# EDGAR Filing Document

**Accession Number:** 0001766436
**File Stem:** 0001999371-25-018924
**Filing Date:** 2025-11
**Character Count:** 186138
**Document Hash:** b2e6dd97c7964f1d9d3e782089b02978
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-018924.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001999371-25-018924

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

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20240731

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**EFFECTIVENESS DATE**: 20251128

**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:** 251532588

**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           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

 **SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT 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**

**Vancouver, WA 98660**

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

Date of fiscal year end: **<u>7/31/2024</u>**

Date of reporting period: **<u>7/31/2024</u>**

**Explanatory Note:** The registrant is filing this amendment to its Form N-CSR for the year ended July 31, 2024, originally filed with the Securities and Exchange Commission on November 27, 2024 (Accession Number 0001398344-24-022348). The purpose is to restate the year ended July 31, 2024 financial statements for the Leader Capital Short Term High Yield Bond Fund (the "Restated Fund"), within the July 31, 2024 annual report.

The effect of this restatement on the Restated Fund's financial statements for the year ended July 31, 2024 is included and further described in Note 13 to the restated financial statements for the year ended July 31, 2024. 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 16(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.**

---

| | |
|:---|:---|
| Leader Funds Trust<br> **Leader Capital Short Term High Yield Bond Fund**<br> **Investor Class - LCCMX** | ![QR Code](fp0089317-4_ar7qrcode.jpg) |

---

#### Annual Shareholder Report (Restated)
July 31, 2024

This annual shareholder report contains important information about the Leader Capital Short Term High Yield Bond Fund, Investor Class Shares, for the year ended July 31, 2024, as well as certain changes to the Fund. You can find additional information at https://www.leadercapital.com/mutual-funds/resources-info/ or (800)-711-9164.

#### How did the Fund perform over the past 10 years?
****![](lccmx_001.jpg)

#### Annual Performance\*\*\*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Leader Capital Short Term High Yield Bond Fund - Investor Class | 24.20% | 3.68% | 1.87% |
| ICE BofA 1-3 Year US Corporate & Government Index\*\* | 5.72% | 1.51% | 1.49% |

---

*For the above performance graph and table: Past performance does not guarantee future results.* *These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.*

#### Key Fund Statistics
(as of July 31, 2024)

---

| | |
|:---|:---|
| Fund Size (Millions) | $102489184 |
| Number of Holdings | 64 |
| Annual Portfolio Turnover | 225.68% |
| Total Advisory Fee | $335410 |

---

#### What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment\***  | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class | $216 | 1.94% |

---

#### How did the Fund perform last year and what affected its performance?
• The Fund outperformed the ICE BofA 1-3 Year US Corporate & Government Index for the year ended July 31, 2024. The outperformance was primarily driven by the continued tightening of credit spreads and the strategic decision to maintain a low duartion in the Fund's portfolio in response to rising interest rates.

• The Fund's fixed income strategies were centered around balancing risk and reward, with current market conditions favoring the short end of the yield curve.

• As the Fund's investment advisor our process is both robust and straightforward, utilizing a top-down and bottom-up approach. Rather than attempting to predict the market, we allow the market itself to guide our actions. Additionally, we apply a technical analysis framework, incorporating indicators such as the 50-day, 100-day, and 200-day moving averages, RSI, MACD, and Bollinger Bands to inform our decisions.

A key contributor to the strong performance in the Fund was it's position in Floating Rate Collateralized Loan Obligations (CLOs). See top contributors and detractors below:

---

| |
|:---|
| **Top 5 Contributors** |
| New York Community Bancorp, Inc. 8.378% |
| Marathon CLO XIII, LTD. |
| Wellfleet CLO 2017-3, LTD. |
| Vibrant CLO IX, LTD. |
| BlueMountain CLO 2015-4, LTD. |

---

---

| |
|:---|
| **Top 5 Detractors** |
| VTB Bank PJSC Via Eurasia DAC |
| UKRAIN 1.75 02/01/2029 |
| B Riley Financial, Inc. 5.25% |
| B Riley Financial, Inc. 6.00% |
| Wind River 2016-1K CLO, LTD. |

---

#### What did the Fund invest in?
(as of July 31, 2024)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| New York Community Bancorp, Inc. | 4.62% |
| First American Government Obligations Fund, Class X | 4.46% |
| Parallel 2021-1 LTD. | 3.78% |
| Invesco CLO 2022-1A, LTD. | 3.49% |
| BlueMountain CLO XXIX, LTD. | 3.23% |
| Empower CLO 2022-1, LTD. | 2.97% |
| Mountain View CLO XV, LTD. | 2.94% |
| Gulf Stream Meridian 2021-4, LTD. | 2.94% |
| Octagon Investment Partners XXI, LTD. | 2.91% |
| Wellfleet CLO 2022-1 LTD. | 2.90% |

---

#### Sector Breakdown (% of net assets)
![Af Image](fp0089317-4_ar72.jpg)

#### How has the Fund Changed?
There were no material fund changes during the year ended July 31, 2024.

#### Householding
Additional information is available on the Fund's website, www.leadercapital.com, including its:

* prospectus

* financial information

* holdings

* proxy voting information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800)-711-9164.

<sup>\*</sup> Expenses paid during period are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period.

---

| | |
|:---|:---|
| <sup>\*\*</sup> | ICE BofA 1-3 Year US Corporate & Government Index tracks the performance of U.S. dollar denominated investment grade U.S. Government and corporate bond debt issued in the U.S. domestic bond market with maturities ranging between 1 and 3 years. One cannot invest directly in an index. Sector allocations are subject to change. Unlike the Fund's returns, the Index does not reflect any fees or expenses. |
| <sup>\*\*\*</sup> | Performance shown in this annual report to shareholders is calculated based on the net asset value of the Leader Capital Short Term High Yield Bond Fund at year-end, which was adjusted subsequent to year-end due to adjustments made to the prices of certain portfolio holdings of the Leader Capital Short Term High Yield Bond Fund held as of February 22, 2022 through the year-end. See Note 13 to the Notes to the Financial Statements.<br>|

---

---

| | |
|:---|:---|
| Leader Funds Trust<br> **Leader Capital Short Term High Yield Bond Fund**<br> **Institutional Class - LCCIX** | ![QR Code](fp0089317-5_ar7qrcode.jpg) |

---

#### Annual Shareholder Report (Restated)
July 31, 2024

This annual shareholder report contains important information about the Leader Capital Short Term High Yield Bond Fund, Institutional Class Shares, for the year ended July 31, 2024, as well as certain changes to the Fund. You can find additional information at https://www.leadercapital.com/mutual-funds/resources-info/ or (800)-711-9164.

#### How did the Fund perform over the past 10 years?
****![](lccmx_002.jpg)

#### Annual Performance\*\*\*

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Leader Capital Short Term High Yield Bond Fund - Institutional Class | 22.36% | 3.80% | 2.20% |
| ICE BofA 1-3 Year US Corporate & Government Index\*\* | 5.72% | 1.51% | 1.49% |

---

*For the above performance graph and table: Past performance does not guarantee future results.* *These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.*

#### Key Fund Statistics
(as of July 31, 2024)

---

| | |
|:---|:---|
| Fund Size (Millions) | $102489184 |
| Number of Holdings | 64 |
| Annual Portfolio Turnover | 225.68% |
| Total Advisory Fee | $335410 |

---

#### What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment\***  | **Costs paid as a percentage of a $10,000 investment**  |
| Institutional Class | $153 | 1.37% |

---

#### How did the Fund perform last year and what affected its performance?
• The Fund outperformed the ICE BofA 1-3 Year US Corporate & Government Index for the year ended July 31, 2024. The outperformance was primarily driven by the continued tightening of credit spreads and the strategic decision to maintain a low duartion in the Fund's portfolio in response to rising interest rates.

• The Fund's fixed income strategies were centered around balancing risk and reward, with current market conditions favoring the short end of the yield curve.

• As the Fund's investment advisor our process is both robust and straightforward, utilizing a top-down and bottom-up approach. Rather than attempting to predict the market, we allow the market itself to guide our actions. Additionally, we apply a technical analysis framework, incorporating indicators such as the 50-day, 100-day, and 200-day moving averages, RSI, MACD, and Bollinger Bands to inform our decisions.

A key contributor to the strong performance in the Fund was it's position in Floating Rate Collateralized Loan Obligations (CLOs). See top contributors and detractors below:

---

| |
|:---|
| **Top 5 Contributors** |
| New York Community Bancorp, Inc. |
| Marathon CLO XIII, LTD. |
| Wellfleet CLO 2017-3, LTD. |
| Vibrant CLO IX, LTD. |
| BlueMountain CLO 2015-4, LTD. |

---

---

| |
|:---|
| **Top 5 Detractors** |
| VTB Bank PJSC Via Eurasia DAC |
| UKRAIN 1.75 02/01/2029 |
| B Riley Financial, Inc. 5.25 |
| B Riley Financial, Inc. 6.00 |
| Wind River 2016-1K CLO, LTD. |

---

#### What did the Fund invest in?
(as of July 31, 2024)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| New York Community Bancorp, Inc. | 4.62% |
| First American Government Obligations Fund, Class X | 4.46% |
| Parallel 2021-1 LTD. | 3.78% |
| Invesco CLO 2022-1A, LTD. | 3.49% |
| BlueMountain CLO XXIX, LTD. | 3.23% |
| Empower CLO 2022-1, LTD. | 2.97% |
| Mountain View CLO XV, LTD. | 2.94% |
| Gulf Stream Meridian 2021-4, LTD. | 2.94% |
| Octagon Investment Partners XXI, LTD. | 2.91% |
| Wellfleet CLO 2022-1 LTD. | 2.90% |

---

#### Sector Breakdown (% of net assets)
![Af Image](fp0089317-5_ar72.jpg)

#### How has the Fund Changed?
There were no material fund changes during the year ended July 31, 2024.

#### Householding
Additional information is available on the Fund's website, www.leadercapital.com, including its:

* prospectus

* financial information

* holdings

* proxy voting information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800)-711-9164.

<sup>\*</sup> Expenses paid during period are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period.

---

| | |
|:---|:---|
| <sup>\*\*</sup> | ICE BofA 1-3 Year US Corporate & Government Index tracks the performance of U.S. dollar denominated investment grade U.S. Government and corporate bond debt issued in the U.S. domestic bond market with maturities ranging between 1 and 3 years. One cannot invest directly in an index. Sector allocations are subject to change. Unlike the Fund's returns, the Index does not reflect any fees or expenses. |
| <sup>\*\*\*</sup> | Performance shown in this annual report to shareholders is calculated based on the net asset value of the Leader Capital Short Term High Yield Bond Fund at year-end, which was adjusted subsequent to year-end due to adjustments made to the prices of certain portfolio holdings of the Leader Capital Short Term High Yield Bond Fund held as of February 22, 2022 through the year-end. See Note 13 to the Notes to the Financial Statements. |

---

---

| | |
|:---|:---|
| Leader Funds Trust<br> **Leader Capital High Quality Income Fund**<br> **Investor Class - LCTRX** | ![QR Code](fp0089317-8_ar7qrcode.jpg) |

---

#### Annual Shareholder Report
July 31, 2024

This annual shareholder report contains important information about the Leader Capital High Quality Income Fund, Investor Class Shares, for the year ended July 31, 2024, as well as certain changes to the Fund. You can find additional information at www.leadercapital.com or (800)-711-9164.

#### How did the Fund perform over the past 10 years?
****![Ad2 Performance Graph](fp0089317-8_ar71.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Leader Capital High Quality Income Fund - Investor Class | 7.47% | 5.43% | 2.83% |
| Bloomberg U.S. Aggregate Bond Index\*\* | 5.10% | 0.19% | 1.61% |

---

*For the above performance graph and table: Past performance does not guarantee future results.* *These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.*

#### Key Fund Statistics
(as of July 31, 2024)

---

| | |
|:---|:---|
| Fund Size (Millions) | $849255359 |
| Number of Holdings | 165 |
| Annual Portfolio Turnover | 112.95% |
| Total Advisory Fee | $3651240 |

---

#### What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment\***  | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class | $140 | 1.35% |

---

#### How did the Fund perform last year and what affected its performance?
• The Fund outperformed the Bloomberg U.S. Aggregate Bond Index for the year ended July 31, 2024. The outperformance was primarily driven by the continued tightening of credit spreads and the strategic decision to maintain a low duartion in the Fund's portfolio in response to rising interest rates.

• The Fund's fixed income strategies were centered around balancing risk and reward, with current market conditions favoring the short end of the yield curve.

• The manager's investment process is both robust and straightforward, utilizing a top-down and bottom-up approach. Rather than attempting to predict the market, we allow the market itself to guide our actions. Additionally, we apply a technical analysis framework, incorporating indicators such as the 50-day, 100-day, and 200-day moving averages, RSI, MACD, and Bollinger Bands to inform our decisions.

A key contributor to the strong performance in the Fund was it's position in Floating Rate Collateralized Loan Obligations (CLOs). See top contributors and detractors below:

---

| |
|:---|
| **Top 5 Contributors** |
| BlackRock Baker CLO 2021-8A, LTD. |
| LCM XXV 2018-26, LTD. |
| Sound Point CLO IV-R, LTD. |
| Nassau 2018-II CLO, LTD |
| LCM XVIII 2015-18R, LTD. |

---

---

| |
|:---|
| **Top 5 Detractors** |
| BBCMS 2018-TALL Mortgage Trust |
| Trinitas CLO XXII, LTD. |
| HONO 2021-LULU Mortgage Trust |
| PGA National Resort Commerical Mortgage Trust |
| Octagon Investment Partners XLVII, LTD. |

---

#### What did the Fund invest in?
(as of July 31, 2024)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| First American Government Obligations Fund, Class X | 11.42% |
| United States Treasury Strip Principal | 4.50% |
| NGC CLO 2024-1A, LTD. | 2.84% |
| Leader Capital Short Term High Yield Bond Fund, Institutional Class | 2.26% |
| PGA National Resort Commerical Mortgage Trust | 2.16% |
| OFSI Fund 2024-13A CLO, LTD. | 2.14% |
| Golub Capital Partners CLO, LTD. | 1.80% |
| Ocean Trails CLO XV, LTD. | 1.78% |
| Invesco U.S. CLO 2023-4, LTD. | 1.61% |
| Blackrock Shasta CLO XIII, LTD. | 1.47% |

---

#### Sector Breakdown (% of net assets)
![Af Image](fp0089317-8_ar72.jpg)

#### How has the Fund Changed?
There were no material fund changes during the year ended July 31, 2024.

#### Householding
Additional information is available on the Fund's website, www.leadercapital.com, including its:

* prospectus

* financial information

* holdings

* proxy voting information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800)-711-9164.

