# EDGAR Filing Document

**Accession Number:** 0001766436
**File Stem:** 0001999371-25-018857
**Filing Date:** 2025-11
**Character Count:** 131071
**Document Hash:** 61648191734b0c2d35a92ffa555f9086
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-018857.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001999371-25-018857

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20220531

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Leader Funds Trust
- **CENTRAL INDEX KEY:** 0001766436

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23419
- **FILM NUMBER:** 251529454

**BUSINESS ADDRESS:**
- **STREET 1:** 315 W. MILL PLAIN BLVD
- **STREET 2:** SUITE 204
- **CITY:** VANCOUVER
- **STATE:** WA
- **ZIP:** 98660
- **BUSINESS PHONE:** 1-800-711-9164

**MAIL ADDRESS:**
- **STREET 1:** 315 W. MILL PLAIN BLVD
- **STREET 2:** SUITE 204
- **CITY:** VANCOUVER
- **STATE:** WA
- **ZIP:** 98660

## Series and Classes Contracts Data

### Leader Capital Short Term High Yield Bond Fund (Series ID: S000065272)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000211307 | Leader Capital Short Term High Yield Bond Fund Investor Class      | LCCMX           |
| C000211310 | Leader Capital Short Term High Yield Bond Fund Institutional Class | LCCIX           |

### Leader Capital High Quality Income Fund (Series ID: S000065273)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000211311 | Leader Capital High Quality Income Fund Institutional Class | LCTIX           |
| C000211314 | Leader Capital High Quality Income Fund Investor Class      | LCTRX           |

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**<br> **WASHINGTON, D.C. 20549**

**FORM N-CSR/A**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**<br> **INVESTMENT COMPANIES**

Investment Company Act file number **811-23419**

**<u>Leader Funds Trust</u>**<br> (Exact name of registrant as specified in charter)

**315 W.Mill Plain Blvd., Suite 204<br> Vancouver, WA 98660**<br> (Address of principal executive offices) (Zip code)

**Capitol Services, Inc.<br> 1675 South State Street, Suite B** 

**Dover, DE 19901**<br> (Name and address of agent for service)

With Copies To:

**John Lekas**

**Leader Capital Corp.**

**315 W. Mill Plain Blvd, Suite 204**

**Vancouver, WA 98660**

Registrant's telephone number, including area code: **(800) 711-9164**

Date of fiscal year end: <u>5/31</u>

Date of reporting period: <u>5/31/2022</u>

**Explanatory Note:** The registrant is filing this amendment to its Form N-CSR/A for the year ended May 31, 2022, originally filed with the Securities and Exchange Commission on February 9, 2023 (Accession Number 0001839882-23-003421). The purpose is to restate the year ended May 31, 2022 financial statements for the Leader Capital Short Term High Yield Bond Fund (the "Restated Fund"), within the May 31, 2022 annual report.

The effect of this restatement on the Restated Fund's financial statements for the year ended May 31, 2022 is included and further described in Note 12 to the restated financial statements for the year ended May 31, 2022. Except for the information affected by the restatement as described in Note 12 and as otherwise indicated as "restated" in the Restated Fund's respective Financial Highlights [and the revision to the registrant's response to Items 11(a) and (b) of Form N-CSR, the information contained herein does not reflect any changes or updates from events occurring after the original filing date and such information continues to speak as of the original filing date].

**Item 1. Reports to Stockholders.**

![](lftncsra053122001.jpg)

**Leader Short Term High Yield Bond Fund**

Investor Class – LCCMX

Institutional Class – LCCIX

**Leader High Quality Floating Rate Fund** 

**(Formerly, Leader Total Return Fund)**

Investor Class – LCTRX

Institutional Class – LCTIX

Annual Report

May 31, 2022

1-800-711-9164

<u>www.leadercapital.com</u>

---

| | |
|:---|:---|
| **LEADER SHORT TERM HIGH YIELD BOND FUND** |  |
| **SCHEDULE OF INVESTMENTS (RESTATED)** |  |
| **May 31, 2022** | **Annual Report** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | **PREFERRED STOCK - 10.4%** | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET MANAGEMENT - 3.7%** |  |  |  |  |
| 27 | &nbsp;&nbsp;&nbsp;Eaton Vance Senior Floating-Rate Trust <sup>(a),(b),(c)</sup> |  | 1.458 | Perpetual | $621000 |
| 18 | &nbsp;&nbsp;&nbsp;Eaton Vance Senior Floating-Rate Trust <sup>(a),(b),(c)</sup> |  | 1.490 | Perpetual | 414000 |
|  |  |  |  |  | 1035000 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.6%** |  |  |  |  |
| 20000 | &nbsp;&nbsp;&nbsp;B Riley Financial, Inc. |  | 5.250 | Perpetual | 458200 |
|  |  |  |  |  | 458200 |
|  | **OIL & GAS PRODUCERS - 3.9%** |  |  |  |  |
| 94990 | &nbsp;&nbsp;&nbsp;Crestwood Equity Partners, L.P. |  | 9.250 | Perpetual | 923303 |
| 8510 | &nbsp;&nbsp;&nbsp;NuStar Energy, L.P. - Series B <sup>(d)</sup> | US0003M + 5.643% | 7.625 | Perpetual | 178710 |
|  |  |  |  |  | 1102013 |
|  | **SPECIALTY FINANCE - 1.2%** |  |  |  |  |
| 115697 | &nbsp;&nbsp;&nbsp;AGNC Investment Corporation <sup>(d)</sup> | US0003M + 4.700% | 6.125 | Perpetual | 351613 |
|  | **TOTAL PREFERRED STOCK (Cost $3,084,741)** |  |  |  | 2946826 |
| **Principal<br> Amount ($)** | **CONVERTIBLE BONDS - 11.9%** |  |  |  |  |
|  | **AUTOMOTIVE - 2.7%** |  |  |  |  |
| $1000000 | &nbsp;&nbsp;&nbsp;NIO, Inc. Series |  | 0.500 | 2/1/2027 | 769878 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.7%** |  |  |  |  |
| 1500000 | &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. Series <sup>(e)</sup> |  | 0.050 | 6/1/2026 | 1059000 |
|  | **RENEWABLE ENERGY - 2.6%** |  |  |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Sunrun, Inc. Series <sup>(f)</sup> |  | 0.000 | 2/1/2026 | 729000 |
|  | **STEEL - 2.8%** |  |  |  |  |
| 400000 | &nbsp;&nbsp;&nbsp;United States Steel Corp. |  | 5.000 | 11/1/2026 | 806400 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $3,640,818)** |  |  |  | 3364278 |
|  | **CORPORATE BONDS - 39.2%** |  |  |  |  |
|  | **BANKING - 0.6%** |  |  |  |  |
| 2000000 | &nbsp;&nbsp;&nbsp;VTB Bank PJSC Via VTB Eurasia DAC<sup>(a)(b)(d)(h)</sup> | H15T10Y + 8.067% | 9.500 | 12/29/2049 | 169620 |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 2.5%** |  |  |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Domtar Corporation |  | 6.750 | 2/15/2044 | 700120 |
|  | **LEISURE FACILITIES & SERVICES - 5.9%** |  |  |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Marriott Ownership Resorts, Inc. |  | 4.750 | 1/15/2028 | 922000 |
| 1000000 | &nbsp;&nbsp;&nbsp;Wynn Macau Ltd. <sup>(e)</sup> |  | 5.625 | 8/26/2028 | 746945 |
|  |  |  |  |  | 1668945 |
|  | **OIL & GAS PRODUCERS - 16.3%** |  |  |  |  |
| 2000000 | &nbsp;&nbsp;&nbsp;DCP Midstream, L.P. Series A <sup>(d)</sup> | US0003M + 5.148% | 7.375 | 12/15/2022 | 1937501 |
| 1700000 | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  | 6.500 | 3/13/2027 | 1634176 |
| 1000000 | &nbsp;&nbsp;&nbsp;Talos Production, Inc. |  | 12.000 | 1/15/2026 | 1081865 |
|  |  |  |  |  | 4653542 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.5%** |  |  |  |  |
| 1500000 | &nbsp;&nbsp;&nbsp;China Evergrande Group |  | 7.500 | 6/28/2023 | 157500 |
|  | **SPECIALTY FINANCE - 6.5%** |  |  |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(e)</sup> |  | 8.500 | 9/15/2025 | 899390 |
| 1000000 | &nbsp;&nbsp;&nbsp;New Residential Investment Corporation <sup>(e)</sup> |  | 6.250 | 10/15/2025 | 942500 |
|  |  |  |  |  | 1841890 |

