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LFIFX | LFVFX | Updated as of December 31st, 2020

Diversify your Bond Exposure

A high quality bond fund that gives investors exposure across multiple fixed income sectors, a focus on high credit quality, and low duration.


The Fund invests in A or better rated securities only. We view our high quality mandate is crucial to reducing volatility and vital to being a core fixed income holding.


Access to a wider range of floating rate securities means that fund may take advantage of dislocations across the market to generate incremental yield.


A bond fund that achieves its low duration mandate through investments in floating rate bonds.




Institutional (LFIFX)2.20%-6.41%-6.41%-0.43%0.37%
Investor (LFVFX)2.20%6.84%6.84%-0.81%-0.03%
Morningstar Category Avg.10.35%1.39%1.39%1.77%-
Institutional (LFIFX)-6.412.932.452.84
Investor (LFVFX)-6.842.592.052.34
Morningstar Category Avg.1.393.100.444.12

1 Ultrashort Bond Category
2 S&P/LSTA Leveraged Loan TR USD

Performance is annualized trailing returns as of 12/31/20 for the Leader High Quality Low Duration Bond Fund for all Share Classes (ticker symbols: LFIFX, LFVFX). The fund’s name was changed from Leader Floating Rate Fund to Leader High Quality Low Duration Bond Fund on November 19, 2019.

Inception Date – LFIFX: 12/30/2016, LFVFX: 12/30/2016.

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.

Key Facts

Size of Fund$47.8 M
Fund Launch DateDec 30, 2016
Morningstar CategoryUltrashort Bond
Benchmark IndexBarclays Gov/Corp 1 Yr Duration TR USD
Distribution FrequencyMonthly
Asset Class Fixed Income
CUSIP - Institutional Share Class52169B889
Open to New InvestorsYes

Portfolio Characteristics

as of 12/31/20

Effective Duration0.35
Current Yield0.80%
Sharpe Ratio-0.34
Sortino Ratio-0.37
Fund Standard Deviation5.31
Upside Capture-15
Downside Capture66


as of 12/31/20

Current Yield: 0.80%

Effective Duration0.35
Current Yield0.80%
Sharpe Ratio-0.34
Sortino Ratio-0.37
Fund Standard Deviation5.31
Upside Capture-15
Downside Capture66


as of 12/31/20

30 Day SEC Yields

Institutional (LFIFX)0.47%1.02%
Investor (LFVFX)0.09%0.64%

30-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission. It is based on the most recent 30-day period.

Trailing 12-Month Yield

Institutional (LFIFX)1.47%
Investor (LFVFX)1.12%

The 12-Month Yield is the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV.


as of current prospectus
Management Fee0.65%
12B-1 Fees
I Shares0.00%
Inv Shares0.38%

* Ratios listed are as of the 10/1/20 prospectus


NameWeight (%)
CIFC Funding 2011-I Ltd. 1.87%3.37%
Hps Ln Mgmt 8-2015 Ltd / Hps Ln Mgmt FRN 1.98%3.23%
ALM XVI Ltd. 2.18%2.80%
Madison Park Funding XIII Ltd. 2.17%2.77%
Avis Budget Car Rental LLC/Avis Budget Finance Inc. 10.5%2.59%
NameWeight (%)
Delta Air Lines Inc 3.75%1.93%
Ford Motor Credit Company LLC 4.12%1.10%
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp. 5.5%1.07%
Madison Park Funding Xi Ltd 2.46%0.90%
Carlyle Global Market Strategies CLO 2012-4 Ltd. 1.92%0.53%

There is no assurance that the securities mentioned remain in the Fund’s portfolio or that the securities sold have not been repurchased. Totals may not add up to 100% due to rounding.

Exposure Breakdowns

US Treasuries0.00%
< 166.91%
1 - 32.31%
3 - 56.94%
5 - 712.68%
7 - 106.71%
US Treasuries0.00%

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.


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.

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 issued in the 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.

© 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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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