High Grade Income Fund (unaudited)    

Schedule of Investments

as of March 31, 2020

Face Amount (000)			Value     (000)
	CORPORATE OBLIGATIONS — 49.3%
	Communication Services — 4.4%
		Comcast
	$            300	3.150%, 03/01/26	$	314
		TWDC Enterprises 18 MTN
	430	4.125%, 06/01/44		508
	225	1.850%, 07/30/26		223
		Verizon Communications
	325	4.329%, 09/21/28		370
		ViacomCBS
	175	3.500%, 01/15/25		163
				1,578
	Consumer Discretionary — 7.0%
		Amazon.com
	650	4.800%, 12/05/34		846
		George Washington University
	225	4.363%, 09/15/43		246
		Home Depot
	450	5.875%, 12/16/36		610
		Lowe’s
	375	3.650%, 04/05/29		385
		McDonald’s MTN
	200	4.600%, 05/26/45		229
		Starbucks
	225	2.450%, 06/15/26		224
				2,540
	Consumer Staples — 1.9%
		Coca-Cola
	200	2.450%, 11/01/20		201
		General Mills
	330	4.000%, 04/17/25		355
		Hershey
	125	2.625%, 05/01/23		124
				680
	Energy — 4.0%
		Apache
	159	7.750%, 12/15/29		91
		BP Capital Markets PLC
	300	3.814%, 02/10/24		303
		Kinder Morgan Energy Partners LP
	150	4.300%, 05/01/24		151
		Occidental Petroleum
	390	2.700%, 02/15/23		231
		Schlumberger Investment SA
	400	3.650%, 12/01/23		397
		Shell International Finance BV
	260	3.875%, 11/13/28		284
				1,457
	Financials — 13.6%
		Aflac
	350	3.625%, 11/15/24		368
		Bank of America MTN
	450	4.000%, 04/01/24		477
	235	3.194%, VAR ICE LIBOR USD 3 Month+1.180% 07/23/30		240

March 31, 2020 www.bishopstreetfunds.com    

 High Grade Income Fund (unaudited)    

Schedule of Investments

as of March 31, 2020

Face Amount (000)			Value     (000)
	Financials — (continued)
		Bank of Montreal MTN
	$            275	3.300%, 02/05/24	$	284
		Bank of New York Mellon MTN
	500	4.150%, 02/01/21		501
		Capital One Financial
	175	3.750%, 03/09/27		168
		Citigroup
	100	3.875%, 10/25/23		103
		Discover Bank
	200	4.200%, 08/08/23		211
		Goldman Sachs Group MTN
	250	2.983%, VAR ICE LIBOR USD 3 Month+1.300% 11/23/24		232
		JPMorgan Chase
	375	3.540%, VAR ICE LIBOR USD 3 Month+1.380% 05/01/28		386
	275	2.700%, 05/18/23		282
		MetLife
	250	3.048%, 12/15/22		252
		Morgan Stanley MTN
	400	3.875%, 01/27/26		427
		PNC Financial Services Group
	250	3.500%, 01/23/24		251
		US Bancorp MTN
	450	3.000%, 03/15/22		461
		Wells Fargo MTN
	250	4.150%, 01/24/29		273
				4,916
	Health Care — 4.1%
		AbbVie
	500	2.900%, 11/06/22		505
		Celgene
	250	3.875%, 08/15/25		278
		CVS Health
	250	2.875%, 06/01/26		253
		Gilead Sciences
	450	4.500%, 04/01/21		456
				1,492
	Industrials — 1.5%
		FedEx
	125	2.625%, 08/01/22		124
		Norfolk Southern
	150	2.900%, 06/15/26		153
		Raytheon
	260	2.500%, 12/15/22		266
				543
	Information Technology — 5.7%
		Apple
	450	4.650%, 02/23/46		597
		Applied Materials
	200	3.300%, 04/01/27		213
		International Business Machines
	360	3.500%, 05/15/29		390
		KLA
	200	4.650%, 11/01/24		211
		Microsoft
	250	3.625%, 12/15/23		273

March 31, 2020 www.bishopstreetfunds.com    

 High Grade Income Fund (unaudited)    

