# EDGAR Filing Document

**Accession Number:** 0001766436
**File Stem:** 0002000324-25-004854
**Filing Date:** 2025-12
**Character Count:** 86799
**Document Hash:** d64b9ab2e1dd78d9e1cd4a740025e2ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004854.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0002000324-25-004854

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**PERIOD START**: 20260731

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23419
- **FILM NUMBER:** 251613676

**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           |

## Nport-Ex

---

| |
|:---|
| **Leader Short Term High Yield Bond Fund** |
| **Schedule of Investments** |
| **October 31, 2025 (Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** | **PREFERRED STOCK - 0.55%** | |  | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **Diversified Financial Services - 0.55%** |  |  |  |  |  |
| 54941 | &nbsp;&nbsp;&nbsp;B. Riley Financial, Inc.<sup>(c)(d)</sup> |  |  | 6.000 | 1/31/2028 | $708739 |
| 18818 | &nbsp;&nbsp;&nbsp;B. Riley Financial, Inc.<sup>(c)(d)</sup> |  |  | 5.250 | 8/31/2028 | 192508 |
|  |  |  |  |  |  | 901247 |
|  | **TOTAL PREFERRED STOCK (Cost $1,269,289)** |  |  |  |  | 901247 |
| **Principal<br> Amount** | **ASSET-BACKED SECURITIES - 88.20%** | **Series** | **Class** |  |  |  |
|  | **Commercial Mortgage-Backed Securities - 2.94%** |  |  |  |  |  |
| $5000000 | &nbsp;&nbsp;&nbsp;HONO 2021-LULU Mortgage Trust<sup>(e)(f)</sup> | 2021-LULU | Class F | 8.547 | 10/15/2036 | 4849341 |
|  | **Collateralized Loan Obligations - 85.26%** |  |  |  |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;1828 CLO Ltd.<sup>(e)(f)</sup> | 2016-1A | Class DR | 10.756 | 10/15/2031 | 985081 |
| 4500000 | &nbsp;&nbsp;&nbsp;AB BSL CLO 3 Ltd<sup>(e)(f)</sup> | 2021-3A | Class ER | 8.984 | 4/20/2038 | 4339723 |
| 3000000 | &nbsp;&nbsp;&nbsp;AGL CLO 3 Ltd.<sup>(e)(f)</sup> | 2020-3A | Class ER | 9.155 | 4/15/2038 | 2829392 |
| 4900000 | &nbsp;&nbsp;&nbsp;Allegro CLO V-S Ltd.<sup>(e)(f)</sup> | 2024-2A | Class E | 11.365 | 7/24/2037 | 4881673 |
| 2500000 | &nbsp;&nbsp;&nbsp;Allegro CLO X Ltd.<sup>(e)(f)</sup> | 2019-1A | Class E | 11.026 | 4/20/2032 | 2512264 |
| 4000000 | &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2019-1<sup>(e)(f)</sup> | 2019-1A | Class ER | 11.156 | 4/19/2034 | 4019957 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ballyrock CLO 18 Ltd.<sup>(e)(f)</sup> | 2021-18A | Class DR | 9.655 | 4/15/2038 | 1000786 |
| 1275000 | &nbsp;&nbsp;&nbsp;Battalion CLO XV Ltd.<sup>(e)(f)</sup> | 2020-15A | Class E | 10.493 | 1/17/2033 | 1237187 |
| 2500000 | &nbsp;&nbsp;&nbsp;Battalion CLO XXII Ltd.<sup>(e)(f)</sup> | 2021-22A | Class E | 11.537 | 1/20/2035 | 2204093 |
| 3390000 | &nbsp;&nbsp;&nbsp;BlueMountain CLO XXIX Ltd.<sup>(e)(f)</sup> | 2020-29A | Class ER | 10.980 | 7/25/2034 | 3364287 |
| 3750000 | &nbsp;&nbsp;&nbsp;BlueMountain CLO XXXV Ltd.<sup>(e)(f)</sup> | 2022-35A | Class E1R | 11.932 | 10/22/2037 | 3805193 |
| 3000000 | &nbsp;&nbsp;&nbsp;Bryant Park Funding 2024-24 Ltd.<sup>(e)(f)</sup> | 2024-24A | Class E | 10.545 | 10/15/2037 | 3029614 |
| 2500000 | &nbsp;&nbsp;&nbsp;Canyon CLO 2018-1 Ltd.<sup>(e)(f)</sup> | 2018-1A | Class E | 9.916 | 7/15/2031 | 2509591 |
| 3500000 | &nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2016-3 Ltd.<sup>(e)(f)</sup> | 2016-3A | Class ERR | 11.146 | 7/20/2034 | 3521141 |
| 1000000 | &nbsp;&nbsp;&nbsp;Cathedral Lake VIII Ltd.<sup>(e)(f)</sup> | 2021-8A | Class E | 11.636 | 1/20/2035 | 998640 |
| 1000000 | &nbsp;&nbsp;&nbsp;Columbia Cent CLO 31 Ltd.<sup>(e)(f)</sup> | 2021-31A | Class E | 10.434 | 4/20/2034 | 953911 |
| 2500000 | &nbsp;&nbsp;&nbsp;Columbia Cent CLO 33 Ltd.<sup>(e)(f)</sup> | 2024-33A | Class E | 11.044 | 4/20/2037 | 2535712 |
| 4000000 | &nbsp;&nbsp;&nbsp;Crown City CLO II<sup>(e)(f)</sup> | 2020-2A | Class DR | 10.994 | 4/20/2035 | 3947695 |
| 500000 | &nbsp;&nbsp;&nbsp;Dryden 37 Senior Loan Fund<sup>(e)(f)</sup> | 2015-37A | Class ER | 9.316 | 1/15/2031 | 474268 |
| 1375000 | &nbsp;&nbsp;&nbsp;Dryden 42 Senior Loan Fund<sup>(e)(f)</sup> | 2016-42A | Class ERR | 10.405 | 7/15/2037 | 1388519 |
| 1650000 | &nbsp;&nbsp;&nbsp;Dryden 60 CLO Ltd.<sup>(e)(f)</sup> | 2018-60A | Class E | 9.766 | 7/15/2031 | 1655351 |
| 2000000 | &nbsp;&nbsp;&nbsp;Dryden 68 CLO Ltd.<sup>(e)(f)</sup> | 2019-68A | Class ER | 10.916 | 7/15/2035 | 1951122 |
| 2000000 | &nbsp;&nbsp;&nbsp;Dryden 78 CLO Ltd.<sup>(e)(f)</sup> | 2020-78A | Class E2R | 10.512 | 4/17/2037 | 1992080 |
| 4000000 | &nbsp;&nbsp;&nbsp;Dryden 95 CLO Ltd.<sup>(e)(f)</sup> | 2021-95A | Class E | 10.615 | 8/20/2034 | 3975042 |
| 4000000 | &nbsp;&nbsp;&nbsp;Elevation CLO 2021-12 Ltd.<sup>(e)(f)</sup> | 2021-12A | Class ER | 11.364 | 4/20/2037 | 4020100 |
| 2000000 | &nbsp;&nbsp;&nbsp;Fortress Credit BSL XIII Ltd.<sup>(e)(f)</sup> | 2021-2A | Class E | 11.056 | 7/20/2034 | 2012544 |
| 2000000 | &nbsp;&nbsp;&nbsp;Gallatin CLO VIII 2017-1 Ltd.<sup>(e)(f)</sup> | 2017-1A | Class ER | 11.086 | 7/15/2031 | 1926370 |
| 3700000 | &nbsp;&nbsp;&nbsp;Invesco CLO 2022-1 Ltd.<sup>(e)(f)</sup> | 2022-1A | Class E | 10.184 | 4/20/2035 | 3589691 |
| 2000000 | &nbsp;&nbsp;&nbsp;Jefferson Mill CLO Ltd.<sup>(e)(f)</sup> | 2015-1A | Class ER | 10.596 | 10/20/2031 | 1918255 |
| 2000000 | &nbsp;&nbsp;&nbsp;KKR CLO 17 Ltd. <sup>(e)(f)</sup> | 17 | Class ER | 11.556 | 4/15/2034 | 1916152 |
| 3250000 | &nbsp;&nbsp;&nbsp;LCM 34 Ltd.<sup>(e)(f)</sup> | 34 A | Class E | 10.686 | 10/20/2034 | 2971069 |
| 1000000 | &nbsp;&nbsp;&nbsp;LCM 37 Ltd.<sup>(e)(f)</sup> | 37 A | Class E | 11.535 | 4/15/2034 | 940035 |
| 4455000 | &nbsp;&nbsp;&nbsp;Madison Park Funding LV Ltd.<sup>(e)(f)</sup> | 2022-55A | Class ER | 9.884 | 7/18/2037 | 4435753 |
| 1858000 | &nbsp;&nbsp;&nbsp;Marathon CLO XIII Ltd.<sup>(e)(f)</sup> | 2019-1A | Class D | 11.146 | 4/15/2032 | 1801232 |
| 1004000 | &nbsp;&nbsp;&nbsp;Marble Point CLO XXII Ltd.<sup>(e)(f)</sup> | 2021-2A | Class E | 11.510 | 7/25/2034 | 960042 |
| 2000000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Eaton Vance CLO 2023-19 Ltd.<sup>(e)(f)</sup> | 2023-19A | Class ER | 9.405 | 7/15/2038 | 1960000 |
| 2000000 | &nbsp;&nbsp;&nbsp;Mountain View CLO XIV Ltd.<sup>(e)(f)</sup> | 2019-1A | Class ER | 11.526 | 10/15/2034 | 1929239 |
| 3000000 | &nbsp;&nbsp;&nbsp;Mountain View CLO XV Ltd.<sup>(e)(f)</sup> | 2019-2A | Class ER | 11.975 | 7/15/2037 | 2970255 |
| 6000000 | &nbsp;&nbsp;&nbsp;Octagon 69 Ltd.<sup>(e)(f)</sup> | 2024-3A | Class E | 9.765 | 7/24/2037 | 6024827 |
| 4000000 | &nbsp;&nbsp;&nbsp;Octagon Investment Partners 50 Ltd.<sup>(e)(f)</sup> | 2020-4A | Class ER | 10.966 | 1/15/2035 | 3859385 |
| 2000000 | &nbsp;&nbsp;&nbsp;Orion CLO 2024-3 Ltd.<sup>(e)(f)</sup> | 2024-3A | Class E | 10.158 | 7/25/2037 | 2019696 |
| 3000000 | &nbsp;&nbsp;&nbsp;OZLM VI Ltd.<sup>(e)(f)</sup> | 2014-6A | Class DS | 10.193 | 4/17/2031 | 2790973 |
| 5281500 | &nbsp;&nbsp;&nbsp;OZLM XIV Ltd.<sup>(e)(f)</sup> | 2015-14A | Class DR3 | 12.055 | 1/15/2038 | 5307926 |
| 1500000 | &nbsp;&nbsp;&nbsp;OZLM XIX Ltd.<sup>(e)(f)</sup> | 2017-19A | Class DR | 11.796 | 1/15/2035 | 1508070 |
| 4000000 | &nbsp;&nbsp;&nbsp;Parallel 2021-2 Ltd.<sup>(e)(f)</sup> | 2021-2A | Class D | 11.346 | 10/20/2034 | 3951856 |
| 1000000 | &nbsp;&nbsp;&nbsp;Park Avenue Institutional Advisers CLO Ltd. 2022-1<sup>(e)(f)</sup> | 2022-1A | Class D | 11.174 | 4/20/2035 | 1008414 |
| 2000000 | &nbsp;&nbsp;&nbsp;PPM CLO 5 Ltd.<sup>(e)(f)</sup> | 2021-5A | Class E | 10.646 | 10/18/2034 | 1847590 |
| 1500000 | &nbsp;&nbsp;&nbsp;Rad CLO 16 Ltd.<sup>(e)(f)</sup> | 2022-16A | Class ER | 10.405 | 7/15/2037 | 1473088 |
| 4675000 | &nbsp;&nbsp;&nbsp;Rockford Tower CLO 2021-3 Ltd.<sup>(e)(f)</sup> | 2021-3A | Class ER | 11.325 | 1/15/2038 | 4559442 |
| 2000000 | &nbsp;&nbsp;&nbsp;Rockford Tower CLO 2025-1 Ltd.<sup>(e)(f)</sup> | 2025-1A | Class E | 9.505 | 3/31/2038 | 1997822 |
| 2000000 | &nbsp;&nbsp;&nbsp;Sixth Street CLO XXVI Ltd.<sup>(e)(f)</sup> | 2024-26A | Class E | 9.534 | 10/18/2037 | 2025387 |

