Hawaii Municipal Bond Fund

Schedule of Investments

as of March 31, 2023

Face Amount (000)			Value (000)
	MUNICIPAL BONDS — 98.2%
	Arkansas — 0.6%
$	750	Little Rock Arkansas, Ser A, GO 4.000%, 02/01/37	$	767
	California — 0.2%
	255	University of California, Ser AF, RB 5.000%, 05/15/23, Pre-Refunded @ 100 (A)		256
	Florida — 0.2%
	205	Miami-Dade County, School Board, Ser D, COP 5.000%, 02/01/27		218
	Hawaii — 95.7%
		Hawaii County, Ser A, GO
	250	5.000%, 09/01/23		252
	180	5.000%, 09/01/24		186
	600	5.000%, 09/01/26		644
	135	5.000%, 09/01/27		145
	510	5.000%, 09/01/30		546
	200	5.000%, 09/01/32		213
	440	5.000%, 09/01/33		481
	35	5.000%, 09/01/35		38
	335	5.000%, 09/01/36		362
	1,500	4.000%, 09/01/35		1,540
	130	4.000%, 09/01/36		136
		Hawaii County, Ser C, GO
	450	5.000%, 09/01/24		465
	110	5.000%, 09/01/27		118
		Hawaii County, Ser D, GO
	200	5.000%, 09/01/25		212
	300	5.000%, 09/01/27		322
		Hawaii State, Airports System Authority, Ser A, RB, AMT
	385	5.000%, 07/01/31		415
	1,000	5.000%, 07/01/36		1,103
	1,000	4.000%, 07/01/39		976

March 31, 2023 www.bishopstreetfunds.com

Hawaii Municipal Bond Fund

Face Amount (000)			Value (000)
	Hawaii — (continued)
		Hawaii State, Airports System Authority, Ser B, RB, AMT
$	1,000	5.000%, 07/01/24	$	1,022
		Hawaii State, Airports System Authority, Ser D, RB
	100	5.000%, 07/01/28		113
	1,025	5.000%, 07/01/29		1,172
	450	5.000%, 07/01/33		518
	135	5.000%, 07/01/34		154
	260	4.000%, 07/01/39		263
	2,040	Hawaii State, Airports System Revenue, Ser A, RB, AMT 5.000%, 07/01/41		2,069
		Hawaii State, Department of Budget & Finance, Pacific Health Project, Ser A, RB
	1,090	6.000%, 07/01/33		1,099
	310	4.000%, 01/01/24		311
		Hawaii State, Department of Budget & Finance, RB
	155	5.500%, 07/01/43		156
	475	5.125%, 07/01/31		477
	85	5.000%, 07/01/24		85
	300	5.000%, 07/01/26		301
	315	5.000%, 07/01/28		316
	340	5.000%, 07/01/29		341
	120	4.625%, 07/01/27		121
	140	4.000%, 01/01/26		141
	250	4.000%, 01/01/31		252
	1,190	4.000%, 03/01/37		1,146
	350	3.250%, 01/01/25		347
	2,710	3.200%, 07/01/39		2,300
	1,000	3.100%, 05/01/26		979
		Hawaii State, Department of Budget & Finance, Ser A, RB
	575	5.000%, 07/01/26		577
	350	5.000%, 07/01/27		368
	75	5.000%, 07/01/29		79
	815	5.000%, 07/01/30		856
	3,170	5.000%, 07/01/35		3,297
	1,355	4.000%, 07/01/40		1,342
		Hawaii State, Department of Budget & Finance, Ser B, RB
	775	5.000%, 07/01/28		777
		Hawaii State, Department of Hawaiian Home Lands, Kapolie Office Facilities, Ser A, COP
	150	5.000%, 11/01/24		155
	530	5.000%, 11/01/26		576

March 31, 2023 www.bishopstreetfunds.com

(unaudited)