<sup>\*</sup> Expenses paid during period are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period.

---

| | |
|:---|:---|
| <sup>\*\*</sup> | Bloomberg U.S. Aggregate Bond Index tracks the performance of U.S. dollar denominated investment grade corporate bond debt, government debt, mortage-backed securities and asset-back securities issued in the U.S. domestic bond market . One cannot invest directly in an index. Sector allocations are subject to change. Unlike the Fund's returns, the Index does not reflect any fees or expenses. |

---

---

| | |
|:---|:---|
| Leader Funds Trust<br> **Leader Capital High Quality Income Fund**<br> **Institutional Class - LCTIX** | ![QR Code](fp0089317-6_ar7qrcode.jpg) |

---

#### Annual Shareholder Report
July 31, 2024

This annual shareholder report contains important information about the Leader Capital High Quality Income Fund, Institutional Class Shares, for the year ended July 31, 2024, as well as certain changes to the Fund. You can find additional information at https://www.leadercapital.com/mutual-funds/resources-info/ or (800)-711-9164.

#### How did the Fund perform over the past 10 years?
****![](lctix_004.jpg)

#### Annual Performance

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Leader Capital High Quality Income Fund - Institutional Class | 7.81% | 6.09% | 3.33% |
| Bloomberg U.S. Aggregate Bond Index\*\* | 5.10% | 0.19% | 1.61% |

---

*For the above performance graph and table: Past performance does not guarantee future results.* *These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.*

#### Key Fund Statistics
(as of July 31, 2024)

---

| | |
|:---|:---|
| Fund Size (Millions) | $849255359 |
| Number of Holdings | 165 |
| Annual Portfolio Turnover | 112.95% |
| Total Advisory Fee | $3651240 |

---

#### What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment\***  | **Costs paid as a percentage of a $10,000 investment**  |
| Institutional Class | $101 | 0.97% |

---

#### How did the Fund perform last year and what affected its performance?
• The Fund outperformed the Bloomberg U.S. Aggregate Bond Index for the year ended July 31, 2024. The outperformance was primarily driven by the continued tightening of credit spreads and the strategic decision to maintain a low duartion in the Fund's portfolio in response to rising interest rates.

• The Fund's fixed income strategies were centered around balancing risk and reward, with current market conditions favoring the short end of the yield curve.

• The manager's investment process is both robust and straightforward, utilizing a top-down and bottom-up approach. Rather than attempting to predict the market, we allow the market itself to guide our actions. Additionally, we apply a technical analysis framework, incorporating indicators such as the 50-day, 100-day, and 200-day moving averages, RSI, MACD, and Bollinger Bands to inform our decisions.

A key contributor to the strong performance in the Fund was it's position in Floating Rate Collateralized Loan Obligations (CLOs). See top contributors and detractors below:

---

| |
|:---|
| **Top 5 Contributors** |
| BlackRock Baker CLO 2021-8A, LTD. |
| LCM XXV 2018-26, LTD. |
| Sound Point CLO IV-R, LTD. |
| Nassau 2018-II CLO, LTD |
| LCM XVIII 2015-18R, LTD. |

---

---

| |
|:---|
| **Top 5 Detractors** |
| BBCMS 2018-TALL Mortgage Trust |
| Trinitas CLO XXII, LTD. |
| HONO 2021-LULU Mortgage Trust |
| PGA National Resort Commerical Mortgage Trust |
| Octagon Investment Partners XLVII, LTD. |

---

#### What did the Fund invest in?
(as of July 31, 2024)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| First American Government Obligations Fund, Class X | 11.42% |
| United States Treasury Strip Principal | 4.50% |
| NGC CLO 2024-1A, LTD. | 2.84% |
| Leader Capital Short Term High Yield Bond Fund, Institutional Class | 2.27% |
| PGA National Resort Commerical Mortgage Trust | 2.16% |
| OFSI Fund 2024-13A CLO, LTD. | 2.14% |
| Golub Capital Partners CLO, LTD. | 1.80% |
| Ocean Trails CLO XV, LTD. | 1.78% |
| Invesco U.S. CLO 2023-4, LTD. | 1.61% |
| Blackrock Shasta CLO XIII, LTD. | 1.47% |

---

#### Sector Breakdown (% of net assets)
![Af Image](fp0089317-6_ar72.jpg)

#### How has the Fund Changed?
There were no material fund changes during the year ended July 31, 2024.

#### Householding
Additional information is available on the Fund's website, www.leadercapital.com, including its:

* prospectus

* financial information

* holdings

* proxy voting information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800)-711-9164.

<sup>\*</sup> Expenses paid during period are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period.

---

| | |
|:---|:---|
| <sup>\*\*</sup> | Bloomberg U.S. Aggregate Bond Index tracks the performance of U.S. dollar denominated investment grade corporate bond debt, government debt, mortage-backed securities and asset-back securities issued in the U.S. domestic bond market . One cannot invest directly in an index. Sector allocations are subject to change. Unlike the Fund's returns, the Index does not reflect any fees or expenses. |

---

---

| | |
|:---|:---|
| Leader Funds Trust<br> **Leader Capital High Quality Income Fund**<br> **Class A - LCATX** | ![QR Code](fp0089317-7_ar7qrcode.jpg) |

---

#### Annual Shareholder Report
July 31, 2024

This annual shareholder report contains important information about the Leader Capital High Quality Income Fund, Class A Shares, for the year ended July 31, 2024, as well as certain changes to the Fund. You can find additional information at www.leadercapital.com or (800)-711-9164.

#### How did the Fund perform over the past 10 years?
****![Ad2 Performance Graph](fp0089317-7_ar71.jpg)

#### Annual Performance

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br> (06/21/2023)**  |
| Leader Capital High Quality Income Fund - Class A | 11.57% | 15.05% |
| Leader Capital High Quality Income Fund - Class A excl. sales charge | 11.37% | 14.69% |
| Bloomberg U.S. Aggregate Bond Index\*\* | 5.10% | 4.20% |

---

*For the above performance graph and table: Past performance does not guarantee future results.* *These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.*

#### Key Fund Statistics
(as of July 31, 2024)

---

| | |
|:---|:---|
| Fund Size (Millions) | $849255359 |
| Number of Holdings | 165 |
| Annual Portfolio Turnover | 112.95% |
| Total Advisory Fee | $3651240 |

---

#### What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 Investment\***  | **Costs paid as a percentage of a $10,000 investment**  |
| Class A | $125 | 1.18% |

---

#### How did the Fund perform last year and what affected its performance?
• The Fund outperformed the Bloomberg U.S. Aggregate Bond Index for the year ended July 31, 2024. The outperformance was primarily driven by the continued tightening of credit spreads and the strategic decision to maintain a low duartion in the Fund's portfolio in response to rising interest rates.

• The Fund's fixed income strategies were centered around balancing risk and reward, with current market conditions favoring the short end of the yield curve.

• The manager's investment process is both robust and straightforward, utilizing a top-down and bottom-up approach. Rather than attempting to predict the market, we allow the market itself to guide our actions. Additionally, we apply a technical analysis framework, incorporating indicators such as the 50-day, 100-day, and 200-day moving averages, RSI, MACD, and Bollinger Bands to inform our decisions.

A key contributor to the strong performance in the Fund was it's position in Floating Rate Collateralized Loan Obligations (CLOs). See top contributors and detractors below:

---

| |
|:---|
| **Top 5 Contributors** |
| BlackRock Baker CLO 2021-8A, LTD. |
| LCM XXV 2018-26, LTD. |
| Sound Point CLO IV-R, LTD. |
| Nassau 2018-II CLO, LTD |
| LCM XVIII 2015-18R, LTD. |

---

---

| |
|:---|
| **Top 5 Detractors** |
| BBCMS 2018-TALL Mortgage Trust |
| Trinitas CLO XXII, LTD. |
| HONO 2021-LULU Mortgage Trust |
| PGA National Resort Commerical Mortgage Trust |
| Octagon Investment Partners XLVII, LTD. |

---

#### What did the Fund invest in?
(as of July 31, 2024)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| First American Government Obligations Fund, Class X | 11.42% |
| United States Treasury Strip Principal | 4.50% |
| NGC CLO 2024-1A, LTD. | 2.84% |
| Leader Capital Short Term High Yield Bond Fund, Institutional Class | 2.27% |
| PGA National Resort Commerical Mortgage Trust | 2.16% |
| OFSI Fund 2024-13A CLO, LTD. | 2.14% |
| Golub Capital Partners CLO, LTD. | 1.80% |
| Ocean Trails CLO XV, LTD. | 1.78% |
| Invesco U.S. CLO 2023-4, LTD. | 1.61% |
| Blackrock Shasta CLO XIII, LTD. | 1.47% |

---

#### Sector Breakdown (% of net assets)
![Af Image](fp0089317-7_ar72.jpg)

#### How has the Fund Changed?
There were no material fund changes during the year ended July 31, 2024.

#### Householding
Additional information is available on the Fund's website, www.leadercapital.com, including its:

* prospectus

* financial information

* holdings

* proxy voting information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800)-711-9164.

<sup>\*</sup> Expenses paid during period are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period.

---

| | |
|:---|:---|
| <sup>\*\*</sup> | Bloomberg U.S. Aggregate Bond Index tracks the performance of U.S. dollar denominated investment grade corporate bond debt, government debt, mortage-backed securities and asset-back securities issued in the U.S. domestic bond market . One cannot invest directly in an index. Sector allocations are subject to change. Unlike the Fund's returns, the Index does not reflect any fees or expenses. |

---

**Item 2. Code of Ethics.** 

&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) **Audit Fees** 

2024 - $25,600

2023 - $14,000\*

2023 - $24,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Audit Related Fees** 

2024 – None

2023 – None\*

2023 – None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Tax Fees** 

2024 - $4,400

2023 - $2,000\*

2023 - $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) **All Other Fees** 

2024 – 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) **Audit Committee's Pre-Approval Policies** 

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) **Percentage of Services Approved by the Audit Committee**

---

| | |
|:---|:---|
|  | **2024** |
| Audit Related Fees: | 0.00% |
| Tax Fees: | 0.00% |
| 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:

2024 - 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;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) N/A

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

Not applicable to open-end investment companies.

**Item 6. Investments.**

Included as part of the report to shareholders filed under Item 7 of this Form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](ftncsra001.jpg)