---

---

| |
|:---|
| **Leader Short Term High Yield Bond Fund** |
| **Schedule of Investments** |
| **October 31, 2025 (Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **ASSET-BACKED SECURITIES - 88.20% (continued)** | **Series** | **Class** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **Collateralized Loan Obligations - 85.26% (continued)** |  |  |  |  |  |
| $2500000 | &nbsp;&nbsp;&nbsp;TCW CLO 2021-1 Ltd.<sup>(e)(f)</sup> | 2021-1A | Class ER1 | 10.634 | 1/20/2038 | $2488865 |
| 2000000 | &nbsp;&nbsp;&nbsp;THL Credit Wind River 2017-1 CLO Ltd.<sup>(e)(f)</sup> | 2017-1A | Class ER | 11.206 | 4/18/2036 | 1959340 |
| 1750000 | &nbsp;&nbsp;&nbsp;Trinitas CLO XI Ltd.<sup>(e)(f)</sup> | 2019-11A | Class ER | 11.436 | 7/15/2034 | 1691277 |
| 500000 | &nbsp;&nbsp;&nbsp;Voya CLO 2019-2 Ltd.<sup>(e)(f)</sup> | 2019-2A | Class E | 10.746 | 7/20/2032 | 502490 |
| 2000000 | &nbsp;&nbsp;&nbsp;Voya CLO 2020-1 Ltd.<sup>(e)(f)</sup> | 2020-1A | Class ER | 10.505 | 7/16/2034 | 2016658 |
|  |  |  |  |  |  | 140496165 |
|  | **TOTAL ASSET-BACKED SECURITIES (Cost $148,982,569)** |  |  |  |  | 145345506 |
|  | **CORPORATE BONDS - 6.38%** | **Spread** | **Spread** |  |  |  |
|  | **Banks - 0.00%** |  |  |  |  |  |
| 2000000 | &nbsp;&nbsp;&nbsp;VTB Bank PJSC Via VTB Eurasia DAC<sup>(a)(b)(d)(e)(g)(j)(k)</sup> | H15T10Y + 8.067% | H15T10Y + 8.067% | 9.500 | Perpetual |  |
|  | **Oil & Gas - 3.32%** |  |  |  |  |  |
| 6000000 | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  | 7.690 | 1/23/2050 | 5467500 |
|  | **Savings & Loans - 3.06%** |  |  |  |  |  |
| 5250000 | &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc.<sup>(f)</sup> |  |  | 7.296 | 11/6/2028 | 5046563 |
|  | **TOTAL CORPORATE BONDS (Cost $5,206,976)** |  |  |  |  | 10514063 |
|  | **NON U.S. GOVERNMENT AGENCIES - 0.27%** |  |  |  |  |  |
|  | **Sovereign - 0.27%** |  |  |  |  |  |
| 336515 | &nbsp;&nbsp;&nbsp;Ukraine Government International Bond<sup>(e)(g)(h)</sup> |  |  | 4.500 | 2/1/2029 | 231775 |
| 144220 | &nbsp;&nbsp;&nbsp;Ukraine Government International Bond<sup>(e)(g)(h)</sup> |  |  | 4.500 | 2/1/2034 | 81665 |
| 26260 | &nbsp;&nbsp;&nbsp;Ukraine Government International Bond<sup>(e)(g)(h)(j)</sup> |  |  | 0.000 | 2/1/2030 | 13951 |
| 98130 | &nbsp;&nbsp;&nbsp;Ukraine Government International Bond<sup>(e)(g)(h)(j)</sup> |  |  | 0.000 | 2/1/2034 | 41337 |
| 82926 | &nbsp;&nbsp;&nbsp;Ukraine Government International Bond<sup>(e)(g)(h)(j)</sup> |  |  | 0.000 | 2/1/2035 | 42603 |
| 69105 | &nbsp;&nbsp;&nbsp;Ukraine Government International Bond<sup>(e)(g)(h)(j)</sup> |  |  | 0.000 | 2/1/2036 | 35416 |
|  |  |  |  |  |  | 446747 |
|  | **TOTAL NON U.S. GOVERNMENT AGENCIES (Cost $3,089,051)** |  |  |  |  | 446747 |
| **Shares** | **SHORT-TERM INVESTMENT - 4.30%** |  |  |  |  | **Fair Value** |
| 7091531 | &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.03%<sup>(i)</sup> |  |  |  |  | $7091531 |
|  | **TOTAL SHORT-TERM INVESTMENT (Cost $7,091,531)** |  |  |  |  | 7091531 |
|  | **TOTAL INVESTMENTS (Cost $165,639,416) - 99.70%** |  |  |  |  | $164299094 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 0.30%** |  |  |  |  | 498714 |
|  | **NET ASSETS - 100%** |  |  |  |  | $164797808 |

---

The following abbreviations are used in this portfolio:

CLO - Collateralized Loan Obligation

DAC - Designated Activity Company

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

Ltd. - Limited Company

PJSC - Public Joint-Stock Company

<sup>(a)</sup> The Liquidity Administrator has determined that these securities are illiquid. As of October 31, 2025, these securities amounted to $0 or 0% of net assets.

<sup>(b)</sup> The value of these securities have been determined in good faith by the Valuation Designee under the policies adopted by the Board of Trustees. See Notes 2 and 13 to the Notes to the Financial Statements.

---

| |
|:---|
| **Leader Short Term High Yield Bond Fund** |
| **Schedule of Investments** |
| **October 31, 2025 (Unaudited)** |

---

<sup>(c)</sup> Rate shown represents the dividend rate as of October 31, 2025

<sup>(d)</sup> Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer at any time.

<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 October 31, 2025, the total market value of 144A securities is $145,792,253 or 88.47% of net assets.

<sup>(f)</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>(g)</sup> Variable rate security; the rate shown represents the rate as of October 31, 2025.

<sup>(h)</sup> Ukraine won approval for a debt-payment freeze from the holders of its international bonds to defer coupon and principal payments until February 2024.

<sup>(i)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

<sup>(j)</sup> Non-income producing security.

<sup>(k)</sup> Security is in default.