Schedule of Investments

as of March 31, 2020

Face Amount (000)			Value     (000)
	Information Technology — (continued)
		QUALCOMM
	$            365	3.250%, 05/20/27	$	384
				2,068
	Materials — 1.2%
		DuPont de Nemours
	285	5.419%, 11/15/48		314
		Sherwin-Williams
	140	3.125%, 06/01/24		139
				453
	Transportation — 1.1%
		Burlington Northern Santa Fe LLC
	345	4.450%, 03/15/43		397
	Utilities — 4.8%
		Berkshire Hathaway Energy
	400	6.125%, 04/01/36		527
		Duke Energy Florida LLC
	325	3.100%, 08/15/21		328
		Sempra Energy
	375	3.250%, 06/15/27		381
		Sierra Pacific Power
	200	2.600%, 05/01/26		200
		Xcel Energy
	300	3.300%, 06/01/25		304
				1,740
	TOTAL CORPORATE OBLIGATIONS (Cost $17,243)			17,864
		U.S. TREASURY OBLIGATIONS — 21.4%
		U.S. Treasury Bonds
	800	6.000%, 02/15/26		1,058
	250	5.375%, 02/15/31		371
	250	4.750%, 02/15/37		399
	300	4.500%, 08/15/39		481
	875	4.375%, 05/15/41		1,404
	665	3.125%, 05/15/48		942
	100	3.000%, 08/15/48		139
	700	2.250%, 08/15/46		845
		U.S. Treasury Notes
	170	3.125%, 11/15/28		205
	365	2.875%, 10/31/20		371
	350	2.125%, 08/31/20		353
	380	2.125%, 05/15/25		413
	400	2.000%, 11/15/26		438
	300	1.625%, 08/15/29		326
	TOTAL U.S. TREASURY OBLIGATIONS (Cost $6,475)			7,745
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 14.1%
		FFCB
	350	3.220%, 12/10/25		400
	450	3.100%, 12/06/24		501
	200	1.530%, 03/02/27		208
	200	1.430%, 02/14/24		207

March 31, 2020 www.bishopstreetfunds.com    

 High Grade Income Fund (unaudited)    

Schedule of Investments

as of March 31, 2020

Face Amount (000)/Shares			Value     (000)
		U.S. GOVERNMENT AGENCY OBLIGATIONS — (continued)
		FHLB
	$            475	4.750%, 03/10/23	$	535
	500	3.125%, 06/13/25		561
	500	3.000%, 03/10/28		569
	550	2.500%, 03/11/22		573
	500	2.125%, 09/14/29		533
		FHLMC
	350	1.125%, 10/14/25		350
		FHLMC MTN
	675	1.625%, 2.000%, 08/25/20, 08/25/21 (A)		676
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $4,825)			5,113
	U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 5.4%
		FHLMC, Ser 2015-4425, Cl BY
	597	2.000%, 01/15/45		596
		FHLMC, Ser G12710
	20	5.500%, 07/01/22		22
		FNMA, Ser 2003-58, Cl D
	28	3.500%, 07/25/33		30
		FNMA, Ser 2012-84, Cl JB
	217	3.000%, 05/25/42		230
		FNMA, Ser 2013-92, Cl MT
	30	4.000%, 07/25/41		32
		FNMA, Ser 889958
	13	5.000%, 10/01/23		13
		GNMA, Ser 2011-112, Cl JP
	25	2.000%, 02/20/40		26
		GNMA, Ser 2012-91, Cl QL
	765	2.000%, 09/20/41		778
		GNMA, Ser 2013-4, Cl CN
	220	2.000%, 10/16/42		222
	TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (Cost $1,706)			1,949
	MUNICIPAL BONDS — 5.2%
		California State, GO
	260	6.509%, 04/01/39		275
		City of Seattle Washington, Ser B, GO
	425	3.500%, 12/01/31		467
		Evansville, Redevelopment Authority, GO
	500	7.210%, 02/01/39		510
		Gwinnett County, Development Authority, RB
	375	4.180%, 09/01/47		396
		Houston, Independent School District, GO
	250	6.125%, 02/15/28		251
	TOTAL MUNICIPAL BONDS (Cost $1,852)			1,899
	CASH EQUIVALENT — 4.8%
	1,731,395	BlackRock FedFund, Institutional Shares, 0.360% (B) (Cost $1,731)		1,731
	TOTAL INVESTMENTS (Cost $33,832) — 100.2%		$	36,301

Percentages are based on Net Assets of $36,212 (000).

