# EDGAR Filing Document

**Accession Number:** 0000837351
**File Stem:** 0001145549-23-005960
**Filing Date:** 2023-2
**Character Count:** 42475
**Document Hash:** 6e8d0efd5e9c4ffdd70f646e61aab329
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-005960.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001145549-23-005960

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230209

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEE FINANCIAL MUTUAL FUND, INC.
- **CENTRAL INDEX KEY:** 0000837351
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05631
- **FILM NUMBER:** 23607793

**BUSINESS ADDRESS:**
- **STREET 1:** 3113 OLU STREET
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96816
- **BUSINESS PHONE:** 8089888088

**MAIL ADDRESS:**
- **STREET 1:** 3113 OLU STREET
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96816

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST PACIFIC MUTUAL FUND INC /HI/
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Hawaii Municipal Fund (Series ID: S000004837)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000013095 | Hawaii Municipal Fund Investor Class | SURFX           |

## Nport-Ex

**HAWAII MUNICIPAL FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Par Value |  | Value |
|  | **HAWAII MUNICIPAL BONDS — 97.4%** |  |
|  | **GENERAL OBLIGATION — 19.2%** |  |
|  | **APPROPRIATION — 19.2%** |  |
|  | City & County of Honolulu |  |
| $555000 | 5.000%, 10/1/2029 | $589427 |
| 1000000 | 4.000%, 7/1/2033 | 1072621 |
| 1000000 | 3.000%, 7/1/2035 | 938349 |
| 1745000 | 4.000%, 7/1/2036 | 1794462 |
| 1200000 | 4.000%, 9/1/2037 | 1214645 |
| 1400000 | 5.000%, 10/1/2037 | 1464142 |
| 500000 | 5.000%, 7/1/2038 | 553596 |
| 1355000 | 4.000%, 8/1/2039 | 1349100 |
| 1100000 | 5.000%, 9/1/2042 | 1181013 |
| 500000 | 4.000%, 9/1/2043 | 487068 |
| 1000000 | 4.000%, 7/1/2044 | 968100 |
| 1000000 | 5.000%, 8/1/2044 | 1076598 |
|  | County of Hawaii |  |
| 1025000 | 5.000%, 9/1/2027 | 1098412 |
| 800000 | 4.000%, 9/1/2031 | 837586 |
| 460000 | 5.000%, 9/1/2032 | 489492 |
| 500000 | 5.000%, 9/1/2033 | 542733 |
| 1500000 | 4.000%, 9/1/2038 | 1515761 |
| 1500000 | 4.000%, 9/1/2040 | 1477083 |
|  | County of Maui |  |
| 1000000 | 5.000%, 9/1/2023 | 1014181 |
| 3000000 | 2.125%, 6/1/2024 | 2967504 |
| 1000000 | 4.000%, 9/1/2028 | 1035583 |
| 675000 | 4.000%, 3/1/2037 | 688579 |
|  | State of Hawaii |  |
| 2000000 | 5.000%, 8/1/2030 | 2070046 |
| 1000000 | 4.000%, 5/1/2036 | 1015800 |
|  |  | **27441881** |
|  | **TOTAL GENERAL OBLIGATION** | **27441881** |
|  | **REVENUE BONDS — 78.2%** |  |
|  | **APPROPRIATION — 8.5%** |  |
|  | Kauai County Community Facilities District |  |
| 1300000 | 5.000%, 5/15/2049 | 1275641 |
| 1000000 | 5.000%, 5/15/2051 | 956169 |
|  | State of Hawaii Airports System Revenue |  |
| 1000000 | 5.000%, 8/1/2023<sup>1</sup> | 1009519 |
| 1420000 | 5.250%, 8/1/2024<sup>1</sup> | 1435345 |
| 2570000 | 5.250%, 8/1/2026<sup>1</sup> | 2594816 |
| 1000000 | 5.000%, 8/1/2027<sup>1</sup> | 1007471 |
|  | State of Hawaii Department of Hawaiian Home Lands |  |
| 680000 | 5.000%, 11/1/2029 | 744754 |