**The accompanying notes are an integral part of these financial statements.**

---

| |
|:---|
| **Leader High Quality Income Fund** |
| **Schedule of Investments** |
| **October 31, 2025 (Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** | **COMMON STOCK - 0.86%** | **COMMON STOCK - 0.86%** |  | | | **Fair Value** |
|  | **Real Estate Investment Trust - 0.86%** |  |  |  |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. |  |  |  |  | $10585000 |
|  | **TOTAL COMMON STOCK (Cost $11,099,377)** |  |  |  |  | 10585000 |
|  | **PREFERRED STOCK - 0.14%** |  |  |  |  |  |
|  | **Forestry, Paper, & Wood Products - 0.14%** |  |  |  |  |  |
| 6504248 | &nbsp;&nbsp;&nbsp;Boxabl, Inc.<sup>(a)(b)(c)(d)</sup> |  |  |  |  | 1756147 |
|  | **TOTAL PREFERRED STOCK (Cost $411,068)** |  |  |  |  | 1756147 |
|  | **MUTUAL FUNDS - 2.37%** |  |  |  |  |  |
|  | **Debt Funds - 2.37%** |  |  |  |  |  |
| 3617067 | &nbsp;&nbsp;&nbsp;Leader Short Term High Yield Bond Fund - Institutional Class |  |  |  |  | 29334417 |
|  | **TOTAL MUTUAL FUNDS (Cost $29,106,713)** |  |  |  |  | 29334417 |
| **Principal<br> Amount** | **ASSET-BACKED SECURITIES - 70.77%** | **Series** | **Class** | **Coupon<br> Rate (%)** | **Maturity** |  |
|  | **Commercial Mortgage-Backed Securities - 11.20%** |  |  |  |  |  |
| $3000000 | &nbsp;&nbsp;&nbsp;BAMLL Trust 2024-BHP<sup>(d)(e)</sup> | 2024-BHP | Class B | 6.932 | 8/15/2039 | 3010045 |
| 7875000 | &nbsp;&nbsp;&nbsp;BRSP 2024-FL2 Ltd.<sup>(d)(e)</sup> | 2024-FL2 | Class C | 7.574 | 8/19/2037 | 7840047 |
| 959180 | &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust 2024-AIR2<sup>(d)(e)</sup> | 2024-AIR2 | Class C | 6.274 | 10/15/2041 | 961883 |
| 2000000 | &nbsp;&nbsp;&nbsp;BX Trust 2025-GW<sup>(d)(e)</sup> | 2025-GW | Class C | 6.132 | 7/15/2042 | 2004596 |
| 9000000 | &nbsp;&nbsp;&nbsp;CONE Trust 2024-DFW1<sup>(d)(e)</sup> | 2024-DFW1 | Class D | 7.072 | 8/15/2041 | 8950537 |
| 7572000 | &nbsp;&nbsp;&nbsp;FS Rialto 2024-FL9, Issuer LLC<sup>(d)(e)</sup> | 2024-FL9 | Class C | 6.676 | 10/19/2039 | 7579663 |
| 3437000 | &nbsp;&nbsp;&nbsp;Greystone CRE Notes 2024-HC3<sup>(d)(e)</sup> | 2024-HC3 | Class B | 7.665 | 3/15/2041 | 3403764 |
| 5156000 | &nbsp;&nbsp;&nbsp;Greystone CRE Notes 2024-HC3<sup>(d)(e)</sup> | 2024-HC3 | Class C | 8.464 | 3/15/2041 | 5172165 |
| 1000000 | &nbsp;&nbsp;&nbsp;Greystone CRE Notes 2025-FL4, LLC<sup>(d)(e)</sup> | 2025-FL4 | Class B | 6.621 | 1/15/2043 | 1002370 |
| 2000000 | &nbsp;&nbsp;&nbsp;Greystone CRE Notes 2025-FL4, LLC<sup>(d)(e)</sup> | 2025-FL4 | Class C | 6.920 | 1/15/2043 | 2004700 |
| 9852538 | &nbsp;&nbsp;&nbsp;HIH Trust 2024-61P<sup>(d)(e)</sup> | 2024-61P | Class B | 6.373 | 10/15/2041 | 9883713 |
| 13793553 | &nbsp;&nbsp;&nbsp;HIH Trust 2024-61P<sup>(d)(e)</sup> | 2024-61P | Class C | 6.873 | 10/15/2041 | 13851566 |
| 4525000 | &nbsp;&nbsp;&nbsp;HONO 2021-LULU Mortgage Trust<sup>(d)(e)</sup> | 2021-LULU | Class C | 5.997 | 10/15/2036 | 4478211 |
| 6000000 | &nbsp;&nbsp;&nbsp;HYT Commercial Mortgage Trust 2024-RGCY<sup>(d)(e)</sup> | 2024-RGCY | Class C | 6.872 | 9/15/2041 | 6007884 |
| 3000000 | &nbsp;&nbsp;&nbsp;LoanCore 2025 2025-CRE8 Issuer, LLC<sup>(d)(e)</sup> | 2025-CRE8 | Class E | 7.527 | 8/17/2042 | 2971968 |
| 3006000 | &nbsp;&nbsp;&nbsp;MF1 2021-FL7 Ltd.<sup>(d)(e)</sup> | 2021-FL7 | Class C | 6.188 | 10/16/2036 | 2998668 |
| 5000000 | &nbsp;&nbsp;&nbsp;MF1 2021-FL7 Ltd.<sup>(d)(e)</sup> | 2021-FL7 | Class E | 6.938 | 10/16/2036 | 4919446 |
| 1500000 | &nbsp;&nbsp;&nbsp;MF1 2024-FL15<sup>(d)(e)</sup> | 2024-FL15 | Class B | 6.522 | 8/18/2041 | 1504106 |
| 3000000 | &nbsp;&nbsp;&nbsp;MF1 2024-FL15<sup>(d)(e)</sup> | 2024-FL15 | Class C | 6.971 | 8/18/2041 | 3000004 |
| 5437000 | &nbsp;&nbsp;&nbsp;MF1 2025-FL19, LLC<sup>(d)(e)</sup> | 2025-FL19 | Class B | 6.372 | 5/18/2042 | 5450914 |
| 8000000 | &nbsp;&nbsp;&nbsp;MF1 2025-FL19, LLC<sup>(d)(e)</sup> | 2025-FL19 | Class C | 6.872 | 5/18/2042 | 8020242 |
| 5925000 | &nbsp;&nbsp;&nbsp;MF1 Multifamily Housing Mortgage Loan Trust<sup>(d)(e)</sup> | 2021-FL5 | Class E | 7.151 | 7/15/2036 | 5957326 |
| 5000000 | &nbsp;&nbsp;&nbsp;NYCT Trust 2024-3ELV<sup>(d)(e)</sup> | 2024-3ELV | Class C | 6.872 | 8/15/2029 | 5011577 |
| 18410000 | &nbsp;&nbsp;&nbsp;PGA Trust 2024-RSR2<sup>(d)(e)</sup> | 2024-RSR2 | Class C | 6.822 | 6/15/2039 | 18415004 |
| 2500000 | &nbsp;&nbsp;&nbsp;SG Commercial Mortgage Securities Trust 2016-C5<sup>(e)</sup> | 2016-C5 | Class C | 4.811 | 10/10/2048 | 2315100 |
| 2000000 | &nbsp;&nbsp;&nbsp;SWCH Commercial Mortgage Trust 2025-DATA<sup>(d)(e)</sup> | 2025-DATA | Class E | 7.372 | 2/15/2042 | 1975788 |
|  |  |  |  |  |  | 138691287 |
|  | **Collateralized Loan Obligations - 59.57%** |  |  |  |  |  |
| 4000000 | &nbsp;&nbsp;&nbsp;AB BSL CLO 5 Ltd <sup>(d)(e)</sup> | 2024-5A | Class D2 | 7.934 | 1/20/2038 | 4020876 |
| 3305000 | &nbsp;&nbsp;&nbsp;AGL CLO 35 Ltd.<sup>(d)(e)</sup> | 2024-35A | Class C | 5.770 | 1/21/2038 | 3319803 |
| 3000000 | &nbsp;&nbsp;&nbsp;Allegro CLO XIX Ltd.<sup>(d)(e)</sup> | 2025-1A | Class C | 5.832 | 4/17/2038 | 3011791 |
| 2000000 | &nbsp;&nbsp;&nbsp;Allegro CLO XV Ltd.<sup>(d)(e)</sup> | 2022-1A | Class C2R | 6.384 | 4/20/2038 | 2013856 |
| 4000000 | &nbsp;&nbsp;&nbsp;Allegro CLO XV Ltd.<sup>(d)(e)</sup> | 2022-1A | Class D2R | 7.884 | 4/20/2038 | 4021187 |
| 1000000 | &nbsp;&nbsp;&nbsp;AMMC CLO 26 Ltd.<sup>(d)(e)</sup> | 2023-26A | Class CR | 6.105 | 4/15/2036 | 1003820 |
| 3795000 | &nbsp;&nbsp;&nbsp;Apex Credit CLO 12 Ltd.<sup>(d)(e)</sup> | 2025-12A | Class C1 | 6.134 | 4/20/2038 | 3812140 |
| 10000000 | &nbsp;&nbsp;&nbsp;Apex Credit CLO 12 Ltd.<sup>(d)(e)</sup> | 2025-12A | Class D2 | 8.134 | 4/20/2038 | 10052660 |
| 6000000 | &nbsp;&nbsp;&nbsp;Apidos CLO XLI Ltd.<sup>(d)(e)</sup> | 2022-41A | Class CR | 5.834 | 10/20/2037 | 6026316 |
| 3700000 | &nbsp;&nbsp;&nbsp;Ares LXX CLO Ltd.<sup>(d)(e)</sup> | 2023-70A | Class B1 | 6.258 | 10/25/2035 | 3712001 |
| 6000000 | &nbsp;&nbsp;&nbsp;Ares LXX CLO Ltd.<sup>(d)(e)</sup> | 2023-70A | Class C | 6.758 | 10/25/2035 | 6023756 |
| 4000000 | &nbsp;&nbsp;&nbsp;Athena CLO III, LLC<sup>(d)(e)</sup> | 2024-3A | Class B | 6.634 | 4/20/2036 | 4020563 |
| 6000000 | &nbsp;&nbsp;&nbsp;Athena CLO III, LLC<sup>(d)(e)</sup> | 2024-3A | Class C | 7.384 | 4/20/2036 | 6041125 |
| 6000000 | &nbsp;&nbsp;&nbsp;Atlantic Avenue 2023-1 Ltd.<sup>(d)(e)</sup> | 2023-1A | Class C | 7.534 | 10/20/2036 | 6026217 |
| 6000000 | &nbsp;&nbsp;&nbsp;Atlantic Avenue 2024-2 Ltd.<sup>(d)(e)</sup> | 2024-2A | Class C | 6.984 | 4/20/2037 | 6027764 |