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

Investor Class – LCCMX

Institutional Class – LCCIX

**Leader Capital High Quality Income Fund** 

Investor Class – LCTRX

Institutional Class – LCTIX

Class A - LCATX

Annual Report

July 31, 2024

1-800-711-9164

www.leadercapital.com

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

**SCHEDULE OF INVESTMENTS (RESTATED)**

**July 31, 2024**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCK - 1.5%** |  |
|  | FINANCIALS - 1.5% |  |
| 150000 | &nbsp;&nbsp;&nbsp;New York Community Bancorp, Inc. | $1578000 |
|  | **TOTAL COMMON STOCK - (Cost $1,727,628)** | 1578000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **PREFERRED STOCK - 2.2%** |  |  |  |
|  | ASSET MANAGEMENT - 1.0% |  |  |  |
| 27 | &nbsp;&nbsp;&nbsp;Eaton Vance Senior Floating Rate Trust (a)(b)(c)(d) | 3.688 | Perpetual | 621000 |
| 18 | &nbsp;&nbsp;&nbsp;Eaton Vance Senior Floating Rate Trust (a)(b)(c)(d) | 3.768 | Perpetual | 414000 |
|  |  |  |  | 1035000 |
|  | INSTITUTIONAL FINANCIAL SERVICES - 1.2% |  |  |  |
| 18818 | &nbsp;&nbsp;&nbsp;B Riley Financial, Inc. (c)(d) | 5.250 | Perpetual | 281141 |
| 54941 | &nbsp;&nbsp;&nbsp;B Riley Financial, Inc. (c)(d) | 6.000 | Perpetual | 959270 |
|  |  |  |  | 1240411 |
|  | **TOTAL PREFERRED STOCK - (Cost $2,394,289)** |  |  | 2275411 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount ($)** |  | **Series** | **Class** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES - 88.4%** |  |  |  |  |  |
|  | COLLATERALIZED LOAN OBLIGATIONS - 88.4% | COLLATERALIZED LOAN OBLIGATIONS - 88.4% |  |  |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;1828 CLO, LTD. (e)(f) | 2016-R | Class DR | 12.153 | 10/15/2031 | 996232 |
| 1000000 | &nbsp;&nbsp;&nbsp;Allegro CLO VI, LTD. (e)(f) | 2018-6 | Class E | 11.097 | 1/17/2031 | 996737 |
| 2500000 | &nbsp;&nbsp;&nbsp;Allegro CLO X, LTD. (e)(f) | 2019-1A | Class E | 12.424 | 4/20/2032 | 2427342 |
| 700000 | &nbsp;&nbsp;&nbsp;Ares CLO XLVIII, LTD. (e)(f) | 2018-48 | Class E | 10.744 | 7/20/2030 | 700503 |
| 1000000 | &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2019-4, LTD. (e)(f) | 2019-4A | Class ER | 13.273 | 4/23/2035 | 990432 |
| 1275000 | &nbsp;&nbsp;&nbsp;Battalion CLO XV, LTD. (e)(f) | 2020-15A | Class E | 11.897 | 1/18/2033 | 1211285 |
| 2500000 | &nbsp;&nbsp;&nbsp;Battalion CLO XXII, LTD. (e)(f) | 2021-22A | Class E | 12.494 | 1/22/2035 | 2282044 |
| 1000000 | &nbsp;&nbsp;&nbsp;BlueMountain CLO 2015-4, LTD. (e)(f) | 2015-4R | Class ER | 11.494 | 4/22/2030 | 982501 |
| 1000000 | &nbsp;&nbsp;&nbsp;BlueMountain CLO 2018-2, LTD. (e)(f) | 2018-2 | Class E | 11.634 | 8/15/2031 | 934525 |
| 3390000 | &nbsp;&nbsp;&nbsp;BlueMountain CLO XXIX, LTD. (e)(f) | 2020-29A | Class ER | 12.406 | 7/25/2034 | 3313615 |
| 2000000 | &nbsp;&nbsp;&nbsp;CQS US CLO 2022-2, LTD. (e)(f) | 2022-2 | Class E-1 | 12.132 | 7/21/2031 | 1802495 |
| 1450000 | &nbsp;&nbsp;&nbsp;Canyon Capital CLO 2014-1, LTD. (e)(f) | 2014-1R | Class DR | 11.017 | 1/30/2031 | 1359445 |
| 2500000 | &nbsp;&nbsp;&nbsp;Canyon CLO 2018-1, LTD. (e)(f) | 2018-1A | Class E | 11.313 | 7/15/2031 | 2476098 |
| 2000000 | &nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2015-5A, Ltd. (e)(f) | 2015-5A | Class DR | 12.244 | 1/20/2032 | 2004968 |
| 1000000 | &nbsp;&nbsp;&nbsp;Columbia Cent CLO 31, LTD. (e)(f) | 2021-31A | Class E | 12.094 | 4/20/2034 | 929345 |
| 2500000 | &nbsp;&nbsp;&nbsp;Columbia Cent CLO 33, LTD. (e)(f) | 2024-33A | Class E | 12.486 | 4/20/2037 | 2487284 |
| 2000000 | &nbsp;&nbsp;&nbsp;Dryden 40 Senior Loan Fund (e)(f) | 2015-40A | Class ER | 11.334 | 8/15/2031 | 1842497 |
| 500000 | &nbsp;&nbsp;&nbsp;Dryden 37 Senior Loan Fund (e)(f) | 015-37R | Class ER | 10.713 | 1/15/2031 | 458418 |
| 1650000 | &nbsp;&nbsp;&nbsp;Dryden CLO 60, LTD. (e)(f) | 2018-60A | Class E | 11.163 | 7/15/2031 | 1609160 |
| 2000000 | &nbsp;&nbsp;&nbsp;Dryden 68 CLO, LTD. (e)(f) | 2019-68A | Class ER | 12.313 | 7/15/2035 | 1911910 |
| 3000000 | &nbsp;&nbsp;&nbsp;Empower CLO 2022-1, LTD. (e)(f) | 2022-1A | Class E | 13.875 | 10/20/2034 | 3040519 |
| 2000000 | &nbsp;&nbsp;&nbsp;Fortress Credit BSL XIII, LTD. (e)(f) | 2021-2A | Class E | 12.454 | 7/20/2034 | 2016361 |
| 2000000 | &nbsp;&nbsp;&nbsp;Gallatin CLO VIII 2017-1, LTD. (e)(f) | 2017-1 | Class ER | 12.483 | 7/15/2031 | 1887050 |
| 3000000 | &nbsp;&nbsp;&nbsp;Gulf Stream Meridian 2021-4, LTD. (e)(f) | 2021-4A | Class D | 11.913 | 7/17/2034 | 3009016 |
| 1000000 | &nbsp;&nbsp;&nbsp;HPS Loan Management 2021-16A, LTD. (e)(f) | 2021-16A | Class E | 12.045 | 1/23/2035 | 1000031 |
| 3700000 | &nbsp;&nbsp;&nbsp;Invesco CLO 2022-1A, LTD. (e)(f) | 2022-1A | Class E | 11.582 | 4/20/2035 | 3576289 |
| 2000000 | &nbsp;&nbsp;&nbsp;Jefferson Mill CLO, LTD. (e)(f) | 2015-R | Class ER | 11.994 | 10/20/2031 | 1932506 |
| 2000000 | &nbsp;&nbsp;&nbsp;KKR CLO 17, LTD. (e)(f) | 2017 | Class ER | 12.980 | 4/17/2034 | 1987982 |
| 1000000 | &nbsp;&nbsp;&nbsp;LCM XXII, LTD. (e)(f) | 2018-22R | Class DR | 11.044 | 10/20/2028 | 875433 |
| 500000 | &nbsp;&nbsp;&nbsp;LCM XXVII, LTD. (e)(f) | 2018-27 | Class E | 11.148 | 7/16/2031 | 444517 |
| 1000000 | &nbsp;&nbsp;&nbsp;LCM XXXVII CLO, LTD. (e)(f) | 2022-37A | Class E | 12.931 | 4/17/2034 | 982153 |
| 1858000 | &nbsp;&nbsp;&nbsp;Marathon CLO XIII, LTD. (e)(f) | 2019-1 | Class A | 12.543 | 4/15/2032 | 1664755 |
| 1004000 | &nbsp;&nbsp;&nbsp;Marble Point CLO XXII, LTD. (e)(f) | 2021-2 | Class E | 12.936 | 7/25/2034 | 958619 |
| 2000000 | &nbsp;&nbsp;&nbsp;Mountain View Funding CLO 2019-1A, LTD. (e)(f) | 2019-1A | Class ER | 12.923 | 10/15/2034 | 1904924 |
| 3000000 | &nbsp;&nbsp;&nbsp;Mountain View CLO XV, LTD. (e)(f) | 2019-2A | Class ER | 13.371 | 7/15/2037 | 3014714 |
| 3000000 | &nbsp;&nbsp;&nbsp;Octagon Investment Partners XXI, LTD. (e)(f) | 2014-21R2 | Class DRR | 12.584 | 2/14/2031 | 2985148 |
| 2000000 | &nbsp;&nbsp;&nbsp;Orion CLO 2024-3, LTD. (e)(f) | 2024-3A | Class E | 11.370 | 7/27/2037 | 2021430 |
| 1000000 | &nbsp;&nbsp;&nbsp;OZLM VI, LTD. (e)(f) | 2018-6 | Class DS | 11.597 | 4/17/2031 | 957498 |
| 4000000 | &nbsp;&nbsp;&nbsp;Parallel 2021-1 LTD. (e)(f) | 2021-1A | Class E | 12.033 | 7/15/2034 | 3869872 |
| 1000000 | &nbsp;&nbsp;&nbsp;Park Avenue Institutional Advisers CLO 2022-1, LTD. (e)(f) | 2022-1A | Class D | 12.572 | 4/20/2035 | 994273 |
| 1000000 | &nbsp;&nbsp;&nbsp;RRAM 2019-6A, LTD. (e)(f) | 2019-6A | Class DR | 11.413 | 4/15/2036 | 1003052 |
| 1000000 | &nbsp;&nbsp;&nbsp;Sound Point CLO XXI, LTD. (e)(f) | 2018-21 | Class D | 11.331 | 10/27/2031 | 712924 |
| 2000000 | &nbsp;&nbsp;&nbsp;Sound Point CLO XXV, LTD. (e)(f) | 2019-25R | Class ER | 12.535 | 4/25/2033 | 1756741 |
| 500000 | &nbsp;&nbsp;&nbsp;Symphony CLO XVI, LTD. (e)(f) | 2015-16R | Class ER | 11.663 | 10/15/2031 | 463750 |

---

#### 1
**Leader Capital Short Term High Yield Bond Fund** 

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

**July 31, 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **ASSET BACKED SECURITIES - 88.4% (Continued)** | **ASSET BACKED SECURITIES - 88.4% (Continued)** |  | | | | |
| | COLLATERALIZED LOAN OBLIGATIONS - 88.4% (Continued) | COLLATERALIZED LOAN OBLIGATIONS - 88.4% (Continued) | COLLATERALIZED LOAN OBLIGATIONS - 88.4% (Continued) | | | | |
| **Principal Amount ($)** |  | **Series** | **Class** | **Coupon Rate (%)** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
| 1750000 | &nbsp;&nbsp;&nbsp;Trinitas CLO XI, LTD. (e)(f) | 2019-11A | Class ER |  | 11.503 | 7/17/2034 | $1721368 |
| 1000000 | &nbsp;&nbsp;&nbsp;Vibrant CLO IX, LTD. (e)(f) | 2018-9A | Class D |  | 11.394 | 7/21/2031 | 950433 |
| 500000 | &nbsp;&nbsp;&nbsp;Voya CLO 2019-2, LTD. (e)(f) | 2019-2A | Class E |  | 12.144 | 7/20/2032 | 505640 |
| 2000000 | &nbsp;&nbsp;&nbsp;Voya CLO 2020-1, LTD. (e)(f) | 2020-1A | Class ER |  | 11.898 | 7/17/2034 | 1987257 |
| 1500000 | &nbsp;&nbsp;&nbsp;Wellfleet CLO X, LTD. (e)(f) | 2019-XA | Class D-R |  | 12.154 | 7/20/2032 | 1365968 |
| 1500000 | &nbsp;&nbsp;&nbsp;Wind River 2016-1K CLO, LTD. (e)(f) | 2016-1K | Class ER |  | 12.913 | 10/16/2034 | 1338300 |
| 2000000 | &nbsp;&nbsp;&nbsp;Wind River 2017-1 CLO, LTD. (e)(f) | 2017-1A | Class ER |  | 12.601 | 4/18/2036 | 1948657 |
| 1000000 | &nbsp;&nbsp;&nbsp;Wellfleet CLO 2017-3, LTD. (e)(f) | 2017-3A | Class D |  | 11.097 | 1/17/2031 | 935213 |
| 1150000 | &nbsp;&nbsp;&nbsp;Wellfleet CLO 2018-1, LTD. (e)(f) | 2018-1A | Class E |  | 11.047 | 7/17/2031 | 1084605 |
| 1100000 | &nbsp;&nbsp;&nbsp;Wind River 2018-2 CLO, LTD. (e)(f) | 2018-2 | Class E |  | 11.313 | 7/15/2030 | 1054214 |
| 3000000 | &nbsp;&nbsp;&nbsp;Wellfleet CLO 2022-1 LTD. (e)(f) | 2022-1A | Class E |  | 13.161 | 4/17/2034 | 2977155 |
|  |  |  |  |  |  |  | 90645203 |
|  | **TOTAL ASSET BACKED SECURITIES - (Cost $88,237,942)** | **TOTAL ASSET BACKED SECURITIES - (Cost $88,237,942)** | **TOTAL ASSET BACKED SECURITIES - (Cost $88,237,942)** | **TOTAL ASSET BACKED SECURITIES - (Cost $88,237,942)** |  |  | 90645203 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS - 4.6%** |  |  |  |  |
|  | FINANCIALS - 4.6% |  |  |  |  |
| 5250000 | &nbsp;&nbsp;&nbsp;New York Community Bancorp, Inc. (f) |  | 8.378 | 11/6/28 | 4730851 |
| 2000000 | &nbsp;&nbsp;&nbsp;VTB Bank PJSC Via Eurasia DAC (a)(b)(d)(e)(g)(j) | H15T10Y + 8.067% | 14.840 | Perpetual |  |
|  |  |  |  |  | 4730851 |
|  | **TOTAL CORPORATE BONDS - (Cost $6,558,014)** |  |  |  | 4730851 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES - 0.4%** |  |  |  |
|  | SOVEREIGN - 0.4% |  |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Ukraine Government International Bond (a)(b)(g)(h) | 7.750 | 9/1/2024 | 375000 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES - (Cost $1,000,000)** |  |  | 375000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Fair Value** |
|  | **SHORT TERM INVESTMESTS - 4.5%** |  |  |
|  | MONEY MARKET FUNDS - 4.5% |  |  |
| 4567258 | &nbsp;&nbsp;&nbsp;First American Government Obligations Fund, Class X (i) | 5.224 | 4567258 |
|  | **TOTAL SHORT TERM INVESTMESTS - (Cost $4,567,258)** |  | 4567258 |
|  | **TOTAL INVESTMENTS - 101.6% - (Cost $104,485,131)** |  | 104171723 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - -1.6%** |  | (1682539) |
|  | **NET ASSETS - - 100.0%** |  | $102489184 |

---

---

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

---

**<sup>(a)</sup>** The Liquidity Administrator has determined that these securities are illiquid. As of July 31, 2024, these securities amounted to $1,410,000 or 1.4% 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, 2024.

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

**<sup>(e)</sup>** Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2024, the total market value of 144A securities is $90,645,203 or 88.3% of net assets.

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

**<sup>(g)</sup>** Variable rate security; the rate shown represents the rate as of July 31, 2024.

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

**<sup>(i)</sup>** Rate disclosed is the seven day effective yield as of July 31, 2024.

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

See accompanying notes to financial statements.

