The Bishop Street Funds - Large Cap Growth Fund

Fund Overview | Performance | Fund Management

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FUND OVERVIEW

Investment Objectives and Policies

The investment objective of this Fund is to produce long-term growth of capital, with a secondary goal of current income. The Fund will normally be as fully invested as practicable in a diversified portfolio of common stocks and securities convertible into common stock of U.S. companies that have the potential for capital appreciation. Market capitalizations of issues selected will be primarily in excess of $2 billion.

Who Should Invest

You Want to Invest a Portion of Your Portfolio in the Bishop Street Large Cap Growth Fund If You're Seeking to:

Invest for a long-term goal such as retirement.

Reduce risk in your existing portfolio by adding diversification.

Participate in the growth potential of the stock market.

Hedge against inflation.

Example:
Annie is a great example of why it's never too early to start investing. For her, retirement is a long way off since she recently graduated from college and is at the beginning of her career. Yet she is smart about planning for her retirement and other long-term goals now. While she doesn't have a lot of extra money, she has plenty of earning years ahead of her. With time on her side, she can be more aggressive about investing. In addition to taking advantage of her company's 401(k) plan, Annie has started investing in the Bishop Street Large Cap Growth Fund, and will add to it on a regular basis.

Investment Strategy

Diversification to Pursue Growth Opportunities and Reduce Investment Risk

Investment in Quality Companies

Management of Risk by Diversifying By Industry Type and Company

We primarily invest in the stocks of large, established companies with experienced management, resources, economies of scale and market leadership - all of which we believe will lead to increasing earnings and stock prices.
Industry Diversification
This refers to investing assets over various industry sectors such as financial services, pharmaceuticals, and technology companies. Diversification is important at this level because industry sectors do not perform identically to each other and it enables us to benefit from the growth opportunities of each sector. Over time, portfolio risk is reduced because sectors that perform poorly during a particular time period may be offset by sectors that are performing well.
Company Diversification
This refers to the diversification among stocks within each industry sector. This type of diversification is equally important, since companies within the same industry do not perform identically to each other. As with industry diversification, company diversification provides the opportunity to benefit from stocks that are performing well within the industry sector and offset stocks that are not performing as well.

Portfolio Characteristics

High Quality: Invests in large well-established companies with proven earnings
Diversification: Average portfolio holding of 70 to 100 individual securities
Large, Well Established Companies: Companies average market capitalization of $20-$50 billion.
Disciplined Investment Strategy: Investment process developed to limit risk.

Inception Date

Class I - 1/30/1997

Maximum Sales Charges

Institutional Shares - No Load

Ticker Symbols

Institutional Shares - BSEQX

Composition			as of Sep 29, 2006

Cash Equivalents

100.0%

Sector Diversification			as of Sep 29, 2006

STIFs/Money Markets

100.0%

Top Holdings	as of Sep 21, 2006

Percentage of Portfolio Assets (Based on Market Value)

GOLDMAN SACHS INC.	2.9%
JP MORGAN CHASE & CO.	2.7%
UTD TECHNOLGIES	2.7%
CITIGROUP	2.4%
MICROSOFT CORP	1.9%
GENL ELECTRIC	1.9%
JOHNSON & JOHNS	1.9%
WELLS FARGO CO	1.8%
PROCTER & GAMBLE CO	1.7%
PEPSICO INC	1.7%

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PERFORMANCE

All figures including Year to Date performance are as of Feb 28, 2010 (Institutional Shares)

Net Asset Value

Class I $10.00

Total Net Assets

Class I $22,762,667

Total Return

Description	3 Month	Year To Date	1 year	Annualized 3 years	Annualized 5 years	Annualized Since Inception
Class I	0.40%	1.48%	3.15%	5.30%	0.10%	2.54%

Growth of a $10,000 Investment

(Since Inception Date: 1/30/1997)

	Account value if you reinvested income and capital gains $12,719
	Account value if you took income and capital gains in cash $10,000

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FUND MANAGEMENT

About Bishop Street Funds Investment Management

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.

Bishop Street Capital Management manages $1.3 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 $18 billion.

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.

Disclosure

To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund's prospectus which may be obtained by clicking here or by calling 1-800-262-9565. Please read the prospectus carefully before investing.

The performance quoted herein represents past performance. Total return assumes reinvestment of dividends. Performance figures quoted herein may be lower due to recent market volatility, and yields may vary.

NOT FDIC INSURED. NO BANK GUARANTEE. MAY LOSE VALUE. Please read the prospectus carefully before you invest or send money. Bishop Street Capital Management, an investment subsidiary of First Hawaiian Bank, serves as investment advisor for the Bishop Street Funds. 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. Securities offered through BancWest Investment Services, a registered broker dealer, member NASD/SIPC. Investment professionals are registered representatives of BancWest Investment Services.