---

**HAWAII MUNICIPAL FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Par Value |  | Value |
|  | **HAWAII MUNICIPAL BONDS (Continued)** |  |
|  | **REVENUE BONDS (Continued)** |  |
|  | **APPROPRIATION (Continued)** |  |
| $600000 | 5.000%, 4/1/2030 | $644273 |
| 500000 | 5.000%, 11/1/2030 | 546906 |
| 800000 | 5.000%, 4/1/2031 | 856731 |
| 350000 | 5.000%, 11/1/2031 | 382174 |
| 550000 | 5.000%, 4/1/2032 | 588101 |
|  |  | **12041900** |
|  | **EDUCATION — 6.6%** |  |
|  | State of Hawaii Department of Budget & Finance |  |
| 275000 | 4.000%, 1/1/2025 | 275296 |
| 665000 | 4.000%, 1/1/2027 | 666800 |
| 350000 | 4.000%, 1/1/2028 | 350587 |
| 270000 | 4.000%, 1/1/2032 | 267010 |
| 435000 | 3.000%, 1/1/2034 | 376820 |
| 600000 | 3.000%, 1/1/2035 | 510881 |
| 585000 | 3.000%, 1/1/2036 | 487184 |
|  | University of Hawaii |  |
| 2000000 | 5.000%, 10/1/2029 | 2145284 |
| 1200000 | 5.000%, 10/1/2030 | 1284530 |
| 1600000 | 5.000%, 10/1/2031 | 1706861 |
| 655000 | 5.000%, 10/1/2034 | 714935 |
| 750000 | 3.000%, 10/1/2036 | 685108 |
|  |  | **9471296** |
|  | **HEALTHCARE — 6.7%** |  |
|  | State of Hawaii Department of Budget & Finance |  |
| 6185000 | 5.000%, 7/1/2035 | 6404054 |
| 590000 | 5.500%, 7/1/2038 | 594110 |
| 2600000 | 5.500%, 7/1/2043 | 2616092 |
|  |  | **9614256** |
|  | **HOUSING — 10.0%** |  |
|  | Hawaii Housing Finance & Development Corp. |  |
| 135000 | 3.300%, 1/1/2026 | 135015 |
| 2430000 | 4.750%, 10/1/2027 | 2460010 |
| 3000000 | 4.950%, 4/1/2029 | 3058212 |
| 4035000 | 3.750%, 1/1/2031 | 4036178 |
| 4535000 | 4.000%, 9/1/2033 | 4537195 |
|  |  | **14226610** |

---

**HAWAII MUNICIPAL FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Par Value |  | Value |
|  | **HAWAII MUNICIPAL BONDS (Continued)** |  |
|  | **REVENUE BONDS (Continued)** |  |
|  | **SPECIAL TAX — 7.4%** |  |
|  | State of Hawaii Department of Budget & Finance |  |
| $12920000 | 3.200%, 7/1/2039 | $10549477 |
|  |  | **10549477** |
|  | **TRANSPORTATION — 20.7%** |  |
|  | State of Hawaii Airports System Revenue |  |
| 1000000 | 5.000%, 7/1/2035<sup>1</sup> | 1048207 |
| 1000000 | 5.000%, 7/1/2037<sup>1</sup> | 1061981 |
| 1000000 | 4.000%, 7/1/2041<sup>1</sup> | 919763 |
| 750000 | 5.000%, 7/1/2041<sup>1</sup> | 759419 |
| 1735000 | 5.000%, 7/1/2043<sup>1</sup> | 1774419 |
| 7335000 | 5.000%, 7/1/2045<sup>1</sup> | 7403414 |
| 2600000 | 5.000%, 7/1/2048<sup>1</sup> | 2633303 |
|  | State of Hawaii Harbor System Revenue |  |
| 1095000 | 4.000%, 7/1/2033<sup>1</sup> | 1121598 |
| 1000000 | 4.000%, 7/1/2037 | 1009429 |
| 1150000 | 4.000%, 7/1/2039 | 1137984 |
| 3805000 | 4.000%, 7/1/2040 | 3733070 |
|  | State of Hawaii State Highway Fund |  |
| 1250000 | 4.000%, 1/1/2034 | 1282667 |
| 1360000 | 4.000%, 1/1/2035 | 1390386 |
| 425000 | 5.000%, 1/1/2036 | 466938 |
| 2200000 | 5.000%, 1/1/2040 | 2427414 |
| 1245000 | 5.000%, 1/1/2041 | 1367684 |
|  |  | **29537676** |
|  | **WATER & SEWER — 18.3%** |  |
|  | City & County of Honolulu Wastewater System Revenue |  |
| 1520000 | 5.000%, 7/1/2036 | 1615231 |
| 1960000 | 4.000%, 7/1/2037 | 1992648 |
| 2000000 | 4.000%, 7/1/2038 | 2012178 |
| 1000000 | 4.000%, 7/1/2038 | 1007704 |
| 1750000 | 4.000%, 7/1/2039 | 1752209 |
| 6250000 | 4.000%, 7/1/2044 | 6054825 |
| 2990000 | 4.000%, 7/1/2049 | 2824566 |
| 2175000 | 5.000%, 7/1/2049 | 2317885 |
|  | Honolulu City & County Board of Water Supply |  |
| 1000000 | 5.000%, 7/1/2028 | 1118054 |
| 1470000 | 5.000%, 7/1/2029 | 1671975 |
| 1545000 | 5.000%, 7/1/2030 | 1783812 |