---

**1** 

---

| | |
|:---|:---|
| **LEADER SHORT TERM HIGH YIELD BOND FUND** |  |
| **SCHEDULE OF INVESTMENTS (RESTATED)** |  |
| **May 31, 2022** | **Annual Report** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount ($)** | **CORPORATE BONDS - 39.2% (continued)** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **TECHNOLOGY HARDWARE - 2.0%** |  |  |  |
| $600000 | &nbsp;&nbsp;&nbsp;NCR Corporation <sup>(e)</sup> | 5.125 | 4/15/2029 | $570555 |
|  | **TECHNOLOGY SERVICES - 4.8%** |  |  |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Visa, Inc. | 2.000 | 8/15/2050 | 1372121 |
|  | **TOTAL CORPORATE BONDS (Cost $14,540,996)** |  |  | 11134293 |
|  | **NON U.S. GOVERNMENT & AGENCIES - 8.1%** |  |  |  |
|  | **SOVEREIGN - 8.12%** |  |  |  |
| 2000000 | &nbsp;&nbsp;&nbsp;Turkey Government International Bond | 5.875 | 6/26/2031 | 1603080 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ukraine Government International Bond <sup>(e)</sup> | 7.750 | 9/1/2022 | 701670 |
|  | **TOTAL NON U.S. GOVERNMENT AGENCIES (Cost $2,873,160)** |  |  | 2304750 |
| **Shares** | **SHORT-TERM INVESTMENT - 27.2%** |  |  |  |
|  | **MONEY MARKET FUND - 27.2%** |  |  |  |
| 7732172 | &nbsp;&nbsp;&nbsp;Federated Hermes Treasury Obligations Fund, Institutional Class, 0.65% (Cost $7,732,172) <sup>(g)</sup> |  |  | $7732172 |
|  | **TOTAL SHORT-TERM INVESTMENT (Cost $7,732,172)** |  |  | 7732172 |
|  | **TOTAL INVESTMENTS (Cost $31,871,887) - 96.8%** |  |  | $27482319 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 3.2%** |  |  | 906229 |
|  | **NET ASSETS - 100%** |  |  | $28388548 |

---

The following abbreviations are used in this portfolio:

LP - Limited Partnership

H15T10Y - U.S. Treasury Yield Curve Rate T Note 10 Year Constant Maturity

LTD - Limited Company

PJSC - Public Joint-Stock Company

US0003M - ICE LIBOR USD 3 Month

<sup>(a)</sup> The Advisor or Trustees have determined these securities to be illiquid. On May 31, 2022, these securities amounted to $1,204,620 or 4.2% of net assets.

<sup>(b)</sup> The value of these securities have been determined in good faith under the policies of the Board of Trustees.

<sup>(c)</sup> Rate shown represents the dividend rate as of May 31, 2022.

<sup>(d)</sup> Variable rate security; the rate shown represents the rate on May 31, 2022.

<sup>(e)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2022 the total market value of 144A securities is 4,920,060 or 17.3% of net assets.

<sup>(f)</sup> Zero coupon bond.

<sup>(g)</sup> Rate disclosed is the seven day effective yield as of May 31, 2022.

<sup>(h)</sup> Fair Value for this investment was restated as part of a NAV error (see Note 12). On May 31, 2022 the restatement amounted to a $1,400,380 reduction in fair value or 4.9% of net assets.

**See accompanying notes to financial statements.**

**2** 

---

| | |
|:---|:---|
| **LEADER HIGH QUALITY FLOATING RATE FUND (FORMERLY, LEADER TOTAL RETURN FUND)** |  |
| **SCHEDULE OF INVESTMENTS** |  |
| **May 31, 2022** | **Annual Report** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount** | **ASSET-BACKED SECURITIES - 74.4%** | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **Collateralized Loan Obligations - 74.4%** |  |  |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;ALM 2020 Ltd. 1A A2(a),(b) | US0003M + 1.850% | 2.894 | 10/15/2029 | 982437 |
| 1000000 | &nbsp;&nbsp;&nbsp;Apidos CLO XV 2013-15A BRR(a),(b) | US0003M + 1.550% | 2.613 | 4/20/1931 | 973328 |
| 1000000 | &nbsp;&nbsp;&nbsp;ARES XLVII CLO Ltd. 47A-B(a),(b) | US0003M + 1.450% | 2.494 | 4/15/1930 | 968592 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ares XXXIV CLO Ltd. 2A BR2(a),(b) | US0003M + 1.600% | 2.644 | 4/17/1933 | 963459 |
| 500000 | &nbsp;&nbsp;&nbsp;Atrium XII 12A Class CR(a),(b) | US0003M + 1.650% | 2.786 | 4/22/2027 | 492308 |
| 1000000 | &nbsp;&nbsp;&nbsp;Beechwood Park CLO Ltd. B2AR(a),(b) | TSFR3M + 1.750% | 2.596 | 1/17/1935 | 966793 |
| 1000000 | &nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2014-4-R Ltd.(a),(b) | US0003M + 1.600% | 2.644 | 7/15/1930 | 968063 |
| 1000000 | &nbsp;&nbsp;&nbsp;Dryden 98 CLO Ltd. B1(a),(b) | TSFR3M + 1.750% | 2.654 | 4/20/1935 | 965972 |
| 1000000 | &nbsp;&nbsp;&nbsp;Invesco CLO 2021-3 Ltd. B(a),(b) | US0003M + 1.650% | 2.786 | 10/22/1934 | 958915 |
| 1000000 | &nbsp;&nbsp;&nbsp;LCM XX, L.P. CR(a),(b) | US0003M + 1.950% | 3.013 | 10/20/2027 | 985765 |
| 1000000 | &nbsp;&nbsp;&nbsp;Madison Park Funding XXVII Ltd. A2(a),(b) | US0003M + 1.350% | 2.413 | 4/20/1930 | 963017 |
| 1000000 | &nbsp;&nbsp;&nbsp;Magnetite XIV-R LTD. B(a),(b) | US0003M + 1.600% | 2.644 | 10/18/1931 | 963195 |
| 1000000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers Clo 40 Ltd. B(a),(b) | US0003M + 1.400% | 2.444 | 4/16/1933 | 960024 |
| 1000000 | &nbsp;&nbsp;&nbsp;Oak Hill Credit Partners X-R Ltd. BR(a),(b) | US0003M + 1.550% | 2.613 | 4/20/1934 | 950492 |
| 1000000 | &nbsp;&nbsp;&nbsp;OCP CLO 2019-16 Ltd. BR(a),(b) | US0003M + 1.400% | 2.389 | 4/10/1933 | 960000 |
| 1000000 | &nbsp;&nbsp;&nbsp;Octagon Investment Partners XVI Ltd. BR(a),(b) | US0003M + 1.600% | 2.644 | 7/17/1930 | 972816 |
| 1000000 | &nbsp;&nbsp;&nbsp;OHA Credit Funding 3 LTD. BR(a),(b) | US0003M + 1.650% | 2.713 | 7/2/1935 | 959882 |
| 1000000 | &nbsp;&nbsp;&nbsp;OHA Credit Partners XIV Ltd. BR (a),(b) | US0003M + 1.500% | 2.598 | 1/21/1930 | 969899 |
| 1000000 | &nbsp;&nbsp;&nbsp;TIAA CLO IV Ltd. A2(a),(b) | US0003M + 1.700% | 2.763 | 1/20/1932 | 968341 |
| 1000000 | &nbsp;&nbsp;&nbsp;Voya CLO 2014-2 Ltd. RA(a),(b) | US0003M + 1.550% | 2.594 | 4/17/1930 | 971931 |
| 1000000 | &nbsp;&nbsp;&nbsp;Voya CLO 2020-2 Ltd. BR(a),(b) | US0003M + 1.700% | 2.744 | 7/19/1934 | 963252 |
|  |  |  |  |  | 19828481 |
|  | **TOTAL ASSET-BACKED SECURITIES (Cost $20,480,433)** |  |  |  | 19828481 |
|  | **CONVERTIBLE BONDS - 1.5%** |  |  |  |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS - 1.5%** |  |  |  |  |
| 400000 | &nbsp;&nbsp;&nbsp;Boxabl, Inc. <sup>(a)(b)(c)(d)</sup> |  | 10.000 | 3/31/2023 | 400000 |
|  | **TOTAL CONVERTIBLE BONDS (Cost $400,000)** |  |  |  | 400000 |
|  | **CORPORATE BONDS - 7.2%** |  |  |  |  |
|  | **Oil & Gas Producers - 7.2%** |  |  |  |  |
| 2000000 | &nbsp;&nbsp;&nbsp;DCP Midstream, L.P. Series A <sup>(e)</sup> | US0003M + 5.148% | 7.375 | 12/15/2022 | 1937500 |
|  | **TOTAL CORPORATE BONDS (Cost $1,883,750)** |  |  |  | 1937500 |
| **Shares** | **SHORT-TERM INVESTMENT - 16.2%** |  |  |  |  |
| 4321334 | &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.23% <sup>(f)</sup> |  |  |  | 4321334 |
|  | **TOTAL SHORT-TERM INVESTMENT (Cost $4,321,334)** |  |  |  | 4321334 |
|  | **TOTAL INVESTMENTS (Cost $27,085,517) - 99.3%** |  |  |  | $26487315 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 0.7%** |  |  |  | 175389 |
|  | **NET ASSETS - 100%** |  |  |  | $26662704 |

---

*The following abbreviations are used in this portfolio:*

LP - Limited Partnership

LTD - Limited Company

TSFR3M - Secured Overnight Financing Rate 3 Month

US0003M - ICE LIBOR USD 3 Month

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of May 31, 2022 the total market value of 144A securities is 19,828,481 or 74.4% of net assets.

