hawaii bonds relative to the benchmark detracted from performance on a relative basis. The fund is positioned nicely for a rise in interest rates, relative to the benchmark, and continues to provide a steady stream of tax-exempt income from Federal and State income tax for Hawaii residents.

One basis point is 1/100 of one percent.

December 31, 2021 www.bishopstreetfunds.com

5

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be higher or lower than the performance quoted. For performance data current to the most recent month end, please visit www.bishopstreetfunds.com or call 1-800-262-9565.

Index returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.

This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any security in particular.

Investing involves risk including possible loss of principal. Diversification does not protect against market loss.

Bishop Street Funds

6

Hawaii Municipal Bond Fund

Performance Comparison

Comparison of Change in the Value of a $1,000,000 Investment in the Hawaii Municipal Bond Fund, Class I*, versus the ICE BofAML 1-22 Year US Municipal Securities Index.

# Account value if you reinvested income and capital gains.

(1) See page 4 for definition of comparative index.

* The graph is based on only Class I Shares; performance for Class A would be different due to differences in fee structures.

Average Annual Total Returns†
One Year Return			Annualized 3 Year Return			Annualized 5 Year Return			Annualized 10 Year Return
	0.62	%		3.37	%		2.89	%		2.54	%	Hawaii Municipal Bond Fund, Class I
	0.27	%		3.06	%		2.59	%		2.27	%	Hawaii Municipal Bond Fund, Class A
	(2.76	)%		2.03	%		1.97	%		1.95	%	Hawaii Municipal Bond Fund, Class A, withload**
	1.23	%		4.27	%		3.73	%		3.33	%	ICE BofAML 1-22 Year US Municipal Securities Index

** Reflects 3.00% sales charge.

† 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.

December 31, 2021 www.bishopstreetfunds.com

7

Hawaii Municipal Bond Fund

Top Ten Holdings (Unaudited)^†

		Coupon Rate		Maturity Date		Percentage of Investments
1.	Hawaii State, Department of Budget & Finance, Ser A		5.000%		07/01/35		2.7%
2.	University of Hawaii, Ser F		5.000%		10/01/35		2.2%
3.	Hawaii State, Department of Budget & Finance		3.200%		07/01/39		2.1%
4.	Hawaii State, Ser FW		5.000%		01/01/37		1.9%
5.	Hawaii State, Ser FK		5.000%		05/01/29		1.7%
6.	Hawaii State, Airports System Authority, Ser A, AMT		5.000%		07/01/45		1.7%
7.	Hawaii State, Ser ET		4.000%		10/01/26		1.7%
8.	Hawaii State, Department of Transportation, Airports Division Lease Revenue, AMT		5.000%		08/01/28		1.7%
9.	Maui County		5.000%		03/01/34		1.5%
10.	Honolulu Hawaii City & County, Ser C		5.000%		08/01/44		1.3%

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

Schedule of Investments

Face Amount (000)			Value (000)
	MUNICIPAL BONDS — 97.6%
	Alabama — 0.1%
		City of Phenix City Alabama, Ser A, GO
$	75	3.000%, 02/01/22	$	75
	Arkansas — 0.0%
		Little Rock School District, Sub-Ser, GO, ST AID WITHHLDG Insured
	50	3.000%, 02/01/22		50

Bishop Street Funds

8

Hawaii Municipal Bond Fund

Schedule of Investments

Face Amount (000)			Value (000)
	California — 1.2%
		California State, GO
$	90	3.000%, 03/01/22	$	90
		Milpitas Unified School District, Ser A, GO
	35	5.000%, 08/01/22, Pre-Refunded @ 100 (A)		36
		North Orange County, Community College District, Ser B, GO
	75	4.000%, 08/01/22		77
		Orange County, Water District, Ser A, RB
	1,000	5.000%, 08/15/23, Pre-Refunded @ 100 (A)		1,077
		San Mateo Foster City, School District, Ser C, GO
	35	3.500%, 08/01/22, Pre-Refunded @ 100 (A)		36
		University of California, Ser AF, RB
	255	5.000%, 05/15/23, Pre-Refunded @ 100 (A)		271
				1,587
	Colorado — 0.1%
		Denver City & County, School District No. 1, Ser B, GO, ST AID WITHHLDG Insured
	100	5.000%, 12/01/22, Pre-Refunded @ 100 (A)		104
		University of Colorado, Ser A-2, RB
	45	5.000%, 06/01/22, Pre-Refunded @ 100 (A)		46
				150
	Florida — 0.2%
		Miami-Dade County, School Board, Ser D, COP
	205	5.000%, 02/01/27		240
	Hawaii — 92.1%
		Hawaii County, Ser A, GO
	250	5.000%, 09/01/23		269
	180	5.000%, 09/01/24		202
	600	5.000%, 09/01/26		708
	100	5.000%, 09/01/27		118
	510	5.000%, 09/01/30		596
	440	5.000%, 09/01/33		528
	30	5.000%, 09/01/35		36
	300	5.000%, 09/01/36		358
	1,500	4.000%, 09/01/35		1,671
	130	4.000%, 09/01/36		157
		Hawaii County, Ser C, GO
	450	5.000%, 09/01/24		505
	110	5.000%, 09/01/27		129
		Hawaii County, Ser D, GO
	200	5.000%, 09/01/25		233
	300	5.000%, 09/01/27		353