---

---

| |
|:---|
| **Leader High Quality Income Fund** |
| **Schedule of Investments** |
| **October 31, 2025 (Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **ASSET-BACKED SECURITIES - 70.77% (continued)** | **Series** | **Class** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **Collateralized Loan Obligations - 59.57% (continued)** |  |  |  |  |  |
| $1750000 | &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2022-3 Ltd.<sup>(d)(e)</sup> | 2022-3A | Class CR | 5.782 | 7/17/2035 | $1755494 |
| 2000000 | &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2023-4 Ltd.<sup>(d)(e)</sup> | 2023-4A | Class B | 6.370 | 10/21/2036 | 2006450 |
| 2000000 | &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2023-4 Ltd.<sup>(d)(e)</sup> | 2023-4A | Class C | 6.770 | 10/21/2036 | 2007894 |
| 3000000 | &nbsp;&nbsp;&nbsp;Ballyrock CLO 25 Ltd.<sup>(d)(e)</sup> | 2023-25A | Class C2R | 7.608 | 1/25/2038 | 3011540 |
| 8000000 | &nbsp;&nbsp;&nbsp;Barings CLO Ltd. 2019-II<sup>(d)(e)</sup> | 2019-2A | Class D2RR | 8.155 | 1/15/2038 | 8041496 |
| 10000000 | &nbsp;&nbsp;&nbsp;Barings CLO Ltd. 2021-III<sup>(d)(e)</sup> | 2021-3A | Class CR | 5.784 | 1/18/2035 | 10029873 |
| 1000000 | &nbsp;&nbsp;&nbsp;Battalion CLO 18 Ltd.<sup>(d)(e)</sup> | 2020-18A | Class DR | 7.616 | 10/15/2036 | 966797 |
| 1000000 | &nbsp;&nbsp;&nbsp;Battalion CLO X Ltd.<sup>(d)(e)</sup> | 2016-10A | Class BR2 | 6.177 | 1/25/2035 | 1003242 |
| 2000000 | &nbsp;&nbsp;&nbsp;Battalion CLO XIX Ltd.<sup>(d)(e)</sup> | 2021-19A | Class B | 5.766 | 4/15/2034 | 2006883 |
| 2000000 | &nbsp;&nbsp;&nbsp;Battalion CLO XX Ltd.<sup>(d)(e)</sup> | 2021-20A | Class D2R | 8.055 | 4/15/2038 | 2009781 |
| 1000000 | &nbsp;&nbsp;&nbsp;Beechwood Park CLO Ltd.<sup>(d)(e)</sup> | 2019-1A | Class B2AR | 5.632 | 1/17/2035 | 1002739 |
| 3125000 | &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO Ltd.<sup>(d)(e)</sup> | 2015-6BR | Class D2R | 7.634 | 4/20/2038 | 3141649 |
| 4050000 | &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XIV Ltd.<sup>(d)(e)</sup> | 2018-14A | Class CR | 5.884 | 10/20/2037 | 4070118 |
| 5000000 | &nbsp;&nbsp;&nbsp;Birch Grove CLO 2 Ltd.<sup>(d)(e)</sup> | 2021-2A | Class C1R | 5.934 | 10/19/2037 | 5024807 |
| 2110000 | &nbsp;&nbsp;&nbsp;Birch Grove CLO 9 Ltd.<sup>(d)(e)</sup> | 2024-9A | Class C | 5.857 | 10/22/2037 | 2120484 |
| 19000000 | &nbsp;&nbsp;&nbsp;Black Diamond CLO 2024-1 Ltd.<sup>(d)(e)</sup> | 2024-1A | Class C1 | 6.208 | 10/25/2037 | 19093716 |
| 10000000 | &nbsp;&nbsp;&nbsp;BlackRock Baker CLO 2021-1 Ltd.<sup>(d)(e)</sup> | 2021-8A | Class C | 6.766 | 1/15/2034 | 10040863 |
| 12500000 | &nbsp;&nbsp;&nbsp;BlackRock Shasta CLO XIII, LLC<sup>(d)(e)</sup> | 2024-1A | Class C | 6.955 | 7/15/2036 | 12554009 |
| 2400000 | &nbsp;&nbsp;&nbsp;BlueMountain CLO 2016-3 Ltd.<sup>(d)(e)</sup> | 2016-3A | Class CR | 6.673 | 11/15/2030 | 2409357 |
| 1000000 | &nbsp;&nbsp;&nbsp;BlueMountain CLO XXII Ltd.<sup>(d)(e)</sup> | 2018-22A | Class C | 6.116 | 7/15/2031 | 1002992 |
| 2000000 | &nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO 2019-1 Ltd.<sup>(d)(e)</sup> | 2019-1A | Class DR | 8.695 | 10/15/2034 | 2006844 |
| 2150000 | &nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO 2023-1 Ltd.<sup>(d)(e)</sup> | 2023-1A | Class D | 10.365 | 10/15/2035 | 2172913 |
| 8000000 | &nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO 2024-2 Ltd.<sup>(d)(e)</sup> | 2024-2A | Class C | 7.755 | 4/15/2036 | 8062298 |
| 5000000 | &nbsp;&nbsp;&nbsp;Bryant Park Funding 2024-25 Ltd.<sup>(d)(e)</sup> | 2024-25A | Class D2 | 7.884 | 1/18/2038 | 5026151 |
| 5000000 | &nbsp;&nbsp;&nbsp;Canyon CLO 2025-1 Ltd.<sup>(d)(e)</sup> | 2025-1A | Class D2 | 7.805 | 4/15/2038 | 5024634 |
| 2000000 | &nbsp;&nbsp;&nbsp;Capital Four US CLO III Ltd.<sup>(d)(e)</sup> | 2022-2A | Class C1R | 6.070 | 4/21/2038 | 2009049 |
| 5000000 | &nbsp;&nbsp;&nbsp;Capital Four US CLO III Ltd.<sup>(d)(e)</sup> | 2022-2A | Class D2R | 7.870 | 4/21/2038 | 5026492 |
| 3750000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2021-7 Ltd.<sup>(d)(e)</sup> | 2021-7A | Class D2R | 7.905 | 4/15/2040 | 3768421 |
| 13500000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2022-6 Ltd.<sup>(d)(e)</sup> | 2022-6A | Class CR2 | 5.608 | 10/25/2038 | 13487325 |
| 4000000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2023-2 Ltd.<sup>(d)(e)</sup> | 2023-2A | Class CR | 5.784 | 7/20/2038 | 4018578 |
| 5000000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2023-5 Ltd.<sup>(d)(e)</sup> | 2023-5A | Class B | 6.508 | 1/27/2036 | 5029555 |
| 10000000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2023-5 Ltd.<sup>(d)(e)</sup> | 2023-5A | Class C | 6.858 | 1/27/2036 | 10045496 |
| 3000000 | &nbsp;&nbsp;&nbsp;CarVal CLO IX-C Ltd.<sup>(d)(e)</sup> | 2024-1A | Class C | 6.384 | 4/20/2037 | 3014094 |
| 7000000 | &nbsp;&nbsp;&nbsp;Cedar Funding XII CLO Ltd.<sup>(d)(e)</sup> | 2020-12A | Class CRR | 5.758 | 1/25/2038 | 7031420 |
| 6000000 | &nbsp;&nbsp;&nbsp;CFIP CLO 2017-1 Ltd.<sup>(d)(e)</sup> | 2017-1A | Class CR | 6.746 | 10/18/2034 | 6023569 |
| 2000000 | &nbsp;&nbsp;&nbsp;Churchill NCDLC CLO-III, LLC<sup>(d)(e)</sup> | 2024-1A | Class B | 6.534 | 4/20/2036 | 2011483 |
| 4000000 | &nbsp;&nbsp;&nbsp;CIFC Funding 2014-II-R Ltd.<sup>(d)(e)</sup> | 2014-2RA | Class D2AR | 8.865 | 10/24/2037 | 4020185 |
| 2000000 | &nbsp;&nbsp;&nbsp;CIFC Funding 2024-III Ltd.<sup>(d)(e)</sup> | 2024-3A | Class C | 6.070 | 7/21/2037 | 2009681 |
| 2500000 | &nbsp;&nbsp;&nbsp;Columbia Cent CLO 32 Ltd.<sup>(d)(e)</sup> | 2022-32A | Class C1R2 | 5.965 | 7/24/2034 | 2508440 |
| 7000000 | &nbsp;&nbsp;&nbsp;Columbia Cent CLO 33 Ltd.<sup>(d)(e)</sup> | 2024-33A | Class C1 | 6.584 | 4/20/2037 | 7032719 |
| 3000000 | &nbsp;&nbsp;&nbsp;Cook Park CLO Ltd.<sup>(d)(e)</sup> | 2018-1A | Class C | 5.893 | 4/17/2030 | 3007151 |
| 2000000 | &nbsp;&nbsp;&nbsp;Crown City CLO IV<sup>(d)(e)</sup> | 2022-4A | Class B1R | 6.684 | 4/20/2037 | 2009326 |
| 3500000 | &nbsp;&nbsp;&nbsp;Dryden 42 Senior Loan Fund<sup>(d)(e)</sup> | 2016-42A | Class D1BR | 8.405 | 7/15/2037 | 3517553 |
| 2625000 | &nbsp;&nbsp;&nbsp;Dryden 42 Senior Loan Fund<sup>(d)(e)</sup> | 2016-42A | Class D2RR | 9.005 | 7/15/2037 | 2637997 |
| 1000000 | &nbsp;&nbsp;&nbsp;Dryden 49 Senior Loan Fund<sup>(d)(e)</sup> | 2017-49A | Class CR | 6.196 | 7/18/2030 | 1001979 |
| 1000000 | &nbsp;&nbsp;&nbsp;Dryden 60 CLO Ltd.<sup>(d)(e)</sup> | 2018-60A | Class C | 6.216 | 7/15/2031 | 1003060 |
| 6600000 | &nbsp;&nbsp;&nbsp;Dryden 93 CLO Ltd.<sup>(d)(e)</sup> | 2021-93A | Class D2R | 8.005 | 1/15/2038 | 6634347 |
| 4100000 | &nbsp;&nbsp;&nbsp;Elevation CLO 2020-11 Ltd.<sup>(d)(e)</sup> | 2020-11A | Class D1BR | 8.905 | 10/15/2037 | 4120627 |
| 10750000 | &nbsp;&nbsp;&nbsp;Elevation CLO 2023-17 Ltd.<sup>(d)(e)</sup> | 2023-17A | Class C | 7.384 | 10/20/2036 | 10797130 |
| 16000000 | &nbsp;&nbsp;&nbsp;Elevation CLO 2025-18 Ltd.<sup>(d)(e)</sup> | 2025-18A | Class D1 | 6.834 | 3/28/2038 | 16067645 |
| 9000000 | &nbsp;&nbsp;&nbsp;Elevation CLO 2025-18 Ltd.<sup>(d)(e)</sup> | 2025-18A | Class D2 | 7.884 | 3/28/2038 | 9047670 |
| 5000000 | &nbsp;&nbsp;&nbsp;Elmwood CLO 39 Ltd.<sup>(d)(e)</sup> | 2025-2A | Class D2 | 7.432 | 4/17/2038 | 4943416 |
| 3750000 | &nbsp;&nbsp;&nbsp;Elmwood CLO VII Ltd.<sup>(d)(e)</sup> | 2020-4A | Class CRR | 5.882 | 10/17/2037 | 3768615 |
| 2500000 | &nbsp;&nbsp;&nbsp;Elmwood CLO XI Ltd.<sup>(d)(e)</sup> | 2021-4A | Class D2R | 7.584 | 1/20/2038 | 2472740 |
| 1100000 | &nbsp;&nbsp;&nbsp;Gallatin CLO XI 2024-1 Ltd.<sup>(d)(e)</sup> | 2024-1A | Class C | 6.184 | 10/20/2037 | 1105421 |