<sup>(b)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. <sup>(c)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(d)</sup> The Advisor determined these securities to be illiquid. On May 31, 2022, the securities amounted to $400,000 or 1.5% of net assets.

<sup>(e)</sup> Variable rate security; the rate shown represents the rate on May 31, 2022.

<sup>(f)</sup> Rate disclosed is the seven day effective yield as of May 31, 2022.

**See accompanying notes to financial statements.**

**3** 

**Leader Funds Trust**

**STATEMENTS OF ASSETS AND LIABILITIES**

**May 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **Leader Short Term<br> High Yield Bond<br> Fund (Restated)** | **Leader High<br> Quality Income<br> Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments at cost: | $31871887 | $27085517 |
| &nbsp;&nbsp;&nbsp;Investments at value: | 27482319 | 26487315 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 840247 | 1329829 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 503565 | 156246 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 100 |  |
| &nbsp;&nbsp;&nbsp;Receivable for NAV error - redemptions (see Note 12) | 41423 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 68791 | 53411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 28936445 | 28026801 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 355000 | 1302106 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares distributed |  |  |
| &nbsp;&nbsp;&nbsp;Payable for NAV error - subscriptions (see Note 12) | 103635 |  |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 12090 | 11315 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 18931 | 16925 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 16542 | 3536 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 41699 | 30215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 547897 | 1364097 |
| **NET ASSETS** | $**28388548** | $**26662704** |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $113570301 | $76646744 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (85181753) | (49984040) |
| **NET ASSETS** | $**28388548** | $**26662704** |
| **Net Asset Value Per Share:** |  |  |
| Investor Class Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**17705994** | $**11073445** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **2225497** | **1043381** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**7.96** | $**10.61** |
| Institutional Class Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**10682554** | $**15589259** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1325968** | **1469002** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**8.06** | $**10.61** |

---

See accompanying notes to financial statements.

**4** 

**Leader Funds Trust**

**STATEMENTS OF OPERATIONS**

**For the Year Ended May 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **Leader Capital<br> Short Term High**<br> **Yield Bond Fund<br> (Restated)** | **Leader Capital<br> High Quality<br> Income Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $2167225 | $1266386 |
| &nbsp;&nbsp;&nbsp;Dividends | 368461 | 48348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME:** | 2535686 | 1314734 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 273260 | 180385 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 97868 | 47679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 18384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 10164 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | 171195 | 71885 |
| &nbsp;&nbsp;&nbsp;Registration fees | 70698 | 42773 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 70065 | 39389 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 54322 | 41032 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 48004 | 43587 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 30794 | 26001 |
| &nbsp;&nbsp;&nbsp;Third party adminstrative service fees | 29699 | 24232 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 24716 | 26850 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 23642 | 23918 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 10424 | 10641 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 5112 | 3347 |
| &nbsp;&nbsp;&nbsp;Other expenses | 8452 | 5948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 946799 | 587667 |
| **NET INVESTMENT INCOME** | 1588887 | 727067 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 528169 | 1076253 |
| &nbsp;&nbsp;&nbsp;Proceeds from Litigation | 546000 | 104000 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1074169 | 1180253 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (5303754) | (877305) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation): | (5303754) | (877305) |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** | (4229585) | 302948 |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(2640698) | $1030015 |

---

See accompanying notes to financial statements.

**5** 

**Leader Funds Trust**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Leader Capital Short Term<br> High Yield Bond Fund** | **Leader Capital Short Term<br> High Yield Bond Fund** | **Leader Capital High Quality<br> Income Fund** | **Leader Capital High Quality<br> Income Fund** |
|  | **Year Ended**<br>**May 31, 2022** | **Year Ended**<br>**May 31, 2021** | **Year Ended**<br>**May 31, 2022** | **Year Ended**<br>**May 31, 2021** |
|  | **(Restated)** | | | |
| **FROM OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $1588887 | $953030 | $727067 | $195438 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investments | 1074169 | 566003 | 1180253 | (907086) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation / (depreciation) on investments | (5303754) | 7177326 | (877305) | 2093424 |
| Net increase/(decrease) in net assets resulting from operations | (2640698) | 8696359 | 1030015 | 1381776 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid from earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (723856) | (412870) | (254623) | (26137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (503581) | (305320) | (349352) | (56361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (107850) | (101472) |  | (3799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (33669) | (29367) |  | (1842) |
| Net decrease in net assets from distributions to shareholders | (1368956) | (849029) | (603975) | (88139) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 361341<sup>(1)</sup> | 707098 | 747741 | 387103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1460912<sup>(1)</sup> | 1494479 | 4959926 | 2689423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 16000 | 28232 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 53000 | 35500 |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital from merger (see note 1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  |  |  | 13280244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  |  |  | 20350123 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 626642 | 355031 | 226840 | 20785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 461621 | 279014 | 320726 | 44265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 92693 | 76096 |  | 3026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 24566 | 23174 |  | 1648 |
| &nbsp;&nbsp;&nbsp;Transfer of net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Class A to Investor Class | (793489) |  |  | (542233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Class C to Investor Class | (1145952) |  |  | (290376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To Investor Class from Class A | 793489 |  |  | 542233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To Investor Class from Class C | 1145952 |  |  | 290376 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4419992)<sup>(2)</sup> | (7503228) | (5111830) | (4395877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (2760303)<sup>(2)</sup> | (6432202) | (10758883) | (10204060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (5302906) | (499075) |  | (167315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (114200) | (1346865) |  | (232746) |
| Net increase / (decrease) in net assets from shares of beneficial interest | (9500626) | (12782746) | (9615480) | 21776619 |
| **TOTAL INCREASE / (DECREASE) IN NET ASSETS** | (13510280) | (4935416) | (9189440) | 23070256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 41898828 | 46834244 | 35852144 | 12781888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $**28388548** | $**41898828** | $**26662704** | $**35852144** |

---

<sup>(1)</sup> Net of $72,773 and $30,862 for Investor Class and Institutional Class, respectively, for the affect of the 2022 NAV error adjustment (see Note 12).

<sup>(2)</sup> Net of $24,428 and $16,995 for Investor Class and Institutional Class, respectively, for the affect of the 2022 NAV error adjustment (see Note 12).

See accompanying notes to financial statements.

**6** 

**Leader Funds Trust**

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Leader Capital Short Term<br> High Yield Bond Fund** | **Leader Capital Short Term<br> High Yield Bond Fund** | **Leader Capital High Quality<br> Income Fund** | **Leader Capital High Quality<br> Income Fund** |
|  | **Year Ended**<br>**May 31, 2022** | **Year Ended**<br>**May 31, 2021** | **Year Ended**<br>**May 31, 2022** | **Year Ended**<br>**May 31, 2021** |
|  | **(Restated)** |  |  |  |
| **SHARE ACTIVITY** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 47734 | 79757 | 69761 | 36318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares received from merger (see note 1) |  |  |  | 1251849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares transferred in from Class A | 90704 |  |  | 50182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares transferred in from Class C | 130994 |  |  | 26873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 69989 | 44732 | 21007 | 2220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (490398) | (877235) | (473059) | (433606) |
| &nbsp;&nbsp;&nbsp;Net increase / (decrease) in shares of beneficial interesting outstanding | (150977) | (752746) | (382291) | 933836 |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 168974 | 174468 | 466023 | 256247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares received from merger (see note 1) |  |  |  | 1921890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 50929 | 34663 | 29732 | 4713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (306365) | (757483) | (995797) | (995373) |
| &nbsp;&nbsp;&nbsp;Net increase / (decrease) in shares of beneficial interesting outstanding | (86462) | (548352) | (500042) | 1187477 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1718 | 3326 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares transferred to Investor Class | (90845) |  |  | (50267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 10122 | 9058 |  | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (590418) | (58607) |  | (16705) |
| &nbsp;&nbsp;&nbsp;Net increase / (decrease) in shares of beneficial interesting outstanding | (669423) | (46223) |  | (66648) |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 5769 | 3889 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares transferred to Investor Class | (131427) |  |  | (26790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 2730 | 2950 |  | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (12475) | (153071) |  | (24460) |
| &nbsp;&nbsp;&nbsp;Net increase / (decrease) in shares of beneficial interesting outstanding | (135403) | (146232) |  | (51074) |
| **SHARES OUTSTANDING** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 2376474 | 3129220 | 1425672 | 491836 |
| &nbsp;&nbsp;&nbsp;End of year/period | **2225497** | **2376474** | **1043381** | **1425672** |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1412430 | 1960782 | 1969044 | 781567 |
| &nbsp;&nbsp;&nbsp;End of year | **1325968** | **1412430** | **1469002** | **1969044** |

---

See accompanying notes to financial statements.

