Lee Financial Mutual Fund NPORT-P Hawaii Municipal Fund (Dec 2022 report)

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
$	555,000	5.000%, 10/1/2029	$	589,427
	1,000,000	4.000%, 7/1/2033		1,072,621
	1,000,000	3.000%, 7/1/2035		938,349
	1,745,000	4.000%, 7/1/2036		1,794,462
	1,200,000	4.000%, 9/1/2037		1,214,645
	1,400,000	5.000%, 10/1/2037		1,464,142
	500,000	5.000%, 7/1/2038		553,596
	1,355,000	4.000%, 8/1/2039		1,349,100
	1,100,000	5.000%, 9/1/2042		1,181,013
	500,000	4.000%, 9/1/2043		487,068
	1,000,000	4.000%, 7/1/2044		968,100
	1,000,000	5.000%, 8/1/2044		1,076,598
		County of Hawaii
	1,025,000	5.000%, 9/1/2027		1,098,412
	800,000	4.000%, 9/1/2031		837,586
	460,000	5.000%, 9/1/2032		489,492
	500,000	5.000%, 9/1/2033		542,733
	1,500,000	4.000%, 9/1/2038		1,515,761
	1,500,000	4.000%, 9/1/2040		1,477,083
		County of Maui
	1,000,000	5.000%, 9/1/2023		1,014,181
	3,000,000	2.125%, 6/1/2024		2,967,504
	1,000,000	4.000%, 9/1/2028		1,035,583
	675,000	4.000%, 3/1/2037		688,579
		State of Hawaii
	2,000,000	5.000%, 8/1/2030		2,070,046
	1,000,000	4.000%, 5/1/2036		1,015,800
				27,441,881
		TOTAL GENERAL OBLIGATION		27,441,881
		REVENUE BONDS — 78.2%
		APPROPRIATION — 8.5%
		Kauai County Community Facilities District
	1,300,000	5.000%, 5/15/2049		1,275,641
	1,000,000	5.000%, 5/15/2051		956,169
		State of Hawaii Airports System Revenue
	1,000,000	5.000%, 8/1/20231		1,009,519
	1,420,000	5.250%, 8/1/20241		1,435,345
	2,570,000	5.250%, 8/1/20261		2,594,816
	1,000,000	5.000%, 8/1/20271		1,007,471
		State of Hawaii Department of Hawaiian Home Lands
	680,000	5.000%, 11/1/2029		744,754

HAWAII MUNICIPAL FUND

SCHEDULE OF INVESTMENTS - Continued

December 31, 2022 (Unaudited)

Par Value			Value
		HAWAII MUNICIPAL BONDS (Continued)
		REVENUE BONDS (Continued)
		APPROPRIATION (Continued)
$	600,000	5.000%, 4/1/2030	$	644,273
	500,000	5.000%, 11/1/2030		546,906
	800,000	5.000%, 4/1/2031		856,731
	350,000	5.000%, 11/1/2031		382,174
	550,000	5.000%, 4/1/2032		588,101
				12,041,900
		EDUCATION — 6.6%
		State of Hawaii Department of Budget & Finance
	275,000	4.000%, 1/1/2025		275,296
	665,000	4.000%, 1/1/2027		666,800
	350,000	4.000%, 1/1/2028		350,587
	270,000	4.000%, 1/1/2032		267,010
	435,000	3.000%, 1/1/2034		376,820
	600,000	3.000%, 1/1/2035		510,881
	585,000	3.000%, 1/1/2036		487,184
		University of Hawaii
	2,000,000	5.000%, 10/1/2029		2,145,284
	1,200,000	5.000%, 10/1/2030		1,284,530
	1,600,000	5.000%, 10/1/2031		1,706,861
	655,000	5.000%, 10/1/2034		714,935
	750,000	3.000%, 10/1/2036		685,108
				9,471,296
		HEALTHCARE — 6.7%
		State of Hawaii Department of Budget & Finance
	6,185,000	5.000%, 7/1/2035		6,404,054
	590,000	5.500%, 7/1/2038		594,110
	2,600,000	5.500%, 7/1/2043		2,616,092
				9,614,256
		HOUSING — 10.0%
		Hawaii Housing Finance & Development Corp.
	135,000	3.300%, 1/1/2026		135,015
	2,430,000	4.750%, 10/1/2027		2,460,010
	3,000,000	4.950%, 4/1/2029		3,058,212
	4,035,000	3.750%, 1/1/2031		4,036,178
	4,535,000	4.000%, 9/1/2033		4,537,195
				14,226,610