Face Amount (000)			Value (000)
	Hawaii — (continued)
$	240	Hawaii State, Department of Hawaiian Home Lands, RB 5.000%, 04/01/24	$	245
	590	5.000%, 04/01/25		617
	550	5.000%, 04/01/27		604
	165	5.000%, 04/01/29		179
	30	5.000%, 04/01/30		33
	115	5.000%, 04/01/31		124
	10	3.000%, 04/01/32		10
		Hawaii State, Department of Transportation, Airports System, COP, AMT
	500	5.250%, 08/01/25		503
	1,055	5.000%, 08/01/27		1,059
	2,075	5.000%, 08/01/28		2,083
		Hawaii State, Harbor System Revenue, Ser A, RB, AMT
	1,005	5.000%, 07/01/24		1,032
	1,000	5.000%, 07/01/26		1,061
	475	4.000%, 07/01/36		480
		Hawaii State, Harbor System Revenue, Ser C, RB
	1,255	4.000%, 07/01/32		1,346
	85	4.000%, 07/01/38		87
	1,010	4.000%, 07/01/39		1,023
	800	4.000%, 07/01/40		804
		Hawaii State, Highway Revenue, RB
	1,110	5.000%, 01/01/37		1,264
	380	5.000%, 01/01/40		425
		Hawaii State, Highway Revenue, Ser A, RB
	125	5.000%, 01/01/24		127
	215	5.000%, 01/01/25		221
	1,025	5.000%, 01/01/30		1,114
	1,045	5.000%, 01/01/33		1,074
	510	4.000%, 01/01/32		530
	250	4.000%, 01/01/36		256
		Hawaii State, Highway Revenue, Ser B, RB
	260	5.000%, 01/01/24		265
		Hawaii State, Ser EH, GO
	1,005	5.000%, 08/01/23, Pre-Refunded @ 100 (A)		1,012
		Hawaii State, Ser EH-2017, GO
	95	5.000%, 08/01/23 (B)		96
		Hawaii State, Ser EO, GO
	1,475	5.000%, 08/01/24, Pre-Refunded @ 100 (A)		1,522
	1,210	5.000%, 08/01/29		1,248
	1,105	5.000%, 08/01/30		1,139

March 31, 2023 www.bishopstreetfunds.com

Hawaii Municipal Bond Fund

Face Amount (000)			Value (000)
	Hawaii — (continued)
$	115	Hawaii State, Ser EP, GO 5.000%, 08/01/24, Pre-Refunded @ 100 (A)	$	119
	450	Hawaii State, Ser ET, GO 5.000%, 10/01/25, Pre-Refunded @ 100 (A)		478
	2,000	4.000%, 10/01/26		2,074
		Hawaii State, Ser FB, GO
	50	4.000%, 04/01/29		52
		Hawaii State, Ser FG, GO
	150	5.000%, 10/01/27		163
	125	5.000%, 10/01/28		136
	560	5.000%, 10/01/30		609
	235	5.000%, 10/01/31		256
		Hawaii State, Ser FH, GO
	120	5.000%, 10/01/27		130
	175	4.000%, 10/01/31		182
		Hawaii State, Ser FK, GO
	2,005	5.000%, 05/01/29		2,208
		Hawaii State, Ser FN-REF, GO
	685	5.000%, 10/01/30		761
		Hawaii State, Ser FT, GO
	210	5.000%, 01/01/30		234
	855	5.000%, 01/01/31		953
		Hawaii State, Ser FW, GO
	1,000	5.000%, 01/01/30		1,141
	2,040	5.000%, 01/01/37		2,259
	1,280	5.000%, 01/01/39		1,404
	650	4.000%, 01/01/37		670
		Honolulu Hawaii City & County, Board of Water Supply, RB
	215	5.000%, 07/01/34		263
	140	5.000%, 07/01/36		166
	400	5.000%, 07/01/42		455
		Honolulu Hawaii City & County, Board of Water Supply, Ser A, RB
	100	5.000%, 07/01/24		103
	250	5.000%, 07/01/24, Pre-Refunded @ 100 (A)		258
	1,000	5.000%, 07/01/25		1,029
	100	5.000%, 07/01/27		111
	900	5.000%, 07/01/28		1,019
	400	5.000%, 07/01/34		483
	1,000	4.000%, 07/01/38		1,031
	1,000	4.000%, 07/01/40		1,017

March 31, 2023 www.bishopstreetfunds.com

(unaudited)