**7** 

**Leader Capital Short Term High Yield Bond Fund** 

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  | **(Restated)** | | | | |
| Net asset value, beginning of year | $9.10<sup>(10)</sup> | $7.67 | $8.94 | $8.91 | $8.98 |
| From Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income **<sup>(1)</sup>** | 0.44 | 0.17 | 0.31 | 0.22 | 0.24<sup>(8)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | (1.22) | 1.40 | (1.32) | 0.01**<sup>(7)</sup>** | (0.06)<sup>(8)</sup> |
| Total from investment operations | (0.78) | 1.57 | (1.01) | 0.23 | 0.18 |
| Paid-in-capital from redemption fees |  |  |  | —**<sup>(6)</sup>** |  |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.14) | (0.26) | (0.20) | (0.25) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  |
| Total distributions | (0.34) | (0.14) | (0.26) | (0.20) | (0.25) |
| Impact of NAV error | (0.02)<sup>(9)</sup> |  |  |  |  |
| Net Asset Value, end of year (000s) | $7.96<sup>(10)</sup> | $9.10 | $7.67 | $8.94 | $8.91 |
| Total Return **<sup>(2)</sup>** | (9.07)%**<sup>(510)</sup>** | 20.62%**<sup>(5)</sup>** | (11.59)% | 2.58%**<sup>(5)</sup>** | 1.99%**<sup>(5)</sup>** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Asset Value, end of year (000s) | $17706<sup>(10)</sup> | $21616 | $24014 | $43489 | $54874 |
| Ratio of gross expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense, excluding waiver **<sup>(3)</sup>** | 2.78% | 2.45% | 2.06% | 1.81% | 1.65% |
| Ratio of net expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense **<sup>(3)</sup>** | 2.78% | 2.45% | 2.06% | 1.79% | 1.62% |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense **<sup>(3)</sup>** | 2.78% | 2.45% | 2.06% | 1.66% | 1.54% |
| Ratio of net investment income to average net assets **<sup>(3) (4)</sup>** | 4.28% | 1.96% | 3.65% | 2.48% | 2.68%<sup>(8)</sup> |
| Portfolio Turnover Rate | 717.77% | 1030.50% | 1014.62% | 496.37% | 325.30% |

---

**<sup>(1)</sup>** Per shares amounts calculated using the average share method, which appropriately presents the per share data for the year.

**<sup>(2)</sup>** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends and distributions, if any.

**<sup>(3)</sup>** The ratios shown do not include the Fund's proportionate shares of the expenses of the underlying funds in which the Fund invests.

**<sup>(4)</sup>** Recognition of net investment income is affected by the timing and declaration of dividends by the underlying funds in which the Fund invests.

**<sup>(5)</sup>** Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon the net asset values may differ from the net asset values and returns for shareholder transactions.

**<sup>(6)</sup>** Less than $0.01 per share.

**<sup>(7)</sup>** The amount of net realized and unrealized gain (loss) on investment per share does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values.

**<sup>(8)</sup>** Net investment income, net realized and unrealized gain (loss) and ratio of net investment income to average net assets were restated. The Fund elected to change its accounting method for prepayments on interest only securities resulting in adjustments between income and realized gain (loss).

**<sup>(9)</sup>** Net of reimbursement from the Advisor and amounts paid to shareholders due to NAV error (see Note 12).

**<sup>(10)</sup>** A revision on the valuation of certain securities resulted in an overstated NAV. The impact of the NAV error on Total Return at NAV was (4.58)%% for the year ended May 31, 2022.

See accompanying notes to financial statements.

**8** 

**Leader Capital Short Term High Yield Bond Fund**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  | **(Restated)** | | | | |
| Net asset value, beginning of year | $9.19 | $7.74 | $9.02 | $8.98 | $9.05 |
| From Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income **<sup>(1)</sup>** | 0.49 | 0.21 | 0.36 | 0.27 | 0.28**<sup>(7)</sup>** |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | (1.22)<sup>(9)</sup> | 1.41 | (1.34) | 0.01**<sup>(6)</sup>** | (0.05)**<sup>(7)</sup>** |
| Total from investment operations | (0.73) | 1.62 | (0.98) | 0.28 | 0.23 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.38) | (0.17) | (0.30) | (0.24) | (0.30) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  |
| Total distributions | (0.38) | (0.17) | (0.30) | (0.24) | (0.30) |
| Impact of NAV error | (0.02)<sup>(8)</sup> |  |  |  |  |
| Net Asset Value, end of year (000s) | $8.06<sup>(9)</sup> | $9.19 | $7.74 | $9.02 | $8.98 |
| Total Return **<sup>(2)</sup>** | (8.54)%**<sup>(59)</sup>** | 21.27% | (11.14)% | 3.11%**<sup>(5)</sup>** | 2.54% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Asset Value, end of year (000s) | $10683<sup>(9)</sup> | $12980 | $15182 | $45994 | $59181 |
| Ratio of gross expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense, excluding waiver **<sup>(3)</sup>** | 2.28% | 1.95% | 1.56% | 1.30% | 1.15% |
| Ratio of net expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense **<sup>(3)</sup>** | 2.28% | 1.95% | 1.56% | 1.29% | 1.12% |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense **<sup>(3)</sup>** | 2.28% | 1.95% | 1.56% | 1.16% | 1.04% |
| Ratio of net investment income to average net assets **<sup>(3) (4)</sup>** | 4.79% | 2.49% | 4.18% | 3.04% | 3.16%**<sup>(7)</sup>** |
| Portfolio Turnover Rate | 717.77% | 1030.50% | 1014.62% | 496.37% | 325.30% |

---

**<sup>(1)</sup>** Per shares amounts calculated using the average share method, which appropriately presents the per share data for the year.

**<sup>(2)</sup>** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends and distributions, if any.

**<sup>(3)</sup>** The ratios shown do not include the Fund's proportionate shares of the expenses of the underlying funds in which the Fund invests.

**<sup>(4)</sup>** Recognition of net investment income is affected by the timing and declaration of dividends by the underlying funds in which the Fund invests.

**<sup>(5)</sup>** Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon the net asset values may differ from the net asset values and returns for shareholder transactions.

**<sup>(6)</sup>** The amount of net realized and unrealized gain (loss) on investment per share does not accord with the amounts in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values.

**<sup>(7)</sup>** Net investment income, net realized and unrealized gain (loss) and ratio of net investment income to average net assets were restated. The Fund elected to change its accounting method for prepayments on interest only securities resulting in adjustments between income and realized gain (loss).

**<sup>(8)</sup>** Net of reimbursement from the Advisor and amounts paid to shareholders due to NAV error (see Note 12).

**<sup>(9)</sup>** A revision on the valuation of certain securities resulted in an overstated NAV. The impact of the NAV error on Total Return at NAV was (4.58)%% for the year ended May 31, 2022.

See accompanying notes to financial statements.

**9** 

**Leader Capital High Quality Income Fund**

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $10.57 | $9.21 | $10.07 | $9.71 | $9.60 |
| From Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income **<sup>(1)</sup>** | 0.26 | 0.10 | 0.30 | 0.23 | 0.28**<sup>(7)</sup>** |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | (0.01) | 1.32 | (0.88) | 0.37 | 0.11**<sup>(27)</sup>** |
| Total from investment operations | 0.25 | 1.42 | (0.58) | 0.60 | 0.39 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.06) | (0.25) | (0.24) | (0.28) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.03) |  |  |
| Total distributions | (0.21) | (0.06) | (0.28) | (0.24) | (0.28) |
| Net Asset Value, end of year (000s) | $10.61 | $10.57 | $9.21 | $10.07 | $9.71 |
| Total Return **<sup>(3)</sup>** | 2.39% | 15.53% | (5.85)% | 6.33%**<sup>(6)</sup>** | 4.08% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Asset Value, end of year (000s) | $11073 | $15068 | $4527 | $10955 | $8091 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense **<sup>(4)</sup>** | 2.33% | 3.13% | 2.82% | 2.42% | 2.28% |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense **<sup>(4)</sup>** | 2.33% | 3.13% | 2.82% | 2.42% | 2.20% |
| Ratio of net investment income to average net assets **<sup>(45)</sup>** | 2.37% | 1.16% | 3.04% | 2.28% | 2.93%**<sup>(7)</sup>** |
| Portfolio Turnover Rate | 855.36% | 1198.55% | 612.23% | 397.79% | 535.81% |

---

**<sup>(1)</sup>** Per shares amounts calculated using the average share method, which appropriately presents the per share data for the year.

