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oef:AfterTaxesOnDistributionsAndSalesMember 2024-01-01 2024-12-31 0001766436 lft:C000211314Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-01-01 2024-12-31 0001766436 lft:C000211314Member oef:AfterTaxesOnDistributionsAndSalesMember 2015-01-01 2024-12-31 0001766436 lft:C000211311Member 2024-01-01 2024-12-31 0001766436 lft:C000211311Member 2020-01-01 2024-12-31 0001766436 lft:C000211311Member 2015-01-01 2024-12-31 0001766436 lft:C000211313Member 2024-01-01 2024-12-31 0001766436 lft:C000211313Member 2024-11-28 2024-12-31 0001766436 lft:C000211312Member 2024-11-28 2024-12-31 0001766436 lft:S000065272Member oef:RiskLoseMoneyMember 2025-11-28 2025-11-28 0001766436 lft:S000065273Member oef:RiskLoseMoneyMember 2025-11-28 2025-11-28 iso4217:USD shares iso4217:USD shares pure false 485BPOS 0001766436 2025-11-28 N-1A Leader Funds Trust 2025-11-28 LEADER CAPITAL SHORT TERM HIGH YIELD BOND FUND SUMMARY Investment Objectives: <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zMiWTiMmYDVh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">The primary investment objective of the Leader Capital Short Term High Yield Bond Fund (“High Yield Fund” or the “Fund”) is to deliver a high level of current income,</p> <p id="xdx_A8E_eoef--ObjectiveSecondaryTextBlock_zMSgn9ZzbZza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">with a secondary objective of capital appreciation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> Fees and Expenses of the Fund: <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zQ3I3iCWPqm4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; -sec-ix-redline: true; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial intermediary and in How to Purchase Shares on page 31 of the Fund’s prospectus and in Sales Charge Reduction and Waivers on page 52 of the Fund’s statement of additional information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_z5u0hC0cI5wi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zYxNKdlUtsad" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_98D_eoef--ShareholderFeesCaption_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zGF4HerDnrk9" style="border-bottom: #231F20 1pt solid; padding-left: 0.125in; width: 52%; text-indent: -0.125in"><b>Shareholder Fees</b><br/> <b>(fees paid directly from your investment)</b></td> <td id="xdx_497_20251128__20251128__oef--ClassAxis__custom--C000211308Member_zah2gs72LAk1" style="border-bottom: #231F20 1pt solid; width: 12%; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><b>Class A</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><b>Shares</b></p> </td> <td id="xdx_49A_20251128__20251128__oef--ClassAxis__custom--C000211309Member_z5CBW2eWZpy5" style="border-bottom: #231F20 1pt solid; width: 12%; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><b>Class C</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><b>Shares</b></p> </td> <td id="xdx_491_20251128__20251128__oef--ClassAxis__custom--C000211310Member_z994zYnw0NEi" style="border-bottom: #231F20 1pt solid; width: 12%; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Institutional</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Shares</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p></td> <td id="xdx_49D_20251128__20251128__oef--ClassAxis__custom--C000211307Member_z8rugZZlTHwi" style="border-bottom: #231F20 1pt solid; width: 12%; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><b>Investor</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><b>Shares</b></p> </td></tr> <tr id="xdx_40A_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zntXg9rNaZB3" style="vertical-align: top"> <td style="padding-left: 0.125in; text-align: justify; text-indent: -0.125in">Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)</td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">4.00%</p> </td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p></td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p></td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p></td></tr> <tr id="xdx_40A_eoef--MaximumDeferredSalesChargeOverOther_dpn_zxWjmVyfUtje" style="vertical-align: top"> <td style="text-indent: -0.125in; text-align: left; padding-left: 0.25in"><span style="font-size: 10pt">Maximum Deferred Sales Charge (Load) </span></td> <td style="text-align: center">1.00%<sup id="xdx_F2E_zaAfOj9Xe7b7">(1)</sup></td> <td style="text-align: center"><span style="font-size: 10pt">1.00%<sup id="xdx_F2D_zI7yfbrqTF53">(2)</sup></span></td> <td style="text-align: center"><span style="font-size: 10pt">None</span></td> <td style="text-align: center"><span style="font-size: 10pt">None</span></td></tr> <tr id="xdx_40B_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_z93kYKC2kk8l" style="vertical-align: top"> <td style="padding-left: 0.125in; text-align: justify; text-indent: -0.125in">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions</td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">None</p> </td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p></td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None</p> </td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None</p> </td></tr> <tr id="xdx_401_eoef--RedemptionFeeOverRedemption_dpn_zkxgGsdBLrEe" style="vertical-align: top"> <td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in"><span style="font-size: 10pt">Redemption Fee (as a percentage of amount redeemed) </span></td> <td style="text-align: center">None</td> <td style="text-align: center"><span style="font-size: 10pt">None</span></td> <td style="text-align: center"><span style="font-size: 10pt">None</span></td> <td style="text-align: center"><span style="font-size: 10pt">None</span></td></tr> </table> <p style="margin: 0pt 0"> </p> Shareholder Fees (fees paid directly from your investment) 0.0400 0 0 0 0.0100 0.0100 0 0 0 0 0 0 0 0 0 0 <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zSgZNIzCfE8l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zAQwmKBxpMm1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; width: 52%"><p id="xdx_982_eoef--OperatingExpensesCaption_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_gBFOEC-NDDAZ_zIw1bccbhS96" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline: true"><b>Annual Fund Operating Expenses </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_C0E_gBFOEC-NDDAZ_zxMr8DyiSQRk" style="-sec-ix-redline: true"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td> <td id="xdx_497_20251128__20251128__oef--ClassAxis__custom--C000211308Member_zXE96C46dVRg" style="border-bottom: Black 1pt solid; width: 12%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49A_20251128__20251128__oef--ClassAxis__custom--C000211309Member_zN36TdSQIdVf" style="border-bottom: Black 1pt solid; width: 11%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_491_20251128__20251128__oef--ClassAxis__custom--C000211310Member_zHuKFAxdWPef" style="border-bottom: Black 1pt solid; width: 11%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49D_20251128__20251128__oef--ClassAxis__custom--C000211307Member_ziDetpsHPmf2" style="border-bottom: Black 1pt solid; width: 11%"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z8oZkjaZpeX6" style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt; -sec-ix-redline: true">Management Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.75%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.75%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.75%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.75%</span></td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zYcLQqOabXld" style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt; -sec-ix-redline: true">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.25%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">1.00%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">None</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.50%</span></td></tr> <tr id="xdx_402_eoef--Component1OtherExpensesOverAssets_dpn_zGE3CHWGckza" style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt; -sec-ix-redline: true">Shareholder Service Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.15%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.15%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.15%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.15%</span></td></tr> <tr id="xdx_400_eoef--Component2OtherExpensesOverAssets_dpn_zqd6ytMjbCNh" style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt; -sec-ix-redline: true">Other Expenses </span></td> <td style="border-bottom: #231F20 1pt solid; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.35%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: #231F20 1pt solid; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.35%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: #231F20 1pt solid; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.35%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: #231F20 1pt solid; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.35%</span></td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zofb7jalPWn6" style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt; -sec-ix-redline: true">Total Annual Fund Operating Expenses</span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">1.50%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">2.25%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">1.25%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">1.75%</span></td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0.0075 0.0025 0.0100 0 0.0050 0.0015 0.0015 0.0015 0.0015 0.0035 0.0035 0.0035 0.0035 0.0150 0.0225 0.0125 0.0175 <p id="xdx_A89_eoef--ExpenseFootnotesTextBlock_z2ItJT6zljV4" style="margin: 0pt 0"> </p> <div style="margin-top: 0pt; margin-bottom: 2pt; width: 20%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <p style="margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td id="xdx_F07_zpjFUYTCP1vh" style="width: 16pt">(1)</td><td id="xdx_F1C_zYWLMNnR5rtk" style="text-align: justify">The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within 18 months of purchase.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td id="xdx_F04_z4rXtB6ax6wf" style="width: 15.95pt">(2)</td><td id="xdx_F1C_zzGbo5l2jQ55" style="text-align: justify">The 1.00% maximum deferred sales charge may be assessed on shares redeemed within 18 months of purchase.</td></tr></table> Example: <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zxMq4aBjDbRb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zohh54sC9YJ3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zsmsgSIgUjmi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="border-bottom: #231F20 1pt solid; width: 52%"><span style="font-size: 10pt; -sec-ix-redline: true"><b>Class</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear01_zOkY8fcm0Jf3" style="border-bottom: #231F20 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true"><b>1 Year</b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_zsNMxjJW1GMd" style="border-bottom: #231F20 1pt solid; width: 12%; padding-left: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true"><b>3 Years</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_zhPDfFVoSrZi" style="border-bottom: #231F20 1pt solid; width: 12%; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true"><b>5 Years</b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear10_zizc2yOviT3e" style="border-bottom: #231F20 1pt solid; width: 12%; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true"><b>10 Years</b></span></td></tr> <tr id="xdx_416_20251128__20251128__oef--ClassAxis__custom--C000211308Member_zywQ2gj7Zg77" style="vertical-align: top"> <td style="padding-top: 0.3pt"><span style="font-size: 10pt; -sec-ix-redline: true">Class A </span></td> <td style="padding-top: 0.3pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$547</span></td> <td style="padding-top: 0.3pt; padding-left: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$855</span></td> <td style="padding-top: 0.3pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$1,186</span></td> <td style="padding-top: 0.3pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$2,119</span></td></tr> <tr id="xdx_41E_20251128__20251128__oef--ClassAxis__custom--C000211309Member_z0V9Y0YYGHrj" style="vertical-align: top"> <td style="padding-top: 0.75pt"><span style="font-size: 10pt; -sec-ix-redline: true">Class C </span></td> <td style="padding-top: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$228</span></td> <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$703</span></td> <td style="padding-top: 0.75pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$1,205</span></td> <td style="padding-top: 0.75pt; padding-left: 1pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$2,585</span></span></td></tr> <tr id="xdx_41C_20251128__20251128__oef--ClassAxis__custom--C000211310Member_zr8mYS4sAByc" style="vertical-align: top"> <td style="padding-top: 0.75pt"><span style="font-size: 10pt; -sec-ix-redline: true">Institutional Shares </span></td> <td style="padding-top: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$127</span></td> <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$397</span></td> <td style="padding-top: 