March 31, 2020 www.bishopstreetfunds.com    

 High Grade Income Fund (unaudited)    

Schedule of Investments

as of March 31, 2020

(A) Step Bonds — Represents the current rate, the step rate, the step date and the final maturity date.

(B) The rate reported is the 7-day effective yield as of March 31, 2020.

Cl—Class

FFCB—Federal Farm Credit Bank

FHLB—Federal Home Loan Bank

FHLMC—Federal Home Loan Mortgage Corporation

FNMA—Federal National Mortgage Association

GNMA—Government National Mortgage Association

GO—General Obligation

ICE— Intercontinental Exchange

LIBOR—London Interbank Offered Rate

LLC—Limited Liability Corporation

LP—Limited Partnership

MTN—Medium Term Note

PLC—Public Limited Company

RB—Revenue Bond

Ser—Series

USD—United States Dollar

VAR—Variable Rate

Cost figures are shown in thousands.

The following is a summary of the inputs used as of March 31, 2020, in valuing the Fund’s investments carried at value (000):

High Grade Income Fund
Investments in Securities		Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	17,864	$	—	$	17,864
U.S. Treasury Obligations		—		7,745		—		7,745
U.S. Government Agency
Obligations		—		5,113		—		5,113
U.S. Government Agency
Mortgage-Backed Obligations		—		1,949		—		1,949
Municipal Bonds		—		1,899		—		1,899
Cash Equivalent		1,731		—		—		1,731
Total Investments in Securities	$	1,731	$	34,570	$	—	$	36,301

For the period ended March 31, 2020, there were no transfers in or out of Level 3.

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-001-3400

March 31, 2020 www.bishopstreetfunds.com    

 Hawaii Municipal Bond Fund (unaudited)    

Schedule of Investments

as of March 31, 2020

Face Amount (000)			Value     (000)
		MUNICIPAL BONDS — 98.1%
	Alaska — 0.5%
		Alaska State, Ser A, GO
	$            525	5.000%, 08/01/34	$	611
	California — 1.9%
		California State, Educational Facilities Authority, Ser U-6, RB
	670	5.000%, 05/01/45		1,007
		Orange County, Water District, Ser A, RB
	1,000	5.000%, 08/15/23, Pre-Refunded @ 100(A)		1,130
		University of California, Ser AF, RB
	215	5.000%, 05/15/23, Pre-Refunded @ 100(A)		240
				2,377
	Florida — 0.1%
		Miami-Dade County, School Board, Ser D, COP
	150	5.000%, 02/01/27		177
	Hawaii — 89.1%
		Hawaii County, Ser A, GO
	500	5.000%, 09/01/20		508
	250	5.000%, 09/01/22		273
	600	5.000%, 09/01/26		726
	100	5.000%, 09/01/27		121
	125	5.000%, 09/01/28		154
	500	5.000%, 09/01/30		599
	400	5.000%, 09/01/33		487
	300	5.000%, 09/01/36		363
	1,500	4.000%, 09/01/35		1,659
		Hawaii County, Ser B, GO
	200	5.000%, 09/01/22 (B)		218
		Hawaii County, Ser D, GO
	450	5.000%, 09/01/25		537
	300	5.000%, 09/01/27		363
		Hawaii State, Airports System Authority, Ser A, RB
	250	5.250%, 07/01/23		252
	2,500	5.250%, 07/01/27		2,521
	1,000	5.250%, 07/01/28		1,008
	900	5.250%, 07/01/30		907
	420	5.000%, 07/01/39		423
	2,000	5.000%, 07/01/45		2,202
		Hawaii State, Airports System Authority, RB, AMT
	1,500	5.000%, 07/01/24		1,551
	1,000	4.125%, 07/01/24		1,023
		Hawaii State, Airports System Revenue, COP, AMT
	500	5.250%, 08/01/25		548
		Hawaii State, Department of Budget & Finance, Pacific Health Project, Ser A, RB
	425	6.000%, 07/01/33		480

March 31, 2020 www.bishopstreetfunds.com    

 Hawaii Municipal Bond Fund (unaudited)    