**<sup>(2)</sup>** Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and does not reconcile with aggregate gains and losses in the statement of operations due to the share transactions during the year.

**<sup>(3)</sup>** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends and distributions, if any.

**<sup>(4)</sup>** The ratios shown do not include the Fund's proportionate shares of the expenses of the underlying funds in which the Fund invests.

**<sup>(5)</sup>** Recognition of net investment income is affected by the timing and declaration of dividends by the underlying funds in which the Fund invests.

**<sup>(6)</sup>** Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon the net asset values may differ from the net asset values and returns for shareholder transactions.

**<sup>(7)</sup>** Net investment income, net realized and unrealized gain (loss) and ratio of net investment income to average net assets were restated. The Fund elected to change its accounting method for prepayments on interest only securities resulting in adjustments between income and realized gain (loss).

See accompanying notes to financial statements.

**10** 

**Leader Capital High Quality Income Fund**

**FINANCIAL HIGHLIGHTS** 

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $10.56 | $9.17 | $10.04 | $9.67 | $9.56 |
| From Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income **<sup>(1)</sup>** | 0.30 | 0.13 | 0.35 | 0.26 | 0.31**<sup>(7)</sup>** |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | (0.01) | 1.35 | (0.89) | 0.39 | 0.12**<sup>(27)</sup>** |
| Total from investment operations | 0.29 | 1.48 | (0.54) | 0.65 | 0.43 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.09) | (0.30) | (0.28) | (0.32) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.03) |  |  |
| Total distributions | (0.24) | (0.09) | (0.33) | (0.28) | (0.32) |
| Net Asset Value, end of year (000s) | $10.61 | $10.56 | $9.17 | $10.04 | $9.67 |
| Total Return **<sup>(3)</sup>** | 2.78%**<sup>(6)</sup>** | 16.22%**<sup>(6)</sup>** | (5.48)% | 6.84%**<sup>(6)</sup>** | 4.56%**<sup>(6)</sup>** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Asset Value, end of year (000s) | $15589 | $20784 | $7170 | $14162 | $8831 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense **<sup>(4)</sup>** | 1.94% | 2.72% | 2.32% | 1.88% | 1.78% |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense **<sup>(4)</sup>** | 1.94% | 2.72% | 2.32% | 1.88% | 1.70% |
| Ratio of net investment income to average net assets **<sup>(45)</sup>** | 2.82% | 1.51% | 3.57% | 2.62% | 3.22%**<sup>(7)</sup>** |
| Portfolio Turnover Rate | 855.36% | 1198.55% | 612.23% | 397.79% | 535.81% |

---

**<sup>(1)</sup>** Per shares amounts calculated using the average share method, which appropriately presents the per share data for the year.

**<sup>(2)</sup>** Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and does not reconcile with aggregate gains and losses in the statement of operations due to the share transactions during the year.

**<sup>(3)</sup>** Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends and distributions, if any.

**<sup>(4)</sup>** The ratios shown do not include the Fund's proportionate shares of the expenses of the underlying funds in which the Fund invests.

**<sup>(5)</sup>** Recognition of net investment income is affected by the timing and declaration of dividends by the underlying funds in which the Fund invests.

**<sup>(6)</sup>** Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon the net asset values may differ from the net asset values and returns for shareholder transactions.

**<sup>(7)</sup>** Net investment income, net realized and unrealized gain (loss) and ratio of net investment income to average net assets were restated. The Fund elected to change its accounting method for prepayments on interest only securities resulting in adjustments between income and realized gain (loss).

See accompanying notes to financial statements.

**11** 

**Leader Funds Trust**

**Notes to the Financial Statements (Restated)**

**May 31, 2022**

**(1)** **Organization** 

The Leader Capital family of mutual funds is comprised of the Leader Short Term High Yield Bond Fund, ("Short Term") and Leader High Quality Floating Rate Fund ("High Quality") (Formerly, Leader Total Return Fund ("Total Return")) (each a "Fund" and collectively the "Funds"), each a series of shares of beneficial interest of Leader Funds Trust (the "Trust"), a Delaware statutory trust organized on March 1, 2019. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. Each Fund represents a distinct, diversified series with its own investment objective and policies within the Trust. The primary investment objective of Short Term is to deliver a high level of current income, with a secondary objective of capital appreciation. The primary investment objective of High Quality is to deliver a high level of current income with a secondary objective of capital appreciation. Short Term and High Quality commenced operations on July 14, 2005 and July 30, 2010, respectively.

Short Term currently offers two classes of shares: Investor Class and Institutional Class shares. High Quality currently offers two classes of shares, Investor Class and Institutional Class. Investor and Institutional shares are offered at net asset value. Each class represents an interest in the ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Funds' income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

As of the close of business on April 9, 2021, the Leader High Quality Low Duration Bond Fund ("Acquired Fund") became part of Total Return ("Acquiring Fund") and acquired all the net assets and certain liabilities of High Quality pursuant to a plan or reorganization approved by the Board on March 23, 2021. The details of this re-organization are shown below:

**<u>At the Close of Business on April 9, 2021</u>**

---

| | | | |
|:---|:---|:---|:---|
| | High Quality Investor Class | Total Return Investor Class | Total Return Investor Class Merged Assets |
| Net Assets | 13280244 | 3232606 | 16512850 |
| Unrealized Appreciation (Depreciation) | 1122392 | (379169) | 743223 |
| Shares Outstanding | 1438922 | 304718 | 1556567 |
| Net Asset Value Per Share | 9.23 | 10.61 | 10.61 |

---

---

| | | | |
|:---|:---|:---|:---|
| | High Quality Institutional Class | Total Return Institutional Class | Total Return Institutional Class Merged Assets |
| Net Assets | 20350123 | 7762521 | 28112644 |
| Unrealized Appreciation (Depreciation) | (830761) | 338048 | (492713) |
| Shares Outstanding | 2198231 | 733098 | 2654988 |
| Net Asset Value Per Share | 9.26 | 10.59 | 10.59 |

---

**(2)** **Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies".

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Security Valuation* 

Generally, securities are valued each day at the last quoted sales price on each security's principal exchange. Securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the- counter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board of Trustees (the "Board"). The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Fund may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. In these cases, each Fund's NAV will reflect certain portfolio securities' fair value rather than their market price. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has delegated execution of these procedures to a fair value team composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) Advisor. The team may also enlist third party consultants such as a pricing specialist or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

**12** 

**Leader Funds Trust**

**Notes to the Financial Statements (Restated) (Continued)**

**May 31, 2022**

**(2)** **Significant Accounting Policies (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Security Valuation (Continued)* 

Each Fund may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds.

Open-end investment companies are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have 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 Funds' 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.

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.

**13** 

**Leader Funds Trust**

**Notes to the Financial Statements (Restated) (Continued)**

**May 31, 2022**

**(2)** **Significant Accounting Policies (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Security Valuation (Continued)* 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2022 for each Fund's assets and liabilities measured at fair value:

***Short Term***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | Level 1 | Level 2 | Level 3 | Total |
| Investments: |  |  |  |  |
| Preferred Stocks | $— | $1911826 | $1035000 | $2946826 |
| Convertible Bonds |  | 3364278 |  | 3364278 |
| Corporate Bond |  | 10964673 | 169620 | 11134293 |
| Non U.S. Government & Agencies |  | 2304750 |  | 2304750 |
| Short-Term Investment | 7732172 |  |  | 7732172 |
| Total Investments | $7732172 | $18545527 | $1204620 | $27482319 |

---

***High Quality***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | Level 1 | Level 2 | Level 3 | Total |
| Investments: |  |  |  |  |
| Asset Backed Securities | $— | $19828481 | $— | $19828481 |
| Convertible Bonds |  |  | 400000 | 400000 |
| Corporate Bond |  | 1937500 |  | 1937500 |
| Short-Term Investment | 4321334 |  |  | 4321334 |
| Total Investments | $4321334 | $21765981 | $400000 | $26487315 |

---

\* Refer to the Schedules of Investments for industry classification.