0.75pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$686</span></td> <td style="padding-top: 0.75pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$1,511</span></td></tr> <tr id="xdx_414_20251128__20251128__oef--ClassAxis__custom--C000211307Member_z69h0UYMO1Fi" style="vertical-align: top"> <td style="padding-top: 0.75pt"><span style="font-size: 10pt; -sec-ix-redline: true">Investor Shares </span></td> <td style="padding-top: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$178</span></td> <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$551</span></td> <td style="padding-top: 0.75pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$949</span></td> <td style="padding-top: 0.75pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$2,062</span></td></tr> </table> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"> </p> 547 855 1186 2119 228 703 1205 2585 127 397 686 1511 178 551 949 2062 Portfolio Turnover: <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zlwtams5DJll" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; -sec-ix-redline: true; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate of the Fund was <span id="xdx_906_eoef--PortfolioTurnoverRate_dp_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zb3qxs6xilD2">182.71</span>% of the average value of its portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> 1.8271 Principal Investment Strategies: <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zY5GJufzdh0k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; -sec-ix-redline: true; text-align: justify"><span id="xdx_903_eoef--StrategyPortfolioConcentration_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zkJ2b1PsVrFb">Under normal circumstances, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in non-investment grade bonds (also known as “junk bonds” or “high yield bonds”), which the Fund defines as securities rated lower than Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), BBB- by Standard &amp; Poor’s Ratings Group (“S&amp;P”) or Fitch Ratings Inc. (“Fitch”), or, if unrated, as determined by Leader Capital Corp. (the “Advisor”) to be of comparable quality.</span> Fixed-income securities in which the Fund may invest include:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">foreign (including emerging markets) and domestic bonds, notes, corporate debt, convertible debt securities, and preferred securities;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">U.S. and foreign government securities and domestic municipal securities;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">asset-backed securities, including agency and non-agency commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”) and credit-backed securities;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">collateralized loan obligations (“CLOs”) that are backed by domestic and foreign debt obligations;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">collateralized debt obligations (“CDOs”) that are backed by domestic and foreign debt obligations;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">STRIPS (Separate Trading of Registered Interest and Principal of Securities, a type of zero-coupon debt instrument); and</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">repurchase agreements.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">The Fund’s effective average duration of its portfolio investments will normally be three years or less. The Fund considers emerging markets countries to be those countries included in the Dow Jones Emerging Markets Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">CMBS, RMBS, CLOs, and CDOs are single-purpose investment vehicles that hold baskets of loans and issue securities that are paid from the cash flows of the underlying loans. Normally, CMBS, RMBS, CLOs, and CDOs have multiple tranches, with investors in the bottom tranches having the last priority to receive payment. By investing in high yield debt tranches, the Fund will be lower than third in priority for payment. Loans and loan participations may be unsecured, which means that any specific assets of the borrower do not collateralize them. The Fund allocates assets across security types without restriction, subject to its 80% investment policy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="-sec-ix-redline: true">The Advisor utilizes a fundamental top-down analysis, meaning it analyzes the economy, interest rate cycles, the supply and demand for credit, and the characteristics of individual securities in making investment selections. The Advisor will consider a floating or variable-rate security to have a maturity equal to its stated maturity (or redemption date if it has been called for redemption), except that it may consider (1) variable-rate securities to have a maturity equal to the period remaining until the next readjustment in the interest rate, unless subject to a demand feature; (2) variable-rate securities subject to a demand feature to have a remaining maturity equal to the longer of (a) the next readjustment in the interest rate or (b) the period remaining until the principal can be recovered through demand; and (3) floating-rate securities subject to a demand feature to have a maturity equal to the period remaining until the principal can be recovered through demand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">The Fund may also invest up to 10% of its assets in equity securities, including securities of other investment companies such as exchange-traded funds (“ETFs”), mutual funds, closed-end funds, and private funds such as hedge funds, private equity funds, and fund-of-funds. Additionally, the Fund may invest in credit default swaps for hedging purposes, as well as various derivatives, including options. It may also engage in foreign currency transactions. The Fund may invest up to 15% of its assets in illiquid securities, including private credit. The Advisor may invest in these securities to hedge against portfolio or market risk, gain market or asset exposure, or for speculative purposes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">The Advisor may sell a security if its value becomes unattractive, such as when its fundamentals deteriorate or when other investment opportunities exist with more attractive yields. 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.</p> Under normal circumstances, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in non-investment grade bonds (also known as “junk bonds” or “high yield bonds”), which the Fund defines as securities rated lower than Baa3 by Moody’s Investors Service, Inc. (“Moody’s”), BBB- by Standard & Poor’s Ratings Group (“S&P”) or Fitch Ratings Inc. (“Fitch”), or, if unrated, as determined by Leader Capital Corp. (the “Advisor”) to be of comparable quality. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighyieldBondRiskMember_zTgHCw4u6Hvf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>High-Yield Bond Risk. </i>Lower-quality bonds, commonly known as high-yield bonds or “junk bonds,” present a significant risk for loss of principal and interest. Generally, the lower the credit rating of a security, the greater the risk is that the issuer will default on its obligation. These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond’s issuer, obligor, or guarantor may not be able to make its payments of interest and principal (credit quality risk). If that happens, the value of the bond may decrease, and the Fund’s share price may decrease, and its income distribution may be reduced. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CloAndCdoRiskMember_zGHHN1j3t5I2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>CLO and CDO Risk.</i> CLO and CDO securities may be riskier and less transparent than direct investments in the underlying loans and debt obligations. The risks of investing in CLOs and CDOs depend largely on the tranche invested in and the type of underlying debts and loans in the tranche of the CLO or CDO, respectively, in which the Fund invests. The junior tranches are relatively riskier because they have later or last priority on the collateral in the event of default. As a result, the junior tranches of a CLO or CDO generally have a lower credit rating and offer higher coupon rates than the senior tranches, which offer lower coupon rates but have a lower default risk. The CLOs and CDOs in which the Fund may invest may incur, or may have already incurred, debt that is senior to the Fund’s investment. CLOs and CDOs also carry risks including, but not limited to, interest rate risk and credit risk. The junior tranches of certain CLOs and CDOs in which the Fund invests may be concentrated in a limited number of industries or borrowers, which may subject those CLOs and CDOs, and in turn the Fund, to the risk of significant loss if there is a downturn in a particular industry in which the CLO or CDO is concentrated.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zDgMXx1GM0sd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Interest Rate Risk. </i>The value of the Fund may fluctuate based on changes in interest rates and market conditions. As interest rates rise, the value of income producing instruments may decrease. This risk increases as the term of the note increases. Income earned on floating- or variable-rate securities will vary as interest rates decrease or increase. However, the interest rates on variable-rate securities, as well as certain floating-rate securities whose interest rates are reset only periodically, can fluctuate in value because of interest rate changes when there is an imperfect correlation between the interest rates on the securities and prevailing market interest rates. In the past, inflationary price movements have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to the Fund. It is difficult to accurately predict the pace at which interest rates might increase or decrease, or the timing, frequency, or magnitude of such changes. Further, in market environments where interest rates are rising, issuers may be less willing or able to make principal and interest payments on fixed-income investments when due.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zQBZJZfaJPu"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Liquidity Risk.</i> From time to time, the trading market for a particular investment in which the Fund invests, or a particular type of instrument in which the Fund is invested, may become less liquid or even illiquid. 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. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. During periods of substantial market volatility, an investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund’s ability to limit losses.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zkxFUpmsmhG5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Derivatives Risk. </i>The Fund’s use of options, credit default swaps, and other derivative instruments may result in losses, including due to adverse market movements. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price, and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zVbSM827aZR4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><i>○</i></td><td style="text-align: justify"><i>Counterparty Risk.</i> Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zjbju6X8lJ67"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><i>○</i></td><td style="text-align: justify"><i>Options Risk. </i>Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position in a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditDefaultSwapsMember_zYJmWUOEeUu"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><i>○</i></td><td style="text-align: justify"><i>Credit Default Swaps.</i> Credit default swaps may have as reference obligations one or more securities that are not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided generally that no credit event on a reference obligation has occurred. Credit default swaps involve special risks because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_z1NUKHPoay8h"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><i>○</i></td><td style="text-align: justify"><i>Hedging Risk. </i>Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateSecuritiesRiskMember_zsKOvOpio25"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Variable and Floating Rate Securities Risk. </i>Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities. Variable and floating rate instruments may decline in value if market interest rates or interest rates paid by such instruments do not move as expected. These securities may be subject to greater illiquidity risk than other fixed income securities, meaning the absence of an active market for these securities could make it difficult for the Fund to dispose of them at any given time.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgagebackedAndAssetbackedSecuritiesRiskMember_zU5YjoeQRBL4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Mortgage-Backed and Asset-Backed Securities Risk. </i>The default rate on underlying mortgage loans or asset loans may be higher than anticipated, potentially reducing payments to the Fund. Default rates are sensitive to overall economic conditions such as unemployment, wage levels and economic growth rates. Mortgage-backed securities are susceptible to maturity risk because issuers of securities held by the Fund can prepay principal due on these securities, particularly during periods of declining interest rates.