SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service
Related Organizations and Unrelated Partnerships
MediumBulletComplete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
MediumBulletAttach to Form 990.
MediumBullet Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047
2020
Open to Public Inspection
Name of the organization
TRUSTEES OF THE ESTATE OF BERNICE PAUAHI
BISHOP
Employer identification number

99-0073480
Part I
Identification of Disregarded Entities. Complete if the organization answered "Yes" on Form 990, Part IV, line 33.
(a)
Name, address, and EIN (if applicable) of disregarded entity


(b)
Primary activity


(c)
Legal domicile (state
or foreign country)

(d)
Total income


(e)
End-of-year assets


(f)
Direct controlling
entity

(1) P&C INSURANCE COMPANY LLC
745 FORT STREET
HONOLULU,HI96813
99-0315757
INSURANCE HI 4,006,109 13,755,466 KS
 
(2) KALOKO'ELI PROPERTIES LLC
567 S KING ST 200
HONOLULU,HI96813
47-5464058
REAL ESTATE HI 1,425,277 23,727,978 KS
 








Part II
Identification of Related Tax-Exempt Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.
(a)
Name, address, and EIN of related organization


(b)
Primary activity


(c)
Legal domicile (state
or foreign country)

(d)
Exempt Code section


(e)
Public charity status
(if section 501(c)(3))

(f)
Direct controlling
entity

(g)
Section 512(b)(13) controlled entity?
Yes No
(1)KE ALI'I PAUAHI FOUNDATION
567 S KING ST 160

HONOLULU,HI96813
94-3263044
FUNDRAISING HI 501(C)(3) 12A, I KS
 
Yes
 
(2)CHARLES REED BISHOP TRUST
PO BOX 3466

HONOLULU,HI96801
99-6005262
SUPPORT ORG. HI 501(C)(3) 12 D,III-O KS
 
Yes
 










For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50135Y
Schedule R (Form 990) 2020
Schedule R (Form 990) 2020
Page 2
Part III
Identification of Related Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, because it had one or more related organizations treated as a partnership during the tax year.
(a)
Name, address, and EIN of
related organization



(b)
Primary activity




(c)
Legal
domicile
(state or foreign
country)


(d)
Direct controlling
entity



(e)
Predominant income(related, unrelated, excluded from tax under sections 512-514)

(f)
Share of total income




(g)
Share of end-of-year
assets



(h)
Disproprtionate allocations?




(i)
Code V-UBI
amount in box 20 of
Schedule K-1
(Form 1065)
(j)
General or
managing
partner?



