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id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731_zmVWts1IQzrd"><span id="xdx_904_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000211307Member_zkcYji5Uvx61">annual shareholder report</span></span> contains important information about the Leader Capital Short Term High Yield Bond Fund (the “Fund”), Investor Class Shares, for the period of August 1, 2025 to July 31, 2026. annual shareholder report annual shareholder report You can find additional information about the Fund at <b><span id="xdx_903_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000211307Member_zSEBvRluoILe">www.leadercapital.com/mutual-funds/resources-info/</span></b>. You can also request this information by contacting us at <span id="xdx_901_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000211307Member_z9PxRZza3VV8">(800) 711-9164</span>. www.leadercapital.com/mutual-funds/resources-info/ (800) 711-9164 <p id="xdx_803_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000211307Member_zJpaGgLwrrdf" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What were the Fund costs for the year? <br/></b></span><span style="text-transform: none; font-weight: normal; font-size: 10pt">(based on a hypothetical $10,000 investment)</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b> </b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Costs of a $10,000 investment</b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Costs paid as a percentage of a $10,000 investment</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Investor Class shares</span></p> </td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98F_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000211307Member_zFsUeFs3ntz6" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$177</span></p> </td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_987_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000211307Member_zKV0saRVxRwj" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.69%</span></p> </td> </tr> </table> </div> 177 0.0169 <p id="xdx_802_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000211307Member_zGmfBCcfsAe4" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>How did the Fund perform last year?</b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The Fund’s Investor Class shares returned 9.16% during the year ended July 31, 2026 versus 2.71% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index by keeping duration short and holding floating-rate securities such as Collateralized Loan Obligations (“CLOs”), which generated higher income. </span></p> <p style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What factors influenced performance during the past year?</b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The Fund’s fixed income strategy sought to strike a balance between risk and return. Against a backdrop of elevated interest rates, a steady economy, relatively low unemployment, and tight credit spreads, we concentrated the portfolio at the short end of the yield curve, where floating-rate instruments such as CLOs were among the primary drivers of performance.</span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The largest contributors and detractors to Fund performance during the year on a security basis were as follows:</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.8pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 316.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Top 5 Contributors</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">BRC Group Holdings, Inc., 6.00%, 01/31/2028</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Dryden 45 Senior Loan Fund 2016-45A ER</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">BRC Group Holdings, Inc., 5.25%, 08/31/2028</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Ukraine Government International Bond, 4.50%, 02/01/2029  </span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Petroleos Mexicanos – Mexico, 7.69%, 01/23/50</span></p> </td> </tr> </table> </div> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.8pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 316.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Top 5 Detractors</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Allegro CLO V-S Ltd. 2024-2A E</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Madison Park Funding LV Ltd. 2022-55A ER</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Rockford Tower CLO 2021-3 Ltd. 2021-3A ER</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">BRC Group Holdings, Inc.</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">LCM 34 Ltd. 34A E</span></p> </td> </tr> </table> </div> <p id="xdx_80A_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000211307Member_zLlma4Lv2jZ7" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>How has the Fund performed over the past 10 years? </b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">Cumulative Performance of a Hypothetical $10,000 Investment as-of July 31, 2026</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 316.8pt; height: 230.06pt; text-align: left"> <img alt="" src="lccmx-tsr_073126img001.jpg" style="vertical-align: top; margin-left: 0pt; width: 292.8pt; margin-top: 0pt; height: 229.2pt"/> </div> </div> <div><table border="0" cellpadding="0" cellspacing="0" style="font: 11pt Aptos Narrow; display: none; visibility: hidden; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; text-align: right; width: 24%"> </td> <td id="xdx_4B5_oef--ClassAxis_custom--C000211307Member_zFa7onnn5JLl" style="vertical-align: top; width: 39%">Leader Capital Short Term High Yield Bond Fund Investor Class - $15,470</td> <td id="xdx_4B0_oef--BroadBasedIndexAxis_custom--BloombergBarclaysUSAggregateBondIndexMember_ztecsWQe2Om9" style="vertical-align: top; width: 37%">Bloomberg Barclays U. S. Aggregate Bond Index - $11,431</td></tr> <tr id="xdx_43D_c20160731__20160731_eoef--AccmVal_zRP5YVHL5kr6"> <td style="vertical-align: bottom; text-align: right">7/31/2016</td> <td style="vertical-align: top; text-align: right">10000</td> <td style="vertical-align: top; text-align: right">10000</td></tr> <tr id="xdx_435_c20160731__20161031_eoef--AccmVal_zTMrzkTv8W0g"> <td style="vertical-align: bottom; text-align: right">10/31/2016</td> <td style="vertical-align: top; text-align: right">9933</td> <td style="vertical-align: top; text-align: right">9906</td></tr> <tr id="xdx_43E_c20160731__20170131_eoef--AccmVal_zy7z4oAgZ2Ze"> <td style="vertical-align: bottom; text-align: right">1/31/2017</td> <td style="vertical-align: top; text-align: right">10018</td> <td style="vertical-align: top; text-align: right">9705</td></tr> <tr id="xdx_434_c20160731__20170430_eoef--AccmVal_zXIgWelJ8Mn"> <td style="vertical-align: bottom; text-align: right">4/30/2017</td> <td style="vertical-align: top; text-align: right">10066</td> <td style="vertical-align: top; text-align: right">9840</td></tr> <tr id="xdx_43E_c20160731__20170731_eoef--AccmVal_zOX3ca2QEzok"> <td style="vertical-align: bottom; text-align: right">7/31/2017</td> <td style="vertical-align: top; text-align: right">10128</td> <td style="vertical-align: top; text-align: right">9949</td></tr> <tr id="xdx_43F_c20160731__20171031_eoef--AccmVal_zqJehB8cYIt7"> <td style="vertical-align: bottom; text-align: right">10/31/2017</td> <td style="vertical-align: top; text-align: right">10137</td> <td style="vertical-align: top; text-align: right">9996</td></tr> <tr id="xdx_434_c20160731__20180131_eoef--AccmVal_zFRcnKeQqqt6"> <td style="vertical-align: bottom; text-align: right">1/31/2018</td> <td style="vertical-align: top; text-align: right">10141</td> <td style="vertical-align: top; text-align: right">9913</td></tr> <tr id="xdx_43D_c20160731__20180430_eoef--AccmVal_zKAi60sJjYa9"> <td style="vertical-align: bottom; text-align: right">4/30/2018</td> <td style="vertical-align: top; text-align: right">10221</td> <td style="vertical-align: top; text-align: right">9809</td></tr> <tr id="xdx_437_c20160731__20180731_eoef--AccmVal_zpGL73rQ93Al"> <td style="vertical-align: bottom; text-align: right">7/31/2018</td> <td style="vertical-align: top; text-align: right">10336</td> <td style="vertical-align: top; text-align: right">9869</td></tr> <tr id="xdx_438_c20160731__20181031_eoef--AccmVal_z0kxEUcPrcdk"> <td style="vertical-align: bottom; text-align: right">10/31/2018</td> <td style="vertical-align: top; text-align: right">10427</td> <td style="vertical-align: top; text-align: right">9790</td></tr> <tr id="xdx_434_c20160731__20190131_eoef--AccmVal_zeGIL55b3ZF"> <td style="vertical-align: bottom; text-align: right">1/31/2019</td> <td style="vertical-align: top; text-align: right">10406</td> <td style="vertical-align: top; text-align: right">10136</td></tr> <tr id="xdx_431_c20160731__20190430_eoef--AccmVal_zCUAtFvIOv7"> <td style="vertical-align: bottom; text-align: right">4/30/2019</td> <td style="vertical-align: top; text-align: right">10481</td> <td style="vertical-align: top; text-align: right">10328</td></tr> <tr id="xdx_436_c20160731__20190731_eoef--AccmVal_zGsxiUGjLP0b"> <td style="vertical-align: bottom; text-align: right">7/31/2019</td> <td style="vertical-align: top; text-align: right">10583</td> <td style="vertical-align: top; text-align: right">10666</td></tr> <tr id="xdx_439_c20160731__20191031_eoef--AccmVal_z022r0ia5V63"> <td style="vertical-align: bottom; text-align: right">10/31/2019</td> <td style="vertical-align: top; text-align: right">10333</td> <td style="vertical-align: top; text-align: right">10917</td></tr> <tr id="xdx_433_c20160731__20200131_eoef--AccmVal_zGBw25RSXytk"> <td style="vertical-align: bottom; text-align: right">1/31/2020</td> <td style="vertical-align: top; text-align: right">10376</td> <td style="vertical-align: top; text-align: right">11114</td></tr> <tr id="xdx_43F_c20160731__20200430_eoef--AccmVal_zxXKEBmMcIW9"> <td style="vertical-align: bottom; text-align: right">4/30/2020</td> <td style="vertical-align: top; text-align: right">9072</td> <td style="vertical-align: top; text-align: right">11447</td></tr> <tr id="xdx_430_c20160731__20200731_eoef--AccmVal_zJqzRpsjVVh7"> <td style="vertical-align: bottom; text-align: right">7/31/2020</td> <td style="vertical-align: top; text-align: right">9602</td> <td style="vertical-align: top; text-align: right">11746</td></tr> <tr id="xdx_43D_c20160731__20201031_eoef--AccmVal_zNIklyVkO4gd"> <td style="vertical-align: bottom; text-align: right">10/31/2020</td> <td style="vertical-align: top; text-align: right">10171</td> <td style="vertical-align: top; text-align: right">11593</td></tr> <tr id="xdx_435_c20160731__20210131_eoef--AccmVal_zhZGQjoWaus4"> <td style="vertical-align: bottom; text-align: right">1/31/2021</td> <td style="vertical-align: top; text-align: right">11174</td> <td style="vertical-align: top; text-align: right">11639</td></tr> <tr id="xdx_43E_c20160731__20210430_eoef--AccmVal_z9xnX1UHxq8l"> <td style="vertical-align: bottom; text-align: right">4/30/2021</td> <td style="vertical-align: top; text-align: right">11224</td> <td style="vertical-align: top; text-align: right">11417</td></tr> <tr id="xdx_43C_c20160731__20210731_eoef--AccmVal_z9203eVd6C32"> <td style="vertical-align: bottom; text-align: right">7/31/2021</td> <td style="vertical-align: top; text-align: right">11446</td> <td style="vertical-align: top; text-align: right">11664</td></tr> <tr id="xdx_431_c20160731__20211031_eoef--AccmVal_zzxOSXC6Z4Wb"> <td style="vertical-align: bottom; text-align: right">10/31/2021</td> <td style="vertical-align: top; text-align: right">11642</td> <td style="vertical-align: top; text-align: right">11537</td></tr> <tr id="xdx_43A_c20160731__20220131_eoef--AccmVal_zW9KG60zEr1f"> <td style="vertical-align: bottom; text-align: right">1/31/2022</td> <td style="vertical-align: top; text-align: right">11167</td> <td style="vertical-align: top; text-align: right">11293</td></tr> <tr id="xdx_43A_c20160731__20220430_eoef--AccmVal_zO2ucrwOQ9bg"> <td style="vertical-align: bottom; text-align: right">4/30/2022</td> <td style="vertical-align: top; text-align: right">11004</td> <td style="vertical-align: top; text-align: right">10445</td></tr> <tr id="xdx_431_c20160731__20220731_eoef--AccmVal_zILYNd5LDshe"> <td style="vertical-align: bottom; text-align: right">7/31/2022</td> <td style="vertical-align: top; text-align: right">10451</td> <td style="vertical-align: top; text-align: right">10600</td></tr> <tr id="xdx_431_c20160731__20221031_eoef--AccmVal_z3c0d97MoKMh"> <td style="vertical-align: bottom; text-align: right">10/31/2022</td> <td style="vertical-align: top; text-align: right">9652</td> <td style="vertical-align: top; text-align: right">9728</td></tr> <tr id="xdx_430_c20160731__20230131_eoef--AccmVal_zcQzy07Sp8q1"> <td style="vertical-align: bottom; text-align: right">1/31/2023</td> <td style="vertical-align: top; text-align: right">10652</td> <td style="vertical-align: top; text-align: right">10349</td></tr> <tr id="xdx_430_c20160731__20230430_eoef--AccmVal_zdjtbzAJWSQk"> <td style="vertical-align: bottom; text-align: right">4/30/2023</td> <td style="vertical-align: top; text-align: right">10055</td> <td style="vertical-align: top; text-align: right">10400</td></tr> <tr id="xdx_43A_c20160731__20230731_eoef--AccmVal_zO0L7eKVZuCc"> <td style="vertical-align: bottom; text-align: right">7/31/2023</td> <td style="vertical-align: top; text-align: right">10853</td> <td style="vertical-align: top; text-align: right">10243</td></tr> <tr id="xdx_43C_c20160731__20231031_eoef--AccmVal_zys797kehlIc"> <td style="vertical-align: bottom; text-align: right">10/31/2023</td> <td style="vertical-align: top; text-align: right">10978</td> <td style="vertical-align: top; text-align: right">9763</td></tr> <tr id="xdx_43F_c20160731__20240131_eoef--AccmVal_zr8PVfV7QOmd"> <td style="vertical-align: bottom; text-align: right">1/31/2024</td> <td style="vertical-align: top; text-align: right">12066</td> <td style="vertical-align: top; text-align: right">10566</td></tr> <tr id="xdx_43D_c20160731__20240430_eoef--AccmVal_zRQHDyRw3n6l"> <td style="vertical-align: bottom; text-align: right">4/30/2024</td> <td style="vertical-align: top; text-align: right">12653</td> <td style="vertical-align: top; text-align: right">10248</td></tr> <tr id="xdx_437_c20160731__20240731_eoef--AccmVal_zm7TLtE3LEEd"> <td style="vertical-align: bottom; text-align: right">7/31/2024</td> <td style="vertical-align: top; text-align: right">12681</td> <td style="vertical-align: top; text-align: right">10766</td></tr> <tr id="xdx_437_c20160731__20241031_eoef--AccmVal_zEbSqrNonl8i"> <td style="vertical-align: bottom; text-align: right">10/31/2024</td> <td style="vertical-align: top; text-align: right">13304</td> <td style="vertical-align: top; text-align: right">10792</td></tr> <tr id="xdx_432_c20160731__20250131_eoef--AccmVal_znlGhGClMSwd"> <td style="vertical-align: bottom; text-align: right">1/31/2025</td> <td style="vertical-align: top; text-align: right">13680</td> <td style="vertical-align: top; text-align: right">10785</td></tr> <tr id="xdx_43A_c20160731__20250430_eoef--AccmVal_zqMxEjV6rjP"> <td style="vertical-align: bottom; text-align: right">4/30/2025</td> <td style="vertical-align: top; text-align: right">13612</td> <td style="vertical-align: top; text-align: right">11070</td></tr> <tr id="xdx_433_c20160731__20250731_eoef--AccmVal_zGbB6yipbLKk"> <td style="vertical-align: bottom; text-align: right">7/31/2025</td> <td style="vertical-align: top; text-align: right">14172</td> <td style="vertical-align: top; text-align: right">11130</td></tr> <tr id="xdx_434_c20160731__20251031_eoef--AccmVal_zmlM7GvcUvR"> <td style="vertical-align: bottom; text-align: right">10/31/2025</td> <td style="vertical-align: top; text-align: right">14458</td> <td style="vertical-align: top; text-align: right">11457</td></tr> <tr id="xdx_438_c20160731__20260131_eoef--AccmVal_zDuT2HZ4gMHj"> <td style="vertical-align: bottom; text-align: right">1/31/2026</td> <td style="vertical-align: top; text-align: right">15026</td> <td style="vertical-align: top; text-align: right">11523</td></tr> <tr id="xdx_43A_c20160731__20260430_eoef--AccmVal_z9ufImSCP4D1"> <td style="vertical-align: bottom; text-align: right">4/30/2026</td> <td style="vertical-align: top; text-align: right">15199</td> <td style="vertical-align: top; text-align: right">11519</td></tr> <tr id="xdx_433_c20160731__20260731_eoef--AccmVal_zsOiLo19pDoc"> <td style="vertical-align: bottom; text-align: right">7/31/2026</td> <td style="vertical-align: top; text-align: right">15470</td> <td style="vertical-align: top; text-align: right">11431</td></tr> </table> </div> 10000 10000 9933 9906 10018 9705 10066 9840 10128 9949 10137 9996 10141 9913 10221 9809 10336 9869 10427 9790 10406 10136 10481 10328 10583 10666 10333 10917 10376 11114 9072 11447 9602 11746 10171 11593 11174 11639 11224 11417 11446 11664 11642 11537 11167 11293 11004 10445 10451 10600 9652 9728 10652 10349 10055 10400 10853 10243 10978 9763 12066 10566 12653 10248 12681 10766 13304 10792 13680 10785 13612 11070 14172 11130 14458 11457 15026 11523 15199 11519 15470 11431 <div id="xdx_806_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000211307Member_zTXBAmQt2lfa"></div> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 4pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 165.