# EDGAR Filing Document

**Accession Number:** 0001766436
**File Stem:** 0001999371-25-018894
**Filing Date:** 2025-11
**Character Count:** 170503
**Document Hash:** 8a006a869ac316983c069fe3eea59c38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-018894.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001999371-25-018894

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

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20230731

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23419
- **FILM NUMBER:** 251531434

**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           |

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

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

Investment Company Act File Number **<u>811- 23419</u>**

**Leader Funds Trust**

(Exact name of registrant as specified in charter)

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

**Vancouver, WA 98660**

(Address of Principal Executive Offices)

**Capitol Services, Inc.**

**1675 South State Street, Suite B**

**Dover, DE 19901**

(Name and address of agent for service)

With Copies To:

**John Lekas**

**Leader Capital Corp.**

**315 W. Mill Plain Blvd, Suite 204<br> Vancouver, WA 98660**

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

Date of fiscal year end: **<u>7/31</u>**

Date of reporting period: **<u>7/31/2023</u>**

**Explanatory Note:** The registrant is filing this amendment to its Form N-CSR for the year ended July 31, 2023, originally filed with the Securities and Exchange Commission on September 27, 2023 (Accession Number 0001387131-23-011578). The purpose is to restate the year ended July 31, 2023 financial statements for the Leader Capital Short Term High Yield Bond Fund (the "Restated Fund"), within the July 31, 2023 annual report.

The effect of this restatement on the Restated Fund's financial statements for the year ended July 31, 2023 is included and further described in Note 13 to the restated financial statements for the year ended July 31, 2023. Except for the information affected by the restatement as described in Note 13 and as otherwise indicated as "restated" in the Restated Fund's respective Financial Highlights [and the revision to the registrant's response to Items 11(a) and (b) of Form N-CSR, the information contained herein does not reflect any changes or updates from events occurring after the original filing date and such information continues to speak as of the original filing date].

**Item 1. Reports to Stockholders.**

![](lftncsra001.jpg)

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

**(Formerly, Leader Short Term High Yield Bond Fund)**

Investor Class – LCCMX

Institutional Class – LCCIX

**Leader Capital High Quality Income Fund**

**(Formerly, Leader High Quality Floating Rate Fund)**

Investor Class – LCTRX

Institutional Class – LCTIX

Class A - LCATX

Annual Report

July 31, 2023

1-800-711-9164

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

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

**SCHEDULE OF INVESTMENTS (RESTATED)** 

**July 31, 2023**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** |  | |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **PREFERRED STOCK - 4.8%** |  |  |  |  |  |
|  | *ASSET MANAGEMENT - 3.8%* |  |  |  |  |  |
| 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Vance Senior Floating Rate Trust (a) (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Vance Senior Floating Rate Trust (a) (b) (c) |  | 3.688 | Perpetual | $621000 |
| 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Vance Senior Floating Rate Trust (a) (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Vance Senior Floating Rate Trust (a) (b) (c) |  | 3.768 | Perpetual | 414000 |
|  |  |  |  |  |  | 1035000 |
|  | *INSTITUTIONAL FINANCIAL SERVICES - 1.0%* | *INSTITUTIONAL FINANCIAL SERVICES - 1.0%* |  |  |  |  |
| 13506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B Riley Financial, Inc. |  |  | 5.250 | Perpetual | 260058 |
|  | **TOTAL PREFERRED STOCK - (Cost $1,464,338)** | **TOTAL PREFERRED STOCK - (Cost $1,464,338)** | **TOTAL PREFERRED STOCK - (Cost $1,464,338)** | **TOTAL PREFERRED STOCK - (Cost $1,464,338)** | **TOTAL PREFERRED STOCK - (Cost $1,464,338)** | 1295058 |
| **Principal Amount ($)** |  | **Series** | **Class** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES - 78.9%** | **ASSET BACKED SECURITIES - 78.9%** | **ASSET BACKED SECURITIES - 78.9%** |  |  |  |
|  | *COLLATERALIZED LOAN OBLIGATIONS - 74.3%* | *COLLATERALIZED LOAN OBLIGATIONS - 74.3%* | *COLLATERALIZED LOAN OBLIGATIONS - 74.3%* |  |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegro CLO VI, LTD. (f) (d) | 2018-6 | Class E | 10.930 | 1/17/2031 | 849567 |
| 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares CLO XLVIII, LTD. (f) (d) | 2018-48 | Class E | 10.567 | 7/22/2030 | 619224 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueMountain CLO 2015-4, LTD. (f) (d) | 2015-4R | Class ER | 11.325 | 4/22/2030 | 850000 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueMountain CLO 2018-2, LTD. (f) (d) | 2018-2 | Class E | 11.371 | 8/15/2031 | 821265 |
| 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canyon Capital CLO 2014-1, LTD. (f) (d) | 2014-1R | Class DR | 10.919 | 1/30/2031 | 1161071 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dryden 37 Senior Loan Fund (f) (d) | 015-37R | Class ER | 10.526 | 1/15/2031 | 404641 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCM XXII, LTD. (f) (d) | 2018-22R | Class DR | 11.087 | 10/20/2028 | 790000 |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCM XXVI, LTD. (f) (d) | 2018-26 | Class E | 10.887 | 1/21/2031 | 837412 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCM XXVII, LTD. (f) (d) | 2018-27 | Class E | 11.170 | 7/16/2031 | 413952 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Point Park CLO 2017, LTD. (f) (d) | 2017 | Class D-2 | 10.981 | 1/17/2030 | 846289 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octagon Investment Partners XXI, LTD. (f) (d) | 2014-21R2 | Class DRR | 11.869 | 2/14/2031 | 910000 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPM CLO 2018-1, LTD. (f) (d) | 2018-1 | Class E | 11.335 | 7/15/2031 | 754301 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO IX, LTD. (f) (d) | 2018-6 | Class D | 11.560 | 7/20/2031 | 766656 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellfleet CLO 2017-3, LTD. (f) (d) | 2017-3 | Class D | 10.930 | 1/17/2031 | 825947 |
| 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellfleet CLO 2018-1, LTD. (f) (d) | 2018-1 | Class E | 11.070 | 7/17/2031 | 914790 |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wind River 2018-2 CLO, LTD. (f) (d) | 2018-2 | Class E | 11.133 | 7/15/2030 | 923453 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1828 CLO, LTD. (f) (d) | 2016-R | Class DR | 11.982 | 10/15/2031 | 873769 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OZLM VI, LTD. (f) (d) | 2018-6 | Class DS | 11.436 | 4/17/2031 | 814313 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sound Point CLO XXI, LTD. (f) (d) | 2018-21 | Class D | 11.181 | 10/27/2031 | 741758 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steele Creek CLO, LTD. (f) (d) | 2014-1R | Class E | 11.345 | 4/21/2031 | 1124819 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO XVI, LTD. (f) (d) | 2015-16R | Class ER | 11.487 | 10/15/2031 | 402561 |
| 771453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture XIV CLO, LTD. (f) (d) | 2013-14R | Class ER | 12.543 | 8/28/2029 | 488214 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture XXVI CLO, LTD. (f) (d) | 2017-26 | Class E | 12.184 | 1/22/2029 | 1149210 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture XXVIII CLO, LTD. (f) (d) | 2017-28AR | Class ER | 12.710 | 10/20/2034 | 946788 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture 33 CLO, LTD. (f) (d) | 2018 | Class E | 11.335 | 7/15/2031 | 811461 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO VI, LTD. (f) (d) | 2017-6 | Class E | 10.951 | 6/20/2029 | 849777 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya CLO, LTD. (f) (d) | 2019-2 | Class E | 11.982 | 7/20/2032 | 471082 |
|  | **ASSET BACKED SECURITIES - (Cost $20,461,238)** | **ASSET BACKED SECURITIES - (Cost $20,461,238)** | **ASSET BACKED SECURITIES - (Cost $20,461,238)** | **ASSET BACKED SECURITIES - (Cost $20,461,238)** | **ASSET BACKED SECURITIES - (Cost $20,461,238)** | 21362320 |
| **Principal Amount ($)** |  |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CONVERTIBLE BONDS - 4.5%** |  |  |  |  |  |
|  | *WIRELESS TELECOMMUNICATIONS - 4.3%* | *WIRELESS TELECOMMUNICATIONS - 4.3%* |  |  |  |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dish Network Corporation (g) |  |  | 0.000 | 12/15/2025 | 1228863 |
|  | **TOTAL CONVERTIBLE BONDS - (Cost $1,297,659)** | **TOTAL CONVERTIBLE BONDS - (Cost $1,297,659)** | **TOTAL CONVERTIBLE BONDS - (Cost $1,297,659)** |  |  | 1228863 |
| **Principal Amount ($)** |  |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS - 0.0%** |  |  |  |  |  |
|  | *BANKING - 0.0%* |  |  |  |  |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTB Bank PJSC Via Eurasia DAC (a) (b) (e) (f) (j) (k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTB Bank PJSC Via Eurasia DAC (a) (b) (e) (f) (j) (k) | H15T10Y + 8.067% | 14.840 |  |  |
|  | **TOTAL CORPORATE BONDS - (Cost $2,156,425)** | **TOTAL CORPORATE BONDS - (Cost $2,156,425)** | **TOTAL CORPORATE BONDS - (Cost $2,156,425)** |  |  |  |
| **Principal Amount ($)** |  |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES - 1.3%** | **NON U.S. GOVERNMENT & AGENCIES - 1.3%** | **NON U.S. GOVERNMENT & AGENCIES - 1.3%** |  |  |  |
|  | *SOVEREIGN - 1.2%* |  |  |  |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ukraine Government International Bond (f) (i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ukraine Government International Bond (f) (i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ukraine Government International Bond (f) (i) | 7.750 | 9/1/2024 | 340000 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES - (Cost $1,000,000)** | **TOTAL NON U.S. GOVERNMENT & AGENCIES - (Cost $1,000,000)** | **TOTAL NON U.S. GOVERNMENT & AGENCIES - (Cost $1,000,000)** | **TOTAL NON U.S. GOVERNMENT & AGENCIES - (Cost $1,000,000)** |  | 340000 |

---

 **1**

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

**SCHEDULE OF INVESTMENTS (RESTATED) (Continued)** 

**July 31, 2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **SHORT TERM INVESTMESTS - 7.0%** |  |  |  |
|  | *MONEY MARKET FUNDS - 7.0%* |  |  |  |
| 1906712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First American Government Obligations Fund, Class X (h) | 5.238 | 9/1/2023 | 1906712 |
|  | **TOTAL SHORT TERM INVESTMESTS - (Cost $1,906,712)** |  |  | 1906712 |
|  | **TOTAL INVESTMENTS - 96.5% - (Cost $28,286,372)** |  |  | 26132953 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 3.5%** |  |  | 961286 |
|  | **NET ASSETS - - 100.0%** |  |  | $27094239 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;LTD | - Limited Company |
| &nbsp;&nbsp;PJSC | - Public Joint-Stock Company |
| &nbsp;&nbsp;DAC | - Designated Activity Company |
| &nbsp;&nbsp;H15T10Y | - U.S. Treasury Yield Curve Rate T Note 10 Year Constant Maturity |

---

**<sup>(a)</sup>** The Valuation Designee has determined that these securities are illiquid. As of July 31, 2023, these securities amounted to $2,594,800 or 9.0% 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.