December 31, 2021 www.bishopstreetfunds.com

9

Hawaii Municipal Bond Fund

Schedule of Investments

Face Amount (000)			Value (000)
	Hawaii — (continued)
		Hawaii State, Airports System Authority, Ser A, RB, AMT
$	115	5.000%, 07/01/31	$	140
	2,000	5.000%, 07/01/45		2,268
		Hawaii State, Airports System Authority, Ser D, RB
	100	5.000%, 07/01/28		125
	1,025	5.000%, 07/01/29		1,309
	450	5.000%, 07/01/33		581
	260	4.000%, 07/01/39		307
		Hawaii State, Airports System Authority, RB, AMT
	665	5.000%, 07/01/24		684
	1,000	4.125%, 07/01/24		1,003
		Hawaii State, Department of Budget & Finance, Pacific Health Project, Ser A, RB
	820	6.000%, 07/01/33		888
	310	4.000%, 01/01/24		328
		Hawaii State, Department of Budget & Finance, RB
	100	5.500%, 07/01/43		107
	475	5.125%, 07/01/31		507
	300	5.000%, 07/01/26		320
	100	5.000%, 07/01/28		107
	200	5.000%, 07/01/29		213
	50	4.625%, 07/01/27		53
	140	4.000%, 01/01/26		155
	250	4.000%, 01/01/31		290
	350	3.250%, 01/01/25		373
	2,615	3.200%, 07/01/39		2,852
		Hawaii State, Department of Budget & Finance, Ser A, RB
	250	5.000%, 07/01/22		256
	575	5.000%, 07/01/26		613
	350	5.000%, 07/01/27		402
	75	5.000%, 07/01/29		86
	815	5.000%, 07/01/30		933
	3,135	5.000%, 07/01/35		3,566
	1,130	4.000%, 07/01/40		1,229
		Hawaii State, Department of Budget & Finance, Ser B, RB
	775	5.000%, 07/01/28		826
		Hawaii State, Department of Hawaiian Home Lands, Kapolie Office Facilities, Ser A, COP, AGM
	500	5.000%, 11/01/26		600
		Hawaii State, Department of Hawaiian Home Lands, RB
	240	5.000%, 04/01/24		264
	580	5.000%, 04/01/25		662
	500	5.000%, 04/01/27		607
	30	5.000%, 04/01/29		36
	65	5.000%, 04/01/31		77

Bishop Street Funds

10

Hawaii Municipal Bond Fund

Schedule of Investments

Face Amount (000)			Value (000)
	Hawaii — (continued)
		Hawaii State, Department of Hawaiian Home Lands, Ser A, RB
$	350	4.000%, 11/01/22	$	361
		Hawaii State, Department of Transportation, Airports Division Lease Revenue, COP, AMT
	1,045	5.000%, 08/01/27		1,117
	2,075	5.000%, 08/01/28		2,218
		Hawaii State, Department of Transportation, COP, AMT
	500	5.250%, 08/01/25		536
		Hawaii State, Harbor System Revenue, Ser A, RB, AMT
	1,000	5.000%, 07/01/24		1,108
	1,000	5.000%, 07/01/26		1,183
	450	4.000%, 07/01/36		537
		Hawaii State, Harbor System Revenue, Ser C, RB
	1,250	4.000%, 07/01/32		1,519
	75	4.000%, 07/01/38		90
	1,000	4.000%, 07/01/39		1,195
	800	4.000%, 07/01/40		954
		Hawaii State, Highway Revenue, RB
	1,080	5.000%, 01/01/37		1,413
	355	5.000%, 01/01/40		462
		Hawaii State, Highway Revenue, Ser A, RB
	500	5.000%, 01/01/22, Pre-Refunded @ 100 (A)		500
	125	5.000%, 01/01/24		137
	215	5.000%, 01/01/25		239
	965	5.000%, 01/01/30		1,153
	1,045	5.000%, 01/01/33		1,158
	1,200	4.000%, 01/01/26		1,200
	500	4.000%, 01/01/32		568
	250	4.000%, 01/01/36		283
		Hawaii State, Highway Revenue, Ser B, RB
	205	5.000%, 01/01/24		224
		Hawaii State, Housing Finance & Development, Kuhio Park Terrace Multi-Family Housing, Ser A, RB
	200	3.900%, 04/01/22		201
		Hawaii State, Housing Finance & Development, Wilikina Apartments Project, Ser A, RB
	1,000	5.000%, 05/01/34		1,007
		Hawaii State, Ser EE, GO
	185	5.000%, 11/01/22, Pre-Refunded @ 100 (A)		193
		Hawaii State, Ser EE-2017, GO
	85	5.000%, 11/01/22, Pre-Refunded @ 100 (A)		88
		Hawaii State, Ser EF, GO
	1,090	5.000%, 11/01/22, Pre-Refunded @ 100 (A)		1,134

December 31, 2021 www.bishopstreetfunds.com

11

Hawaii Municipal Bond Fund

Schedule of Investments

Face Amount (000)			Value (000)
	Hawaii — (continued)
		Hawaii State, Ser EH, GO
$	975	5.000%, 08/01/23, Pre-Refunded @ 100 (A)	$	1,047
		Hawaii State, Ser EH-2017, GO
	95	5.000%, 08/01/23 (B)		102
		Hawaii State, Ser EO, GO
	1,460	5.000%, 08/01/24, Pre-Refunded @ 100 (A)		1,633
	1,195	5.000%, 08/01/29		1,330
	1,105	5.000%, 08/01/30		1,230
		Hawaii State, Ser EP, GO
	75	5.000%, 08/01/24, Pre-Refunded @ 100 (A)		84
		Hawaii State, Ser ET, GO
	450	5.000%, 10/01/25, Pre-Refunded @ 100 (A)		525
	2,000	4.000%, 10/01/26		2,258
		Hawaii State, Ser FB, GO
	50	4.000%, 04/01/29		57
	450	3.000%, 04/01/35		481
		Hawaii State, Ser FG, GO
	95	5.000%, 10/01/27		114
	85	5.000%, 10/01/28		102
	500	5.000%, 10/01/30		598
	210	5.000%, 10/01/31		251
		Hawaii State, Ser FH, GO
	100	5.000%, 10/01/27		120
	75	4.000%, 10/01/31		86
		Hawaii State, Ser FK, GO
	1,915	5.000%, 05/01/29		2,332
		Hawaii State, Ser FN-REF, GO
	685	5.000%, 10/01/30		842
		Hawaii State, Ser FT, GO
	170	5.000%, 01/01/30		210
	835	5.000%, 01/01/31		1,028
		Hawaii State, Ser FW, GO
	975	5.000%, 01/01/30		1,239
	2,040	5.000%, 01/01/37		2,559
	1,210	5.000%, 01/01/39		1,513
		Hawaii State, Ser GG, GO
	1,000	0.247%, 08/01/22		999
		Honolulu Hawaii City & County, Board of Water Supply, Ser A, RB
	680	5.000%, 07/01/22, Pre-Refunded @ 100 (A)		696
	235	5.000%, 07/01/23		252
	525	5.000%, 07/01/24		584
	250	5.000%, 07/01/24, Pre-Refunded @ 100 (A)		279