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 50.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 50.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 50.4pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="3" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 9pt"><b>Average Annual Total Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="margin: 0pt 0pt 0; text-transform: none; font-size: 1pt; line-height: 1pt">​</p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b> </b></span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>1 Year</b></span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>5 Years</b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>10 Years</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Investor Class shares</span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000211307Member_zLXnBNtSTFif" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.16%</span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20210801__20260731__oef--ClassAxis__custom--C000211307Member_zK6kMLxYojud" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.21%</span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20160801__20260731__oef--ClassAxis__custom--C000211307Member_zEeSsrXlNMag" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.46%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Bond Index</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_fKDEp_zRCEFbr4bY93" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.71%</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20210801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_fKDEp_zkPhWRZNtmGe" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.40)%</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20160801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_fKDEp_zZ1dD8tdrstf" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.35%</span></p> </td> </tr> </table> 0.0916 0.0621 0.0446 0.0271 -0.0040 0.0135 The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling (800) 711-9164. <p id="xdx_802_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000211307Member_zFJwhdnZ5UC2" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What are some Fund statistics?</b></span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <div></div> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Fund Statistics</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Net Assets</span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_984_eus-gaap--AssetsNet_iI_c20260731__oef--ClassAxis__custom--C000211307Member_zq7sO9bXvTMh" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$202,005,224</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Number of Portfolio Holdings</span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_981_eoef--HoldingsCount_iI_c20260731__oef--ClassAxis__custom--C000211307Member_zYWHykNB2RWf" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">74</span></p> </td> </tr> <tr style="min-height: 9.45pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Investment Advisory Fees Paid </span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_988_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000211307Member_zAL0dg4lZSM8" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$1,084,477</span></p> </td> </tr> <tr style="min-height: 9.45pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Portfolio Turnover Rate</span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98D_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000211307Member_zmo13nYgoy15" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">234.22%</span></p> </td> </tr> </table> </div> 202005224 74 1084477 2.3422 <p id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000211307Member_zAXV0uEvH94b" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What did the Fund invest in?</b></span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Asset Weighting (as a % of Net Assets)</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Collateralized Loan Obligations</span></p> </td> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90C_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__oef--IndustrySectorAxis__custom--CollateralizedLoanObligationsMember_zE4E9CGe9cD5">71.78%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Government</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_908_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__oef--IndustrySectorAxis__us-gaap--GovernmentMember_z4vP8jRUa6Hk">12.05%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Cash and Cash Equivalents</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90E_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zq9zNH7jHUig">9.46%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Financials</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_907_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zKcjuJRlAok5">4.90%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Energy</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_901_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zC0Wtj3sTJj1">1.33%</span></span></p> </td> </tr> </table> </div> 0.7178 0.1205 0.0946 0.0490 0.0133 <div id="xdx_806_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000211307Member_zPWhCFuHPn67"></div> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-bottom: Black 1pt solid; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Top Ten Holdings (as a % of Net Assets)</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fidelity Government Portfolio – Institutional Class</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_900_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__us-gaap--InvestmentTypeAxis__custom--FidelityGovernmentPortfolioInstitutionalClassMember_zoToyKWYLml1">9.46%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">United States Treasury Bill, 0.00%, 12/03/2026</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90A_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__us-gaap--InvestmentTypeAxis__custom--UnitedStatesTreasuryBill00012032026Member_z7IcLmqwtXwl">7.33%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Octagon 69 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_901_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__us-gaap--InvestmentTypeAxis__custom--Octagon69LtdMember_zuC81DdtCxI3">3.01%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Regatta XXIX Funding Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_900_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__us-gaap--InvestmentTypeAxis__custom--RegattaXXIXFundingLtdMember_zwXmcTAH8WQ5">2.99%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">OZLM XIV Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90B_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__us-gaap--InvestmentTypeAxis__custom--OZLMXIVLtdMember_zXQMKFTY2iVe">2.60%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Flagstar Bank NA</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_902_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__us-gaap--InvestmentTypeAxis__custom--FlagstarBankNAMember_zIIpkn7vpnqa">2.56%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Rad CLO 20 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90F_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__us-gaap--InvestmentTypeAxis__custom--RadCLO20LtdMember_zdOjZItLVt5i">2.38%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Allegro CLO V-S Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_908_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__us-gaap--InvestmentTypeAxis__custom--AllegroCLOVSLtdMember_zkcwgUSJDgd5">2.24%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">AB BSL CLO 3 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90E_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__us-gaap--InvestmentTypeAxis__custom--ABBSLCLO3LtdMember_zVvHqHd5rRUh">2.20%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Rockford Tower CLO 2021-3 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_905_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211307Member__us-gaap--InvestmentTypeAxis__custom--RockfordTowerCLO20213LtdMember_zqtjRvQm6EAa">2.04%</span></span></p> </td> </tr> </table> 0.0946 0.0733 0.0301 0.0299 0.0260 0.0256 0.0238 0.0224 0.0220 0.0204 Leader Capital Short Term High Yield Bond Fund Institutional Class LCCIX This <span id="xdx_902_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000211310Member_z7Zv9xxiqaIl">annual shareholder report</span> contains important information about the Leader Capital Short Term High Yield Bond Fund (the “Fund”), Institutional Class Shares, for the period of August 1, 2025 to July 31, 2026. annual shareholder report You can find additional information about the Fund at <b><span id="xdx_901_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000211310Member_zcV6AEYNroBf">www.leadercapital.com/mutual-funds/resources-info/</span></b>. You can also request this information by contacting us at <span id="xdx_904_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000211310Member_ziSCgwVkOBJj">(800) 711-9164</span>. www.leadercapital.com/mutual-funds/resources-info/ (800) 711-9164 <p id="xdx_809_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000211310Member_zNtQTazKKO7c" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What were the Fund costs for the last year? <br/></b></span><span style="text-transform: none; font-weight: normal; font-size: 10pt">(based on a hypothetical $10,000 investment)</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b> </b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Costs of a $10,000 investment</b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Costs paid as a percentage of a $10,000 investment</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Institutional Class shares</span></p> </td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98A_eoef--ExpensesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000211310Member_ziptj2M06vp7" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$122</span></p> </td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98B_eoef--ExpenseRatioPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000211310Member_zhhI3QfguPze" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.16%</span></p> </td> </tr> </table> </div> 122 0.0116 <p id="xdx_80C_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000211310Member_zeTT7o7s44O2" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>How did the Fund perform last year?</b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The Fund’s Institutional Class shares returned 9.93% during the year ended July 31, 2026 versus 2.71% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index by keeping duration short and holding floating-rate securities such as Collateralized Loan Obligations (“CLOs”), which generated higher income. </span></p> <p style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What factors influenced performance during the past year?</b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The Fund’s fixed income strategy sought to strike a balance between risk and return. Against a backdrop of elevated interest rates, a steady economy, relatively low unemployment, and tight credit spreads, we concentrated the portfolio at the short end of the yield curve, where floating-rate instruments such as CLOs were among the primary drivers of performance.</span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The largest contributors and detractors to Fund performance during the year on a security basis were as follows:</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.8pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 316.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Top 5 Contributors</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">BRC Group Holdings, Inc., 6.00%, 01/31/2028</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Dryden 45 Senior Loan Fund 2016-45A ER</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">BRC Group Holdings, Inc., 5.25%, 08/31/2028</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Ukraine Government International Bond, 4.50%, 02/01/2029  </span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Petroleos Mexicanos – Mexico, 7.69%, 01/23/50</span></p> </td> </tr> </table> </div> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.8pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 316.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Top 5 Detractors</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Allegro CLO V-S Ltd. 2024-2A E</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Madison Park Funding LV Ltd. 2022-55A ER</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Rockford Tower CLO 2021-3 Ltd. 2021-3A ER</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">BRC Group Holdings, Inc.</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">LCM 34 Ltd. 34A E</span></p> </td> </tr> </table> </div> <p id="xdx_805_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000211310Member_z7txy9ZaPrEl" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>How has the Fund performed over the past 10 years? </b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">Cumulative Performance of a Hypothetical $100,000 Investment as-of July 31, 2026</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 312.96pt; height: 230.06pt; text-align: left"> <img alt="" src="lccix-tsr_073126img001.jpg" style="vertical-align: top; margin-left: 0pt; width: 312pt; margin-top: 0pt; height: 229.2pt"/> </div> </div> <div><table border="0" cellpadding="0" cellspacing="0" style="font: 11pt Aptos Narrow; display: none; visibility: hidden; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; text-align: right; width: 24%"> </td> <td id="xdx_4BA_oef--ClassAxis_custom--C000211310Member_zoIGxOXKFuDl" style="vertical-align: top; width: 39%">Leaders Capital Short Term High Yield Bond Fund Institutional Class - $158,934</td> <td id="xdx_4BF_oef--BroadBasedIndexAxis_custom--BloombergBarclaysUSAggregateBondIndex1Member_z661anJzNjZk" style="vertical-align: top; width: 37%">Bloomberg Barclays U. S. Aggregate Bond Index - $114,314</td></tr> <tr id="xdx_43D_c20160731__20160731_eoef--AccmVal_z605ErobWd02"> <td style="vertical-align: bottom; text-align: right">7/31/2016</td> <td style="vertical-align: top; text-align: right">100000</td> <td style="vertical-align: top; text-align: right">100000</td></tr> <tr id="xdx_437_c20160731__20161031_eoef--AccmVal_zWMr0Zr7smk4"> <td style="vertical-align: bottom; text-align: right">10/31/2016</td> <td style="vertical-align: top; text-align: right">99463</td> <td style="vertical-align: top; text-align: right">99064</td></tr> <tr id="xdx_43A_c20160731__20170131_eoef--AccmVal_zjNoF82mSAil"> <td style="vertical-align: bottom; text-align: right">1/31/2017</td> <td style="vertical-align: top; text-align: right">100440</td> <td style="vertical-align: top; text-align: right">97047</td></tr> <tr id="xdx_43B_c20160731__20170430_eoef--AccmVal_zRBly5yaGdmf"> <td style="vertical-align: bottom; text-align: right">4/30/2017</td> <td style="vertical-align: top; text-align: right">101028</td> <td style="vertical-align: top; text-align: right">98401</td></tr> <tr id="xdx_434_c20160731__20170731_eoef--AccmVal_z7uJITqYohbe"> <td style="vertical-align: bottom; text-align: right">7/31/2017</td> <td style="vertical-align: top; text-align: right">101874</td> <td style="vertical-align: top; text-align: right">99485</td></tr> <tr id="xdx_430_c20160731__20171031_eoef--AccmVal_zPU2peY4Qq09"> <td style="vertical-align: bottom; text-align: right">10/31/2017</td> <td style="vertical-align: top; text-align: right">101994</td> <td style="vertical-align: top; text-align: right">99957</td></tr> <tr id="xdx_43A_c20160731__20180131_eoef--AccmVal_zSH3NBvQh9Fl"> <td style="vertical-align: bottom; text-align: right">1/31/2018</td> <td style="vertical-align: top; text-align: right">102174</td> <td style="vertical-align: top; text-align: right">99132</td></tr> <tr id="xdx_43A_c20160731__20180430_eoef--AccmVal_zC4Rh4oHgf69"> <td style="vertical-align: bottom; text-align: right">4/30/2018</td> <td style="vertical-align: top; text-align: right">103159</td> <td style="vertical-align: top; text-align: right">98087</td></tr> <tr id="xdx_43E_c20160731__20180731_eoef--AccmVal_zAz5O5Ba6pHi"> <td style="vertical-align: bottom; text-align: right">7/31/2018</td> <td style="vertical-align: top; text-align: right">104416</td> <td style="vertical-align: top; text-align: right">98689</td></tr> <tr id="xdx_431_c20160731__20181031_eoef--AccmVal_zrf3hkng6Soa"> <td style="vertical-align: bottom; text-align: