SCHEDULE F.
HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS
June 30, 2021 (Unaudited)
| | | | | | Value | |
| Par Value | | | | | (Note 1 (A)) | |
| | | | | HAWAII MUNICIPAL BONDS – 95.35% | | | | |
| | | | | Hawaii County | | | | |
| | | | | General Obligation Bonds – 4.19% | | | | |
| $ | 1,025,000 | | | 5.000%, 09/01/27 | | $ | 1,229,420 | |
| | 800,000 | | | 4.000%, 09/01/31 | | | 927,075 | |
| | 460,000 | | | 5.000%, 09/01/32 | | | 548,700 | |
| | 500,000 | | | 5.000%, 09/01/33 | | | 610,570 | |
| | 1,500,000 | | | 4.000%, 09/01/38 | | | 1,816,143 | |
| | 1,500,000 | | | 4.000%, 09/01/40 | | | 1,808,655 | |
| | | | | | | | 6,940,563 | |
| | | | | | | | | |
| | | | | Hawaii State | | | | |
| | | | | General Obligation Bonds – 3.07% | | | | |
| | 2,000,000 | | | 5.000%, 08/01/30 | | | 2,274,276 | |
| | 1,500,000 | | | 3.375%, 01/01/36 | | | 1,657,668 | |
| | 1,000,000 | | | 4.000%, 05/01/36 | | | 1,159,555 | |
| | | | | | | | 5,091,499 | |
| | | | | | | | | |
| | | | | Airport Systems Revenue Bonds – 8.83% | | | | |
| | 1,000,000 | | | 5.000%, 07/01/35 | | | 1,246,164 | |
| | 750,000 | | | 5.000%, 07/01/41 | | | 866,768 | |
| | 735,000 | | | 5.000%, 07/01/43 | | | 900,349 | |
| | 7,335,000 | | | 5.000%, 07/01/45 | | | 8,461,407 | |
| | 2,600,000 | | | 5.000%, 07/01/48 | | | 3,167,900 | |
| | | | | | | | 14,642,588 | |
| | | | | | | | | |
| | | | | Harbors Revenue Bonds – 4.79% | | | | |
| | 1,000,000 | | | 4.000%, 07/01/37 | | | 1,214,632 | |
| | 2,100,000 | | | 4.000%, 07/01/39 | | | 2,538,866 | |
| | 3,475,000 | | | 4.000%, 07/01/40 | | | 4,194,176 | |
| | | | | | | | 7,947,674 | |
| See accompanying notes to schedule of investments. | 1 |
HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS – (Continued)
June 30, 2021 (Unaudited)
| | | | | | Value | |
| Par Value | | | | | (Note 1 (A)) | |
| | | | | Department of Budget & Finance Special Purpose Revenue Bonds | | | | |
| | | | | Hawaiian Electric Company, Inc. – 7.85% | | | | |
| $ | 1,890,000 | | | 4.000%, 03/01/37 | | $ | 2,099,217 | |
| | 10,000,000 | | | 3.200%, 07/01/39 | | | 10,915,700 | |
| | | | | | | | 13,014,917 | |
| | | | | | | | | |
| | | | | Hawaii Pacific Health – 2.05% | | | | |
| | 175,000 | | | 5.125%, 07/01/31 | | | 190,299 | |
| | 340,000 | | | 5.500%, 07/01/38 | | | 371,963 | |
| | 2,600,000 | | | 5.500%, 07/01/43 | | | 2,844,424 | |
| | | | | | | | 3,406,686 | |
| | | | | | | | | |
| | | | | Hawaii Mid-Pacific Institute – 1.23% | | | | |
| | 270,000 | | | 4.000%, 01/01/32 | | | 317,273 | |
| | 435,000 | | | 3.000%, 01/01/34 | | | 463,944 | |
| | 600,000 | | | 3.000%, 01/01/35 | | | 638,564 | |
| | 585,000 | | | 3.000%, 01/01/36 | | | 621,483 | |
| | | | | | | | 2,041,264 | |
| | | | | | | | | |
| | | | | Kahala Nui – 6.76% | | | | |
| | 500,000 | | | 5.000%, 11/15/21 | | | 508,841 | |
| | 2,900,000 | | | 5.000%, 11/15/27 | | | 3,067,617 | |
| | 3,200,000 | | | 5.125%, 11/15/32 | | | 3,368,922 | |
| | 4,055,000 | | | 5.250%, 11/15/37 | | | 4,266,115 | |
| | | | | | | | 11,211,495 | |
| | | | | | | | | |
| | | | | Queen’s Health Systems – 4.60% | | | | |
