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Item 1. Reports to Stockholders.

Leland Real Asset Opportunities Fund

Leland Thomson Reuters Private Equity Buyout Index Fund

Leland Thomson Reuters Venture Capital Index Fund

Semi-Annual Report

March 31, 2020

	Advised by:
	www.ghf-funds.com
	1-877-270-2848

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Member FINRA

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.ghf-funds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically or to continue receiving paper copies of shareholder reports, which are available free of charge, by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Fund documents that have been mailed to you.

April 22, 2020

Dear Shareholders,

Given the dramatic market activity over the last several weeks, we are presenting a Semi-Annual Letter to Shareholders of the Leland^® Funds, including the Leland^® Real Asset Opportunities Fund, the Leland^® Thomson Reuters Venture Capital Index Fund, and the Leland^® Thomson Reuters Private Equity Buyout Index Fund.

Performance review

Overall, the Funds’ recent performances have been negative as most major asset classes experienced major corrections in the first quarter of 2020. After a positive fourth quarter in 2019, 2020 started out negative in the equity markets, and things deteriorated from there with the coronavirus pandemic essentially bringing the global economy to a grinding halt. In record setting fashion, sell-offs in the world stock markets plunged most indices into bear market territory in a matter of weeks. As might be expected on the equity side, emerging markets posted the worst quarterly performance for the quarter ended March 31, 2020 coming in at -23.60% for the MSCI Emerging Markets Net Total Return Index. For the same period, the S&P 1500 Composite Total Return Index posted a loss of -20.57% while the MSCI EAFE Net Total Return Index was down -22.83%. On the alternatives side, real-assets faired even worse, with the S&P Real Assets Equity Total Return Index posting a loss of -27.69% in the first quarter. This dismal performance was accompanied, not surprisingly, by a surge in market volatility. The CBOE Volatility Index, which started the year near 12, spiked to over 82 in mid-March – a peak level that exceeded the previous high set during the 2008 financial crisis. Volatility also spilled over to the fixed income markets as well. A flight to safety pushed the ICE US Treasury 3-7 Year TR Index to a +6.36% gain for the quarter, while the Barclays US Aggregate Bond TR Index was up 3.15%, well off the high of 6.07% set in early March. High yield saw the iBoxx USD Liquid High Yield Index lose -11.99% in the quarter, down over 10% from the peak of 0.98% in mid-February.

The wide spread disruption in several different asset classes left little room for positive price movements. Cash and U.S treasuries became high demand safe havens. And even U.S. treasuries saw a significant uptick in volatility. Given the general asset allocation of the Leland^® Funds to equities and real-asset sectors, they were not immune to the drop in prices, although on a relative basis the Leland^® Thomson Reuters Venture Capital Index Fund did garner some outperformance to the broader U.S. equity market.

Leland^® Real Asset Opportunities Fund (GHTAX, GHTCX, GHTIX)

For the trailing six-month period ended March 31, 2020, the Fund’s A-share returned -34.39% (-38.13% with load), the C-share returned -34.64%, and the I-share returned -34.23%. The benchmark S&P 500 TR fell -12.31% over the same period.

The Fund exhibited stable performance in the fourth quarter of 2019, gaining +4.47% (I-share). In particular, crude oil began to show signs of exiting a 6 year bear market as continued steady demand growth and signs that unprofitable US shale production—which had been propped up by unsustainable debt financing – was at last beginning to decline meaningfully.

However in February 2020, the sharp correction in markets driven by the pandemic-driven demand destruction (both observed and expected) hit the Fund’s sectors dramatically. The tangible-asset-backed sectors in which the Fund invests were hit hardest, with some sectors doubling the large losses in the general equity markets.

Despite the generally defensive nature of its business, fears of defaults and extended rent concessions drove the MSCI REIT Total Return Index sharply lower, returning -27.80% in the first quarter of 2020. Even with this dramatic drop, the REIT sector represented the best performance among the Fund’s sub-sectors. Basic materials, as measured by the Dow Jones US Basic Materials TR Index, fell -28.94% during the first quarter of 2020.

Oil and gas producers, as might be expected, were the most volatile throughout the period. The industry started the calendar year off on an optimistic note with WTI crude hitting $60, with expectations for further gains as material signs of weakness in U.S. shale production began to emerge. These positive expectations turned violently negative as demand destruction from the coronavirus drove a rapid collapse down to the $40s. Adding to the misery, an unexpected price war between Saudi Arabia and Russia drove a collapse to the $20s, marking a two decade low and the swiftest collapse ever recorded. The S&P Oil & Gas Exploration and Production Index experienced a sharp plunge of -65.04% in the first quarter of 2020.