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivateCreditRiskMember_zlaVcNSBJNc6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Private Credit Risk: </i>The Fund intends to obtain exposure to select less liquid or illiquid private credit investments, generally involving corporate borrowers, through its investments in pooled investment vehicles or direct loans. Typically, private credit investments are not traded in public markets and are illiquid. Additionally, private credit investments can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer’s cash flows, the size of the issuer, the quality of assets securing debt and the degree to which such assets cover the subject company’s debt obligations.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignRiskMember_zA6nXsc0FyUf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Foreign Risk. </i>Foreign investments involve additional risks not typically associated with investing in U.S. Government securities and/or securities of domestic companies, including currency rate fluctuations, political and economic instability, differences in financial reporting standards and less strict regulation of securities markets. Securities subject to these risks may be less liquid than those that are not subject to these risks.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_z8SxEu38nUK1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true"><i>○</i></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Currency Risk. </i>Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar. To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zrOAvTZgRCPg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; -sec-ix-redline: true; text-align: justify; text-indent: 0in"><i>Emerging Markets Risk. </i>Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. Emerging market economies may be based on only a few industries, therefore security issuers, including governments, may be more susceptible to economic weakness and more likely to default. Emerging market countries also may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentSecuritiesRiskMember_za78248SYyWa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><i>○</i></td><td style="text-align: justify"><i>Foreign Government Securities Risk. </i>The risk involves the possibility that a government may be unable or unwilling to repay its debt due to political or economic factors, including cash flow issues or insufficient foreign reserves. Governments may default on debt securities, potentially leading to debt rescheduling for bondholders. Additionally, there may be no legal recourse or bankruptcy process to collect defaulted government debt.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zoR5KqfN99Y1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Management Risk. </i>The strategy used by the Advisor may fail to produce the intended results. The ability of the Fund to meet its investment objectives is directly related to the Advisor’s investment strategies for the Fund. Your investment in the Fund varies with the effectiveness of the Advisor’s research, analysis, and asset allocation among portfolio securities. If the Advisor’s investment strategies do not produce the expected results, your investment could be diminished or even lost.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleDebtSecuritiesRiskMember_zc6uyp7f4by6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Convertible Debt Securities Risk. </i>Convertible debt securities subject the Fund to the risks associated with both fixed-income securities and equity securities. If a convertible debt security’s investment value is greater than its conversion value, its price will likely increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible debt security will tend to fluctuate directly with the price of the underlying equity security.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zN5oTNcIfFSi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>U.S. Government Securities Risk.</i> It is possible that the U.S. Government would not provide financial support to its agencies or instrumentalities if it is not required to do so by law. If a U.S. Government agency or instrumentality in which the Fund invests defaults and the U.S. Government does not stand behind the obligation, the Fund’s share price or yield could fall. Securities of U.S. Government sponsored entities, such as Freddie Mac or Fannie Mae, are neither issued nor guaranteed by the U.S. Government. The U.S. Government’s guarantee of ultimate payment of principal and timely payment of interest of the U.S. Government securities owned by the Fund does not imply that the Fund’s shares are guaranteed by the Federal Deposit Insurance Corporation or any other government agency, or that the price of the Fund’s shares will not fluctuate.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zdvrLOyaSa92"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><span style="font-size: 10pt"><i>Municipal Securities Risk. </i>The value of municipal bonds that depend on a specific revenue source or general revenue source to fund their payment obligations may fluctuate because of changes in the cash flows generated by the revenue source(s) or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source(s). In addition, changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal bonds. Investments in inverse floating rate securities typically involve greater risk than investments in municipal bonds of comparable maturity and credit quality and their values are more volatile than municipal bonds due to the leverage they entail. Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the Fund’s investments in such securities.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredSecurityRiskMember_zUiH51o2rdpc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Preferred Security Risk. </i>The value of preferred securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred securities are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementRiskMember_zeHm95IThYsb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Repurchase Agreement Risk.</i> The Fund may enter into repurchase agreements in which it purchases a security (known as the “underlying security”) from a securities dealer or bank. In the event of a bankruptcy or other default by the seller of a repurchase agreement, the Fund could experience delays in liquidating the underlying security and losses in the event of a decline in the value of the underlying security while the Fund is seeking to enforce its rights under the repurchase agreement.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--StripsRiskMember_zIuY2jXkpHa2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>STRIPS Risk.</i> STRIPS are a type of zero-coupon bond. Zero coupon bonds do not make periodic interest payments. Instead, they are sold at a discount from their face value and can be redeemed at face value when they mature. The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that make periodic interest payments. Zero coupon bonds may also respond to changes in interest rates to a greater degree than other fixed income securities with similar maturities and credit quality.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zbg7Obs7kAU4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Portfolio Turnover Risk. </i>The frequency of the Fund’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in the Fund’s performance. Turnover increased as the Fund made strategic changes to portfolio allocation to take advantage of the changing interest rate landscape and to address an increase in capital share activity. The Fund’s portfolio turnover is expected to be over 100% annually, as the Fund’s holdings are frequently traded.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zyOjGqqfbxH1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Equity Securities Risk. </i>Stock markets are volatile. The price of an equity security fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OtherInvestmentCompaniesRiskMember_ztUEbmlwplq1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true"><i>●</i></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Other Investment Companies Risk. </i>The main risk of investing in other investment companies (including open-end, closed-end, and ETFs) is that the value of the securities underlying an investment company might decrease. In addition, investments in other investment companies are subject to the risks of the other investment companies’ investment. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of that other investment company (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_z5bqfu1RlePj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><i>●</i></td><td style="text-align: justify"><i>ETF Risk. </i>ETF investments carry security-specific and market risks. Also, if the area of the market representing the underlying index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline. In addition, due to transactions via market prices rather than net asset value, the performance of an ETF may not completely replicate the performance of the underlying index.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivateInvestmentFundRiskMember_zp8vWS8ANmB2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true"><i>●</i></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Private Investment Fund Risk.</i> Investments in private investment funds, such as hedge funds, private equity funds, and fund-of-funds, carry various risks, including that some fund products use leverage and other speculative investment practices that may increase the risk of investment loss; are not required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; often charge high fees; and in many cases the underlying investments are not transparent. Such investments are generally less liquid than investments in securities issued by public companies and may be difficult for the Fund to value. For purposes of the Fund’s liquidity risk management program, the Fund considers investments in private funds to be illiquid.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> Performance: <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zhrZTshrLwHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; -sec-ix-redline: true; text-align: justify">The Fund was reorganized on July 15, 2019, from a series of Northern Lights Fund Trust (the “Predecessor Short Duration Fund”) to a series of Leader Funds Trust (the “Reorganization”). As a result of the Reorganization, the Fund is the accounting successor of the Predecessor Short Duration Fund. The bar chart and table below provide some indication of the risks of investing in the Fund. The bar chart shows the annual returns of the Predecessor Short Duration Fund’s Investor Class shares performance for each calendar year since the Predecessor Short Duration Fund’s inception, as well as the performance of the Fund’s Investor Class after the Reorganization. Returns for the Fund’s other Classes of shares would be substantially similar because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. <span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zb3rAGkKshTd">The performance table compares the performance of the Fund’s shares over time to the performance of one or more broad measures of market performance.