Schedule of Investments

as of March 31, 2020

Face Amount (000)			Value     (000)
	Hawaii — (continued)
	$            100	5.500%,07/01/43	$	108
	350	4.625%,07/01/20, Pre-Refunded @ 100(A)		353
		Hawaii State, Department of Budget & Finance, RB
	325	5.125%,07/01/31		354
	275	5.000%,07/01/20		278
	300	5.000%,07/01/21		314
	100	4.000%,01/01/24		107
	140	4.000%,01/01/26		154
	250	4.000%,01/01/31		281
	350	3.250%,01/01/25		359
	3,000	3.200%,07/01/39		2,950
		Hawaii State, Department of Budget & Finance, Ser A, RB
	500	5.500%,07/01/20, Pre-Refunded @ 100(A)		505
	205	5.000%,07/01/22		222
	575	5.000%,07/01/26		634
	500	5.000%,07/01/27		586
	755	5.000%,07/01/30		879
	3,000	5.000%,07/01/35		3,438
	1,000	4.000%,07/01/40		1,066
		Hawaii State, Department of Budget & Finance, Ser B, RB
	775	5.000%,07/01/28		850
		Hawaii State, Department of Hawaiian Home Lands, Kapolie Office Facilities, Ser A, COP, AGM Insured
	500	5.000%,11/01/26		612
		Hawaii State, Department of Hawaiian Home Lands, RB
	500	5.000%,04/01/27		618
		Hawaii State, Department of Transportation, Airports Division Lease Revenue, COP, AMT
	2,525	5.000%,08/01/21		2,648
	1,000	5.000%,08/01/27		1,086
	1,000	5.000%,08/01/28		1,085
		Hawaii State, Harbor System Revenue, Ser A, RB
	2,000	5.625%,07/01/40		2,021
	220	5.000%,07/01/25		222
	1,125	4.250%,07/01/21		1,134
		Hawaii State, Highway Revenue, Ser A, RB
	700	5.000%,01/01/23		770
	215	5.000%,01/01/25		249
	1,950	5.000%,01/01/30		2,302
	1,000	5.000%,01/01/33		1,140
	1,200	4.000%,01/01/26		1,254
		Hawaii State, Highway Revenue, Ser B, RB
	165	5.000%,01/01/24		187
		Hawaii State, Housing Finance & Development, Kuhio Park Terrace Multi-Family Housing, Ser A, RB, FHLMC Insured
	200	3.900%,04/01/22		205
	115	3.750%,04/01/21		117
	180	3.500%,04/01/20		180

March 31, 2020 www.bishopstreetfunds.com    

 Hawaii Municipal Bond Fund (unaudited)    

Schedule of Investments

as of March 31, 2020

Face Amount (000)			Value     (000)
	Hawaii — (continued)
		Hawaii State, Housing Finance & Development, Ser A, RB, GNMA Insured
	$        1,000	1.900%,01/01/21	$	1,002
		Hawaii State, Housing Finance & Development, Single-Family Housing, Ser B, RB, GNMA/FNMA/FHLMC Insured
	270	3.450%,01/01/22		276
		Hawaii State, Housing Finance & Development, Wilikina Apartments Project, Ser A, RB
	1,000	5.000%,05/01/34		1,031
		Hawaii State, Ser DZ, GO
	300	5.000%,12/01/21, Pre-Refunded @ 100(A)		319
	225	4.000%,12/01/30		234
	200	4.000%,12/01/31		208
		Hawaii State, Ser EA, GO
	435	5.000%,12/01/21		463
	1,700	5.000%,12/01/22		1,808
		Hawaii State, Ser EE-2017, GO
	400	5.000%,11/01/22, Pre-Refunded @ 100 (A)		439
		Hawaii State, Ser EF, GO
	300	5.000%,11/01/23		329
	500	5.000%,11/01/24		548
		Hawaii State, Ser EH, GO
	45	5.000%,08/01/23, Pre-Refunded @ 100(A)		51
	125	5.000%,08/01/24		140
	300	5.000%,08/01/29		335
	295	5.000%,08/01/30		329
	95	5.000%,08/01/32		106
		Hawaii State, Ser EH-2017, GO
	85	5.000%,08/01/23 (B)		95
		Hawaii State, Ser EO, GO
	1,000	5.000%,08/01/29		1,152
	1,000	5.000%,08/01/30		1,150
	1,000	5.000%,08/01/33		1,146
		Hawaii State, Ser EP, GO
	500	5.000%,08/01/25		579
		Hawaii State, Ser FG, GO
	500	5.000%,10/01/30		608
	200	5.000%,10/01/31		243
		Hawaii State, Ser FH, GO
	400	5.000%,10/01/28		489
		Hawaii State, Ser FK, GO
	1,500	5.000%,05/01/29		1,860
		Hawaii State, Ser FN-REF, GO
	625	5.000%,10/01/30		780
		Hawaii State, Ser FT, GO
	280	5.000%,01/01/29		353
	750	5.000%,01/01/31		938