Energy infrastructure names, though less affected relative to the producers, reflected the market’s panic and worries of producer bankruptcies. The Alerian MLP Index fell -57.19% during the first quarter of 2020.

The Fund’s cash position at the end of March was approximately 37%, much higher than the Fund’s long-run average of 15% and is a direct response to the coronavirus pandemic and its effects on global markets. Going forward, the Fund remains defensive despite what may look like an opportunity to reinvest.

For example, despite the sharp drop in the MSCI REIT Index, the Fund has dramatically reduced its exposure to equity REITs. This is due to the lack of visibility in forward cash flows. This is true not just in directly affected sub-sectors, such as retail and hospitality, but other sub-sectors such as office where we believe rent collection uncertainties override the relatively modest drops in share prices over the quarter.

While there are REIT subsectors which are meaningfully insulated from coronavirus driven weakness (self storage, data centers, cold storage, etc), we believe market prices are reflecting this resilience. In fact, with the recent re-inflating of equity markets on the back of government

intervention, we believe many of these insulated sub-sector companies now remain meaningfully overvalued relative to their prospects.

One REIT sub-sector we do see promise in is the mortgage REITs. We believe the high leverage nature of that business, combined with temporary mark-to-market losses (despite money-good underlying debt securities), drove rapid selling. Further need to raise liquidity and fears that some companies may have had their equity book value completely wiped out caused further panic selling (despite the Federal Reserve announcing an unlimited purchase of agency bonds). This resulted in several companies selling for a fraction of their current book values (adjusted for recent hedging losses), creating multiple-return potential. The Fund has attempted to capitalize on the dislocation we believe has occurred to allocate a full 25% to these names.

As forward cash flow expectations become clearer, we will continue to look for opportunities where fear or misunderstanding has caused these stable expectations to be ignored, and deploy the high levels of cash in the Fund into specific names we believe are most likely to benefit from such disconnect. Waiting for greater clarity will potentially result in the Fund missing some of the initial potential gains. However, we believe this is the prudent approach, as the Fund is specifically geared to invest in names which are mispriced relative to high-certainty cash flows, rather than speculating on the direction and magnitude of short-term underlying asset price movements.

Leland^® Thomson Reuters Venture Capital Index Fund (LDVAX, LDVCX, LDVIX)

Investors in the Leland^® Thomson Reuters Venture Capital Index Fund experienced performance in line with the benchmark index which is what we would anticipate from the Fund. The Fund’s I-share gained +2.55% for the 6-month period ended March 31, 2020, generally in line with the Thomson Reuters Venture Capital Index (TRVCI) which gained +3.45% over the same period. Similarly, the A-share gained +2.46% (-3.41% with load) while the C-share was up +2.09% over 6-month period ended March 31, 2020. The benchmark NASDAQ Composite Index fell -3.23% over the same 6-month period that, while negative, represents a significant outperformance over other equity market sectors.

TRVCI reflects the large concentration of current investments in the technology sector by venture capital firms and has been one of the strongest performing sectors. Indeed, technology currently represents approximately 75% of the index.

As of the end of the first quarter of 2020, the largest sector allocation remains software technology, reflecting the investment focus of the venture capital industry, and this is expected to be the case for the foreseeable future. Technology is followed by healthcare and smaller allocations to industrials, consumer goods and services, utilities & energy, and telecommunications.

During the six months ended March 31, 2020, the Fund utilized swap agreements to create economic leverage in the portfolio. Despite the weak performance of the markets in general throughout the first half of the Fund’s fiscal year, this additional exposure to the characteristics of the venture capital space had a positive impact on the Fund and its ability to generate positive returns.

Leland^® Thomson Reuters Private Equity Buyout Index Fund (LDPAX, LDPCX, LDPIX)

Investors in the Leland^® Thomson Reuters Private Equity Buyout Index Fund also experienced performance in line with the benchmark index, which is what we would anticipate from this Fund as well. For the six month period ended March 31, 2020, the Fund I-share fell -27.24%, generally in line with the Thomson Reuters Private Equity Buyout Index (TRPEI) which fell -26.94%. Similarly, the A-share lost -27.32% (-31.48% with load) while the C-share was down -27.61% over the six month period ending March 31, 2020. The benchmark S&P 500 TR fell -12.31% over the same period.