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zXnX9LnSunCa">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_ziLE5uh2qbFg"><span style="text-decoration: underline">www.leadercapital.com</span></span> under “Our Products” or by calling <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_z6rm6KePCW7j">(800) 711-9164</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> The performance table compares the performance of the Fund’s shares over time to the performance of one or more broad measures of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.leadercapital.com (800) 711-9164 Investor Class Calendar Year Returns as of December 31 <p id="xdx_A88_eoef--BarChartTableTextBlock_zrYs0ySr5rMd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.45pt; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.45pt; text-align: center"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th id="xdx_482_eoef--AnnlRtrPct_dp_zASWZjXetMdh" style="display: none">Returns</th></tr> <tr id="xdx_41F_20150101__20151231__oef--ClassAxis__custom--C000211307Member_zYHlqcFuc9b9" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2015</td> <td style="display: none">-2.43%</td></tr> <tr id="xdx_412_20160101__20161231__oef--ClassAxis__custom--C000211307Member_zNLCKbdaMrW3" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2016</td> <td style="display: none">-0.88%</td></tr> <tr id="xdx_416_20170101__20171231__oef--ClassAxis__custom--C000211307Member_zE7bF7wKhJ5" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td style="display: none">1.83%</td></tr> <tr id="xdx_413_20180101__20181231__oef--ClassAxis__custom--C000211307Member_zznt7xRzcBrc" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td style="display: none">2.34%</td></tr> <tr id="xdx_41E_20190101__20191231__oef--ClassAxis__custom--C000211307Member_z8DfiZ1mVpb4" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td style="display: none">0.65%</td></tr> <tr id="xdx_412_20200101__20201231__oef--ClassAxis__custom--C000211307Member_zOt7lyd8A4Pb" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td style="display: none">7.52%</td></tr> <tr id="xdx_41C_20210101__20211231__oef--ClassAxis__custom--C000211307Member_zCdNweN983Pi" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td style="display: none">1.30%</td></tr> <tr id="xdx_41E_20220101__20221231__oef--ClassAxis__custom--C000211307Member_zRkTDFb8eoGh" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td style="display: none">-13.02%</td></tr> <tr id="xdx_41B_20230101__20231231__oef--ClassAxis__custom--C000211307Member_zEAOcVRx7HTj" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td style="display: none">14.43%</td></tr> <tr id="xdx_413_20240101__20241231__oef--ClassAxis__custom--C000211307Member_ztPn72dGwlq6" style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2024</td> <td style="display: none; width: 50%">18.40%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.45pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.45pt; text-align: center"><img alt="" src="leader485bpos112825002.jpg" style="height: 303px; width: 500px"/> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15.6pt"> </p> -0.0243 -0.0088 0.0183 0.0234 0.0065 0.0752 0.0130 -0.1302 0.1443 0.1840 <div id="xdx_A8F_eoef--BarChartClosingTextBlock_zoEyWG46Fef9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top"> <td style="width: 42%; padding-left: 2.5pt"><span style="-sec-ix-redline: true"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_z7Z8Es5lX3Ye" style="font-size: 10pt">Best Quarter</span></span><span style="-sec-ix-redline: true"><span style="font-size: 10pt">:</span></span></td> <td style="width: 36%; text-align: right"><span style="-sec-ix-redline: true"><span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_z90S0oeVtRk3" style="font-size: 10pt">12/31/2020</span></span></td> <td style="width: 22%; text-align: right"><span style="-sec-ix-redline: true"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_dp_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zqVVvkeAZpN5" style="font-size: 10pt">15.28</span></span><span style="-sec-ix-redline: true"><span style="font-size: 10pt">%</span></span></td></tr> <tr style="vertical-align: top"> <td style="padding-top: 1.75pt; padding-left: 2.5pt"><span style="-sec-ix-redline: true"><span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zQmZJsiT0Ych" style="font-size: 10pt">Worst Quarter</span></span><span style="-sec-ix-redline: true"><span style="font-size: 10pt">:</span></span></td> <td style="padding-top: 1.75pt; text-align: right"><span style="-sec-ix-redline: true"><span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zYq1yoHEOQX8" style="font-size: 10pt">03/31/2020</span></span></td> <td style="padding-top: 1.75pt; text-align: right"><span style="-sec-ix-redline: true"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_dp_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zO1TfkXK5jki" style="font-size: 10pt">(18.67)</span></span><span style="-sec-ix-redline: true"><span style="font-size: 10pt">%</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="-sec-ix-redline: true">The Fund’s Investor Class shares had a <span id="xdx_90E_eoef--YearToDateReturnLabel_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zNWwy8j8PZC3">total return</span></span> <span style="-sec-ix-redline: true">of <span id="xdx_90B_eoef--BarChartYearToDateReturn_dp_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zeTCbdCdhMD8">6.76</span></span><span style="-sec-ix-redline: true">% during the period January 1, 2025 to <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zIjRa0rLTUng">September 30, 2025</span></span><span style="-sec-ix-redline: true">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> Best Quarter 2020-12-31 0.1528 Worst Quarter 2020-03-31 -0.1867 total return 0.0676 2025-09-30 Average Annual Total Returns (For the periods ended December 31, 2024)   <div id="xdx_A81_eoef--PerformanceTableTextBlock_zgoDan02VNtc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding: 1.5pt 0.1in; white-space: nowrap; width: 38%"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_498_20240101__20241231_zV2Shc3KUDX9" style="border: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; width: 20%; background-color: #D9D9D9; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">One Year</span></span></td> <td id="xdx_499_20200101__20241231_zqdv1zlEj8W3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; width: 23%; background-color: #D9D9D9; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Five Years</span></span></td> <td id="xdx_49D_20241128__20241231_zHww0MRRh5r6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; width: 19%; background-color: #D9D9D9; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">10 Years </span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Investor Class Return Before Taxes</span></span></td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000211307Member_zFzYNMh1FLdj" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">18.40%</span></span></td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000211307Member_zMqOcxAEYdIf" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">5.27%</span></span></td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20150101__20241231__oef--ClassAxis__custom--C000211307Member_zuNGcUK8yjL" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">2.71%</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt 0.1in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Investor Class Return After Taxes on Distributions</span></span></td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000211307Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z3haFPVlow0g" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">18.40%</span></span></td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000211307Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zSo6yE7jAZ92" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">5.27%</span></span></td> <td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20150101__20241231__oef--ClassAxis__custom--C000211307Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zBkQmGGxGLV5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">2.71%</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt 0.1in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Investor Class Return After Taxes on Distributions and Sale of Fund Shares</span></span></td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000211307Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zU8JiVnQsVXg" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">15.89%</span></span></td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000211307Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zjnFOKktUzQ3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">5.39%</span></span></td> <td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20150101__20241231__oef--ClassAxis__custom--C000211307Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zJm2ofB2CAf" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">2.95%</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Institutional Class Return Before Taxes</span></span></td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000211310Member_zz8Af8kPPWGe" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">16.84%</span></span></td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000211310Member_zyVrLxi7bWZ3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">5.37%</span></span></td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20150101__20241231__oef--ClassAxis__custom--C000211310Member_zqghan2rWQOd" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">3.02%</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Class A Return Before Taxes⁽¹⁾</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">N/A</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">N/A</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">N/A</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Class C Return Before Taxes⁽¹⁾</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">N/A</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">N/A</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">N/A</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Bloomberg U.S. Aggregate Bond Index⁽²⁾</span></span></td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_fKDIp_zhu8siXcKNje" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span id="xdx_F2A_zLYET34CTGLf" style="font-family: Times New Roman, Times, Serif">1.25%</span></span></td> <td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_fKDIp_zOzYS4M797w6" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span id="xdx_F23_zktSRSonxdfa" style="font-family: Times New Roman, Times, Serif">-0.33%</span></span></td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20150101__20241231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_fKDIp_z3sby4UG9d5a" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span id="xdx_F2E_zgUXWhP6DFI8" style="font-family: Times New Roman, Times, Serif">1.35%</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt 0.1in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">BofA Merrill Lynch 1-3 Year U.S. Corporate/Government Index Index⁽³⁾</span></span></td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--PerformanceMeasureAxis__custom--BofAMerrillLynch1to3YearUSCorporateGovernmentIndexMember_fKDMp_zHKWRH9m11sd" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span id="xdx_F2A_zwzipXbxt6Ga" style="font-family: Times New Roman, Times, Serif">4.44%</span></span></td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--PerformanceMeasureAxis__custom--BofAMerrillLynch1to3YearUSCorporateGovernmentIndexMember_fKDMp_z3mZhFV9eaXj" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span id="xdx_F26_zMqTjhT9p13k" style="font-family: Times New Roman, Times, Serif">1.59%</span></span></td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20150101__20241231__oef--PerformanceMeasureAxis__custom--BofAMerrillLynch1to3YearUSCorporateGovernmentIndexMember_fKDMp_zWSEIahnpR7l" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span id="xdx_F22_zNWjkVqqZxd2" style="font-family: Times New Roman, Times, Serif">1.64%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <hr style="border-width: 0; color: Gray; background-color: Gray; height: 1px; width: 25%; margin-top: 3pt; margin-bottom: 3pt"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="-sec-ix-redline: true">(1)</span></td><td style="text-align: justify"><span style="-sec-ix-redline: true">The Fund’s Class A and Class C shares inception date was <span id="xdx_906_eoef--PerfInceptionDate_dd_c20241128__20241231__oef--ClassAxis__custom--C000211308Member_z7A6kFD7woy2"><span id="xdx_903_eoef--PerfInceptionDate_dd_c20241128__20241231__oef--ClassAxis__custom--C000211309Member_zS4PSpnSiyG4">November 28, 2024</span></span>.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F00_zGBJUeTA3zP" style="-sec-ix-redline: true">(2)</span></td><td style="text-align: justify"><span id="xdx_F1D_zqszqUtEiDr4" style="-sec-ix-redline: true"><span id="xdx_90D_eoef--PerformanceTableMarketIndexChanged_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zwa3aMuLHtFk">This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements.</span> The Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). <span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zFa5XAqGt9t9">Unlike a mutual fund, an index does not reflect any trading costs or management fees.</span> Investors cannot directly invest in an index.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F02_zWF6yhErN3B" style="-sec-ix-redline: true">(3)</span></td><td style="text-align: justify"><span id="xdx_F16_zRf9Vco0dPa1" style="-sec-ix-redline: true">The BofA Merrill Lynch 1-3 Year U.S. Corporate/Government Index is an index tracking short-term U.S. government and corporate securities with maturities between 1 and 2.99 years. The index is produced by BofA Merrill Lynch. The index does not reflect the deduction of fees, expenses or taxes that mutual fund investors bear. Unlike a mutual fund, an index does not reflect any trading costs or management fees. Investors cannot directly invest in an index.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0.1840 0.0527 0.0271 0.1840 0.0527 0.0271 0.1589 0.0539 0.0295 0.1684 0.0537 0.0302 0.0125 -0.0033 0.0135 0.0444 0.0159 0.0164 2024-11-28 2024-11-28 This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements. Unlike a mutual fund, an index does not reflect any trading costs or management fees. <p id="xdx_A84_eoef--PerformanceTableClosingTextBlock_z0kU9wmZ6PZ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span id="xdx_90D_eoef--PerformanceTableUsesHighestFederalRate_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zGKwfbexJPRf">After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.