First Puerto Rico Tax-Exempt Fund

First Puerto Rico Tax-Exempt Fund II

(Fully Liquidated as of June 27, 2019)

First Puerto Rico AAA Fixed-Income Fund

(Fully Liquidated as of July 28, 2020)

First Puerto Rico Tax-Exempt Target Maturity Fund VII

First Puerto Rico Tax-Exempt Target Maturity Fund IV

(Fully Liquidated as of June 27, 2019)

First Puerto Rico Tax-Exempt Target Maturity Fund V

(Fully Liquidated as of June 25, 2020)

First Puerto Rico Tax-Advantaged Target Maturity Fund I

First Puerto Rico Tax-Advantaged Target Maturity Fund II

First Puerto Rico AAA Target Maturity Fund I

First Puerto Rico AAA Target Maturity Fund II

First Puerto Rico Target Maturity Income Opportunities Fund I

First Puerto Rico Target Maturity Income Opportunities Fund II

Additional Information

Dividend Schedule

Offering Circular

Notice to Shareholders

Prospectus Supplement

Market Commentary