---

---

| |
|:---|
| **Leader High Quality Income Fund** |
| **Schedule of Investments** |
| **October 31, 2025 (Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **ASSET-BACKED SECURITIES - 70.77% (continued)** | **Series** | **Class** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **Collateralized Loan Obligations - 59.57% (continued)** |  |  |  |  |  |
| $8000000 | &nbsp;&nbsp;&nbsp;Generate CLO 4 Ltd.<sup>(d)(e)</sup> | 4A | Class D2RR | 8.684 | 7/20/2037 | $7945390 |
| 9000000 | &nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 71 M<sup>(d)(e)</sup> | 2024-71A | Class B | 6.826 | 2/9/2037 | 9054334 |
| 15000000 | &nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 71 M<sup>(d)(e)</sup> | 2024-71A | Class C | 7.476 | 2/9/2037 | 15091142 |
| 10000000 | &nbsp;&nbsp;&nbsp;Hayfin US XV Ltd.<sup>(d)(e)</sup> | 2024-15A | Class C | 6.559 | 4/28/2037 | 10046878 |
| 3000000 | &nbsp;&nbsp;&nbsp;HPS Loan Management 2024-20 Ltd.<sup>(d)(e)</sup> | 2024-20A | Class C | 6.058 | 7/25/2037 | 3014552 |
| 4600000 | &nbsp;&nbsp;&nbsp;ICG US CLO 2017-1 Ltd.<sup>(d)(e)</sup> | 2017-1A | Class CRR | 6.521 | 7/28/2034 | 4617560 |
| 1000000 | &nbsp;&nbsp;&nbsp;ICG US CLO 2020-1 Ltd.<sup>(d)(e)</sup> | 2020-1A | Class DR | 7.746 | 1/20/2035 | 993012 |
| 10000000 | &nbsp;&nbsp;&nbsp;Invesco US CLO 2023-3 Ltd.<sup>(d)(e)</sup> | 2023-3A | Class CR | 5.805 | 7/15/2038 | 10046371 |
| 13500000 | &nbsp;&nbsp;&nbsp;Invesco US CLO 2023-4 Ltd.<sup>(d)(e)</sup> | 2023-4A | Class C | 6.884 | 1/18/2037 | 13561316 |
| 6600000 | &nbsp;&nbsp;&nbsp;LCM 26 Ltd.<sup>(d)(e)</sup> | 26A | Class C | 5.946 | 1/20/2031 | 6612626 |
| 3500000 | &nbsp;&nbsp;&nbsp;LCM 30 Ltd.<sup>(d)(e)</sup> | 30A | Class CR | 6.146 | 4/20/2031 | 3508591 |
| 3600000 | &nbsp;&nbsp;&nbsp;LCM 40 Ltd.<sup>(d)(e)</sup> | 40A | Class D2R | 8.835 | 1/15/2038 | 3619551 |
| 1001028 | &nbsp;&nbsp;&nbsp;LCM XIV LP<sup>(d)(e)</sup> | 14A | Class CR | 5.996 | 7/20/2031 | 1003225 |
| 1250000 | &nbsp;&nbsp;&nbsp;LCM XVI LP<sup>(d)(e)</sup> | 16A | Class CR2 | 6.316 | 10/15/2031 | 1254632 |
| 3000000 | &nbsp;&nbsp;&nbsp;LCM XVII LP<sup>(d)(e)</sup> | 17A | Class CRR | 6.266 | 10/15/2031 | 3010840 |
| 5000000 | &nbsp;&nbsp;&nbsp;LCM XVIII LP<sup>(d)(e)</sup> | 18A | Class CR | 5.996 | 4/20/2031 | 5012229 |
| 10000000 | &nbsp;&nbsp;&nbsp;Madison Park Funding LXII Ltd.<sup>(d)(e)</sup> | 2022-62A | Class CR2 | 5.894 | 7/16/2038 | 10039891 |
| 2000000 | &nbsp;&nbsp;&nbsp;Madison Park Funding LXIX Ltd.<sup>(d)(e)</sup> | 2024-69A | Class D2 | 8.608 | 7/25/2037 | 2024879 |
| 11000000 | &nbsp;&nbsp;&nbsp;Madison Park Funding XXXVI Ltd.<sup>(d)(e)</sup> | 2019-36A | Class D2RR | 7.605 | 4/15/2035 | 10888908 |
| 1500000 | &nbsp;&nbsp;&nbsp;Magnetite XLI Ltd.<sup>(d)(e)</sup> | 2024-41A | Class D2 | 7.708 | 1/25/2038 | 1507886 |
| 1515000 | &nbsp;&nbsp;&nbsp;Magnetite XXXIV Ltd.<sup>(d)(e)</sup> | 2023-34A | Class D2R | 7.455 | 1/15/2038 | 1498345 |
| 3000000 | &nbsp;&nbsp;&nbsp;Magnetite XXXVIII Ltd.<sup>(d)(e)</sup> | 2024-38A | Class C | 6.305 | 4/15/2037 | 3014108 |
| 7500000 | &nbsp;&nbsp;&nbsp;Marble Point CLO XVIII Ltd.<sup>(d)(e)</sup> | 2020-2A | Class CR2 | 5.905 | 3/15/2038 | 7526978 |
| 10400000 | &nbsp;&nbsp;&nbsp;Nassau 2018-II Ltd.<sup>(d)(e)</sup> | 2018-IIA | Class C | 6.716 | 10/15/2031 | 10442324 |
| 1000000 | &nbsp;&nbsp;&nbsp;Neuberger Berman CLO XXI Ltd.<sup>(d)(e)</sup> | 2016-21A | Class D2R3 | 7.834 | 1/20/2039 | 1010085 |
| 1000000 | &nbsp;&nbsp;&nbsp;Neuberger Berman CLO XXII Ltd.<sup>(d)(e)</sup> | 2016-22A | Class D2R2 | 8.632 | 4/15/2038 | 1004922 |
| 2500000 | &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 26 Ltd.<sup>(d)(e)</sup> | 2017-26A | Class D2R | 8.234 | 10/18/2038 | 2512797 |
| 2500000 | &nbsp;&nbsp;&nbsp;Newark BSL CLO 2 Ltd.<sup>(d)(e)</sup> | 2017-1A | Class BR | 5.870 | 7/25/2030 | 2506505 |
| 24000000 | &nbsp;&nbsp;&nbsp;NGC 2024-I Ltd.<sup>(d)(e)</sup> | 2024-1A | Class C | 6.534 | 7/20/2037 | 24114730 |
| 2000000 | &nbsp;&nbsp;&nbsp;NGC 2024-I Ltd.<sup>(d)(e)</sup> | 2024-1A | Class D1 | 8.084 | 7/20/2037 | 2023212 |
| 1200000 | &nbsp;&nbsp;&nbsp;NGC CLO 2 Ltd.<sup>(d)(e)</sup> | 2025-2A | Class C1 | 6.084 | 4/20/2038 | 1205422 |
| 12000000 | &nbsp;&nbsp;&nbsp;Northwoods Capital 22 Ltd.<sup>(d)(e)</sup> | 2020-22A | Class CRR | 6.871 | 9/16/2031 | 12055178 |
| 12200000 | &nbsp;&nbsp;&nbsp;Northwoods Capital XI-B Ltd.<sup>(d)(e)</sup> | 2018-11BA | Class CR | 6.384 | 7/19/2037 | 12258569 |
| 5589000 | &nbsp;&nbsp;&nbsp;Oaktree CLO 2019-2 Ltd.<sup>(d)(e)</sup> | 2019-2A | Class BRR | 6.105 | 10/15/2037 | 5616564 |
| 4000000 | &nbsp;&nbsp;&nbsp;Oaktree CLO 2023-2 Ltd.<sup>(d)(e)</sup> | 2023-2A | Class CR | 5.834 | 7/20/2038 | 4015996 |
| 2000000 | &nbsp;&nbsp;&nbsp;Oaktree CLO 2024-27 Ltd.<sup>(d)(e)</sup> | 2024-27A | Class D2 | 8.057 | 10/22/2037 | 2010258 |
| 1025000 | &nbsp;&nbsp;&nbsp;Obra CLO 1 Ltd.<sup>(d)(e)</sup> | 2024-1A | Class D2 | 8.259 | 1/20/2038 | 1024428 |
| 15000000 | &nbsp;&nbsp;&nbsp;Ocean Trails CLO XV Ltd.<sup>(d)(e)</sup> | 2024-15A | Class C | 6.755 | 1/15/2037 | 15068198 |
| 1000000 | &nbsp;&nbsp;&nbsp;OCP CLO 2019-16 Ltd.<sup>(d)(e)</sup> | 2019-16A | Class CR | 6.039 | 4/10/2033 | 1002302 |
| 2000000 | &nbsp;&nbsp;&nbsp;Octagon 52 Ltd.<sup>(d)(e)</sup> | 2021-1A | Class CR | 6.110 | 7/23/2037 | 2009670 |
| 3000000 | &nbsp;&nbsp;&nbsp;Octagon Investment Partners 46 Ltd.<sup>(d)(e)</sup> | 2020-2A | Class CR | 6.366 | 7/15/2036 | 3010392 |
| 1000000 | &nbsp;&nbsp;&nbsp;Octagon Investment Partners XVII Ltd.<sup>(d)(e)</sup> | 2013-1A | Class CR2 | 5.820 | 1/25/2031 | 1002496 |
| 18000000 | &nbsp;&nbsp;&nbsp;OFSI BSL CLO XIII Ltd.<sup>(d)(e)</sup> | 2024-13A | Class C | 6.584 | 4/20/2037 | 18084134 |
| 1200000 | &nbsp;&nbsp;&nbsp;OFSI BSL IX Ltd.<sup>(d)(e)</sup> | 2018-1A | Class C | 6.166 | 7/15/2031 | 1203589 |
| 6000000 | &nbsp;&nbsp;&nbsp;OFSI BSL XII Ltd.<sup>(d)(e)</sup> | 2023-12A | Class D2R | 7.884 | 1/20/2038 | 6031354 |
| 5625000 | &nbsp;&nbsp;&nbsp;OFSI BSL XIV CLO Ltd.<sup>(d)(e)</sup> | 2024-14A | Class D2 | 9.034 | 7/20/2037 | 5652876 |
| 2000000 | &nbsp;&nbsp;&nbsp;OHA Credit Partners VII Ltd.<sup>(d)(e)</sup> | 2012-7A | Class D2R4 | 7.704 | 2/20/2038 | 1977671 |
| 4750000 | &nbsp;&nbsp;&nbsp;Palmer Square CLO 2021-1 Ltd.<sup>(d)(e)</sup> | 2021-1A | Class C2R | 7.434 | 4/20/2038 | 4696179 |
| 1000000 | &nbsp;&nbsp;&nbsp;Park Blue CLO 2022-1 Ltd.<sup>(d)(e)</sup> | 2022-1A | Class CR | 5.984 | 10/20/2037 | 1004954 |
| 3000000 | &nbsp;&nbsp;&nbsp;PPM CLO 3 Ltd.<sup>(d)(e)</sup> | 2019-3A | Class CR | 6.093 | 4/17/2034 | 3010077 |
| 1500000 | &nbsp;&nbsp;&nbsp;PPM CLO 3 Ltd.<sup>(d)(e)</sup> | 2019-3A | Class DR | 7.243 | 4/17/2034 | 1473855 |
| 2500000 | &nbsp;&nbsp;&nbsp;Rad CLO 10 Ltd.<sup>(d)(e)</sup> | 2021-10A | Class C | 5.871 | 4/23/2034 | 2508447 |
| 5000000 | &nbsp;&nbsp;&nbsp;Rad CLO 16 Ltd.<sup>(d)(e)</sup> | 2022-16A | Class CR | 6.355 | 7/15/2037 | 5023987 |
| 2000000 | &nbsp;&nbsp;&nbsp;Rad CLO 25 Ltd.<sup>(d)(e)</sup> | 2024-25A | Class C2 | 6.284 | 7/20/2037 | 2009624 |
| 4000000 | &nbsp;&nbsp;&nbsp;Sculptor CLO XXVI Ltd.<sup>(d)(e)</sup> | 26 A | Class CR | 6.084 | 1/20/2038 | 4017767 |

---

---

| |
|:---|
| **Leader High Quality Income Fund** |
| **Schedule of Investments** |
| **October 31, 2025 (Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **ASSET-BACKED SECURITIES - 70.77% (continued)** | **Series** | **Class** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **Collateralized Loan Obligations - 59.57% (continued)** |  |  |  |  |  |
| $1000000 | &nbsp;&nbsp;&nbsp;Signal Peak CLO 5 Ltd.<sup>(d)(e)</sup> | 2018-5A | Class CR | 6.558 | 4/25/2037 | $1004688 |
| 6250000 | &nbsp;&nbsp;&nbsp;Steele Creek CLO 2016-1 Ltd.<sup>(d)(e)</sup> | 2016-1A | Class DR | 7.199 | 6/15/2031 | 6272157 |
| 6500000 | &nbsp;&nbsp;&nbsp;Steele Creek CLO 2018-1 Ltd.<sup>(d)(e)</sup> | 2018-1A | Class D | 7.016 | 4/15/2031 | 6517397 |
| 5000000 | &nbsp;&nbsp;&nbsp;Sycamore Tree CLO 2024-5 Ltd.<sup>(d)(e)</sup> | 2024-5A | Class CR | 5.806 | 10/20/2038 | 5000000 |
| 5000000 | &nbsp;&nbsp;&nbsp;Sycamore Tree CLO 2024-5 Ltd.<sup>(d)(e)</sup> | 2024-5A | Class C | 6.634 | 4/20/2036 | 5000000 |
| 6000000 | &nbsp;&nbsp;&nbsp;Symphony CLO XV Ltd.<sup>(d)(e)</sup> | 2014-15A | Class CR3 | 6.493 | 1/17/2032 | 6016534 |
| 1020000 | &nbsp;&nbsp;&nbsp;TCI-Symphony CLO 2017-1 Ltd.<sup>(d)(e)</sup> | 2017-1A | Class CR | 5.966 | 7/15/2030 | 1021920 |
| 5000000 | &nbsp;&nbsp;&nbsp;TCW CLO 2019-2 Ltd.<sup>(d)(e)</sup> | 2019-2A | Class CR2 | 5.784 | 1/20/2038 | 5022389 |
| 8000000 | &nbsp;&nbsp;&nbsp;TCW CLO 2021-1 Ltd.<sup>(d)(e)</sup> | 2021-1A | Class D2R1 | 7.884 | 1/20/2038 | 7939079 |
| 500000 | &nbsp;&nbsp;&nbsp;TICP CLO VII Ltd.<sup>(d)(e)</sup> | 2017-7A | Class DR | 7.366 | 4/15/2033 | 502984 |
| 2000000 | &nbsp;&nbsp;&nbsp;Trinitas CLO IX Ltd.<sup>(d)(e)</sup> | 2018-9A | Class CRR | 6.396 | 1/20/2032 | 2008853 |
| 2000000 | &nbsp;&nbsp;&nbsp;Trinitas CLO X Ltd.<sup>(d)(e)</sup> | 2019-10A | Class CR | 6.405 | 1/15/2035 | 2006649 |
| 2500000 | &nbsp;&nbsp;&nbsp;Trinitas CLO XV Ltd.<sup>(d)(e)</sup> | 2021-15A | Class CR | 5.907 | 4/22/2034 | 2499998 |
| 2500000 | &nbsp;&nbsp;&nbsp;Trysail CLO 2021-1 Ltd.<sup>(d)(e)</sup> | 2021-1A | Class C | 6.546 | 7/20/2032 | 2508157 |
| 8000000 | &nbsp;&nbsp;&nbsp;VCC CLO 1, LLC<sup>(d)(e)</sup> | 2024-1A | Class C | 6.534 | 10/20/2036 | 8031751 |
| 1200000 | &nbsp;&nbsp;&nbsp;Vibrant CLO XR Ltd.<sup>(d)(e)</sup> | 2018-10RA | Class B | 6.734 | 4/20/2036 | 1204531 |
| 1300000 | &nbsp;&nbsp;&nbsp;Voya 2012-4 Ltd.<sup>(d)(e)</sup> | 2012-4A | Class BR3 | 6.116 | 10/15/2030 | 1302499 |
| 1000000 | &nbsp;&nbsp;&nbsp;Voya CLO 2014-4 Ltd.<sup>(d)(e)</sup> | 2014-4A | Class CR2 | 7.523 | 7/14/2031 | 1003791 |
| 1590000 | &nbsp;&nbsp;&nbsp;Voya CLO 2024-1 Ltd.<sup>(d)(e)</sup> | 2024-1A | Class C | 6.305 | 4/15/2037 | 1597476 |
| 4000000 | &nbsp;&nbsp;&nbsp;Warwick Capital CLO 2 Ltd.<sup>(d)(e)</sup> | 2023-2A | Class B | 6.605 | 1/15/2037 | 4011954 |
| 3500000 | &nbsp;&nbsp;&nbsp;Warwick Capital CLO 2 Ltd.<sup>(d)(e)</sup> | 2023-2A | Class C | 7.355 | 1/15/2037 | 3514256 |
| 5500000 | &nbsp;&nbsp;&nbsp;Warwick Capital CLO 3 Ltd.<sup>(d)(e)</sup> | 2024-3A | Class C | 6.634 | 4/20/2037 | 5525675 |
| 4950000 | &nbsp;&nbsp;&nbsp;Wellfleet CLO 2022-1 Ltd.<sup>(d)(e)</sup> | 2022-1A | Class D2R | 8.505 | 7/15/2037 | 4974771 |
| 9400000 | &nbsp;&nbsp;&nbsp;Wind River 2021-3 CLO Ltd.<sup>(d)(e)</sup> | 2021-3A | Class D2R | 7.834 | 4/20/2038 | 9449847 |
| 7500000 | &nbsp;&nbsp;&nbsp;Wind River 2021-4 CLO Ltd.<sup>(d)(e)</sup> | 2021-4A | Class D | 7.346 | 1/20/2035 | 7353147 |
| 7000000 | &nbsp;&nbsp;&nbsp;Wind River 2024-1 CLO Ltd.<sup>(d)(e)</sup> | 2024-1A | Class C | 6.684 | 4/20/2037 | 7032635 |
|  |  |  |  |  |  | 737703027 |
|  | **TOTAL ASSET-BACKED SECURITIES (Cost $872,262,015)** |  |  |  |  | 876394314 |
|  | **CORPORATE BONDS - 5.47%** |  |  |  |  |  |
|  | **Diversified Financial Services - 0.40%** |  |  |  |  |  |
| 5000000 | &nbsp;&nbsp;&nbsp;CIG DS1, LLC<sup>(d)</sup> |  |  | 5.000 | 8/1/2026 | 5000000 |
|  | **Oil & Gas - 5.07%** |  |  |  |  |  |
| 10000000 | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos - Mexico |  |  | 6.700 | 2/16/2032 | 10017740 |
| 45000000 | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos - Mexico |  |  | 7.690 | 1/23/2050 | 41006250 |
| 10000000 | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos - Mexico |  |  | 10.000 | 2/7/2033 | 11733795 |
|  |  |  |  |  |  | 62757785 |
|  | **TOTAL CORPORATE BONDS (Cost $63,993,268)** |  |  |  |  | 67757785 |
|  | **GOVERNMENT BOND - 4.12%** |  |  |  |  |  |
| 200000000 | &nbsp;&nbsp;&nbsp;United States Treasury Strip |  |  | 0.000 | 2/15/2055 | 50955600 |
|  | **TOTAL GOVERNMENT BONDS (Cost $51,348,719)** |  |  |  |  | 50955600 |
| **Shares** | **SHORT-TERM INVESTMENT - 14.28%** |  |  |  |  |  |
| 176898912 | &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.03%<sup>(f)</sup> |  |  |  |  | 176898912 |
|  | **TOTAL SHORT-TERM INVESTMENT (Cost $176,898,912)** |  |  |  |  | 176898912 |
|  | **TOTAL INVESTMENTS (Cost $1,205,120,072) - 98.01%** |  |  |  |  | $1213682175 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 1.99%** |  |  |  |  | 24700228 |
|  | **NET ASSETS - 100%** |  |  |  |  | $1238382403 |