right">10/31/2018</td> <td style="vertical-align: top; text-align: right">105417</td> <td style="vertical-align: top; text-align: right">97905</td></tr> <tr id="xdx_433_c20160731__20190131_eoef--AccmVal_zipw7oBMZObh"> <td style="vertical-align: bottom; text-align: right">1/31/2019</td> <td style="vertical-align: top; text-align: right">105449</td> <td style="vertical-align: top; text-align: right">101364</td></tr> <tr id="xdx_439_c20160731__20190430_eoef--AccmVal_zDhPzcBzeawa"> <td style="vertical-align: bottom; text-align: right">4/30/2019</td> <td style="vertical-align: top; text-align: right">106337</td> <td style="vertical-align: top; text-align: right">103277</td></tr> <tr id="xdx_434_c20160731__20190731_eoef--AccmVal_zgtXbVkkmROf"> <td style="vertical-align: bottom; text-align: right">7/31/2019</td> <td style="vertical-align: top; text-align: right">107488</td> <td style="vertical-align: top; text-align: right">106664</td></tr> <tr id="xdx_438_c20160731__20191031_eoef--AccmVal_zPMVQbP5eoxk"> <td style="vertical-align: bottom; text-align: right">10/31/2019</td> <td style="vertical-align: top; text-align: right">105110</td> <td style="vertical-align: top; text-align: right">109173</td></tr> <tr id="xdx_43F_c20160731__20200131_eoef--AccmVal_zdqvNaMQcfwg"> <td style="vertical-align: bottom; text-align: right">1/31/2020</td> <td style="vertical-align: top; text-align: right">105685</td> <td style="vertical-align: top; text-align: right">111140</td></tr> <tr id="xdx_434_c20160731__20200430_eoef--AccmVal_zwU3jgEtVxoa"> <td style="vertical-align: bottom; text-align: right">4/30/2020</td> <td style="vertical-align: top; text-align: right">92518</td> <td style="vertical-align: top; text-align: right">114474</td></tr> <tr id="xdx_435_c20160731__20200731_eoef--AccmVal_zlevBWG6JV8e"> <td style="vertical-align: bottom; text-align: right">7/31/2020</td> <td style="vertical-align: top; text-align: right">97989</td> <td style="vertical-align: top; text-align: right">117460</td></tr> <tr id="xdx_434_c20160731__20201031_eoef--AccmVal_zeu7MYZhwjWg"> <td style="vertical-align: bottom; text-align: right">10/31/2020</td> <td style="vertical-align: top; text-align: right">104001</td> <td style="vertical-align: top; text-align: right">115928</td></tr> <tr id="xdx_43F_c20160731__20210131_eoef--AccmVal_zGYlXloNQoYk"> <td style="vertical-align: bottom; text-align: right">1/31/2021</td> <td style="vertical-align: top; text-align: right">114246</td> <td style="vertical-align: top; text-align: right">116386</td></tr> <tr id="xdx_431_c20160731__20210430_eoef--AccmVal_zRnSJEfm2Xf4"> <td style="vertical-align: bottom; text-align: right">4/30/2021</td> <td style="vertical-align: top; text-align: right">114942</td> <td style="vertical-align: top; text-align: right">114168</td></tr> <tr id="xdx_438_c20160731__20210731_eoef--AccmVal_zmIzB8hsCAaf"> <td style="vertical-align: bottom; text-align: right">7/31/2021</td> <td style="vertical-align: top; text-align: right">117405</td> <td style="vertical-align: top; text-align: right">116636</td></tr> <tr id="xdx_43B_c20160731__20211031_eoef--AccmVal_zH1KYdnjnW42"> <td style="vertical-align: bottom; text-align: right">10/31/2021</td> <td style="vertical-align: top; text-align: right">119559</td> <td style="vertical-align: top; text-align: right">115374</td></tr> <tr id="xdx_43E_c20160731__20220131_eoef--AccmVal_zrhpI4kcJwva"> <td style="vertical-align: bottom; text-align: right">1/31/2022</td> <td style="vertical-align: top; text-align: right">114748</td> <td style="vertical-align: top; text-align: right">112933</td></tr> <tr id="xdx_437_c20160731__20220430_eoef--AccmVal_zvvmL80xxYKe"> <td style="vertical-align: bottom; text-align: right">4/30/2022</td> <td style="vertical-align: top; text-align: right">113356</td> <td style="vertical-align: top; text-align: right">104450</td></tr> <tr id="xdx_43D_c20160731__20220731_eoef--AccmVal_zPsH81UKSzqi"> <td style="vertical-align: bottom; text-align: right">7/31/2022</td> <td style="vertical-align: top; text-align: right">107727</td> <td style="vertical-align: top; text-align: right">106002</td></tr> <tr id="xdx_436_c20160731__20221031_eoef--AccmVal_zeSarmKorG4h"> <td style="vertical-align: bottom; text-align: right">10/31/2022</td> <td style="vertical-align: top; text-align: right">99725</td> <td style="vertical-align: top; text-align: right">97280</td></tr> <tr id="xdx_43C_c20160731__20230131_eoef--AccmVal_zN57PDusHnSh"> <td style="vertical-align: bottom; text-align: right">1/31/2023</td> <td style="vertical-align: top; text-align: right">110048</td> <td style="vertical-align: top; text-align: right">103492</td></tr> <tr id="xdx_438_c20160731__20230430_eoef--AccmVal_zkaIqZ3GRHKb"> <td style="vertical-align: bottom; text-align: right">4/30/2023</td> <td style="vertical-align: top; text-align: right">103998</td> <td style="vertical-align: top; text-align: right">104003</td></tr> <tr id="xdx_43A_c20160731__20230731_eoef--AccmVal_z4didraeDfol"> <td style="vertical-align: bottom; text-align: right">7/31/2023</td> <td style="vertical-align: top; text-align: right">112285</td> <td style="vertical-align: top; text-align: right">102433</td></tr> <tr id="xdx_433_c20160731__20231031_eoef--AccmVal_zSybgNd2HCcg"> <td style="vertical-align: bottom; text-align: right">10/31/2023</td> <td style="vertical-align: top; text-align: right">113834</td> <td style="vertical-align: top; text-align: right">97627</td></tr> <tr id="xdx_438_c20160731__20240131_eoef--AccmVal_ztnEtOI4Hkv4"> <td style="vertical-align: bottom; text-align: right">1/31/2024</td> <td style="vertical-align: top; text-align: right">125089</td> <td style="vertical-align: top; text-align: right">105663</td></tr> <tr id="xdx_43D_c20160731__20240430_eoef--AccmVal_zUp1xmnBR416"> <td style="vertical-align: bottom; text-align: right">4/30/2024</td> <td style="vertical-align: top; text-align: right">131114</td> <td style="vertical-align: top; text-align: right">102476</td></tr> <tr id="xdx_43C_c20160731__20240731_eoef--AccmVal_zOcarpHeiRFb"> <td style="vertical-align: bottom; text-align: right">7/31/2024</td> <td style="vertical-align: top; text-align: right">129536</td> <td style="vertical-align: top; text-align: right">107658</td></tr> <tr id="xdx_434_c20160731__20241031_eoef--AccmVal_zVAd6LzGV002"> <td style="vertical-align: bottom; text-align: right">10/31/2024</td> <td style="vertical-align: top; text-align: right">138303</td> <td style="vertical-align: top; text-align: right">107923</td></tr> <tr id="xdx_439_c20160731__20250131_eoef--AccmVal_zrkr68euNm7l"> <td style="vertical-align: bottom; text-align: right">1/31/2025</td> <td style="vertical-align: top; text-align: right">139915</td> <td style="vertical-align: top; text-align: right">107848</td></tr> <tr id="xdx_436_c20160731__20250430_eoef--AccmVal_zkDqr2F6zz24"> <td style="vertical-align: bottom; text-align: right">4/30/2025</td> <td style="vertical-align: top; text-align: right">139508</td> <td style="vertical-align: top; text-align: right">110695</td></tr> <tr id="xdx_438_c20160731__20250731_eoef--AccmVal_z47QqX6y4wEd"> <td style="vertical-align: bottom; text-align: right">7/31/2025</td> <td style="vertical-align: top; text-align: right">144584</td> <td style="vertical-align: top; text-align: right">111298</td></tr> <tr id="xdx_434_c20160731__20251031_eoef--AccmVal_zOSitX8i2J58"> <td style="vertical-align: bottom; text-align: right">10/31/2025</td> <td style="vertical-align: top; text-align: right">147711</td> <td style="vertical-align: top; text-align: right">114569</td></tr> <tr id="xdx_43E_c20160731__20260131_eoef--AccmVal_ztrj8rPNrBek"> <td style="vertical-align: bottom; text-align: right">1/31/2026</td> <td style="vertical-align: top; text-align: right">154138</td> <td style="vertical-align: top; text-align: right">115234</td></tr> <tr id="xdx_43C_c20160731__20260430_eoef--AccmVal_zVdr21OWUSki"> <td style="vertical-align: bottom; text-align: right">4/30/2026</td> <td style="vertical-align: top; text-align: right">155933</td> <td style="vertical-align: top; text-align: right">115186</td></tr> <tr id="xdx_433_c20160731__20260731_eoef--AccmVal_z3zWpDdXWDl5"> <td style="vertical-align: bottom; text-align: right">7/31/2026</td> <td style="vertical-align: top; text-align: right">158934</td> <td style="vertical-align: top; text-align: right">114314</td></tr> </table> </div> 100000 100000 99463 99064 100440 97047 101028 98401 101874 99485 101994 99957 102174 99132 103159 98087 104416 98689 105417 97905 105449 101364 106337 103277 107488 106664 105110 109173 105685 111140 92518 114474 97989 117460 104001 115928 114246 116386 114942 114168 117405 116636 119559 115374 114748 112933 113356 104450 107727 106002 99725 97280 110048 103492 103998 104003 112285 102433 113834 97627 125089 105663 131114 102476 129536 107658 138303 107923 139915 107848 139508 110695 144584 111298 147711 114569 154138 115234 155933 115186 158934 114314 <div id="xdx_80B_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000211310Member_z38zUxa5NLC6"></div> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 4pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 165.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 50.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 50.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 50.4pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="3" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 9pt"><b>Average Annual Total Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="margin: 0pt 0pt 0; text-transform: none; font-size: 1pt; line-height: 1pt">​</p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b> </b></span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>1 Year</b></span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>5 Years</b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>10 Years</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Institutional Class shares</span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--ClassAxis__custom--C000211310Member_zmxtLPVMadAl" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">9.93%</span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20210801__20260731__oef--ClassAxis__custom--C000211310Member_zfsQ9iBXtJy5" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">6.24%</span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20160801__20260731__oef--ClassAxis__custom--C000211310Member_zNPOJH82Nzyd" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">4.74%</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Bond Index</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_fKDEp_zXwWbK4giN1b" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">2.71%</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20210801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_fKDEp_z14809iP0877" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">(0.40)%</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20160801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_fKDEp_zhTC36uhiZJe" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">1.35%</span></p> </td> </tr> </table> 0.0993 0.0624 0.0474 0.0271 -0.0040 0.0135 The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and representspast performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling (800) 711-9164. <p id="xdx_803_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000211310Member_zEVmBKKjfQRj" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What are some Fund statistics?</b></span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <div></div> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Fund Statistics</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Net Assets</span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$<span id="xdx_90D_eus-gaap--AssetsNet_iI_c20260731__oef--ClassAxis__custom--C000211310Member_zrsydRElud3h">202,005,224</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Number of Portfolio Holdings</span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_907_eoef--HoldingsCount_iI_uShares_c20260731__oef--ClassAxis__custom--C000211310Member_zKCwFGRNe3h5">74</span></span></p> </td> </tr> <tr style="min-height: 9.45pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Investment Advisory Fees Paid </span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$<span id="xdx_901_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000211310Member_zkNOecekfb12">1,084,477</span></span></p> </td> </tr> <tr style="min-height: 9.45pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Portfolio Turnover Rate  </span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_905_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250801__20260731__oef--ClassAxis__custom--C000211310Member_zBcZ3HIi9pxf">234.22%</span></span></p> </td> </tr> </table> </div> 202005224 74 1084477 2.3422 <p id="xdx_80C_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000211310Member_z4iQ4mCi4gF1" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What did the Fund invest in?</b></span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Asset Weighting (as a % of Net Assets)</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Collateralized Loan Obligations</span></p> </td> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_908_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__oef--IndustrySectorAxis__custom--CollateralizedLoanObligationsMember_z2fbwvGWw11d">71.78%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Government</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_907_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__oef--IndustrySectorAxis__us-gaap--GovernmentMember_zGpfFPWrPbR6">12.05%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Cash and Cash Equivalents</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90B_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zlRmq6NWhJWk">9.46%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Financials</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_907_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zISh46jqtK8g">4.90%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Energy</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90A_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zK9MCWbNz3dj">1.33%</span></span></p> </td> </tr> </table> </div> 0.7178 0.1205 0.0946 0.0490 0.0133 <div id="xdx_808_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000211310Member_zN7UjB08MXKk"></div> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-bottom: Black 1pt solid; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Top Ten Holdings (as a % of Net Assets)</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fidelity Government Portfolio – Institutional Class</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90A_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__us-gaap--InvestmentTypeAxis__custom--FidelityGovernmentPortfolioInstitutionalClassMember_zs4e9ClrSjvc">9.46%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">United States Treasury Bill, 0.00%, 12/03/2026</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_909_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__us-gaap--InvestmentTypeAxis__custom--UnitedStatesTreasuryBill00012032026Member_zSDlkXEgFLx6">7.33%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Octagon 69 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_900_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__us-gaap--InvestmentTypeAxis__custom--Octagon69LtdMember_zuOgPfCPAbcd">3.01%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Regatta XXIX Funding Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90B_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__us-gaap--InvestmentTypeAxis__custom--RegattaXXIXFundingLtdMember_zrJBP880N336">2.99%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">OZLM XIV Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_909_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__us-gaap--InvestmentTypeAxis__custom--OZLMXIVLtdMember_z1UsckTkjDm5">2.60%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Flagstar Bank NA</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90A_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__us-gaap--InvestmentTypeAxis__custom--FlagstarBankNAMember_zQnwHOoCbVme">2.56%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Rad CLO 20 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_904_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__us-gaap--InvestmentTypeAxis__custom--RadCLO20LtdMember_zdIBQ4arnyah">2.38%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Allegro CLO V-S Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_900_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__us-gaap--InvestmentTypeAxis__custom--AllegroCLOVSLtdMember_zCK89ZX8F1E6">2.24%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">AB BSL CLO 3 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90D_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__us-gaap--InvestmentTypeAxis__custom--ABBSLCLO3LtdMember_zvmM7yXeZFN6">2.20%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Rockford Tower CLO 2021-3 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90B_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211310Member__us-gaap--InvestmentTypeAxis__custom--RockfordTowerCLO20213LtdMember_zYLmjzu1Bsyh">2.04%</span></span></p> </td> </tr> </table> 0.0946 0.0733 0.0301 0.0299 0.0260 0.0256 0.0238 0.0224 0.0220 0.0204 Leader Capital High Quality Income Fund Investor Class LCTRX This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000211314Member_z82Jm3Arl3Qi">annual shareholder report</span> contains important information about the Leader Capital High Quality Income Fund (the “Fund”), Investor Class Shares, for the period of August 1, 2025 to July 31, 2026. annual shareholder report You can find additional information about the Fund at <b><span id="xdx_90A_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000211314Member_z7MUfq5Oo1Ji">www.leadercapital.com/mutual-funds/resources-info/</span></b>. You can also request this information by contacting us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000211314Member_zANYn71HaMr5">(800) 711-9164</span>. www.leadercapital.com/mutual-funds/resources-info/ (800) 711-9164 <p id="xdx_800_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000211314Member_zpCK7seBIXM3" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What were the Fund costs for the last year? <br/></b></span><span style="text-transform: none; font-weight: normal; font-size: 10pt">(based on a hypothetical $10,000 investment)</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b> </b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Costs of a $10,000 investment</b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Costs paid as a percentage of a $10,000 investment</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Investor Class shares</span></p> </td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$<span id="xdx_901_eoef--ExpensesPaidAmt_pp2d_c20250801__20260731__oef--ClassAxis__custom--C000211314Member_zakSLBdgTse3">141</span></span></p> </td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90A_eoef--ExpenseRatioPct_c20250801__20260731__oef--ClassAxis__custom--C000211314Member_zzRW6firN4c4">1.38%</span></span></p> </td> </tr> </table> </div> 141 0.0138 <p id="xdx_80C_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000211314Member_zd7Rjl2Z6tM4" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>How did the Fund perform last year?