**<sup>(c)</sup>** Rate shown represents the dividend rate as of July 31, 2023.

**<sup>(d)</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>(e)</sup>** Variable rate security; the rate shown represents the rate as of July 31, 2023.

**<sup>(f)</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 July 31, 2023, the total market value of 144A securities is $23,262,120 or 80.9% of net assets.

**<sup>(g)</sup>** Zero coupon Bond.

**<sup>(h)</sup>** Rate disclosed is the seven day effective yield as of July 31, 2023.

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

**<sup>(k)</sup>** Fair value for this investment was restated as part of a NAV error (see Note 14). On July 31, 2023 the restatement amounted to a $1,559,800 reduction in fair value or 5.8% of net assets.

See accompanying notes to financial statements.

 **2**

**Leader Capital High Quality Income Fund** 

**SCHEDULE OF INVESTMENTS** 

**July 31, 2023**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** |  | |  | |  | **Fair Value** |
|  | **COMMON STOCK - 0.3%** |  |  |  |  |  |
|  | *FORESTRY, PAPER & WOOD PRODUCTS - 0.3%* | *FORESTRY, PAPER & WOOD PRODUCTS - 0.3%* |  |  |  |  |
| 6504248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boxabl, Inc. (b) (c) (d) (f) |  |  |  |  | $780510 |
|  | **TOTAL COMMON STOCK - (Cost $411,068)** | **TOTAL COMMON STOCK - (Cost $411,068)** |  |  |  | 780510 |
| **Principal Amount ($)** |  |  |  |  |  |  |
|  | **ASSET BACKED SECURITIES - 83.1%** | **Series** | **Class** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | *COLLATERALIZED LOAN OBLIGATIONS - 83.1%* | *COLLATERALIZED LOAN OBLIGATIONS - 83.1%* |  |  |  |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMMC CLO 26, LTD. (a) (b) | 2023-26 | Class B-1 | 7.477 | 4/15/2036 | 1496299 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMMC CLO 26, LTD. (a) (b) | 2023-26 | Class C | 8.427 | 4/15/2036 | 998471 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 5-R, LTD. (a) (b) | 2018-5-R | Class C | 8.427 | 1/15/2030 | 4000000 |
| 5765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO 2019-2, LTD. (a) (b) | 2019-2R | Class B-R | 8.049 | 4/15/2031 | 5648478 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apidos CLO XV 2013-15RR, LTD. (a) (b) | 2013-15RR | Class C-RR | 7.179 | 4/21/2031 | 485696 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apidos CLO XV 2013-15RR, LTD. (a) (b) | 2013-15RR | Class B-RR | 6.876 | 4/21/2031 | 986169 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares XXXIR CLO, LTD. (a) (b) | 2018-31 | Class C | 6.752 | 5/24/2030 | 5828071 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares XXXIIR CLO, LTD. (a) (b) | 2018-32R | Class B | 6.590 | 5/15/2030 | 482807 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atrium CLO 2015-12R, LTD. (a) (b) | 2015-12R | Class C-R | 7.000 | 4/22/2027 | 493294 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atrium CLO 2017-13, LTD. (a) (b) | 2017-13 | Class C | 7.151 | 11/21/2030 | 3899272 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevation CLO 2017, LTD. (a) (b) | 2017-8 | Class C | 7.386 | 10/25/2030 | 973482 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Battalion CLO X 2016-10R2, LTD. (a) (b) | 2016-10R2 | Class B-R2 | 7.404 | 1/25/2035 | 953589 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Battalion CLO 2021-19, LTD. (a) (b) | 2021-19 | Class B | 6.937 | 4/17/2034 | 1929833 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beechwood Park CLO 2019-1R. LTD. (a) (b) | 2019-1R | Class B-2A-R | 6.811 | 1/17/2035 | 978893 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO VIII, LTD. (a) (b) | 2015-8R | Class B-R | 7.179 | 1/20/2031 | 1942012 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birch Grove CLO 2023-6A, LTD. (a) (b) | 2023-6A | Class A1 | 7.489 | 7/20/2035 | 4030528 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birch Grove CLO 2023-6A, LTD. (a) (b) | 2023-6A | Class C | 8.689 | 7/20/2035 | 3999938 |
| 2337500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Mountain CLO 2013-2R, LTD. (a) (b) | 2013-2R | Class C-R | 7.303 | 10/20/2030 | 2270954 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Mountain CLO 2016-2R2, LTD. (a) (b) | 2016-2R2 | Class B-R2 | 7.165 | 8/20/2032 | 723120 |
| 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Mountain CLO 2016-3R, LTD. (a) (b) | 2016-3R | Class C-R | 6.985 | 11/15/2030 | 2336120 |
| 5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Mountain Fuji US CLO 2018-3, LTD. (a) (b) | 2018-3 | Class C | 7.038 | 1/15/2030 | 5005268 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Mountain CLO XXII 2018-22, LTD. (a) (b) | 2018-22 | Class C | 7.290 | 7/15/2031 | 963633 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon CLO 2019-1R, LTD. (a) (b) | 2019-1R | Class C-R | 7.442 | 4/15/2032 | 1933347 |
| 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon CLO 2017-1R, LTD. (a) (b) | 2017-1R | Class C-R | 7.341 | 7/15/2030 | 611983 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2017-1R, LTD. (a) (b) | 2017-1R | Class B-R | 7.533 | 4/21/2031 | 2459932 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFIP CLO 2017-1R, LTD. (a) (b) | 2017-1R | Class C-R | 7.949 | 10/18/2034 | 2945705 |
| 5550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2012-4R3, LTD. (a) (b) | 2012-4R3 | Class C-R3 | 7.960 | 4/22/2032 | 5468417 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2013-3R, LTD (a) (b) | 2013-3R | Class B-R | 7.038 | 10/15/2030 | 2905572 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2014-1-R2, LTD. (a) (b) | 2014-1R2 | Class C-R2 | 7.139 | 4/17/2031 | 960073 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2014-5RR, LTD. (a) (b) | 2014-5RR | Class C-RR | 7.594 | 7/15/2031 | 973552 |
| 3050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2015-3R, LTD. (a) (b) | 2015-1R3 | Class B-R3 | 6.876 | 7/21/2031 | 2994671 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2017-5, LTD. (a) (b) | 2017-5 | Class B | 7.129 | 1/22/2030 | 967296 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2021-8, LTD. (a) (b) | 2021-8 | Class B | 6.987 | 10/16/2034 | 987772 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2023-1, LTD. (a) (b) | 2023-1 | Class B | 7.846 | 7/20/2035 | 5033014 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2023-2, LTD. (a) (b) | 2023-2 | Class A-2 | 7.482 | 7/20/2036 | 3999334 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2023-2, LTD. (a) (b) | 2023-2 | Class C | 8.232 | 7/20/2036 | 4002147 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2014-III-R2, LTD. (a) (b) | 2014-III-R2 | Class C-R2 | 7.707 | 10/22/2031 | 2462231 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cook Park CLO 2018-1A, LTD. (a) (b) | 2018-1A | Class C | 7.088 | 4/17/2030 | 2916501 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 30-R Senior Loan Fund (a) (b) | 2013-30R | Class C-R | 6.491 | 11/15/2028 | 965492 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 36 Senior Loan Fund (a) (b) | 2014-R3 | Class B-R3 | 6.772 | 10/16/2028 | 2476995 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 49R Senior Loan Fund (a) (b) | 2017-49R | Class C-R | 7.393 | 7/18/2030 | 973714 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden CLO 2019-72R, LTD. (a) (b) | 2019-72R | Class C-R | 4.755 | 5/17/2032 | 1202729 |
| 3635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy CLO XV 2013-15RR, LTD. (a) (b) | 2013-15RR | Class C-RR | 7.189 | 10/15/2030 | 3535479 |
| 2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greywolf CLO II, LTD. (a) (b) | 2013-1A | Class A1 | 6.937 | 4/15/2034 | 2375271 |
| 2181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greywolf CLO 2015-5R, LTD. (a) (b) | 2015-5R | Class A-2-R | 7.012 | 1/27/2031 | 2157106 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greywolf CLO 2015-5R, LTD. (a) (b) | 2015-5R | Class B-R | 7.336 | 1/27/2031 | 488125 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harbourview CLO 2018-7R, LTD. (a) (b) | 2018-7R | Class B | 7.039 | 7/18/2031 | 492641 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPS Loan Management 2013-2, LTD. (a) (b) | 2013-2 | Class B-R | 7.230 | 10/20/2029 | 2924058 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG US CLO 2014-3RR, LTD. (a) (b) | 2014-3RR | Class A-2-RR | 6.905 | 4/25/2031 | 977841 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG US CLO 2017-IRR, LTD. (a) (b) | 2017-1RR | Class C-RR | 7.758 | 7/28/2034 | 966430 |
| 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO 2012-4R3, LTD. (a) (b) | 2012-4R3 | Class B-R3 | 7.290 | 10/15/2030 | 1252135 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jay Park CLO 2018-R, LTD. (a) (b) | 2018-R | Class B-R | 7.331 | 10/20/2027 | 247950 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM XIV 2013-14R, LTD. (a) (b) | 2013-14R | Class C-R | 7.179 | 7/21/2031 | 1881810 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM XVI 2014-16R, LTD. (a) (b) | 2014-16RR | Class C-R2 | 7.493 | 10/15/2031 | 1205530 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM XVIII 2015-18R, LTD. (a) (b) | 2015-18R | Class C-R | 7.179 | 7/21/2031 | 4733383 |
| 1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM XVII 2014-17RR, LTD. (a) (b) | 2014-17RR | Class B-RR | 6.937 | 10/15/2031 | 1609026 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM XVII 2014-17RR, LTD. (a) (b) | 2014-17RR | Class C-RR | 7.442 | 10/15/2031 | 2840840 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM XX 2015-20R, LTD. (a) (b) | 2015-20R | Class C-R | 7.280 | 10/20/2027 | 999887 |
| 440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM XXV 2017-25, LTD. (a) (b) | 2017-25 | Class C-2 | 7.634 | 7/22/2030 | 430943 |
| 6600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM XXV 2018-26, LTD. (a) (b) | 2018-26 | Class C | 7.129 | 1/21/2031 | 6240910 |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM 2019-30R, LTD. (a) (b) | 2019-30R | Class C-R | 7.331 | 4/21/2031 | 3376494 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon VIII 2015-8R, LTD. (a) (b) | 2015-8R | Class B-R | 7.848 | 10/20/2031 | 4781611 |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding LIX 2021-59, LTD. (a) (b) | 2021-59 | Class C | 7.444 | 1/18/2034 | 1076076 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisors CLO 40, LTD. (a) (b) | 2021-40 | Class B | 6.734 | 4/15/2033 | 984727 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Partners XIV, LTD. (a) (b) | 2017-14 | Class B | 6.837 | 1/22/2030 | 985571 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO 2014-5R, LTD. (a) (b) | 2014-5R | Class B-R | 7.147 | 4/28/2031 | 3858874 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO 2014-7RR, LTD. (a) (b) | 2014-7RR | Class B-1-RR | 8.012 | 7/20/2029 | 1980945 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO 2019-16R, LTD. (a) (b) | 2019-16R | Class C-R | 7.406 | 4/11/2033 | 957959 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners 2012-14RR, LTD. (a) (b) | 2012-14RR | Class B-RR | 7.442 | 7/16/2029 | 490693 |
| 7250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners 2017-31R2, LTD. (a) (b) | 2017-31R2 | Class C-R | 7.382 | 7/22/2030 | 7112805 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners XVI, LTD. (a) (b) | 2013-16R | Class B-R | 6.937 | 7/17/2030 | 978848 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners XVII, LTD. (a) (b) | 2014-17-R2 | Class C-R2 | 7.032 | 1/27/2031 | 963998 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding 3, LTD. (a) (b) | 2019-3R | Class B-R | 6.977 | 7/2/2035 | 990062 |
| 1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OZLM XXII, LTD. (a) (b) | 2018-22 | Class B | 7.139 | 1/17/2031 | 1932717 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Avenue Institutional Advisers CLO 2018-1, LTD. (a) (b) | 2018-1R | Class B-R | 7.432 | 10/20/2031 | 4781250 |
| 1325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pulsar Funding I, LTD. (a) (b) | 2019-1A | Class B | 8.848 | 1/20/2033 | 1327565 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO IV-R, LTD. (a) (b) | 2018-4R | Class C | 7.595 | 4/18/2031 | 4706328 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO VII-R, LTD. (a) (b) | 2018-7R | Class C | 7.606 | 10/23/2031 | 2356014 |

