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        <name>HAWAII ST HWY REV</name>
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        <title>HAWAII ST ARPTS SYS REVENUE STATE OF HAWAII AIRPORTS SYSTEM REVENUE</title>
        <cusip>419794F31</cusip>
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          <isin value="US419794F314"/>
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        <curCd>USD</curCd>
        <valUSD>260676.60000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HAWAII ST DEPT BUDGET &amp; FIN SPL PURP REV</name>
        <lei>N/A</lei>
        <title>HAWAII ST DEPT OF BUDGET &amp; FIN STATE OF HAWAII DEPARTMENT OF BUDGET &amp; FINANCE</title>
        <cusip>419800ME4</cusip>
        <identifiers>
          <isin value="US419800ME46"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>352568.09000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>HONOLULU HAWAII CITY &amp; CNTY BRD WTR SUPPLY WTR SYS REV</name>
        <lei>N/A</lei>
        <title>HONOLULU CITY &amp; CNTY HI BRD OF HONOLULU CITY &amp; COUNTY BOARD OF WATER SUPPLY</title>
        <cusip>438689MT5</cusip>
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          <isin value="US438689MT52"/>
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        <balance>2075000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2037663.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HAWAII ST HWY REV</name>
        <lei>N/A</lei>
        <title>HAWAII ST HIGHWAY REVENUE STATE OF HAWAII STATE HIGHWAY FUND</title>
        <cusip>41981CQE3</cusip>
        <identifiers>
          <isin value="US41981CQE39"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>95737.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HAWAII ST DEPT BUDGET &amp; FIN SPL PURP REV</name>
        <lei>N/A</lei>
        <title>HAWAII ST DEPT OF BUDGET &amp; FIN STATE OF HAWAII DEPARTMENT OF BUDGET &amp; FINANCE</title>
        <cusip>419800QM2</cusip>
        <identifiers>
          <isin value="US419800QM26"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>600515.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC FIN AUTH WIS REV</name>
        <lei>N/A</lei>
        <title>PUBLIC FIN AUTH WI REVENUE PUBLIC FINANCE AUTHORITY</title>
        <cusip>74442PJ63</cusip>
        <identifiers>
          <isin value="US74442PJ632"/>
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        <balance>325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>351637.91000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HONOLULU HAWAII CITY &amp; CNTY WASTEWTR SYS REV</name>
        <lei>N/A</lei>
        <title>HONOLULU CITY &amp; CNTY HI WSTWTR CITY &amp; COUNTY HONOLULU HI WASTEWATER SYSTEM REVENU</title>
        <cusip>438701V68</cusip>
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          <isin value="US438701V685"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>339585.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HAWAII ST</name>
        <lei>N/A</lei>
        <title>HAWAII ST STATE OF HAWAII</title>
        <cusip>419792SK3</cusip>
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          <isin value="US419792SK34"/>
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        <balance>920000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>951314.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HAWAII ST</name>
        <lei>N/A</lei>
        <title>HAWAII ST STATE OF HAWAII</title>
        <cusip>419792YG5</cusip>
        <identifiers>
          <isin value="US419792YG57"/>
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        <balance>2110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2191799.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HONOLULU HAWAII CITY &amp; CNTY WASTEWTR SYS REV</name>
        <lei>N/A</lei>
        <title>HONOLULU CITY &amp; CNTY HI WSTWTR CITY &amp; COUNTY HONOLULU HI WASTEWATER SYSTEM REVENU</title>
        <cusip>4387012M5</cusip>
        <identifiers>
          <isin value="US4387012M54"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>554917.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>HONOLULU HAWAII CITY &amp; CNTY WASTEWTR SYS REV</name>
        <lei>N/A</lei>
        <title>HONOLULU CITY &amp; CNTY HI WSTWTR CITY &amp; COUNTY HONOLULU HI WASTEWATER SYSTEM REVENU</title>
        <cusip>4387013L6</cusip>
        <identifiers>
          <isin value="US4387013L62"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>136320.63000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MAUI CNTY HAWAII</name>
        <lei>N/A</lei>
        <title>MAUI CNTY HI COUNTY OF MAUI HI</title>
        <cusip>5772857Z6</cusip>
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          <isin value="US5772857Z67"/>
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        <balance>540000.00000000</balance>
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        <valUSD>551362.41000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>HONOLULU HAWAII CITY &amp; CNTY WASTEWTR SYS REV</name>
        <lei>N/A</lei>
        <title>HONOLULU CITY &amp; CNTY HI WSTWTR CITY &amp; COUNTY HONOLULU HI WASTEWATER SYSTEM REVENU</title>
        <cusip>438701T61</cusip>
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          <isin value="US438701T614"/>
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      <invstOrSec>
        <name>KAUAI CNTY HAWAII</name>
        <lei>N/A</lei>
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        <cusip>486116C46</cusip>
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          <isin value="US486116C463"/>