#### 2
**Leader Capital High Quality Income Fund** 

**SCHEDULE OF INVESTMENTS**

**July 31, 2024**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCK - 0.0%** |  |
|  | FORESTRY, PAPER & WOOD PRODUCTS - 0.0% |  |
| 6504248 | &nbsp;&nbsp;&nbsp;Boxabl, Inc. (a)(b)(c)(d) | $— |
|  | **TOTAL COMMON STOCK - (Cost $411,068)** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **AFFILIATED INVESTMENT COMPANIES - 2.3%** |  |  |  |
|  | *OPEN-END MUTUAL FUNDS - 2.3%* |  |  |  |
| 2393626 | &nbsp;&nbsp;&nbsp;Leader Capital Short Term High Yield Bond Fund, Institutional Class |  |  | 19292628 |
|  | **TOTAL AFFILIATED INVESTMENT COMPANIES - (Cost $20,016,675)** |  |  | 19292628 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount ($)** |  | **Series** | **Class** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **ASSET BACKED SECURITIES - 86.5%** |  |  |  |  |  |
|  | *COLLATERALIZED LOAN OBLIGATIONS - 79.8%* | *COLLATERALIZED LOAN OBLIGATIONS - 79.8%* |  |  |  |  |
| 6000000 | &nbsp;&nbsp;&nbsp;Alantic Avenue CLO 2024-2A, LTD. (d)(e) | 2024-2A | Class C | 8.401 | 4/20/37 | 6072467 |
| 1500000 | &nbsp;&nbsp;&nbsp;AMMC CLO 26, LTD. (d)(e) | 2023-26 | Class B-1 | 7.751 | 4/15/36 | 1509056 |
| 1000000 | &nbsp;&nbsp;&nbsp;AMMC CLO 26, LTD. (d)(e) | 2023-26 | Class C | 8.701 | 4/15/36 | 1012054 |
| 2000000 | &nbsp;&nbsp;&nbsp;Ares LIII CLO, LTD. (d)(e) | 2019-53A | Class C | 8.195 | 4/24/31 | 2002981 |
| 3700000 | &nbsp;&nbsp;&nbsp;Ares LXX CLO, LTD. (d)(e) | 2023-70A | Class B-1 | 7.685 | 10/25/35 | 3733498 |
| 6000000 | &nbsp;&nbsp;&nbsp;Ares LXX CLO, LTD. (d)(e) | 2023-70A | Class C | 8.185 | 10/25/35 | 6098685 |
| 500000 | &nbsp;&nbsp;&nbsp;Ares XXXIIR CLO, LTD. (d)(e) | 2018-32R | Class B | 7.384 | 5/15/30 | 500141 |
| 4000000 | &nbsp;&nbsp;&nbsp;Athena CLO 2024-3A, LTD. (d)(e) | 2024-3A | Class B | 8.078 | 4/20/36 | 3999356 |
| 6000000 | &nbsp;&nbsp;&nbsp;Athena CLO 2024-3A, LTD. (d)(e) | 2024-3A | Class C | 8.828 | 4/20/36 | 5998812 |
| 6000000 | &nbsp;&nbsp;&nbsp;Atlantic Avenue 2023-1A, LTD. (d)(e) | 2023-1A | Class C | 8.932 | 10/20/36 | 6120276 |
| 5640000 | &nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XVII, LTD. (d)(e) | 2021-17A | Class C | 7.894 | 10/20/34 | 5646996 |
| 2250000 | &nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XXI, LTD. (d)(e) | 2023-21A | Class C | 9.482 | 7/20/35 | 2295201 |
| 4000000 | &nbsp;&nbsp;&nbsp;Atrium CLO 2017-13, LTD. (d)(e) | 2017-13 | Class C | 7.345 | 11/21/30 | 4006928 |
| 2000000 | &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2023-4, LTD. (d)(e) | 2023-4 | Class B | 7.782 | 10/21/36 | 2017925 |
| 2000000 | &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2023-4, LTD. (d)(e) | 2023-4 | Class C | 8.182 | 10/21/36 | 2032605 |
| 2000000 | &nbsp;&nbsp;&nbsp;Ballyrock CLO 25, LTD. (d)(e) | 2023-25A | Class B | 8.085 | 1/25/36 | 2008203 |
| 2000000 | &nbsp;&nbsp;&nbsp;Battalion CLO 2021-19, LTD. (d)(e) | 2021-19 | Class B | 7.163 | 4/17/34 | 2004204 |
| 1000000 | &nbsp;&nbsp;&nbsp;Battalion CLO X 2016-10R2, LTD. (d)(e) | 2016-10R2 | Class B-R2 | 7.595 | 1/24/35 | 997956 |
| 1000000 | &nbsp;&nbsp;&nbsp;Beechwood Park CLO 2019-1R. LTD. (d)(e) | 2019-1R | Class B-2A-R | 7.036 | 1/17/35 | 1004400 |
| 2000000 | &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO VIII, LTD. (d)(e) | 2015-8R | Class B-R | 7.394 | 1/20/31 | 2002207 |
| 3000000 | &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXXII, LTD. (d)(e) | 2023-32A | Class B | 7.685 | 10/27/36 | 3018990 |
| 4000000 | &nbsp;&nbsp;&nbsp;Birch Grove CLO 2023-6A, LTD. (d)(e) | 2023-6A | Class C | 8.682 | 7/20/35 | 4065208 |
| 3000000 | &nbsp;&nbsp;&nbsp;Birch Grove CLO 7, LTD. (d)(e) | 2023-7A | Class B | 8.132 | 10/20/36 | 3041349 |
| 5000000 | &nbsp;&nbsp;&nbsp;Birch Grove CLO 7, LTD. (d)(e) | 2023-7A | Class C | 8.532 | 10/20/36 | 5100808 |
| 10000000 | &nbsp;&nbsp;&nbsp;BlackRock Baker CLO 2021-8A, LTD. (d)(e) | 2021-8A | Class C | 8.163 | 1/17/34 | 10020794 |
| 4000000 | &nbsp;&nbsp;&nbsp;Blackrock Shasta CLO XIII, LTD. (d)(e) | 2024-1A | Class B | 7.699 | 7/15/36 | 4054403 |
| 12500000 | &nbsp;&nbsp;&nbsp;Blackrock Shasta CLO XIII, LTD. (d)(e) | 2024-1A | Class C | 8.349 | 7/15/36 | 12496880 |
| 2337500 | &nbsp;&nbsp;&nbsp;Blue Mountain CLO 2013-2R, LTD. (d)(e) | 2013-2R | Class C-R | 7.494 | 10/22/30 | 2345637 |
| 2400000 | &nbsp;&nbsp;&nbsp;Blue Mountain CLO 2016-3R, LTD. (d)(e) | 2016-3R | Class C-R | 7.784 | 11/15/30 | 2404950 |
| 1000000 | &nbsp;&nbsp;&nbsp;Blue Mountain CLO XXII 2018-22, LTD. (d)(e) | 2018-22 | Class C | 7.513 | 7/15/31 | 1002296 |
| 5200000 | &nbsp;&nbsp;&nbsp;Blue Mountain Fuji US CLO 2018-3, LTD. (d)(e) | 2018-3 | Class C | 7.263 | 1/15/30 | 5210093 |
| 3000000 | &nbsp;&nbsp;&nbsp;BlueMountain CLO XXXI, LTD. (d)(e) | 2021-31A | Class C | 7.541 | 4/19/34 | 3014099 |
| 1000000 | &nbsp;&nbsp;&nbsp;BlueMountain CLO XXXV, LTD. (d)(e) | 2022-35A | Class C | 7.782 | 7/23/35 | 1002000 |
| 8000000 | &nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO 2024-2A, LTD. (d)(e) | 2024-2A | Class C | 9.171 | 4/15/36 | 8212711 |
| 6000000 | &nbsp;&nbsp;&nbsp;Bryant Park Funding 2023-21, LTD. (d)(e) | 2023-21 | Class B | 8.029 | 10/20/36 | 6085190 |
| 2000000 | &nbsp;&nbsp;&nbsp;Bryant Park Funding 2023-21, LTD. (d)(e) | 2023-21 | Class C | 8.779 | 10/20/36 | 2051555 |
| 6000000 | &nbsp;&nbsp;&nbsp;Canyon CLO 2023-1, LTD. (d)(e) | 2023-1A | Class B | 7.951 | 10/15/36 | 6061490 |
| 3000000 | &nbsp;&nbsp;&nbsp;Canyon CLO 2023-1, LTD. (d)(e) | 2023-1A | Class C | 8.301 | 10/15/36 | 3056387 |
| 5550000 | &nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2012-4R3, LTD. (d)(e) | 2012-4R3 | Class C-R3 | 8.144 | 4/22/32 | 5561559 |
| 3000000 | &nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2013-3R, LTD. (d)(e) | 2013-3R | Class B-R | 7.263 | 10/15/30 | 3004453 |
| 1000000 | &nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2014-1-R2, LTD. (d)(e) | 2014-1R2 | Class C-R2 | 7.347 | 4/17/31 | 1001204 |
| 1000000 | &nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies CLO 2014-5RR, LTD. (d)(e) | 2014-5RR | Class C-RR | 7.813 | 7/15/31 | 1002062 |

---

#### 3
**Leader Capital High Quality Income Fund** 

**SCHEDULE OF INVESTMENTS**

**July 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **ASSET BACKED SECURITIES - 86.5% (Continued)** | **ASSET BACKED SECURITIES - 86.5% (Continued)** |  | | | |
| | COLLATERALIZED LOAN OBLIGATIONS - 79.8% (Continued) | COLLATERALIZED LOAN OBLIGATIONS - 79.8% (Continued) | COLLATERALIZED LOAN OBLIGATIONS - 79.8% (Continued) | | | |
| **Principal Amount ($)** |  | **Series** | **Class** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
| 2500000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2017-1R, LTD. (d)(e) | 2017-1R | Class B-R | 7.744 | 4/21/31 | $2504739 |
| 1000000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2017-5, LTD. (d)(e) | 2017-5 | Class B | 7.344 | 1/22/30 | 1001035 |
| 1000000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2021-8, LTD. (d)(e) | 2021-8 | Class B | 7.213 | 10/16/34 | 1000961 |
| 5000000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2022-6, LTD. (d)(e) | 2022-6A | Class B-R | 7.685 | 10/27/36 | 5031651 |
| 9500000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2022-6, LTD. (d)(e) | 2022-6A | Class C-R | 8.135 | 10/27/36 | 9656319 |
| 5000000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2023-1, LTD. (d)(e) | 2023-1 | Class B | 7.882 | 7/20/35 | 5059431 |
| 4000000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2023-2, LTD. (d)(e) | 2023-2 | Class C | 8.282 | 7/21/36 | 4063850 |
| 5000000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2023-5, LTD. (d)(e) | 2023-5 | Class B | 7.914 | 1/28/36 | 5074544 |
| 10000000 | &nbsp;&nbsp;&nbsp;Carlyle US CLO 2023-5, LTD. (d)(e) | 2023-5 | Class C | 8.264 | 1/28/36 | 10163937 |
| 3000000 | &nbsp;&nbsp;&nbsp;CarVal CLO IX-C, LTD. (d)(e) | 2024-1A | Class C | 7.782 | 4/20/37 | 3043270 |
| 6000000 | &nbsp;&nbsp;&nbsp;CFIP CLO 2017-1R, LTD. (d)(e) | 2017-1R | Class C-R | 8.141 | 10/18/34 | 6013276 |
| 2500000 | &nbsp;&nbsp;&nbsp;CIFC Funding 2014-III-R2, LTD. (d)(e) | 2014-III-R2 | Class C-R2 | 7.894 | 10/22/31 | 2505342 |
| 2000000 | &nbsp;&nbsp;&nbsp;Churchill Middle Market CLO, LTD. (d)(e) | 2024-1A | Class B | 7.957 | 4/21/36 | 2026658 |
| 1915000 | &nbsp;&nbsp;&nbsp;Columbia Cent CLO 30, LTD. (d)(e) | 2020-30A | Class C | 8.094 | 1/20/34 | 1919626 |
| 2500000 | &nbsp;&nbsp;&nbsp;Columbia Cent CLO 32 LTD. (d)(e) | 2022-32A | Class C-1 | 8.453 | 7/24/34 | 2513194 |
| 7000000 | &nbsp;&nbsp;&nbsp;Columbia Cent CLO 2024-33A, LTD. (d)(e) | 2024-33A | Class C-1 | 8.026 | 4/20/37 | 7029640 |
| 3000000 | &nbsp;&nbsp;&nbsp;Cook Park CLO 2018-1A, LTD. (d)(e) | 2018-1A | Class C | 7.297 | 4/17/30 | 3007641 |
| 11000000 | &nbsp;&nbsp;&nbsp;CQS US CLO 2021-1, LTD. (d)(e) | 2021-1A | Class C | 7.934 | 1/22/35 | 11035109 |
| 1280000 | &nbsp;&nbsp;&nbsp;Crestline Denali CLO XIV, LTD. (d)(e) | 2016-14R | Class C-R | 7.895 | 10/23/31 | 1283666 |
| 2000000 | &nbsp;&nbsp;&nbsp;Crown City CLO IV, LTD. (d)(e) | 2022-4A | Class B-1R | 8.082 | 4/20/37 | 2029819 |
| 8000000 | &nbsp;&nbsp;&nbsp;Diameter Capital CLO 5 (d)(e) | 2023-5A | Class A-2 | 7.701 | 10/15/36 | 8080219 |
| 1000000 | &nbsp;&nbsp;&nbsp;Dryden 30-R Senior Loan Fund (d)(e) | 2013-30R | Class C-R | 7.284 | 11/15/28 | 1001205 |
| 1000000 | &nbsp;&nbsp;&nbsp;Dryden 49R Senior Loan Fund (d)(e) | 2017-49R | Class C-R | 7.591 | 7/18/30 | 1002695 |
| 2000000 | &nbsp;&nbsp;&nbsp;Dryden 80A Senior Loan Fund (d)(e) | 2019-80A | Class C-R | 7.436 | 1/18/33 | 2006033 |
| 1250000 | &nbsp;&nbsp;&nbsp;Dryden CLO 2019-72R, LTD. (d)(e) | 2019-72R | Class C-R | 7.434 | 5/15/32 | 1253397 |
| 8000000 | &nbsp;&nbsp;&nbsp;Dryden Senior Loan Fund (d)(e) | 2023-107 | Class C | 8.522 | 8/15/35 | 8113966 |
| 1000000 | &nbsp;&nbsp;&nbsp;Elevation CLO 2017, LTD. (d)(e) | 2017-8 | Class C | 7.596 | 10/25/30 | 1004833 |
| 5000000 | &nbsp;&nbsp;&nbsp;Elevation CLO 2020-11, LTD. (d)(e) | 2020-11 | Class C | 7.763 | 4/15/33 | 5008529 |
| 10750000 | &nbsp;&nbsp;&nbsp;Elevation CLO 2023-17, LTD. (d)(e) | 2023-17A | Class C | 8.782 | 10/20/36 | 10927495 |
| 8000000 | &nbsp;&nbsp;&nbsp;Elmwood CLO 24, LTD. (d)(e) | 2023-3A | Class C | 8.236 | 12/12/33 | 8033463 |
| 3635000 | &nbsp;&nbsp;&nbsp;Galaxy CLO XV 2013-15RR, LTD. (d)(e) | 2013-15RR | Class C-RR | 7.413 | 10/15/30 | 3642046 |
| 1500000 | &nbsp;&nbsp;&nbsp;Generate CLO 11, LTD. (d)(e) | 2023-11A | Class C | 8.832 | 4/20/35 | 1506914 |
| 9000000 | &nbsp;&nbsp;&nbsp;Golub Capital Partners CLO, LTD. (d)(e) | 2024-71B | Class C | 7.925 | 2/9/37 | 9135001 |
| 15000000 | &nbsp;&nbsp;&nbsp;Golub Capital Partners CLO, LTD. (d)(e) | 2024-71A | Class C | 8.575 | 2/9/37 | 15261311 |
| 3437000 | &nbsp;&nbsp;&nbsp;Greystone CRE Notes - 2024-HC3 (d)(e) | 2024-HC3 | Class B | 9.029 | 3/15/41 | 3438820 |
| 5156000 | &nbsp;&nbsp;&nbsp;Greystone CRE Notes - 2024-HC3 (d)(e) | 2024-HC3 | Class C | 9.829 | 3/15/41 | 5147504 |
| 2181000 | &nbsp;&nbsp;&nbsp;Greywolf CLO 2015-5R, LTD. (d)(e) | 2015-5R | Class A-2-R | 7.226 | 1/27/31 | 2186492 |
| 2450000 | &nbsp;&nbsp;&nbsp;Greywolf CLO II, LTD. (d)(e) | 2013-1A | Class A1 | 7.163 | 4/17/34 | 2455149 |
| 10000000 | &nbsp;&nbsp;&nbsp;Hayfin US XII, LTD. (d)(e) | 2024-15A | Class C | 7.964 | 4/28/37 | 10041810 |
| 3000000 | &nbsp;&nbsp;&nbsp;HPS Loan Management 2013-2, LTD. (d)(e) | 2013-2 | Class B-R | 7.444 | 10/20/29 | 3013657 |
| 4600000 | &nbsp;&nbsp;&nbsp;ICG US CLO 2017-IRR, LTD. (d)(e) | 2017-1RR | Class C-RR | 7.925 | 7/28/34 | 4604880 |
| 13500000 | &nbsp;&nbsp;&nbsp;Invesco U.S. CLO 2023-4, LTD. (d)(e) | 2023-4A | Class C | 7.960 | 1/21/37 | 13696367 |
| 5000000 | &nbsp;&nbsp;&nbsp;KKR CLO 36, LTD. (d)(e) | 2021-36A | Class C | 7.713 | 10/16/34 | 5018265 |
| 7500000 | &nbsp;&nbsp;&nbsp;KREF 2021-FL2, LTD. (d)(e) | 2021-FL2 | Class A-S | 6.749 | 2/17/39 | 7315128 |
| 2000000 | &nbsp;&nbsp;&nbsp;LCM XIV 2013-14R, LTD. (d)(e) | 2013-14R | Class C-R | 7.394 | 7/23/31 | 2001783 |
| 1250000 | &nbsp;&nbsp;&nbsp;LCM XVI 2014-16R, LTD. (d)(e) | 2014-16RR | Class C-R2 | 7.713 | 10/15/31 | 1251414 |
| 3000000 | &nbsp;&nbsp;&nbsp;LCM XVII 2014-17RR, LTD. (d)(e) | 2014-17RR | Class C-RR | 7.663 | 10/15/31 | 2996492 |
| 5000000 | &nbsp;&nbsp;&nbsp;LCM XVIII 2015-18R, LTD. (d)(e) | 2015-18R | Class C-R | 7.394 | 7/20/31 | 5004676 |
| 4000000 | &nbsp;&nbsp;&nbsp;LCM XXII, LTD. (d)(e) | 2018-22R | Class B-R | 7.544 | 10/20/28 | 4019112 |
| 6600000 | &nbsp;&nbsp;&nbsp;LCM XXV 2018-26, LTD. (d)(e) | 2018-26 | Class C | 7.344 | 1/21/31 | 6606175 |
| 3500000 | &nbsp;&nbsp;&nbsp;LCM 2019-30R, LTD. (d)(e) | 2019-30R | Class C-R | 7.544 | 4/21/31 | 3511200 |
| 500000 | &nbsp;&nbsp;&nbsp;LCM XXIII CLO, LTD. (d)(e) | 2020-23A | Class B-R | 7.744 | 10/22/29 | 500866 |
| 8000000 | &nbsp;&nbsp;&nbsp;LoanCore 2021-CRE5 Issuer LTD. (d)(e) | 2021-CRE5 | Class AS | 7.193 | 7/15/36 | 7968990 |
| 5000000 | &nbsp;&nbsp;&nbsp;Marathon VIII 2015-8R, LTD. (d)(e) | 2015-8R | Class B-R | 8.041 | 10/20/31 | 5010569 |
| 3006000 | &nbsp;&nbsp;&nbsp;MF1 2021-FL7, LTD. (d)(e) | 2021-FL7 | Class C | 7.498 | 10/21/36 | 2912063 |
| 1500000 | &nbsp;&nbsp;&nbsp;MF1 2024-FL15, LTD. (d)(e) | 2024-FL15 | Class B | 7.791 | 8/19/41 | 1494375 |
| 3000000 | &nbsp;&nbsp;&nbsp;MF1 2024-FL15, LTD. (d)(e) | 2024-FL15 | Class C | 8.240 | 8/19/41 | 2992500 |
| 10400000 | &nbsp;&nbsp;&nbsp;Nassau 2018-II CLO, LTD (d)(e) | 2018-IIA | Class C | 8.113 | 10/15/31 | 10421381 |
| 3500000 | &nbsp;&nbsp;&nbsp;Nassau 2019-I CLO, LTD. (d)(e) | 2019-IA | Class B-R | 8.163 | 4/15/31 | 3509585 |
| 5000000 | &nbsp;&nbsp;&nbsp;Nassau 2019-II CLO, LTD. (d)(e) | 2019-IIA | Class BN | 8.013 | 10/15/32 | 5024147 |
| 2500000 | &nbsp;&nbsp;&nbsp;Newark BSL CLO 2017-2R, LTD. (d)(e) | 2017-2R | Class B-R | 7.296 | 7/25/30 | 2502138 |