The following tables are reconciliations of assets in which Level 3 inputs were used in determining value:

**Short Term** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | Eaton Vance | GEO Corrections Holdings, Inc. | Aurora Cannibis, Inc. | VTB Bank PJSC Via VTB Eurasia DAC |
| Beginning Balance | $1035000 | $1559250 | $2112000 | $— |
| Total Realized Gain (Loss) |  | 208688 | 187711 |  |
| Unrealized Appreciation/(Depreciation) |  | 344250 | (104461) |  |
| Cost of Purchases |  |  |  |  |
| Proceeds from Sales |  | (2112188) | (2195250) |  |
| Proceeds from Principal |  |  |  |  |
| Accrued Interest |  |  |  |  |
| Net Transfers In (Out) of Level 3 |  |  |  | 169620 |
| Ending Balance | $1035000 | $— | $— | $169620 |

---

**14** 

**Leader Funds Trust**

**Notes to the Financial Statements (Restated) (Continued)**

**May 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Significant Accounting Policies (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Security Valuation (Continued)* 

**High Quality** 

---

| | | | |
|:---|:---|:---|:---|
| **Assets\*** | GEO Corrections Holdings, Inc. | Aurora Cannibis, Inc. | Boxabl, Inc. |
| Beginning Balance | $1905750 | $3168000 | $— |
| Total Realized Gain (Loss) | 255063 | 203522 |  |
| Unrealized Appreciation (Depreciation) | 420750 | (70397) |  |
| Cost of Purchases |  |  | 400000 |
| Proceeds from Sales | (2581563) | (3301125) |  |
| Proceeds from Principal |  |  |  |
| Accrued Interest |  |  |  |
| Net Transfers In (Out) of Level 3 |  |  |  |
| Ending Balance | $— | $— | $400000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;Investment Type | Fair Value | Valuation Methodology | Unobservable Input Type |
| Short Term | &nbsp;&nbsp;Preferred Stock | $1035000 | Discount of last trade | Potential Future Cash Payment |
| Short Term | &nbsp;&nbsp;Corporate Bond | 169620 | Discount of last trade | N/A |
| High Quality | &nbsp;&nbsp;Corporate Bond | 400000 | Purchase Price | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Security Transactions and Related Income* 

Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. The accounting records are maintained in U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Exchange Traded Funds* 

The Funds may invest in ETFs as part of their principal investment strategies. ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Funds. As a result, your cost of investing in a Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange. ETF shares may trade at a discount to or a premium above net asset value if there is a limited market in such shares. ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to a Fund. Because the value of ETF shares depends on the demand in the market, the Advisor or Sub-Advisor may not be able to liquidate a Fund's holdings at the most optimal time, adversely affecting performance. An ETF is subject to specific risks, depending on the nature of its investment strategy, which could include liquidity risk, sector risk and emerging market risk. In addition, ETFs that use derivatives may be subject to counterparty risk, liquidity risk, and other risks commonly associated with investments in derivatives. An ETF may not be able to replicate exactly the performance of the indices it tracks, if any, because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, an ETF will incur expenses not incurred by its underlying index. Certain securities comprising the index tracked by an ETF may, from time to time, temporarily be unavailable, which may further impede the ETF's ability to track its underlying index.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *LIBOR Risk* 

The Funds may invest in securities and other instruments whose interest payments are determined by references to the London Interbank Offered Rate ("LIBOR").

**15** 

**Leader Funds Trust**

**Notes to the Financial Statements (Restated) (Continued)**

**May 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Significant Accounting Policies (Continued)** 

The United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. On March 5, 2021, ICE Benchmark Administration Limited, the administrator of LIBOR, announced its intention to cease publishing a majority of the USD LIBOR rates after publication on June 30, 2023, with the one week and two months USD LIBOR rates to cease after publication on December 31, 2021. The U.S. Federal Reserve, based on the recommendations of the Alternative Reference Rates Committee (comprised of major derivative market participants and their regulators), has begun publishing Secured Overnight Financing Rate (SOFR), a broad measure of secured overnight U.S. Treasury repo rates, that is intended to replace USD LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *LIBOR Risk (continued)* 

The unavailability of LIBOR presents risks to the Fund, including the risk that any pricing or adjustments to the Fund's investments resulting from a substitute or alternate reference rate may adversely affect the Fund's performance and/or NAV. It remains uncertain how such changes would be implemented and the effects such changes would have on the Fund, including any negative effects on the Fund's liquidity and valuation of the Fund's investments, issuers of instruments in which the Fund invests and financial markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Distributions to Shareholders* 

Dividends from net investment income are paid monthly for Short Term and High Quality. Distributable net realized capital gains are declared and distributed annually. Dividends and distributions to shareholders are recorded on ex-date. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment. Temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset values per share of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Federal Income Taxes* 

It is each Fund's policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of their taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required.

Each Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years May 31, 2019 – May 31, 2021, or expected to be taken in each Fund's May 31, 2022 tax returns. Each Fund identifies its major tax jurisdictions as U.S. Federal and foreign jurisdictions where each Fund makes significant investments. Each Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Expenses* 

Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses that are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Indemnification* 

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**16** 

**Leader Funds Trust**

**Notes to the Financial Statements (Restated) (Continued)**

**May 31, 2022**

**(3)** **Investment Transactions** 

For the year ended May 31, 2022, cost of purchases and proceeds from sales of portfolio securities and U.S. Government securities, other than short-term investments, amounted to the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **U.S. Government Securities** | **U.S. Government Securities** |
| Fund | Purchases | Sales | Purchases | Sales |
| Short Term | $220711389 | $237322002 | $63652531 | $63656973 |
| High Quality | 94590792 | 105123618 | 119414727 | 119590996 |

---

**(4)** **Aggregate Unrealized Appreciation and Depreciation – Tax Basis** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes and its respective gross unrealized appreciation and depreciation at May 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciatiion) |
| Short Term | $31853077 | $620806 | $(4991564) | $(4370758) |
| High Quality | 27017440 | 127509 | (657634) | (530125) |

---

**(5)** **Investment Advisory Agreement and Transactions with Related Parties** 

Leader Capital Corp. serves as the Funds' Investment Advisor (the "Advisor"). Pursuant to an investment advisory agreement between the Advisor and the Trust, on behalf of each Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, each Fund pays the Advisor a management fee, computed and accrued daily and paid monthly, at an annual rate of (i) 0.75% of Short Term's average daily net assets up to and including $1.25 billion; or (ii) 0.70% of Short Term's average daily net assets over $1.25 billion; (iii) 0.65% of High Quality's average daily net assets; prior to April 10, 2021 the annual rate was 0.75%. For the year ended May 31, 2022, Short Term and High Quality accrued $273,260 and $180,385 in advisory fees, respectively.

*<u>Ceros Financial Services, Inc. (the "Distributor"),</u>* acts as each Fund's principal underwriter in a continuous public offering of each Fund's Investor Class, Institutional Class, Class A and Class C shares. For the year ended year ended May 31, 2022, the Distributor received $0 in underwriting commissions.

*<u>Joot,</u>* Joot provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between Joot and the Trust. Under the terms of such agreement, Joot receives customary fees from the Fund. Prior to April 1, 2022 Northern Light Compliance services ("NLCS") served as the Chief Compliance Officer.

*<u>Ultimus Fund Solutions, LLC ("UFS"),</u>* provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

In addition, certain affiliates of UFS provide services to the Funds as follows:

*<u>Blu Giant, LLC ("Blu Giant"),</u>* an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

**(6)** **Distribution Plan** 

The Trust, with respect to the Funds, has adopted the Trust's Master Distribution and Shareholder Servicing Plans for Class A, Class C and Investor Class shares (the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that a monthly service and distribution fee is calculated by Short Term at an annual rate of 0.50% of its average daily net assets for Investor Class and Class A shares and 1.00% for Class C shares and is paid to the Distributor to provide compensation for ongoing shareholder servicing and distribution-related activities or services and/or maintenance of each Fund's shareholder accounts not otherwise required to be provided by the Advisor. The Plans provide that a monthly service and distribution fee is calculated by High Quality at an annual rate of 0.38% of its average daily net assets for Investor Class. The Institutional Shares do not participate in a Plan. For the year ended April 30, 2022 Short Term and High Quality incurred $126,416 and $47,679, respectively in fees, pursuant to the Plans. Class A and Class C shares of Short Term converted into Investor shares on March 31, 2022.

**17** 

**Leader Funds Trust**

**Notes to the Financial Statements (Restated) (Continued)**

**May 31, 2022**

**(7)** **Distributions to Shareholders and Tax Components of Capital** 

The tax character of distributions paid during the fiscal year ended May 31, 2022 and the fiscal year ended May 31, 2021 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| For fiscal year ended May 31, 2022 | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total |
| Short Term | $1368956 | $– $|  | $1368956 |
| High Quality | 603975 | – |  | 603975 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| For fiscal year ended May 31, 2021 | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total |
| Short Term | $849029 | $– $|  | $849029 |
| High Quality | 88139 | – |  | 88139 |

---

As of May 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Undistributed <br>Ordinary Income | Undistributed Long-Term Capital Gains | Capital Loss Carryforwards | Other Book/Tax Differences | Post-October Loss <br>And <br>Late Year Loss | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Deficit) |
| Short Term | $176405 | $– $| (80987400) | $– $|  | $(4370758) | $(85181753) |
| High Quality | 167466 | – | (49621381) | – |  | (530125) | (49984040) |

---

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, and tax adjustments for partnerships, trust preferred securities and perpetual bonds.