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
$	12,920,000	3.200%, 7/1/2039	$	10,549,477
				10,549,477
		TRANSPORTATION — 20.7%
		State of Hawaii Airports System Revenue
	1,000,000	5.000%, 7/1/20351		1,048,207
	1,000,000	5.000%, 7/1/20371		1,061,981
	1,000,000	4.000%, 7/1/20411		919,763
	750,000	5.000%, 7/1/20411		759,419
	1,735,000	5.000%, 7/1/20431		1,774,419
	7,335,000	5.000%, 7/1/20451		7,403,414
	2,600,000	5.000%, 7/1/20481		2,633,303
		State of Hawaii Harbor System Revenue
	1,095,000	4.000%, 7/1/20331		1,121,598
	1,000,000	4.000%, 7/1/2037		1,009,429
	1,150,000	4.000%, 7/1/2039		1,137,984
	3,805,000	4.000%, 7/1/2040		3,733,070
		State of Hawaii State Highway Fund
	1,250,000	4.000%, 1/1/2034		1,282,667
	1,360,000	4.000%, 1/1/2035		1,390,386
	425,000	5.000%, 1/1/2036		466,938
	2,200,000	5.000%, 1/1/2040		2,427,414
	1,245,000	5.000%, 1/1/2041		1,367,684
				29,537,676
		WATER & SEWER — 18.3%
		City & County of Honolulu Wastewater System Revenue
	1,520,000	5.000%, 7/1/2036		1,615,231
	1,960,000	4.000%, 7/1/2037		1,992,648
	2,000,000	4.000%, 7/1/2038		2,012,178
	1,000,000	4.000%, 7/1/2038		1,007,704
	1,750,000	4.000%, 7/1/2039		1,752,209
	6,250,000	4.000%, 7/1/2044		6,054,825
	2,990,000	4.000%, 7/1/2049		2,824,566
	2,175,000	5.000%, 7/1/2049		2,317,885
		Honolulu City & County Board of Water Supply
	1,000,000	5.000%, 7/1/2028		1,118,054
	1,470,000	5.000%, 7/1/2029		1,671,975
	1,545,000	5.000%, 7/1/2030		1,783,812

HAWAII MUNICIPAL FUND

SCHEDULE OF INVESTMENTS - Continued

December 31, 2022 (Unaudited)

Par Value			Value
		HAWAII MUNICIPAL BONDS (Continued)
		REVENUE BONDS (Continued)
		WATER & SEWER (Continued)
$	2,035,000	4.000%, 7/1/2046	$	1,962,859
				26,113,946
		TOTAL REVENUE BONDS		111,555,161
		TOTAL HAWAII MUNICIPAL BONDS
		(Cost $148,612,973)		138,997,042
		PRE-REFUNDED HAWAII MUNICIPAL BONDS2 — 0.7%
		REVENUE BONDS — 0.7%
		WATER & SEWER — 0.7%
	1,000,000	City & County of Honolulu Wastewater System Revenue 5.000%, 7/1/2032		1,057,131
		TOTAL PRE-REFUNDED HAWAII MUNICIPAL BONDS
		(Cost $1,072,869)		1,057,131
		TOTAL INVESTMENTS — 98.1%
		(Cost $149,685,842)		140,054,173
		Other Assets in Excess of Liabilities — 1.9%		2,653,059
		TOTAL NET ASSETS — 100.0%	$	142,707,232

1	Securities that are subject to alternative minimum tax represent 15.96% of the Fund's net assets.
2	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.