Bishop Street Funds

12

Hawaii Municipal Bond Fund

Schedule of Investments

Face Amount (000)			Value (000)
	Hawaii — (continued)
$	1,000	5.000%, 07/01/25	$	1,113
	500	5.000%, 07/01/26		596
	100	5.000%, 07/01/27		123
	50	4.500%, 07/01/22, Pre-Refunded @ 100 (A)		51
	1,000	4.000%, 07/01/38		1,233
	1,000	4.000%, 07/01/40		1,229
		Honolulu Hawaii City & County, GO
	65	5.000%, 09/01/23		70
	250	4.000%, 09/01/33		295
	690	3.000%, 07/01/33		782
	1,330	3.000%, 07/01/34		1,504
	1,000	3.000%, 07/01/37		1,119
		Honolulu Hawaii City & County, Ser A, GO
	50	5.000%, 11/01/22, Pre-Refunded @ 100 (A)		52
	1,000	5.000%, 10/01/23		1,082
	350	5.000%, 10/01/29		406
	800	5.000%, 10/01/31		924
	530	5.000%, 09/01/32		647
	1,420	5.000%, 10/01/32		1,639
	200	5.000%, 10/01/36		230
	1,500	5.000%, 10/01/37		1,722
	1,175	5.000%, 09/01/38		1,460
	25	4.000%, 11/01/22, Pre-Refunded @ 100 (A)		26
	750	4.000%, 07/01/34		933
		Honolulu Hawaii City & County, Ser B, GO
	40	5.000%, 09/01/22		41
	280	5.000%, 11/01/22		291
	200	5.000%, 11/01/24		208
	1,010	5.000%, 11/01/25		1,049
		Honolulu Hawaii City & County, Ser C, GO
	730	5.000%, 08/01/34		935
	1,400	5.000%, 08/01/44		1,763
	225	4.000%, 08/01/22		230
	1,200	4.000%, 08/01/23		1,271
	1,400	4.000%, 10/01/32		1,589
	145	3.000%, 10/01/28		156
		Honolulu Hawaii City & County, Ser D, GO
	805	5.000%, 07/01/23		862
		Honolulu Hawaii City & County, Ser F, GO
	625	5.000%, 07/01/33		817
		Honolulu Hawaii City & County, Wastewater System Revenue, RB
	1,000	5.000%, 07/01/25, Pre-Refunded @ 100 (A)		1,157
	500	5.000%, 07/01/39		632

December 31, 2021 www.bishopstreetfunds.com

13

Hawaii Municipal Bond Fund

Schedule of Investments

Face Amount (000)			Value (000)
	Hawaii — (continued)
		Honolulu Hawaii City & County, Wastewater System Revenue, Ser A, RB
$	50	5.000%, 07/01/22	$	51
	115	5.000%, 07/01/22, Pre-Refunded @ 100 (A)		117
	300	5.000%, 07/01/24		334
	775	5.000%, 07/01/26		894
	575	5.000%, 07/01/49		716
	1,420	4.000%, 07/01/39		1,689
		Honolulu Hawaii City & County, Wastewater System Revenue, Ser B, RB
	730	5.000%, 07/01/23		782
	25	4.000%, 07/01/22, Pre-Refunded @ 100 (A)		25
	100	4.000%, 07/01/32		113
	710	4.000%, 07/01/33		804
		Honolulu Hawaii City & County, Wastewater System Revenue, Ser S, RB
	125	5.000%, 07/01/24		139
	105	5.000%, 07/01/27		121
		Kauai County, GO
	150	5.000%, 08/01/26		179
	25	5.000%, 08/01/30		31
	250	5.000%, 08/01/37		302
		Kauai County, Ser A, GO
	500	5.000%, 08/01/22, Pre-Refunded @ 100 (A)		514
	315	4.000%, 08/01/22, Pre-Refunded @ 100 (A)		322
		Maui County, GO
	460	5.000%, 03/01/24		506
	430	5.000%, 03/01/27		525
	450	5.000%, 03/01/29		577
	1,550	5.000%, 03/01/34		2,050
	450	4.000%, 03/01/36		552
		Maui County, RB
	1,500	3.250%, 09/01/36		1,664
		University of Hawaii, Ser B, RB
	500	5.000%, 10/01/27		618
	1,500	5.000%, 10/01/34		1,728
	1,000	4.000%, 10/01/23		1,064
		University of Hawaii, Ser D, RB
	575	5.000%, 10/01/25		670
	700	4.000%, 10/01/32		855
		University of Hawaii, Ser E, RB
	1,485	5.000%, 10/01/25		1,731
	1,375	5.000%, 10/01/32		1,634

Bishop Street Funds

14

Hawaii Municipal Bond Fund

Schedule of Investments

Face Amount (000)			Value (000)
	Hawaii — (continued)
		University of Hawaii, Ser F, RB
$	100	5.000%, 10/01/27	$	124
	2,425	5.000%, 10/01/35		2,968
				124,595
	Indiana — 0.0%
		Indiana State, Municipal Power Agency, Ser A, RB
	55	5.000%, 01/01/22		55
	Kentucky — 0.1%
		Kentucky State, Public Energy Authority, Ser B, RB
	200	4.000%, 07/01/22		204
	Massachusetts — 0.1%
		Massachusetts Port Authority, Ser B, RB
	50	4.000%, 07/01/22 (B)		51
		Massachusetts School Building Authority, Ser A, RB
	70	4.000%, 08/15/22 (B)		72
				123
	Michigan — 0.1%
		Michigan State, Strategic Fund, RB, CNTY GTD insured
	105	5.000%, 03/01/22		106
	New Jersey — 0.0%
		Camden County, Improvement Authority, RB
	50	5.000%, 01/15/22, Pre-Refunded @ 100 (A)		50
	New York — 1.1%
		Metropolitan Transportation Authority, Ser B, RB
	50	5.000%, 11/15/23		54
		Metropolitan Transportation Authority, Ser C, RB
	55	5.000%, 11/15/22 (B)		57
		New York City, Trust for Cultural Resources, Ser S, RB
	1,000	5.000%, 07/01/41		1,102
		New York City, Water & Sewer System, RB
	85	5.000%, 06/15/22, Pre-Refunded @ 100 (A)		87
		New York City, Water & Sewer System, Ser EE, RB
	50	4.000%, 06/15/22, Pre-Refunded @ 100 (A)		51
		New York State, Bridge Authority, RB
	100	4.000%, 01/01/22, Pre-Refunded @ 100 (A)		100
		Triborough, Bridge & Tunnel Authority, Ser A, RB
	60	5.000%, 01/01/22, Pre-Refunded @ 100 (A)		60
				1,511