---

**HAWAII MUNICIPAL FUND**

**SCHEDULE OF INVESTMENTS - Continued**

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Par Value |  | Value |
|  | **HAWAII MUNICIPAL BONDS (Continued)** |  |
|  | **REVENUE BONDS (Continued)** |  |
|  | **WATER & SEWER (Continued)** |  |
| $2035000 | 4.000%, 7/1/2046 | $1962859 |
|  |  | **26113946** |
|  | **TOTAL REVENUE BONDS** | **111555161** |
|  | **TOTAL HAWAII MUNICIPAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $148,612,973) | **138997042** |
|  | **PRE-REFUNDED HAWAII MUNICIPAL BONDS<sup>2</sup> — 0.7%** |  |
|  | **REVENUE BONDS — 0.7%** |  |
|  | **WATER & SEWER — 0.7%** |  |
| 1000000 | City & County of Honolulu Wastewater System Revenue<br> 5.000%, 7/1/2032 | **1057131** |
|  | **TOTAL PRE-REFUNDED HAWAII MUNICIPAL BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,072,869) | **1057131** |
|  | **TOTAL INVESTMENTS — 98.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $149,685,842) | **140054173** |
|  | Other Assets in Excess of Liabilities — 1.9% | 2653059 |
|  | **TOTAL NET ASSETS — 100.0%** | $**142707232** |

---

<sup>1</sup> Securities that are subject to alternative minimum tax represent 15.96% of the Fund's net assets.

<sup>2</sup> Pre-Refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Lee Financial Mutual Fund, Inc.

- **b. Investment Company Act file number:** 811-05631

- **c. CIK number of Registrant:** 0000837351

- **d. LEI of Registrant:** 549300P5TKS9N4OEZW96

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 3113 Olu Street

  - **City:** Honolulu

  - **State:** HI

  - **Foreign country:** US

  - **Zip / Postal Code:** 96816

  - **Telephone number:** 8089888088

**Item A.2. Information about the Series.**

- **a. Name of Series:** Hawaii Municipal Fund

- **b. EDGAR series identifier (if any):** S000004837

- **c. LEI of Series:** 5493001RN1JJCPOIBO62

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $142930191.86

**Total Liabilities:** $399771.38

**Net Assets:** $142530420.48

**Cash Not Reported:** $279314.71

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 59.026451754354 | **1-Year:** 675.506214074458 | **5-Year:** 4658.253895660504 | **10-Year:** 51783.833578967881 | **30-Year:** 34025.185549182808

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 394.659521270627 | **30-Year:** 2505.089818449373

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013095 | -0.76%               | 4.51%                | -0.12%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-431049.09              | $-913045.61                                |
| Month 2  | $-1760.77                | $5940124.18                                |
| Month 3  | $0.00                    | $-305450.26                                |