Face Amount (000)			Value (000)
	Hawaii — (continued)
		Honolulu Hawaii City & County, GO
$	135	5.000%, 09/01/23	$	136
	265	4.000%, 09/01/33		283
	710	3.000%, 07/01/33		710
	1,330	3.000%, 07/01/34		1,321
		Honolulu Hawaii City & County, Ser A, GO
	1,000	5.000%, 10/01/23		1,012
	700	5.000%, 11/01/23		710
	360	5.000%, 10/01/29		382
	800	5.000%, 10/01/31		848
	575	5.000%, 09/01/32		637
	1,440	5.000%, 10/01/32		1,522
	275	5.000%, 10/01/36		288
	1,570	5.000%, 10/01/37		1,640
	1,175	5.000%, 09/01/38		1,288
	755	4.000%, 07/01/34		817
	960	4.000%, 07/01/41		974
		Honolulu Hawaii City & County, Ser B, GO
	650	5.000%, 07/01/37		752
		Honolulu Hawaii City & County, Ser C, GO
	800	5.000%, 08/01/34		914
	500	5.000%, 07/01/38		561
	1,400	5.000%, 08/01/44		1,521
	1,000	4.000%, 10/01/32		1,036
	110	4.000%, 10/01/33		113
	170	3.000%, 10/01/28		172
		Honolulu Hawaii City & County, Ser F, GO
	625	5.000%, 07/01/33		729
		Honolulu Hawaii City & County, Wastewater System Revenue, RB
	1,000	5.000%, 07/01/25, Pre-Refunded @ 100 (A)		1,053
	530	5.000%, 07/01/39		584
		Honolulu Hawaii City & County, Wastewater System Revenue, Ser A, RB
	500	5.000%, 07/01/27		554
	360	5.000%, 07/01/31		388
	500	5.000%, 07/01/34		597
	575	5.000%, 07/01/49		619
	1,420	4.000%, 07/01/39		1,438
	1,000	4.000%, 07/01/44		999

March 31, 2023 www.bishopstreetfunds.com

Hawaii Municipal Bond Fund

Face Amount (000)			Value (000)
	Hawaii — (continued)
		Honolulu Hawaii City & County, Wastewater System Revenue, Ser B, RB
$	240	4.000%, 07/01/29	$	252
	115	4.000%, 07/01/32		120
		Honolulu Hawaii City & County, Wastewater System Revenue, Ser S, RB
	160	5.000%, 07/01/27		169
		Kauai County, GO
	175	5.000%, 08/01/26		190
	75	5.000%, 08/01/27		83
	140	5.000%, 08/01/28		155
	25	5.000%, 08/01/30		28
	340	5.000%, 08/01/37		369
	150	4.000%, 08/01/32		159
	125	4.000%, 08/01/33		132
	10	3.000%, 08/01/38		9
		Maui County, GO
	460	5.000%, 03/01/24		470
	430	5.000%, 03/01/27		473
	450	5.000%, 03/01/29		517
	1,550	5.000%, 03/01/34		1,834
	400	5.000%, 03/01/38		457
	450	4.000%, 03/01/36		474
	500	3.000%, 06/01/27		500
		Maui County, RB
	500	3.250%, 09/01/36		494
		University of Hawaii, Ser B, RB
	1,510	5.000%, 10/01/34		1,580
	1,000	4.000%, 10/01/23		1,007
	830	3.000%, 10/01/28		836
		University of Hawaii, Ser D, RB
	700	4.000%, 10/01/32		759
	250	4.000%, 10/01/33		269
	100	3.000%, 10/01/30		100
		University of Hawaii, Ser E, RB
	1,485	5.000%, 10/01/25		1,574
	1,430	5.000%, 10/01/32		1,530
		University of Hawaii, Ser F, RB
	100	5.000%, 10/01/27		111
	600	5.000%, 10/01/33		660

March 31, 2023 www.bishopstreetfunds.com

(unaudited)

Face Amount (000)			Value (000)
	Hawaii — (continued)
$	2,425	5.000%, 10/01/35	$	2,645
				113,765
	New York — 0.1%
	105	New York City, Metropolitan Transportation Authority, Ser B, RB 5.000%, 11/15/23		106
	Oklahoma — 0.5%
	500	Comanche County, Educational Facilities Authority, Ser A, RB 5.000%, 12/01/30		556
	19	Oklahoma State, Development Finance Authority, RB 5.000%, 06/01/44		19
				575
	Texas — 0.9%
	1,000	Tomball City, Independent School District, GO, PSF-GTD Insured 5.000%, 02/15/28		1,042
	TOTAL MUNICIPAL BONDS (Cost $121,787)			116,729
Shares
		CASH EQUIVALENT — 0.8%
	951,501	First American Treasury Obligations Fund, Cl X, 4.722% (C) (Cost $952)		952
	TOTAL INVESTMENTS (Cost $122,739) —99.0%		$	117,681

Percentages are based on Net Assets of $118,821 (000).

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

(B) Escrowed to maturity.

(C) The rate reported is the 7-day effective yield as of March 31, 2023.

AMT—Alternative Minimum Tax

Cl—Class

COP—Certificate of Participation

GO—General Obligation

March 31, 2023 www.bishopstreetfunds.com

Hawaii Municipal Bond Fund

PSF-GTD—Guaranteed by Permanent School Fund

RB—Revenue Bond

Ser—Series

Cost figures are shown in thousands.

BSF-QH-001-4000

March 31, 2023 www.bishopstreetfunds.com