December 31, 2021 www.bishopstreetfunds.com

15

Hawaii Municipal Bond Fund

Schedule of Investments

Face Amount (000)			Value (000)
	Oklahoma — 0.5%
		Comanche County, Educational Facilities Authority, Ser A, RB
$	500	5.000%, 12/01/30	$	610
		Oklahoma State, Development Finance Authority, RB
	19	5.000%, 06/01/44		21
				631
	Oregon — 0.1%
		City of Portland Oregon, Oregon Limited Tax Revenue Bonds, Oregon Convention Center Completion Project, Ser B, GO
	100	0.130%, 06/01/22 (C)		100
	South Dakota — 0.0%
		Sioux Falls, School District No. 49-5, GO
	50	3.500%, 01/01/22, Pre-Refunded @ 100 (A)		50
	Tennessee — 0.3%
		Crossville Tennessee, Water & Sewer Revenue, Ser C, RB
	350	4.000%, 06/01/22		355
	Texas — 1.0%
		City of Killeen, GO
	55	5.000%, 08/01/22, Pre-Refunded @ 100 (A)		57
		City of San Antonio, GO
	60	4.000%, 08/01/22, Pre-Refunded @ 100 (A)		61
		Dallas, Independent School District, GO, PSF-GTD Insured
	90	5.000%, 02/15/22, Pre-Refunded @ 100 (A)(D)		90
		Tomball City, Independent School District, GO, PSF-GTD Insured
	1,000	5.000%, 02/15/28		1,135
				1,343
	Utah — 0.4%
		Utah State, Charter School Finance Authority, Ser A, RB, UT CSCE Insured
	450	4.000%, 10/15/40		480
	Washington — 0.2%
		Grant & Douglas Counties, School District No. 165-55J Ephrata, GO, SCH BD GTY Insured
	200	5.000%, 12/01/22		208
		Grant County, Public Utility District No. 2 Electric Revenue, Ser 2017-O, RB
	100	5.000%, 01/01/22		100
				308
	TOTAL MUNICIPAL BONDS (Cost $128,543)			132,013

Bishop Street Funds

16

Hawaii Municipal Bond Fund

Schedule of Investments

Shares			Value (000)
	CASH EQUIVALENT — 1.0%
	1,434,835	First American Treasury Obligations Fund, Cl X, 0.010% (E) (Cost $1,435)	$	1,435
	TOTAL INVESTMENTS (Cost $129,978) — 98.6%		$	133,448

Percentages are based on Net Assets of $135,296 (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) Variable or floating rate security, the interest rate of which adjusts periodically based prevailing interest rates.

(E) The rate reported is the 7-day effective yield as of December 31, 2021.

AGM — Assured Guaranty Municipal

AMT — Alternative Minimum Tax

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 December 31, 2021, 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	$	—	$	132,013	$	—	$	132,013
Cash Equivalent		1,435		—		—		1,435
Total Investments in Securities	$	1,435	$	132,013	$	—	$	133,448

For the year ended December 31, 2021, there were no transfers in or out of Level 3.

Amounts designated as “—” are $0.

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

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

December 31, 2021 www.bishopstreetfunds.com

17

Bishop Street Funds

Statement of Assets and Liabilities (000)

December 31, 2021

	Hawaii Municipal Bond Fund
Assets:
Investments, at Cost	$	129,978
Investments, at Value	$	133,448
Dividends and Interest Receivable		2,082
Receivable from Distributor		10
Prepaid Expenses		3
Total Assets		135,543
Liabilities:
Income Distribution Payable		131
Payable for Investment Securities Purchased		43
Advisory Fees Payable		10
Administrative Fees Payable		5
Distribution Fees Payable, Class A		4
Payable for Fund Shares Redeemed		2
Chief Compliance Officer Fees Payable		2
Audit Expense Payable		14
Transfer Agent Fees Payable		17
Other Accrued Expenses Payable		19
Total Liabilities		247
Net Assets	$	135,296
Paid-in Capital	$	131,852
Total Distributable Earnings		3,444
Net Assets	$	135,296
Class I Shares:
Net Assets	$	118,341
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		10,983
Net Asset Value, Offering and Redemption Price Per Share — Class I (Net Assets / Shares Outstanding)	$	10.78	*
Class A Shares:
Net Assets	$	16,955
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		1,574
Net Asset Value, Offering and Redemption Price Per Share — Class A (Net Assets / Shares Outstanding)	$	10.77
Maximum Offering Price Per Shares — Class A ($10.77/ 97.00%)	$	11.10

* Net Assets divided by Shares do not calculate to the stated NAV because Net Assets are shown rounded.

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

Bishop Street Funds

18

Bishop Street Funds

Statement of Operations (000)

For the year ended December 31, 2021

	Hawaii Municipal Bond Fund
Investment Income:
Interest Income	$	2,661
Dividend Income		1
Total Investment Income		2,662
Expenses:
Investment Adviser Fees		456
Shareholder Servicing Fees		286
Administrative Fees		257
Distribution Fees, Class A		43
Chief Compliance Officer Fees		8
Transfer Agent Fees		100
Legal Fees		55
Printing Fees		46
Audit Fees		33
Trustees’ Fees		29
Pricing Fees		24
Registration Fees		10
Custody Fees		8
Miscellaneous Expenses		30
Total Expenses		1,385
Less Waivers:
Investment Adviser Fees		(275	)
Shareholder Servicing Fees		(195	)
Administrative Fees		(156	)
Total Waivers		(626	)
Total Net Expenses		759
Net Investment Income		1,903
Net Realized Gain on Investments		132
Net Change in Unrealized Depreciation on Investments		(1,338	)
Net Realized and Unrealized Loss on Investments		(1,206	)
Increase in Net Assets Resulting from Operations	$	697