### Schedule of Portfolio Investments

| Name                           | Title                                               | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HAWAII CNTY HI                 | County of Hawaii                                    | CUSIP: 419722L43<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1098411.53   | 0.77%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                 | County of Hawaii                                    | CUSIP: 419722L92<br>LEI: N/A | Long             | DBT              | MUN               | US        |    460000 | PA      | $489492.44    | 0.34%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                 | County of Hawaii                                    | CUSIP: 419722U76<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $542732.50    | 0.38%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                 | County of Hawaii                                    | CUSIP: 419722W90<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $837586.40    | 0.59%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                 | County of Hawaii                                    | CUSIP: 419722Z30<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515760.50   | 1.06%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                 | County of Hawaii                                    | CUSIP: 419722Z55<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1477083.00   | 1.04%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE      | State of Hawaii State Highway Fund                  | CUSIP: 41981CPJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    425000 | PA      | $466937.73    | 0.33%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                      | State of Hawaii                                     | CUSIP: 4197915T1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070046.00   | 1.45%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                      | State of Hawaii                                     | CUSIP: 419792RV0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015800.00   | 0.71%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE    | State of Hawaii Airports System Revenue             | CUSIP: 419794A44<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1774419.20   | 1.24%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE    | State of Hawaii Airports System Revenue             | CUSIP: 419794A51<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2633303.40   | 1.85%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE    | State of Hawaii Airports System Revenue             | CUSIP: 419794G63<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061981.00   | 0.75%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE    | State of Hawaii Airports System Revenue             | CUSIP: 419794H21<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919763.00    | 0.65%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE    | State of Hawaii Airports System Revenue             | CUSIP: 419794ZL9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   7335000 | PA      | $7403413.55   | 5.19%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE    | State of Hawaii Airports System Revenue             | CUSIP: 419794ZN5<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $759419.25    | 0.53%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE    | State of Hawaii Airports System Revenue             | CUSIP: 419794ZY1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048207.00   | 0.74%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN | State of Hawaii Department of Budget & Finance      | CUSIP: 419800JW8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    590000 | PA      | $594109.94    | 0.42%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN | State of Hawaii Department of Budget & Finance      | CUSIP: 419800JX6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2616091.40   | 1.84%             | 2043-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN | State of Hawaii Department of Budget & Finance      | CUSIP: 419800LL9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6185000 | PA      | $6404054.15   | 4.49%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN | State of Hawaii Department of Budget & Finance      | CUSIP: 419800LY1<br>LEI: N/A | Long             | DBT              | MUN               | US        |  12920000 | PA      | $10549477.16  | 7.40%             | 2039-07-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN | State of Hawaii Department of Budget & Finance      | CUSIP: 419800MB0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    275000 | PA      | $275296.45    | 0.19%             | 2025-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN | State of Hawaii Department of Budget & Finance      | CUSIP: 419800MD6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    665000 | PA      | $666799.49    | 0.47%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN | State of Hawaii Department of Budget & Finance      | CUSIP: 419800ME4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $350586.60    | 0.25%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN | State of Hawaii Department of Budget & Finance      | CUSIP: 419800MJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    270000 | PA      | $267010.02    | 0.19%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN | State of Hawaii Department of Budget & Finance      | CUSIP: 419800ML8<br>LEI: N/A | Long             | DBT              | MUN               | US        |    435000 | PA      | $376819.62    | 0.26%             | 2034-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN | State of Hawaii Department of Budget & Finance      | CUSIP: 419800MM6<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $510881.40    | 0.36%             | 2035-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN | State of Hawaii Department of Budget & Finance      | CUSIP: 419800MN4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    585000 | PA      | $487184.49    | 0.34%             | 2036-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 419801BG9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    680000 | PA      | $744754.36    | 0.52%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 419801BH7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $546905.50    | 0.38%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 419801BJ3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    350000 | PA      | $382174.45    | 0.27%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF TRANSPRTN AR | State of Hawaii Airports System Revenue             | CUSIP: 419808AH3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1435344.52   | 1.01%             | 2024-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF TRANSPRTN AR | State of Hawaii Airports System Revenue             | CUSIP: 419808AK6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2570000 | PA      | $2594815.92   | 1.82%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF TRANSPRTN AR | State of Hawaii Airports System Revenue             | CUSIP: 419808AL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007471.00   | 0.71%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF TRANSPRTN AR | State of Hawaii Airports System Revenue             | CUSIP: 419808AN0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009519.00   | 0.71%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 41980PBV3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    600000 | PA      | $644273.40    | 0.45%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 41980PBW1<br>LEI: N/A | Long             | DBT              | MUN               | US        |    800000 | PA      | $856731.20    | 0.60%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 41980PBX9<br>LEI: N/A | Long             | DBT              | MUN               | US        |    550000 | PA      | $588101.25    | 0.41%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE      | State of Hawaii State Highway Fund                  | CUSIP: 41981CND8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1282667.50   | 0.90%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE      | State of Hawaii State Highway Fund                  | CUSIP: 41981CNE6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1390386.48   | 0.98%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE      | State of Hawaii State Highway Fund                  | CUSIP: 41981CQF0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2427414.00   | 1.70%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE      | State of Hawaii State Highway Fund                  | CUSIP: 41981CQG8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1367683.55   | 0.96%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HSG FIN & DEV CORP M | Hawaii Housing Finance & Development Corp.          | CUSIP: 41981PBE0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2460010.50   | 1.73%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HSG FIN & DEV CORP M | Hawaii Housing Finance & Development Corp.          | CUSIP: 41981PBF7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3058212.00   | 2.15%             | 2029-04-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HSG FIN & DEV CORP M | Hawaii Housing Finance & Development Corp.          | CUSIP: 41981PBL4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4535000 | PA      | $4537194.94   | 3.18%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HSG FIN & DEV CORP M | Hawaii Housing Finance & Development Corp.          | CUSIP: 41981PCA7<br>LEI: N/A | Long             | DBT              | MUN               | US        |    135000 | PA      | $135014.72    | 0.09%             | 2026-01-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HSG FIN & DEV CORP M | Hawaii Housing Finance & Development Corp.          | CUSIP: 41981PCB5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   4035000 | PA      | $4036178.22   | 2.83%             | 2031-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE   | State of Hawaii Harbor System Revenue               | CUSIP: 41981THD8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1121597.55   | 0.79%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE   | State of Hawaii Harbor System Revenue               | CUSIP: 41981THX4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009429.00   | 0.71%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE   | State of Hawaii Harbor System Revenue               | CUSIP: 41981THZ9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1137983.65   | 0.80%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE   | State of Hawaii Harbor System Revenue               | CUSIP: 41981TJA2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3805000 | PA      | $3733070.28   | 2.62%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI        | City & County of Honolulu                           | CUSIP: 438670W23<br>LEI: N/A | Long             | DBT              | MUN               | US        |    555000 | PA      | $589427.21    | 0.41%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI        | City & County of Honolulu                           | CUSIP: 438670X22<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1464142.40   | 1.03%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI        | City & County of Honolulu                           | CUSIP: 438687AU9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1214644.80   | 0.85%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI        | City & County of Honolulu                           | CUSIP: 438687FU4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1181012.80   | 0.83%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI        | City & County of Honolulu                           | CUSIP: 438687JJ5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1349100.33   | 0.95%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI        | City & County of Honolulu                           | CUSIP: 438687JP1<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076598.00   | 0.76%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI        | City & County of Honolulu                           | CUSIP: 438687LW3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $487068.00    | 0.34%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI        | City & County of Honolulu                           | CUSIP: 438687NM3<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1794462.03   | 1.26%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI        | City & County of Honolulu                           | CUSIP: 438687NQ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    500000 | PA      | $553596.00    | 0.39%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI        | City & County of Honolulu                           | CUSIP: 438687NY7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968100.00    | 0.68%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI        | City & County of Honolulu                           | CUSIP: 438687QW8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072621.00   | 0.75%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI        | City & County of Honolulu                           | CUSIP: 438687TJ4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938349.00    | 0.66%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF | Honolulu City & County Board of Water Supply        | CUSIP: 438689KS9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118054.00   | 0.78%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF | Honolulu City & County Board of Water Supply        | CUSIP: 438689KT7<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1671975.06   | 1.17%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF | Honolulu City & County Board of Water Supply        | CUSIP: 438689KU4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1783812.20   | 1.25%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF | Honolulu City & County Board of Water Supply        | CUSIP: 438689MT5<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2035000 | PA      | $1962859.25   | 1.38%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701J39<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1615231.04   | 1.13%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701P65<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012178.00   | 1.41%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701T53<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1992647.72   | 1.40%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701T61<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007704.00   | 0.71%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701T79<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1752208.50   | 1.23%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701T87<br>LEI: N/A | Long             | DBT              | MUN               | US        |   6250000 | PA      | $6054825.00   | 4.25%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701U28<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2824566.29   | 1.98%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701U36<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2317884.45   | 1.63%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701YN8<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057131.00   | 0.74%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI CMNTY FACS DISTS | Kauai County Community Facilities District          | CUSIP: 486121BC9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1275640.60   | 0.89%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI CMNTY FACS DISTS | Kauai County Community Facilities District          | CUSIP: 486121BS4<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956169.00    | 0.67%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                   | County of Maui                                      | CUSIP: 5772852X6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2967504.00   | 2.08%             | 2024-06-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                   | County of Maui                                      | CUSIP: 5772855F2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014181.00   | 0.71%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                   | County of Maui                                      | CUSIP: 5772855L9<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035583.00   | 0.73%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                   | County of Maui                                      | CUSIP: 5772858A0<br>LEI: N/A | Long             | DBT              | MUN               | US        |    675000 | PA      | $688578.98    | 0.48%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE      | University of Hawaii                                | CUSIP: 91428LJP2<br>LEI: N/A | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2145284.00   | 1.51%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE      | University of Hawaii                                | CUSIP: 91428LJQ0<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1706860.80   | 1.20%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE      | University of Hawaii                                | CUSIP: 91428LJS6<br>LEI: N/A | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1284530.40   | 0.90%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE      | University of Hawaii                                | CUSIP: 91428LLN4<br>LEI: N/A | Long             | DBT              | MUN               | US        |    655000 | PA      | $714935.12    | 0.50%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE      | University of Hawaii                                | CUSIP: 91428LPH3<br>LEI: N/A | Long             | DBT              | MUN               | US        |    750000 | PA      | $685107.75    | 0.48%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-09

**Name of Applicant:** Lee Financial Mutual Fund, Inc.

**Signature:** /S/ Nora Foley

**Name of Signer:** Nora Foley

**Title:** CCO