</b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The Fund’s Investor Class shares returned 3.73% during the year ended July 31, 2026 versus 2.71% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index by keeping the core of the portfolio in floating-rate securities with under one year in duration, avoiding the interest-rate risk peers carried in fixed-rate intermediate bonds. </span></p> <p style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What factors influenced performance during the past year?</b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The Fund’s fixed income strategy sought to strike a balance between risk and return. Against a backdrop of elevated interest rates, a steady economy, relatively low unemployment, and tight credit spreads, we kept our duration short and concentrated the portfolio at the front end of the yield curve, emphasizing floating-rate securities such as Collateralized Loan Obligations (“CLOs”). This positioning was the primary reason the Fund outperformed its benchmark during the period.</span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The largest contributors and detractors to Fund performance during the year on a security basis were as follows:</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.8pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 316.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Top 5 Contributors</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Boxabl, Inc.</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Petroleos Mexicanos, 7.69%, 01/23/2050</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Sound Point CLO VII-R Ltd. 2014-3RA D</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Trinitas CLO XXII Ltd. 2023-22A C</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Sound Point CLO IV-R Ltd. 2013-3RA D</span></p> </td> </tr> </table> </div> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.8pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 316.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Top 5 Detractors</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Nassau 2018-II Ltd. 2018-IIA C</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">BlackRock Baker CLO 2021-1 Ltd. 2021-8A C</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Madison Park Funding XXXVI Ltd. 2019-36A D2RR</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">United States Treasury Bond, 5.00%, 05/15/2046</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">United States Treasury Bond, 5.00%, 05/15/2056</span></p> </td> </tr> </table> </div> <p id="xdx_803_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000211314Member_zgolDdRZ8WV5" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>How has the Fund performed over the past 10 years? </b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">Cumulative Performance of a Hypothetical $10,000 Investment as-of July 31, 2026</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 316.8pt; height: 230.06pt; text-align: left"> <img alt="" src="lctrx-tsr_073126img001.jpg" style="vertical-align: top; margin-left: 0pt; width: 283.2pt; margin-top: 0pt; height: 229.2pt"/> </div> </div> <div><table border="0" cellpadding="0" cellspacing="0" style="font: 11pt Aptos Narrow; display: none; visibility: hidden; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; text-align: right; width: 24%"> </td> <td id="xdx_4B3_oef--ClassAxis_custom--C000211314Member_zoEubiacgUv1" style="vertical-align: top; width: 39%">Leader Capital High Quality Income Fund Investor Class - $16,527</td> <td id="xdx_4B7_oef--BroadBasedIndexAxis_custom--BloombergBarclaysUSAggregateBondIndexMember_zPkThW2lgFg1" style="vertical-align: top; width: 37%">Bloomberg Barclays U. S. Aggregate Bond Index - $11,431</td></tr> <tr id="xdx_431_c20160731__20160731_eoef--AccmVal_zUwX6JTnBDR1"> <td style="vertical-align: bottom; text-align: right">7/31/2016</td> <td style="vertical-align: top; text-align: right">10000</td> <td style="vertical-align: top; text-align: right">10000</td></tr> <tr id="xdx_430_c20160731__20161031_eoef--AccmVal_z0CEjvqN23aj"> <td style="vertical-align: bottom; text-align: right">10/31/2016</td> <td style="vertical-align: top; text-align: right">10079</td> <td style="vertical-align: top; text-align: right">9906</td></tr> <tr id="xdx_436_c20160731__20170131_eoef--AccmVal_zoOyGqCwhpug"> <td style="vertical-align: bottom; text-align: right">1/31/2017</td> <td style="vertical-align: top; text-align: right">10198</td> <td style="vertical-align: top; text-align: right">9705</td></tr> <tr id="xdx_43D_c20160731__20170430_eoef--AccmVal_zEEhVUXgByTa"> <td style="vertical-align: bottom; text-align: right">4/30/2017</td> <td style="vertical-align: top; text-align: right">10324</td> <td style="vertical-align: top; text-align: right">9840</td></tr> <tr id="xdx_43B_c20160731__20170731_eoef--AccmVal_zZJSON38nk1k"> <td style="vertical-align: bottom; text-align: right">7/31/2017</td> <td style="vertical-align: top; text-align: right">10478</td> <td style="vertical-align: top; text-align: right">9949</td></tr> <tr id="xdx_431_c20160731__20171031_eoef--AccmVal_z2v2Hm9reAP"> <td style="vertical-align: bottom; text-align: right">10/31/2017</td> <td style="vertical-align: top; text-align: right">10441</td> <td style="vertical-align: top; text-align: right">9996</td></tr> <tr id="xdx_43B_c20160731__20180131_eoef--AccmVal_zqONHrdcwDo8"> <td style="vertical-align: bottom; text-align: right">1/31/2018</td> <td style="vertical-align: top; text-align: right">10473</td> <td style="vertical-align: top; text-align: right">9913</td></tr> <tr id="xdx_43B_c20160731__20180430_eoef--AccmVal_zLkewcuaI1u4"> <td style="vertical-align: bottom; text-align: right">4/30/2018</td> <td style="vertical-align: top; text-align: right">10616</td> <td style="vertical-align: top; text-align: right">9809</td></tr> <tr id="xdx_435_c20160731__20180731_eoef--AccmVal_zjCWTGL8mLec"> <td style="vertical-align: bottom; text-align: right">7/31/2018</td> <td style="vertical-align: top; text-align: right">10867</td> <td style="vertical-align: top; text-align: right">9869</td></tr> <tr id="xdx_432_c20160731__20181031_eoef--AccmVal_zQnzzrguZGej"> <td style="vertical-align: bottom; text-align: right">10/31/2018</td> <td style="vertical-align: top; text-align: right">11034</td> <td style="vertical-align: top; text-align: right">9790</td></tr> <tr id="xdx_437_c20160731__20190131_eoef--AccmVal_zT8FTWJqoev6"> <td style="vertical-align: bottom; text-align: right">1/31/2019</td> <td style="vertical-align: top; text-align: right">11231</td> <td style="vertical-align: top; text-align: right">10136</td></tr> <tr id="xdx_434_c20160731__20190430_eoef--AccmVal_zr0G8TT4U9M5"> <td style="vertical-align: bottom; text-align: right">4/30/2019</td> <td style="vertical-align: top; text-align: right">11278</td> <td style="vertical-align: top; text-align: right">10328</td></tr> <tr id="xdx_433_c20160731__20190731_eoef--AccmVal_zhyhoSaibB9d"> <td style="vertical-align: bottom; text-align: right">7/31/2019</td> <td style="vertical-align: top; text-align: right">11544</td> <td style="vertical-align: top; text-align: right">10666</td></tr> <tr id="xdx_436_c20160731__20191031_eoef--AccmVal_zclpYlrwx5A7"> <td style="vertical-align: bottom; text-align: right">10/31/2019</td> <td style="vertical-align: top; text-align: right">11262</td> <td style="vertical-align: top; text-align: right">10917</td></tr> <tr id="xdx_436_c20160731__20200131_eoef--AccmVal_zWXUqT8Lsvbc"> <td style="vertical-align: bottom; text-align: right">1/31/2020</td> <td style="vertical-align: top; text-align: right">11372</td> <td style="vertical-align: top; text-align: right">11114</td></tr> <tr id="xdx_43D_c20160731__20200430_eoef--AccmVal_zeh72uoJv9R1"> <td style="vertical-align: bottom; text-align: right">4/30/2020</td> <td style="vertical-align: top; text-align: right">10661</td> <td style="vertical-align: top; text-align: right">11447</td></tr> <tr id="xdx_438_c20160731__20200731_eoef--AccmVal_zEgYd7iuyvbi"> <td style="vertical-align: bottom; text-align: right">7/31/2020</td> <td style="vertical-align: top; text-align: right">11025</td> <td style="vertical-align: top; text-align: right">11746</td></tr> <tr id="xdx_431_c20160731__20201031_eoef--AccmVal_zqwTrWmwSvok"> <td style="vertical-align: bottom; text-align: right">10/31/2020</td> <td style="vertical-align: top; text-align: right">11501</td> <td style="vertical-align: top; text-align: right">11593</td></tr> <tr id="xdx_438_c20160731__20210131_eoef--AccmVal_zejjggyEoUmi"> <td style="vertical-align: bottom; text-align: right">1/31/2021</td> <td style="vertical-align: top; text-align: right">12649</td> <td style="vertical-align: top; text-align: right">11639</td></tr> <tr id="xdx_430_c20160731__20210430_eoef--AccmVal_zGyoXN7jGAdk"> <td style="vertical-align: bottom; text-align: right">4/30/2021</td> <td style="vertical-align: top; text-align: right">12437</td> <td style="vertical-align: top; text-align: right">11417</td></tr> <tr id="xdx_43C_c20160731__20210731_eoef--AccmVal_zOUw5ShsPJNf"> <td style="vertical-align: bottom; text-align: right">7/31/2021</td> <td style="vertical-align: top; text-align: right">12791</td> <td style="vertical-align: top; text-align: right">11664</td></tr> <tr id="xdx_433_c20160731__20211031_eoef--AccmVal_zJsZSnadd1yi"> <td style="vertical-align: bottom; text-align: right">10/31/2021</td> <td style="vertical-align: top; text-align: right">13074</td> <td style="vertical-align: top; text-align: right">11537</td></tr> <tr id="xdx_431_c20160731__20220131_eoef--AccmVal_zLaZNZ9oE7Bc"> <td style="vertical-align: bottom; text-align: right">1/31/2022</td> <td style="vertical-align: top; text-align: right">12779</td> <td style="vertical-align: top; text-align: right">11293</td></tr> <tr id="xdx_439_c20160731__20220430_eoef--AccmVal_zaZOfTKxRGqe"> <td style="vertical-align: bottom; text-align: right">4/30/2022</td> <td style="vertical-align: top; text-align: right">12952</td> <td style="vertical-align: top; text-align: right">10445</td></tr> <tr id="xdx_437_c20160731__20220731_eoef--AccmVal_zFHZIrRyA5P8"> <td style="vertical-align: bottom; text-align: right">7/31/2022</td> <td style="vertical-align: top; text-align: right">12968</td> <td style="vertical-align: top; text-align: right">10600</td></tr> <tr id="xdx_436_c20160731__20221031_eoef--AccmVal_zPcBS8CLBOz9"> <td style="vertical-align: bottom; text-align: right">10/31/2022</td> <td style="vertical-align: top; text-align: right">13077</td> <td style="vertical-align: top; text-align: right">9728</td></tr> <tr id="xdx_43D_c20160731__20230131_eoef--AccmVal_zWGRLBNEkaxk"> <td style="vertical-align: bottom; text-align: right">1/31/2023</td> <td style="vertical-align: top; text-align: right">13506</td> <td style="vertical-align: top; text-align: right">10349</td></tr> <tr id="xdx_43A_c20160731__20230430_eoef--AccmVal_zjTMjPpdsut1"> <td style="vertical-align: bottom; text-align: right">4/30/2023</td> <td style="vertical-align: top; text-align: right">13729</td> <td style="vertical-align: top; text-align: right">10400</td></tr> <tr id="xdx_438_c20160731__20230731_eoef--AccmVal_zgG9nIhi0vb5"> <td style="vertical-align: bottom; text-align: right">7/31/2023</td> <td style="vertical-align: top; text-align: right">14014</td> <td style="vertical-align: top; text-align: right">10243</td></tr> <tr id="xdx_43B_c20160731__20231031_eoef--AccmVal_zoModGWqkGnk"> <td style="vertical-align: bottom; text-align: right">10/31/2023</td> <td style="vertical-align: top; text-align: right">14251</td> <td style="vertical-align: top; text-align: right">9763</td></tr> <tr id="xdx_438_c20160731__20240131_eoef--AccmVal_zUZUdJyao60c"> <td style="vertical-align: bottom; text-align: right">1/31/2024</td> <td style="vertical-align: top; text-align: right">14685</td> <td style="vertical-align: top; text-align: right">10566</td></tr> <tr id="xdx_438_c20160731__20240430_eoef--AccmVal_zN6bLriWKFa7"> <td style="vertical-align: bottom; text-align: right">4/30/2024</td> <td style="vertical-align: top; text-align: right">14923</td> <td style="vertical-align: top; text-align: right">10248</td></tr> <tr id="xdx_432_c20160731__20240731_eoef--AccmVal_zwyBMhVo3KTh"> <td style="vertical-align: bottom; text-align: right">7/31/2024</td> <td style="vertical-align: top; text-align: right">15084</td> <td style="vertical-align: top; text-align: right">10766</td></tr> <tr id="xdx_430_c20160731__20241031_eoef--AccmVal_zd9YUFNzjXkh"> <td style="vertical-align: bottom; text-align: right">10/31/2024</td> <td style="vertical-align: top; text-align: right">15385</td> <td style="vertical-align: top; text-align: right">10792</td></tr> <tr id="xdx_438_c20160731__20250131_eoef--AccmVal_zELQakxcaXqd"> <td style="vertical-align: bottom; text-align: right">1/31/2025</td> <td style="vertical-align: top; text-align: right">15633</td> <td style="vertical-align: top; text-align: right">10785</td></tr> <tr id="xdx_431_c20160731__20250430_eoef--AccmVal_z4DMBbqahgId"> <td style="vertical-align: bottom; text-align: right">4/30/2025</td> <td style="vertical-align: top; text-align: right">15660</td> <td style="vertical-align: top; text-align: right">11070</td></tr> <tr id="xdx_439_c20160731__20250731_eoef--AccmVal_z1TdxAZtjLUc"> <td style="vertical-align: bottom; text-align: right">7/31/2025</td> <td style="vertical-align: top; text-align: right">15933</td> <td style="vertical-align: top; text-align: right">11130</td></tr> <tr id="xdx_432_c20160731__20251031_eoef--AccmVal_z8X5bE0L92yb"> <td style="vertical-align: bottom; text-align: right">10/31/2025</td> <td style="vertical-align: top; text-align: right">16149</td> <td style="vertical-align: top; text-align: right">11457</td></tr> <tr id="xdx_43B_c20160731__20260131_eoef--AccmVal_zM4d46GZPHK4"> <td style="vertical-align: bottom; text-align: right">1/31/2026</td> <td style="vertical-align: top; text-align: right">16328</td> <td style="vertical-align: top; text-align: right">11523</td></tr> <tr id="xdx_430_c20160731__20260430_eoef--AccmVal_ziw4h3ol2IXk"> <td style="vertical-align: bottom; text-align: right">4/30/2026</td> <td style="vertical-align: top; text-align: right">16436</td> <td style="vertical-align: top; text-align: right">11519</td></tr> <tr id="xdx_436_c20160731__20260731_eoef--AccmVal_zY8yOOd6QsTh"> <td style="vertical-align: bottom; text-align: right">7/31/2026</td> <td style="vertical-align: top; text-align: right">16527</td> <td style="vertical-align: top; text-align: right">11431</td></tr> </table> </div> 10000 10000 10079 9906 10198 9705 10324 9840 10478 9949 10441 9996 10473 9913 10616 9809 10867 9869 11034 9790 11231 10136 11278 10328 11544 10666 11262 10917 11372 11114 10661 11447 11025 11746 11501 11593 12649 11639 12437 11417 12791 11664 13074 11537 12779 11293 12952 10445 12968 10600 13077 9728 13506 10349 13729 10400 14014 10243 14251 9763 14685 10566 14923 10248 15084 10766 15385 10792 15633 10785 15660 11070 15933 11130 16149 11457 16328 11523 16436 11519 16527 11431 <div id="xdx_808_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000211314Member_z0Qku5PUEQs8"></div> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 4pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 165.