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LFIFX | LFVFX | Updated as of March 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.

HIGH CREDIT QUALITY

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.

DIVERSIFIED ACROSS ASSET CLASSES

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

LOW DURATION

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

Leader High Quality Low Duration Bond Fund Monthly Commentary

Find out how the Leader Capital Floating Rate Fund is positioned for today’s bond markets.

View the Archive

Performance

Distributions

Returns

as of 03/31/20201Y3yInception
Institutional (LFIFX)-5.81%-3.92%0.53%0.65%
Investor (LFVFX)-5.99%-4.33%0.12%0.22%
Morningstar Category Avg.1-1.76%0.26%1.32%-
Benchmark22.09%4.34%2.53%-
201920182017--
Institutional (LFIFX)2.932.452.84
Investor (LFVFX)2.592.052.34
Morningstar Category Avg.3.100.444.12
Benchmark3.06-0.253.47

1 Ultrashort Bond Category
2 Barclays Gov/Corp 1 Yr Duration TR USD

Performance is annualized trailing returns as of 3/31/20 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.

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$152.1 M
Fund Launch DateDec 30, 2016
Morningstar CategoryUltrashort Bond
Benchmark IndexBarclays Gov/Corp 1 Yr Duration TR USD
Distribution FrequencyMonthly
Turnover Percent248%
Asset Class Fixed Income
CUSIP - Institutional Share Class52169B889
Number of Holdings28
Open to New InvestorsYes

Portfolio Characteristics

as of 3/31/20

Effective Duration0.70
Current Yield2.88%
Sharpe Ratio-0.32
Sortino Ratio-0.33
Fund Standard Deviation3.65
Upside Capture24.43
Downside Capture(53.67)

Yield

as of 3/31/20

30 Day SEC Yields

SubsidizedUnsubsidized
Institutional1.83%1.50%
Investor1.40%1.06%

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)2.68%
Investor (LFVFX)2.29%

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.

Fees

Net Expense Ratios as of current prospectus
Gross*Net**
Institutional0.96%0.85%
Investor1.35%1.23%

* Ratios listed are as of the 10/1/19 prospectus
**Voluntary cap agreed to by the Fund’s advisor

Holdings

NameWeight (%)
EMERSON PARK CLO LTD ADJ% 07/15/20253.59%
ALM LOAN FUNDING ADJ% 07/15/20273.21%
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION ADJ%3.13%
FLATIRON CLO LTD ADJ% 04/15/20272.97%
Madison Park Funding XV Ltd Adj% 1/27/20262.25%
NameWeight (%)
ATRIUM CDO CORP ADJ% 04/22/20272.24%
BENEFIT STREET PARTNERS CLO LTD ADJ% 07/18/20272.10%
AVERY POINT CLO LTD ADJ% 07/17/20261.94%
ALLEGRO CLO LTD ADJ% 07/25/20271.89%
CIFC FUNDING LTD ADJ% 10/18/20301.75%

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

CLOs77.46%
Corporates0.00%
Mortgages22.46%
US Treasuries0.00%
Cash0.08%
< 183.55%
1 - 314.01%
3 - 52.15%
5 - 70.00%
7 - 100.00%
10+0.29%
Cash0.08%
US Treasuries0.00%
AAA63.38%
AA22.37%
A14.17%
BBB0.00%
BB0.00%
B0.00%
NR0.00%

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.

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.

Sharpe Ratio: Average return earned in excess of the risk-free rate per unit of volatility or total risk. Subtracting the risk-free rate from the mean return, the performance associated with risk-taking activities can be isolated.

Sortino Ratio: Measures the risk-adjusted return of an investment asset, portfolio, or strategy. It is a modification of the Sharpe ratio but penalizes only those returns falling below a user-specified target or required rate of return, while the Sharpe ratio penalizes both upside and downside volatility equally.

Standard Deviation: Known as historical volatility and is used by investors as a gauge for the amount of expected volatility.

Upside Capture Ratio: Statistical measure of an investment manager’s overall performance in up-markets. The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen.

Downside Capture Ratio: Statistical measure of an investment manager’s overall performance in down-markets. It is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped.

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.

© 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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