The Bishop Street Funds - Strategic Growth Fund

Investment Adviser
Bishop Street Capital Management, a registered investment adviser and independent subsidiary of BancWest Corporation and First Hawaiian Bank, serves as investment adviser to the Bishop Street Funds. As of December 31, 2007, Bishop Street Capital Management manages $2.6 billion in assets for institutional investors and their consultants in Hawaii, the Pacific Rim and the Mainland U.S. BancWest Corporation, the parent company of Bishop Street Capital Management, First Hawaiian Bank and Bank of the West, is a bank holding company with total assets of $74 billion as of December 31, 2007.

Investment Sub-Adviser
BNP Paribas Asset Management, Inc. (BNP PAM or Sub-Adviser) serves as the Fund's sub-adviser and manages the Fund's assets on a day-to-day basis. The Sub-Adviser selects, buys and sells securities for the Fund under the general supervision of the Adviser and the Board of Trustees. The Sub-Adviser and the Adviser are indirect subsidiaries of BNP PAM. The Sub-Adviser is a U.S. registered investment adviser and direct, wholly-owned subsidiary of Paribas North America, Inc. As of December 31, 2007, the sub-Adviser had approximately $7.3 billion in assets under management for U.S. equity products and approximately $503 billion in assets under management worldwide.

Portfolio Manager and Investment Committee
Hubert Goyé serves as the Fund's portfolio manager. He has more than 15 years of investment experience. Before joining Paribas Asset Management (PAM) in 1990, Mr. Goyé spent two years researching implementing arbitrage operations for Banque Internationale de Placement. He then specialized in quantitative techniques and was involved in the development of an enhanced version of the U.S. Equity model. He become responsible for PAM's (now BNP PAM's) Index Management activity in 1995 and for active quantitative activities in 1996. He has since then continued to be the Head of the U.S. Equity team within BNP PAM. Mr. Goyé holds an advanced degree in Engineering from Ecole Nationale des Ponts et Chaussées in France. The Investment Committee is comprised of a group of the Sub-Adviser's investment professionals. BNP PAM's U.S. Core Growth product is managed based on a team approach, with the final decision remaining with the portfolio manager.

Investment Philosophy
Our goal is to help you build the assets you have worked hard to accumulate. Our investment strategy is designed to emphasize and deliver quality investments to shareholders, manage risk and deliver consistent performance.