</span> <span id="xdx_903_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zgja3gdHQjwb">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> <span id="xdx_904_eoef--PerformanceTableOneClassOfAfterTaxShown_c20251128__20251128__dei--LegalEntityAxis__custom--S000065272Member_zF0ZND1bSfac">After-tax returns are shown for only Investor Class shares, and after-tax returns for other classes will vary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for only Investor Class shares, and after-tax returns for other classes will vary. LEADER CAPITAL HIGH QUALITY INCOME FUND SUMMARY Investment Objective: <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_ztj1Ys0JBkBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">The investment objective of the Leader Capital High Quality Income Fund (the “High Quality Fund” or the “Fund”) is to deliver a high level of current income,</p> <p id="xdx_A88_eoef--ObjectiveSecondaryTextBlock_zRPfyHLZLoq" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">with a secondary objective of capital appreciation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> Fees and Expenses of the Fund: <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zpt39vxL0vC6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; -sec-ix-redline: true; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial intermediary and in How to Purchase Shares on page 31 of the Fund’s prospectus and in Sales Charge Reduction and Waivers on page 52 of the Fund’s statement of additional information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zQwTXgSLoaQ2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zySOIxylx1S1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td style="border-bottom: #231F20 1pt solid; width: 52%"><p id="xdx_988_eoef--ShareholderFeesCaption_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_gBFSFC-FK_zVDRnaQULuN6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.125in; text-indent: -0.125in"><b>Shareholder Fees </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.125in; text-indent: -0.125in"><b><span id="xdx_C02_gBFSFC-FK_zwZ1QAS2PONk">(fees paid directly from your investment)</span></b></p> </td> <td id="xdx_490_20251128__20251128__oef--ClassAxis__custom--C000211313Member_zsDLfQEhrUe7" style="border-bottom: #231F20 1pt solid; width: 12%; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><b>Class A</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><b>Shares</b></p> </td> <td id="xdx_494_20251128__20251128__oef--ClassAxis__custom--C000211312Member_zdByiN2jZ1Nk" style="border-bottom: #231F20 1pt solid; width: 12%; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><b>Class C</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><b>Shares</b></p> </td> <td id="xdx_49C_20251128__20251128__oef--ClassAxis__custom--C000211314Member_zkYYijXa9fS3" style="border-bottom: #231F20 1pt solid; width: 12%; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><b>Investor</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><b>Shares</b></p> </td> <td id="xdx_496_20251128__20251128__oef--ClassAxis__custom--C000211311Member_zBA9aURa1Fke" style="border-bottom: #231F20 1pt solid; width: 12%; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Institutional</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Shares</b></p> </td></tr> <tr id="xdx_406_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zgbgmJZcKdJ2" style="vertical-align: top"> <td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.125in; text-indent: -0.125in">Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.125in; text-align: left; text-indent: -0.125in"></p></td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">4.00%</p> </td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None</p> </td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None</p> </td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None</p> </td></tr> <tr id="xdx_408_eoef--MaximumDeferredSalesChargeOverOther_dpn_zyPBpllvW4C4" style="vertical-align: top"> <td style="text-align: left; padding-left: 0.125in"><span style="font-size: 10pt">Maximum Deferred Sales Charge (Load) </span></td> <td style="text-align: center"><span style="font-size: 10pt">1.00%<sup id="xdx_F28_zvusQ3lEoQ3a">(1)</sup></span></td> <td style="text-align: center"><span style="font-size: 10pt">1.00%<sup id="xdx_F22_ze5DLnL3S6n8">(2)</sup></span></td> <td style="text-align: center"><span style="font-size: 10pt">None</span></td> <td style="text-align: center"><span style="font-size: 10pt">None</span></td></tr> <tr id="xdx_407_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zpf9pgYN4eig" style="vertical-align: top"> <td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.125in; text-indent: -0.125in">Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions</p> </td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">None</p> </td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None</p> </td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None</p> </td> <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">None</p> </td></tr> <tr id="xdx_404_eoef--RedemptionFeeOverRedemption_dpn_zg6wSNH8QGdk" style="vertical-align: top"> <td style="text-align: left"><span style="font-size: 10pt">Redemption Fee (as a percentage of amount redeemed)</span></td> <td style="text-align: center">None</td> <td style="text-align: center"><span style="font-size: 10pt">None</span></td> <td style="text-align: center"><span style="font-size: 10pt">None</span></td> <td style="text-align: center"><span style="font-size: 10pt">None</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> Shareholder Fees (fees paid directly from your investment) 0.0400 0 0 0 0.0100 0.0100 0 0 0 0 0 0 0 0 0 0 <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zIfDykIMslac"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zMM5ANbNzYh9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; width: 52%"><p id="xdx_98D_eoef--OperatingExpensesCaption_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_gBFOEC-PHSG_zhWg60hlipP8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline: true"><b>Annual Fund Operating Expenses </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_C0C_gBFOEC-PHSG_zc3gbXqKpyec" style="-sec-ix-redline: true"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td> <td id="xdx_490_20251128__20251128__oef--ClassAxis__custom--C000211313Member_z0AgDu5TLEod" style="border-bottom: Black 1pt solid; width: 12%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_494_20251128__20251128__oef--ClassAxis__custom--C000211312Member_zxlTcMFK1xQe" style="border-bottom: Black 1pt solid; width: 11%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49C_20251128__20251128__oef--ClassAxis__custom--C000211314Member_zDiHo5W1TQQ1" style="border-bottom: Black 1pt solid; width: 11%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_496_20251128__20251128__oef--ClassAxis__custom--C000211311Member_z67bPJBWkb12" style="border-bottom: Black 1pt solid; width: 11%"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zpzeQChnaQu3" style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt; -sec-ix-redline: true">Management Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.65%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.65%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.65%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.65%</span></td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zIvFEzMIjS4b" style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt; -sec-ix-redline: true">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.25%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">1.00%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.38%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">None</span></td></tr> <tr id="xdx_404_eoef--Component1OtherExpensesOverAssets_dpn_z9HK7or3y6hi" style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt; -sec-ix-redline: true">Shareholder Service Fee </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.15%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.15%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.15%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.15%</span></td></tr> <tr id="xdx_408_eoef--Component2OtherExpensesOverAssets_dpn_zLAjtQLpEjNl" style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt; -sec-ix-redline: true">Other Expenses </span></td> <td style="border-bottom: #231F20 1pt solid; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.23%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: #231F20 1pt solid; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.23%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: #231F20 1pt solid; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.23%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: #231F20 1pt solid; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.23%</span></td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zt4t1wfkrmlk" style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt; -sec-ix-redline: true">Acquired Fund Fees and Expenses</span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.05%</span></td> <td> </td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.05%</span></td> <td> </td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.05%</span></td> <td> </td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">0.05%</span></td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zo5stbMZqho5" style="vertical-align: top"> <td style="text-align: justify"><span style="font-size: 10pt; -sec-ix-redline: true">Total Annual Fund Operating Expenses</span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">1.33%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">2.08%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">1.46%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">1.08%</span></td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0065 0.0065 0.0025 0.0100 0.0038 0 0.0015 0.0015 0.0015 0.0015 0.0023 0.0023 0.0023 0.0023 0.0005 0.0005 0.0005 0.0005 0.0133 0.0208 0.0146 0.0108 <p id="xdx_A8B_eoef--ExpenseFootnotesTextBlock_zlT75o2fMO2j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div style="margin-top: 0pt; margin-bottom: 2pt; width: 20%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td id="xdx_F07_zIeBIxrirbcg" style="width: 0.25in">(1)</td><td id="xdx_F12_zeTyLy2Bfs7g" style="text-align: justify">The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within 18 months of purchase.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td id="xdx_F00_ze8oIZPMbugf" style="width: 0.25in">(2)</td><td id="xdx_F14_zbMn2dfV2eWi" style="text-align: justify">The 1.00% maximum deferred sales charge may be assessed on shares redeemed within 18 months of purchase.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> Example: <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zehVl5ISTW2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCaIyKwwx2ge"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zvmob9fJ7uS3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="border-bottom: #231F20 1pt solid; width: 52%"><span style="font-size: 10pt; -sec-ix-redline: true"><b>Class</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear01_zTe6hfElqurg" style="border-bottom: #231F20 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true"><b>1 Year</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zF97Pnisjj2l" style="border-bottom: #231F20 1pt solid; width: 12%; padding-left: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true"><b>3 Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear05_z8BysDt1Eqji" style="border-bottom: #231F20 1pt solid; width: 12%; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true"><b>5 Years</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zbxKzndQqZcf" style="border-bottom: #231F20 1pt solid; width: 12%; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true"><b>10 Years</b></span></td></tr> <tr id="xdx_418_20251128__20251128__oef--ClassAxis__custom--C000211313Member_zqpHQN27zwc4" style="vertical-align: top"> <td style="padding-top: 0.3pt"><span style="font-size: 10pt; -sec-ix-redline: true">Class A Shares </span></td> <td style="padding-top: 0.3pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$530</span></td> <td style="padding-top: 0.3pt; padding-left: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$805</span></td> <td style="padding-top: 0.3pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$1,100</span></td> <td style="padding-top: 0.3pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$1,937</span></td></tr> <tr id="xdx_414_20251128__20251128__oef--ClassAxis__custom--C000211312Member_zXnrxeEb5bt3" style="vertical-align: top"> <td style="padding-top: 0.75pt"><span style="font-size: 10pt; -sec-ix-redline: true">Class C Shares </span></td> <td style="padding-top: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$211</span></td> <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$652</span></td> <td style="padding-top: 0.75pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$1,119</span></td> <td style="padding-top: 0.75pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$2,410</span></td></tr> <tr id="xdx_416_20251128__20251128__oef--ClassAxis__custom--C000211314Member_z8YwfXiXRsKc" style="vertical-align: top"> <td style="padding-top: 0.75pt"><span style="font-size: 10pt; -sec-ix-redline: true">Investor Shares </span></td> <td