March 31, 2020 www.bishopstreetfunds.com    

 Hawaii Municipal Bond Fund (unaudited)    

Schedule of Investments

as of March 31, 2020

Face Amount (000)			Value     (000)
	Hawaii — (continued)
		Hawaii State, Ser FW, GO
	$        2,465	5.000%,01/01/37	$	3,080
	1,000	5.000%,01/01/39		1,233
		Honolulu Hawaii City & County, Board of Water Supply, Ser A, RB
	500	5.000%,07/01/22, Pre-Refunded @ 100(A)		543
	915	5.000%,07/01/23		999
	1,500	5.000%,07/01/24		1,657
	250	5.000%,07/01/25		296
	500	5.000%,07/01/26		607
	700	5.000%,07/01/27		852
	750	3.000%,07/01/45		771
		Honolulu Hawaii City & County, GO
	580	5.000%,03/01/30		766
	215	4.000%,09/01/25		246
	250	4.000%,09/01/27		297
	250	4.000%,09/01/33		292
	300	4.000%,09/01/39		350
		Honolulu Hawaii City & County, Ser A, GO
	305	5.250%,08/01/21, Pre-Refunded @ 100(A)		322
	1,000	5.000%,10/01/23		1,130
	1,000	5.000%,10/01/27		1,197
	350	5.000%,10/01/29		418
	800	5.000%,10/01/31		946
	1,500	5.000%,10/01/37		1,757
	1,175	5.000%,09/01/38		1,464
	325	4.000%,08/01/21, Pre-Refunded @ 100(A)		337
		Honolulu Hawaii City & County, Ser B, GO
	120	5.000%,12/01/20		123
	300	5.000%,08/01/21, Pre-Refunded @ 100(A)		315
	280	5.000%,11/01/22		307
	200	5.000%,11/01/24		219
	1,000	5.000%,11/01/25		1,095
	500	5.000%,10/01/26		598
	500	5.000%,10/01/28		597
		Honolulu Hawaii City & County, Ser C, GO
	125	5.000%,10/01/21		132
	375	5.000%,08/01/32		485
	1,000	5.000%,08/01/34		1,284
	1,400	5.000%,08/01/44		1,749
	1,200	4.000%,08/01/23		1,310
	2,000	4.000%,10/01/32		2,263
	145	3.000%,10/01/28		157
		Honolulu Hawaii City & County, Wastewater System Authority, Ser A, RB
	250	5.000%,07/01/21, Pre-Refunded @ 100(A)		262
	100	5.000%,07/01/22, Pre-Refunded @ 100(A)		109
	300	5.000%,07/01/24		345

March 31, 2020 www.bishopstreetfunds.com    

 Hawaii Municipal Bond Fund (unaudited)    

