# EDGAR Filing Document

**Accession Number:** 0001766436
**File Stem:** 0001999371-25-018890
**Filing Date:** 2025-11
**Character Count:** 32023
**Document Hash:** f3026def77b7ced361825b4a78b6df24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-018890.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001999371-25-018890

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230531

**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-CEN/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23419
- **FILM NUMBER:** 251531390

**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           |
| C000211313 | Leader Capital High Quality Income Fund Class A             | LCATX           |
| C000211314 | Leader Capital High Quality Income Fund Investor Class      | LCTRX           |

## Internal

**<u>Report of Independent Registered Public Accounting Firm</u>**

To the Shareholders and Board of Trustees of

Leader Capital Short Term High Yield Bond Fund and Leader Capital High Quality Income Fund

each a Series of Leader Funds Trust

In planning and performing our audit of the restated financial statements of the Leader Capital Short Term High Yield Bond Fund and the Leader Capital High Quality Income Fund (collectively, the "Funds") as of and for the fiscal year ended May 31, 2023, conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds' internal control over financial reporting as a basis for designing audit procedures appropriate in the circumstances. Our audit procedures for this restatement engagement were limited to those areas affected by the valuation error that gave rise to the restatement and were performed for the purpose of expressing opinions on the restated financial statements. Accordingly, we do not express an opinion on the effectiveness of the Funds' internal control over financial reporting.<br>

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, such that there is a reasonable possibility that a material misstatement of the financial statements will not be prevented or detected on a timely basis.<br>

Our restatement audit was not designed to identify deficiencies in internal control over financial reporting, and therefore would not necessarily identify all deficiencies that might exist. During the restatement audit for the fiscal year ended May 31, 2023, we did not identify any new deficiencies, significant deficiencies, or material weaknesses in internal control over financial reporting.<br>

However, as part of the restatement process, the Funds corrected a valuation error related to a Level 3 investment security that originated during the fiscal year ended May 31, 2023 and resulted in a material misstatement of the previously issued financial statements. This valuation error is consistent with the material weakness in internal control over financial reporting related to investment valuation that we communicated separately in connection with our audit of the July 31, 2024 financial statements. Because this material weakness existed during the fiscal year ended May 31, 2023, it remains relevant to our communication for this restated period.<br>

Our procedures were not performed for the purpose of evaluating whether management has remediated this previously communicated material weakness, and we express no opinion on the current effectiveness of internal control over financial reporting.<br>

This report is intended solely for the information and use of management, the Board of Trustees of the Funds, and the Securities and Exchange Commission, and is not intended to be, and should not be, used by anyone other than these specified parties.

Sincerely,<br> Sanville & Company, LLC

![](image_002.jpg)

<br> Huntingdon Valley, Pennsylvania

November 21, 2025

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN/A
**CIK:** 0001766436

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000065272

**Series ID Record:2**
- **Series ID:** S000065273

**Class ID Record:1**
- **Class ID:** C000211307

**Class ID Record:2**
- **Class ID:** C000211310

**Class ID Record:3**
- **Class ID:** C000211311

**Class ID Record:4**
- **Class ID:** C000211313

**Class ID Record:5**
- **Class ID:** C000211314

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2023-05-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Leader Funds Trust

- **Item B.1.b - Investment Company Act file number:** 811-23419

- **Item B.1.c - CIK:** 0001766436

- **Item B.1.d - LEI:** 5493004CXG3W4ZKLTI89

- **Item B.2.a - Street 1:** 315 W. Mill Plain Blvd.

- **Item B.2.a - Street 2:** Suite 204

- **Item B.2.b - City:** Vancouver

- **Item B.2.c - State:** WA

- **Item B.2.e - Zip Code:** 98660

- **Item B.2.f - Telephone:** 800-711-9164

- **Item B.2.g - Public Website:** www.leadercapital.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Gryphon Fund Group, LLC

- **b. Street 1:** 3000 Auburn Drive

- **Street 2:** Suite 410

- **c. City:** Beachwood

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 44122

- **g. Telephone number:** 216-329-4270

- **h. Briefly describe the books and records kept at this location:** Fund Accounting and Transfer Agent record

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Leader Funds Trust

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 2

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name          | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Raymond Davis | No                      | N/A                                     |
| Martin Kehoe  | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Jessica Roeper

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 3000 Auburn Drive

- **   Street Address 2:** Suite 410

- **d. City:** Beachwood

- **e. State, if applicable:** OH

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 44122

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** Yes

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Vigilant Distributors, LLC

- **ii. SEC file number:** 8-69854

- **iii. CRD number:** 000285573

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Sanville & Company

- **b. PCAOB Number:** 169

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** Yes

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Leader Capital High Quality Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Leader Capital High Quality Income Fund

- **b. Series identification number, if any:** S000065273

- **c. LEI:** R3NVRGXLFHWUBHFB7V47

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 3

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 1

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class      | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A Shares             | C000211313                                | LCATX                        |
|                           2 | Investor Class Shares      | C000211314                                | LCTRX                        |
|                           3 | Institutional Class Shares | C000211311                                | LCTIX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Leader Capital Corp.