---

---

| |
|:---|
| **Leader High Quality Income Fund** |
| **Schedule of Investments** |
| **October 31, 2025 (Unaudited)** |

---

The following abbreviations are used in this portfolio:

CLO - Collateralized Loan Obligation

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited Company

<sup>(a)</sup> The Liquidity Administrator has determined that these securities are illiquid. As of October 31, 2025, these securities amounted to $1,756,147 or 0.14% of net assets.

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

<sup>(c)</sup> Non-income producing security.<br>

<sup>(d)</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 October 31, 2025, the total market value of 144A securities is $880,835,361 or 71.13% of net assets.

<sup>(e)</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>(f)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

**The accompanying notes are an integral part of these financial statements.** 

**Leader Funds Trust**

**NOTES TO THE FINANCIAL STATEMENTS**

**October 31, 2025 (Unaudited)**

Leader Funds Trust (the "Trust"), a Delaware statutory trust organized on February 1, 2019, is comprised of the Leader Capital Short Term High Yield Bond Fund (the "High Yield Fund") and Leader Capital High Quality Income Fund (the "High Quality Fund") (each a "Fund" and collectively the "Funds"), each a series of shares of beneficial interest of the Trust.

The following is a summary of the significant accounting policies followed by the Funds in the preparation of its financial statements. The Funds are investment companies that follow the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.

**Processes and Structure**

The Funds' Board of Trustees (the "Board") has adopted guidelines for valuing securities and other derivative instruments including in circumstances in which market quotes are not readily available and has delegated authority to Leader Capital Corp. (the "Adviser") to apply those guidelines in determining fair value prices, subject to review by the Board.

**Hierarchy of Fair Value Inputs**

The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis. Accounting principles generally accepted in the United States of America establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the
Fund has the ability to access.

• Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for
the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive
market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

• Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable
inputs are not available, representing the Funds' own assumptions about the assumptions that a market participant would use in valuing
the asset or liability, and that 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.

**Fair Value Measurements** 

Securities and assets for which representative market quotations are not readily available or that cannot be accurately valued using a fund's normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Board. Fair value pricing may be used, for example, in situations where (i) a portfolio security, such as a small-cap stock, is so thinly traded that there have been no transactions for that stock over an extended period of time or the validity of a market quotation received is questionable; (ii) the exchange on which the portfolio security is principally traded closes early; (iii) trading of the particular portfolio security is halted; (iv) the security is a restricted security not registered under federal securities laws purchased through a private placement not eligible for resale; or (v) the security is purchased on a foreign exchange.

A description of the valuation techniques applied to the Trust's major categories of assets and liabilities measured at fair value on a recurring basis follows.

*Equity securities (common stock, exchange-traded funds ("ETFs"), mutual funds and closed-end funds ("CEFs")* – Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, ETFs, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and are categorized in level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in level 2.

**Leader Funds Trust**

**NOTES TO THE FINANCIAL STATEMENTS**

**October 31, 2025 (Unaudited)**

**Fair Value Measurements (continued)**

*Money market funds* – Money market funds are valued at their net asset value per share and are categorized as level 1.

*Fixed income securities (asset-backed securities ("ABS"), collateralized loan obligations ("CLO") and mortgage-backed securities ("MBS")* - Securities valued using market quotations in an active market, will be categorized as Level 2 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices more accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when certain restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Valuation Designee, in conformity with guidelines adopted by and subject to review of the Board and the Fair Valuation Committee. These securities will be categorized as Level 3 securities. The Adviser may use inputs such as evaluated broker quotes in inactive markets, actual trade prices in inactive markets, present value of expected future cash flows, terms of expected bond restructurings, and yields on similar securities in determining the fair value of such Level 3 securities.

The Securities and Exchange Commission (the "SEC") adopted Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), which established an updated regulatory framework for registered investment company fair valuation practices. Under the new rule a greater number of the Funds' securities may be subject to fair value pricing. The Funds' fair value policies and procedures and valuation practices were updated to comply with Rule 2a-5. Specifically, the Board designated the Adviser as the Funds' "Valuation Designee" to make fair value determinations. The Adviser acts through its Rule 2a-5 Committee (the "Valuation Committee") in accordance with the Trust's and the Adviser's policies and procedures (collectively, the "Valuation Procedures"). While fair value determinations will be based upon all available factors that the Valuation Designee deems relevant at the time of the determination, fair value represents only a good faith approximation of the value of an asset or liability.

The Funds' policies regarding fair value pricing are intended to result in a calculation of a Fund's net asset value that fairly reflects portfolio security values as of the time of pricing. A portfolio security's fair value price may differ from the price next available for that portfolio security using a Fund's normal pricing procedure and may differ substantially from the price at which the portfolio security may ultimately be traded or sold. If such fair value price differs from the price that would have been determined using a Fund's normal pricing procedures, a shareholder may receive more or less proceeds or shares from redemptions or purchases of Fund shares, respectively, than a shareholder would have otherwise received if the portfolio security was priced using a Fund's normal pricing procedures. The performance of a Fund may also be affected if a portfolio security's fair value price were to differ from the security's price using a Fund's normal pricing procedures.

Pursuant to policies adopted by the Board, the Valuation Designee reports all fair valued securities to the Board at least quarterly. The Board monitors and evaluates the Funds' use of fair value pricing. These securities will be categorized as level 3 securities.

The following tables summarize the inputs used to value the Funds' assets and liabilities measured at fair value as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield Fund:**<br> **Financial Instruments - Assets**<br>**Classification** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Totals** |
| Preferred Stock <sup>(1)</sup> | $901247 | $— | $— | $901247 |
| Asset Backed Securities |  | 145345506 |  | 145345506 |
| Corporate Bonds <sup>(1) (2)</sup> |  | 10514063 |  | 10514063 |
| Non U.S. Government Bonds |  | 446747 |  | 446747 |
| Short-Term Investment | 7091531 |  |  | 7091531 |
| Total Assets | $7992778 | $156306316 | $— | $164299094 |

---

**Leader Funds Trust**

**NOTES TO THE FINANCIAL STATEMENTS**

**October 31, 2025 (Unaudited)**

**Fair Value Measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Quality Fund:**<br> **Financial Instruments** – **Assets**<br>**Security Classification** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** | <br> **Totals** |
| Preferred Stock <sup>(1) (2)</sup> | $— | $— | $1756147 | $1756147 |
| Common Stock <sup>(1)</sup> | 10585000 |  |  | 10585000 |
| Mutual Fund <sup>(1)</sup> | 29334417 |  |  | 29334417 |
| Asset Backed Securities |  | 876394314 |  | 876394314 |
| Corporate Bonds <sup>(1)(2)</sup> |  | 67757785 |  | 67757785 |
| U.S. Government Bonds |  | 50955600 |  | 50955600 |
| Short-Term Investment | 176898912 |  |  | 176898912 |
| Total Assets | $216818329 | $995107699 | $1756147 | $1213682175 |

---

<sup>(1)</sup> For a detailed break-out of common stock, preferred stock, mutual funds and corporate bonds by industry or asset class, please refer to the Schedules of Investments.