Schedule of Investments

as of March 31, 2020

Face Amount (000)			Value     (000)
	Hawaii — (continued)
		Honolulu Hawaii City & County, Wastewater System Authority, Ser B, RB
	$        1,000	5.000%,07/01/23	$	1,118
		Honolulu Hawaii City & County, Wastewater System Revenue, RB
	1,000	5.000%,07/01/31		1,180
	100	5.000%,07/01/32		128
	500	5.000%,07/01/39		627
		Honolulu Hawaii City & County, Wastewater System Revenue, Ser A, RB
	650	5.000%,07/01/22		703
	575	5.000%,07/01/49		708
	500	4.000%,07/01/37		581
	200	4.000%,07/01/49		227
		Honolulu Hawaii City & County, Wastewater System Revenue, Ser B, RB
	325	4.000%,07/01/33		365
		Kauai County, GO
	250	5.000%,08/01/37		305
		Kauai County, Ser A, GO
	250	5.000%,08/01/21		263
	500	5.000%,08/01/23		543
	250	4.000%,08/01/24		266
	250	3.250%,08/01/23		257
		Kauai County, Ser A, GO, NATL FGIC Insured
	415	5.000%,08/01/21		416
		Maui County, GO
	250	5.000%,06/01/20		252
	150	5.000%,06/01/21		157
		Maui County, RB
	2,000	3.250%,09/01/36		2,156
		University of Hawaii, Ser B, RB
	1,500	5.000%,10/01/34		1,764
	1,000	4.000%,10/01/23		1,093
		University of Hawaii, Ser E, RB
	1,485	5.000%,10/01/25		1,774
	1,350	5.000%,10/01/32		1,629
		University of Hawaii, Ser F, RB
	2,425	5.000%,10/01/35		2,988
				113,612
	Indiana — 0.0%
		Indiana State, Housing & Community Development Authority, Ser C, RB, GNMA/FNMA/FHLMC Insured
	65	4.100%,06/01/27		67
	Kentucky — 1.1%
		Kentucky Public Energy Authority, Ser B, RB
	200	4.000%,07/01/22		206

March 31, 2020 www.bishopstreetfunds.com    

 Hawaii Municipal Bond Fund (unaudited)    

Schedule of Investments

as of March 31, 2020

Face Amount (000)/Shares			Value     (000)
	Kentucky — (continued)
		Kentucky State, COP
	$        1,000	5.000%, 04/15/38	$	1,198
				1,404
	Nebraska — 0.9%
		Omaha, Public Facilities, Ser C, RB
	1,000	4.000%, 04/01/39		1,139
	New York — 0.9%
		New York City, Trust for Cultural Resources, Ser S, RB
	1,000	5.000%, 07/01/41		1,138
	Oklahoma — 1.0%
		Comanche County, Educational Facilities Authority, Ser A, RB
	500	5.000%, 12/01/30		597
		Oklahoma City, Water Utilities Trust, RB
	125	5.000%, 07/01/40		131
		Oklahoma State, Development Finance Authority, RB
	475	5.000%, 06/01/44		536
				1,264
	Tennessee — 0.5%
		Memphis, Ser A, GO
	500	5.000%, 04/01/26		590
	Texas — 1.3%
		Hays City, Consolidated Independent School District, GO, PSF-GTD Insured
	500	4.000%, 08/15/29		566
		Tomball City, Independent School District, GO, PSF-GTD Insured
	1,000	5.000%, 02/15/28		1,168
				1,734
	Utah — 0.8%
		Utah County, RB
	500	4.000%, 12/01/39		583
		Utah State, Charter School Finance Authority, Ser A, RB, UT CSCE Insured
	450	4.000%, 10/15/40		476
				1,059
	TOTAL MUNICIPAL BONDS (Cost $122,874)			125,172
		CASH EQUIVALENT — 0.6%
	817,061	BlackRock FedFund, Institutional Shares, 0.360% (C) (Cost $817)		817
	TOTAL INVESTMENTS (Cost $123,691) — 98.7%		$	125,989

Percentages are based on Net Assets of $127,597 (000).

March 31, 2020 www.bishopstreetfunds.com    

 Hawaii Municipal Bond Fund (unaudited)    

Schedule of Investments

as of March 31, 2020

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

(B) Security is escrowed to maturity.

(C) The rate reported is the 7-day effective yield as of March 31, 2020.

AGM—Assured Guaranty Municipal

AMT—Alternative Minimum Tax

COP—Certificate of Participation

FGIC—Financial Guarantee Insurance Corporation

FHLMC—Federal Home Loan Mortgage Corporation

FNMA—Federal National Mortgage Association

GNMA—Government National Mortgage Association

GO—General Obligation

NATL—National Public Finance Guarantee Corporation

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 list of the inputs used as of March 31, 2020, 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	$	—	$	125,172	$	—	$	125,172
Cash Equivalent		817		—		—		817
Total Investments in Securities	$	817	$	125,172	$	—	$	125,989

For the period ended March 31, 2020, there have been no transfers in or out of Level 3.

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-001-3400

March 31, 2020 www.bishopstreetfunds.com