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 50.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 50.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 50.4pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="3" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 9pt"><b>Average Annual Total Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="margin: 0pt 0pt 0; text-transform: none; font-size: 1pt; line-height: 1pt">​</p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b> </b></span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>1 Year</b></span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>5 Years</b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>10 Years</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Investor Class shares</span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20250801__20260731__oef--ClassAxis__custom--C000211314Member_zXISssGYtE6d">3.73%</span></span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20210801__20260731__oef--ClassAxis__custom--C000211314Member_zVniADRQ2cpe">5.26%</span></span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20160801__20260731__oef--ClassAxis__custom--C000211314Member_z2pB9qwtUawh">5.15%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Bond Index</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20250801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_z5yCw0dSwb7d">2.71%</span></span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20210801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_zsusm6VBDug">(0.40)%</span></span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20160801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_zQrbItR3SgSk">1.35%</span></span></p> </td> </tr> </table> 0.0373 0.0526 0.0515 0.0271 -0.0040 0.0135 The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling (800) 711-9164. <p id="xdx_801_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000211314Member_zLsy3sBkM5Mk" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What are some Fund statistics?</b></span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <div></div> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Fund Statistics</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Net Assets</span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$<span id="xdx_906_eus-gaap--AssetsNet_iI_uUSD_c20260731__oef--ClassAxis__custom--C000211314Member_zSaBpHFUepX3">1,231,067,237</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Number of Portfolio Holdings</span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_900_eoef--HoldingsCount_iI_uShares_c20260731__oef--ClassAxis__custom--C000211314Member_zg9hdKaELnX5">152</span></span></p> </td> </tr> <tr style="min-height: 9.45pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Investment Advisory Fees Paid </span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$<span id="xdx_908_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000211314Member_zganKtjfbui8">7,917,420</span></span></p> </td> </tr> <tr style="min-height: 9.45pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Portfolio Turnover Rate  </span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_900_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250801__20260731__oef--ClassAxis__custom--C000211314Member_zRzvVRNWJobb">175.45%</span></span></p> </td> </tr> </table> </div> 1231067237 152 7917420 1.7545 <p id="xdx_805_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000211314Member_zfMd5tIYsDEl" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What did the Fund invest in?</b></span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Asset Weighting (as a % of Net Assets)</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Collateralized Loan Obligations</span></p> </td> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_902_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__oef--IndustrySectorAxis__custom--CollateralizedLoanObligationsMember_zepejcdJx6qe">40.39%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Cash and Cash Equivalents</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_902_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zwcEvPGkAQJk">17.19%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Mortgage-Backed Securities</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_902_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__oef--IndustrySectorAxis__us-gaap--MortgageBackedSecuritiesMember_zZl5IccvuIfe">16.87%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Government</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_904_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__oef--IndustrySectorAxis__us-gaap--GovernmentMember_ziTZHgkBd079">7.94%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Energy</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_901_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_z9baadkripe5">3.22%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Debt Funds</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_907_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__oef--IndustrySectorAxis__custom--DebtFundMember_zhpdrzxOTZLb">2.47%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Financials</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90F_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zrcIVX7BJhaa">2.16%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Communications</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_906_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zFAu9CRvXJT6">1.44%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Forest, Paper, &amp; Wood Products</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_908_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__oef--IndustrySectorAxis__custom--ForestPaperAndWoodProductsMember_ztTTotRISyri">0.17%</span></span></p> </td> </tr> </table> </div> 0.4039 0.1719 0.1687 0.0794 0.0322 0.0247 0.0216 0.0144 0.0017 <div id="xdx_807_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000211314Member_znkDNGGFbCOk"></div> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-bottom: Black 1pt solid; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Top Ten Holdings (as a % of Net Assets)</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fidelity Government Portfolio – Institutional Class</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90C_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__us-gaap--InvestmentTypeAxis__custom--FidelityGovernmentPortfolioInstitutionalClassMember_zTzS8N3a2Sil">17.19%</span> </span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">United States Treasury Bill, 0.00%, 12/03/2026 </span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_908_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__us-gaap--InvestmentTypeAxis__custom--UnitedStatesTreasuryBill00012032026Member_zVaut4mFidE8">4.01%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">United States Treasury Bond, 5.00%, 05/15/2046</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_907_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__us-gaap--InvestmentTypeAxis__custom--UnitedStatesTreasuryBond50005152046Member_zwvflOi52dh9">3.93%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Petroleos Mexicanos, 7.69%, 01/23/2050</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90C_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__us-gaap--InvestmentTypeAxis__custom--PetroleosMexicanos76901232050Member_znPJazdDfRei">2.90%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Leader Short Term High Yield Bond Fund</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_902_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__us-gaap--InvestmentTypeAxis__custom--LeaderShortTermHighYieldBondFundMember_zoHi64Zgx4k1">2.39%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Black Diamond CLO 2024-1 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_900_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__us-gaap--InvestmentTypeAxis__custom--BlackDiamondCLO20241LtdMember_z19dLxtCrsa2">1.55%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">PGA Trust 2024-RSR2</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_902_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__us-gaap--InvestmentTypeAxis__custom--PGATrust2024RSR2Member_zlZlAhwwKEej">1.50%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">OFSI BSL XIII CLO Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90F_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__us-gaap--InvestmentTypeAxis__custom--OFSIBSLXIIICLOLtdMember_zMVmMp4hOiN5">1.47%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">LSTR Trust 2026-HTL6</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_906_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__us-gaap--InvestmentTypeAxis__custom--LSTRTrust2026HTL6Member_zFsOa0V8Sqql">1.35%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Elevation CLO 2025-18 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_900_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211314Member__us-gaap--InvestmentTypeAxis__custom--ElevationCLO202518LtdMember_zHrfIJNkFpJ3">1.31%</span></span></p> </td> </tr> </table> 0.1719 0.0401 0.0393 0.0290 0.0239 0.0155 0.0150 0.0147 0.0135 0.0131 Leader Capital High Quality Income Fund Institutional Class LCTIX This <span id="xdx_90E_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000211311Member_z5E1MkpwOSuc">annual shareholder report</span> contains important information about the Leader Capital High Quality Income Fund (the “Fund”), Institutional Class Shares, for the period of August 1, 2025 to July 31, 2026. annual shareholder report You can find additional information about the Fund at <b><span id="xdx_904_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000211311Member_zt3CMW2g90cc">www.leadercapital.com/mutual-funds/resources-info/</span></b>. You can also request this information by contacting us at <span id="xdx_909_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000211311Member_zUnWPfC8FGKb">(800) 711-9164</span>. www.leadercapital.com/mutual-funds/resources-info/ (800) 711-9164 <p id="xdx_800_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000211311Member_zah0grckPM3l" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What were the Fund costs for the last year? <br/></b></span><span style="text-transform: none; font-weight: normal; font-size: 10pt">(based on a hypothetical $10,000 investment)</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b> </b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Costs of a $10,000 investment</b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Costs paid as a percentage of a $10,000 investment</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Institutional Class shares</span></p> </td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$<span id="xdx_909_eoef--ExpensesPaidAmt_pp2d_c20250801__20260731__oef--ClassAxis__custom--C000211311Member_zemRIMs6Gan7">101</span></span></p> </td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_908_eoef--ExpenseRatioPct_c20250801__20260731__oef--ClassAxis__custom--C000211311Member_zNQISv6KuCod">0.99%</span></span></p> </td> </tr> </table> </div> 101 0.0099 <p id="xdx_80C_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000211311Member_zpSrd7pd6NOi" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>How did the Fund perform last year?</b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The Fund’s Institutional Class shares returned 4.02% during the year ended July 31, 2026 versus 2.71% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index by keeping the core of the portfolio in floating-rate securities with under one year in duration, avoiding the interest-rate risk peers carried in fixed-rate intermediate bonds.</span></p> <p style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What factors influenced performance during the past year?</b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The Fund’s fixed income strategy sought to strike a balance between risk and return. Against a backdrop of elevated interest rates, a steady economy, relatively low unemployment, and tight credit spreads, we kept our duration short and concentrated the portfolio at the front end of the yield curve, emphasizing floating-rate securities such as Collateralized Loan Obligations (“CLOs”). This positioning was the primary reason the Fund outperformed its benchmark during the period.</span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The largest contributors and detractors to Fund performance during the year on a security basis were as follows:</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.8pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 316.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Top 5 Contributors</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Boxabl, Inc.</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Petroleos Mexicanos, 7.69%, 01/23/2050</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Sound Point CLO VII-R Ltd. 2014-3RA D</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Trinitas CLO XXII Ltd. 2023-22A C</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Sound Point CLO IV-R Ltd. 2013-3RA D</span></p> </td> </tr> </table> </div> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.8pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 316.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Top 5 Detractors</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Nassau 2018-II Ltd. 2018-IIA C</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">BlackRock Baker CLO 2021-1 Ltd. 2021-8A C</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Madison Park Funding XXXVI Ltd. 2019-36A D2RR</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">United States Treasury Bond, 5.00%, 05/15/2046</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">United States Treasury Bond, 5.00%, 05/15/2056</span></p> </td> </tr> </table> </div> <p id="xdx_803_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000211311Member_ztLjKpjbnI22" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>How has the Fund performed over the past 10 years? </b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">Cumulative Performance of a Hypothetical $100,000 Investment as-of July 31, 2026</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 316.8pt; height: 230.06pt; text-align: left"> <img alt="" src="lctix-tsr_073126img001.jpg" style="vertical-align: top; margin-left: 0pt; width: 295.2pt; margin-top: 0pt; height: 229.2pt"/> </div> </div> <div><table border="0" cellpadding="0" cellspacing="0" style="font: 11pt Aptos Narrow; display: none; visibility: hidden; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; text-align: right; width: 24%"> </td> <td id="xdx_4B3_oef--ClassAxis_custom--C000211311Member_zFuMa1fzddG6" style="vertical-align: top; width: 39%">Leaders Capital High Quality Income Fund Institutional Class - $172,518</td> <td id="xdx_4B4_oef--BroadBasedIndexAxis_custom--BloombergBarclaysUSAggregateBondIndex1Member_znMbJv43JM89" style="vertical-align: top; width: 37%">Bloomberg Barclays U. S. Aggregate Bond Index - $114,314</td></tr> <tr id="xdx_435_c20160731__20160731_eoef--AccmVal_zxb70lgsWLo8"> <td style="vertical-align: bottom; text-align: right">7/31/2016</td> <td style="vertical-align: top; text-align: right">100000</td> <td style="vertical-align: top; text-align: right">100000</td></tr> <tr id="xdx_430_c20160731__20161031_eoef--AccmVal_zkOYMtA5MySh"> <td style="vertical-align: bottom; text-align: right">10/31/2016</td> <td style="vertical-align: top; text-align: right">101028</td> <td style="vertical-align: top; text-align: right">99064</td></tr> <tr id="xdx_434_c20160731__20170131_eoef--AccmVal_z83xDIx3EDTh"> <td style="vertical-align: bottom; text-align: right">1/31/2017</td> <td style="vertical-align: top; text-align: right">102347</td> <td style="vertical-align: top; text-align: right">97047</td></tr> <tr id="xdx_43F_c20160731__20170430_eoef--AccmVal_zSrW1oUVdfF9"> <td style="vertical-align: bottom; text-align: right">4/30/2017</td> <td style="vertical-align: top; text-align: right">103717</td> <td style="vertical-align: top; text-align: right">98401</td></tr> <tr id="xdx_436_c20160731__20170731_eoef--AccmVal_zCWAZufv8tdg"> <td