<sup>(2)</sup> Investments in VTB Bank PJSC Via VTB Eurasia DAC ("VTB Bank") corporate bond in the High Yield Fund are being valued at zero by the Adviser using Level 3 inputs. Investments in Boxabl, Inc. preferred stock in the High Quality Fund are being valued at zero by the Adviser using Level 3 inputs.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| High Yield Fund | <br>**Balance as of July 31, 2025**  | <br>**Realized gain (loss)**  | **Change in unrealized appreciation (depreciation)** | <br>**Purchases**  | <br>**Sales**  | <br>**Transfers into Level 3**  | <br>**Transfers out of Level 3**  | <br>**Balance as of**<br> **October 31, 2025** |
| VTB Bank PJSC Via VTB Eurasia DAC | $— | $— | $— | $— | $— | $— | $— | $— |
| TOTALS | $— |  |  |  |  |  |  | $— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| High Quality Fund | <br>**Balance as of July 31, 2025**  | **Realized gain (loss)** | **Change in unrealized appreciation (depreciation)** | **Purchases** | **Sales** | **Transfers into Level 3** | **Transfers out of Level 3** | <br>**Balance as of**<br> **October 31, 2025** |
| Boxabl, Inc. | $— | $— | $1756147 | $— | $— | $— | $— | $1756147 |
| TOTALS | $— | $— | $1756147 | $— | $— | $— | $— | $1756147 |

---

The following is a quantitative summary of the techniques and inputs used to fair value the Level 3 securities as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** |  |
| High Yield Fund | **Fair value at 10/31/2025** | **Valuation technique(s)** | <br>**Unobservable input** | <br>**Range**  |
| Corporate Bond | $— | Adviser | <br>Estimated proceeds from sale <sup>(1)</sup> | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| High Quality Fund | **Fair value at 10/31/2025** | **Valuation technique(s)** | <br>**Range**  |
| Preferred Stock<sup>(1)</sup> | $1756147 | Adviser <br>Estimated proceeds from sale <sup>(1)</sup> | $0.27 |

---

 

<sup>(1)</sup> A significant increase in this input in isolation would result in a significantly higher fair value measurement.

**Leader Funds Trust**

**NOTES TO THE FINANCIAL STATEMENTS**

**October 31, 2025 (Unaudited)**

**Fair Value Measurements (continued)**

The total change in unrealized appreciation attributable to Level 3 investments still held at October 31, 2025 is shown below.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Total Change in Unrealized**<br> **Appreciation** |
| High Yield Fund | $— |
| High Quality Fund | $1756147 |

---

**Investment Companies** – The Funds may invest in investment companies such as open-end funds (mutual funds), including ETFs CEFs and mutual funds (also referred to as "Underlying Funds") subject to limitations as defined in the 1940 Act. Your cost of investing in the Funds will generally be higher than the cost of investing directly in the Underlying Funds. By investing in the Funds, you will indirectly bear fees and expenses charged by the Underlying Funds in which the Funds invest in addition to the Funds' direct fees and expenses. Also, with respect to dividends paid by the Underlying Funds, it is possible for these dividends to exceed the underlying investments' taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

**Investments in Affiliated Companies** 

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities or of common management. Companies which are affiliates of the Fund at October 31, 2025, are noted in the High Quality Fund's Schedule of Investments. The High Yield Fund is a mutual fund that is an affiliate because they are under common management of the Adviser.

Transactions with affiliated companies during the three months ended October 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| High Quality Fund: | <br>**Value as of**<br> **July 31, 2025** | **Realized gain (loss)** | **Change in unrealized (depreciation)** | **Purchases** | **Sales** | <br>**Value as of**<br> **October 31, 2025** | <br>**Shares held as of October 31, 2025** | <br>**Income received** |
| High Yield Fund | $29406758 | $— | $(72341) | $— | $— | $29334417 | 3617067 | $658812 |
| Total | $29406758 | $— | $(72.341) | $— | $— | $29334417 | 3617067 | $658812 |

---

**Tax Matters**

For U.S. Federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation/(depreciation) of investments at October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | **Cost** | **Gross Appreciation** | **Gross Depreciation** | **Net Appreciation (Depreciation)** |
| High Yield Fund | $165639416 | $2581600 | $(3921922) | $(1340322) |
| High Quality Fund | 1205299031 | 11449903 | (3066759) | 8383144 |

---

The differences between book basis and tax basis unrealized appreciation (depreciation) from investments are primarily attributable to the tax deferral of losses on wash sales.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Leader Funds Trust

- **b. Investment Company Act file number:** 811-23419

- **c. CIK number of Registrant:** 0001766436

- **d. LEI of Registrant:** 5493004CXG3W4ZKLTI89

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

  - **Street Address 1:** 315 W. Mill Plain Boulevard

  - **City:** Vancouver

  - **State:** WA

  - **Foreign country:** US

  - **Zip / Postal Code:** 98660

  - **Telephone number:** 800-711-9164

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

- **a. Name of Series:** Leader Capital Short Term High Yield Bond Fund

- **b. EDGAR series identifier (if any):** S000065272

- **c. LEI of Series:** 54930055U85E86N3X724

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $165614393.30

**Total Liabilities:** $816585.39

**Net Assets:** $164797807.91

**Cash Not Reported:** $1315299.14

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

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

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000211307 | 1.12%                | 0.73%                | 0.15%                |
| Class ID C000211310 | 1.18%                | 0.77%                | 0.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-299898.09              | $681491.87                                 |
| Month 2  | $22115.48                | $54524.78                                  |
| Month 3  | $-18162.33               | $-1016122.28                               |