---

#### 4
**Leader Capital High Quality Income Fund** 

**SCHEDULE OF INVESTMENTS**

**July 31, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **ASSET BACKED SECURITIES - 86.5% (Continued)** | **ASSET BACKED SECURITIES - 86.5% (Continued)** |  | | | |
| | COLLATERALIZED LOAN OBLIGATIONS - 79.8% (Continued) | COLLATERALIZED LOAN OBLIGATIONS - 79.8% (Continued) | COLLATERALIZED LOAN OBLIGATIONS - 79.8% (Continued) | | | |
| **Principal Amount ($)** |  | **Series** | **Class** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
| 24000000 | &nbsp;&nbsp;&nbsp;NGC CLO 2024-1A, LTD. (d)(e) | 2024-1A | Class C | 7.976 | 7/20/37 | $24083073 |
| 5000000 | &nbsp;&nbsp;&nbsp;Northwoods Capital XI-B, LTD. 000(d)(e)00 | 2018-11BA | Class C-R | 7.779 | 7/19/37 | 5022500 |
| 800000 | &nbsp;&nbsp;&nbsp;Northwoods Capital XII-B, LTD. (d)(e) | 2018-12BA | Class C | 7.751 | 6/16/31 | 800812 |
| 5000000 | &nbsp;&nbsp;&nbsp;Northwoods Capital XV, LTD. (d)(e) | 2017-15 | Class C-1-R | 8.105 | 6/20/34 | 5016666 |
| 12000000 | &nbsp;&nbsp;&nbsp;Northwoods Capital CLO 2020-22A, LTD. (d)(e) | 2020-22A | Class C-RR | 8.189 | 3/16/37 | 12086560 |
| 5765000 | &nbsp;&nbsp;&nbsp;Oaktree CLO 2019-2, LTD. (d)(e) | 2019-2R | Class B-R | 8.263 | 4/15/31 | 5776217 |
| 15000000 | &nbsp;&nbsp;&nbsp;Ocean Trails CLO XV, LTD. (d)(e) | 2024-15A | Class C | 8.151 | 1/15/37 | 15129417 |
| 4000000 | &nbsp;&nbsp;&nbsp;OCP CLO 2014-5R, LTD. (d)(e) | 2014-5R | Class B-R | 7.341 | 4/28/31 | 3996063 |
| 2000000 | &nbsp;&nbsp;&nbsp;OCP CLO 2014-7RR, LTD. (d)(e) | 2014-7RR | Class B-1-RR | 7.794 | 7/20/29 | 2009658 |
| 1000000 | &nbsp;&nbsp;&nbsp;OCP CLO 2019-16R, LTD. (d)(e) | 2019-16R | Class C-R | 7.416 | 4/10/33 | 1002999 |
| 1000000 | &nbsp;&nbsp;&nbsp;Octagon Investment Partners XVI, LTD. (d)(e) | 2013-16R | Class B-R | 7.147 | 7/17/30 | 1000869 |
| 1000000 | &nbsp;&nbsp;&nbsp;Octagon Investment Partners XVII, LTD. (d)(e) | 2014-17-R2 | Class C-R2 | 7.246 | 1/25/31 | 1001566 |
| 9000000 | &nbsp;&nbsp;&nbsp;Octagon Investment Partners XLVII, LTD. (d)(e) | 2020-1A | Class C-R | 7.444 | 7/20/34 | 9026553 |
| 3000000 | &nbsp;&nbsp;&nbsp;Octagon Investment Partners 46, LTD. (d)(e) | 2020-2A | Class C-R | 7.763 | 7/15/36 | 3000620 |
| 1200000 | &nbsp;&nbsp;&nbsp;OFSI BSL IX, LTD. (d)(e) | 2018-1A | Class C | 7.563 | 7/15/31 | 1198628 |
| 9000000 | &nbsp;&nbsp;&nbsp;OFSI BSL IX, LTD. (d)(e) | 2018-1A | Class B-1-R | 7.133 | 7/15/31 | 9004938 |
| 18000000 | &nbsp;&nbsp;&nbsp;OFSI Fund 2024-13A CLO, LTD. (d)(e) | 2024-13A | Class C | 8.099 | 4/20/37 | 18170003 |
| 1000000 | &nbsp;&nbsp;&nbsp;OHA Credit Funding 3, LTD. (d)(e) | 2019-3R | Class B-R | 7.194 | 7/2/35 | 1001234 |
| 1990000 | &nbsp;&nbsp;&nbsp;OZLM XXII, LTD. (d)(e) | 2018-22 | Class B | 7.347 | 1/17/31 | 1993701 |
| 1000000 | &nbsp;&nbsp;&nbsp;Signal Peak CLO 5, LTD. (d)(e) | 2018-5A | Class CR | 7.985 | 4/27/37 | 1014877 |
| 2750000 | &nbsp;&nbsp;&nbsp;Signal Peak CLO 8, LTD. (d)(e) | 2020-8A | Class C | 7.544 | 4/20/33 | 2755810 |
| 10000000 | &nbsp;&nbsp;&nbsp;Sound Point CLO IX, LTD. (d)(e) | 2015-2A | Class CR-RR | 8.044 | 7/20/32 | 10009964 |
| 8440000 | &nbsp;&nbsp;&nbsp;Sound Point CLO IV-R, LTD. (d)(e) | 2018-4R | Class C | 7.791 | 4/18/31 | 8457875 |
| 2500000 | &nbsp;&nbsp;&nbsp;Sound Point CLO VII-R, LTD. (d)(e) | 2018-7R | Class C | 7.795 | 10/23/31 | 2505374 |
| 10000000 | &nbsp;&nbsp;&nbsp;Sound Point CLO XXI, LTD. (d)(e) | 2018-21 | Class B | 7.741 | 10/27/31 | 10025481 |
| 2000000 | &nbsp;&nbsp;&nbsp;Sycamore Tree CLO 2021-1A, LTD. (d)(e) | 2021-1A | Class B1 | 7.344 | 10/20/34 | 2003944 |
| 5000000 | &nbsp;&nbsp;&nbsp;Sycamore Tree CLO 2024-5A, LTD. (d)(e) | 2024-5A | Class C | 8.079 | 4/21/36 | 5034292 |
| 6000000 | &nbsp;&nbsp;&nbsp;Symphony CLO 2014-15R3, LTD. (d)(e) | 2014-15R3 | Class C-R3 | 7.929 | 1/20/32 | 6018910 |
| 1020000 | &nbsp;&nbsp;&nbsp;TCI-Symphony CLO 2017-1R, LTD. (d)(e) | 2017-1R | Class C-R | 7.363 | 7/15/30 | 1021509 |
| 2000000 | &nbsp;&nbsp;&nbsp;Trinitas CLO IX, LTD. (d)(e) | 2018-9A | Class C-RR | 7.794 | 1/20/32 | 2004261 |
| 2000000 | &nbsp;&nbsp;&nbsp;Trinitas CLO X, LTD. (d)(e) | 2019-10A | Class CR | 7.801 | 1/16/35 | 2006431 |
| 2500000 | &nbsp;&nbsp;&nbsp;Trinitas CLO XV, LTD. (d)(e) | 2021-15A | Class C | 7.894 | 4/22/34 | 2510542 |
| 6500000 | &nbsp;&nbsp;&nbsp;Trinitas CLO XXII, LTD. (d)(e) | 2023-22A | Class ER | 9.082 | 7/21/36 | 6619990 |
| 2500000 | &nbsp;&nbsp;&nbsp;Trysail CLO 2021-1, LTD. (d)(e) | 2021-1A | Class C | 7.944 | 7/20/32 | 2505044 |
| 1800000 | &nbsp;&nbsp;&nbsp;Vibrant CLO VIII, LTD. (d)(e) | 2018-8A | Class B-1 | 7.344 | 1/20/31 | 1804368 |
| 1200000 | &nbsp;&nbsp;&nbsp;Vibrant CLO XR, LTD. (d)(e) | 2018-10RA | Class B | 7.644 | 4/21/36 | 1222317 |
| 1300000 | &nbsp;&nbsp;&nbsp;Voya CLO 2012-4R3, LTD. (d)(e) | 2012-4R3 | Class B-R3 | 7.513 | 10/15/30 | 1303478 |
| 2500000 | &nbsp;&nbsp;&nbsp;Voya CLO 2014-4R, LTD. (d)(e) | 2014-4R | Class B-R2 | 7.653 | 7/14/31 | 2497150 |
| 1250000 | &nbsp;&nbsp;&nbsp;Voya CLO 2015-3R, LTD. (d)(e) | 2015-3R | Class B-R | 7.744 | 10/20/31 | 1248467 |
| 1590000 | &nbsp;&nbsp;&nbsp;Voya CLO 2024-1, LTD. (d)(e) | 2024-1A | Class C | 7.726 | 4/15/37 | 1606169 |
| 1500000 | &nbsp;&nbsp;&nbsp;Warwick Capital CLO 2023-1, LTD. (d)(e) | 2023-1A | Class C | 8.932 | 10/20/36 | 1530069 |
| 4000000 | &nbsp;&nbsp;&nbsp;Warwick Capital CLO 2023-2, LTD. (d)(e) | 2023-2A | Class B | 8.001 | 1/15/37 | 4068434 |
| 3500000 | &nbsp;&nbsp;&nbsp;Warwick Capital CLO 2023-2, LTD. (d)(e) | 2023-2A | Class C | 8.751 | 1/15/37 | 3574636 |
| 5500000 | &nbsp;&nbsp;&nbsp;Warwick Capital CLO 2024-3A, LTD. (d)(e) | 2024-3A | Class C | 8.070 | 4/20/37 | 5554727 |
| 5500000 | &nbsp;&nbsp;&nbsp;Wellfleet CLO 2021-2A, LTD. (d)(e) | 2021-2A | Class C | 7.913 | 7/17/34 | 5506602 |
| 4200000 | &nbsp;&nbsp;&nbsp;Wind River 2017-3 CLO, LTD. (d)(e) | 2017-3A | Class CR | 8.063 | 4/16/35 | 4211004 |
| 4000000 | &nbsp;&nbsp;&nbsp;Wind River 2019-1 CLO, LTD. (d)(e) | 2019-1A | Class CR | 7.794 | 7/20/34 | 4012420 |
| 4000000 | &nbsp;&nbsp;&nbsp;Wind River 2019-3 CLO, LTD. (d)(e) | 2019-3R | Class C-R | 7.763 | 4/15/31 | 4005996 |
| 7000000 | &nbsp;&nbsp;&nbsp;Wind River 2021-1A CLO, LTD. (d)(e) | 2021-1A | Class C | 8.099 | 4/20/37 | 7056336 |
| 3000000 | &nbsp;&nbsp;&nbsp;Wind River 2021-2 CLO, LTD. (d)(e) | 2021-2A | Class C | 7.494 | 7/20/34 | 3011907 |
|  |  |  |  |  |  | 677494883 |
|  | *COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.7%* | *COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.7%* |  |  |  |  |
| 7000000 | &nbsp;&nbsp;&nbsp;BBCMS 2018-TALL Mortgage Trust (d)(e) |  |  | 6.248 | 3/16/37 | 6593315 |
| 5110000 | &nbsp;&nbsp;&nbsp;COMM 2015-LC19 Mortgage Trust (d)(e) |  |  | 3.829 | 2/12/48 | 4993228 |
| 9000000 | &nbsp;&nbsp;&nbsp;CONE Trust - 2024-DFW1 (d)(e) |  |  | 8.340 | 8/15/26 | 8928579 |
| 4525000 | &nbsp;&nbsp;&nbsp;HONO 2021-LULU Mortgage Trust (d)(e) |  |  | 7.293 | 12/15/36 | 4252509 |
| 5000000 | &nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust (d)(e) |  |  | 3.377 | 1/7/39 | 4112188 |
| 5000000 | &nbsp;&nbsp;&nbsp;NYC Trust Commercial Mortgage Securities Trust (d)(e) |  |  | 8.181 | 8/15/39 | 4987500 |
| 5000000 | &nbsp;&nbsp;&nbsp;Park Avenue Institutional Advisers CLO 2018-1, LTD. (d)(e) |  |  | 7.644 | 10/20/31 | 5009484 |
| 18410000 | &nbsp;&nbsp;&nbsp;PGA National Resort Commerical Mortgage Trust (d)(e) |  |  | 8.179 | 6/15/39 | 18351473 |
|  |  |  |  |  |  | 57228276 |
|  | **TOTAL ASSET BACKED SECURITIES - (Cost $721,883,413)** | **TOTAL ASSET BACKED SECURITIES - (Cost $721,883,413)** |  |  |  | 734723159 |