---

 **3**

**Leader Capital High Quality Income Fund** 

**SCHEDULE OF INVESTMENTS (Continued)** 

**July 31, 2023**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount ($)** |  | **Series** | **Class** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES - 83.1% (Continued)** | **ASSET BACKED SECURITIES - 83.1% (Continued)** |  |  |  |  |
|  | *COLLATERALIZED LOAN OBLIGATIONS - 83.1% (Continued)* | *COLLATERALIZED LOAN OBLIGATIONS - 83.1% (Continued)* | *COLLATERALIZED LOAN OBLIGATIONS - 83.1% (Continued)* |  |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sycamore Tree CLO 2023-3A, LTD. (a) (b) | 2023-3A | Class C | 8.620 | 4/20/2035 | $505284 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sycamore Tree CLO 2023-3A, LTD. (a) (b) | 2023-3A | Class A1 | 6.870 | 4/20/2035 | 3018626 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO 2014-15R3, LTD. (a) (b) | 2014-15R3 | Class C-R3 | 7.695 | 1/20/2032 | 5865168 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIAA CLO IV, LTD. (a) (b) | 2018-4 | Class A-2 | 7.028 | 1/20/2032 | 986252 |
| 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TICP CLO 2018-12R, LTD. (a) (b) | 2018-12R | Class B-R | 6.987 | 7/17/2034 | 370876 |
| 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCI-Symphony CLO 2017-1R, LTD. (a) (b) | 2017-1R | Class C-R | 7.139 | 7/15/2030 | 985360 |
| 1412500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MJX Venture Management II, LLC (a) (b) | 2018-2 | Class C | 7.292 | 7/18/2031 | 1347224 |
| 2045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture 43 CLO, LTD. (a) (b) | 2021-43 | Class C | 7.594 | 4/17/2034 | 1970210 |
| 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO VIII, LTD (a) (b) | 2018-8 | Class B-1 | 7.189 | 1/21/2031 | 1721121 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya CLO 2014-2, LTD. (a) (b) | 2014-2RR | Class A-2A-R | 6.886 | 4/17/2030 | 977416 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya CLO 2014-4R, LTD. (a) (b) | 2014-4R | Class B-R2 | 7.423 | 7/14/2031 | 2377363 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya CLO 2015-3R, LTD. (a) (b) | 2015-3R | Class B-R | 7.594 | 10/20/2031 | 1203345 |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya CLO 2017-2R, LTD. (a) (b) | 2017-2R | Class A-2A-R | 6.987 | 6/7/2030 | 271097 |
| 5360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellfleet CLO 2015-R4, LTD. (a) (b) | 2015-R4 | Class D-R4 | 8.848 | 7/20/2029 | 5238180 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wind River 2017-4 CLO, LTD. (a) (b) | 2017-4 | Class C | 6.665 | 11/20/2030 | 239475 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wind River 2018-2 CLO, LTD. (a) (b) | 2018-2 | Class C | 7.543 | 7/15/2030 | 1450510 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wind River 2019-3 CLO, LTD. (a) (b) | 2019-3R | Class C-R | 7.543 | 7/15/2031 | 3857487 |
| 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wind River 2021-2 CLO, LTD. (a) (b) | 2021-2 | Class B | 6.977 | 7/20/2034 | 363152 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zais CLO 11, LTD. (a) (b) | 2018-11 | Class C | 8.241 | 1/20/2032 | 969341 |
| 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zais CLO 2018-9, LTD. (a) (b) | 2018-09 | Class C | 7.685 | 7/21/2031 | 4248281 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newark BSL CLO 2017-2R, LTD (a) (b) | 2017-2R | Class B-R | 7.083 | 7/25/2030 | 2425478 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canyon CLO 2023-1, LTD. (a) (b) | 2023-1A | Class B | 8.022 | 10/15/2036 | 6000000 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canyon CLO 2023-1, LTD. (a) (b) | 2023-1A | Class C | 8.372 | 10/15/2036 | 3000000 |
| 1280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crestline Denali CLO XIV, LTD. (a) (b) | 2016-14R | Class C-R | 7.707 | 10/23/2031 | 1221549 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund (a) (b) | 2023-107 | Class A-2 | 7.460 | 8/15/2035 | 4000000 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund (a) (b) | 2023-107 | Class C | 8.310 | 8/15/2035 | 8000000 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCM XXII, LTD. (a) (b) | 2018-22R | Class B-R | 7.331 | 10/20/2028 | 3905016 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MARBLE POINT CLO XII LTD. (a) (b) | 2018-12 | Class C | 7.189 | 7/16/2031 | 468345 |
| 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sound Point CLO XXI, LTD. (a) (b) | 2018-21 | Class B | 7.551 | 10/27/2031 | 3072443 |
| 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VENTRUE CLO 2013-15R3, LTD. (a) (b) | 2013-15R3 | Class C-R3 | 7.998 | 7/15/2032 | 7242895 |
|  | **TOTAL ASSET BACKED SECURITIES - (Cost $250,677,669)** | **TOTAL ASSET BACKED SECURITIES - (Cost $250,677,669)** | **TOTAL ASSET BACKED SECURITIES - (Cost $250,677,669)** | **TOTAL ASSET BACKED SECURITIES - (Cost $250,677,669)** |  | 253969800 |
| **Principal Amount ($)** |  |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS - 2.3%** |  |  |  |  |  |
|  | *BANKING - 1.3%* |  |  |  |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. Senior Notes (a) |  |  | 6.381 | 4/26/2026 | 201545 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley & Co. Notes (a) |  |  | 6.251 | 2/18/2026 | 2003012 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets PLC Notes (a) (b) |  |  | 5.845 | 9/29/2026 | 1966126 |
|  |  |  |  |  |  | 4170683 |
|  | *LIFE INSURANCE CARRIERS - 1.0%* |  |  |  |  |  |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep N.V. (a) |  |  | 5.995 | 4/1/2027 | 2955385 |
|  | **TOTAL CORPORATE BONDS - (Cost $6,981,785)** | **TOTAL CORPORATE BONDS - (Cost $6,981,785)** | **TOTAL CORPORATE BONDS - (Cost $6,981,785)** |  |  | 7126068 |
| **Principal Amount ($)** |  |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **SHORT TERM INVESTMESTS - 20.4%** |  |  |  |  |  |
|  | *U.S. GOVERNMENT & AGENCIES - 4.8%* |  |  |  |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Notes |  |  | 0.125 | 8/15/2023 | 99794 |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Bills (g) |  |  | 0.000 | 1/25/2024 | 9741752 |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Bills (g) |  |  | 0.000 | 12/7/2023 | 4907733 |
|  |  |  |  |  |  | 14749279 |
|  | *MONEY MARKET FUND - 15.6%* |  |  |  |  |  |
| 47764155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First American Government Obligations Fund, Class X (e) |  |  | 5.238 |  | 47764155 |
|  | **TOTAL SHORT TERM INVESTMESTS - (Cost $62,513,771)** | **TOTAL SHORT TERM INVESTMESTS - (Cost $62,513,771)** | **TOTAL SHORT TERM INVESTMESTS - (Cost $62,513,771)** |  |  | 62513434 |
|  | **TOTAL INVESTMENTS - 106.1% - (Cost $320,584,293)** | **TOTAL INVESTMENTS - 106.1% - (Cost $320,584,293)** | **TOTAL INVESTMENTS - 106.1% - (Cost $320,584,293)** |  |  | 324389812 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.1%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.1%)** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.1%)** |  |  | (18752602) |
|  | **NET ASSETS - - 100.0%** |  |  |  |  | $305637210 |

---

LTD - Limited Company <br> PLC - Private Limited Company <br> NV - Naamloze Vennootschap

<sup>(a)</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>(b)</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 July 31, 2023, the total market value of 144A securities is $256,716,436 or 84.0% of net assets.

<sup>(c)</sup> The Valuation Designee has determined that these securities are illiquid. As of July 31, 2023, these securities amounted to $780,510 or 0.3% of net assets.

<sup>(d)</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>(e)</sup> Rate disclosed is the seven day effective yield as of July 31, 2023.

