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FUND OVERVIEW

 

Investment Objectives and Policies

The investment objective of this Fund is to provide high total return consistent with prudent investment risk.

Who Should Invest

Fixed Income investing offers several primary benefits including:
  • Generating regular income from investments.
  • Ability to weather market fluctuations of equity investments through high credit quality of bonds.
  • Diversification of portfolio to manage risk

    The Bishop Street High Grade Income Fund can help you achieve this since it invests in a portfolio of high quality government and corporate bonds. You might consider this Fund for a portion of your portfolio if you're seeking to:

  • Generate regular income from investments.
  • Reduce volatility of an all equity portfolio.
  • Diversify your portfolio to manage risk by adding high credit quality securities.
Example:
Mr. And Mrs. Robinson have worked hard and are looking forward to the retirement they've always dreamed of - spending time with their grandchildren and traveling. They have been investing earnestly and now want to shift the focus of their plan from savings to generating income after retirement. The Bishop Street High Grade Income Fund is a good choice. They can invest in bonds with a moderate return, giving them additional income to add to their Social Security, while helping to offset the rising cost of living.

Investment Strategy

Investing for Quality and Diversification

We emphasize a diversified, quality-oriented approach, investing in U.S. Government, Agency and investment grade Corporate bonds. The U.S. Treasury issues bonds when they need to pay for a wide range of government activities. Highly regarded corporations who have a need to raise capital for expansion, cover operating expenses, finance corporate takeovers or other changes in management structure issue Investment Grade Corporate Bonds.

There are different categories within bonds. The graph below illustrates the potential returns and associated risk with the various types of bonds.

We further reduce risk by staggering maturities of bonds, also known as "laddering." To further enhance returns we shorten or lengthen bond maturities and shift between government and corporate securities.




Portfolio Characteristics

Investment Grade:  The Fund's underlying securities hold Standard & Poor's/Moody's rating of BBB/Bbb** or better, or unrated equivalent.
Moderate Volatility:  Average duration* of investments is 5 to 7 years
Intermediate Maturities:  Average maturity is 7 to 10 years.
Competitive Yield:  With monthly dividends.
Diversified Investments:  Government, Agency and Corporate Notes and Bonds.

*Measure of price sensitivity of a fixed income security

**S&P Ratings are measured on a scale that ranges from AAA (highest) to D (lowest). Moody's ratings are on a scale generally ranging from Aaa (highest) to C (lowest)


Inception Date

Class I - 1/30/1997

Maximum Sales Charges

Institutional Shares - No Load

Ticker Symbols

Institutional Shares - BSHGX

Composition

as of Sep 30, 2014

Fixed Income99.7%
Cash Equivalents0.3%


Average Weighted Maturity

as of Nov 30, 2014

8.10 Years

Duration

as of Nov 30, 2014

5.86 Years

Sector Diversification

as of Sep 30, 2014

Corporate Bonds61.9%
U.S. Treasury Instruments17.3%
Municipal Bonds8.5%
Unknown4.7%
U.S. Agency Bonds2.1%
FNMA1.5%
Asset Backed Securities1.1%
Interest Income - Foreign Bonds0.8%
FHLMC0.7%
GNMA0.6%
Other0.8%

Top Holdings

as of Sep 30, 2014

Percentage of Portfolio Assets (Based on Market Value)
US TBOND 4.50% 8/15/20392.3%
STLSCD 6.1% 04/01/251.8%
IBM CORP 8.375% 11/01/191.8%
AFL 8.5% 05/15/191.7%
CALIFORNIA STATE 7.95%1.7%
FHLB 5.125 03/10/20171.6%
FHLB 3.75 12/14/20181.6%
HALLIBURTON 6.15% 9/15/191.6%
METLIFE INC 6.8171.6%
ASTRAZENECA PLC1.5%

Holdings are subject to change.

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PERFORMANCE

All figures are as of Nov 30, 2014 (Institutional Shares)


Net Asset Value

Class I $10.11

Total Net Assets

Class I $74,701,286

Total Return

Description 3 Month Year To Date 1 year Annualized
3 years
Annualized
5 years
Annualized
10 years
Annualized
Since Inception
Class I0.72%5.61%4.85%3.02%3.86%4.97%5.39%

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 lower or higher than the performance quoted. For standard performance, click here

Bond and bond funds will decrease in value as interest rates rise.

Currently the High Grade Income Fund Class I Shares gross expense ratio is 1.21% and net expense ratio is 0.76%. All fee waivers are contractual through April 30, 2015.


Growth of a $10,000 Investment

(Since Inception Date: 1/30/1997)
Account value if you reinvested income and capital gains $25,493
Account value if you took income and capital gains in cash $10,110

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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.

As of March 31, 2014, Bishop Street Capital Management manages $341.7 million in assets for institutional and individual investors. BancWest Corporation, the parent company of Bishop Street Capital Management, First Hawaiian Bank and Bank of the West, is a bank holding company.

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 the Funds are an appropriate investment for you, carefully consider the Funds' investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Funds' prospectus, which may be viewed and downloaded by clicking the link above or by calling 1-800-262-9565. Please read the prospectus carefully before investing.

Bishop Street Capital Management, an investment subsidiary of First Hawaiian Bank, serves as investment adviser for the Bishop Street Funds. The Bishop Street Funds are distributed by SEI Investments Distribution Co., which is not affiliated with BancWest Corporation. Securities offered through BancWest Investment Services, a registered broker dealer, member FINRA/SIPC. Investment professionals are registered representatives of BancWest Investment Services.

NOT FDIC INSURED. NO BANK GUARANTEE. MAY LOSE VALUE.



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