At May 31, 2022, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Short-Term | Long-Term | Capital Loss Carryforward Limitation | Total | CLCF Utilized |
| Short Term | $30115349 | $50872051 | $- | $80987400 | $1258378 |
| High Quality | 15071199 | 1325356 | 33224826 | 49621381 | 1186377 |

---

As a result of the acquisition of another Fund, the High Quality Floating Rate Fund acquired $15,574,823 and $1,535,671 of short-term and long-term capital loss carryover, respectively, which is available to offset future capital gains. In addition, as a result of a change in control due to the merger, the Fund is subject to an annual limitation of $165,586 (prorated in the initial year) under tax rules.

**(8)** **Auction Rate Preferred Securities** 

Auction rate preferred securities ("ARPS") are corporate preferred stocks with dividend rates designed to reset periodically - typically every 7, 14, 28, or 35 days. These ARPS do not trade on a public stock exchange similar to common stocks, but rather through a Dutch auction process, occurring at the intervals described above. Since February 18, 2008 the Dutch auction process has mostly failed. When an auction fails, the dividend rate applicable to each series is set at a "default rate", as defined in each security's prospectus, and varies with a specified short-term interest rate (typically as a percentage of or a spread in addition to the specified base rate).

The Advisor believes 92% of par value accurately reflects the market value of the ARPS held by the Short Term as of November 30, 2021, and because of the failed Dutch auction process, believes they are presently illiquid. As of May 31, 2022, the ARPS are fair valued based on the Trust's Procedures as stated in Note 2. Although the Advisor believes that 92% of par value accurately reflects market value, there is no guarantee that in a forced liquidation the Fund would receive the market value currently ascribed to these securities. As of May 31, 2022, the Short Term held $1,035,000 or 3.5% of its net assets in ARPS.

**18** 

**Leader Funds Trust**

**Notes to the Financial Statements (Restated) (Continued)**

**May 31, 2022**

**(9)** **Underlying Investments in Other Investment Companies** 

Short Term currently invests a portion of its assets in Federated Treasury obligations Fund. Short Term may redeem its investment from Federated Treasury obligations Fund at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of Short Term will be directly affected by the performance of the Federated Treasury Obligations Fund. The financial statements of the Federated Treasury Obligations Fund, including the portfolio of investments, can be found at the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the Fund's financial statements. As of May 31, 2022, the percentage of Short Term's net assets invested in the Federated Treasury Obligations Fund was 25.9%.

**(10) Litigation**

The Trust, on behalf of Short-Term and Total Return (collectively with the Trust, the "Funds"), filed a FINRA arbitration complaint on May 4, 2020, against Oppenheimer & Co. and two of its principals (collectively, "OPCO"). The claims alleged that OPCO failed to execute a signficant trade, acted negligently, failed to supervise its traders, and breached its fiduciary duty. On November 23, 2021 the complaint was settled.

**(11) New Accounting Pronouncements**

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (''ASU 2020-04''). The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any of applying this ASU.

**(12) Restatement**

After the fiscal year ended May 31, 2022, management and the Advisor identified a material error in the fair value of the corporate bond issued by VTB Bank Public Joint Stock Company ("VTB"), a Russian entity held by Short Term High Yield Fund, which was affected by economic sanction imposed by the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") because of Russia's military invasion of Ukraine in 2022. The sanctions were announced on February 24, 2022, and took effect on March 26, 2022, subject to certain exemption until May 25, 2022. As of February 22, 2022, the error became material.

The Advisor and the Board determined it was appropriate to change the fair value of the VTB corporate bond. These fair value revisions had the effect of changing the NAV per share at which shareholder subscriptions and redemptions were executed from February 22, 2022 through May 31, 2022 (the "Error Period"). Under the Trust's NAV error policy, Short Term is reprocessing shareholder transactions effected, which will include sending cash reimbursements to shareholder accounts for purchases made during the Error Period. The Advisor is responsible for any shortfall to Short Term. Additionally, the Advisor will reimburse Short Term for any additional expenses related to correcting the error and reprocessing shareholder transactions. Accordingly, as of the date the restated financial statements have been issues the Advisor contributed $103,635 to Short Term to compensate shareholders and Short Term for harm caused by the mispricing of the VTB corporate bond.

The accompanying financial statements of the Fund for the year ended May 31, 2022, have been restated from amounts previously reported to correct the error.

**(13) Subsequent Events**

All subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the restated financial statements were issued. Management has determined that no other events or transactions have occurred requiring adjustment or disclosure in the financial statements.

**19** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of Leader Funds Trust

and Shareholders of Leader Short Term High Yield Bond Fund

and Leader High Quality Floating Rate Fund (Formerly, Leader Total Return Fund)

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Leader Short Term High Yield Bond Fund and Leader High Quality Floating Rate Fund (Formerly, Leader Total Return Fund), (collectively the "Funds") each a series of Leader Funds Trust (the "Trust") including the schedules of investments, as of May 31, 2022, the related statements of operations and the statements of changes in net assets, and the related notes (collectively referred to as the "financial statements") and the financial highlights for the year then ended.

The statements of changes in net assets for the year ended May 31, 2021 and the financial highlights for each of the years in the four year period ended May 31, 2021, was audited by other auditors whose opinion dated July 30, 2021, expressed an unqualified opinion on those financial statements and financial highlights.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of May 31, 2022, the results of their operations, the changes in their net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

<br> **Restatement of Financial Statements** 

As discussed in Note 12 to the financial statements, the Funds have restated their previously issued financial statements for the year ended May 31, 2022, due to a change in the valuation of a portfolio investment. We have audited the restated financial statements, and our opinion is expressed on the financial statements as restated.

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of May 31, 2022, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](lftncsra053122002.jpg)

This is the initial year we have served as the Trust's auditor.

Abington, Pennsylvania

November 21, 2025

**20** 

***PRIVACY NOTICE***

**LEADER FUNDS TRUST**

**March 2019**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES LEADER FUNDS TRUST DO WITH YOUR PERSONAL INFORMATION?** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and wire transfer instructions<br>&nbsp;&nbsp;&nbsp;&nbsp;● account transactions and transaction history<br>&nbsp;&nbsp;&nbsp;&nbsp;● investment experience and purchase history<br>When you are *no longer* our customer, we continue to share your information as described in this notice.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Leader Funds Trust chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information:** | &nbsp;&nbsp;**Does Leader Funds Trust** <br> **share information?** | &nbsp;&nbsp;**Can you limit** <br> **this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | &nbsp;&nbsp;**YES** | &nbsp;&nbsp;**NO** |
| &nbsp;&nbsp;**For our marketing purposes -** to offer our products and services to you. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For joint marketing with other financial companies.** | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your transactions and records. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your credit worthiness. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | **NO** | **We don't share** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**QUESTIONS?** | &nbsp;&nbsp;**Call 1-(800) 711-9164** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**What we do:** | &nbsp;&nbsp;**What we do:** |
| &nbsp;&nbsp;**How does Leader Funds Trust protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.  |
| &nbsp;&nbsp;**How does Leader Funds Trust collect my personal information?** | &nbsp;&nbsp;We collect your personal information, for example, when you<br>● open an account or deposit money<br>● direct us to buy securities or direct us to sell your securities<br>● seek advice about your investments<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.  |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only:<br>● sharing for affiliates' everyday business purposes – information about your creditworthiness.<br>● affiliates from using your information to market to you.<br>● sharing for nonaffiliates to market to you.<br>State laws and individual companies may give you additional rights to limit sharing.  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>● *Leader Funds Trust does not share with our affiliates.*  |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>● *Leader Funds Trust does not share with nonaffiliates so they can market to you.*  |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>● *Leader Funds Trust doesn't jointly market*.  |

---

**Item 2. Code of Ethics.**

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full,
 fair, accurate, timely, and understandable disclosure in reports and documents that a
 registrant files with, or submits to, the Commission and in other public communications
 made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance
 with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 prompt internal reporting of violations of the code to an appropriate person or persons
 identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability
 for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on Registrant' website.

(f) A copy of the Code of Ethics is attached as an exhibit.

**Item 3. Audit Committee Financial Expert.**

(a) The Registrant's board of trustees has determined that Martin Kehoe is audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Kehoe is independent for purposes of this Item 3.

**Item 4. Principal Accountant Fees and Services.**

(a)  **<u>Audit Fees</u>** 

2022- $12,000<br> 2021- $22,000<br> 2020- $49,000

(b)  **<u>Audit-Related Fees</u>** 

2022 - None<br> 2021 - None<br> 2020 - None

(c)  **<u>Tax Fees</u>** 

2022 - $4,000<br> 2021 - $4,000<br> 2020 - $6,750

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d)  **<u>All Other Fees</u>** 

2022 - None<br> 2021 - None<br> 2020- None

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

---

| | |
|:---|:---|
|  | <u>2022</u> |
| Audit-Related Fees: | 0.00% |
| Tax Fees: | 0.00% |
| All Other Fees: | 0.00% |

---

(f) During
 the audit of registrant's financial statements for the most recent fiscal year,
 less than 50 percent of the hours expended on the principal accountant's engagement
 were attributed to work performed by persons other than the principal accountant's
 full-time, permanent employees.