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

December 31, 2021 www.bishopstreetfunds.com

19

Bishop Street Funds

Statements of Changes in Net Assets (000)

For the year ended December 31,

	Hawaii Municipal Bond Fund
	2021			2020
Investment Activities from Operations:
Net Investment Income	$	1,903		$	2,283
Net Realized Gain on Investments		132			522
Net Change in Unrealized Appreciation (Depreciation) on Investments		(1,338	)		1,660
Increase in Net Assets Resulting from Operations		697			4,465
Distributions:
Class I Shares		(1,959	)		(2,405	)
Class A Shares		(251	)		(331	)
Total Distributions		(2,210	)		(2,736	)
Capital Share Transactions:
Class I Shares:
Proceeds from Shares Issued		24,979			10,745
Reinvestments of Cash Distributions		284			331
Cost of Shares Redeemed		(14,317	)		(15,097	)
Total Class I Capital Share Transactions		10,946			(4,021	)
Class A Shares:
Proceeds from Shares Issued		878			64
Reinvestments of Cash Distributions		190			249
Cost of Shares Redeemed		(649	)		(890	)
Total Class A Capital Share Transactions		419			(577	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		11,365			(4,598	)
Total Increase (Decrease) in Net Assets		9,852			(2,869	)
Net Assets:
Beginning of Year		125,444			128,313
End of Year	$	135,296		$	125,444
Share Transactions:
Class I Shares:
Shares Issued		2,302			992
Shares Issued in Lieu of Cash Distributions		26			31
Shares Redeemed		(1,323	)		(1,409	)
Total Class I Transactions		1,005			(386	)
Class A Shares:
Shares Issued		81			6
Shares Issued in Lieu of Cash Distributions		18			23
Shares Redeemed		(60	)		(83	)
Total Class A Transactions		39			(54	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		1,044			(440	)

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

Bishop Street Funds

20

This page intentionally left blank.

Bishop Street Funds

Financial Highlights

For a share outstanding throughout the year ended December 31,

	Net Asset Value, Beginning of Year			Investment Activities							Total Investment Activities from Operations			Dividends and Distributions								Total Dividends and Distributions
				Net Investment Income (Loss)(1)			Net Realized and Unrealized Gain(Loss) on Investments							Net Investment Income				Capital Gains
HAWAII MUNICIPAL BOND FUND
Class I Shares:
2021		$	10.90		$	0.16		$	(0.10	)		$	0.06		$	(0.16	)		$	(0.02	)		$	(0.18	)
2020			10.73			0.20			0.21				0.41			(0.20	)			(0.04	)			(0.24	)
2019			10.39			0.25			0.34				0.59			(0.25	)			—				(0.25	)
2018			10.58			0.26			(0.19	)			0.07			(0.26	)			—	^			(0.26	)
2017			10.45			0.25			0.14				0.39			(0.25	)			(0.01	)			(0.26	)
Class A Shares:
2021		$	10.90		$	0.14		$	(0.11	)		$	0.03		$	(0.14	)		$	(0.02	)		$	(0.16	)
2020			10.74			0.17			0.20				0.37			(0.17	)			(0.04	)			(0.21	)
2019			10.39			0.22			0.35				0.57			(0.22	)			—				(0.22	)
2018			10.58			0.23			(0.20	)			0.03			(0.22	)			—	^			(0.22	)
2017			10.45			0.23			0.13				0.36			(0.22	)			(0.01	)			(0.23	)

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

 † 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.

 ^ Amount is less than 0.005.

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

Bishop Street Funds

22

Net Asset Value, End of Year			Total Return†			Net Assets End of Year (000)			Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investments Income to Average Net Assets			Portfolio Turnover Rate
	$	10.78		0.62	%		$	118,341		0.55	%		1.03	%		1.49	%		14	%
		10.90		3.85				108,718		0.55			1.04			1.85			31
		10.73		5.69				111,254		0.55			1.04			2.31			36
		10.39		0.66				109,130		0.55			1.07			2.47			21
		10.58		3.74				117,285		0.55			1.04			2.39			25
	$	10.77		0.27	%		$	16,955		0.80	%		1.28	%		1.25	%		14	%
		10.90		3.50				16,726		0.80			1.29			1.60			31
		10.74		5.48				17,059		0.80			1.29			2.06			36
		10.39		0.34				17,130		0.80			1.32			2.21			21
		10.58		3.46				20,335		0.80			1.29			2.14			25

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

December 31, 2021 www.bishopstreetfunds.com

23

Bishop Street Funds

Notes to Financial Statements

December 31, 2021

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

1. ORGANIZATION

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

The Board of Trustees of the Trust, at the recommendation of Bishop Street Capital Management approved a plan of liquidation providing for the liquidation of the Bishop Street High Grade Income Fund’s assets and the distribution of the net proceeds pro rata to the Fund’s shareholders. The Fund was closed to investments from new and existing shareholders effective as of the Fund’s close of business on July 1, 2021. The distribution of the Fund’s assets occurred and the Fund ceased operations and liquidated on July 29, 2021.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Use of Estimates in the Preparation of Financial Statements

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

Security Valuation

The Fund’s investments in equity securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market (the “NASDAQ”)) including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price.

Bishop Street Funds

24

For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Investment companies are valued at Net Asset Value.

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

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

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Fund’s Board of Trustees (the “Board”). The Fund’s Fair Value Procedures are implemented through a Fair Value Pricing Committee (the “Committee”) designated by the Fund’s 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 Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities

December 31, 2021 www.bishopstreetfunds.com

25

Bishop Street Funds

(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 Fund has the ability to access at the measurement date;

• 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 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.

For the year ended December 31, 2021, there have been no changes to the Fund’s fair value methodologies.

Federal Income Taxes

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

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

Security Transactions and Investment Income

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

Bishop Street Funds

26

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

Classes

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

Expenses

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

Dividends and Distributions to Shareholders

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

Front-End Sales Commission

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

Cash Overdraft Charges

U.S. Bank, N.A. serves as custodian (the “Custodian”) for the Fund. The Custodian plays no role in determining the investment policies of the Fund or which securities are to be purchased or sold by the Fund. Prior to July 31, 2021, MUFG Union Bank, N.A. acted as the Fund’s custodian. If the Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of the Prime Rate plus 4.00%. Cash overdraft charges are included in miscellaneous expenses on the Statements of Operations. For the year ended December 31, 2021, there were no cash overdraft charges.