| | 6,185,000 | | | 5.000%, 07/01/35 | | | 7,155,847 | |
| | 435,000 | | | 4.000%, 07/01/40 | | | 478,477 | |
| | | | | | | | 7,634,324 | |
| | | | | | | | | |
| | | | | Department of Hawaiian Home Lands – 1.24% | | | | |
| | 600,000 | | | 5.000%, 04/01/30 | | | 727,774 | |
| | 800,000 | | | 5.000%, 04/01/31 | | | 966,896 | |
| | 300,000 | | | 5.000%, 04/01/32 | | | 361,816 | |
| | | | | | | | 2,056,486 | |
| See accompanying notes to schedule of investments. | 2 |
HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS – (Continued)
June 30, 2021 (Unaudited)
| | | | | | Value | |
| Par Value | | | | | (Note 1 (A)) | |
| | | | | Department of Hawaiian Home Lands COP – 1.15% | | | | |
| $ | 680,000 | | | 5.000%, 11/01/29 | | $ | 848,607 | |
| | 500,000 | | | 5.000%, 11/01/30 | | | 621,178 | |
| | 350,000 | | | 5.000%, 11/01/31 | | | 433,115 | |
| | | | | | | | 1,902,900 | |
| | | | | | | | | |
| | | | | Department of Transportation Airports COP – 4.63% | | | | |
| | 1,000,000 | | | 5.000%, 08/01/23 | | | 1,095,053 | |
| | 1,420,000 | | | 5.250%, 08/01/24 | | | 1,559,828 | |
| | 2,570,000 | | | 5.250%, 08/01/26 | | | 2,812,937 | |
| | 1,000,000 | | | 5.000%, 08/01/27 | | | 1,088,283 | |
| | 1,025,000 | | | 5.000%, 08/01/28 | | | 1,115,044 | |
| | | | | | | | 7,671,145 | |
| | | | | | | | | |
| | | | | Highway Revenue – 4.74% | | | | |
| | 1,250,000 | | | 4.000%, 01/01/34 | | | 1,430,411 | |
| | 1,360,000 | | | 4.000%, 01/01/35 | | | 1,551,423 | |
| | 425,000 | | | 5.000%, 01/01/36 | | | 540,058 | |
| | 2,200,000 | | | 5.000%, 01/01/40 | | | 2,895,358 | |
| | 1,105,000 | | | 5.000%, 01/01/41 | | | 1,450,548 | |
| | | | | | | | 7,867,798 | |
| | | | | | | | | |
| | | | | Housing Authority | | | | |
| | | | | HFDC Multi-Family-Kuhio Park– 3.34% | | | | |
| | 2,430,000 | | | 4.750%, 10/01/27 | | | 2,469,162 | |
| | 3,000,000 | | | 4.950%, 04/01/29 | | | 3,075,819 | |
| | | | | | | | 5,544,981 | |
| | | | | | | | | |
| | | | | HFDC Multi-Family-Iwilei Apartments– 2.58% | | | | |
| | 150,000 | | | 3.300%, 01/01/26 | | | 153,577 | |
| | 4,035,000 | | | 3.750%, 01/01/31 | | | 4,127,184 | |
| | | | | | | | 4,280,761 | |
| | | | | | | | | |
| | | | | HFDC Multi-Family-Kooloaula Apartments– 2.14% | | | | |
| | 55,000 | | | 3.125%, 09/01/22 | | | 56,012 | |
| | 3,435,000 | | | 4.000%, 09/01/33 | | | 3,492,684 | |
| | | | | | | | 3,548,696 | |
| See accompanying notes to schedule of investments. | 3 |
HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS – (Continued)
June 30, 2021 (Unaudited)
| | | | | | Value | |
| Par Value | | | | | (Note 1 (A)) | |
| | | | | University of Hawaii - Revenue Bonds – 4.87% | | | | |
| $ | 2,000,000 | | | 5.000%, 10/01/29 | | $ | 2,431,318 | |
| | 1,200,000 | | | 5.000%, 10/01/30 | | | 1,457,093 | |
| | 1,600,000 | | | 5.000%, 10/01/31 | | | 1,940,729 | |
| | 500,000 | | | 5.000%, 10/01/34 | | | 586,531 | |
| | 655,000 | | | 5.000%, 10/01/34 | | | 816,287 | |
| | 750,000 | | | 3.000%, 10/01/36 | | | 842,545 | |
| | | | | | | | 8,074,503 | |
| | | | | | | | | |
| | | | | Honolulu City & County | | | | |
| | | | | General Obligation Bonds – 4.67% | | | | |