---

#### 5
**Leader Capital High Quality Income Fund** 

**SCHEDULE OF INVESTMENTS**

**July 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount ($)** |  | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES - 4.5%** |  |  |
|  | U.S. TREASURY STRIPs - 4.5% |  |  |
| 130000000 | &nbsp;&nbsp;&nbsp;United States Treasury Strip Principal (f) | 5/15/53 | $38236600 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES - (Cost $38,236,600)** |  | 38236600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Fair Value** |
|  | **SHORT TERM INVESTMENTS - 11.4%** |  |  |
|  | MONEY MARKET FUNDS - 11.4% |  |  |
| 96964668 | &nbsp;&nbsp;&nbsp;First American Government Obligations Fund, Class X (g) | 5.224 | 96964668 |
|  | **TOTAL SHORT TERM INVESTMENTS - (Cost $96,964,668)** |  | 96964668 |
|  | **TOTAL INVESTMENTS - 104.7% - (Cost $877,512,424)** |  | 889217055 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.7%)** |  | (39961696) |
|  | **NET ASSETS - - 100.0%** |  | $849255359 |

---

LTD - Limited Company

**<sup>(a)</sup>** The Liquidity Administrator has determined that these securities are illiquid. As of July 31, 2024, these securities amounted to $0 or 0.0% 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>** Non-income producing security.

**<sup>(d)</sup>** Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2024, the total market value of 144A securities is $734,723,159 or 86.6% of net assets.

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

**<sup>(f)</sup>** Principal only security.

**<sup>(g)</sup>** Rate disclosed is the seven day effective yield as of July 31, 2024.

See accompanying notes to financial statements.

#### 6
**Leader Funds Trust**

**STATEMENTS OF ASSETS AND LIABILITIES**

**July 31, 2024**

---

| | | |
|:---|:---|:---|
|  | Leader Capital Short Term High Yield Bond Fund (Restated) | Leader Capital High Quality Income Fund |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities of unaffiliated issuers at cost: | $104485131 | $857495749 |
| &nbsp;&nbsp;&nbsp;Investments in securities of affiliated issuers at cost: |  | 20016675 |
| &nbsp;&nbsp;&nbsp;Investments at value: | 104171723 | 889217055 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 1142713 |  |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 308336 | 3620339 |
| &nbsp;&nbsp;&nbsp;Receivable from issuer | 736130 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 766319 | 5394843 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 195920 | 912456 |
| &nbsp;&nbsp;&nbsp;Due from advisor (See Note 2) | 1162979 |  |
| &nbsp;&nbsp;&nbsp;Receivable from affiliated issuers |  | 765961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 108484120 | 899910654 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 1137715 | 48260644 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 54572 | 1261710 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares distributed | 536997 | 628513 |
| &nbsp;&nbsp;&nbsp;Accrued investment advisory fees | 50024 | 458958 |
| &nbsp;&nbsp;&nbsp;Accrued fund administration, fund accounting, and transfer agency fees | 4631 |  |
| &nbsp;&nbsp;&nbsp;Accrued distribution (12b-1) fees | 31413 | 44231 |
| &nbsp;&nbsp;&nbsp;Accrued professional fees | 46911 | 471 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 5805 | 768 |
| &nbsp;&nbsp;&nbsp;Payable for subscription shares credited to shareholders (See Note 13) | 4126868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 5994936 | 50655295 |
| **NET ASSETS** | $**102489184** | $**849255359** |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | 186148885 | 891968972 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (83659701) | (42713613) |
| **NET ASSETS** | $**102489184** | $**849255359** |
| **Net Asset Value Per Share:** |  |  |
| Investor Class Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $32925879 | $67767109 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 4076020 | 6108290 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**8.08** | $**11.09** |
| Institutional Class Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $69563305 | $775717743 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 8627462 | 69777517 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**8.06** | $**11.12** |
| Class A Shares: <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $— | $5770507 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |  | 497061 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), and redemption price per share | $**—** | $**11.61** |
| &nbsp;&nbsp;&nbsp;Offering price per share (net asset value plus maximum sales charge of 4.00%) | $**—** | $**12.09** |

---

<sup>(1)</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.

#### 7
**Leader Funds Trust**

**STATEMENTS OF OPERATIONS**

**For the Year Ended July 31, 2024**

---

| | | |
|:---|:---|:---|
|  | Leader Capital Short Term High Yield Bond Fund (Restated) | Leader Capital High Quality Income Fund |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $5983346 | $38730638 |
| &nbsp;&nbsp;&nbsp;Dividend income | 371437 | 4278674 |
| &nbsp;&nbsp;&nbsp;Dividend income from affiliates |  | 195248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 6354783 | 43204560 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 335410 | 3651240 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 100618 | 193453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 6750 |
| &nbsp;&nbsp;&nbsp;Distribution (Non 12b-1) fees | 27533 | 586730 |
| &nbsp;&nbsp;&nbsp;Professional fees | 53229 | 117495 |
| &nbsp;&nbsp;&nbsp;Registration fees | 58178 | 55741 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 17023 | 189475 |
| &nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 78257 | 534833 |
| &nbsp;&nbsp;&nbsp;Transfer agency fees | 20148 | 18047 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 16325 | 16396 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 366 | 19275 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 16300 | 5367 |
| &nbsp;&nbsp;&nbsp;Other expenses | 65178 | 267037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 788565 | 5661839 |
| &nbsp;&nbsp;&nbsp;Expenses voluntarily waived by Advisor for Affiliated Holdings: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (12966) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 775599 | 5661839 |
| **NET INVESTMENT INCOME** | $**5579184** | $**37542721** |
| **REALIZED AND UNREALIZED GAIN / (LOSS) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain / (loss) on investments | 1762359 | (5607378) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1840011 | 9389120 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments from affiliates |  | (724047) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 3602370 | 3057695 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**9181554** | $**40600416** |

---

See accompanying notes to financial statements.

#### 8
**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** |
|  | **Year Ended**<br> **July 31, 2024** | **Period Ended**<br> **July 31, 2023 <sup>(1)</sup>** | **Year Ended**<br> **May 31, 2023** | **Year Ended**<br> **July 31, 2024** | **Period Ended**<br> **July 31, 2023 <sup>(1)</sup>** | **Year Ended**<br> **May 31, 2023** |
|  | (Restated) | (Restated) | (Restated) |  |  |  |
| **FROM OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $5579184 | $382757 | $1185539 | $37542721 | $2992955 | $4703358 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investments | 1762359 | (2174146) | (1878964) | (5607378) | (203749) | 93200 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation / (depreciation) on investments | 1840011 | 3593199 | (1387099) | 9389120 | 1670033 | 2733687 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation / (depreciation) on investments from affiliates |  |  |  | (724047) |  |  |
| Net increase/(decrease) in net assets resulting from operations | 9181554 | 1801810 | (2080524) | 40600416 | 4459239 | 7530245 |
| **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;Total distributions paid from earnings: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2263362) | (297714) | (894965) | (3226823) | (315646) | (903665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (3211406) | (199725) | (540521) | (33991167) | (2831047) | (4635196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  |  | (169627) | &nbsp;&nbsp;&nbsp;&nbsp; (893)**<sup>(2)</sup>** |  |
| Net decrease in net assets from distributions to shareholders | (5474768) | (497439) | (1683587) | (37387617) | (3147586) | (5538861) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;19263397<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5137<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 829355<sup>(7)</sup> | 52284901 | 6488411 | 23184262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;59756688<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5320802<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 559086<sup>(7)</sup> | 676167312 | 86956222 | 215086123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  |  | 5779626 | &nbsp;&nbsp;&nbsp;&nbsp; 256338**<sup>(2)</sup>** |  |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1807531 | 261827 | 916499 | 3033505 | 299079 | 844885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2480340 | 187898 | 586319 | 27703092 | 2225346 | 3487441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  |  | 169607 | &nbsp;&nbsp;&nbsp;&nbsp; 860**<sup>(2)</sup>** |  |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;(4599003 | &nbsp;&nbsp;&nbsp;&nbsp; (261665 | &nbsp;&nbsp;&nbsp;&nbsp;(3268502)<sup>(8)</sup> | (20417310) | (2387816) | (7598123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(7050793 | &nbsp;&nbsp;&nbsp;&nbsp; (441451 | &nbsp;&nbsp;&nbsp;&nbsp;(3529874)<sup>(8)</sup> | (203815126) | (25008773) | (28162785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  |  | (500257) | &nbsp;&nbsp;&nbsp;&nbsp; (1)**<sup>(2)</sup>** |  |
| Net increase / (decrease) in net assets from shares of beneficial interest | 71658160 | 5072548 | (3907117) | 540405350 | 68829666 | 206841803 |
| **TOTAL INCREASE / (DECREASE) IN NET ASSETS** | 75364946 | 6376919 | (7671228) | 543618149 | 70141319 | 208833187 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 27094239 | 20717320 | 28388548 | 305637210 | 235495891 | 26662704 |
| &nbsp;&nbsp;&nbsp;End of year/period | $**102459185** | $**27094239** | $**20717320** | $**849255359** | $**305637210** | $**235495891** |

---

**<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 $706,367 and $2,783,489 for Investor Class and Institutional Class, respectively, for the affect of the 2022 NAV error adjustment (see Note 13).

**<sup>(4)</sup>** Net of $219,600 and $415,996 for Investor Class and Institutional Class, respectively, for the affect of the 2022 NAV error adjustment (see Note 13).

**<sup>(5)</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>(6)</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>(7)</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>(8)</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).

See accompanying notes to financial statements.

#### 9
**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** |
|  | **Year Ended**<br> **July 31, 2024** | **Period Ended**<br> **July 31, 2023 <sup>(1)</sup>** | **Year Ended**<br> **May 31, 2023** | **Year Ended**<br> **July 31, 2024** | **Period Ended**<br> **July 31, 2023 <sup>(1)</sup>** | **Year Ended**<br> **May 31, 2023** |
|  | (Restated) | (Restated) | (Restated) |  |  |  |
| **SHARE ACTIVITY** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2440389<sup>(3)</sup> | 2939 | 119679 | 4716801 | 592241 | 2135067 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 225687 | 34051 | 120054 | 273492 | 27284 | 77788 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (594680) | (38597) | (458999) | (1841787) | (218154) | (697823) |
| Net increase / (decrease) in shares of beneficial interesting outstanding | 2071396 | (1607) | (219266) | 3148506 | 401371 | 1515032 |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 7543549<sup>(3)</sup> | 722548 | 81167 | 60861962 | 7926829 | 19749702 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 303959 | 24027 | 75793 | 2490911 | 202449 | 319650 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (899221) | (62409) | (487919) | (18372537) | (2281988) | (2588463) |
| Net increase / (decrease) in shares of beneficial interesting outstanding | 6948287 | 684166 | (330959) | 44980336 | 5847290 | 17480889 |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |  | 502182 | 23296<sup>(2)</sup> |  |
| &nbsp;&nbsp;&nbsp;Shares reinvested |  |  |  | 14625 | 78<sup>(2)</sup> |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |  | (43120) |  |  |
| Net increase / (decrease) in shares of beneficial interesting outstanding |  |  |  | 473687 | 23374 |  |
| **SHARES OUTSTANDING** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 2004624 | 2006231 | 2225497 | 2959784 | 2558413 | 1043381 |
| &nbsp;&nbsp;&nbsp;End of year/period | **4076020** | **2004624** | **2006231** | **6108290** | **2959784** | **2558413** |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 1679175 | 995009 | 1325968 | 24797181 | 18949891 | 1469002 |
| &nbsp;&nbsp;&nbsp;End of year/period | **8627462** | **1679175** | **995009** | **69777517** | **24797181** | **18949891** |
| &nbsp;&nbsp;&nbsp;**Class A:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period |  |  |  | 23374 |  |  |
| &nbsp;&nbsp;&nbsp;End of year/period | **—** | **—** | **—** | **497061** | **23374** | **—** |

---

**<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>** This amount includes proceeds from shares credited to shareholders as a result of a NAV error. See Note 13.

See accompanying notes to financial statements.