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        <balance>175000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2027-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>HAWAII ST DEPT HAWAIIAN HOME LDS REV</name>
        <lei>N/A</lei>
        <title>HAWAII ST DEPT OF HAWAIIAN HOM STATE OF HAWAII DEPARTMENT OF HAWAIIAN HOME LANDS</title>
        <cusip>41980PBU5</cusip>
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          <isin value="US41980PBU57"/>
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      <invstOrSec>
        <name>HAWAII ST HSG FIN &amp; DEV CORP MULTIFAMILY REV</name>
        <lei>N/A</lei>
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        <cusip>41981PCB5</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2031-01-01</maturityDt>
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          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>HAWAII ST</name>
        <lei>N/A</lei>
        <title>HAWAII ST STATE OF HAWAII</title>
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          <isin value="US419792CF13"/>
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        <balance>35000.00000000</balance>
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        <valUSD>35055.33000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>HAWAII ST HSG FIN &amp; DEV CORP MULTIFAMILY REV</name>
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      </invstOrSec>
      <invstOrSec>
        <name>HAWAII ST ARPTS SYS REV</name>
        <lei>N/A</lei>
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          <isin value="US419794H542"/>
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        <curCd>USD</curCd>
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      </invstOrSec>
      <invstOrSec>
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      <invstOrSec>
        <name>HAWAII ST</name>
        <lei>N/A</lei>
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          <isin value="US419792HW90"/>
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        <valUSD>50059.95000000</valUSD>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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          <isin value="US438687UZ64"/>
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        <curCd>USD</curCd>
        <valUSD>722057.86000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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      <invstOrSec>
        <name>HAWAII ST HWY REV</name>
        <lei>N/A</lei>
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          <isin value="US41981CPJ35"/>
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        <curCd>USD</curCd>
        <valUSD>544644.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>KAUAI CNTY HAWAII</name>
        <lei>N/A</lei>
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          <isin value="US486116G670"/>
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        <balance>1520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1701689.86000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>HAWAII ST ARPTS SYS REV</name>
        <lei>N/A</lei>
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        <cusip>419794G55</cusip>
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          <isin value="US419794G551"/>
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        <curCd>USD</curCd>
        <valUSD>1071822.50000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>KAUAI CNTY HAWAII</name>
        <lei>N/A</lei>
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          <isin value="US486116G597"/>
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        <balance>1020000.00000000</balance>
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        <valUSD>1128116.74000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>HAWAII ST HBR SYS REV</name>
        <lei>N/A</lei>
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          <isin value="US41981THX46"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>HAWAII CNTY HAWAII</name>
        <lei>N/A</lei>
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          <isin value="US4197223R24"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>HAWAII ST HBR SYS REV</name>
        <lei>N/A</lei>
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        <cusip>41981TJA2</cusip>
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          <isin value="US41981TJA25"/>
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        <name>HAWAII ST HSG FIN &amp; DEV CORP MULTIFAMILY REV</name>
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          <isin value="US41981PCG46"/>
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        <name>HAWAII ST HWY REV</name>
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        <name>HONOLULU HAWAII CITY &amp; CNTY WASTEWTR SYS REV</name>
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          <isin value="US438701K944"/>
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        <name>HAWAII ST HWY REV</name>
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        <name>MAUI CNTY HAWAII</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>HAWAII ST DEPT HAWAIIAN HOME LDS REV</name>
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          <isin value="US41980PBX96"/>
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        <name>HONOLULU HAWAII CITY &amp; CNTY WASTEWTR SYS REV</name>
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        <name>HONOLULU HAWAII CITY &amp; CNTY WASTEWTR SYS REV</name>
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          <isin value="US438701V925"/>
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      <invstOrSec>
        <name>KAUAI CNTY HAWAII</name>