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

<sup>(g)</sup> Zero coupon Bond.

See accompanying notes to financial statements.

 **4**

**Leader Funds Trust**

**STATEMENTS OF ASSETS AND LIABILITIES**

**July 31, 2023**

---

| | | |
|:---|:---|:---|
|  | **Leader Capital**<br> **Short Term High**<br> **Yield Bond Fund**<br> **(Restated)** | **Leader Capital**<br> **High Quality**<br> **Income Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments at cost: | $28286372 | $320584293 |
| &nbsp;&nbsp;&nbsp;Investments at value: | 26132953 | 324389812 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 846626 | 300000 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 130888 | 1523297 |
| &nbsp;&nbsp;&nbsp;Receivable from issuer **<sup>(1)</sup>** | 223767 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 697517 | 1292742 |
| &nbsp;&nbsp;&nbsp;Receivable for NAV error - redemptions (see Note 13) | 527594 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 120995 | 463548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 28680340 | 327969399 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 794004 | 21000000 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 81967 | 759337 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares distributed | 25377 | 353533 |
| &nbsp;&nbsp;&nbsp;Payable for NAV error - subscriptions (see Note 13) | 637223 |  |
| &nbsp;&nbsp;&nbsp;Accrued investment advisory fees | 16010 | 168914 |
| &nbsp;&nbsp;&nbsp;Accrued fund administration, fund accounting, and transfer agency fees | 10585 | 20535 |
| &nbsp;&nbsp;&nbsp;Accrued distribution (12b-1) fees | 6496 | 7575 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 14439 | 22295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1586101 | 22332189 |
| **NET ASSETS** | $**27094239** | $**305637210** |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $114460726 | $351563622 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (87366487) | (45926412) |
| **NET ASSETS** | $**27094239** | $**305637210** |
| **Net Asset Value Per Share:** |  |  |
| Investor Class Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**14632307** | $**32483682** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **2004624** | **2959784** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**7.30** | $**10.98** |
| Institutional Class Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**12461932** | $**272894996** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1679175** | **24797181** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**7.42** | $**11.01** |
| Class A Shares: **<sup>(2) (3)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**—** | $**258532** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **—** | **23374** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), and redemption price per share | $**—** | $**11.06** |
| &nbsp;&nbsp;&nbsp;Offering price per share (net asset value plus maximum sales charge of 4.00%) | $**—** | $**11.52** |

---

**<sup>(1)</sup>** Refer to Note 12 in the notes to the financial statements for details on the receivable balance.

**<sup>(2)</sup>** The Leader Capital High Quality Income Fund Class A shares commenced operations on June 21, 2023.

**<sup>(3)</sup>** Class A shares are normally subject to a 1.00% CDSC on shares redeemed within the first 18 months of purchase.

See accompanying notes to financial statements.

 **5**

**Leader Funds Trust**

**STATEMENTS OF OPERATIONS**

**For the Period Ended July 31, 2023 <sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
|  | **Leader Capital**<br> **Short Term High Yield Bond Fund**<br> **(Restated)** | **Leader Capital**<br> **High Quality**<br> **Income Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $452115 | $3066894 |
| &nbsp;&nbsp;&nbsp;Dividend income | 49832 | 380847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME:** | 501947 | 3447741 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 29725 | 297661 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 12623 | 18305 |
| &nbsp;&nbsp;&nbsp;Distribution (Non 12b-1) fees: | 6464 | 11888 |
| &nbsp;&nbsp;&nbsp;Professional fees | 8412 | 17384 |
| &nbsp;&nbsp;&nbsp;Registration fees | 19554 | 8791 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 8617 | 14106 |
| &nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 13854 | 50314 |
| &nbsp;&nbsp;&nbsp;Transfer agency fees | 3295 | 3008 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 2649 | 3667 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 61 | 61 |
| &nbsp;&nbsp;&nbsp;Pricing expense | 3798 | 11214 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 2051 | 6526 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 2572 | 3856 |
| &nbsp;&nbsp;&nbsp;Other expenses | 5515 | 8005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 119190 | 454786 |
| **NET INVESTMENT INCOME** | 382757 | 2992955 |
| **REALIZED AND UNREALIZED GAIN / (LOSS) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain / (loss) on Investments | (2174146) | (203749) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 3593199 | 1670033 |
| **NET REALIZED AND UNREALIZED GAIN / (LOSS) ON INVESTMENTS** | 1419053 | 1466284 |
| **NET INCREASE / (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1801810 | $4459239 |

---

**<sup>(1)</sup>** Effective July 24, 2023, the Funds changed their fiscal year end from May 31 to July 31. Data shown is for the fiscal period of June 1, 2023 through July 31, 2023.

See accompanying notes to financial statements.

 **6**

**Leader Funds Trust**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Leader Capital Short Term High Yield Bond Fund** | **Leader Capital Short Term High Yield Bond Fund** | **Leader Capital Short Term High Yield Bond Fund** | **Leader Capital High Quality Income Fund** | **Leader Capital High Quality Income Fund** | **Leader Capital High Quality Income Fund** |
|  | **Period Ended**<br>**July 31, 2023 <sup>(1)</sup>** | **Year Ended**<br>**May 31, 2023** | **Year Ended**<br>**May 31, 2022** | **Period Ended**<br>**July 31, 2023 <sup>(1)</sup>** | **Year Ended**<br>**May 31, 2023** | **Year Ended**<br>**May 31, 2022** |
|  | **(Restated)** | **(Restated)** | **(Restated)** |  |  |  |
| **FROM OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $382757 | $1185539 | $1588887 | $2992955 | $4703358 | $727067 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investments | (2174146) | (1878964) | 1074169 | (203749) | 93200 | 1180253 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation / (depreciation) on investments | 3593199 | (1387099) | (5303754) | 1670033 | 2733687 | (877305) |
| Net increase/(decrease) in net assets resulting from operations | 1801810 | (2080524) | (2640698) | 4459239 | 7530245 | 1030015 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From return of capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (157104) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | (90997) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid from earnings: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (297714) | (894965) | (723856) | (315646) | (903665) | (254623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (199725) | (540521) | (503581) | (2831047) | (4635196) | (349352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | (107850) | (893)**<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | (33669) |  |  |  |
| Net decrease in net assets from distributions to shareholders | (497439) | (1683587) | (1368956) | (3147586) | (5538861) | (603975) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 5137<sup>(3)</sup> | 829355<sup>(5)</sup> | 361341<sup>(7)</sup> | 6488411 | 23184262 | 747741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 5320802<sup>(3)</sup> | 559086<sup>(5)</sup> | 1460912<sup>(7)</sup> | 86956222 | 215086123 | 4959926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | 16000 | **256338 **** **<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | 53000 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 261827 | 916499 | 626642 | 299079 | 844885 | 226840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 187898 | 586319 | 461621 | 2225346 | 3487441 | 320726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | 92693 | **860** **<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | 24566 |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfer of net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Class A to Investor Class |  |  | (793489) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Class C to Investor Class |  |  | (1145952) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To Investor Class from Class A |  |  | 793489 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To Investor Class from Class C |  |  | 1145952 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (261665)<sup>(4)</sup> | (3268502)<sup>(6)</sup> | (4419992)<sup>(8)</sup> | (2387816) | (7598123) | (5111830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (441451)<sup>(4)</sup> | (3529874)<sup>(6)</sup> | (2760303)<sup>(8)</sup> | (25008773) | (28162785) | (10758883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | (5302906) | (1)**<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  | (114200) |  |  |  |
| Net increase / (decrease) in net assets from shares of beneficial interest | 5072548 | (3907117) | (9500626) | 68829666 | 206841803 | (9615480) |
| **TOTAL INCREASE / (DECREASE) IN NET ASSETS** | 6376919 | (7671228) | (13510280) | 70141319 | 208833187 | (9189440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 20717320 | 28388548 | 41898828 | 235495891 | 26662704 | 35852144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year/period | $**27094239** | $**20717320** | $**28388548** | $**305637210** | $**235495891** | $**26662704** |

---

**<sup>(1)</sup>** Effective July 24, 2023, the Funds changed their fiscal year end from May 31 to July 31. Data shown is for the fiscal period of June 1, 2023 through July 31, 2023.

**<sup>(2)</sup>** The Leader Capital High Quality Income Fund Class A shares commenced operations on June 21, 2023.

<sup>(3)</sup> Net of $16,987 and $335,962 for Investor Class and Institutional Class, respectively, for the affect of the 2022 NAV error adjustment (see Note 13).

<sup>(4)</sup> Net of $29,561 and $36,674 for Investor Class and Institutional Class, respectively, for the affect of the 2022 NAV error adjustment (see Note 13).

<sup>(5)</sup> Net of $110,001 and $70,638 for Investor Class and Institutional Class, respectively, for the affect of the 2022 NAV error adjustment (see Note 13).

<sup>(6)</sup> Net of $202,048 and $217,888 for Investor Class and Institutional Class, respectively, for the affect of the 2022 NAV error adjustment (see Note 13).

<sup>(7)</sup> Net of $72,773 and $30,862 for Investor Class and Institutional Class, respectively, for the affect of the 2022 NAV error adjustment (see Note 13).

<sup>(8)</sup> Net of $24,428 and $16,995 for Investor Class and Institutional Class, respectively, for the affect of the 2022 NAV error adjustment (see Note 13).

See accompanying notes to financial statements.

