Hawaii Municipal Fund
SURFX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- FIRST PACIFIC MUTUAL FUND INC(LFG)
- IPO Date
- Nov 23, 1988
- CIK
- 0000837351
- Similar Companies
- Business
- Hawaii Municipal Fund (SURFX) is a no-load open-end mutual fund that seeks to provide a high level of current income exempt from federal and Hawaii state income taxes by investing at least 80% of its net assets, plus borrowings for investment purposes, in a diversified portfolio of primarily investment-grade municipal securities issued by or for the benefit of the State of Hawaii and its political subdivisions, agencies, and instrumentalities; such securities may include general obligation bonds, revenue bonds, notes, and variable rate demand obligations. The fund targets individual and institutional investors seeking tax-exempt income, with a focus on intermediate-term Hawaii municipal bonds categorized by sectors such as general public services, transportation, utilities, education, and housing. Managed initially by Lee Financial Mutual Fund, Inc. and its investment adviser Lee Financial Group Hawaii, Inc., the fund operates primarily in the Hawaii municipal fixed income market. In a significant strategic reorganization completed on December 4, 2023, the Hawaii Municipal Fund merged into the Bishop Street Hawaii Municipal Bond Fund (BHIAX) in a tax-free transaction approved by SURFX shareholders; SURFX shares were converted to equivalent value BHIAX shares, with the combined fund continuing under Bishop Street Capital Management's oversight to maintain the tax-exempt Hawaii municipal bond strategy. This merger enhanced the fund's scale and resources, incorporating approximately $122.7 million in in-kind transactions from SURFX holdings. Subsequently, in June 2024, Lee Financial Group Hawaii, Inc., the former adviser and service provider to SURFX, was acquired by The Retirement Planning Group, a Cetera Financial Group-affiliated RIA, adding $225 million in assets under management and integrating six professionals while preserving client services. The fund traces its origins to 1988, when Terry Lee founded Lee Financial Group Hawaii, Inc., which launched the Hawaii Municipal Fund that year from its headquarters at 3113 Olu Street, Honolulu, Hawaii 96816. Post-merger, operational alignment shifted to Bishop Street Funds, with servicing through SS&C Global Investor & Distribution Solutions, Inc. in Kansas City, Missouri. The fund remains geographically focused on Hawaii-based municipal issuers to maximize state tax exemptions for qualifying residents, with no noted subsidiaries or parent entities beyond the merger integration.