style="vertical-align: bottom; text-align: right">7/31/2017</td> <td style="vertical-align: top; text-align: right">105402</td> <td style="vertical-align: top; text-align: right">99485</td></tr> <tr id="xdx_43A_c20160731__20171031_eoef--AccmVal_zGtCfLAdZJS4"> <td style="vertical-align: bottom; text-align: right">10/31/2017</td> <td style="vertical-align: top; text-align: right">105060</td> <td style="vertical-align: top; text-align: right">99957</td></tr> <tr id="xdx_43B_c20160731__20180131_eoef--AccmVal_zTflFp0NRvlc"> <td style="vertical-align: bottom; text-align: right">1/31/2018</td> <td style="vertical-align: top; text-align: right">105520</td> <td style="vertical-align: top; text-align: right">99132</td></tr> <tr id="xdx_43B_c20160731__20180430_eoef--AccmVal_zyeMgwqTScL5"> <td style="vertical-align: bottom; text-align: right">4/30/2018</td> <td style="vertical-align: top; text-align: right">107094</td> <td style="vertical-align: top; text-align: right">98087</td></tr> <tr id="xdx_430_c20160731__20180731_eoef--AccmVal_ziEM4lVmPMEa"> <td style="vertical-align: bottom; text-align: right">7/31/2018</td> <td style="vertical-align: top; text-align: right">109791</td> <td style="vertical-align: top; text-align: right">98689</td></tr> <tr id="xdx_439_c20160731__20181031_eoef--AccmVal_zqPKEdeSpGF"> <td style="vertical-align: bottom; text-align: right">10/31/2018</td> <td style="vertical-align: top; text-align: right">111582</td> <td style="vertical-align: top; text-align: right">97905</td></tr> <tr id="xdx_435_c20160731__20190131_eoef--AccmVal_zGnU1Mu6mHT2"> <td style="vertical-align: bottom; text-align: right">1/31/2019</td> <td style="vertical-align: top; text-align: right">113717</td> <td style="vertical-align: top; text-align: right">101364</td></tr> <tr id="xdx_439_c20160731__20190430_eoef--AccmVal_zZuabdnf1zhi"> <td style="vertical-align: bottom; text-align: right">4/30/2019</td> <td style="vertical-align: top; text-align: right">114326</td> <td style="vertical-align: top; text-align: right">103277</td></tr> <tr id="xdx_432_c20160731__20190731_eoef--AccmVal_zDeqsEL54izi"> <td style="vertical-align: bottom; text-align: right">7/31/2019</td> <td style="vertical-align: top; text-align: right">117059</td> <td style="vertical-align: top; text-align: right">106664</td></tr> <tr id="xdx_43C_c20160731__20191031_eoef--AccmVal_z4WK2HlcLaOe"> <td style="vertical-align: bottom; text-align: right">10/31/2019</td> <td style="vertical-align: top; text-align: right">114450</td> <td style="vertical-align: top; text-align: right">109173</td></tr> <tr id="xdx_430_c20160731__20200131_eoef--AccmVal_zqbKO5ir51U2"> <td style="vertical-align: bottom; text-align: right">1/31/2020</td> <td style="vertical-align: top; text-align: right">115721</td> <td style="vertical-align: top; text-align: right">111140</td></tr> <tr id="xdx_432_c20160731__20200430_eoef--AccmVal_zqeKm1cF9csh"> <td style="vertical-align: bottom; text-align: right">4/30/2020</td> <td style="vertical-align: top; text-align: right">108618</td> <td style="vertical-align: top; text-align: right">114474</td></tr> <tr id="xdx_436_c20160731__20200731_eoef--AccmVal_zHKMM0iSaxtb"> <td style="vertical-align: bottom; text-align: right">7/31/2020</td> <td style="vertical-align: top; text-align: right">112471</td> <td style="vertical-align: top; text-align: right">117460</td></tr> <tr id="xdx_437_c20160731__20201031_eoef--AccmVal_zg7f7cSyoEx7"> <td style="vertical-align: bottom; text-align: right">10/31/2020</td> <td style="vertical-align: top; text-align: right">117506</td> <td style="vertical-align: top; text-align: right">115928</td></tr> <tr id="xdx_432_c20160731__20210131_eoef--AccmVal_zE3avbFEqTD1"> <td style="vertical-align: bottom; text-align: right">1/31/2021</td> <td style="vertical-align: top; text-align: right">129322</td> <td style="vertical-align: top; text-align: right">116386</td></tr> <tr id="xdx_43F_c20160731__20210430_eoef--AccmVal_zuihjairnbnl"> <td style="vertical-align: bottom; text-align: right">4/30/2021</td> <td style="vertical-align: top; text-align: right">127262</td> <td style="vertical-align: top; text-align: right">114168</td></tr> <tr id="xdx_437_c20160731__20210731_eoef--AccmVal_zjgGOdvIxSx6"> <td style="vertical-align: bottom; text-align: right">7/31/2021</td> <td style="vertical-align: top; text-align: right">131060</td> <td style="vertical-align: top; text-align: right">116636</td></tr> <tr id="xdx_43C_c20160731__20211031_eoef--AccmVal_zjFArE1mRgL1"> <td style="vertical-align: bottom; text-align: right">10/31/2021</td> <td style="vertical-align: top; text-align: right">134055</td> <td style="vertical-align: top; text-align: right">115374</td></tr> <tr id="xdx_438_c20160731__20220131_eoef--AccmVal_zhDpkppz8JQ4"> <td style="vertical-align: bottom; text-align: right">1/31/2022</td> <td style="vertical-align: top; text-align: right">131147</td> <td style="vertical-align: top; text-align: right">112933</td></tr> <tr id="xdx_430_c20160731__20220430_eoef--AccmVal_zjNLNBbQMzEf"> <td style="vertical-align: bottom; text-align: right">4/30/2022</td> <td style="vertical-align: top; text-align: right">133006</td> <td style="vertical-align: top; text-align: right">104450</td></tr> <tr id="xdx_43B_c20160731__20220731_eoef--AccmVal_zz6qR3O3ReI2"> <td style="vertical-align: bottom; text-align: right">7/31/2022</td> <td style="vertical-align: top; text-align: right">133134</td> <td style="vertical-align: top; text-align: right">106002</td></tr> <tr id="xdx_43C_c20160731__20221031_eoef--AccmVal_zq99F651o2Dd"> <td style="vertical-align: bottom; text-align: right">10/31/2022</td> <td style="vertical-align: top; text-align: right">134752</td> <td style="vertical-align: top; text-align: right">97280</td></tr> <tr id="xdx_43C_c20160731__20230131_eoef--AccmVal_zEMmUT51jIhk"> <td style="vertical-align: bottom; text-align: right">1/31/2023</td> <td style="vertical-align: top; text-align: right">139163</td> <td style="vertical-align: top; text-align: right">103492</td></tr> <tr id="xdx_430_c20160731__20230430_eoef--AccmVal_zs1RZiZYCJqa"> <td style="vertical-align: bottom; text-align: right">4/30/2023</td> <td style="vertical-align: top; text-align: right">141598</td> <td style="vertical-align: top; text-align: right">104003</td></tr> <tr id="xdx_433_c20160731__20230731_eoef--AccmVal_zzbtv0Aow9da"> <td style="vertical-align: bottom; text-align: right">7/31/2023</td> <td style="vertical-align: top; text-align: right">144804</td> <td style="vertical-align: top; text-align: right">102433</td></tr> <tr id="xdx_43F_c20160731__20231031_eoef--AccmVal_zVziGMpUtPag"> <td style="vertical-align: bottom; text-align: right">10/31/2023</td> <td style="vertical-align: top; text-align: right">147381</td> <td style="vertical-align: top; text-align: right">97627</td></tr> <tr id="xdx_43C_c20160731__20240131_eoef--AccmVal_zYV5eDHDiPQ4"> <td style="vertical-align: bottom; text-align: right">1/31/2024</td> <td style="vertical-align: top; text-align: right">151869</td> <td style="vertical-align: top; text-align: right">105663</td></tr> <tr id="xdx_439_c20160731__20240430_eoef--AccmVal_zNxlhwt9xvX3"> <td style="vertical-align: bottom; text-align: right">4/30/2024</td> <td style="vertical-align: top; text-align: right">154609</td> <td style="vertical-align: top; text-align: right">102476</td></tr> <tr id="xdx_439_c20160731__20240731_eoef--AccmVal_zBgPEyphlyFj"> <td style="vertical-align: bottom; text-align: right">7/31/2024</td> <td style="vertical-align: top; text-align: right">156420</td> <td style="vertical-align: top; text-align: right">107658</td></tr> <tr id="xdx_436_c20160731__20241031_eoef--AccmVal_zPHF8j6pMwhi"> <td style="vertical-align: bottom; text-align: right">10/31/2024</td> <td style="vertical-align: top; text-align: right">159699</td> <td style="vertical-align: top; text-align: right">107923</td></tr> <tr id="xdx_435_c20160731__20250131_eoef--AccmVal_zk1DZtkCo1w9"> <td style="vertical-align: bottom; text-align: right">1/31/2025</td> <td style="vertical-align: top; text-align: right">162428</td> <td style="vertical-align: top; text-align: right">107848</td></tr> <tr id="xdx_436_c20160731__20250430_eoef--AccmVal_zd2anKoTiT91"> <td style="vertical-align: bottom; text-align: right">4/30/2025</td> <td style="vertical-align: top; text-align: right">162857</td> <td style="vertical-align: top; text-align: right">110695</td></tr> <tr id="xdx_43C_c20160731__20250731_eoef--AccmVal_zP3kZsHv47F9"> <td style="vertical-align: bottom; text-align: right">7/31/2025</td> <td style="vertical-align: top; text-align: right">165850</td> <td style="vertical-align: top; text-align: right">111298</td></tr> <tr id="xdx_432_c20160731__20251031_eoef--AccmVal_z1FqKVyKpHO"> <td style="vertical-align: bottom; text-align: right">10/31/2025</td> <td style="vertical-align: top; text-align: right">168251</td> <td style="vertical-align: top; text-align: right">114569</td></tr> <tr id="xdx_435_c20160731__20260131_eoef--AccmVal_zGYoD3TPwe2b"> <td style="vertical-align: bottom; text-align: right">1/31/2026</td> <td style="vertical-align: top; text-align: right">170277</td> <td style="vertical-align: top; text-align: right">115234</td></tr> <tr id="xdx_431_c20160731__20260430_eoef--AccmVal_zLH6o58nIxG4"> <td style="vertical-align: bottom; text-align: right">4/30/2026</td> <td style="vertical-align: top; text-align: right">171565</td> <td style="vertical-align: top; text-align: right">115186</td></tr> <tr id="xdx_43E_c20160731__20260731_eoef--AccmVal_zmE8exWs9Ock"> <td style="vertical-align: bottom; text-align: right">7/31/2026</td> <td style="vertical-align: top; text-align: right">172518</td> <td style="vertical-align: top; text-align: right">114314</td></tr> </table> </div> 100000 100000 101028 99064 102347 97047 103717 98401 105402 99485 105060 99957 105520 99132 107094 98087 109791 98689 111582 97905 113717 101364 114326 103277 117059 106664 114450 109173 115721 111140 108618 114474 112471 117460 117506 115928 129322 116386 127262 114168 131060 116636 134055 115374 131147 112933 133006 104450 133134 106002 134752 97280 139163 103492 141598 104003 144804 102433 147381 97627 151869 105663 154609 102476 156420 107658 159699 107923 162428 107848 162857 110695 165850 111298 168251 114569 170277 115234 171565 115186 172518 114314 <div id="xdx_808_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000211311Member_zbTHBfeWhjwi"></div> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 4pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 165.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 50.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 50.4pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 50.4pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="3" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 9pt"><b>Average Annual Total Returns</b></span></p> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="margin: 0pt 0pt 0; text-transform: none; font-size: 1pt; line-height: 1pt">​</p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b> </b></span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>1 Year</b></span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>5 Years</b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>10 Years</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Institutional Class shares</span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20250801__20260731__oef--ClassAxis__custom--C000211311Member_zeMZYatFa9B6">4.02%</span></span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_901_eoef--AvgAnnlRtrPct_c20210801__20260731__oef--ClassAxis__custom--C000211311Member_zxFYONCMiLPa">5.65%</span></span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_909_eoef--AvgAnnlRtrPct_c20160801__20260731__oef--ClassAxis__custom--C000211311Member_zwNsb5R9k2M6">5.60%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Bond Index</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20250801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_z4vMc3ispj2j">2.71%</span></span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20210801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_zgOtd5BMQ1ak">(0.40)%</span></span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20160801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_z6hXWBfzWIR1">1.35%</span></span></p> </td> </tr> </table> 0.0402 0.0565 0.0560 0.0271 -0.0040 0.0135 The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling (800) 711-9164. <p id="xdx_80B_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000211311Member_zMzwRJgibDx3" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What are some Fund statistics?</b></span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Fund Statistics</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Net Assets</span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$<span id="xdx_904_eus-gaap--AssetsNet_iI_uUSD_c20260731__oef--ClassAxis__custom--C000211311Member_zTeHG8sxxxH8">1,231,067,237</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Number of Portfolio Holdings</span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_909_eoef--HoldingsCount_iI_uShares_c20260731__oef--ClassAxis__custom--C000211311Member_zprPkbv5WhUe">152</span></span></p> </td> </tr> <tr style="min-height: 9.45pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Investment Advisory Fees Paid </span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$<span id="xdx_904_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000211311Member_ztqUeark2xQ7">7,917,420</span></span></p> </td> </tr> <tr style="min-height: 9.45pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Portfolio Turnover Rate</span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_902_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250801__20260731__oef--ClassAxis__custom--C000211311Member_z13Do8UZfdY2">175.45%</span></span></p> </td> </tr> </table> </div> 1231067237 152 7917420 1.7545 <p id="xdx_805_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000211311Member_zZaAbBS1Jnmf" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What did the Fund invest in?</b></span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Asset Weighting (as a % of Net Assets)</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Collateralized Loan Obligations</span></p> </td> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_901_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__oef--IndustrySectorAxis__custom--CollateralizedLoanObligationsMember_zM0pHdCcv78d">40.39%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Cash and Cash Equivalents</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_908_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zDNjRVF29L9c">17.19%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Mortgage-Backed Securities</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_902_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__oef--IndustrySectorAxis__us-gaap--MortgageBackedSecuritiesMember_zkQV1ScIV7n1">16.87%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Government</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90F_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__oef--IndustrySectorAxis__us-gaap--GovernmentSectorMember_zBsxvGnFYeY2">7.94%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Energy</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_909_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zzDtsiOxspDc">3.22%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Debt Funds</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90E_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__oef--IndustrySectorAxis__custom--DebtFundsSectorMember_z052GkfjaYaf">2.47%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Financials</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_908_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zJQq1plPB3Eh">2.16%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Communications</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_908_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zaNaYfiJXXy4">1.44%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Forest, Paper, &amp; Wood Products</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_905_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__oef--IndustrySectorAxis__custom--ForestPaperAndWoodProductsMember_zEoTRuEWZFee">0.17%</span></span></p> </td> </tr> </table> </div> 0.4039 0.1719 0.1687 0.0794 0.0322 0.0247 0.0216 0.0144 0.0017 <div id="xdx_80E_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000211311Member_zpEGRQrAc6H"></div> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-bottom: Black 1pt solid; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Top Ten Holdings (as a % of Net Assets)</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fidelity Government Portfolio – Institutional Class</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90C_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__us-gaap--InvestmentTypeAxis__custom--FidelityGovernmentPortfolioInstitutionalClassMember_zeFyCqbCVLc3">17.19%</span> </span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">United