(k)
Percentage
ownership


Yes No Yes No
(1) SINO FINANCE GROUP

PO BOX 3466
HONOLULU,HI96801
99-0324938
INTL BUS IN CHINA DE KS
 
EXCLUDED 19,184 7,368,265   No 0   No 90.480 %
(2) BISHOP FINANC LTD

PO BOX 3466
HONOLULU,HI96801
98-0535589
HOLDING COMPANY CJ KS
 
EXCLUDED 0 1,966,360   No 0   No 99.990 %
(3) KAYNE KS CRDT FD LP

1800 AVE OF THE STARS
LA,CA90067
35-2507517
INVESTMENTS DE KS
 
EXCLUDED 3,917,672 68,316,826   No 0   No 99.800 %
(4) CRESCENTKS PTNRSHP

11100 Santa Monica Blvd Ste 2000
Los Angeles,CA90025
46-4668874
INVESTMENTS DE KS
 
EXCLUDED 5,303,405 101,576,049   No 0   No 99.990 %
(5) KURAMO AFRC OPP FD

500 5TH AVE
NY,NY10110
45-2495612
INVESTMENTS DE KS
 
EXCLUDED 460,271 14,082,359   No 0   No 83.660 %
(6) ORION MINE FIN I-A

1211 Avenue of the Americas Ste 30
New York,NY10036
46-5243062
INVESTMENTS DE KS
 
EXCLUDED -1,020,706 8,225,791   No 67,754   No 61.260 %
(7) GE HAWAII BK A2 HLD

1477 NW EVERETT ST
PORTLAND,OR97209
81-1329814
INVESTMENTS DE KS
 
EXCLUDED -2,162,044 1,207,762   No 0   No 80.110 %
(8) CSKS OPPS FUND LP

575 LEXINGTON AVE
NY,NY10022
82-4067070
INVESTMENTS DE KS
 
EXCLUDED 727,722 24,526,660   No 0   No 98.000 %
(9) KSOH FUND LLC

2003 WESTERN AVE SUITE 340
SEATTLE,WA98121
83-4182235
INVESTMENTS DE KS
 
EXCLUDED 6,672 46,507,659   No 0   No 98.980 %
(10) KALONA BRAND CO

1050 BISHOP ST
HONOLULU,HI96813
83-2487707
FARMING HI BHC
 
EXCLUDED -3,631,350 0   No 0   No  
Part IV
Identification of Related Organizations Taxable as a Corporation or Trust. Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.
(a)
Name, address, and EIN of
related organization
(b)
Primary activity
(c)
Legal
domicile
(state or foreign
country)
(d)
Direct controlling
entity
(e)
Type of entity
(C corp, S corp,
or trust)
(f)
Share of total income
(g)
Share of end-of-year
assets
(h)
Percentage
ownership
(i)
Section 512(b)(13) controlled entity?
Yes No
(1) BISHOP HOLDINGS CORPORATION

567 S King St 150
HONOLULU,HI96813
99-0335777
HOLDING COMPANY HI KAMEHAMEHA SCH
 
C CORP 1,535,307 20,441,501 100.000 % Yes  
(2) PAUAHI MANAGEMENT CORPORATION

567 S King St 150
HONOLULU,HI96813
99-0335778
PROPERTY MGMT HI BISHOP HOLDINGS
 
C CORP 0 0   Yes  
(3) KAMEHAMEHA INVESTMENT CORPORATION

567 S King St 150
HONOLULU,HI96813
99-0115292
RE DEVLOP/INV HI BISHOP HOLDINGS
 
C CORP 0 0   Yes  
(4) KBH INC

567 S King St 150
HONOLULU,HI96813
99-0334862
RE ASSET MGMT HI PAUAHI MGT CORP
 
C CORP 0 0   Yes  
(5) KEAUHOU COMMUNITY SERVICES INC

567 S King St 150
HONOLULU,HI96813
99-0291186
WASTEWATER TRMT HI KAMEHAMEHA INV
 
C CORP 0 0   Yes  
(6) KAUPULEHU FOUNDATION

567 S KING ST 200
HONOLULU,HI96813
46-2780038
LAND MANAGEMENT HI KAMEHAMEHA SCH
 
C CORP 124,311 134,024 100.000 % Yes  
(7) ACADIAN EMERG MKTS SMALL-CAP LONG-SHORT

George Town
KY,Grand Cayman  
CJ
INVESTMENTS CJ KAMEHAMEHA SCH
 
C CORP 0 0 100.000 % Yes  
(8) KAIAULU'O KAKA'AKO OWNERS ASSOC INC

PO BOX 3466
HONOLULU,HI96801
47-2928115
OWNER ASSOCIATION HI KAMEHAMEHA SCH
 
C CORP 139,692 119,339 100.000 % Yes  
(9) KS ALCENTRA EUROPE SARL

51 AVENUE JOHN F KENNEDY
LUXEMBOURG   L-1855
LU
INVESTMENTS LU KAMEHAMEHA SCH
 
C CORP 1,989,279 8,332,796 100.000 % Yes  
(10) KAMVUS FUND

BLK 6 INT FIN SVCS CTR
DUBLIN   1
EI
INVESTMENTS EI KAMEHAMEHA SCH
 
C CORP 24,173,760 206,043,471 97.980 % Yes  
Schedule R (Form 990) 2020
Schedule R (Form 990) 2020
Page 3
Part V
Transactions With Related Organizations. Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.
Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.
Yes
No
1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?
a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................
1a
 