(g) The
 aggregate non-audit fees billed by the registrant's accountant for services rendered
 to the registrant, and rendered to the registrant's investment adviser (not including
 any sub-adviser whose role is primarily portfolio management and is subcontracted with
 or overseen by another investment adviser), and any entity controlling, controlled by,
 or under common control with the adviser that provides ongoing services to the registrant:

2022 - $4,000<br> 2021 - $4,000<br> 2020 - $6,750

(h) The
 registrant's audit committee has considered whether the provision of non-audit
 services to the registrant's investment adviser (not including any sub-adviser
 whose role is primarily portfolio management and is subcontracted with or overseen by
 another investment adviser), and any entity controlling, controlled by, or under common
 control with the investment adviser that provides ongoing services to the registrant,
 that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation
 S-X, is compatible with maintaining the principal accountant's independence.

**Item 5. Audit Committee of Listed Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable to open-end investment companies.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 9. Purchases of Equity Securities by Closed-End Funds.** Not applicable to open-end investment companies.

**Item 10. Submission of Matters to a Vote of Security Holders.** Vote of security holders is included under item 1.

**Item 11. Controls and Procedures.** 

(a) Based on an evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N- CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure, with the exception of a material weakness in investment valuation controls which led to a valuation error and was the basis for the restatement of the financial statements filed under Items 1 and 7 under this amended Form N-CSR.

(b) The Registrant's internal controls with respect to investment valuations have been updated to consider additional valuation inputs when evaluating fair valued securities. There were no other significant changes in the Registrant's internal control over financial reporting that occurred during the Registrant's last fiscal year that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-Ended Management Investment Companies.** 

Not applicable

**Item 13. Exhibits.** 

[(a)(1)](ex99-coe.htm) [Code of Ethics filed herewith.](ex99-coe.htm)

[(a)(2)](ex99cert.htm) [Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.](ex99cert.htm)

(a)(3) Not applicable for open-end investment companies.

[(b)](ex99906.htm) [Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.](ex99906.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| |
|:---|
| (Registrant) <u>Leader Funds Trust</u> |
| By (Signature and Title) |
| /s/ John Lekas |
| John Lekas, President/Principal Executive Officer |
| Date: November 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By (Signature and Title) |
| /s/ John Lekas |
| John Lekas, President/Principal Executive Officer |
| Date: November 26, 2025 |
| By (Signature and Title) |
| /s/ Larry E. Beaver, Jr. |
| Larry E. Beaver, Jr., Treasurer/Principal Financial Officer |
| Date: November 26, 2025 |

---

## Ex-99.Code

[Leader Funds Trust N-CSR/A](lft-ncsra_053122.htm)

**EXHIBIT 99.COE**

**Leader Funds Trust**

**CODE OF ETHICS**

Leader Funds Trust (the "Trust") and each series thereof (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all
 officers and trustees (or persons occupying a similar status or performing a similar function)
 of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all
 officers and trustees (or persons occupying a similar status or performing a similar function)
 of an Adviser with respect to its corresponding series of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any
 employee of the Trust or the Advisers (or of any company controlling or controlled by or
 under common control with the Trust or the Advisers) who, in connection with his or her regular
 functions or duties, makes, participates in, or obtains information regarding the purchase
 or sale of Covered Securities by the Funds, or whose functions relate to the making of any
 recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any
 other natural person controlling, controlled by or under common control with the Trust or
 the Advisers who obtains information concerning recommendations made to the Funds with regard
 to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust with respect to Trustees and officers of the respective Trust, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds, except funds services by Gemini, NLCS, or NLD.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes or participates in or obtains information regarding recommendations on the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Adviser personnel.

**"Funds"** means series of the Trust.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister- in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust;

(e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Adviser to the Trust.

**"Trust"** mean the Leader Funds Trust.

**PROHIBITED ACTIONS AND ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. No
 Access Person shall purchase or sell directly or indirectly, any Covered Security in which
 he or she has, or by reason of such transaction acquires, any direct or indirect beneficial
 ownership and which he or she knows or should have known at the time of such purchase or
 sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or
 sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Decision-Making
 Access Persons may not participate in any initial public offering of Covered Securities in
 any account over which they exercise Beneficial Ownership. All Access Persons must obtain
 prior written authorization from the Chief Compliance Officer or his designee prior to such
 participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. No
 Access Person may purchase a Covered Security in which by reason of such transaction they
 acquire Beneficial Ownership in a private placement of a Security, without prior written
 authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Access
 Persons may not accept any fee, commission, gift, or services, other than de minimus gifts,
 from any single person or entity that does business with or on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Decision-Making
 Access Persons may not serve on the board of directors of a publicly traded company without
 prior authorization from the Chief Compliance Officer or his designee based upon a determination
 that such service would be consistent with the interests of the Trust. If such service is
 authorized, procedures will then be put in place to isolate such Decision-Making Access Persons
 serving as directors of outside entities from those making investment decisions on behalf
 of the Trust.

Advanced notice should be given so that the Trust or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Decision-Making
 Access Persons may execute a Personal Securities Transaction involving a Covered Security
 without pre-authorization of the Chief Compliance Officer or such persons who may be designated
 by the Chief Compliance Officer from time to time, provided it is permitted by the Adviser's
 Code of Ethics. The Chief Compliance Officer or his designee may restrict purchases of Covered
 Securities pursuant to the Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. It
 shall be a violation of this Code for any Access Person, in connection with the purchase
 or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice
 to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to
 make to the Trust any untrue statement of a material fact or to omit to state to the Trust
 a material fact necessary in order to make the statements made, in light of the circumstances
 under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to
 engage in any act, practice or course of business that operates or would operate as a fraud
 or deceit upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice
 with respect to the Trust.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 or Sales of Securities effected in any account in which an Access Person has no Beneficial
 Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 or Sales of Securities which are non-volitional on the part the Access Person (for example,
 the receipt of stock dividends);

&nbsp;&nbsp;&nbsp;&nbsp;· Purchase
 of Securities made as part of automatic dividend reinvestment plans;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 of Securities made as part of an employee benefit plan involving the periodic purchase of
 company stock or mutual Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders
 of a class of its Securities, to the extent such rights were acquired from such issuer, and
 sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, unless covered under Section B of the Prohibited Actions and Activities section above, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trust order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

**REPORTING AND MONITORING**

 ****

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code. An Access Person of the Trust who is also an access person of the Trust's principal underwriter or their affiliates or an Access Person of a Fund's Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, or Adviser, <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no

more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trust may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, number of shares, and the principal amount of each
 Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;· The
 price of the Covered Security at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of the broker, dealer, or bank with or through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;· The
 date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the

Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

**ENFORCEMENTS AND PENALTIES**

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trust Board of Trustees.

Upon being informed of a violation of this Code, the Trust Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually, the Chief Compliance Officer shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

&nbsp;&nbsp;&nbsp;&nbsp;· Summarize
 existing procedures concerning Personal Securities investing and any changes in the procedures
 made during the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;· Identify
 any violations of this Code and any significant remedial action taken during the prior year;
 and;

&nbsp;&nbsp;&nbsp;&nbsp;· Identify
 any recommended changes in existing restrictions or procedures based upon the experience
 under the Code, evolving industry practices or developments in applicable laws and regulations.

***Acknowledgment***

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

Adopted: March 1, 2019

## Ex-99.Cert

[Leader Funds Trust N-CSR/A](lft-ncsra_053122.htm)

**EXHIBIT 99.CERT**

**CERTIFICATIONS**

I, John Lekas, certify that:

1. I have reviewed this report on Form N-CSR of the Leader Short Term High Yield Bond Fund and Leader High Quality Floating Rate Fund (each a series of Leader Funds Trust);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 26, 2025 | /s/ John Lekas |
|  | John Lekas, President/Principal Executive Officer |

---

**CERTIFICATIONS**

I, Larry E. Beaver, Jr., certify that:

1. I have reviewed this report on Form N-CSR of the Leader Short Term High Yield Bond Fund and Leader High Quality Floating Rate Fund (each a series of Leader Funds Trust);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 26, 2025 | /s/ Larry E. Beaver, Jr. |
|  | Larry E. Beaver, Jr., Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[Leader Funds Trust N-CSR/A](lft-ncsra_053122.htm)

**EXHIBIT 99.906CERT**

**certification**

John Lekas, President and Treasurer of Leader Funds Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the year ended May 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| President/Principal Executive Officer | Treasurer/Principal Financial Officer |
| Leader Funds Trust | Leader Funds Trust |
| /s/ John Lekas | /s/ Larry E. Beaver, Jr. |
| John Lekas | Larry E. Beaver, Jr. |
| Date: November 26, 2025 | Date: November 26, 2025 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Leader Funds Trust and will be retained by Leader Funds Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.