| | 500,000 | | | 4.000%, 09/01/36 | | | 589,745 | |
| | 1,200,000 | | | 4.000%, 09/01/37 | | | 1,410,964 | |
| | 1,400,000 | | | 5.000%, 10/01/37 | | | 1,644,145 | |
| | 735,000 | | | 4.000%, 09/01/39 | | | 861,676 | |
| | 1,100,000 | | | 5.000%, 09/01/42 | | | 1,369,392 | |
| | 500,000 | | | 4.000%, 09/01/43 | | | 595,821 | |
| | 1,000,000 | | | 5.000%, 08/01/44 | | | 1,265,675 | |
| | | | | | | | 7,737,418 | |
| | | | | | | | | |
| | | | | Water System Revenue Bonds | | | | |
| | | | | Board of Water Supply – 5.22% | | | | |
| | 1,000,000 | | | 5.000%, 07/01/28 | | | 1,281,126 | |
| | 1,470,000 | | | 5.000%, 07/01/29 | | | 1,922,354 | |
| | 1,545,000 | | | 5.000%, 07/01/30 | | | 2,060,530 | |
| | 2,035,000 | | | 4.000%, 07/01/46 | | | 2,476,611 | |
| | 700,000 | | | 5.000%, 07/01/50 | | | 919,994 | |
| | | | | | | | 8,660,615 | |
| | | | | | | | | |
| | | | | Wastewater System Revenue Bonds –10.26% | | | | |
| | 1,520,000 | | | 5.000%, 07/01/36 | | | 1,819,799 | |
| | 500,000 | | | 4.000%, 07/01/37 | | | 602,344 | |
| | 2,000,000 | | | 4.000%, 07/01/38 | | | 2,352,226 | |
| | 1,750,000 | | | 4.000%, 07/01/39 | | | 2,099,342 | |
| | 3,250,000 | | | 4.000%, 07/01/44 | | | 3,861,000 | |
| | 2,990,000 | | | 4.000%, 07/01/49 | | | 3,532,969 | |
| | 2,175,000 | | | 5.000%, 07/01/49 | | | 2,747,721 | |
| | | | | | | | 17,015,401 | |
| See accompanying notes to schedule of investments. | 4 |
HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS – (Continued)
June 30, 2021 (Unaudited)
| | | | | | Value | |
| Par Value | | | | | (Note 1 (A)) | |
| | | | | Kauai County | | | | |
| | | | | Kukuiula Development – 2.78% | | | | |
| $ | 1,090,000 | | | 5.625%, 05/15/33 | | $ | 1,124,713 | |
| | 2,250,000 | | | 5.750%, 05/15/42 | | | 2,317,685 | |
| | 1,000,000 | | | 5.000%, 05/15/49 | | | 1,171,839 | |
| | | | | | | | 4,614,237 | |
| | | | | | | | | |
| | | | | Maui County | | | | |
| | | | | General Obligation Bonds – 4.36% | | | | |
| | 1,000,000 | | | 5.000%, 09/01/23 | | | 1,103,234 | |
| | 3,000,000 | | | 2.125%, 06/01/24 | | | 3,105,018 | |
| | 1,000,000 | | | 4.000%, 09/01/28 | | | 1,140,402 | |
| | 300,000 | | | 3.500%, 09/01/37 | | | 334,190 | |
| | 1,200,000 | | | 5.000%, 03/01/40 | | | 1,542,359 | |
| | | | | | | | 7,225,203 | |
| | | | | | | | | |
| | | | | Total Hawaii Municipal Bonds (Cost $150,624,750) | | $ | 158,131,154 | |
| | | | | | | | | |
| | | | | PRE-REFUNDED1 | | | | |
| | | | | HAWAII MUNICIPAL BONDS – 2.67% | | | | |
| | | | | Honolulu City & County | | | | |
| | | | | Wastewater System Revenue Bonds – 1.42% | | | | |
| $ | 2,000,000 | | | 5.000%, 07/01/32 | | $ | 2,364,458 | |
| | | | | | | | | |
| | | | | Kauai County | | | | |
| | | | | General Obligation Bonds – 1.25% | | | | |
| | 400,000 | | | 3.125%, 08/01/23 | | | 412,137 | |
| | 770,000 | | | 5.000%, 08/01/24 | | | 773,012 | |
| | 880,000 | | | 3.625%, 08/01/25 | | | 882,454 | |
| | | | | | | | 2,067,603 | |
| | | | | | | | | |
| | | | | Total Pre-Refunded Hawaii Municipal Bonds (Cost $4,278,103) | | $ | 4,432,061 | |
| 1 | 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.