#### 10
**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** | |
|  | **Year Ended**<br> **July 31, 2024** | **Period Ended**<br> **July 31, 2023** <sup>(8)</sup> | **Year Ended**<br> **May 31, 2023** | **Year Ended**<br> **May 31, 2022** | **Year Ended**<br> **May 31, 2021** | **Year Ended**<br> **May 31, 2020** |
|  | **(Restated)** | **(Restated)** | **(Restated)** | **(Restated)** |  |  |
| **Net asset value, beginning of year/period** | $7.30 | $6.87 | $7.96 | $9.10 | $7.67 | $8.94 |
| &nbsp;&nbsp;&nbsp;From Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)</sup> | 0.91 | 0.12 | 0.34 | 0.44 | 0.17 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | 0.98 | 0.45 | (0.98) | (1.22) | 1.40 | (1.32) |
| Total from investment operations | 1.89 | 0.57 | (0.64) | (0.78) | 1.57 | (1.01) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.92) | (0.15) | (0.42) | (0.34) | (0.14) | (0.26) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.07) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.92) | (0.15) | (0.49) | (0.34) | (0.14) | (0.26) |
| Impact of NAV error | (0.19)<sup>(10)</sup> | 0.01<sup>(10)</sup> | 0.04<sup>(10)</sup> | (0.02)<sup>(10)</sup> |  |  |
| **Net Asset Value, end of year/period** | $8.08<sup>(911)</sup> | $7.30<sup>(911)</sup> | $6.87<sup>(911)</sup> | $7.96<sup>(911)</sup> | $9.10 | $7.67 |
| Total Return <sup>(2)</sup> | 24.20%<sup>(911)</sup> | 8.34%<sup>(7911)</sup> | (7.98)%<sup>(911)</sup> | (9.07)%<sup>(5911)</sup> | 20.62%<sup>(5)</sup> | (11.59)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Asset Value, end of year/period (000s) | $32926<sup>(911)</sup> | $14632<sup>(911)</sup> | $13773<sup>(911)</sup> | $17706<sup>(911)</sup> | $21616 | $24014 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense <sup>(3)</sup> | 1.93% | 3.10%<sup>(6)</sup> | 2.68% | 2.78% | 2.45% | 2.06% |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense <sup>(3)</sup> | 1.93% | 3.10%<sup>(6)</sup> | 2.68% | 2.78% | 2.45% | 2.06% |
| Ratio of net investment income to average net assets <sup>(34)</sup> | 11.40% | 9.37%<sup>(6)</sup> | 4.42% | 4.28% | 1.96% | 3.65% |
| Portfolio Turnover Rate | 225.68% | 99.96%<sup>(7)</sup> | 505.72% | 717.77% | 1030.50% | 1014.62% |

---

**<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>** These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

**<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.

**<sup>(9)</sup>** This amount has been restated as a result of a NAV error. See Note 13.

**<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 8.22%, 0.58%, (1.41)% and (4.58)% for the year ended July 31, 2024, period ended July 31, 2023 and years ended May 31, 2023 and May 31, 2022, respectively.

See accompanying notes to financial statements.

#### 11
**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** |
|  | **Year Ended**<br> **July 31, 2024** | **Period Ended**<br> **July 31, 2023** <sup>(8)</sup> | **Year Ended**<br> **May 31, 2023** | **Year Ended**<br> **May 31, 2022** | **Year Ended**<br> **May 31, 2021** | **Year Ended**<br> **May 31, 2020** |
|  | **(Restated)** | **(Restated)** | **(Restated)** | **(Restated)** |  |  |
| **Net asset value, beginning of year/period** | $7.42 | $6.98 | $8.06 | $9.19 | $7.74 | $9.02 |
| &nbsp;&nbsp;&nbsp;From Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)</sup> | 0.96 | 0.13 | 0.37 | 0.49 | 0.21 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | 1.34 | 0.72 | (1.06) | (1.22) | 1.41 | (1.34) |
| Total from investment operations | 2.30 | 0.85 | (0.69) | (0.73) | 1.62 | (0.98) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.97) | (0.15) | (0.44) | (0.38) | (0.17) | (0.30) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.07) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.97) | (0.15) | (0.51) | (0.38) | (0.17) | (0.30) |
| Impact of NAV error | (0.69)<sup>(11)</sup> | (0.26)<sup>(11)</sup> | 0.12<sup>(11)</sup> | (0.02)<sup>(11)</sup> |  |  |
| **Net Asset Value, end of year/period** | $8.06<sup>(1012)</sup> | $7.42<sup>(1012)</sup> | $6.98<sup>(1012)</sup> | $8.06<sup>(1012)</sup> | $9.19 | $7.74 |
| Total Return <sup>(2)</sup> | 22.36%<sup>(1012)</sup> | 8.36%<sup>(71012)</sup> | (7.50)%<sup>(1012)</sup> | (8.54)%<sup>(51012)</sup> | 21.27% | (11.14)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Asset Value, end of year/period (000s) | $69563<sup>(1012)</sup> | $12462<sup>(1012)</sup> | $6944<sup>(1012)</sup> | $10683<sup>(1012)</sup> | $12980 | $15182 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense <sup>(3)</sup> | 1.37%<sup>(9)</sup> | 2.74%<sup>(6)</sup> | 2.21% | 2.28% | 1.95% | 1.56% |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense <sup>(3)</sup> | 1.37%<sup>(9)</sup> | 2.74%<sup>(6)</sup> | 2.21% | 2.28% | 1.95% | 1.56% |
| Ratio of net investment income to average net assets <sup>(34)</sup> | 11.69%<sup>(9)</sup> | 9.78%<sup>(6)</sup> | 4.71% | 4.79% | 2.49% | 4.18% |
| Portfolio Turnover Rate | 225.68% | 99.96%<sup>(7)</sup> | 505.72% | 717.77% | 1030.50% | 1014.62% |

---

**<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>** These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

**<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.

**<sup>(9)</sup>** Had the Adviser not voluntarily waived the underlying fund fees the ratio of net expenses to average net assets including dividend and interest expense, excluding dividends and interest expense and ratio of net investment income to average net assets would have been 1.46%, 1.46% and 11.68%, respectively.

**<sup>(10)</sup>** This amount has been restated as of July 31, 2024 as a result of a NAV error. See Note 13.

**<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 7.62%, 0.42%, (1.63)% and (4.58)% for the year ended July 31, 2024, period ended July 31, 2023 and years ended May 31, 2023 and May 31, 2022, respectively.

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 Each Year/Period Presented.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended**<br> **July 31, 2024** | **Period Ended**<br> **July 31, 2023 <sup>(7)</sup>** | **Year Ended**<br> **May 31, 2023** | **Year Ended**<br> **May 31, 2022** | **Year Ended**<br> **May 31, 2021** | **Year Ended**<br> **May 31, 2020** |
| **Net asset value, beginning of year/period** | $10.98 | $10.93 | $10.61 | $10.57 | $9.21 | $10.07 |
| &nbsp;&nbsp;&nbsp;From Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)</sup> | 0.70 | 0.11 | 0.18 | 0.26 | 0.10 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | 0.12 | 0.06 | 0.64 | (0.01) | 1.32 | (0.88) |
| Total from investment operations | 0.82 | 0.17 | 0.82 | 0.25 | 1.42 | (0.58) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.71) | (0.12) | (0.50) | (0.21) | (0.06) | (0.25) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.71) | (0.12) | (0.50) | (0.21) | (0.06) | (0.28) |
| **Net Asset Value, end of year/period** | $11.09 | $10.98 | $10.93 | $10.61 | $10.57 | $9.21 |
| Total Return **<sup>(2)</sup>** | 7.47% | 1.56%<sup>(6)</sup> | 7.73% | 2.39% | 15.53% | (5.85)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Asset Value, end of year/period (000s) | $67767 | $32484 | $27971 | $11073 | $15068 | $4527 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense <sup>(3)</sup> | 1.35% | 1.32%<sup>(5)</sup> | 1.94% | 2.33% | 3.13% | 2.82% |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense <sup>(3)</sup> | 1.35% | 1.32%<sup>(5)</sup> | 1.94% | 2.33% | 3.13% | 2.82% |
| Ratio of net investment income to average net assets <sup>(3) (4)</sup> | 6.35% | 6.15%<sup>(5)</sup> | 10.21% | 2.37% | 1.16% | 3.04% |
| Portfolio Turnover Rate | 112.95% | 3.39%<sup>(6)</sup> | 89.42% | 855.36% | 1198.55% | 612.23% |

---

**<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>** These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments.

**<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>** Annualized.

**<sup>(6)</sup>** Not Annualized.

**<sup>(7)</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 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** |
|  | **Year Ended**<br> **July 31, 2024** | **Period Ended**<br> **July 31, 2023** **<sup>(8)</sup>** | **Year Ended**<br> **May 31, 2023** | **Year Ended**<br> **May 31, 2022** | **Year Ended**<br> **May 31, 2021** | **Year Ended**<br> **May 31, 2020** |
| **Net asset value, beginning of year/period** | $11.01 | $10.95 | $10.61 | $10.56 | $9.17 | $10.04 |
| &nbsp;&nbsp;&nbsp;From Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)</sup> | 0.75 | 0.12 | 0.40 | 0.30 | 0.13 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | 0.11 | 0.07 | 0.46 | (0.01) | 1.35 | (0.89) |
| Total from investment operations | 0.86 | 0.19 | 0.86 | 0.29 | 1.48 | (0.54) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.75) | (0.13) | (0.52) | (0.24) | (0.09) | (0.30) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.75) | (0.13) | (0.52) | (0.24) | (0.09) | (0.33) |
| **Net Asset Value, end of year/period** | $11.12 | $11.01 | $10.95 | $10.61 | $10.56 | $9.17 |
| Total Return <sup>(2)</sup> | 7.81% | 1.74%<sup>(7)</sup> | 8.11% | 2.78%<sup>(5)</sup> | 16.22%<sup>(5)</sup> | (5.48)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Asset Value, end of year/period (000s) | $775718 | $272895 | $207525 | $15589 | $20784 | $7170 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense <sup>(3)</sup> | 0.97% | 0.94%<sup>(6)</sup> | 2.70% | 1.94% | 2.72% | 2.32% |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense <sup>(3)</sup> | 0.97% | 0.94%<sup>(6)</sup> | 2.70% | 1.94% | 2.72% | 2.32% |
| Ratio of net investment income to average net assets <sup>(3) (4)</sup> | 6.71% | 6.51%<sup>(6)</sup> | 22.00% | 2.82% | 1.51% | 3.57% |
| Portfolio Turnover Rate | 112.95% | 3.39%<sup>(7)</sup> | 89.42% | 855.36% | 1198.55% | 612.23% |

---

---

| | |
|:---|:---|
| **<sup>(1)</sup>** | &nbsp;&nbsp;Per shares amounts calculated using the average share method, which appropriately presents the per share data for the year. |
| **<sup>(2)</sup>** | &nbsp;&nbsp;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>** | &nbsp;&nbsp;These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
| **<sup>(4)</sup>** | &nbsp;&nbsp;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>** | &nbsp;&nbsp;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. |
|  | &nbsp;&nbsp;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>** | &nbsp;&nbsp;Annualized. |
| **<sup>(7)</sup>** | &nbsp;&nbsp;Not Annualized. |
| **<sup>(8)</sup>** | &nbsp;&nbsp;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.

#### 14
**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.**

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class A** |
|  | **Year Ended**<br> **July 31, 2024** | **Period Ended**<br> **July 31, <br> 2023** **<sup>(7) (8)</sup>** |
| **Net asset value, beginning of year/period** | $11.06 | $10.94 |
| &nbsp;&nbsp;&nbsp;From Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)</sup> | 0.71 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | 0.57 | 0.16 |
| Total from investment operations | 1.28 | 0.20 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.73) | (0.08) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.73) | (0.08) |
| **Net Asset Value, end of year/period** | $11.61 | $11.06 |
| Total Return <sup>(2)</sup> | 11.57% | 1.83%<sup>(6)</sup> |
| **Ratios/Supplemental Data:** |  |  |
| Net Asset Value, end of year/period (000s) | $5771 | $259 |
| Ratio of net expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Including dividend and interest expense <sup>(3)</sup> | 1.18% | 0.83%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;Excluding dividends and interest expense <sup>(3)</sup> | 1.18% | 0.83%<sup>(5)</sup> |
| Ratio of net investment income to average net assets <sup>(3) (4)</sup> | 6.19% | 3.09%<sup>(5)</sup> |
| Portfolio Turnover Rate | 112.95% | 3.39%<sup>(6)</sup> |

---

---

| | |
|:---|:---|
| **<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. |
|  | 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>** | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
| **<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>** | Annualized. |
| **<sup>(6)</sup>** | Not Annualized. |
| **<sup>(7)</sup>** | The Leader Capital High Quality Income Fund Class A shares commenced operations on June 21, 2023. |
| **<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.

#### 15
**Leader Funds Trust Notes to the Financial Statements (Restated)**

**July 31, 2024**

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

Leader Capital family of mutual funds is comprised of the Leader Capital Short Term High Yield Bond Fund (the "High Yield Fund") and Leader Capital High Quality Income Fund (the "High Quality Fund") (each a "Fund" and collectively the "Funds"), each a series of shares of beneficial interest of 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.

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 the generally accepted accounting principles ("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 10(a) regarding additional fair value procedures and considerations due to recent regulatory environment changes.

**16** 

**Leader Funds Trust Notes to the Financial Statements (Restated) (Continued)**

**July 31, 2024** 

**(2) Significant Accounting Policies (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.

**17** 

**Leader Funds Trust Notes to the Financial Statements (Restated) (Continued)**

**July 31, 2024**

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of July 31, 2024, for each Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Leader Capital Short Term High Yield Bond Fund</u>** | **<u>Leader Capital Short Term High Yield Bond Fund</u>** | **<u>Leader Capital Short Term High Yield Bond Fund</u>** | **<u>Leader Capital Short Term High Yield Bond Fund</u>** | **<u>Leader Capital Short Term High Yield Bond Fund</u>** |
| Assets **<sup>(a)</sup>** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Investments** |  |  |  |  |
| Common Stocks | $1578000 | $— | $— | $1578000 |
| Preferred Stocks |  | 1240411 | 1035000 | 2275411 |
| Asset Backed Securities |  | 90645203 |  | 90645203 |
| Corporate Bonds |  | 4730851 |  | 4730851 |
| Non U.S. Government & Agencies |  | 375000 |  | 375000 |
| Short-Term Investments | 4567258 |  |  | 4567258 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $6145258 | $96991465 | $1035000 | $104171723 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Refer
 to the Schedule of Investments for industry classification.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Leader Capital High Quality Income Fund</u>** | **<u>Leader Capital High Quality Income Fund</u>** | **<u>Leader Capital High Quality Income Fund</u>** | **<u>Leader Capital High Quality Income Fund</u>** | **<u>Leader Capital High Quality Income Fund</u>** |
| **Assets <sup>(a)</sup>**  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** |  |  |  |  |
| Preferred Stocks | $— | $— | $— | $— |
| Affiliated Investment Companies | 19292628 |  |  | 19292628 |
| Asset Backed Securities |  | 734723159 |  | 734723159 |
| U.S. Government & Agencies |  | 38236600 |  | 38236600 |
| Short-Term Investments | 96964668 |  |  | 96964668 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $116257296 | $772959759 | $— | $889217055 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 year ending July 31, 2024, the Funds had no Level 1 to Level 2 transfers or Level 2 to Level 3 transfers.