Unlike the Leland^® Venture Capital Index Fund, the Leland^® Thomson Reuters Private Equity Buyout Index Fund tends to have a less concentrated sector allocation. At the beginning of the Fund’s fiscal year, the largest sector allocations were to Technology and Energy / Industrials / Materials. TRPEI reflects the concentration of current investments in the Technology sector by buyout firms and this sector been one the strongest performing sectors so far this fiscal year. Unfortunately, the next largest sector included Energy, which has been impacted by an unprecedented drop in oil, fueled by coronavirus demand destruction as well as oversupply aggravated by a Russia-Saudi Arabia price war. Over the six months ended March 31, 2020, relative investment exposure across all sectors, including Technology, Energy / Industrials / Materials, Consumer Cyclicals, Financials, Consumer non-Cyclicals, and Healthcare, remained relatively steady, reflecting the current investment focus of the private equity buyout industry.

During the six months ended March 31, 2020, the Fund utilized swap agreements to create economic leverage in the portfolio. Given the weak performance of the markets in general throughout this period, this additional exposure to the characteristics of the private equity buyout space had a further negative impact on the Fund and its ability to generate positive returns.

Investment outlook

To recap, in a matter of three short weeks, we went from wondering whether the ten plus year equity bull market had additional upside potential, to concerning ourselves with when the global economy might reopen, not to mention just staying healthy. We went from low single digit unemployment to over 20 million jobless claims. Countless businesses are trying to stay viable in the face of no revenue. Many families are trying to figure out how to make things work with no income. We’ve seen a $2 trillion dollar relief package get swiftly passed, and already

government is bracing for another round. By now, it is fairly clear that U.S. GDP and global output in general will be posting dismal numbers for Q2, although admittedly knowing how bad it will be is difficult in the face of the massive amount of uncertainty surrounding when businesses may be allowed to open back up, not to mention trying to handicap the psychological ramification of the pandemic. When will people feel comfortable enough to venture back out and revert to some level of normalcy? Let’s face it, open restaurants and operational airlines without customers is not really an improvement. For sure, these are some unprecedented times.

In our view, the potential for a V-shape recovery is pretty much off the table, barring any coronavirus disease treatment or vaccine breakthroughs in the near term. We believe this likely leaves the economy bottoming out in Q2 or early Q3 and then slowly recovering throughout 2021. We also believe it is likely the stock market will retest the lows in March, as the hope for an expedient broad scale re-opening of the economy gives way to the reality that many more measures need to be put in place before social distancing can be safely unwound. It will take much longer to restart than it did to lock down. Admittedly, this is an unpleasant outlook. However, ultimately we know the U.S. economy, the U.S. stock market, and most importantly U.S. citizens are resilient and at some point the pandemic will be over, even if we can’t be sure of the timing or exact trajectory.

We thank you for your continued support and confidence in our management.

Sincerely,

Neil R. Peplinski, Chairman & Chief Investment Officer

Portfolio Investment Team

Neil R. Peplinski, CFA founded Good Harbor in 2003 and serves as a Managing Partner and Chief Investment Officer. Mr. Peplinski previously worked as a portfolio manager for Allstate Investments, overseeing a portfolio of collateralized debt obligations. Mr. Peplinski earned his MBA with High Honors from the University of Chicago Booth School of Business. He also holds a MSEE in Electromagnetics from the University of Michigan, and a BSEE in Electromagnetics from Michigan Technological University where he graduated summa cum laude.

David C. Armstrong serves as a Portfolio Manager. Mr. Armstrong joined Good Harbor in 2010 and became a member of the Investment Team in 2013. He previously worked as a Director of Research conducting analysis on the nature and structure of competition in the credit card market for financial services firms. Mr. Armstrong earned an MBA from the University of Chicago Booth School of Business, and a Bachelor of Arts from Knox College.

Yash Patel, CFA has served as Chief Operating Officer of Good Harbor since March 2010. Mr. Patel brings over 15 years of professional experience to the firm. His responsibilities include the management and leadership of operations, technology, trading, and portfolio management. Prior to joining Good Harbor Financial, Mr. Patel was a quantitative equity analyst for Allstate Investments, developing and implementing model-driven trading strategies. Previous to that, he worked and consulted for hedge funds including Bridgewater Associates and Citadel Investment Group. Mr. Patel earned a MBA with Honors from the University of Chicago Booth School of Business and a BS CSE from the Ohio State University.