States Treasury Bill, 0.00%, 12/03/2026 </span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_908_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__us-gaap--InvestmentTypeAxis__custom--UnitedStatesTreasuryBill00012032026Member_z8UATtNma2K6">4.01%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">United States Treasury Bond, 5.00%, 05/15/2046</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_907_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__us-gaap--InvestmentTypeAxis__custom--UnitedStatesTreasuryBond50005152046Member_zF0aGanAy7Ob">3.93%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Petroleos Mexicanos, 7.69%, 01/23/2050</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90C_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__us-gaap--InvestmentTypeAxis__custom--PetroleosMexicanos76901232050Member_zwlveWXIDrzh">2.90%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Leader Short Term High Yield Bond Fund</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_902_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__us-gaap--InvestmentTypeAxis__custom--LeaderShortTermHighYieldBondFundMember_zwwSJoYjqjT8">2.39%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Black Diamond CLO 2024-1 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_900_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__us-gaap--InvestmentTypeAxis__custom--BlackDiamondCLO20241LtdMember_z5XMh9lONYR2">1.55%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">PGA Trust 2024-RSR2</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_902_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__us-gaap--InvestmentTypeAxis__custom--PGATrust2024RSR2Member_zA1bWz2jLsUi">1.50%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">OFSI BSL XIII CLO Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90F_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__us-gaap--InvestmentTypeAxis__custom--OFSIBSLXIIICLOLtdMember_z5r80JhecUQ2">1.47%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">LSTR Trust 2026-HTL6</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_906_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__us-gaap--InvestmentTypeAxis__custom--LSTRTrust2026HTL6Member_zdGNuPdWj50f">1.35%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Elevation CLO 2025-18 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_900_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211311Member__us-gaap--InvestmentTypeAxis__custom--ElevationCLO202518LtdMember_zp4E4gsaZeag">1.31%</span></span></p> </td> </tr> </table> 0.1719 0.0401 0.0393 0.0290 0.0239 0.0155 0.0150 0.0147 0.0135 0.0131 Leader Capital High Quality Income Fund Class A LCATX This <span id="xdx_90B_eoef--ShareholderReportAnnualOrSemiAnnual_c20250801__20260731__oef--ClassAxis__custom--C000211313Member_zn4UFKoAv3ma">annual shareholder report</span> contains important information about the Leader Capital High Quality Income Fund (the “Fund”), Class A Shares, for the period of August 1, 2025 to July 31, 2026. annual shareholder report You can find additional information about the Fund at <b><span id="xdx_905_eoef--AddlInfoWebsite_c20250801__20260731__oef--ClassAxis__custom--C000211313Member_ze2GLX5Khedj">www.leadercapital.com/mutual-funds/resources-info/</span></b>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20250801__20260731__oef--ClassAxis__custom--C000211313Member_zROnH8167Egg">(800) 711-9164</span>. www.leadercapital.com/mutual-funds/resources-info/ (800) 711-9164 <p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000211313Member_zy01XmoGsoI1" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What were the Fund costs for the last year? <br/></b></span><span style="text-transform: none; font-weight: normal; font-size: 10pt">(based on a hypothetical $10,000 investment)</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 105.6pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b> </b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Costs of a $10,000 investment</b></span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Costs paid as a percentage of a $10,000 investment</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A shares</span></p> </td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">$<span id="xdx_909_eoef--ExpensesPaidAmt_pp2d_c20250801__20260731__oef--ClassAxis__custom--C000211313Member_zJViMutEa7Re">127</span></span></p> </td> <td style="border-top: #000000 1pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_902_eoef--ExpenseRatioPct_c20250801__20260731__oef--ClassAxis__custom--C000211313Member_zkEM3xctVvZ4">1.24%</span></span></p> </td> </tr> </table> </div> 127 0.0124 <p id="xdx_808_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000211313Member_zENiviITO0yc" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>How did the Fund perform last year?</b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The Fund’s Class A shares returned 3.85% during the year ended July 31, 2026 versus 2.71% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index by keeping the core of the portfolio in floating-rate securities with under one year in duration, avoiding the interest-rate risk peers carried in fixed-rate intermediate bonds. </span></p> <p style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What factors influenced performance during the past year?</b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The Fund’s fixed income strategy sought to strike a balance between risk and return. Against a backdrop of elevated interest rates, a steady economy, relatively low unemployment, and tight credit spreads, we kept our duration short and concentrated the portfolio at the front end of the yield curve, emphasizing floating-rate securities such as Collateralized Loan Obligations (“CLOs”). This positioning was the primary reason the Fund outperformed its benchmark during the period. </span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">The largest contributors and detractors to Fund performance during the year on a security basis were as follows: </span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.8pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 316.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Top 5 Contributors</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Boxabl, Inc.</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Petroleos Mexicanos, 7.69%, 01/23/2050</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Sound Point CLO VII-R Ltd. 2014-3RA D</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Trinitas CLO XXII Ltd. 2023-22A C</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Sound Point CLO IV-R Ltd. 2013-3RA D</span></p> </td> </tr> </table> </div> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.8pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 316.8pt"> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Top 5 Detractors</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Nassau 2018-II Ltd. 2018-IIA C</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">BlackRock Baker CLO 2021-1 Ltd. 2021-8A C</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">Madison Park Funding XXXVI Ltd. 2019-36A D2RR</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">United States Treasury Bond, 5.00%, 05/15/2046</span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none">United States Treasury Bond, 5.00%, 05/15/2056</span></p> </td> </tr> </table> </div> <p id="xdx_802_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000211313Member_zo45oEaxDzQg" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>How has the Fund performed since inception? </b></span></p> <p style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"><span style="text-transform: none">Cumulative Performance of a Hypothetical $10,000 Investment as-of July 31, 2026</span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify"> <div style="border-width: 0pt; padding: 0pt; overflow: hidden; display: inline-block; width: 316.8pt; height: 230.06pt; text-align: left"> <img alt="" src="lcatx-tsr_073126img001.jpg" style="vertical-align: top; margin-left: 0pt; width: 306pt; margin-top: 0pt; height: 229.2pt"/> </div> </div> <div><table border="0" cellpadding="0" cellspacing="0" style="font: 11pt Aptos Narrow; display: none; visibility: hidden; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; text-align: right; width: 18%"> </td> <td id="xdx_4BB_oef--AdditionalIndexAxis_custom--LeaderCapitalHighQualityIncomeFundClassAWithoutLoadMember_z2IYU0d7Hxl3" style="vertical-align: top; width: 28%">Leaders Capital High Quality Income Fund Class A - Without Load- $12,507</td> <td id="xdx_4BF_oef--ClassAxis_custom--C000211313Member_zpI843ygHmD1" style="vertical-align: top; width: 27%">Leaders Capital High Quality Income Fund Class A - Load Adjusted - $12,007</td> <td id="xdx_4BC_oef--BroadBasedIndexAxis_custom--BloombergBarclaysUSAggregateBondIndexMember_zqnq6s8WmOHd" style="vertical-align: top; width: 27%">Bloomberg Barclays U. S. Aggregate Bond Index - $11,108</td></tr> <tr id="xdx_435_c20230621__20230621_eoef--AccmVal_zrPiUoHV9t9g"> <td style="vertical-align: bottom; text-align: right">6/21/2023</td> <td style="vertical-align: top; text-align: right">10000</td> <td style="vertical-align: top; text-align: right">9600</td> <td style="vertical-align: top; text-align: right">10000</td></tr> <tr id="xdx_439_c20230621__20230630_eoef--AccmVal_zzSBGTX20cXa"> <td style="vertical-align: bottom; text-align: right">6/30/2023</td> <td style="vertical-align: top; text-align: right">10033</td> <td style="vertical-align: top; text-align: right">9632</td> <td style="vertical-align: top; text-align: right">9960</td></tr> <tr id="xdx_438_c20230621__20230731_eoef--AccmVal_zRh6ZErpNCVk"> <td style="vertical-align: bottom; text-align: right">7/31/2023</td> <td style="vertical-align: top; text-align: right">10182</td> <td style="vertical-align: top; text-align: right">9775</td> <td style="vertical-align: top; text-align: right">9953</td></tr> <tr id="xdx_43D_c20230621__20230831_eoef--AccmVal_zlQlyneATwf2"> <td style="vertical-align: bottom; text-align: right">8/31/2023</td> <td style="vertical-align: top; text-align: right">10313</td> <td style="vertical-align: top; text-align: right">9901</td> <td style="vertical-align: top; text-align: right">9890</td></tr> <tr id="xdx_435_c20230621__20230930_eoef--AccmVal_zsrSPpOUzFr4"> <td style="vertical-align: bottom; text-align: right">9/30/2023</td> <td style="vertical-align: top; text-align: right">10455</td> <td style="vertical-align: top; text-align: right">10037</td> <td style="vertical-align: top; text-align: right">9638</td></tr> <tr id="xdx_43B_c20230621__20231031_eoef--AccmVal_z7npwfUpLIt9"> <td style="vertical-align: bottom; text-align: right">10/31/2023</td> <td style="vertical-align: top; text-align: right">10532</td> <td style="vertical-align: top; text-align: right">10111</td> <td style="vertical-align: top; text-align: right">9486</td></tr> <tr id="xdx_432_c20230621__20231130_eoef--AccmVal_z2J1oB3Bxvvg"> <td style="vertical-align: bottom; text-align: right">11/30/2023</td> <td style="vertical-align: top; text-align: right">10675</td> <td style="vertical-align: top; text-align: right">10248</td> <td style="vertical-align: top; text-align: right">9916</td></tr> <tr id="xdx_43E_c20230621__20231231_eoef--AccmVal_zXYFHIu7Qeri"> <td style="vertical-align: bottom; text-align: right">12/31/2023</td> <td style="vertical-align: top; text-align: right">10875</td> <td style="vertical-align: top; text-align: right">10440</td> <td style="vertical-align: top; text-align: right">10295</td></tr> <tr id="xdx_432_c20230621__20240131_eoef--AccmVal_zh2TTaVtIT8j"> <td style="vertical-align: bottom; text-align: right">1/31/2024</td> <td style="vertical-align: top; text-align: right">11018</td> <td style="vertical-align: top; text-align: right">10577</td> <td style="vertical-align: top; text-align: right">10267</td></tr> <tr id="xdx_43F_c20230621__20240229_eoef--AccmVal_z6TVIa6rPYac"> <td style="vertical-align: bottom; text-align: right">2/29/2024</td> <td style="vertical-align: top; text-align: right">11149</td> <td style="vertical-align: top; text-align: right">10703</td> <td style="vertical-align: top; text-align: right">10122</td></tr> <tr id="xdx_432_c20230621__20240331_eoef--AccmVal_zMpvzIKotvqk"> <td style="vertical-align: bottom; text-align: right">3/31/2024</td> <td style="vertical-align: top; text-align: right">11215</td> <td style="vertical-align: top; text-align: right">10767</td> <td style="vertical-align: top; text-align: right">10216</td></tr> <tr id="xdx_436_c20230621__20240430_eoef--AccmVal_zlNwJ9tCUoCi"> <td style="vertical-align: bottom; text-align: right">4/30/2024</td> <td style="vertical-align: top; text-align: right">11264</td> <td style="vertical-align: top; text-align: right">10813</td> <td style="vertical-align: top; text-align: right">9957</td></tr> <tr id="xdx_430_c20230621__20240531_eoef--AccmVal_zhyj1uIZGGqj"> <td style="vertical-align: bottom; text-align: right">5/31/2024</td> <td style="vertical-align: top; text-align: right">11312</td> <td style="vertical-align: top; text-align: right">10860</td> <td style="vertical-align: top; text-align: right">10126</td></tr> <tr id="xdx_437_c20230621__20240630_eoef--AccmVal_zUdvMnra87hd"> <td style="vertical-align: bottom; text-align: right">6/30/2024</td> <td style="vertical-align: top; text-align: right">11351</td> <td style="vertical-align: top; text-align: right">10897</td> <td style="vertical-align: top; text-align: right">10222</td></tr> <tr id="xdx_433_c20230621__20240731_eoef--AccmVal_zmgEGri5Y0xk"> <td style="vertical-align: bottom; text-align: right">7/31/2024</td> <td style="vertical-align: top; text-align: right">11391</td> <td style="vertical-align: top; text-align: right">10935</td> <td style="vertical-align: top; text-align: right">10461</td></tr> <tr id="xdx_430_c20230621__20240831_eoef--AccmVal_zpgm3GnjUmcc"> <td style="vertical-align: bottom; text-align: right">8/31/2024</td> <td style="vertical-align: top; text-align: right">11501</td> <td style="vertical-align: top; text-align: right">11041</td> <td style="vertical-align: top; text-align: right">10611</td></tr> <tr id="xdx_433_c20230621__20240930_eoef--AccmVal_zCawxzvsOrd7"> <td style="vertical-align: bottom; text-align: right">9/30/2024</td> <td style="vertical-align: top; text-align: right">11570</td> <td style="vertical-align: top; text-align: right">11107</td> <td style="vertical-align: top; text-align: right">10753</td></tr> <tr id="xdx_430_c20230621__20241031_eoef--AccmVal_zSv75AyU4029"> <td style="vertical-align: bottom; text-align: right">10/31/2024</td> <td style="vertical-align: top; text-align: right">11620</td> <td style="vertical-align: top; text-align: right">11155</td> <td style="vertical-align: top; text-align: right">10487</td></tr> <tr id="xdx_43A_c20230621__20241130_eoef--AccmVal_zUIhBmSR39d7"> <td style="vertical-align: bottom; text-align: right">11/30/2024</td> <td style="vertical-align: top; text-align: right">11676</td> <td style="vertical-align: top; text-align: right">11209</td> <td style="vertical-align: top; text-align: right">10598</td></tr> <tr id="xdx_43E_c20230621__20241231_eoef--AccmVal_zqJfcUCJP2Tj"> <td style="vertical-align: bottom; text-align: right">12/31/2024</td> <td style="vertical-align: top; text-align: right">11724</td> <td style="vertical-align: top; text-align: right">11255</td> <td style="vertical-align: top; text-align: right">10424</td></tr> <tr id="xdx_433_c20230621__20250131_eoef--AccmVal_zwv3uDVIhsd7"> <td style="vertical-align: bottom; text-align: right">1/31/2025</td> <td style="vertical-align: top; text-align: right">11810</td> <td style="vertical-align: top; text-align: right">11338</td> <td style="vertical-align: top; text-align: right">10479</td></tr> <tr id="xdx_432_c20230621__20250228_eoef--AccmVal_z6FIKAOEh5hg"> <td style="vertical-align: bottom; text-align: right">2/28/2025</td> <td style="vertical-align: top; text-align: right">11921</td> <td style="vertical-align: top; text-align: right">11444</td> <td style="vertical-align: top; text-align: right">10710</td></tr> <tr id="xdx_433_c20230621__20250331_eoef--AccmVal_znkYDlLUrtq8"> <td style="vertical-align: bottom; text-align: right">3/31/2025</td> <td style="vertical-align: top; text-align: right">11886</td> <td style="vertical-align: top; text-align: right">11410</td> <td style="vertical-align: top; text-align: right">10714</td></tr> <tr id="xdx_43F_c20230621__20250430_eoef--AccmVal_zsFTQ7qYeKO9"> <td style="vertical-align: bottom; text-align: right">4/30/2025</td> <td style="vertical-align: top; text-align: right">11840</td> <td style="vertical-align: top; text-align: right">11366</td> <td style="vertical-align: top; text-align: right">10756</td></tr> <tr id="xdx_431_c20230621__20250531_eoef--AccmVal_zJGGa0KLaZ3e"> <td