style="padding-top: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$149</span></td> <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$462</span></td> <td style="padding-top: 0.75pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$797</span></td> <td style="padding-top: 0.75pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$1,746</span></td></tr> <tr id="xdx_419_20251128__20251128__oef--ClassAxis__custom--C000211311Member_zMInTP9ry4S6" style="vertical-align: top"> <td style="padding-top: 0.75pt"><span style="font-size: 10pt; -sec-ix-redline: true">Institutional Class Shares </span></td> <td style="padding-top: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$110</span></td> <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$343</span></td> <td style="padding-top: 0.75pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$595</span></td> <td style="padding-top: 0.75pt; padding-left: 1pt; text-align: center"><span style="font-size: 10pt; -sec-ix-redline: true">$1,317</span></td></tr> </table> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"> </p> 530 805 1100 1937 211 652 1119 2410 149 462 797 1746 110 343 595 1317 Portfolio Turnover: <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zv9yEwySU0sd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; -sec-ix-redline: true; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate of the Fund was <span id="xdx_900_eoef--PortfolioTurnoverRate_dp_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zYnJiEHZFdUe">132.76</span>% of the average value of its portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> 1.3276 Principal Investment Strategies: <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zdqbuoqALObl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; -sec-ix-redline: true; text-align: justify"><span id="xdx_90B_eoef--StrategyPortfolioConcentration_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zaEx8pZo9pfe">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any amount of borrowings for investment purposes, in high-quality income-producing debt securities.</span> For the purposes of the Fund’s 80% investment policy, the Fund defines high-quality as being rated at the time of purchase as no lower than Baa3 by Moody’s Investors Service (“Moody’s”), BBB- by Standard &amp; Poor’s Ratings Group (“S&amp;P”), or Fitch Ratings, Inc. (“Fitch”), or, if unrated, as determined by Leader Capital Corp. (the “Advisor”) to be of comparable quality. The debt securities in which the Fund may invest include the following U.S. dollar-denominated domestic and foreign securities:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">foreign (including emerging markets) and domestic bonds, notes, corporate debt, convertible debt securities, and preferred securities;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">bank loans and bank loan participations;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">asset-backed securities, including agency and non-agency commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”) and credit-backed securities;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">collateralized loan obligations (“CLOs”) that are backed by domestic and foreign debt obligations;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">collateralized debt obligations (“CDOs”) that are backed by domestic and foreign debt obligations; and</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">U.S. government securities.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">The Fund normally invests in debt securities with an interest rate that resets quarterly based on the Secured Overnight Financing Rate (“SOFR”), Effective Federal Funds Rate (“EFFR”), or Overnight Bank Fund Rate (“OBFR”). The Fund allocates assets across debt security types without restriction, subject to its 80% investment policy. The Fund considers emerging markets countries to be those countries included in the Dow Jones Emerging Markets Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">The Fund invests without restriction on the maturity of any single debt security and its portfolio average effective duration (a measure of a security’s sensitivity to changes in prevailing interest rates). Generally, the Fund’s average effective duration will be 75% to 125% of the three-year average effective duration of the Morningstar® Core Bond Index, although the Fund’s average effective duration will change depending on market conditions and could be up to 15 years depending on prevailing interest rates. The Fund uses effective duration to measure the sensitivity of a debt security’s price to changes in interest rates. The longer a debt security’s duration, the more sensitive it will be to changes in interest rates. For example, when the level of interest rates increases by 1.00%, the price of a debt security or a portfolio of such securities having a duration of 5 years will decrease by about 5.00%. Conversely, when interest rates decrease by 1.00%, the price of a debt security or a portfolio of such securities with a duration of 5 years will generally increase by about 5.00%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">CMBS, RMBS, CLOs, and CDOs are single-purpose investment vehicles that hold baskets of loans and issue securities that are paid from the cash flows of the underlying loans. Normally, CMBS, RMBS, CLOs, and CDOs have multiple tranches, with investors in the bottom tranches having the last priority to receive payment. By investing in investment-grade debt tranches, the Fund will not be less than third in priority for payment. Loans and loan participations may be unsecured, which means that any specific assets of the borrower do not collateralize them. The Fund allocates assets across security types without restriction, subject to its 80% investment policy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">The Advisor utilizes a fundamental top-down analysis, meaning the Advisor analyzes the economy, interest rate cycles, the supply and demand for credit and the characteristics of individual securities in making investment selections for the Fund. The Advisor may sell a security if its value becomes unattractive, such as when its fundamentals deteriorate, its credit rating is downgraded (including, as described above, sales required when a security is downgraded to below investment grade ratings) or when other investment opportunities exist that may have more attractive yields. In making purchase decisions, if the expected term premium is greater for longer-term securities in the eligible maturity range, the Advisor will focus investment in the longer-term area; otherwise, the Fund will focus investment in the shorter-term area of the eligible maturity range.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">The Fund may also invest up to 10% of its assets in equity securities, including securities of other investment companies such as exchange-traded funds (“ETFs”), mutual funds (including affiliated mutual funds), closed-end funds, and private funds such as hedge funds, private equity funds, and fund-of-funds. The Fund may also invest up to 20% of its portfolio in non-investment grade bonds (also known as “junk bonds” or “high yield bonds”), which the Fund defines as securities rated lower than Baa3 by Moody’s, BBB- by S&amp;P or Fitch, or, if unrated, as determined by the Advisor to be of comparable quality. The Fund may also invest in various derivatives, including options and credit default swaps, foreign currency transactions, and private credit, including securities that may be illiquid up to the maximum amount permitted under the law. The Advisor may invest in these securities to hedge against portfolio or market risk, gain market or asset exposure, or for speculative purposes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">The Advisor may sell a security if its value becomes unattractive, such as when its fundamentals deteriorate or when other investment opportunities exist with more attractive yields. 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.</p> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any amount of borrowings for investment purposes, in high-quality income-producing debt securities. As with all mutual funds, you could lose money on your investment in the Fund. <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CloAndCdoRiskMember_zqlpZTiJNf8a"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>CLO and CDO Risk.</i> CLO and CDO securities may be riskier and less transparent than direct investments in the underlying loans and debt obligations. The risks of investing in CLOs and CDOs depend largely on the tranche invested in and the type of underlying debts and loans in the tranche of the CLO or CDO, respectively, in which the Fund invests. The senior tranches are relatively safer because they have first priority on the collateral in the event of default. As a result, the senior tranches of a CLO or CDO generally have a higher credit rating and offer lower coupon rates than the junior tranches, which offer higher coupon rates to compensate for their higher default risk. The CLOs and CDOs in which the Fund may invest may incur, or may have already incurred, debt that is senior to the Fund’s investment. CLOs and CDOs also carry risks including, but not limited to, interest rate risk and credit risk. The senior tranches of certain CLOs and CDOs in which the Fund invests may be concentrated in a limited number of industries or borrowers, which may subject those CLOs and CDOs, and in turn the Fund, to the risk of significant loss if there is a downturn in a particular industry in which the CLO or CDO is concentrated.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_z8zvjQbntRge"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Credit Risk. </i>Issuers may not make interest and principal payments on securities held by the Fund, resulting in losses to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer’s financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and lower liquidity making it difficult for the Fund to sell the security.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zRpeMXdaPGH8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Interest Rate Risk.</i> The value of the Fund may fluctuate based on changes in interest rates and market conditions. As interest rates rise, the value of income producing instruments may decrease. This risk increases as the term of the note increases. Income earned on floating- or variable-rate securities will vary as interest rates decrease or increase. However, the interest rates on variable-rate securities, as well as certain securities whose interest rates are reset only periodically, can fluctuate in value because of interest rate changes when there is an imperfect correlation between the interest rates on the securities and prevailing market interest rates. In the past, inflationary price movements have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to the fund. It is difficult to accurately predict the pace at which interest rates might increase or decrease, or the timing, frequency, or magnitude of such changes. Further, in market environments where interest rates are rising, issuers may be less willing or able to make principal and interest payments on fixed-income investments when due.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateSecuritiesRiskMember_zGRiaIxWu9b9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Variable and Floating Rate Securities Risk. </i>Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities. Variable and floating rate instruments may decline in value if market interest rates or interest rates paid by such instruments do not move as expected. These securities may be subject to greater illiquidity risk than other fixed income securities, meaning the absence of an active market for these securities could make it difficult for the Fund to dispose of them at any given time.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LoanAndLoanParticipationRiskMember_zbmSIOWsY3E9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Loan and Loan Participation Risk.</i> The secondary market for loans and loan participations is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans and loan participations are generally subject to contractual restrictions that must be satisfied before a loan or loan participations can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell loans and loan participations and may negatively impact the transaction price. It may take longer than seven days for transactions in loans and loan participations to settle. The Fund may hold cash, sell investments, or temporarily borrow from banks or other lenders to meet short-term liquidity needs due to the extended loan settlement process, such as to satisfy redemption requests from Fund shareholders. Loan participations are indirectly subject to default risk of the bank granting the participation. Such a default will likely delay the Fund’s access to the cash flows from underlying loan. Loans and loan participations may be unsecured which means that they are not collateralized by any specific assets of the borrower.