Jeffrey H. Kim serves as the lead Portfolio Manager of the Leland^® Real Asset Opportunities Fund and is the architect of the strategy. Prior, he was a Portfolio Manager at Chicago Capital Partners. Mr. Kim earned his MBA from the University of Chicago Booth School of Business. He also received a SM (MS) from the Massachusetts Institute of Technology and a BS from Northwestern University.

The S&P Composite 1500 Total Return Index combines three leading indices, the S&P 500, the S&P MidCap400, and the S&P SmallCap 600 to cover approximately 90% of the U.S. market capitalization.

The MSCI EAFE Total Return Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The MSCI Emerging Markets Total Return Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The ICE U.S. Treasury 3-7 Year Bond Index measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to three years and less than seven years.

The Barclays US Aggregate Bond Total Return Index is an index designed to provide a measure of the performance of the U.S. investment grade bond market, which includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass through securities and asset backed securities that are publicly offered for sale in the U.S.

The iBoxx USD Liquid High Yield Index is a modified market-value weighted index designed to provide a balanced representation of U.S. dollar-denominated high yield corporate bonds for sale within the United States by means of including the most liquid high yield corporate bonds available as determined by the index provider.

The Chicago Board Options Exchange Volatility Index (the “VIX”) reflects a market estimate of future volatility, based on the weighted average of the implied volatilities for a wide range of S&P 500 index options.

The S&P Real Assets Equity Total Return Index is a static weighted return of investable and liquid equity indexed components that measures the performance of real return strategies that invest in listed global property, infrastructure, natural resources, and timber and forestry companies.

The S&P 500 Total Return Index is the total return version of the S&P 500 Index which includes the effects of reinvested dividends. The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy through changes in the aggregate market value representing all major industries.

The MSCI US REIT Index is a free float market capitalization weighted index that is comprised of Equity REITs securities that belong to the MSCI US Investable Market 2500 Index.

The Dow Jones US Basic Materials Total Return Index represents the Basic Materials Industry as defined by the Dow Jones proprietary classification system. The index is one of ten indices that together make up the Dow Jones U.S. Index, which represents approximately 95% of U.S. market capitalization.

The S&P Oil & Gas Exploration & Production Select Industry Index represents the oil and gas exploration and production sub-industry portion of the S&P Total Markets Index.

The Alerian MLP Index is the leading gauge of energy Master Limited Partnerships (MLPs). The index is a float-adjusted, capitalization-weighted index, whose constituents represent approximately 85% of total float-adjusted market capitalization.

The NASDAQ Composite Index is a market-capitalization weighted index of more than 3,000 common equities listed on the NASDAQ stock exchange. The composition of the NASDAQ Composite is heavily weighted towards information technology companies.

The Thomson Reuters Venture Capital Index seeks to replicate the performance of the Thomson Reuters Venture Capital Research Index using liquid public securities across the sectors in which U.S. venture capital invests.

The Thomson Reuters Private Equity Buyout Index seeks to replicate the performance of the Thomson Reuters Private Equity Buyout Research Index using liquid public securities across the sectors in which U.S. private equity invests.

Investments cannot be made directly in an index. Unmanaged index returns assume the reinvestment of any distributions and do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment.

This information is being provided for informational purposes only, is subject to change. The opinions expressed in this article represent the current, good-faith views of the author at the time of publication. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to accuracy or completeness, has been obtained from sources we believe to be reliable. Fund holdings are subject to change without notice. Investments in alternative strategies may not be suitable for all investors.

5589-NLD-4/23/2020

The Fund’s performance figures* for the periods ended March 31, 2020, as compared to its benchmark:

Please refer to the Portfolio of Investments in this shareholder report for a detailed listing of the Fund’s holdings.

The Fund’s performance figures* for the periods ended March 31, 2020, as compared to its benchmark:

Please refer to the Portfolio of Investments in this shareholder report for a detailed listing of the Fund’s holdings.

The Fund’s performance figures* for the periods ended March 31, 2020, as compared to its benchmark:

Please refer to the Portfolio of Investments in this shareholder report for a detailed listing of the Fund’s holdings.

LP - Limited Partnership

REIT - Real Estate Investment Trust

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

PLC - Public Limited Company

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

See accompanying notes to financial statements.

PLC - Public Limited Company

See accompanying notes to financial statements.