 **7**

**Leader Funds Trust**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Leader Capital Short Term High Yield Bond Fund** | **Leader Capital Short Term High Yield Bond Fund** | **Leader Capital Short Term High Yield Bond Fund** | **Leader Capital High Quality Income Fund** | **Leader Capital High Quality Income Fund** | **Leader Capital High Quality Income Fund** |
|  | **Period Ended**<br>**July 31, 2023 <sup>(1)</sup>** | **Year Ended**<br>**May 31, 2023** | **Year Ended**<br>**May 31, 2022** | **Period Ended**<br>**July 31, 2023 <sup>(1)</sup>** | **Year Ended**<br>**May 31, 2023** | **Year Ended**<br>**May 31, 2022** |
|  | **(Restated)** | **(Restated)** | **(Restated)** |  |  |  |
| **SHARE ACTIVITY** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2939 | 119679 | 47734 | 592241 | 2135067 | 69761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares transferred in from Class A |  |  | 90704 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares transferred in from Class C |  |  | 130994 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 34051 | 120054 | 69989 | 27284 | 77788 | 21007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (38597) | (458999) | (490398) | (218154) | (697823) | (473059) |
| &nbsp;&nbsp;&nbsp;Net increase / (decrease) in shares of beneficial interesting outstanding | (1607) | (219266) | (150977) | 401371 | 1515032 | (382291) |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 722548 | 81167 | 168974 | 7926829 | 19749702 | 466023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 24027 | 75793 | 50929 | 202449 | 319650 | 23732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (62409) | (487919) | (306365) | (2281988) | (2588463) | (995797) |
| &nbsp;&nbsp;&nbsp;Net increase / (decrease) in shares of beneficial interesting outstanding | 684166 | (330959) | (86462) | 5847290 | 17480889 | (506042) |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  | 1718 | **23296 **** **<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares transferred to Investor Class |  |  | (90845) | **78 **** **<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested |  |  | 10122 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (590418) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase / (decrease) in shares of beneficial interesting outstanding |  |  | (669423) | 23374 |  |  |
| &nbsp;&nbsp;&nbsp;**Class C:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  | 5769 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares transferred to Investor Class |  |  | (131427) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested |  |  | 2730 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (12475) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net increase / (decrease) in shares of beneficial interesting outstanding |  |  | (135403) |  |  |  |
| **SHARES OUTSTANDING** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 2006231 | 2225497 | 2376474 | 2558413 | 1043381 | 1425672 |
| &nbsp;&nbsp;&nbsp;End of year/period | **2004624** | **2006231** | **2225497** | **2959784** | **2558413** | **1043381** |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 995009 | 1325968 | 1412430 | 18949891 | 1469002 | 1975044 |
| &nbsp;&nbsp;&nbsp;End of year/period | **1679175** | **995009** | **1325968** | **24797181** | **18949891** | **1469002** |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period |  |  | 669423 |  |  |  |
| &nbsp;&nbsp;&nbsp;End of year/period | **—** | **—** | **—** | **23374** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period |  |  | 135403 |  |  |  |
| &nbsp;&nbsp;&nbsp;End of year/period | **—** | **—** | **—** | **—** | **—** | **—** |

---

**<sup>(1)</sup>** Effective July 24, 2023, the Funds changed their fiscal year end from May 31 to July 31. Data shown is for the fiscal period of June 1, 2023 through July 31, 2023.

See accompanying notes to financial statements.

 **8**

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

 **FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Period Ended <br> July 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2023 <sup>(10)</sup>** | **2023** | **2022** | **2021** | **2020** | **2019** |
|  | **(Restated)** | **(Restated)** | **(Restated)** | | | |
| Net asset value, beginning of year/period | $6.87 | $7.96 | $9.10 | $7.67 | $8.94 | $8.91 |
| From Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)</sup> | 0.12 | 0.34 | 0.44 | 0.17 | 0.31 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | 0.45 | (0.98) | (1.22) | 1.40 | (1.32) | 0.01<sup>(7)</sup> |
| Total from investment operations | 0.57 | (0.64) | (0.78) | 1.57 | (1.01) | 0.23 |
| Paid-in-capital from redemption fees |  |  |  |  |  | 0.00<sup>(6)</sup> |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.42) | (0.34) | (0.14) | (0.26) | (0.20) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.07) |  |  |  |  |
| Total distributions | (0.15) | (0.49) | (0.34) | (0.14) | (0.26) | (0.20) |
| Impact of NAV error | 0.01<sup>(11)</sup> | 0.04<sup>(11)</sup> | (0.02)<sup>(11)</sup> |  |  |  |
| Net Asset Value, end of year/period | $7.30<sup>(12)</sup> | $6.87<sup>(12)</sup> | $7.96<sup>(12)</sup> | $9.10 | $7.67 | $8.94 |
| Total Return <sup>(2)</sup> | 8.34%<sup>(5912)</sup> | (7.98)%<sup>(512)</sup> | (9.07)%<sup>(512)</sup> | 20.62%<sup>(5)</sup> | (11.59)% | 2.58%<sup>(5)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Asset Value, end of year/period (000s) | $14632<sup>(12)</sup> | $13773<sup>(12)</sup> | $17706<sup>(12)</sup> | $21616 | $24014 | $43489 |
| Ratio of gross expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense, excluding waiver <sup>(3)</sup> | 3.10%<sup>(8)</sup> | 2.68% | 2.78% | 2.45% | 2.06% | 1.81% |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense <sup>(3)</sup> | 3.10%<sup>(8)</sup> | 2.68% | 2.78% | 2.45% | 2.06% | 1.79% |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense <sup>(3)</sup> | 3.10%<sup>(8)</sup> | 2.68% | 2.78% | 2.45% | 2.06% | 1.66% |
| Ratio of net investment income to average net assets <sup>(3) (4)</sup> | 9.37%<sup>(8)</sup> | 4.42% | 4.28% | 1.96% | 3.65% | 2.48% |
| Portfolio Turnover Rate | 99.96%<sup>(9)</sup> | 505.72% | 717.77% | 1030.50% | 1014.62% | 496.37% |

---

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

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

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

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

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

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

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

**<sup>(8)</sup>** Annualized.

**<sup>(9)</sup>** Not Annualized.

**<sup>(10)</sup>** Effective July 24, 2023, the Funds changed their fiscal year end from May 31 to July 31. Data shown is for the fiscal period of June 1, 2023 through July 31, 2023.

**<sup>(11)</sup>** Net of reimbursement from the Advisor and amounts paid to shareholders due to NAV error (see Note 13).

**<sup>(12)</sup>** A revision on the valuation of certain securities resulted in an overstated NAV. The impact of the NAV error on Total Return at NAV was 0.58%, (1.41)% and (4.58)% for the period ended July 31, 2023 and years ended May 31, 2023 and May 31, 2022, respectively.

See accompanying notes to financial statements.

**9**

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

 **FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Period Ended <br> July 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2023 <sup>(9)</sup>** | **2023** | **2022** | **2021** | **2020** | **2019** |
|  | **(Restated)** | **(Restated)** | **(Restated)** |  |  |  |
| Net asset value, beginning of year/period | $6.98 | $8.06 | $9.19 | $7.74 | $9.02 | $8.98 |
| From Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income **<sup>(1)</sup>** | 0.13 | 0.37 | 0.49 | 0.21 | 0.36 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | 0.72 | (1.06) | (1.22) | 1.41 | (1.34) | 0.01<sup>(6)</sup> |
| Total from investment operations | 0.85 | (0.69) | (0.73) | 1.62 | (0.98) | 0.28 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.44) | (0.38) | (0.17) | (0.30) | (0.24) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.07) |  |  |  |  |
| Total distributions | (0.15) | (0.51) | (0.38) | (0.17) | (0.30) | (0.24) |
| Impact of NAV error | (0.26)<sup>(10)</sup> | 0.12<sup>(10)</sup> | (0.02)<sup>(10)</sup> |  |  |  |
| Net Asset Value, end of year/period | $7.42<sup>(11)</sup> | $6.98<sup>(11)</sup> | $8.06<sup>(11)</sup> | $9.19 | $7.74 | $9.02 |
| Total Return **<sup>(2)</sup>** | 8.36%<sup>(5811)</sup> | (7.50)%<sup>(511)</sup> | (8.54)%<sup>(511)</sup> | 21.27% | (11.14)% | 3.11%<sup>(5)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Asset Value, end of year/period (000s) | $12462<sup>(11)</sup> | $6944<sup>(11)</sup> | $10683<sup>(11)</sup> | $12980 | $15182 | $45994 |
| Ratio of gross expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense, excluding waiver **<sup>(3)</sup>** | 2.74%<sup>(7)</sup> | 2.21% | 2.28% | 1.95% | 1.56% | 1.30% |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense **<sup>(3)</sup>** | 2.74%<sup>(7)</sup> | 2.21% | 2.28% | 1.95% | 1.56% | 1.29% |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense **<sup>(3)</sup>** | 2.74%<sup>(7)</sup> | 2.21% | 2.28% | 1.95% | 1.56% | 1.16% |
| Ratio of net investment income to average net assets **<sup>(3) (4)</sup>** | 9.78%<sup>(7)</sup> | 4.71% | 4.79% | 2.49% | 4.18% | 3.04% |
| Portfolio Turnover Rate | 99.96%<sup>(8)</sup> | 505.72% | 717.77% | 1030.50% | 1014.62% | 496.37% |

---

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

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

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

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

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

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

**<sup>(7)</sup>** Annualized.

**<sup>(8)</sup>** Not Annualized.

**<sup>(9)</sup>** Effective July 24, 2023, the Funds changed their fiscal year end from May 31 to July 31. Data shown is for the fiscal period of June 1, 2023 through July 31, 2023.

**<sup>(10)</sup>** Net of reimbursement from the Advisor and amounts paid to shareholders due to NAV error (see Note 13).

**<sup>(11)</sup>** A revision on the valuation of certain securities resulted in an overstated NAV. The impact of the NAV error on Total Return at NAV was 0.42%, (1.35)% and (4.58)% for the period ended July 31, 2023 and years ended May 31, 2023 and May 31, 2022, respectively.

See accompanying notes to financial statements.

**10**

**Leader Capital High Quality Income Fund**

 **FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Period Ended July 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2023 <sup>(8)</sup>** | **2023** | **2022** | **2021** | **2020** | **2019** |
| Net asset value, beginning of year/period | $10.93 | $10.61 | $10.57 | $9.21 | $10.07 | $9.71 |
| From Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income **<sup>(1)</sup>** | 0.11 | 0.18 | 0.26 | 0.10 | 0.30 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | 0.06 | 0.64 | (0.01) | 1.32 | (0.88) | 0.37 |
| Total from investment operations | 0.17 | 0.82 | 0.25 | 1.42 | (0.58) | 0.60 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.50) | (0.21) | (0.06) | (0.25) | (0.24) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.03) |  |
| Total distributions | (0.12) | (0.50) | (0.21) | (0.06) | (0.28) | (0.24) |
| Net Asset Value, end of year/period | $10.98 | $10.93 | $10.61 | $10.57 | $9.21 | $10.07 |
| Total Return **<sup>(2)</sup>** | 1.56%<sup>(7)</sup> | 7.73% | 2.39% | 15.53% | (5.85)% | 6.33%<sup>(5)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Asset Value, end of year/period (000s) | $32484 | $27971 | $11073 | $15068 | $4527 | $10955 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense **<sup>(3)</sup>** | 1.32%<sup>(6)</sup> | 1.94% | 2.33% | 3.13% | 2.82% | 2.42% |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense **<sup>(3)</sup>** | 1.32%<sup>(6)</sup> | 1.94% | 2.33% | 3.13% | 2.82% | 2.42% |
| Ratio of net investment income to average net assets **<sup>(3) (4)</sup>** | 6.15%<sup>(6)</sup> | 10.21% | 2.37% | 1.16% | 3.04% | 2.28% |
| Portfolio Turnover Rate | 3.39%<sup>(7)</sup> | 89.42% | 855.36% | 1198.55% | 612.23% | 397.79% |

---

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

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

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

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

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

**<sup>(6)</sup>** Annualized.

**<sup>(7)</sup>** Not Annualized.

**<sup>(8)</sup>** Effective July 24, 2023, the Funds changed their fiscal year end from May 31 to July 31. Data shown is for the fiscal period of June 1, 2023 through July 31, 2023.

