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      LEADER FUNDS TRUST
      811-23419
      0001766436
      5493004CXG3W4ZKLTI89
      315 W MILL PLAIN BLVD
      VANCOUVER
      98660
      US-WA
      US
      631-470-2600
      
        
      
      
        
          Gryphon Fund Group, LLC
          3900 Park East Drive, #200
          Beachwood
          
          44122
          216-329-4270
          Fund Accounting and Transfer Agent Records
        
      
      N
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      2
      Y
      
        
          Raymond Davis
          N/A
          N
          
            
          
        
        
          Martin Kehoe
          N/A
          N
          
            
          
        
      
      
        
          Jessica Roeper
          N/A
          3900 Park East Drive, #200
          Beachwood
          
          44122
          XXXXXX
          Y
          
            
          
        
        
          Emile Molinoux
          N/A
          4221 North 203rd Street Suite 100
          Elkhorn
          
          68022
          XXXXXX
          Y
          
            
          
        
      
      
        
        
      
      N
      N
      N
      
      N
      N
      
        
          Ceros Financial Services
          008-47955
          000037869
          549300N2YQ0P5G0WE562
          
          N
        
      
      N
      
        
          Sanville & Company
          169
          N/A
          
        
      
      Y
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      N
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      N
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        Leader Short Term High Yield Bond Fund
        S000065272
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        N
        N
        N
        N
        N/A
        N/A
        N/A
        
          Rule 32a-4 (17 CFR 270.32a-4)
        
        N
        N
        N
        N
        
          
            LEADER CAPITAL CORP
            801-56684
            000046206
            N/A
            
            N
          
        
        
          
            Gryphon 17, LLC
            084-06825
            N/A
            
            N
            N
          
          
            Gemini Fund Services, LLC
            084-06083
            N/A
            
            N
            N
          
        
        Y
        
          
            Thomson Reuters
            N/A
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            N
          
          
            ICE Data Services
            N/A
            N/A
            
            N
          
        
        N
        
          
            FIFTH THIRD BANK
            QFROUN1UWUYU0DVIWD51
            
            N
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        N
        
          
            Gryphon 17, LLC
            084-06825
            SEC Filing Number
            
            N
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            Gemini Fund Services, LLC
            084-06083
            SEC Filing Number
            
            N
            N
          
        
        Y
        
          
            Gryphon Fund Group, LLC
            87-2358621
            EIN
            
            N
            N
          
          
            Gemini Fund Services, LLC
            084-06083
            SEC Filing Number
            
            N
            N
          
        
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            000017433
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            44575
          
          
            FIRST ALLIED
            8-46167
            000032444
            N/A
            
            3000
          
          
            GOLDMAN SACHS & CO. LLC
            8-129
            000000361
            FOR8UP27PHTHYVLBNG30
            
            73973.07
          
          
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            10.11
          
          
            WELLS FARGO BANK
            8-65876
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            2938.35
          
        
        128972.25
        
          
            ACADEMY SECURITIES
            8-35173
            000017433
            2549000QX6RLQOZ2XC11
            
            108466531.77
          
          
            MORGAN STANLEY SMITH BARNEY LLC
            8-68191
            000149777
            7PDDXEMZ0ZV0CEDU4D16
            
            29282617.14
          
          
            BARCLAYS
            8-41342
            000019714
            AC28XWWI3WIBK2824319
            
            496015.63
          
          
            GOLDMAN SACHS & CO. LLC
            8-129
            000000361
            FOR8UP27PHTHYVLBNG30
            
            53926540.9
          
          
            AMHURST
            8-68282
            000150696
            549300LGG2RLWD21SU97
            
            41486836.06
          
          
            ROYAL BANK OF CANADA CAPITAL MARKETS
            8-39947
            000022698
            ES7IP3U3RHIGC71XBU11
            
            4945375
          
          
            PERSHING
            008-17574
            000007560
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            40825
          
          
            WELLS FARGO BANK
            8-65876
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            7180234.38
          
          
            Bank of Montreal
            8-34344
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            FIFTH THIRD SECURITIES, INC.
            8-2428
            000000628
            5493003IMO3TYX51WE43
            
            1500000
          
        
        249041694.63
        N
        36434713
        N
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        N
        N
      
      
        Leader High Quality Floating Rate Fund
        S000065273
        R3NVRGXLFHWUBHFB7V47
        N
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        0
        0
        
          
          
        
        N/A
        N
        N
        N
        N
        N/A
        N/A
        N/A
        
          Rule 32a-4 (17 CFR 270.32a-4)
        
        N
        N
        N
        N
        
          
            LEADER CAPITAL CORP
            801-56684
            000046206
            N/A
            
            N
          
        
        
          
            Gryphon 17, LLC
            084-06825
            N/A
            
            N
            N
          
          
            Gemini Fund Services, LLC
            084-06083
            N/A
            
            N
            N
          
        
        Y
        
          
            Thomson Reuters
            N/A
            N/A
            
            N
          
          
            ICE Data Services
            N/A
            N/A
            
            N
          
        
        N
        
          
            FIFTH THIRD BANK
            QFROUN1UWUYU0DVIWD51
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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        N
        
          
            Gryphon 17, LLC
            084-06825
            SEC Filing Number
            
            N
            N
          
          
            Gemini Fund Services, LLC
            084-06083
            SEC Filing Number
            
            N
            N
          
        
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            87-2358621
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            Gemini Fund Services, LLC
            084-06083
            SEC Filing Number
            
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            GOLDMAN SACHS & CO. LLC
            8-129
            000000361
            FOR8UP27PHTHYVLBNG30
            
            21204.02
          
        
        28309.02
        
          
            ACADEMY SECURITIES
            8-35173
            000017433
            2549000QX6RLQOZ2XC11
            
            103216637.7
          
          
            MORGAN STANLEY SMITH BARNEY LLC
            8-68191
            000149777
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            4464140.63
          
          
            GOLDMAN SACHS & CO. LLC
            8-129
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            AMHURST
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            ROYAL BANK OF CANADA CAPITAL MARKETS
            8-39947
            000022698
            ES7IP3U3RHIGC71XBU11
            
            25095929.75
          
          
            WELLS FARGO BANK
            8-65876
            000126292
            VYVVCKR63DVZZN70PB21
            
            6199609.38
          
          
            Bank of Montreal
            8-34344
            000016686
            RUC0QBLBRPRCU4W1NE59
            
            8112343.75
          
          
            JANNEY MONTGOMERY SCOTT LLC
            8-462
            000016687
            549300QQRY1JCFQHYS08
            
            980000
          
          
            BREAN CAPITAL, LLC
            8-40742
            000023723
            254900ZZA1UBVDCNQ378
            
            6475312.5
          
        
        383218978.43
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        27751542
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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Leader Funds Trust

and Shareholders of Leader Short Term High Yield Bond Fund

and Leader High Quality Floating Rate Fund (Formerly, Leader

Total Return Fund

In planning and performing our audits of the financial statements of Leader Short Term High Yield Bond Fund and Leader High Quality Floating Rate Fund (Formerly, Leader Total Return Fund), (collectively the “Funds”) each a series of Leader Funds Trust (the “Trust”) as of and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of May 31, 2022.

This report is intended solely for the information and use of management and the Board of Trustees of the Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

Abington, Pennsylvania

August 1, 2022