**18** 

**Leader Funds Trust Notes to the Financial Statements (Restated) (Continued)**

**July 31, 2024** 

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

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 9), 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 the Board determined was overvalued since February 2022, which resulted in a NAV error. For more information, see Note 13 – Subsequent Events.. The High Quality Fund holds a Series A-1 Preferred Stock, 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:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Leader Capital Short Term High Yield Bond Fund</u>** | **<u>Leader Capital Short Term High Yield Bond Fund</u>** | **<u>Leader Capital Short Term High Yield Bond Fund</u>** | **<u>Leader Capital Short Term High Yield Bond Fund</u>** |
|  | **Eaton Vance<br> Senior Floating<br> Rate Trust** | **VTB Bank PJSC<br> Via 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 |

---

---

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

---

**19** 

**Leader Funds Trust Notes to the Financial Statements (Restated) (Continued)**

**July 31, 2024** 

**(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) 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;(e) 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, 2021 – July 31, 2024, or expected to be taken in each Fund's July 31, 2024 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.

**20** 

**Leader Funds Trust Notes to the Financial Statements (Restated) (Continued)**

**July 31, 2024**

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Expenses

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Payment
 from affiliate

For the fiscal year ended July 31, 2024, the High Yield Fund will be reimbursed $1,162,979 from the Adviser as a result of a NAV error. The error occurred from February 22, 2022 through August 14, 2024, and had a material impact to the NAV and total return of the High Yield Fund and is reflected during the fiscal year ended July 31, 2024. These proceeds are included in capital transactions on the High Yield Fund's Statements of Changes in Net Assets.

(3) Investment
 Transactions

For the year ended July 31, 2024, 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 | $183684098 | $108674298 | $793560 | $789540 |
| Leader Capital High Quality Income Fund | 833689837 | 298885977 | 369328899 | 366213236 |

---

(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 as of July 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund  | **Tax Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Net Unrealized Appreciation / (Depreciation)** |
| Leader Capital Short Term High Yield Bond Fund | $104423887 | $3276567 | $(3528731) | $(252164) |
| Leader Capital High Quality Income Fund | 881366254 | 13263165 | (5412364) | 7850801 |

---

**21** 

**Leader Funds Trust Notes to the Financial Statements (Restated) (Continued)**

**July 31, 2024** 

(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 management fee for the High Quality Fund was 0.75%. For the year ended July 31, 2024, the High Yield Fund and High Quality Fund accrued $335,410 and $3,651,240 in management fees, respectively. The Adviser voluntarily waived $12,966 in affiliated fund fees associated with the High Quality Fund's investment in the High Yield Fund.

*<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 year ended July 31, 2024, the Distributor received $0 in underwriting commissions.

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

*<u>Gryphon Fund Group ("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.

(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 paid 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 year ended July 31, 2024, the High Yield and High Quality Funds' Investor Class shares incurred $100,618 and $193,453, respectively in fees. For the year ended July 31, 2024, the High Quality Fund's Class A shares incurred $6,750 in fees.

(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 year ended July 31, 2024, the former fiscal period ended July 31, 2023, and the former fiscal year ended May 31, 2023, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>For fiscal year ended July 31, 2024:</u> |  |  |  |  |
| Fund  | **Ordinary Income** | **Long Term Capital Gains** | **Return of Capital** | **Total** |
| Leader Capital Short Term High Yield Bond Fund | $5474768 | $— | $— | $5474768 |
| Leader Capital High Quality Income Fund | 37387617 |  |  | 37387617 |

---

**22** 

**Leader Funds Trust Notes to the Financial Statements (Restated) (Continued)** 

**July 31, 2024** 

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

**For former fiscal period ended July 31, 2023:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | **Ordinary Income** | **Long Term <br> Capital Gains** | **Return of Capital** | **Total** |
| Leader Capital Short Term High Yield Bond Fund | $497439 | $– $|  | $497439 |
| Leader Capital High Quality Income Fund | 3147586 | – |  | 3147586 |

---

**For former fiscal year ended May 31, 2023:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | **Ordinary Income** | **Long Term <br> Capital Gains** | **Return of Capital** | **Total** |
| Leader Capital Short Term High Yield Bond Fund | $1435486 | $– $| 248101 | $1683587 |
| Leader Capital High Quality Income Fund | 5538861 | – |  | 5538861 |

---

As of July 31, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund | **Undistributed<br> Ordinary <br> Income** | **Undistributed<br> Long-Term <br> Capital Gains** | **Capital Loss <br> Carry Forwards** | **Other Book/Tax<br> Differences** | **Net Unrealized<br> Appreciation /<br> (Depreciation)** | **Total <br> Accumulated <br> Deficit** |
| Leader Capital Short Term High Yield Bond Fund | $70471 | $– $| (83478008) | $– $| (252164) | $(83659701) |
| Leader Capital High Quality Income Fund | 155105 | – | (50719519) | – | 7850801 | (42713613) |

---

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, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund  | **Short-Term** | **Long-Term** | **Capital Loss <br> Carryforward <br> Limitation** | **Total** | **Capital Loss Carryforward <br> Utilized** |
| Leader Capital Short Term High Yield Bond Fund | $30490286 | $52987722 | $— | $83478008 | $— |
| Leader Capital High Quality Income Fund | 17288577 | 564886 | 32866056 | 50719519 |  |

---

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.

**23**

**Leader Funds Trust Notes to the Financial Statements (Restated) (Continued)** 

**July 31, 2024** 

(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. There were no reclassifications made as of July 31, 2024.

(8) Affiliated Transactions

The term "affiliated company' includes other investment companies managed by a Fund's adviser. At July 31, 2024 the High Quality Fund held the following investment in High Yield, which is an affiliated Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | **Beginning <br> Fair Value <br> at 7/31/2023** | **Purchases<br> at Cost** | **Sales at<br> Cost** | Change in<br> Unrealized<br> Appreciation /<br> (Depreciation) | **Ending Fair<br> Value at<br> 7/31/2024** | **Investment<br> Income** | **Realized<br> Gain/(Loss)** | Net Capital<br> Gain <br> Distributions  |
| Leader Capital Short Term High Yield Bond Fund, Institutional Class | $— | $20016675 | $— | $(724047) | $19292628 | $195248 | $— | $— |
|  | $— | $20016675 | $— | $(724047) | $19292628 | $195248 | $— | $— |

---

(9) 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, 2024, and because of the failed Dutch auction process, believes they are presently illiquid. As of July 31, 2024, 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, 2024, the High Yield Fund held $1,035,000 or 1.0% of its net assets in preferred stock that resulted from conversion of ARPS.

(10) 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, 2024, the percentage of the High Yield Fund and the High Quality Fund's net assets invested in FGXXX was 4.5% and 11.4%, respectively.

**24**

**Leader Funds Trust Notes to the Financial Statements (Restated) (Continued)** 

**July 31, 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

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. Boxabl answered the complaint on October 2, 2023. On October 5, 2023, the Trust amended its complaint to add Boxabl's transfer agent, Transfer Online, Inc. The defendants answered the amended complaint on November 21, 2023. The parties are in discovery, which is expected to close in on February 3, 2025. A bench trial is set for June 30, 2025.

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 have an impact of approximately $0.03 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.

(13) Restatement

After the fiscal year ended July 31, 2024, management and the adviser 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 in the 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 Adviser 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 August 14, 2024 (the "Error Period"). Under the Trust's NAV error policy, the High Yield Fund intends to reprocess shareholder transactions effected, which will include sending cash reimbursements to shareholder accounts for purchases made during the Error Period. The Adviser is responsible for any shortfall to the High Yield Fund. Additionally, the Adviser will reimburse the Fund for any additional expenses related to correcting the error and reprocessing shareholder transactions. Accordingly, the Adviser will contribute $1,162,979 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 year ended July 31, 2024, have been restated from amounts previously reported to correct the error.

**25**

**Leader Funds Trust Notes to the Financial Statements (Restated) (Continued)** 

**July 31, 2024** 

(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 30, 2024, the Funds declared distributions from ordinary income to shareholders of record as of August 29, 2024, payable August 30, 2024, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund  | **Class** | **Ticker** | **Ordinary Income** | **Per Share <br> Amount** |
| Leader Capital Short Term High Yield Bond Fund | Investor | LCCMX | $266589 | $0.07 |
| Leader Capital Short Term High Yield Bond Fund | Institutional | LCCIX | $651622 | $0.08 |
| Leader Capital High Quality Income Fund | Investor | LCTRX | $351827 | $0.06 |
| Leader Capital High Quality Income Fund | Institutional | LCTIX | $4428444 | $0.06 |
| Leader Capital High Quality Income Fund | Class A | LCATX | $31786 | $0.06 |

---

On September 30, 2024, the Funds declared distributions from ordinary income to shareholders of record as of September 29, 2024, payable September 30, 2024, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | **Class** | **Ticker** | **Ordinary Income** | **Per Share <br> Amount** |
| Leader Capital Short Term High Yield Bond Fund | Investor | LCCMX | $266881 | $0.07 |
| Leader Capital Short Term High Yield Bond Fund | Institutional | LCCIX | $629132 | $0.08 |
| Leader Capital High Quality Income Fund | Investor | LCTRX | $330808 | $0.06 |
| Leader Capital High Quality Income Fund | Institutional | LCTIX | $4500454 | $0.06 |
| Leader Capital High Quality Income Fund | Class A | LCATX | $33396 | $0.06 |

---

On October 31, 2024, the Funds declared distributions from ordinary income to shareholders of record as of October 30, 2024, payable October 31, 2024, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund  | **Class** | **Ticker** | **Ordinary Income** | **Per Share <br> Amount** |
| Leader Capital Short Term High Yield Bond Fund | Investor | LCCMX | $266881 | $0.07 |
| Leader Capital Short Term High Yield Bond Fund | Institutional | LCCIX | $621943 | $0.08 |
| Leader Capital High Quality Income Fund | Investor | LCTRX | $319813 | $0.06 |
| Leader Capital High Quality Income Fund | Institutional | LCTIX | $4575169 | $0.06 |

---

**26**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of Leader Funds Trust and Shareholders of

Leader Capital Short Term High Yield Bond Fund and Leader Capital High Quality Income 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 and Leader Capital High Quality Income Fund, (collectively the "Funds"), each a series of the Leader Funds Trust (the "Trust") including the schedules of investments, as of July 31, 2024, 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 two-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, 2024, 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 <br> Funds** | &nbsp;&nbsp;**Statements of <br> Operations** | &nbsp;&nbsp;**Statements of Changes in Net <br> Assets** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;Leader Capital Short Term High Yield Bond Fund | &nbsp;&nbsp;For the year ended July 31, 2024 | &nbsp;&nbsp;For the year ended July 31, 2024, and the period May 31, 2023 through July 31, 2023, and the year ended May 31, 2023 | &nbsp;&nbsp;For the year ended July 31, 2024, and the period May 31, 2023 through July 31, 2023, and the years ended May 31, 2023 and May 31, 2022 |
| &nbsp;&nbsp;Leader Capital High Quality Income Fund | &nbsp;&nbsp;For the year ended July 31, 2024 | &nbsp;&nbsp;For the year ended July 31, 2024, and the period May 31, 2023 through July 31, 2023 and the year ended May 31, 2023 | &nbsp;&nbsp;For the year ended July 31, 2024, and the period May 31, 2023 through July 31, 2023, and the years ended May 31, 2023 and May 31, 2022 |

---

**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, 2024, due to a change in the valuation of a portfolio investment. We have audited the restated financial statements, and our opinion is expressed on the financial statements as restated.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our 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.

**27**

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, 2024, 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.

![](ftncsra002.jpg)

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

Huntingdon Valley, Pennsylvania

November 21, 2025

**28**

***PRIVACY NOTICE***

**LEADER FUNDS TRUST**

**March 2019**

---

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

---

---

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

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&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.  |

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There is nothing to report for this item.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There is nothing to report for this item.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included as part of the report to shareholders filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included as part of the report to shareholders filed under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**Item 16. Controls and Procedures.**

&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;(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 17. Disclosure of Securities Lending Activities for Closed-Ended Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

None.

**Item 19. Exhibits.**

[(a)(1) 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-073124.htm)

**EXHIBIT 99.COE**

**C** **ODE OF ETHICS FOR SENIOR OFFICERS**

**Leader Funds Trust**

**CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, the Leader Funds Trust (the "Trust") have adopted this Code of Ethics (the "Code").

<u>Statement of Policy</u>

It is the obligation of the senior officers of the Trust to provide full, fair, timely, and comprehensible disclosure--financial and otherwise--to Trust shareholders, regulatory authorities, and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Trust in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Trust shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Trust, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Trust and their adviser have adopted or may adopt in the future with which Trust officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Trust's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer, and Chief Accounting Officer, or persons performing similar functions.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Trust, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Trust, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Trust, he has a duty to act in the best interests of the Trust and their shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Trust.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Trust, he should consult with the Trust's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Trust or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to the Trust give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Trust shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Trust counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Trust reports reveal, rather than conceal, the Trust's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Trusts to provide full, fair, and accurate financial information and other disclosure to regulators and Trust shareholders.

Each Covered Person shall inquire of other Trust officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Trust, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Trust and their operations and shall act with competence and due care in serving as an officer of the Trust. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Trust.

Each Covered Person shall cooperate with the Trust's independent auditors, regulatory agencies, and internal auditors in their review or inspection of the Trust and their operations.

No Covered Person shall knowingly violate any law or regulation relating to the Trust or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit, or misrepresentation involving the Trust or their operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Trust's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Trust's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension, or termination of position as an officer of the Trust. Sanctions shall be imposed by the Trust's Audit Committee, subject to review by the entire Board of Trustees of the Trust.

Each Covered Person shall be required to certify annually whether he has complied with this

Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies, and procedures that govern the Trust's senior officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder, or any other person or entity.

<u>Recordkeeping</u>

The Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

<u>Amendments</u>

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

<u>**CODE OF ETHICS FOR SENIOR OFFICERS**</u>

**I HEREBY CERTIFY THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I have read and I understand the Code of Ethics for Senior Officers adopted
by the Leader Funds Trust (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) I recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) I have complied with the requirements of the Code of Ethics during the
calendar year ending December 31, <u> </u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) I
have reported all violations of the Code of Ethics required to be reported pursuant to the requirements of the Code during the calendar
year ending December 31, _________________.

Set forth below exceptions to items (3) and (4), if any:

Name: ________________ Date: _________________.

## Ex-99.Cert

[Leader Funds Trust N-CSR/A](lft_ncsra-073124.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;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;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;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;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;(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;(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;(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;(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;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;(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;(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 |

---

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

&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;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;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;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;(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;(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;(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;(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;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;(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;(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 |

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## Exhibit 99.906

[Leader Funds Trust N-CSR/A](lft_ncsra-073124.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;1. The Registrant's periodic report on Form N-CSR for the year ended July 31, 2024 (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;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;1. The Registrant's periodic report on Form N-CSR for the year ended July 31, 2024 (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;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 TRUST AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.