See accompanying notes to financial statements.

**11**

**Leader Capital High Quality Income Fund**

 **FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Period Ended July 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2023 <sup>(8)</sup>** | **2023** | **2022** | **2021** | **2020** | **2019** |
| Net asset value, beginning of year/period | $10.95 | $10.61 | $10.56 | $9.17 | $10.04 | $9.67 |
| From Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income **<sup>(1)</sup>** | 0.12 | 0.40 | 0.30 | 0.13 | 0.35 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | 0.07 | 0.46 | (0.01) | 1.35 | (0.89) | 0.39 |
| Total from investment operations | 0.19 | 0.86 | 0.29 | 1.48 | (0.54) | 0.65 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.52) | (0.24) | (0.09) | (0.30) | (0.28) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.03) |  |
| Total distributions | (0.13) | (0.52) | (0.24) | (0.09) | (0.33) | (0.28) |
| Net Asset Value, end of year/period | $11.01 | $10.95 | $10.61 | $10.56 | $9.17 | $10.04 |
| Total Return **<sup>(2)</sup>** | 1.74%<sup>(7)</sup> | 8.11% | 2.78%<sup>(5)</sup> | 16.22%<sup>(5)</sup> | (5.48)% | 6.84%<sup>(5)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Asset Value, end of year/period (000s) | $272895 | $207525 | $15589 | $20784 | $7170 | $14162 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense **<sup>(3)</sup>** | 0.94%<sup>(6)</sup> | 2.70% | 1.94% | 2.72% | 2.32% | 1.88% |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense **<sup>(3)</sup>** | 0.94%<sup>(6)</sup> | 2.70% | 1.94% | 2.72% | 2.32% | 1.88% |
| Ratio of net investment income to average net assets **<sup>(3) (4)</sup>** | 6.51%<sup>(6)</sup> | 22.00% | 2.82% | 1.51% | 3.57% | 2.62% |
| Portfolio Turnover Rate | 3.39%<sup>(7)</sup> | 89.42% | 855.36% | 1198.55% | 612.23% | 397.79% |

---

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

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

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

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

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

**<sup>(6)</sup>** Annualized.

**<sup>(7)</sup>** Not Annualized.

**<sup>(8)</sup>** Effective July 24, 2023, the Funds changed their fiscal year end from May 31 to July 31. Data shown is for the fiscal period of June 1, 2023 through July 31, 2023.

See accompanying notes to financial statements.

**12**

**Leader Capital High Quality Income Fund**

 **FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented.

---

| | |
|:---|:---|
|  | **Class A** |
|  | **Period Ended <br> July 31,** |
|  | **2023 <sup>(1)(8)</sup>** |
| Net asset value, beginning of period | $10.94 |
| From Investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income **<sup>(2)</sup>** | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | 0.16 |
| Total from investment operations | 0.20 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |
| Total distributions | (0.08) |
| Net Asset Value, end of period | $11.06 |
| Total Return **<sup>(3)</sup>** | 1.83%<sup>(7)</sup> |
| **Ratios/Supplemental Data:** |  |
| Net Asset Value, end of period (000s) | $259 |
| Ratio of net expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense **<sup>(4)</sup>** | 0.83%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense **<sup>(4)</sup>** | 0.83%<sup>(6)</sup> |
| Ratio of net investment income to average net assets **<sup>(4) (5)</sup>** | 3.09%<sup>(6)</sup> |
| Portfolio Turnover Rate | 3.39%<sup>(7)</sup> |

---

**<sup>(1)</sup>** The Leader Capital High Quality Income Fund Class A shares commenced operations on June 21, 2023.

**<sup>(2)</sup>** Per shares amounts calculated using the average share method, which appropriately presents the per share data for the year.

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

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

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

**<sup>(6)</sup>** Annualized.

**<sup>(7)</sup>** Not Annualized.

**<sup>(8)</sup>** Effective July 24, 2023, the Funds changed their fiscal year end from May 31 to July 31. Data shown is for the fiscal period of June 1, 2023 through July 31, 2023.

See accompanying notes to financial statements.

**13**

**Leader Funds Trust**

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

**July 31, 2023**

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

Leader Capital family of mutual funds is comprised of the Leader Capital Short Term High Yield Bond Fund (the "High Yield Fund") (formerly, Leader Short Term High Yield Bond Fund) and Leader Capital High Quality Income Fund (the "High Quality Fund") (formerly, Leader High Quality Floating Rate Fund) (each a "Fund" and collectively the "Funds"), each a series of shares of beneficial interest of Leader Funds Trust (the "Trust"), a Delaware statutory trust organized on February 1, 2019. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. Each Fund represents a distinct, diversified series with its own investment objective and policies within the Trust. The primary investment objective of the High Yield Fund is to deliver a high level of current income, with a secondary objective of capital appreciation. The High Yield Fund and High Quality Fund commenced operations on July 14, 2005 and July 30, 2010, respectively. Effective July 24, 2023 the Funds' fiscal year-end was changed from May 31 to July 31.

The High Yield Fund currently offers two classes of shares: Investor Class and Institutional Class shares. The High Quality Fund currently offers three classes of shares: Investor Class, Institutional Class, and Class A. The High Quality Fund's Class A shares commenced operations on June 21, 2023. Investor and Institutional shares are offered at net asset value ("NAV") for the Funds. Class A shares are offered at NAV plus a maximum sales charge of 4.00%. Each class represents an interest in the ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Funds' income, expenses (other than class specific distribution fees), and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

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

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

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

Generally, securities are valued each day at the last quoted sales price on each security's principal exchange. Securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board of Trustees (the "Board"). The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Fund may fair value a particular bond if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. In these cases, each Fund's NAV will reflect certain portfolio securities' fair value rather than their market price. 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. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results. See note 11 regarding additional fair value procedures and considerations due to recent regulatory environment changes.

**14**

**Leader Funds Trust**

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

**July 31, 2023**

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

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

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

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

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

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

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

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of July 31, 2023 for each Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Leader Capital Short Term High Yield Bond Fund** |  |  |  |  |
| **Assets<sup>(a)</sup>** | Level 1 | Level 2 | Level 3 | Total |
| Investments: |  |  |  |  |
| Asset Backed Securities | $— | $21362320 | $— | $21362320 |
| Preferred Stocks |  | 260058 | 1035000 | 1295058 |
| Convertible Bonds |  | 1228863 |  | 1228863 |
| Corporate Bond |  |  |  |  |
| Non U.S. Government & Agencies |  | 340000 |  | 340000 |
| Short-Term Investment | 1906712 |  |  | 1906712 |
| Total Investments | $1906712 | $23191241 | $1035000 | $26132953 |

---

<sup>(a)</sup> Refer to the Schedule of Investments for industry classification.

**15**

**Leader Funds Trust**

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

**July 31, 2023**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Leader Capital High Quality Income Fund</u>**<br>**Assets <sup>(a)</sup>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Investments** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $— | $— | $780510 | $780510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 253969800 |  | 253969800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 7126068 |  | 7126068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 47764155 | 14749279 |  | 62513434 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $47764155 | $275845147 | $780510 | $324389812 |

---

**(a)** Refer to the Schedule of Investments for industry classification.

Transfers in and out of Levels during the period are assumed to be transferred on the last day of the period at their current value. During the period ending July 31, 2023, the Funds had no Level 1 to Level 2 transfers. During the period ending July 31, 2023, the Funds had no Level 2 to Level 3 transfers.

Significant unobservable inputs were used by the Funds for Level 3 Fair value measurements. The High Yield Fund holds positions in Auction Rate Preferred Securities (see Note 8), which are valued based on the discount of last trade factoring in potential future cash payments. The High Yield Fund also holds a corporate bond that is valued based on the discount of last trade and broker valuation levels. The High Quality Fund holds a Subordinated Convertible Promissory Note, resulting from a convertible Series A-1 Preferred Stock conversion, valued at conversion price plus prior accumulated interest that was added to the principal at conversion.

The following table is a reconciliation of assets in which Level 3 inputs were used in determining value:

---

| | | | |
|:---|:---|:---|:---|
| **Leader Capital Short Term High Yield Bond Fund** | **Leader Capital Short Term High Yield Bond Fund** | **Leader Capital Short Term High Yield Bond Fund** |  |
|  | Eaton Vance Senior<br> Floating Rate Trust | VTB Bank PJSC Via <br> Eurasia DAC | Total |
| Beginning Balance | $1035000 | $— | $1035000 |
| Total Realized Gain/(Loss) |  |  |  |
| Unrealized Appreciation/(Depreciation) |  |  |  |
| Cost of Purchases |  |  |  |
| Proceeds from Sales |  |  |  |
| Proceeds from Principal |  |  |  |
| Accrued Interest |  |  |  |
| Net Transfers In/(Out) of Level 3 |  |  |  |
| Ending Balance | $1035000 | $— | $1035000 |

---

---

| | | |
|:---|:---|:---|
| **Leader Capital High Quality Income Fund** | **Leader Capital High Quality Income Fund** |  |
|  | Boxabl, Inc. | Total |
| Beginning Balance | $780510 | $780510 |
| Total Realized Gain/(Loss) |  |  |
| Unrealized Appreciation/(Depreciation) |  |  |
| Cost of Purchases |  |  |
| Proceeds from Sales |  |  |
| Proceeds from Principal |  |  |
| Accrued Interest |  |  |
| Net Transfers In/(Out) of Level 3 |  |  |
| Ending Balance | $780510 | $780510 |

---

**16**

**Leader Funds Trust**

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

**July 31, 2023**

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *LIBOR phase out/transition Risk* 

LIBOR was the offered rate for wholesale, unsecured funding available to major international banks. The terms of many investments, financings, or other transactions to which the Fund may be a party have been historically tied to LIBOR. LIBOR has historically been a significant factor in relation to payment obligations under a derivative investment and has also been used in other ways that affect the Fund's investment performance. The transition from LIBOR and the terms of any replacement rate(s), including, for example, SOFR or another rate index, may adversely affect transactions that used LIBOR as a reference rate, financial institutions that engaged in such transactions, and the financial markets generally.