3. INVESTMENT ADVISORY AGREEMENT

Investment advisory services are provided to the Fund by Bishop Street Capital Management (the “Adviser”), a registered adviser and wholly owned subsidiary of First Hawaiian Bank. First Hawaiian Bank is a wholly owned subsidiary of First Hawaiian Inc. The Adviser is entitled to receive an annual fee of 0.35% of the average daily net assets of the Fund. The Adviser has contractually agreed, through April 30, 2022, to waive a

December 31, 2021 www.bishopstreetfunds.com

27

Bishop Street Funds

portion of its advisory fee (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses (collectively, excluded expenses) to the extent necessary to keep operating expenses at or below certain percentages of the respective average daily net assets.

The contractual expense limitations are as follows:

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

If at any point it becomes unnecessary for the Adviser to reduce fees and make expense reimbursements, the Board may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses and contractual expense limitations to recapture all or a portion of its prior expense reductions or reimbursements made during the preceding three year period during which this agreement was in place. During the year ended December 31, 2021, the Adviser did not recapture any previously waived fees.

As of December 31, 2021, fees which were previously waived by the Investment Manager which may be subject to possible future reimbursement to the Adviser were as follows:

Hawaii Municipal Bond Fund			Expires
	$	287		12/31/2022
		280		12/31/2023
		275		12/31/2024

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

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides administrative services to the Fund. For these services, the Administrator is paid an asset based fee which will vary depending on the number of share classes and the average daily net assets of the Fund. The Administrator has voluntarily agreed to waive a portion of its fee equal to 0.12% of the Fund’s average daily net assets. These fee waivers are voluntary and may be discontinued at any time. For the year ended December 31, 2021, the Fund was charged $257 for these services. For the year ended December 31, 2021, the Administrator waived $156 for these services to the Fund. These fees and waivers are labeled as “Administrative Fees/Waivers” on the Statements of Operations.

Bishop Street Funds

28

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

DST Systems, Inc. (“DST”) acts as the Transfer Agent of the Fund. As such, DST provides transfer agency, dividend disbursing and shareholder services to the Fund. These fees are disclosed on the Statements of Operations as “Transfer Agent Fees.”

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

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

December 31, 2021 www.bishopstreetfunds.com

29

Bishop Street Funds

CCO’s services and expenses have been approved by and are reviewed by the Board. These fees are disclosed on the Statements of Operations as “Chief Compliance Officer Fees.”

6. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities, other than short-term investments, for the year ended December 31, 2021 are presented below for the Fund.

Purchases
Other	$	27,812
Sales and Maturities
Other	$	17,729

For the year ended December 31, 2021, there were no purchases or sales of long-term U.S. Government securities.

7. FEDERAL TAX INFORMATION

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

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

The tax character of dividends and distributions declared during the years ended December 31, 2021 and 2020 were as follows:

	Ordinary Income		Tax Exempt Income		Long Term Capital Gain		Total
2021	$	7	$	1,895	$	308	$	2,210
2020		80		2,276		380		2,736

As of December 31, 2021, the components of Distributable Earnings on a tax basis were as follows:

Undistributed Tax-Exempt Income	$	7
Post October Losses		(34	)
Unrealized Appreciation		3,470
Other Temporary Differences		1
Total Distributable Earnings	$	3,444

Bishop Street Funds

30

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 for an unlimited period and they will retain their character as either short-term or long-term capital losses. As of December 31, 2021, the Fund had no capital loss carryforwards.

For Federal income tax purposes, the cost of securities owned at December 31, 2021 is different from amounts reported for financial reporting purposes. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at December 31, 2021, were as follows:

Federal Tax Cost	$	129,978
Gross Unrealized Appreciation		3,658
Gross Unrealized Depreciation		(188	)
Net Unrealized Appreciation	$	3,470

8. RISKS

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

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

% of investments in securities with credit enhancements or liquidity enhancements	1.61%
Largest % of investments in securities with credit enhancements or liquidity enhancements from a single institution	0.91%
	(Public School Fund Guarantee)

December 31, 2021 www.bishopstreetfunds.com

31

Bishop Street Funds

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

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

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

9. LINE OF CREDIT

Through December 31, 2021, the Fund, had entered into an agreement which enabled it to participate in a $5 million unsecured committed revolving line of credit on a first come, first served basis, with U.S. Bank, N.A. (the “Bank”). The proceeds from the borrowings are permitted to be used to finance the Fund’s short term general working capital requirements, including the funding of shareholder redemptions.

For the year ended December 31, 2021 the Fund did not have borrowings under the line of credit.

10. OTHER

At December 31, 2021, the percentage of total shares outstanding held by share-holders owning 10% or greater of total shares outstanding of the Fund, which comprised omnibus accounts that were held on behalf of several individual shareholders, was as follows:

	Number of Shareholders		% of Outstanding Shares
Hawaii Municipal Bond Fund, Class I Shares		1		80.72
Hawaii Municipal Bond Fund, Class A Shares		—		—

Bishop Street Funds

32

11. SUBSEQUENT EVENTS

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

December 31, 2021 www.bishopstreetfunds.com

33

Bishop Street Funds

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hawaii Municipal Bond Fund (constituting Bishop Street Funds, referred to hereafter as the “Fund”) as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2021 and the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

March 1, 2022

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

Bishop Street Funds

34

This page intentionally left blank.

Bishop Street Funds

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 July 1, 2021 to December 31, 2021.

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.

Bishop Street Funds

36

(unaudited)

	Beginning Account Value 7/1/21		Ending Account Value 12/31/21		Annualized Expense Ratios			Expenses Paid During Period*
Hawaii Municipal Bond Fund — Class I
Actual Fund Return	$	1,000.00	$	1,002.10		0.55	%	$	2.78
Hypothetical 5% Return		1,000.00		1,022.43		0.55			2.80
Hawaii Municipal Bond Fund — Class A
Actual Fund Return	$	1,000.00	$	999.90		0.80	%	$	4.03
Hypothetical 5% Return		1,000.00		1,021.17		0.80			4.08

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

December 31, 2021 www.bishopstreetfunds.com

37

Bishop Street Funds

Notice to Shareholders of Bishop Street Funds

For shareholders that do not have a December 31, 2021 taxable year end, this notice is for informational purposes only. For shareholders with a December 31, 2021 tax year end, please consult your tax adviser as to the pertinence of this notice.

