Tax-Free Opportunity

Honolulu Police Department at Kapolei

In 1988, Lee Financial Group created a State of Hawaii tax-free*, no-load mutual fund. As Hawaii residents, we pay some of the highest taxes in the nation, and because of this, many prudent investors look for ways to ease their tax burden. Municipal securities provide one of the few remaining tax breaks under today’s tax legislation. With high tax rates a reality, experts predict tax-free municipal bonds will become even more attractive since they are one of the few investments which can provide both competitive yields and tax-free income.

By investing in our Hawaii Tax-free Fund*, most investors can earn double tax-free income — free from both federal and Hawaii state income taxes. In addition, our Fund is free of commissions and withdrawal penalties, so all of your money goes to work for you. Although our Fund is no-load, there are expenses associated with the Fund. After careful research, our portfolio manager invests in securities that we believe to offer the best combination of yield, quality and maturity.

Hamilton Library at Manoa

Investing in our Fund provides more than an opportunity to generate tax-free income. The money raised through municipal bonds is commonly used for worthy projects such as schools, hospitals, sewer and water systems that serve to create jobs, boost the local economy and improve the quality of life here in our islands.

_{*Some income may be subject to the federal alternative minimum tax for certain investors. Income may also be subject to capital gains taxes.}

Lee Financial Securities, Inc./Distributor

Before investing, read the prospectus carefully. Please carefully consider the Fund’s investment objective, risks, and charges and expenses before investing. The prospectus contains this and other information about the Fund. Obtain a free prospectus here.

Fund’s yield, share price and investment return fluctuate so that you may receive more or less than your original investment upon redemption. Past performance is no guarantee of future results. Hawaii Municipal Fund is a series of First Pacific Mutual Fund, Inc.