| See accompanying notes to schedule of investments. | 5 |
HAWAII MUNICIPAL FUND
SCHEDULE OF INVESTMENTS – (Concluded)
June 30, 2021 (Unaudited)
| | | | | | | | | Value | |
| Par Value | | | | | | | | (Note 1 (A)) | |
| | | | | Total Investments (Cost $154,902,853) (a) | | | 98.02 | % | | $ | 162,563,215 | |
| | | | | Other Assets Less Liabilities | | | 1.98 | % | | | 3,288,719 | |
| | | | | Net Assets | | | 100.00 | % | | $ | 165,851,934 | |
| (a) | Aggregate cost for federal income tax purposes is $154,911,859. |
At June 30, 2021, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
| Gross unrealized appreciation | | $ | 7,721,519 | |
| Gross unrealized (depreciation) | | | (70,163 | ) |
| Net unrealized appreciation | | $ | 7,651,356 | |
| See accompanying notes to schedule of investments. | 6 |
HAWAII MUNICIPAL FUND
NOTES TO SCHEDULE OF INVESTMENTS
June 30, 2021 (Unaudited)
| (1) | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Hawaii Municipal Fund (“Fund”) is a series of Lee Financial Mutual Fund, Inc. which is registered under the Investment Company Act of 1940, as a non-diversified open-end management investment company. Lee Financial Mutual Fund, Inc. currently has one investment portfolio, the Fund which is currently offering one Class of Shares: Investor Shares.
Portfolio securities, that are fixed income securities, are valued by an independent pricing service using methodologies that it believes are appropriate, including actual market transactions, mean between bid and ask prices, broker-dealer supplied valuations, matrix pricing, or other electronic data processing techniques designed to identify market values for such securities, in accordance with procedures established in good faith by the Board of Directors. Securities with remaining maturities of 60 days or less are valued on the amortized cost basis as reflecting fair value. Securities for which market quotations are not readily available or for which available prices are suspect will be valued at “fair value” using methods determined in good faith by or at the direction of the Board of Directors. For these purposes, “fair value” means the price that the Investment Manager reasonably expects the Fund could receive from an arm’s-length buyer upon the current sale of the securities within seven (7) days, after considering all appropriate factors and indications of value available to them. Such value will be cost if the Investment Manager determines such valuation is appropriate after considering a multitude of factors in accordance with established procedures.
The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. U.S. generally accepted accounting principles (“GAAP”) establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
HAWAII MUNICIPAL FUND
NOTES TO SCHEDULE OF INVESTMENTS – (Concluded)
June 30, 2021 (Unaudited)
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers in/out changing an investment’s assigned level within the hierarchy.
The following is a description of the valuation techniques applied to the Fund’s major categories of financial instruments measured at fair value on a recurring basis:
Municipal bonds are categorized in Level 2 of the fair value hierarchy.
The following is a summary of the inputs used in valuing the Fund’s investments, as of June 30, 2021. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.
Valuation Inputs at Reporting Date:
| Description | Level 1 | Level 2 | Level 3 | Total |
| Municipal Bonds | $ - | $162,563,215 | $ - | $162,563,215 |
There were no transfers in to and out of Levels 1 and 2 during the current period presented. There were no purchases, sales issuances, and settlements on a gross basis relating to Level 3 measurements during the current period presented.
| (2) | SUBSEQUENT EVENTS DISCLOSURE |
The Fund’s management has evaluated events and transactions that occurred subsequent to June 30, 2021 for potential recognition or disclosure through the date the report was issued. This evaluation did not result in any subsequent events that necessitated disclosure or adjustment.
For additional information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent Semi-Annual or Annual Report.
