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LFIFX | LFVFX | Updated Second Quarter, June 30, 2018

30-Day SEC Yield
3.15%

Effective Duration
.24

Inception Date
12/30/2016

Single-A or better
credit only

Dividends
​Monthly

Leader Floating Rate Fund

  • Single A or Better Credits only​

Do you have questions?

We are available to provide you with answers. ​Click here.

Portfolio

  • Cash
  • AAA
  • AA
  • A
  • BBB
  • BB
  • B
  • NR
RatingWeight (%)
Cash0.20%
AAA57.34%
AA22.52%
A19.94%
BBB0.00%
BB0.00%
B0.00%
NR0.00%
DateDistribution NAVLong-Term Capital GainShort-Term Capital GainReturn of CapitalDividend IncomeDistibution Total
10.0310.030.00000.00000.00000.02350.0235
05/31/201810.040.00000.00000.00000.02660.0266
04/30/201810.040.00000.00000.00000.02420.0242
03/29/201810.050.00000.00000.00000.02110.0211
02/28/201810.060.00000.00000.00000.02090.0209
01/31/201810.060.00000.00000.00000.02140.0214
12/29/201710.060.00000.00000.00000.02010.0201
11/30/201710.060.00000.00000.00000.02280.0228

Performance

​Floating Fund2Q 2018Year To Date1 YearInception DateInception
Institutional: LFIFX0.54%1.44%2.83%12/30/20162.70%
Investor: LFVFX0.55%1.21%2.34%12/30/20162.24%
Morningstar*0.43%2.22%3.40%
Benchmark**0.70%2.91%4.42%

*Bank Loan Category
**S&P/LSTA Leveraged Loan TR Index

Performance is annualized trailing returns as of 6/30/18 for the Leader Floating Rate Fund for all Share Classes (ticker symbols: LFIFX, LFVFX)

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Share prices and investment returns fluctuate and investor shares may be worth more or less than original cost upon redemption. To obtain performance as of the most recent month end, please call 1-800-269-8810.

The S&P/LSTA Leveraged Loan Total Return Index tracks the performance of US dollar denominated bank loan debt publicly issued in the US domestic market. This is the Fund’s benchmark. You cannot invest directly in an index.

*The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, through at least November 17, 2018, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the adviser)) will not exceed 1.00% and 1.00% of each class’s net assets, respectively, for Institutional Shares and Institutional Shares. REF#98712

Fund Facts

Share ClassTickerInception12-b1 FeeNet Expense Ratio*Gross Expense Ratio​30 Day SEC YieldUnsubsidized
InstitutionalLFIFX12/30/2016 ​0.00%0.66%11.09%​3.04%2.77%
InvestorLFVFX12/30/20160.38%1.04%8.57%2.66%2.19%

*Gross expense ratios are reported as of the 2017 prospectus.
The Fund’s adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, through at least November 17, 2018, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the adviser)) will not exceed 1.00% and 1.00% of each class’s net assets, respectively, for Institutional Shares and Institutional Shares.

DividendMonthly
Net Assets78.0mm
Effective Duration0.24
Average Current Yield3.72%
Average Yield to Maturity3.34%
Management Fee0.65%

Management Team

John E. Lekas

John E. Lekas

President, CEO &
​Senior Portfolio Manager

Ethan Lai

Ethan Lai

Associate
​Portfolio Manager

Documents

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Portfolio questions? Click here.​

Disclosures

Important Risks: Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher quality bonds generally offer less risk than longer term bonds and a lower rate of return. Generally, a fund’s fixed income securities will decrease in value if interest rates rise and vice versa.

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Investments in debt securities typically decrease in value when interest rates rise.  This risk is actually greater for longer-term debt securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Collateral Loan Obligations (“CLOs”) and collateralized debt obligations (“CDOs”) are securities backed by an underlying portfolio of loan and debt obligations and the risks depend largely on the types of those underlying holdings. Investments in foreign securities involve greater volatility and political, economic and currency risks. The fund is exposed to credit risk where lower –rated securities have a higher risk of defaulting on obligations. Investment by the fund in lower-rated and nonrated securities presents a greater risk of loss of principle and interest than higher-rated securities. The Fund is subject to liquidity risk as some securities may have few market-makers and low trading volume, which tends to increase transaction costs and may make it difficult for the Fund to dispose of a security at all or at a price which represents current or fair market value. As a result of its trading strategy, the Fund expects to engage in frequent portfolio transactions that will likely result in higher portfolio turnover and commissions than many investment companies.

Mortgage-backed investments involve risk of loss due to prepayments and, like any bond, due to default. Because the sensitivity of mortgage-related securities to changes in interest rates, a fund’s performance may be more volatile than if it did not hold these securities.

Portfolio characteristics represent 100% of the portfolio and will vary over time. Credit qualities are shown as a percentageofnet assets. A bond rated BBB or higher is considered investment grade. This chart reflects the highest security rating provided by Standard & Poor’s. Ratingsand portfolio credit quality will vary over time.

Average Duration is the weighted average of the option adjusted duration of the portfolio. It is a measure of the sensitivityofthe portfolio to changes in interest rates. The higher the duration the more sensitive the portfolio is to changes in interest rates. Average Current Yield is the weighted average of the annual rate of return based on price. It is calculated by the coupon divided by the price. The 30-Day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

The S&P/LSTA Leveraged Loan Total Return Index tracks the performance of US dollar denominated bank loan debt publicly issuedinthe US domestic market. This is the Fund’s benchmark. You cannot invest directly in an index.

Holdings are as of date indicated and subject to change.

This material must be preceded or accompanied by a prospectus. An investor should consider the Fund’s objectives, risks, charges and expenses carefully before investing or sending money. This and other important information can be found in the Fund’s prospectus. For more information please call 800-269-8810. Please read the prospectus carefully before investing.

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