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgagebackedAndAssetbackedSecuritiesRiskMember_z4RxsAGgIFba"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Mortgage-Backed and Asset-Backed Securities Risk. </i>The default rate on underlying mortgage loans or asset loans may be higher than anticipated, potentially reducing payments to the Fund. Default rates are sensitive to overall economic conditions such as unemployment, wage levels and economic growth rates. Mortgage-backed securities are susceptible to maturity risk because issuers of securities held by the Fund can prepay principal due on these securities, particularly during periods of declining interest rates.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivateCreditRiskMember_zbIIXL5VoLY5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Private Credit Risk: </i>The Fund intends to obtain exposure to select less liquid or illiquid private credit investments, generally involving corporate borrowers, through its investments in pooled investment vehicles or direct loans. Typically, private credit investments are not traded in public markets and are illiquid. Additionally, private credit investments can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer’s cash flows, the size of the issuer, the quality of assets securing debt and the degree to which such assets cover the subject company’s debt obligations.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_ziDPp3jKmxYh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Derivatives Risk. </i>The Fund’s use of options, credit default swaps, and other derivative instruments may result in losses, including due to adverse market movements. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price, and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zFSNshdJkW8h"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><i>○</i></td><td style="text-align: justify"><i>Counterparty Risk.</i> Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zj9Liixzchb4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><i>○</i></td><td style="text-align: justify"><i>Options Risk. </i>Options and options on futures contracts give the holder of the option the right, but not the obligation, to buy (or sell) a position in a security or contract to the writer of the option at a specific price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund’s strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditDefaultSwapsMember_zOiCFlmyThB8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><i>○</i></td><td style="text-align: justify"><i>Credit Default Swaps.</i> Credit default swaps may have as reference obligations one or more securities that are not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided generally that no credit event on a reference obligation has occurred. Credit default swaps involve special risks because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_zRPXUbZ9iJqf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><i>○</i></td><td style="text-align: justify"><i>Hedging Risk. </i>Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignRiskMember_zvBB8oetB9J7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Foreign Risk. </i>Foreign investments involve additional risks not typically associated with investing in U.S. Government securities and/or securities of domestic companies, including currency rate fluctuations, political and economic instability, differences in financial reporting standards and less strict regulation of securities markets. The withdrawal of the United Kingdom from the European Union (so-called Brexit) may create greater economic uncertainty for European debt issuers and negatively impact their credit quality. Securities subject to these risks may be less liquid than those that are not subject to these risks.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zX3fEJ6qG8n3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true"><i>○</i></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Currency Risk. </i>Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar. To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z70Y6knucnok"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; -sec-ix-redline: true">○</span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Emerging Markets Risk. </i>Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. Emerging market economies may be based on only a few industries, therefore security issuers, including governments, may be more susceptible to economic weakness and more likely to default. Emerging market countries also may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentSecuritiesRiskMember_z03mq335wu4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">○</span></td><td style="text-align: justify"><i>Foreign Government Securities Risk. </i>The risk involves the possibility that a government may be unable or unwilling to repay its debt due to political or economic factors, including cash flow issues or insufficient foreign reserves. Governments may default on debt securities, potentially leading to debt rescheduling for bondholders. Additionally, there may be no legal recourse or bankruptcy process to collect defaulted government debt.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zCf5NwqfECCj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Portfolio Turnover Risk. </i>The frequency of the Fund’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Turnover increased as the Fund made strategic changes to portfolio allocation to take advantage of the changing interest rate landscape and to address an increase in capital share activity. The Fund’s portfolio turnover is expected to be over 100% annually, as the Fund’s holdings are frequently traded.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zSqK8GRAxdQ1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>U.</i>S. <i>Government Securities Risk.</i> It is possible that the U.S. Government would not provide financial support to its agencies or instrumentalities if it is not required to do so by law. If a U.S. Government agency or instrumentality in which the Fund invests defaults and the U.S. Government does not stand behind the obligation, the Fund’s share price or yield could fall. Securities of U.S. Government sponsored entities, such as Freddie Mac or Fannie Mae, are neither issued nor guaranteed by the U.S. Government. The U.S. Government’s guarantee of ultimate payment of principal and timely payment of interest of the U.S. Government securities owned by the Fund does not imply that the Fund’s shares are guaranteed by the Federal Deposit Insurance Corporation or any other government agency, or that the price of the Fund’s shares will not fluctuate.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_ziz0xDyDVV4e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Liquidity Risk.</i> From time to time, the trading market for a particular investment in which the Fund invests, or a particular type of instrument in which the Fund is invested, may become less liquid or even illiquid. 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. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. During periods of substantial market volatility, an investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund’s ability to limit losses.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zA6HObDwUksi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Management Risk. </i>The strategy used by the Advisor may fail to produce the intended results. The ability of the Fund to meet its investment objectives is directly related to the Advisor’s investment strategies for the Fund. Your investment in the Fund varies with the effectiveness of the Advisor’s research, analysis, and asset allocation among portfolio securities. If the Advisor’s investment strategies do not produce the expected results, your investment could be diminished or even lost.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zGq5qMwsCl0k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Equity Securities Risk. </i>Stock markets are volatile. The price of an equity security fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OtherInvestmentCompaniesRiskMember_z5onGgnUI64f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true"><i>●</i></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Other Investment Companies Risk, </i>The main risk of investing in other investment companies (including open-end, closed-end, and ETFs) is that the value of the securities underlying an investment company might decrease. In addition, investments in other investment companies are subject to the risks of the other investment companies’ investment. Because the Fund may invest in other investment companies, you will pay a proportionate share of the expenses of that other investment company (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_zfk3qPhKecVb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><i>●</i></td><td style="text-align: justify"><i>ETF Risk. </i>ETF investments carry security-specific and market risks. Also, if the area of the market representing the underlying index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline. In addition, due to transactions via market prices rather than net asset value, the performance of an ETF may not completely replicate the performance of the underlying index.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivateInvestmentFundRiskMember_zB1Dn7tu3WN4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in"><span style="-sec-ix-redline: true"><i>●</i></span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><i>Private Investment Fund Risk.</i> Investments in private investment funds, such as hedge funds, private equity funds, and fund-of-funds, carry various risks, including that some fund products use leverage and other speculative investment practices that may increase the risk of investment loss; are not required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; often charge high fees; and in many cases the underlying investments are not transparent. Such investments are generally less liquid than investments in securities issued by public companies and may be difficult for the Fund to value. For purposes of the Fund’s liquidity risk management program, the Fund considers investments in private funds to be illiquid.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> Performance: <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zrBnjef3OIxa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; -sec-ix-redline: true; text-align: justify">The Fund was reorganized on July 15, 2019, from a series of Northern Lights Fund Trust (the “Predecessor Fund”) to a series of Leader Funds Trust (the “Reorganization”). As a result of the Reorganization, the Fund is the accounting successor of the Predecessor Fund. The bar chart and table below provide some indication of the risks of investing in the Fund. The bar chart shows the annual returns of the Predecessor Fund’s Investor Class shares performance for each calendar year since the Predecessor Fund’s inception, as well as the performance of the Fund’s Investor Class shares after the Reorganization. Returns for the Fund’s other Classes of shares would be substantially similar because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zpJp3rcZiAd6">The performance table compares the performance of the Fund’s shares over time to the performance of one or more broad measures of market performance.