        <lei>N/A</lei>
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          <isin value="US486116D370"/>
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        <name>HAWAII ST ARPTS SYS REV</name>
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        <name>HAWAII ST DEPT HAWAIIAN HOME LDS CTFS PARTN</name>
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        <name>KAUAI CNTY HAWAII</name>
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        <name>HAWAII CNTY HAWAII</name>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>HAWAII ST ARPTS SYS REV</name>
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          <isin value="US419794E994"/>
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          <isin value="US5772856J35"/>
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        <name>KAUAI CNTY HAWAII</name>
        <lei>N/A</lei>
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          <isin value="US486116D297"/>
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        <name>HONOLULU HAWAII CITY &amp; CNTY BRD WTR SUPPLY WTR SYS REV</name>
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          <isin value="US438689NS60"/>
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        <name>KAUAI CNTY HAWAII</name>
        <lei>N/A</lei>
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          <isin value="US486116D784"/>
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      <invstOrSec>
        <name>HAWAII ST DEPT TRANSN ARPTS DIV LEASE REV CTFS PARTN</name>
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          <isin value="US419808AM26"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>UNIVERSITY HAWAII REV</name>
        <lei>N/A</lei>
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          <isin value="US91428LJR87"/>
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        <curCd>USD</curCd>
        <valUSD>506687.40000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KAUAI CNTY HAWAII</name>
        <lei>N/A</lei>
        <title>KAUAI CNTY HI COUNTY OF KAUAI HI</title>
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          <isin value="US486116C539"/>
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        <name>HAWAII ST HWY REV</name>
        <lei>N/A</lei>
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        <name>HAWAII ST HBR SYS REV</name>
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          <isin value="US41981THY29"/>
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        <name>HONOLULU HAWAII CITY &amp; CNTY WASTEWTR SYS REV</name>
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          <isin value="US438701T531"/>
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        <name>HAWAII ST HWY REV</name>
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        <name>HONOLULU HAWAII CITY &amp; CNTY WASTEWTR SYS REV</name>
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          <isin value="US4387014J08"/>
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        <name>HAWAII ST DEPT HAWAIIAN HOME LDS CTFS PARTN</name>
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        <name>HAWAII ST DEPT BUDGET &amp; FIN SPL PURP REV</name>
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        <name>HAWAII ST HWY REV</name>
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        <name>HONOLULU HAWAII CITY &amp; CNTY MULTIFAMILY REV</name>
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        <name>HAWAII ST DEPT TRANSN ARPTS DIV LEASE REV CTFS PARTN</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HAWAII CNTY HAWAII</name>
        <lei>N/A</lei>
        <title>HAWAII CNTY HI COUNTY OF HAWAII HI</title>
        <cusip>4197223K7</cusip>
        <identifiers>
          <isin value="US4197223K70"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>555751.75000000</valUSD>
        <pctVal>0.333268436413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HAWAII CNTY HAWAII</name>
        <lei>N/A</lei>
        <title>HAWAII CNTY HI COUNTY OF HAWAII HI</title>
        <cusip>4197223C5</cusip>
        <identifiers>
          <isin value="US4197223C54"/>
        </identifiers>
        <balance>1060000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1061094.03000000</valUSD>
        <pctVal>0.636307754794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HONOLULU HAWAII CITY &amp; CNTY</name>
        <lei>N/A</lei>
        <title>HONOLULU CITY &amp; CNTY HI CITY &amp; COUNTY OF HONOLULU HI</title>
        <cusip>438687FN0</cusip>
        <identifiers>
          <isin value="US438687FN00"/>
        </identifiers>
        <balance>65000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>67574.83000000</valUSD>
        <pctVal>0.040522693693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HONOLULU HAWAII CITY &amp; CNTY WASTEWTR SYS REV</name>
        <lei>N/A</lei>
        <title>HONOLULU CITY &amp; CNTY HI WSTWTR CITY &amp; COUNTY HONOLULU HI WASTEWATER SYSTEM REVENU</title>
        <cusip>438701S96</cusip>
        <identifiers>
          <isin value="US438701S962"/>
        </identifiers>
        <balance>60000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>61435.09000000</valUSD>
        <pctVal>0.036840867141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The presentation of the Class A returns in Item B.5.a, includes the sales load associated with the share class. " noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>BISHOP STREET FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Ryan Ushijima</ncom:signature>
      <ncom:signerName>Ryan Ushijima</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