style="vertical-align: bottom; text-align: right">5/31/2025</td> <td style="vertical-align: top; text-align: right">11917</td> <td style="vertical-align: top; text-align: right">11440</td> <td style="vertical-align: top; text-align: right">10679</td></tr> <tr id="xdx_432_c20230621__20250630_eoef--AccmVal_zBcasyYPcj23"> <td style="vertical-align: bottom; text-align: right">6/30/2025</td> <td style="vertical-align: top; text-align: right">11968</td> <td style="vertical-align: top; text-align: right">11490</td> <td style="vertical-align: top; text-align: right">10843</td></tr> <tr id="xdx_437_c20230621__20250731_eoef--AccmVal_z6OcjJ3giqQe"> <td style="vertical-align: bottom; text-align: right">7/31/2025</td> <td style="vertical-align: top; text-align: right">12043</td> <td style="vertical-align: top; text-align: right">11561</td> <td style="vertical-align: top; text-align: right">10815</td></tr> <tr id="xdx_439_c20230621__20250831_eoef--AccmVal_zN9Dk8G38A04"> <td style="vertical-align: bottom; text-align: right">8/31/2025</td> <td style="vertical-align: top; text-align: right">12120</td> <td style="vertical-align: top; text-align: right">11635</td> <td style="vertical-align: top; text-align: right">10944</td></tr> <tr id="xdx_43E_c20230621__20250930_eoef--AccmVal_zxQXKbweblm5"> <td style="vertical-align: bottom; text-align: right">9/30/2025</td> <td style="vertical-align: top; text-align: right">12187</td> <td style="vertical-align: top; text-align: right">11699</td> <td style="vertical-align: top; text-align: right">11063</td></tr> <tr id="xdx_433_c20230621__20251031_eoef--AccmVal_zGU811gN5306"> <td style="vertical-align: bottom; text-align: right">10/31/2025</td> <td style="vertical-align: top; text-align: right">12213</td> <td style="vertical-align: top; text-align: right">11724</td> <td style="vertical-align: top; text-align: right">11133</td></tr> <tr id="xdx_436_c20230621__20251130_eoef--AccmVal_zCdXAqTSVYRe"> <td style="vertical-align: bottom; text-align: right">11/30/2025</td> <td style="vertical-align: top; text-align: right">12253</td> <td style="vertical-align: top; text-align: right">11763</td> <td style="vertical-align: top; text-align: right">11202</td></tr> <tr id="xdx_43D_c20230621__20251231_eoef--AccmVal_zPZXpwqxteue"> <td style="vertical-align: bottom; text-align: right">12/31/2025</td> <td style="vertical-align: top; text-align: right">12286</td> <td style="vertical-align: top; text-align: right">11795</td> <td style="vertical-align: top; text-align: right">11185</td></tr> <tr id="xdx_437_c20230621__20260131_eoef--AccmVal_zDp2Gkb5j2b4"> <td style="vertical-align: bottom; text-align: right">1/31/2026</td> <td style="vertical-align: top; text-align: right">12356</td> <td style="vertical-align: top; text-align: right">11862</td> <td style="vertical-align: top; text-align: right">11197</td></tr> <tr id="xdx_43B_c20230621__20260228_eoef--AccmVal_zJv0g6Xqunb6"> <td style="vertical-align: bottom; text-align: right">2/28/2026</td> <td style="vertical-align: top; text-align: right">12436</td> <td style="vertical-align: top; text-align: right">11938</td> <td style="vertical-align: top; text-align: right">11380</td></tr> <tr id="xdx_439_c20230621__20260331_eoef--AccmVal_zv6W5z5ptcc2"> <td style="vertical-align: bottom; text-align: right">3/31/2026</td> <td style="vertical-align: top; text-align: right">12347</td> <td style="vertical-align: top; text-align: right">11853</td> <td style="vertical-align: top; text-align: right">11180</td></tr> <tr id="xdx_43E_c20230621__20260430_eoef--AccmVal_zICEAL2MJCnc"> <td style="vertical-align: bottom; text-align: right">4/30/2026</td> <td style="vertical-align: top; text-align: right">12438</td> <td style="vertical-align: top; text-align: right">11941</td> <td style="vertical-align: top; text-align: right">11192</td></tr> <tr id="xdx_437_c20230621__20260531_eoef--AccmVal_zWl9BkoBDrbf"> <td style="vertical-align: bottom; text-align: right">5/31/2026</td> <td style="vertical-align: top; text-align: right">12521</td> <td style="vertical-align: top; text-align: right">12020</td> <td style="vertical-align: top; text-align: right">11227</td></tr> <tr id="xdx_439_c20230621__20260630_eoef--AccmVal_zDxWQgZ4TxUi"> <td style="vertical-align: bottom; text-align: right">6/30/2026</td> <td style="vertical-align: top; text-align: right">12577</td> <td style="vertical-align: top; text-align: right">12074</td> <td style="vertical-align: top; text-align: right">11254</td></tr> <tr id="xdx_430_c20230621__20260731_eoef--AccmVal_zlhR11KEdgl5"> <td style="vertical-align: bottom; text-align: right">7/31/2026</td> <td style="vertical-align: top; text-align: right">12507</td> <td style="vertical-align: top; text-align: right">12007</td> <td style="vertical-align: top; text-align: right">11108</td></tr> </table> </div> 10000 9600 10000 10033 9632 9960 10182 9775 9953 10313 9901 9890 10455 10037 9638 10532 10111 9486 10675 10248 9916 10875 10440 10295 11018 10577 10267 11149 10703 10122 11215 10767 10216 11264 10813 9957 11312 10860 10126 11351 10897 10222 11391 10935 10461 11501 11041 10611 11570 11107 10753 11620 11155 10487 11676 11209 10598 11724 11255 10424 11810 11338 10479 11921 11444 10710 11886 11410 10714 11840 11366 10756 11917 11440 10679 11968 11490 10843 12043 11561 10815 12120 11635 10944 12187 11699 11063 12213 11724 11133 12253 11763 11202 12286 11795 11185 12356 11862 11197 12436 11938 11380 12347 11853 11180 12438 11941 11192 12521 12020 11227 12577 12074 11254 12507 12007 11108 <div id="xdx_80B_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000211313Member_zq0Ono2ojR4g"></div> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 4pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 197.99pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 57.59pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 61.19pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="3" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 9pt"><b>Average Annual Total Returns</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b> </b></span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>1 Year</b></span></p> </td> <td style="border-bottom: #000000 1pt solid; padding: 1.5pt 4pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><b>Since Inception</b></span><sup style="text-transform: none; font-size: 6pt; line-height: 6pt"><b>(a)</b></sup></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A shares without sales charges</span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20250801__20260731__oef--ClassAxis__custom--C000211313Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_z5HzOeLVWg2h">3.85%</span></span></p> </td> <td style="border-top: #000000 1pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20230621__20260731__oef--ClassAxis__custom--C000211313Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_fKGEp_zDnEjlcwquF2">7.45%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Class A shares with sales charges</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20250801__20260731__oef--ClassAxis__custom--C000211313Member_z0q8pYrSgRTl">(0.30)%</span></span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20230621__20260731__oef--ClassAxis__custom--C000211313Member_fKGEp_zGE7qmhWvEvj">6.05%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Bloomberg U.S. Aggregate Bond Index</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20250801__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_z61AoIsZwfWj">2.71%</span></span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: center"><span style="text-transform: none"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20230621__20260731__oef--BroadBasedIndexAxis__custom--BloombergUSAggregateBondIndexMember_fKGEp_zRPYO7spHocb">3.43%</span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 9pt/normal Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-size: 6pt; text-transform: none; line-height: 6pt"><sup id="xdx_F07_z7IAsOlok9i7">(a)</sup></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1D_zZkosAKp6F5d" style="font-size: 8pt; text-transform: none">The Leader Capital High Quality Income Fund’s Class A shares commenced operation on <span id="xdx_905_eoef--PerfInceptionDate_c20250801__20260731__oef--ClassAxis__custom--C000211313Member_zpZQ8JzNkqj4">June 21, 2023</span>.</span></td> </tr></table> 0.0385 0.0745 -0.0030 0.0605 0.0271 0.0343 2023-06-21 The performance information quoted in this annual report assumes the reinvestment of all dividend and capital gain distributions, if any, and represents past performance, which is not a guarantee of future results. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling (800) 711-9164. <p id="xdx_80D_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000211313Member_zavUsAYix5x8" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What are some Fund statistics?</b></span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Fund Statistics</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Total Net Assets</span></p> </td> <td style="border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$<span id="xdx_904_eus-gaap--AssetsNet_iI_uUSD_c20260731__oef--ClassAxis__custom--C000211313Member_zcrhnlgzM6Mj">1,231,067,237</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Number of Portfolio Holdings</span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_905_eoef--HoldingsCount_iI_uShares_c20260731__oef--ClassAxis__custom--C000211313Member_zwNk5tpXOPZ7">152</span></span></p> </td> </tr> <tr style="min-height: 9.45pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Investment Advisory Fees Paid </span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none">$<span id="xdx_907_eoef--AdvisoryFeesPaidAmt_c20250801__20260731__oef--ClassAxis__custom--C000211313Member_zqCubmx5gJ7j">7,917,420</span></span></p> </td> </tr> <tr style="min-height: 9.45pt"> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Portfolio Turnover Rate</span></p> </td> <td style="border-top: #000000 0.5pt solid; border-bottom: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250801__20260731__oef--ClassAxis__custom--C000211313Member_zyyJzHhq5Zcb">175.45%</span></span></p> </td> </tr> </table> </div> 1231067237 152 7917420 1.7545 <p id="xdx_807_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000211313Member_zX6K0dhgaLd7" style="font: 11pt/normal Arial, sans-serif; margin: 4pt 0pt 10pt; text-transform: none; color: #000000; text-indent: 0pt; border-bottom-style: solid; border-bottom-width: 1pt; text-align: left"><span style="text-transform: none"><b>What did the Fund invest in?</b></span></p> <div style="font: 9pt/normal Arial, sans-serif; margin: 0pt 0pt 8pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Asset Weighting (as a % of Net Assets)</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Collateralized Loan Obligations</span></p> </td> <td style="border-top: #000000 0.5pt solid; padding: 1.5pt 4pt 1.5pt 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90C_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__oef--IndustrySectorAxis__custom--CollateralizedLoanObligationsMember_z7dMri2xQW81">40.39%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Cash and Cash Equivalents</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_900_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zE4435g5UrM8">17.19%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Mortgage-Backed Securities</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_902_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__oef--IndustrySectorAxis__us-gaap--MortgageBackedSecuritiesMember_zaaVDbe3sgRd">16.87%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Government</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_900_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__oef--IndustrySectorAxis__us-gaap--GovernmentSectorMember_zypPR911ld7c">7.94%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Energy</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_900_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zjkM7l2GLh3d">3.22%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Debt Funds</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_905_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__oef--IndustrySectorAxis__custom--DebtFundsSectorMember_zbXmrj2YjBfk">2.47%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Financials</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_901_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zsOUFvT25kse">2.16%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Communications</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90B_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zg8Ac7JExWyc">1.44%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Forest, Paper, &amp; Wood Products</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_906_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__oef--IndustrySectorAxis__custom--ForestPaperAndWoodProductsMember_zgx2NbDFqChl">0.17%</span></span></p> </td> </tr> </table> </div> 0.4039 0.1719 0.1687 0.0794 0.0322 0.0247 0.0216 0.0144 0.0017 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000211313Member_zF6vDPXmYeA8"></div> <table style="table-layout: fixed; width: 316.79pt; margin-top: 4pt; margin-bottom: 8pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 244.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 3pt"> <td colspan="2" style="border-bottom: Black 1pt solid; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none; font-size: 10pt"><b>Top Ten Holdings (as a % of Net Assets)</b></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Fidelity Government Portfolio – Institutional Class</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90A_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__us-gaap--InvestmentTypeAxis__custom--FidelityGovernmentPortfolioInstitutionalClassMember_z4Txh0pVN9i3">17.19%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">United States Treasury Bill, 0.00%, 12/03/2026 </span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90F_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__us-gaap--InvestmentTypeAxis__custom--UnitedStatesTreasuryBill00012032026Member_zZuDUImocTB4">4.01%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">United States Treasury Bond, 5.00%, 05/15/2046</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_901_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__us-gaap--InvestmentTypeAxis__custom--UnitedStatesTreasuryBond50005152046Member_zgW7fiDTlLAh">3.93%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Petroleos Mexicanos, 7.69%, 01/23/2050</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_908_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__us-gaap--InvestmentTypeAxis__custom--PetroleosMexicanos76901232050Member_zq5dsMln4431">2.90%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="padding: 1.5pt 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Leader Short Term High Yield Bond Fund</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90F_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__us-gaap--InvestmentTypeAxis__custom--LeaderShortTermHighYieldBondFundMember_zCwrksRPnUWg">2.39%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Black Diamond CLO 2024-1 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_904_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__us-gaap--InvestmentTypeAxis__custom--BlackDiamondCLO20241LtdMember_zI7NssVBeXKa">1.55%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">PGA Trust 2024-RSR2</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_908_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__us-gaap--InvestmentTypeAxis__custom--PGATrust2024RSR2Member_z9fDYJptvVhd">1.50%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">OFSI BSL XIII CLO Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_901_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__us-gaap--InvestmentTypeAxis__custom--OFSIBSLXIIICLOLtdMember_zX9eupvegL4l">1.47%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">LSTR Trust 2026-HTL6</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_904_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__us-gaap--InvestmentTypeAxis__custom--LSTRTrust2026HTL6Member_z06LpZl24ejf">1.35%</span></span></p> </td> </tr> <tr style="min-height: 3pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: left"><span style="text-transform: none">Elevation CLO 2025-18 Ltd.</span></p> </td> <td style="border-width: 0pt; padding: 1.5pt 4pt 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt; text-transform: none; color: #000000; text-align: right"><span style="text-transform: none"><span id="xdx_90C_eoef--PctOfNav_iI_c20260731__oef--ClassAxis__custom--C000211313Member__us-gaap--InvestmentTypeAxis__custom--ElevationCLO202518LtdMember_zJJEYO1A3KI7">1.31%</span></span></p> </td> </tr> </table> 0.1719 0.0401 0.0393 0.0290 0.0239 0.0155 0.0150 0.0147 0.0135 0.0131 The Leader Capital High Quality Income Fund’s Class A shares commenced operation on June 21, 2023.