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

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

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

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

Each Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years May 31, 2020 – May 31, 2023, or expected to be taken in each Fund's July 31, 2023 tax returns. Each Fund identifies its major tax jurisdictions as U.S. Federal and foreign jurisdictions where each Fund makes significant investments. Each Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

**17**

**Leader Funds Trust**

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

**July 31, 2023**

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

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

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

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

For the period ended July 31, 2023, cost of purchases and proceeds from sales of portfolio securities and U.S. Government securities, other than short-term investments, amounted to the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **U.S. Government Obligations** | **U.S. Government Obligations** |
| <br>**Fund** | <br>**Purchases** | <br>**Sales** | **Purchases** | **Sales** |
| Leader Capital Short Term High Yield Bond Fund | $27515451 | $22622053 | $958203 | $956563 |
| Leader Capital High Quality Income Fund | 51211633 | 1403164 | 8581600 | 8403750 |

---

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

The identified cost of investments in securities owned by each Fund for federal income tax purposes and its respective gross unrealized appreciation and depreciation at July 31, 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | Gross Unrealized <br>Appreciation | Gross Unrealized Depreciation | Net Unrealized<br>Appreciation <br>(Depreciation) |
| Leader Capital Short Term High Yield Bond Fund | $28244996 | $1057751 | $(3169794) | $(2112043) |
| Leader Capital High Quality Income Fund | 320593687 | 3961279 | (165154) | 3796125 |

---

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

Leader Capital Corp. serves as the Funds' Investment Adviser (the "Adviser"). Pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of each Fund, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, each Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of (i) 0.75% of the High Yield Fund's average daily net assets up to and including $1.25 billion; or (ii) 0.70% of the High Yield Fund's average daily net assets over $1.25 billion; (iii) 0.65% of the High Quality's Fund's average daily net assets; prior to April 10, 2021, the annual rate was 0.75%. For the period ended July 31, 2023, the High Yield Fund and High Quality Fund accrued $29,725 and $297,661 in management fees, respectively.

*<u>Vigilant Distributors, LLC (the "Distributor"),</u>* acts as each Fund's principal underwriter in a continuous public offering of each Fund's Investor Class and Institutional Class as well as the High Quality Fund's Class A shares. For the period ended July 31, 2023, the Distributor received $0 in underwriting commissions. Prior to December 1, 2022, *Ceros Financial Services, Inc.* ("Ceros") served as the principal underwriter and Distributor to the Funds, and for the period of June 1, 2022 to November 30, 2022, Ceros received $0 in underwriting commissions.

*<u>Joot,</u>* Joot provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between Joot and the Trust. Under the terms of such agreement, Joot receives customary fees from the Funds.

*<u>Gryphon Fund Group, LLC ("Gryphon")</u>,* provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with Gryphon, the Funds pay Gryphon customary fees for such services. Certain officers of the Trust are also officers of Gryphon and are not paid any fees directly by the Funds for serving in such capacities. Prior to July 16, 2022, Ultimus Fund Solutions, LLC ("UFS") served in the same capacity to the Trust.

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

The Trust, with respect to the Funds, has adopted the Trust's Master Distribution and Shareholder Servicing Plans for Class A and Investor Class shares (the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that a monthly service and distribution fee is calculated by the High Yield Fund at an annual rate of 0.50% of its average daily net assets for Investor Class and is paid to the Distributor to provide compensation for ongoing shareholder servicing and distribution-related activities or services and/or maintenance of each Fund's shareholder accounts not otherwise required to be provided by the Adviser. The Plans provide that a monthly service and distribution fee is calculated by the High Quality Fund at an annual rate of 0.38% and 0.25% of its average daily net assets for Investor Class and Class A shares, respectively. The Institutional Shares do not participate in a Plan. For the period ended July 31, 2023, the High Yield and High Quality Funds' Investor Class shares incurred $12,623 and $18,273, respectively in fees, pursuant to the Plans. Since commencement of operations on June 21, 2023 through the period ended July 31, 2023, the High Quality Fund's Class A shares incurred $32 in fees under the Plans.

**18**

**Leader Funds Trust**

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

**July 31, 2023**

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

Effective July 24, 2023, the Funds' fiscal year-end was changed from May 31 to July 31.The tax character of distributions paid during the fiscal period ended July 31, 2023, and the former fiscal years ended May 31, 2023 and May 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>For fiscal period ended July 31, 2023:</u>**<br>**Fund** |<br>**Ordinary Income** |<br>**Long Term**<br>**Capital Gains** |<br>**Return of**<br>**Capital** |<br>**Total** |
| Leader Capital Short Term High Yield Bond Fund | $497439 | $— | $— | $497439 |
| Leader Capital High Quality Income Fund | 3147586 |  |  | 3147586 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>For former fiscal year ended May 31, 2023:</u>**<br>**Fund** |<br>**Ordinary Income** |<br>**Long Term**<br>**Capital Gains** |<br>**Return of**<br>**Capital** |<br>**Total** |
| Leader Capital Short Term High Yield Bond Fund | $1435486 | $— | $248101 | $1683587 |
| Leader Capital High Quality Income Fund | 5538861 |  |  | 5538861 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>For former fiscal year ended May 31, 2022:</u>**<br>**Fund** |<br>**Ordinary Income** |<br>**Long Term**<br>**Capital Gains** |<br>**Return of**<br>**Capital** |<br>**Total** |
| Leader Capital Short Term High Yield Bond Fund | $1368956 | $— | $— | $1368956 |
| Leader Capital High Quality Income Fund | 603975 |  |  | 603975 |

---

As of July 31, 2023, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Undistributed<br> Ordinary Income | Undistributed <br> Long-Term <br> Capital Gains | Capital Loss<br> Carryforwards | Other Book/Tax <br> Differences | Net Unrealized<br> Appreciation<br> (Depreciation) | Total <br>Accumulated <br>Deficit |
| Leader Capital Short Term High Yield Bond Fund | $– $|  | $(85254444) | $– $| (2112043) | $(87366487) |
| Leader Capital High Quality Income Fund | – |  | (49722537) | – | 3796125 | (45926412) |

---

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

At July 31, 2023, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Short-Term** |<br>**Long-Term** | **Capital Loss**<br>**Carryforward**<br>**Limitation** |<br>**Total** | **Capital Loss**<br>**Carryforward**<br>**Utilized** |
| Leader Capital Short Term High Yield Bond Fund | $32098350 | $53156094 | $— | $85254444 | $— |
| Leader Capital High Quality Income Fund | 15100337 | 1590558 | 33031642 | 49722537 |  |

---

During the fiscal year ended May 31, 2021, as a result of the acquisition of another fund, the High Quality Fund acquired $15,574,823 and $1,535,671 of short-term and long-term capital loss carryover, respectively, which is available to offset future capital gains. In addition, as a result of a change in control due to the merger, the Fund is subject to an annual limitation of $165,586 (prorated in the initial year) under tax rules.

**19**

**Leader Funds Trust**

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

**July 31, 2023**

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

In accordance with GAAP, the Funds may record reclassifications in the capital accounts, if necessary. These reclassifications have no impact on the NAV of the Funds and are designed generally to present total distributable earnings and paid-in capital on a tax basis which is considered to be more informative to the shareholder. The following reclassifications were made as of July 31, 2023:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Total Distributable Earnings**<br>**/ (Accumulated Deficit)** |<br>**Paid-in Capital** |
| Leader Capital Short Term High Yield Bond Fund | $26905 | $(26905) |
| Leader Capital High Quality Income Fund | 154631 | (154631) |

---

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

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

The Valuation Designee believes 92% of par value accurately reflects the market value of the ARPS held by the High Yield Fund as of July 31, 2023, and because of the failed Dutch auction process, believes they are presently illiquid. As of July 31, 2023, the ARPS are fair valued based on the Trust's Procedures as stated in Note 2. Although the Valuation Designee believes that 92% of par value accurately reflects market value, there is no guarantee that in a forced liquidation the Fund would receive the market value currently ascribed to these securities. As of July 31, 2023, the High Yield Fund held $1,035,000 or 3.8% of its net assets in common stock that resulted from conversion of ARPS.

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

Each Fund currently invests a portion of its assets in First American Government Obligations Fund Institutional Class shares ("FGXXX"). The Funds may redeem its investment from FGXXX at any time if the Adviser determines that it is in the best interest of the Funds' and its shareholders' to do so.

The performance of the Funds will be directly affected by the performance of FGXXX. The financial statements of the FGXXX, including the portfolio of investments, can be found at the Securities and Exchange Commission's website (the "SEC") www.sec.gov and should be read in conjunction with the Funds' financial statements. As of July 31, 2023, the percentage of the High Yield Fund and the High Quality Fund's net assets invested in FGXXX was 7.0% and 15.6%, respectively.

**(10)** **New Regulatory Pronouncements** 

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

The SEC recently adopted Rule 2a-5 under the 1940 Act, which establishes an updated regulatory framework for registered investment company fair valuation practices. The rule became effective on September 8, 2022. 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 NAV 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 evaluate the Funds' use of fair value pricing.

**20**

**Leader Funds Trust**

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

**July 31, 2023**

**(10)** **New Regulatory Pronouncements (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Other* 

In October 2022, the SEC adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and ETFs; and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.

**(11)** **Market Disruption and Geopolitical Events** 

Geopolitical and other events, such as war, terrorist attacks, natural disasters, epidemics, or pandemics could result in unplanned or significant securities market closures, volatility or declines. Russia's recent military invasion of Ukraine and the resulting broad-ranging economic sanctions imposed by the United States and other countries may continue to disrupt securities markets and adversely affect global economies and companies, thereby decreasing the value of the Fund's investments. Additionally, sudden or significant changes in the supply or prices of commodities or other economic inputs may have material and unexpected effects on both global securities markets and individual countries, regions, industries, or companies, which could reduce the value of the Fund's investments.

**(12)** **Litigation and Other Material Events** 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *High Yield Fund* 

On August 7, 2023, the High Yield Fund received notice of a creditor's meeting for China Evergrande Group ("CEG"). The meeting was scheduled for August 23, 2023, and its purpose was to consider a voluntary global exchange of existing debt issued by CEG for one of two options. The first option would exchange existing debt for A1 Notes consisting of 3 tranches of USD notes with a tenor of 10 to 12 years, interest of 2% to 4%. The second option gives existing creditors the election to receive A2 Notes consisting of 4 tranches of USD notes with a tenor of 5 to 8 years, interest of 5% to 7.5%; additionally, option 2 includes equity-linked instruments (the "A2 Package"). The exchange will become effective if at least a majority in number of the relevant creditors, holding at least 75% in value of claims, approve the exchange. Creditors may not receive their consideration in the amounts they elect if there is an undersubscription or oversubscription of the A2 Package.

If either option is approved, then on the final distribution date there may be an adjustment (if required) to consider any accrued and unpaid interest under the relevant new instruments.

