The Bishop Street Funds - Treasury Money Market Fund

Inception Date

Class I - 5/1/1996

Composition			as of Dec 31, 2008

	Cash Equivalents	66.1%
	Fixed Income	33.9%

Sector Diversification			as of Dec 31, 2008

	Repurchase Agreements	66.1%
	U.S. Treasury Bill	33.9%
	Unknown	0.0%

Top Holdings	as of Dec 31, 2008

Percentage of Portfolio Assets (Based on Market Value)

BANK OF AMERICA REPO	34.0%
BARCLAYS BANK REPO	32.1%
U.S. T-BILL	13.6%
CASH MGMT BILL US GOVT	10.8%
CASH MGMT BILL US GOVT	6.8%
U.S. T-BILL 10-22-2009	2.7%
CASH	0.0%

Holdings are subject to change.

Average Weighted Maturity

Class I - 51 Days

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PERFORMANCE

All figures are as of Dec 31, 2008 (Institutional Shares)

Net Asset Value

Class I $1.00

Total Net Assets

Class I $79,960,472

Yields

Class I
7 Day Simple	N/A
7 Day Effective	N/A
One Month	0.10%
Three Month	0.36%

Total Return

Description

3 Month

Year To Date

1 year

Annualized
3 years

Annualized
5 years

Annualized
10 years

Annualized
Since Inception

Class I

0.09%

1.37%

3.45%

2.77%

3.00%

3.45%

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 performance data current to the most recent month end, please click here or call 1-800-262-9565.

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Treasury Money Market Fund.

Currently the Treasury Money Market Fund Class I Shares gross expense ratio is 0.87% and net expense ratio is 0.44%. All fee waivers are voluntary and may discontinue at any time.

Growth of a $10,000 Investment

(Since Inception Date: 5/1/1996)

	Account value if you reinvested income and capital gains $15,363
	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

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
The Bishop Street Money Market Fund is sub-advised by Fischer Francis Trees and Watts, Inc. (FFTW). FFTW is a specialist manager of U.S., global and international fixed income portfolios. As of December 31, 2007, FFTW has over $31 billion in assets under management.

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, or Fischer Francis Trees & Watts, Inc. 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.