(A)* Long Term Capital Gains Distributions (Tax Basis)			B* Ordinary Income Distributions (Tax Basis)			C* Tax Exempt Interest			(A+B+C) (D) Total Distributions (Tax Basis)
	13.93	%		0.31	%		85.76	%		100.00	%

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

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

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

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

Bishop Street Funds

38

(unaudited)

For the fiscal year ended December 31, 2021, each fund has designated the following items with regard to distributions paid during the year.

Qualifying for Corporate Dividends Receivable Deduction(1)			Qualifying Dividend Income(2)			U.S. Government Interest(3)			Interest Related Dividends(4)			Short-Term Capital Gain Dividends(5)
	0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

(4) The percentage in this column represents the amount of “Interest Related Dividends” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid to foreign investors.

(5) The percentage in this column represents the amount of “Short-Term Capital Gain Dividends” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

For California income tax purposes, for the fiscal year ended December 31, 2021, the Hawaii Municipal Bond Fund designated 1.06% of their distributions paid from net investment income as exempt interest dividends under Section 17145 of the California Revenue and Taxation Code.

December 31, 2021 www.bishopstreetfunds.com

39

Bishop Street Funds

Board of Trustees and Officers

Set forth below are the names, years of birth, positions with the Trust, length of term of office, and the principal occupations for the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456. Trustees who are deemed not to be “interested persons” of the Trust are referred to as “Independent Trustees.” Messrs. Nesher and Klauder are Trustees who may be deemed to be

Name and Year of Birth	Position with Trust and Length of Time Served1	Principal Occupations in the Past Five Years
INTERESTED TRUSTEES3,4
ROBERT NESHER (Born: 1946)	Chairman of the Board of Trustees (since 1991)	SEI employee 1974 to present; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. President, Chief Executive Officer and Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. President and Director of SEI Structured Credit Fund, LP. Vice Chairman of O’Connor EQUUS (closed-end investment company) to 2016. President, Chief Executive Officer and Trustee of SEI Liquid Asset Trust to 2016. Vice Chairman of Winton Series Trust to 2017. Vice Chairman of Winton Diversified Opportunities Fund (closed-end investment company), The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust and Schroder Global Series Trust to 2018.
N. JEFFREY KLAUDER (Born: 1952)	Trustee (since 2018)	Senior Advisor of SEI Investments since 2018. Executive Vice President and General Counsel of SEI Investments, 2004 to 2018.

1 Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust

2 Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., “public companies”) or other investment companies under the 1940 act.

3 Denotes Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates.

4 Trustees oversee 1 fund in the Bishop Street Funds.

Bishop Street Funds

40

(unaudited)

“interested” persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with the Trust’s Distributor. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-262-9565. The following chart lists Trustees and Officers as of December 31, 2021.

Other Directorships
Held in the Past Five Years²

Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, Catholic Responsible Investments Funds, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of SEI Structured Credit Fund, LP, SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments — Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments — Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd.

Former Directorships: Trustee of The KP Funds to 2021. Trustee of SEI Liquid Asset Trust to 2016.

Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, The KP Funds, Frost Family of Funds and Catholic Responsible Investments Funds. Director of SEI Private Trust Company, SEI Global Fund Services Ltd., SEI Investments Global Limited, SEI Global Master Fund, SEI Global Investments Fund, SEI Global Assets Fund and SEI Investments - Guernsey Limited.

Former Directorships: Trustee of The KP Funds to 2021. Trustee of SEI Investments Management Corporation, SEI Trust Company, SEI Investments (South Africa), Limited and SEI Investments (Canada) Company to 2018.

December 31, 2021 www.bishopstreetfunds.com

41

Bishop Street Funds

Board of Trustees and Officers

Name and Year of Birth	Position with Trust and Length of Time Served1	Principal Occupations in the Past Five Years
INDEPENDENT TRUSTEES3
JOSEPH T. GRAUSE, JR. (Born: 1952)	Trustee (since 2011) Lead Independent Trustee (since 2018)	Self-Employed Consultant since 2012. Director of Endowments and Foundations, Morningstar Investment Management, Morningstar, Inc., 2010 to 2011. Director of International Consulting and Chief Executive Officer of Morningstar Associates Europe Limited, Morningstar, Inc., 2007 to 2010. Country Manager — Morningstar UK Limited, Morningstar, Inc., 2005 to 2007.
MITCHELL A. JOHNSON (Born: 1942)	Trustee (since 2005)	Retired. Private Investor since 1994.
BETTY L. KRIKORIAN (Born: 1943)	Trustee (since 2005)	Vice President, Compliance, AARP Financial Inc., from 2008 to 2010. Self-Employed Legal and Financial Services Consultant since 2003. Counsel (in-house) for State Street Bank from 1995 to 2003.
ROBERT MULHALL (Born: 1958)	Trustee (since 2019)	Partner, Ernst & Young LLP, from 1998 to 2018.
BRUCE SPECA (Born: 1956)	Trustee (since 2011)	Global Head of Asset Allocation, Manulife Asset Management (subsidiary of Manulife Financial), 2010 to 2011. Executive Vice President — Investment Management Services, John Hancock Financial Services (subsidiary of Manulife Financial), 2003 to 2010.

1 Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust.

2 Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies under the 1940 Act.

3 Trustees oversee 1 fund in the Bishop Street Funds.

Bishop Street Funds

42

(unaudited)

    
    
Other Directorships
Held in the Past Five Years²

Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, Frost Family of Funds, and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund, Ltd.

Former Directorships: Trustee of The KP Funds to 2021. Director of The Korea Fund, Inc. to 2019.

Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, Catholic Responsible Investments Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997 and RQSI GAA Systematic Global Macro Fund, Ltd.

Former Directorships: Trustee of The KP Funds to 2021. Trustee of SEI Liquid Asset Trust to 2016.

Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund, Ltd.