Currently, the High Yield Fund cannot predict the changes to the valuation of the current positions in CEG until the vote is completed and the initial and final distributions are made. Therefore, at this time, those purchasing or redeeming shares of the High Yield Fund will pay or receive, as applicable, a price based on the NAV of the Fund with no adjustments relating to the exchange.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *High Quality Fund* 

The Trust, on behalf of the High Quality Fund, filed a complaint in the District Court of Clark County, Nevada on September 1, 2023, against Boxabl Inc. and two of its principals (collectively, "Boxabl"). The claims arise from Boxabl's failure to lift the restrictive legend on private securities timely. The High Quality Fund asserts that Boxabl's failure resulted in losses of more than $15,000, the minimum amount required to bring the lawsuit in Nevada state court. As of the date of this filing, Boxabl has not answered the complaint.

Litigation counsel to the High Quality Fund does not believe that it is possible, at this stage in the proceedings, to predict with any reasonable certainty the probable outcome of the litigation or quantify the amount that the High Quality Fund may recover. Until the High Quality Fund can do so, the Fund will maintain its valuation of Boxabl. If the Fund recovers the full amount it seeks, the amount would not have a material impact on the High Quality Fund's NAV.

The lawyers' fees and costs relating to the litigation are expenses of the High Quality Fund and are incurred like other expenses. Currently, the High Quality Fund cannot reasonably estimate the costs associated with the litigation. Therefore, at this time, those purchasing or redeeming shares of the High Quality Fund will pay or receive, as applicable, a price based on the NAV of the Fund with no recorded expenses relating to the litigation, until those expenses are known.

**21**

**Leader Funds Trust**

**Supplemental Information (Unaudited) (Continued)**

**July 31, 2023**

**(13)** **Restatement** 

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

The Advisor and the Board determined it was appropriate to change the fair value of the VTB corporate bond. These fair value revisions had the effect of changing the NAV per share at which shareholder subscriptions and redemptions were executed from February 22, 2022 through July 31, 2023 (the "Error Period"). Under the Trust's NAV error policy, the High Yield Fund is reprocessing shareholder transactions effected, which will include sending cash reimbursements to shareholder accounts for purchases made during the Error Period. The Advisor is responsible for any shortfall to High Yield Fund. Additionally, the Advisor will reimburse the High Yield Fund for any additional expenses related to correcting the error and reprocessing shareholder transactions. Accordingly, as of the date the restated financials statements have been issued, the Advisor has contributed $527,594 to the High Yield Fund to compensate shareholders and the Fund for harm caused by the mispricing of the VTB corporate bond.

The accompanying financial statements of the Fund for the years ended May 31, 2022 and May 31, 2023 and for the period ended July 31, 2023, have been restated from amounts previously reported to correct the error.

**(14)** **Subsequent Events** 

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.

On August 31, 2023, the Funds declared distributions from ordinary income to shareholders of record as of August 30, 2023, payable August 31, 2023, as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Class** | <br>**Ticker** | **Ordinary**<br>**Income** | **Per Share**<br>**Amount** |
| Leader Capital Short Term High Yield Bond Fund | Investor | LCCMX | $167897 | $0.08 |
| Leader Capital Short Term High Yield Bond Fund | Institutional | LCCIX | $150985 | $0.09 |
| Leader Capital High Quality Income Fund | Investor | LCTRX | $189389 | $0.06 |
| Leader Capital High Quality Income Fund | Institutional | LCTIX | $1663517 | $0.07 |
| Leader Capital High Quality Income Fund | Class A | LCATX | $1687 | $0.06 |

---

**22**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of Leader Funds Trust and Shareholders of<br> Leader Capital Short Term High Yield Bond Fund (formerly, Leader Short Term High Yield Bond Fund) and <br> Leader Capital High Quality Income Fund (formerly, Leader High Quality Floating Rate Fund)

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of the Leader Capital Short Term High Yield Bond Fund (formerly, the Leader Short Term High Yield Bond Fund) and Leader Capital High Quality Income Fund (formerly, the Leader High Quality Floating Rate Fund), (collectively the "Funds"), each a series of the Leader Funds Trust (the "Trust") including the schedules of investments, as of July 31, 2023, the related statements of operations, the statements of changes in net assets, the related notes (collectively referred to as the "financial statements"), and the financial highlights for the periods indicated in the table below.

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

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial positions of the Funds, as of July 31, 2023, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Individual Funds** <br> **Included in the Trust**  | &nbsp;&nbsp;**Statements of <br> Operations** | &nbsp;&nbsp;**Statements of Changes** <br> **in Net Assets** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;Leader Capital Short Term High Yield Bond Fund | &nbsp;&nbsp;For the period June 1, 2023 to July 31, 2023 | &nbsp;&nbsp;For the period June 1, 2023 through July 31, 2023, for the years ended May 31, 2023 and 2022 | &nbsp;&nbsp;For the period June 1, 2023 through July 31, 2023, for the years ended May 31, 2023 and 2022 |
| &nbsp;&nbsp;Leader Capital High Quality Income Fund | &nbsp;&nbsp;For the period June 1, 2023 to July 31, 2023 | &nbsp;&nbsp; For the period June 1, 2023 through July 31, 2023, for the years ended May 31, 2023 and 2022  | &nbsp;&nbsp;For the period June 1, 2023 through July 31, 2023, for the years ended May 31, 2023 and 2022 |

---

<br> **Restatement of Financial Statements**

As discussed in Note 13 to the financial statements, the Funds have restated their previously issued financial statements for the year ended July 31, 2023, due to a change in the valuation of a portfolio investment. We have audited the restated financial statements, and our opinion is expressed on the financial statements as restated.<br>

**Basis for Opinion**

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

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

**23**

Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of July 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](lftncsra002.jpg)

We have served as the auditor for the Leader Funds Trust since 2022

Huntingdon Valley, Pennsylvania

November 21, 2025

**24**

***PRIVACY NOTICE***

**LEADER FUNDS TRUST**

**March 2019**

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

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

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

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

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

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

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

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

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**Item 2. Code of Ethics.**

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Code of Ethics is not posted Registrant' website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A
 copy of the code of ethics is attached as an exhibit.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Audit Fees</u>** 

2023 - $14,000**\***

2023 - $24,000

2022 - $24,000

2021 - $22,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Audit Related Fees</u>** 

2023 - None**\***

2023 - None

2022 - None

2021 - None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Tax Fees</u>** 

2023 - $2,000**\***

2023 - $4,000

2022 - $4,000

2021 - $4,000

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>All Other Fees</u>** 

2023 - None**\***

2023 - None

2023 - None

2023 - None

**\*** Effective July 24, 2023, the Funds changed their fiscal year end from May 31 to July 31. Data shown is for the fiscal period of June 1, 2023 through July 31, 2023.

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

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

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

---

| | |
|:---|:---|
|  | **<u>2023</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Related Fees: | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Fees: | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Fees: | 0.00% |

---

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

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

2023 - None**\***

2023 - None

2022 - None

2021 - None

**\*** Effective July 24, 2023, the Funds changed their fiscal year end from May 31 to July 31. Data shown is for the fiscal period of June 1, 2023 through July 31, 2023.

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

**Item 5. Audit Committee of Listed Companies.**

Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.**

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

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** 

Not applicable to open-end investment companies.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 9. Purchases of Equity Securities by Closed-End Funds.**

Not applicable to open-end investment companies.

**Item 10. Submission of Matters to a Vote of Security Holders.**

Vote of security holders is included under item 1.

**Item 11. Controls and Procedures.**

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

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

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

Not applicable

**Item 13. Exhibits.**

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

[(a)(2)](ex99-cert.htm) [Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.](ex99-cert.htm)

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

[(b)](ex99-906cert.htm) [Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.](ex99-906cert.htm)

**SIGNATURES**

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

(Registrant) <u>Leader Funds Trust</u>

/s/ John Lekas

By: John Lekas

Principal Executive Officer

Date: November 26, 2025

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

/s/ John Lekas

By: John Lekas

Principal Executive Officer

Date: November 26, 2025

/s/ Larry E. Beaver, Jr.

By: Larry E. Beaver, Jr.

Treasurer and Principal Financial Officer

Date: November 26, 2025

## Ex-99.Code

[Leader Funds Trust N-CSR/A](lft-ncsra_073123.htm)

**EXHIBIT 99.COE**

**Trust Code of Ethics**

**<u>Leader Funds Trust</u>**

**CODE OF ETHICS**

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

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

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

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

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

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

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

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

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

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

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

***DEFINITIONS***

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

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

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

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

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

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

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

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

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

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

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

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

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

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

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

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

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

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

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

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

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

***PROHIBITED ACTIONS AND ACTIVITIES***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

EXEMPTED TRANSACTIONS

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

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

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

● Purchase of Securities made as part of automatic dividend reinvestment plans;

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

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

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

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

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

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

***REPORTING AND MONITORING***

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

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

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

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

INITIAL HOLDINGS REPORT

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

ANNUAL HOLDINGS REPORTS

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

QUARTERLY TRANSACTION REPORTS

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

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

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

● The price of the Covered Security at which the transaction was effected; and

● The name of the broker, dealer, or bank with or through whom the transaction was effected.

● The date the Access Person Submits the Report.

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

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

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

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

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

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

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

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

***Acknowledgment***

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

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

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

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

## Ex-99.Cert

[Leader Funds Trust N-CSR/A](lft-ncsra_073123.htm)

**EXHIBIT 99.CERT**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, John Lekas, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Leader Capital Short Term High Yield Bond Fund and, Leader Capital High Quality
 Income Fund, each a series of the Leader Funds Trust (the "registrant");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this report fairly present in all material
 respects the investments of the registrant as of the end of the fiscal period for which the report is filed;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the period
 covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

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

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

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

---

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

---

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Leader Capital Short Term High Yield Bond Fund and, Leader Capital High Quality
 Income Fund, each a series of the Leader Funds Trust (the "registrant");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this report fairly present in all material
 respects the investments of the registrant as of the end of the fiscal period for which the report is filed;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the period
 covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

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

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

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

---

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

---

## Exhibit 99.906

[Leader Funds Trust N-CSR/A](lft-ncsra_073123.htm)

**EXHIBIT 99.906CERT**

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

I, John Lekas, Principal Executive Officer of the Leader Funds Trust (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended July 31, 2023 (the "Form N-CSR") fully
 complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
 of the registrant.

---

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

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO GRYPHON FUND GROUP, LLC AND WILL BE RETAINED BY GRYPHON FUND GROUP, LLC. AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

I, Larry E. Beaver, Jr., Treasurer of the Leader Funds Trust, (the "registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended July 31, 2023 (the "Form N-CSR") fully
 complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
 of the registrant.

---

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

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO LEADER FUNDS TRUST AND WILL BE RETAINED BY LEADER FUNDS TRUTS AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.