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        <name>Kohls Corporation</name>
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        <name>Antero Resources Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Teva Pharmaceutical Finance Netherlands III B.V.</name>
        <lei>5493004T21MOAFINJP35</lei>
        <title>TEVA 2.8 07/21/23</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-21</maturityDt>
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        <name>Annaly Capital Management, Inc.</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Antero Resources Corporation</name>
        <lei>APVBKPOULHUX7YZLKU17</lei>
        <title>AR 5 1/8 12/01/22</title>
        <cusip>03674XAC0</cusip>
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          <isin value="US03674XAC02"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Bank of America Corporation</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2167-12-20</maturityDt>
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      <invstOrSec>
        <name>Oasis Petroleum Inc.</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
        <title>OAS 6 7/8 01/15/23</title>
        <cusip>674215AE8</cusip>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>American Express Company</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AXP Float PERP</title>
        <cusip>025816BJ7</cusip>
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        <balance>750000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2168-05-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Southwestern Energy Company</name>
        <lei>EFWMP121W54QV9MGOP87</lei>
        <title>SWN 4.95 01/23/25</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Teva Pharmaceutical Finance Netherlands III B.V.</name>
        <lei>N/A</lei>
        <title>TEVA 6 3/4 03/01/28</title>
        <cusip>88167AAK7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Oasis Petroleum Inc.</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
        <title>OAS 6 1/4 05/01/26</title>
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        <name>Teva Pharmaceutical Finance Netherlands III B.V.</name>
        <lei>5493004T21MOAFINJP35</lei>
        <title>TEVA 2.2 07/21/21</title>
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        <name>Nordstrom, Inc.</name>
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        <title>JWN 4 3/8 04/01/30</title>
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        <name>Eaton Vance Senior Floating Rate Trust</name>
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        <name>Carnival Corporation</name>
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        <name>AerCap Holdings N.V.</name>
        <lei>549300SZYINBBLJQU475</lei>
        <title>AER 5 7/8 10/10/79</title>
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        <name>International Lease Finance Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPM Float PERP</title>
        <cusip>48127FAA1</cusip>
        <identifiers>
          <isin value="US48127FAA12"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>852005.00000000</valUSD>
        <pctVal>1.818872491559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-29</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.75337900</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Range Resources Corp.</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>RRC 4 7/8 05/15/25</title>
        <cusip>75281AAS8</cusip>
        <identifiers>
          <isin value="US75281AAS87"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1259062.50000000</valUSD>
        <pctVal>2.687864679672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-06-26</ncom:dateSigned>
      <ncom:nameOfApplicant>Leader Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Erik Naviloff</ncom:signature>
      <ncom:signerName>Erik Naviloff</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