</span>. <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_z6TDNlOb2Ls7">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zZSanrtxoepk"><span style="text-decoration: underline">www.leadercapital.com</span></span> under “Our Products” or by calling <span id="xdx_900_eoef--PerformanceAvailabilityPhone_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zB6dSUjWTerb">(800) 711-9164</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> The performance table compares the performance of the Fund’s shares over time to the performance of one or more broad measures of market performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.leadercapital.com (800) 711-9164 Investor Class Calendar Year Returns as of December 31 <p id="xdx_A8C_eoef--BarChartTableTextBlock_zwBEGwacKU2c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.35pt; text-align: center"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th id="xdx_48F_eoef--AnnlRtrPct_dp_zK5MNLa37g73" style="display: none">Returns</th></tr> <tr id="xdx_41A_20150101__20151231__oef--ClassAxis__custom--C000211314Member_znbubcz8SJWl" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2015</td> <td style="display: none">-8.62%</td></tr> <tr id="xdx_411_20160101__20161231__oef--ClassAxis__custom--C000211314Member_zepZfqhXG6Oa" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2016</td> <td style="display: none">4.29%</td></tr> <tr id="xdx_411_20170101__20171231__oef--ClassAxis__custom--C000211314Member_zl0VNlXIT1P4" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td style="display: none">4.48%</td></tr> <tr id="xdx_418_20180101__20181231__oef--ClassAxis__custom--C000211314Member_zIPLb5yoxBa" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td style="display: none">6.00%</td></tr> <tr id="xdx_414_20190101__20191231__oef--ClassAxis__custom--C000211314Member_zt0yaGZJFXK7" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td style="display: none">1.15%</td></tr> <tr id="xdx_41D_20200101__20201231__oef--ClassAxis__custom--C000211314Member_zuUoIWGx4Lq4" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td style="display: none">12.38%</td></tr> <tr id="xdx_41D_20210101__20211231__oef--ClassAxis__custom--C000211314Member_zwyTLoJdpqR6" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td style="display: none">1.99%</td></tr> <tr id="xdx_412_20220101__20221231__oef--ClassAxis__custom--C000211314Member_z1ki1u52uozg" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td style="display: none">1.94%</td></tr> <tr id="xdx_413_20230101__20231231__oef--ClassAxis__custom--C000211314Member_zekvm5tL9cO2" style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td style="display: none">9.08%</td></tr> <tr id="xdx_41F_20240101__20241231__oef--ClassAxis__custom--C000211314Member_zhMdZBQxMiNb" style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2024</td> <td style="display: none; width: 50%">6.53%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.35pt; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.35pt; text-align: center"><img alt="" src="leader485bpos112825003.jpg" style="height: 302px; width: 500px"/> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15.75pt"> </p> -0.0862 0.0429 0.0448 0.0600 0.0115 0.1238 0.0199 0.0194 0.0908 0.0653 <div id="xdx_A82_eoef--BarChartClosingTextBlock_z1OmGECYO529"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top"> <td style="width: 42%; padding-left: 2.5pt"><span style="font-size: 10pt"><span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zzWmwdNPVIyf">Best Quarter</span>:</span></td> <td style="width: 36%; text-align: right"><span style="font-size: 10pt"><span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zD5x6OMau6oe">12/31/2020</span></span></td> <td style="width: 22%; text-align: right"><span style="font-size: 10pt"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_dp_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_z19Z8ciivtVc">13.38</span>%</span></td></tr> <tr style="vertical-align: top"> <td style="padding-top: 1.75pt; padding-left: 2.5pt"><span style="font-size: 10pt"><span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zfIF57zwAcS6">Worst Quarter</span>:</span></td> <td style="padding-top: 1.75pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zp5wBBEBrwp6">3/31/2020</span></span></td> <td style="padding-top: 1.75pt; text-align: right"><span style="font-size: 10pt"><span id="xdx_905_eoef--BarChartLowestQuarterlyReturn_dp_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zzaAwIwmNeYc">(13.92)</span>%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="-sec-ix-redline: true">The Fund’s Investor Class shares had a <span id="xdx_906_eoef--YearToDateReturnLabel_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zHmAvQN84grd">total return</span></span> <span style="-sec-ix-redline: true">of <span id="xdx_909_eoef--BarChartYearToDateReturn_dp_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zmnxULQWvIRa">3.84</span></span><span style="-sec-ix-redline: true">% during the period January 1, 2025 to <span id="xdx_909_eoef--BarChartYearToDateReturnDate_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zgTvh9ykQYFa">September 30, 2025</span></span><span style="-sec-ix-redline: true">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> Best Quarter 2020-12-31 0.1338 Worst Quarter 2020-03-31 -0.1392 total return 0.0384 2025-09-30 Average Annual Total Returns (For the periods ended December 31, 2024)   <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zxkFvd41HBYk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: rgb(0,0,10) 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; width: 55%"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_498_20240101__20241231_znPnYSCXHIF8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; width: 15%; background-color: #D9D9D9; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">One Year</span></span></td> <td id="xdx_499_20200101__20241231_zrGHHTa5gYL7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; width: 15%; background-color: #D9D9D9; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Five Years</span></span></td> <td id="xdx_490_20150101__20241231_zMTe0BjcE4x4" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; width: 15%; background-color: #D9D9D9; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">10 Years or <br/> Since Inception</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Investor Class Return Before Taxes</span></span></td> <td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000211314Member_z3RzSuX1B1nh" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">6.53%</span></span></td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000211314Member_znw41NzXpg84" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">6.46%</span></span></td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20150101__20241231__oef--ClassAxis__custom--C000211314Member_zKjg5DECPB8k" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">3.92%</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt 0.1in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Investor Class Return After Taxes on Distributions</span></span></td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000211314Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zw3yCepjIGMj" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">6.53%</span></span></td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000211314Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zUX6Zrm7IDba" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">6.46%</span></span></td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20150101__20241231__oef--ClassAxis__custom--C000211314Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zuxvow0KbPd6" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">3.92%</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt 0.1in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Investor Class Return After Taxes on Distributions and Sale of Fund Shares</span></span></td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000211314Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zBGqkCj0xySa" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">6.43%</span></span></td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000211314Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zwiIP1r9y6f1" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">6.00%</span></span></td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20150101__20241231__oef--ClassAxis__custom--C000211314Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zfyEJWv0TKMb" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">3.82%</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Institutional Class Return Before Taxes</span></span></td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000211311Member_zsq2GgeUWsyk" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">7.03%</span></span></td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--ClassAxis__custom--C000211311Member_zOFW00ayrcxf" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">6.92%</span></span></td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20150101__20241231__oef--ClassAxis__custom--C000211311Member_zHilvikvR6L5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">4.38%</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Class A Return Before Taxes⁽¹⁾</span></span></td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000211313Member_fKDEp_zghy1hxIP4F9" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span id="xdx_F2D_zLGJqh8Ue1y6" style="font-family: Times New Roman, Times, Serif">3.49%</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">N/A</span></span></td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20241128__20241231__oef--ClassAxis__custom--C000211313Member_fKDEp_zGRNjuX20o45" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span id="xdx_F2F_zsvm7OLvmTqa" style="font-family: Times New Roman, Times, Serif">8.06%</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Class C Return Before Taxes⁽¹⁾</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">N/A</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">N/A</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">N/A</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.5pt 0.1in"><span style="-sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif">Bloomberg U.S. Aggregate Bond Index⁽²⁾</span></span></td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20240101__20241231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_fKDIp_zVC5tLIXokt8" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span id="xdx_F2A_zPYJmJz4dUUa" style="font-family: Times New Roman, Times, Serif">1.25%</span></span></td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20200101__20241231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_fKDIp_zH6GgDqOntqi" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span id="xdx_F2F_zIDG2H2pv6N7" style="font-family: Times New Roman, Times, Serif">-0.33%</span></span></td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20150101__20241231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_fKDIp_zh2j5RMwZBoh" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 0.1in; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true"><span id="xdx_F27_zzQx5cZvK9O3" style="font-family: Times New Roman, Times, Serif">1.35%</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <hr style="border-width: 0; color: Gray; background-color: Gray; height: 1px; width: 25%; margin-top: 3pt; margin-bottom: 3pt"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F04_zpAggwcbm9D1" style="-sec-ix-redline: true">(1)</span></td><td style="text-align: justify"><span id="xdx_F14_zx5ee4R1OZp5" style="-sec-ix-redline: true">The Fund’s Class A and Class C shares inception date was <span id="xdx_909_eoef--PerfInceptionDate_c20241128__20241231__oef--ClassAxis__custom--C000211312Member_zADzX1W9XMze"><span id="xdx_907_eoef--PerfInceptionDate_c20241128__20241231__oef--ClassAxis__custom--C000211313Member_zXXWwbqpiYc6">November 28, 2024</span></span>.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0B_z03frORMuJTa" style="-sec-ix-redline: true">(2)</span></td><td style="text-align: justify"><span id="xdx_F1D_zPT8Q8xXoLb7" style="-sec-ix-redline: true">The Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency).<span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zPeYHU7HFgY9">Unlike a mutual fund, an index does not reflect any trading costs or management fees.</span> Investors cannot directly invest in an index.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-right: 0"> </p> 0.0653 0.0646 0.0392 0.0653 0.0646 0.0392 0.0643 0.0600 0.0382 0.0703 0.0692 0.0438 0.0349 0.0806 0.0125 -0.0033 0.0135 2024-11-28 2024-11-28 Unlike a mutual fund, an index does not reflect any trading costs or management fees. <p id="xdx_A8E_eoef--PerformanceTableClosingTextBlock_zlBpXVb8kIn1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zW8lm9OnyTEh">After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.</span> <span id="xdx_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zY40vsw3m4Da">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or IRAs.</span> <span id="xdx_907_eoef--PerformanceTableOneClassOfAfterTaxShown_c20251128__20251128__dei--LegalEntityAxis__custom--S000065273Member_zVFeHqrJMYd6">After-tax returns are shown for only Investor Class shares, and after-tax returns for other classes will vary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"> </p> After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or IRAs. After-tax returns are shown for only Investor Class shares, and after-tax returns for other classes will vary. The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within 18 months of purchase. The 1.00% maximum deferred sales charge may be assessed on shares redeemed within 18 months of purchase. This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements. The Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). Unlike a mutual fund, an index does not reflect any trading costs or management fees. Investors cannot directly invest in an index. The BofA Merrill Lynch 1-3 Year U.S. Corporate/Government Index is an index tracking short-term U.S. government and corporate securities with maturities between 1 and 2.99 years. The index is produced by BofA Merrill Lynch. The index does not reflect the deduction of fees, expenses or taxes that mutual fund investors bear. Unlike a mutual fund, an index does not reflect any trading costs or management fees. Investors cannot directly invest in an index. The 1.00% maximum deferred sales charge may be assessed in the case of investments at or above the $1 million breakpoint (where you do not pay an initial sales charge) on shares redeemed within 18 months of purchase. The 1.00% maximum deferred sales charge may be assessed on shares redeemed within 18 months of purchase. The Fund’s Class A and Class C shares inception date was November 28, 2024. The Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency).Unlike a mutual fund, an index does not reflect any trading costs or management fees. Investors cannot directly invest in an index.