No
b Gift, grant, or capital contribution to related organization(s) ............................
1b
Yes
 
c Gift, grant, or capital contribution from related organization(s) ............................
1c
Yes
 
d Loans or loan guarantees to or for related organization(s) ............................
1d
 
No
e Loans or loan guarantees by related organization(s) ............................
1e
 
No
f Dividends from related organization(s) ............................
1f
 
No
g Sale of assets to related organization(s) ............................
1g
 
No
h Purchase of assets from related organization(s) ............................
1h
 
No
i Exchange of assets with related organization(s) ............................
1i
 
No
j Lease of facilities, equipment, or other assets to related organization(s) .......................
1j
 
No
k Lease of facilities, equipment, or other assets from related organization(s) ......................
1k
Yes
 
l Performance of services or membership or fundraising solicitations for related organization(s) .....................
1l
Yes
 
m Performance of services or membership or fundraising solicitations by related organization(s) .................
1m
 
No
n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................
1n
 
No
o Sharing of paid employees with related organization(s) ............................
1o
 
No
p Reimbursement paid to related organization(s) for expenses ............................
1p
 
No
q Reimbursement paid by related organization(s) for expenses ............................
1q
Yes
 
r Other transfer of cash or property to related organization(s) ............................
1r
 
No
s Other transfer of cash or property from related organization(s) ............................
1s
 
No
2
If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.
(a)
Name of related organization
(b)
Transaction
type (a-s)
(c)
Amount involved
(d)
Method of determining amount involved
(1) KE ALI'I PAUAHI FOUNDATION

B 275,000 BOOK VALUE
(2) KE ALI'I PAUAHI FOUNDATION

C 727,620 BOOK VALUE
(3) KE ALI'I PAUAHI FOUNDATION

L 275,000 BOOK VALUE
(4) KAMEHAMEHA INVESTMENT CORPORATION

L 169,284 BOOK VALUE
(5) KAYNE KS CREDIT FUND LP

C 18,569,606 BOOK VALUE
(6) CRESCENTKS PARTNERSHIP LP

C 23,595,181 BOOK VALUE
(7) ACADIAN EMERGING MARKETS SMALL CAP

C 101,047,485 BOOK VALUE
(8) CSKS OPPORTUNITIES FUND LP

B 7,492,037 BOOK VALUE
(9) CSKS OPPORTUNITIES FUND LP

C 1,863,682 BOOK VALUE
(10) KAMVUS FUND

B 24,606,109 BOOK VALUE
(11) KS ALCENTRA EUROPE SARL

C 8,150,576 BOOK VALUE
(12) ORION MINE FUND I-A

B 248,285 BOOK VALUE
(13) ORION MINE FUND I-A

C 322,006 BOOK VALUE
(14) KSOH FUND LLC

B 7,500,000 BOOK VALUE
(15) KSOH FUND LLC

C 4,467,268 BOOK VALUE
(16) KURAMO AFRICA OPPORTUNITY FUND LP

B 66,983 BOOK VALUE
(17) KURAMO AFRICA OPPORTUNITY FUND LP

C 333,310 BOOK VALUE
Schedule R (Form 990) 2020
Schedule R (Form 990) 2020
Page 4
Part VI
Unrelated Organizations Taxable as a Partnership. Complete if the organization answered "Yes" on Form 990, Part IV, line 37.
Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.
(a)
Name, address, and EIN of entity
(b)
Primary activity
(c)
Legal domicile
(state or foreign
country)
(d)
Predominant income (related, unrelated, excluded from tax under sections 512-514)

(e)
Are all partners
section
501(c)(3)
organizations?
(f)
Share of total income




(g)
Share of
end-of-year
assets
(h)
Disproprtionate allocations?
(i)
Code V-UBI
amount in box 20
of Schedule K-1
(Form 1065)
(j)
General or
managing
partner?
(k)
Percentage
ownership


Yes No Yes No Yes No






























Schedule R (Form 990) 2020
Schedule R (Form 990) 2020
Page 5
Part VII
Supplemental Information
Provide additional information for responses to questions on Schedule R. See instructions.
Return Reference Explanation
Schedule R (Form 990) 2020

Additional Data


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