Former Directorships: Trustee of The KP Funds to 2021.

Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, Frost Family of Funds and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund, Ltd.

Former Directorships: Trustee of The KP Funds to 2021. Trustee of Villanova University Alumni Board of Directors to 2018.

Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, Frost Family of Funds and Catholic Responsible Investments Funds. Director of Stone Harbor Investments Funds (8 Portfolios), Stone Harbor Emerging Markets Income Fund (closed-end fund) and Stone Harbor Emerging Markets Total Income Fund (closed-end fund). Director of RQSI GAA Systematic Global Macro Fund, Ltd.

Former Directorships: Trustee of The KP Funds to 2021.

December 31, 2021 www.bishopstreetfunds.com

43

Bishop Street Funds

Board of Trustees and Officers

Name and Year of Birth	Position with Trust and Length of Time Served	Principal Occupations in the Past Five Years
OFFICERS
MICHAEL BEATTIE (Born: 1965)	President (since 2011)	Director of Client Service, SEI Investments, since 2004.
JAMES BERNSTEIN (Born: 1962)	Vice President and Assistant Secretary (since 2017)	Attorney, SEI Investments, since 2017. Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002.
JOHN BOURGEOIS (Born: 1973)	Assistant Treasurer (since 2017)	Fund Accounting Manager, SEI Investments, since 2000.
RUSSELL EMERY (Born: 1962)	Chief Compliance Officer (since 2006)	Chief Compliance Officer of SEI Structured Credit Fund, LP since 2007. Chief Compliance Officer of The Advisors’ Inner Circle Fund II, Frost Family of Funds, Catholic Responsible Investments Funds, The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, Schroder Global Series Trust, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Tender Fund, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Daily Income Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Chief Compliance Officer of O’Connor EQUUS (closed-end investment company) to 2016. Chief Compliance Officer of SEI Liquid Asset Trust to 2016. Chief Compliance Officer of Winton Series Trust to 2017. Chief Compliance Officer of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Chief Compliance Officer of The KP Funds to 2021.
ERIC C. GRIFFITH (Born: 1969)	Vice President and Assistant Secretary (since 2019)	Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018.

Bishop Street Funds

44

(unaudited)

    
    
Other Directorships
Held in the Past Five Years

None.

None.

None.

None.

None.

December 31, 2021 www.bishopstreetfunds.com

45

Bishop Street Funds

Board of Trustees and Officers

Name and Year of Birth	Position with Trust and Length of Time Served	Principal Occupations in the Past Five Years
OFFICERS (continued)
MATTHEW M. MAHER (Born: 1975)	Vice President (since 2018) Secretary (since 2020)	Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013.
ANDREW METZGER (Born: 1980)	Treasurer, Controller and Chief Financial Officer (since 2021)	Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019.
ROBERT MORROW (Born: 1968)	Vice President (since 2017)	Account Manager, SEI Investments, since 2007.
ALEXANDER F. SMITH (Born: 1977)	Vice President and Assistant Secretary (since 2020)	Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012.
BRIDGET E. SUDALL (Born: 1980)	Anti-Money Laundering Compliance Officer and Privacy Officer (since 2015)	Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, from 2011 to 2015. Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, from 2007 to 2011.

Bishop Street Funds

46

(unaudited)

    
    
Other Directorships
Held in the Past Five Years

None.

None.

None.

None.

None.

December 31, 2021 www.bishopstreetfunds.com

47

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

U.S. BANK, N.A.

MILWAUKIE, OR 97222

LEGAL COUNSEL

MORGAN, LEWIS & BOCKIUS LLP

PHILADELPHIA, PA 19103

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PRICEWATERHOUSECOOPERS LLP

PHILADELPHIA, PA 19103

FOR MORE INFORMATION ABOUT BISHOP STREET FUNDS, CALL 1-800-262-9565 OR YOUR INVESTMENT SPECIALIST VISIT US ONLINE AT WWW.BISHOPSTREETFUNDS.COM

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

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE GENERAL INFORMATION OF BISHOP STREET FUNDS’ SHAREHOLDERS. THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS.

SHARES OF BISHOP STREET FUNDS ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED BY FIRST HAWAIIAN BANK OR ANY OF ITS AFFILIATES. SUCH SHARES ARE ALSO NOT FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY. INVESTMENT IN SHARES OF MUTUAL FUNDS INVOLVES RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. THE BISHOP STREET FUNDS ARE DISTRIBUTED BY SEI INVESTMENTS DISTRIBUTION CO., WHICH IS NOT AFFILIATED WITH FIRST HAWAIIAN BANK, BANK OF THE WEST OR BANCWEST CORPORATION. BANCWEST CORPORATION IS A WHOLLY-OWNED SUBSIDIARY OF BNP PARIBAS.

BSF-AR-006-2700

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

(a)(2) The Registrant’s audit committee financial expert is Robert Mulhall. Mr. Hulhall is considered to be “independent”, as defined in Form N-CSR Item 3 (a)(2).

Item 4. Principal Accountant Fees and Services.

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

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

		2021			2020
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees(1)	$27,600	N/A	N/A	$55,200	N/A	N/A
(b)	Audit-Related Fees	N/A	N/A	N/A	N/A	N/A	N/A
(c)	Tax Fees	N/A	N/A	N/A	N/A	N/A	N/A
(d)	All Other Fees	N/A	N/A	N/A	N/A	N/A	N/A

Notes:

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

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

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

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

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

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

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

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

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

	2021	2020
Audit-Related Fees	N/A	N/A
Tax Fees	N/A	N/A

All Other Fees N/A N/A

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal years were $0 and $0 for 2021 and 2020, respectively.

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

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 to open-end management investment companies.

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 Rule 13a-15(b) or Rule 15d-15(b) under the Exchange Act (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13. Exhibits.

(a)(1) A copy of the Registrant’s Code of Ethics, as required by Item 2 of this Form, accompanies this filing as an exhibit.

(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 Act (17 CFR § 270.30a-2(a)), is filed herewith.

(b) Officer certifications, as required by Rule 30a-2(b) under the Act (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: March 11, 2022

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: March 11, 2022

By (Signature and Title)	/s/ Andrew Metzger
	Andrew Metzger
	Treasurer, Controller, and CFO

Date: March 11, 2022