spacer Fund Overview | Performance | Fund Management

Download Quarterly Fact Sheet*

*You will need Adobe Acrobat to view and print the fact sheet.
Download Adobe Acrobat Reader.

FUND OVERVIEW

 

Investment Objectives and Policies

The investment objective of this Fund is to provide high current income that is substantially exempt from Federal and state of Hawaii income taxes.

Who Should Invest

The Bishop Street Hawaii Municipal Bond Fund might be a good choice for you if you're seeking to:
  • Increase your after-tax return with tax-free income.
  • Protect your investment income from Federal and Hawaii state personal income taxes.
  • Diversify your portfolio by adding income to an equity portfolio
Example:
Mike and Sharon Kaiser have "done well" over the years, and that's good news, but their current investments carry a big tax burden. While they don't plan to officially retire, they do plan to live off the income from their investments. Since they're in the highest tax bracket, the Bishop Street Hawaii Municipal Bond Fund can help them build Federal and Hawaii tax-free earnings, giving them a steady stream of income without having to pay as much of it in taxes.

Investment Strategy

The Bishop Street Hawaii Municipal Bond Fund can help provide current income and tax advantages. This fund invests primarily in high grade, short-term bonds issued by Hawaii government entities. What that means for most Hawaii residents is that income from this fund is substantially double tax-exempt, free from both Hawaii state and federal personal income taxes.

There is no guarantee the Fund's income will be exempt from federal or state income taxes. Capital gains, if any, are subject to capital gains taxes.



Portfolio Characteristics

Hawaii Municipal Securities: Funding local projects.
Average Maturity: Intermediate term bonds with maturity between 10 and 15 years.
Average Duration* of Investments: 7 to 10 years.
Liquidity: Access to your money.
Double Tax-Free: Substantially state and Federal Tax-Exempt.

*Measure of price sensitivity of a fixed-income security.


Inception Date

Fund - 2/16/1995 §
Class A Shares - 6/14/1999

Maximum Sales Charges

Class A Shares - 3.00%

Ticker Symbols

Class A Shares - BHIAX

Composition

as of Jun 30, 2014

Fixed Income99.4%
Cash Equivalents0.6%


Average Weighted Maturity

as of Sep 30, 2014

7.59 Years

Duration

as of Sep 30, 2014

5.87 Years

Sector Diversification

as of Jun 30, 2014

Municipal Bonds98.1%
Alternative Minimum Tax Issue1.4%
Unknown0.6%

Top Holdings

as of Jun 30, 2014

Percentage of Portfolio Assets (Based on Market Value)
HIARPTS 5.25 7/1/20271.9%
HAWAII ST 5% 12/01/20221.7%
HIS BUDGET 07/01/20391.6%
HON 4% 11/01/20191.5%
HIS APT 5.0 7/1/241.5%
HI HSG-REF-B-RE (6.5%)1.5%
HONOLULU WTR-A (5%)1.4%
HI HM KAPOLEI O (5%)1.4%
UNHHGR 4.5% 7/15/20231.4%
HI ST HWY-B (5.25%)1.3%

Holdings are subject to change.

RETURN TO TOP


PERFORMANCE

All figures are as of Sep 30, 2014 (Class A Shares)


Net Asset Value

Class A $10.87

Total Net Assets

Class A $22,924,304

Total Return

Description 3 Month Year To Date 1 year Annualized
3 years
Annualized
5 years
Annualized
10 years §
Annualized
Since Inception §
Class A
Without Load1.26%5.21%5.36%3.03%3.29%3.40%4.68%
With Load-1.74%2.01%2.17%2.01%2.66%3.09%4.51%

If the fund is less than 1 year old, cumulative return since inception is shown; if the fund is less than 10 years old, annualized return since inception is shown.

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. Prior to February 1, 2010, the Fund’s principal investment strategy was to invest at least 80% of its net assets in large-cap equity securities; therefore, the past performance shown may have differed had the Fund’s current investment strategy been in effect. For standard performance, click here

§ The performance presented for class A links the performance of an older class of shares from inception on 2/16/95 to 6/14/99 with the performance of this class of shares after its inception on 6/14/99.

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

In addition to the normal risks associated with investing, because the Hawaii Municipal Bond Fund primarily invests in Hawaiian securities, it may be more volatile and susceptible to a single adverse economic or regulatory occurrence affecting those obligations.

There is no guarantee the Fund's income will be exempt from federal or state income taxes. Capital gains, if any, are subject to capital gains taxes. The Fund is not diversified.

Currently the Hawaii Municipal Bond Fund Class A Shares gross expense ratio is 1.26% and net expense ratio is 0.80%. All fee waivers are contractual through April 30, 2015.


Growth of a $10,000 Investment

(Since Inception Date: 2/16/1995 §)
Account value if you reinvested income and capital gains $23,782
Account value if you took income and capital gains in cash $10,543

RETURN TO TOP


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.

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.



Legal Information, Copyright and Privacy Policy

Home | Proxy Voting Policy | Proxy Voting Results | News | Site Map