- **ii. SEC file number:** 801-56684

- **iii. CRD number:** 000046206

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** WA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Gryphon 17, LLC

- **ii. SEC file number:** 084-06825

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing & Reference Data LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Thomas Reuters

- **ii. LEI, if any, or provide and describe other identifying number:** 549300FOBWXV10TAOG25

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank, N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** MN

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Fifth Third Bank

- **ii. LEI, if any:** QFROUN1UWUYU0DVIWD51

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Gryphon 17, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Gryphon Fund Group, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,925.00

**Brokers Record: 2**

- **i. Full name of broker:** Cetera Financial Group

- **ii. SEC file number:** 8-27082

- **iii. CRD number:** 000010358

- **iv. LEI, if any:** IE8KXK6BLZIEBNOD9U51

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,212.50

**Aggregate Commission:** $5,137.50

**Item C.17.a. Principal transaction counterparties.**

| Name                    | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Goldman Sachs & Co. LLC | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $29,953,563.00            |
| Janney Montgomery       | 8-462             |    000000463 | 549300QQRY1JCFQHYS08 | PA      | US        | $5,703,825.00             |
| Academy Securities      | 8-35173           |    000017433 | 2549000QX6RLQOZ2XC11 | NY      | US        | $20,501,938.00            |
| Morgan Stanley          | 8-68191           |    000149777 | IGJSJL3JD5P30I6NJZ34 | NY      | US        | $28,094,944.00            |
| US Bank                 | 8-35359           |    000017868 | N1GZ7BBF3NP8GI976H15 | MN      | US        | $137,632,606.00           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $228,808,841.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $90,869,820.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Leader Capital Short Term High Yield Bond Fund

**Item C.1. Background information.**

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

- **b. Series identification number, if any:** S000065272

- **c. LEI:** 54930055U85E86N3X724

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 2

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class      | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Investor Class Shares      | C000211307                                | LCCMX                        |
|                           2 | Institutional Class Shares | C000211310                                | LCCIX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Leader Capital Corp.

- **ii. SEC file number:** 801-56684

- **iii. CRD number:** 000046206

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** WA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Gryphon 17, LLC

- **ii. SEC file number:** 084-06825

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing & Reference Data LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Thomas Reuters

- **ii. LEI, if any, or provide and describe other identifying number:** 549300FOBWXV10TAOG25

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank, N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** MN

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Fifth Third Bank

- **ii. LEI, if any:** QFROUN1UWUYU0DVIWD51

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Gryphon 17, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Gryphon Fund Group, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Academy Securities

- **ii. SEC file number:** 8-35173

- **iii. CRD number:** 000017433

- **iv. LEI, if any:** 2549000QX6RLQOZ2XC11

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $125,250.00

**Brokers Record: 2**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,391.00

**Brokers Record: 3**

- **i. Full name of broker:** Cetera Financial Group

- **ii. SEC file number:** 8-27082

- **iii. CRD number:** 000010358

- **iv. LEI, if any:** IE8KXK6BLZIEBNOD9U51

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,100.00

**Aggregate Commission:** $143,741.00

**Item C.17.a. Principal transaction counterparties.**

| Name                    | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Academy Securities      | 8-35173           |    000017433 | 2549000QX6RLQOZ2XC11 | NY      | US        | $6,510,960.00             |
| Goldman Sachs & Co. LLC | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $11,154,009.00            |
| Brownstone              | 8-50460           |    000043884 | 549300EBC8OHVQMGF416 | NY      | US        | $370,000.00               |
| Brean Capital           | 8-40742           |    000023723 | 254900ZZA1UBVDCNQ378 | NY      | US        | $715,000.00               |
| Janney Montgomery       | 8-462             |    000000463 | 549300QQRY1JCFQHYS08 | PA      | US        | $1,555,000.00             |
| Stifel, Nicolaus        | 8-1447            |    000000793 | 5WUVMA08EYG4KEUPW589 | MO      | US        | $1,965,000.00             |
| US Bank                 | 8-35359           |    000017868 | N1GZ7BBF3NP8GI976H15 | MN      | US        | $44,841,279.00            |
| Fifth Third Bank        | 8-2428            |    000000628 | 5493003IMO3TYX51WE43 | OH      | US        | $30,038,712.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $97,149,960.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $26,173,128.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Leader Funds Trust

**Date:** 2025-11-26

**Signature:** John Lekas

**Title:** Principal Executive Officer