### Schedule of Portfolio Investments

| Name                                              | Title             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Allegro CLO V-S Ltd                               | ABS               | CUSIP: 01751CAA0<br>LEI: 2138003E5WTFBR7NV267 | Long             | ABS-MBS          | CORP              | JE        |   4900000 | PA      | $4881673.02   | 2.96%             | 2037-07-24      | Floating      | 11.37%                | Yes           |                  2 | On Loan: No      |
| Allegro CLO X Ltd                                 | ABS               | CUSIP: 01750GAA2<br>LEI: 254900MQVJ2U7KN3HP03 | Long             | ABS-MBS          | CORP              | KY        |   2500000 | PA      | $2512264.00   | 1.52%             | 2032-04-20      | Floating      | 11.03%                | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO 2019-1                    | ABS               | CUSIP: 05683RAE3<br>LEI: 549300B0VI605XM3L529 | Long             | ABS-MBS          | CORP              | KY        |   4000000 | PA      | $4019956.80   | 2.44%             | 2034-04-19      | Floating      | 11.16%                | Yes           |                  2 | On Loan: No      |
| Battalion Clo XV Ltd                              | ABS               | CUSIP: 07131CAA8<br>LEI: 549300CJP8HGT746II19 | Long             | ABS-MBS          | CORP              | KY        |   1275000 | PA      | $1237187.45   | 0.75%             | 2033-01-17      | Floating      | 10.49%                | Yes           |                  2 | On Loan: No      |
| Battalion CLO XXII Ltd                            | ABS               | CUSIP: 07134MAA3<br>LEI: 5493003R1TSL3IKE4V49 | Long             | ABS-MBS          | CORP              | KY        |   2500000 | PA      | $2204092.75   | 1.34%             | 2035-01-20      | Floating      | 11.10%                | Yes           |                  2 | On Loan: No      |
| Marathon CLO XIII Ltd                             | ABS               | CUSIP: 56579BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   1858000 | PA      | $1801232.15   | 1.09%             | 2032-04-15      | Floating      | 11.15%                | Yes           |                  2 | On Loan: No      |
| 1828 CLO Ltd                                      | ABS               | CUSIP: 28252TAX0<br>LEI: 549300TR3WW6GC2PC544 | Long             | ABS-MBS          | CORP              | KY        |   1000000 | PA      | $985081.00    | 0.60%             | 2031-10-15      | Floating      | 10.76%                | Yes           |                  2 | On Loan: No      |
| AB BSL CLO 3 Ltd                                  | ABS               | CUSIP: 00037RAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   4500000 | PA      | $4339722.60   | 2.63%             | 2038-04-20      | Floating      | 8.98%                 | Yes           |                  2 | On Loan: No      |
| AGL CLO 3 LTD                                     | ABS               | CUSIP: 00119NAE7<br>LEI: 549300LS0REDUXQSHW18 | Long             | ABS-MBS          | CORP              | KY        |   3000000 | PA      | $2829392.40   | 1.72%             | 2038-04-15      | Floating      | 9.15%                 | Yes           |                  2 | On Loan: No      |
| Ballyrock CLO 18 Ltd                              | ABS               | CUSIP: 05875XAE8<br>LEI: 2549009NE3IA6DAH4G62 | Long             | ABS-MBS          | CORP              | KY        |   1000000 | PA      | $1000785.70   | 0.61%             | 2038-04-15      | Floating      | 9.65%                 | Yes           |                  2 | On Loan: No      |
| BlueMountain CLO XXXV Ltd                         | ABS               | CUSIP: 09631TAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   3750000 | PA      | $3805193.25   | 2.31%             | 2037-10-22      | Floating      | 11.93%                | Yes           |                  2 | On Loan: No      |
| BlueMountain CLO XXIX Ltd                         | ABS               | CUSIP: 09630LAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   3390000 | PA      | $3364286.51   | 2.04%             | 2034-07-25      | Floating      | 10.98%                | Yes           |                  2 | On Loan: No      |
| Bryant Park Funding 2024-24 Ltd                   | ABS               | CUSIP: 11766FAA5<br>LEI: 3912003A96YDRT8EGP15 | Long             | ABS-MBS          | CORP              | KY        |   3000000 | PA      | $3029613.90   | 1.84%             | 2037-10-15      | Floating      | 10.54%                | Yes           |                  2 | On Loan: No      |
| Canyon CLO 2018-1 Ltd                             | ABS               | CUSIP: 13877AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   2500000 | PA      | $2509590.75   | 1.52%             | 2031-07-15      | Floating      | 9.92%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO 2016-3 Ltd   | ABS               | CUSIP: 14311WAE4<br>LEI: 5493000C19IMTVUCMB96 | Long             | ABS-MBS          | CORP              | KY        |   3500000 | PA      | $3521141.05   | 2.14%             | 2034-07-20      | Floating      | 11.15%                | Yes           |                  2 | On Loan: No      |
| Cathedral Lake VIII Ltd                           | ABS               | CUSIP: 14919KAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   1000000 | PA      | $998639.80    | 0.61%             | 2035-01-20      | Floating      | 11.64%                | Yes           |                  2 | On Loan: No      |
| Columbia Cent CLO 31 Ltd                          | ABS               | CUSIP: 19737NAA7<br>LEI: 5493007YZPNOMQEILE23 | Long             | ABS-MBS          | CORP              | KY        |   1000000 | PA      | $953911.20    | 0.58%             | 2034-04-20      | Floating      | 10.43%                | Yes           |                  2 | On Loan: No      |
| Columbia Cent CLO 33 Ltd                          | ABS               | CUSIP: 19737VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   2500000 | PA      | $2535711.75   | 1.54%             | 2037-04-20      | Floating      | 11.04%                | Yes           |                  2 | On Loan: No      |
| Crown City CLO II                                 | ABS               | CUSIP: 22823JAE7<br>LEI: 549300TQXORNUWLBOD84 | Long             | ABS-MBS          | CORP              | KY        |   4000000 | PA      | $3947694.80   | 2.40%             | 2035-04-20      | Floating      | 10.99%                | Yes           |                  2 | On Loan: No      |
| Dryden 37 Senior Loan Fund                        | ABS               | CUSIP: 26249MAW7<br>LEI: 254900I0IPNA482LDS44 | Long             | ABS-MBS          | CORP              | KY        |    500000 | PA      | $474268.10    | 0.29%             | 2031-01-15      | Floating      | 9.32%                 | Yes           |                  2 | On Loan: No      |
| Dryden 42 Senior Loan Fund                        | ABS               | CUSIP: 26245AAC1<br>LEI: 549300GTVIVSKVBYOB52 | Long             | ABS-MBS          | CORP              | KY        |   1375000 | PA      | $1388518.59   | 0.84%             | 2037-07-15      | Floating      | 10.40%                | Yes           |                  2 | On Loan: No      |
| Dryden 60 CLO Ltd                                 | ABS               | CUSIP: 26251NAF7<br>LEI: 549300KI3ILQQHC87U86 | Long             | ABS-MBS          | CORP              | KY        |   1650000 | PA      | $1655350.79   | 1.00%             | 2031-07-15      | Floating      | 9.77%                 | Yes           |                  2 | On Loan: No      |
| Dryden 68 CLO Ltd                                 | ABS               | CUSIP: 26252RAE0<br>LEI: 254900MX6QAMC9XBAB53 | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $1951121.60   | 1.18%             | 2035-07-15      | Floating      | 10.92%                | Yes           |                  2 | On Loan: No      |
| Dryden 78 CLO Ltd                                 | ABS               | CUSIP: 26253JAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $1992080.00   | 1.21%             | 2037-04-17      | Floating      | 10.51%                | Yes           |                  2 | On Loan: No      |
| Dryden 95 CLO Ltd                                 | ABS               | CUSIP: 262485AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   4000000 | PA      | $3975041.60   | 2.41%             | 2034-08-20      | Floating      | 10.62%                | Yes           |                  2 | On Loan: No      |
| Elevation CLO 2021-12 Ltd                         | ABS               | CUSIP: 28623NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   4000000 | PA      | $4020100.40   | 2.44%             | 2037-04-20      | Floating      | 11.36%                | Yes           |                  2 | On Loan: No      |
| Flagstar Bank NA                                  | ABS               | CUSIP: 649445AC7<br>LEI: SS1TRMSN6BRNMOREEV51 | Long             | ABS-MBS          | CORP              | US        |   5250000 | PA      | $5046562.50   | 3.06%             | 2028-11-06      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| Fortress Credit BSL XIII Ltd                      | ABS               | CUSIP: 34963GAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $2012544.00   | 1.22%             | 2034-07-20      | Floating      | 11.06%                | Yes           |                  2 | On Loan: No      |
| Gallatin CLO VIII 2017-1 Ltd                      | ABS               | CUSIP: 36361VAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $1926370.20   | 1.17%             | 2031-07-15      | Floating      | 11.09%                | Yes           |                  2 | On Loan: No      |
| HONO 2021-LULU Mortgage Trust                     | ABS               | CUSIP: 40390MAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4849341.00   | 2.94%             | 2036-10-15      | Floating      | 8.55%                 | Yes           |                  2 | On Loan: No      |
| Invesco CLO 2022-1 Ltd                            | ABS               | CUSIP: 46091GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | JE        |   3700000 | PA      | $3589691.16   | 2.18%             | 2035-04-20      | Floating      | 10.18%                | Yes           |                  2 | On Loan: No      |
| Jefferson Mill CLO Ltd                            | ABS               | CUSIP: 47421MBE2<br>LEI: 549300RV1TCF15DHXS87 | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $1918255.00   | 1.16%             | 2031-10-20      | Floating      | 10.60%                | Yes           |                  2 | On Loan: No      |
| KKR Clo 17 Ltd                                    | ABS               | CUSIP: 48251GAC3<br>LEI: 549300I0HBY0ZQ3YIB77 | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $1916152.20   | 1.16%             | 2034-04-15      | Floating      | 11.56%                | Yes           |                  2 | On Loan: No      |
| LCM 34 Ltd                                        | ABS               | CUSIP: 50203DAA9<br>LEI: 54930038DJKYPKSVRB29 | Long             | ABS-MBS          | CORP              | KY        |   3250000 | PA      | $2971069.40   | 1.80%             | 2034-10-20      | Floating      | 10.69%                | Yes           |                  2 | On Loan: No      |
| LCM 37 Ltd                                        | ABS               | CUSIP: 50204FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   1000000 | PA      | $940034.70    | 0.57%             | 2034-04-15      | Floating      | 11.53%                | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Eaton Vance CLO 2023-19 Ltd        | ABS               | CUSIP: 617926AE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $1960000.00   | 1.19%             | 2038-07-15      | Floating      | 9.40%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding LV Ltd                       | ABS               | CUSIP: 55818AAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   4455000 | PA      | $4435753.06   | 2.69%             | 2037-07-18      | Floating      | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Marble Point CLO XXII Ltd                         | ABS               | CUSIP: 56606HAA0<br>LEI: 549300MZC31PBFF01E87 | Long             | ABS-MBS          | CORP              | KY        |   1004000 | PA      | $960042.07    | 0.58%             | 2034-07-25      | Floating      | 11.51%                | Yes           |                  2 | On Loan: No      |
| Mountain View Clo XIV Ltd                         | ABS               | CUSIP: 62432NAL1<br>LEI: 549300IB1UGD5G8HYT10 | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $1929238.60   | 1.17%             | 2034-10-15      | Floating      | 11.53%                | Yes           |                  2 | On Loan: No      |
| Mountain View Clo XV Ltd                          | ABS               | CUSIP: 62432QAL4<br>LEI: 254900VKL64PZVEG4F33 | Long             | ABS-MBS          | CORP              | KY        |   3000000 | PA      | $2970254.70   | 1.80%             | 2037-07-15      | Floating      | 11.97%                | Yes           |                  2 | On Loan: No      |
| Octagon 69 Ltd                                    | ABS               | CUSIP: 67579QAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   6000000 | PA      | $6024827.40   | 3.66%             | 2037-07-24      | Floating      | 9.77%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners 50 Ltd                | ABS               | CUSIP: 67592NAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   4000000 | PA      | $3859385.20   | 2.34%             | 2035-01-15      | Floating      | 10.97%                | Yes           |                  2 | On Loan: No      |
| Orion CLO 2024-3 Ltd                              | ABS               | CUSIP: 68626DAA0<br>LEI: 213800ZBDSVKWOW3O877 | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $2019696.40   | 1.23%             | 2037-07-25      | Floating      | 10.16%                | Yes           |                  2 | On Loan: No      |
| OZLM VI Ltd                                       | ABS               | CUSIP: 67108PAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   3000000 | PA      | $2790972.60   | 1.69%             | 2031-04-17      | Floating      | 10.19%                | Yes           |                  2 | On Loan: No      |
| OZLM XIV Ltd                                      | ABS               | CUSIP: 67110JAL8<br>LEI: 549300Y1XB6AVMQY8652 | Long             | ABS-MBS          | CORP              | KY        |   5281500 | PA      | $5307926.51   | 3.22%             | 2038-01-15      | Floating      | 12.05%                | Yes           |                  2 | On Loan: No      |
| OZLM XIX Ltd                                      | ABS               | CUSIP: 67112CAU1<br>LEI: 5493009C40QUU66J8E83 | Long             | ABS-MBS          | CORP              | KY        |   1500000 | PA      | $1508070.45   | 0.92%             | 2035-01-15      | Floating      | 11.80%                | Yes           |                  2 | On Loan: No      |
| Parallel 2021-2 Ltd                               | ABS               | CUSIP: 69916LAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   4000000 | PA      | $3951855.60   | 2.40%             | 2034-10-20      | Floating      | 11.35%                | Yes           |                  2 | On Loan: No      |
| Park Avenue Institutional Advisers CLO Ltd 2022-1 | ABS               | CUSIP: 70016DAA4<br>LEI: 529900NLOXP1VWSKZX10 | Long             | ABS-MBS          | CORP              | KY        |   1000000 | PA      | $1008414.50   | 0.61%             | 2035-04-20      | Floating      | 11.17%                | Yes           |                  2 | On Loan: No      |
| PPM CLO 5 Ltd                                     | ABS               | CUSIP: 69356VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $1847590.40   | 1.12%             | 2034-10-18      | Floating      | 10.65%                | Yes           |                  2 | On Loan: No      |
| Rad CLO 16 Ltd                                    | ABS               | CUSIP: 75009MAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   1500000 | PA      | $1473088.35   | 0.89%             | 2037-07-15      | Floating      | 10.40%                | Yes           |                  2 | On Loan: No      |
| Rockford Tower CLO 2025-1 Ltd                     | ABS               | CUSIP: 77341BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $1997822.40   | 1.21%             | 2038-03-31      | Floating      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Rockford Tower CLO 2021-3 Ltd                     | ABS               | CUSIP: 77341PAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   4675000 | PA      | $4559441.95   | 2.77%             | 2038-01-15      | Floating      | 11.32%                | Yes           |                  2 | On Loan: No      |
| Sixth Street CLO XXVI Ltd                         | ABS               | CUSIP: 829935AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $2025387.40   | 1.23%             | 2037-10-18      | Floating      | 9.53%                 | Yes           |                  2 | On Loan: No      |
| TCW CLO 2021-1 Ltd                                | ABS               | CUSIP: 87190LAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   2500000 | PA      | $2488865.25   | 1.51%             | 2038-01-20      | Floating      | 10.63%                | Yes           |                  2 | On Loan: No      |
| THL Credit Wind River 2017-1 CLO Ltd              | ABS               | CUSIP: 97315XAA1<br>LEI: 254900W8N6WOFX1LSH24 | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $1959340.00   | 1.19%             | 2036-04-18      | Floating      | 11.21%                | Yes           |                  2 | On Loan: No      |
| Trinitas CLO XI Ltd                               | ABS               | CUSIP: 89641LAG6<br>LEI: 549300T8V1JZG1WFK175 | Long             | ABS-MBS          | CORP              | KY        |   1750000 | PA      | $1691277.35   | 1.03%             | 2034-07-15      | Floating      | 11.44%                | Yes           |                  2 | On Loan: No      |
| Voya CLO 2019-2 Ltd                               | ABS               | CUSIP: 92917XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    500000 | PA      | $502489.55    | 0.30%             | 2032-07-20      | Floating      | 10.75%                | Yes           |                  2 | On Loan: No      |
| Voya CLO 2020-1 Ltd                               | ABS               | CUSIP: 92918GAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   2000000 | PA      | $2016658.00   | 1.22%             | 2034-07-16      | Floating      | 10.51%                | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | CORPORATE BONDS   | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   6000000 | PA      | $5467500.00   | 3.32%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| VTB Bank PJSC Via VTB Eurasia DAC                 | FOREIGN BOND      | CUSIP: EJ3018904<br>LEI: 635400IGBYL1WAJLDE17 | Long             | DBT              | CORP              | IE        |   2000000 | PA      | $0.00         | 0.00%             | N/A             | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Ukraine Government International Bond             | FOREIGN BOND      | CUSIP: 903724BZ4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | CORP              | UA        |    336515 | PA      | $231774.71    | 0.14%             | 2029-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bond             | FOREIGN BOND      | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | CORP              | UA        |    144220 | PA      | $81664.58     | 0.05%             | 2034-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bond             | FOREIGN BOND      | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | CORP              | UA        |     26260 | PA      | $13950.63     | 0.01%             | 2030-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bond             | FOREIGN BOND      | CUSIP: 903724CE0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | CORP              | UA        |     98130 | PA      | $41337.26     | 0.03%             | 2034-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bond             | FOREIGN BOND      | CUSIP: 903724CF7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | CORP              | UA        |     82926 | PA      | $42603.23     | 0.03%             | 2035-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine Government International Bond             | FOREIGN BOND      | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | CORP              | UA        |     69105 | PA      | $35416.31     | 0.02%             | 2036-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| First American Government Obligations Fund        | MONEY MARKET FUND | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   7091531 | NS      | $7091530.52   | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| B Riley Financial Inc                             | PREFERRED STOCK   | CUSIP: 05580M819<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     18818 | NS      | $192508.14    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| B Riley Financial Inc                             | PREFERRED STOCK   | CUSIP: 05580M835<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     54941 | NS      | $708738.90    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** Leader Funds Trust

**Signature:** /s/ Larry Beaver

**Name of Signer:** Larry Beaver

**Title:** Treasurer