# EDGAR Filing Document

**Accession Number:** 0001760588
**File Stem:** 0001580642-26-001069
**Filing Date:** 2026-2
**Character Count:** 169790
**Document Hash:** 699d00efe125338d69edf37b5e9a5863
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001069.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001580642-26-001069

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zacks Trust
- **CENTRAL INDEX KEY:** 0001760588

**ORGANIZATION NAME:**
- **EIN:** 836534641
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23435
- **FILM NUMBER:** 26631027

**BUSINESS ADDRESS:**
- **STREET 1:** 227 WEST MONROE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-265-9359

**MAIL ADDRESS:**
- **STREET 1:** 227 WEST MONROE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

## Series and Classes Contracts Data

### Zacks All-Cap Core Fund (Series ID: S000081339)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000244046 | Zacks All-Cap Core Fund Institutional Class Shares |  |

### Zacks Dividend Fund (Series ID: S000081340)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000244047 | Zacks Dividend Fund Investor Class Shares      | ZDIVX           |
| C000244048 | Zacks Dividend Fund Institutional Class Shares | ZDIIX           |

### Zacks Small-Cap Core Fund (Series ID: S000081341)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000244049 | Zacks Small-Cap Core Fund Investor Class Shares      |  |
| C000244050 | Zacks Small-Cap Core Fund Institutional Class Shares |  |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23435</u>

<u>Zacks Trust</u> <br> (Exact name of registrant as specified in charter)

<u>227 West Monroe Street Suite 4350, Chicago, IL</u> <u>60606</u> <br> (Address of principal executive offices) (Zip code)

---

| |
|:---|
| Corporation Trust Company |
| 1209 Orange Street |
| Wilmington, Delaware 19808 |
| (Name and address of agent for service) |

---

Registrant's telephone number, including area code: <u>312-265-9359</u>

Date of fiscal year end: <u>11/30</u>

Date of reporting period: <u>11/30/25</u>

**Item 1. Reports to Stockholders.**

(a) # Zacks All-Cap Core Fund

# Institutional Class (CZOVX)

# Annual Shareholder Report - November 30, 2025
![Image](icf1fd3dbce8ea025030b6394.jpg)

## Fund Overview
This annual shareholder report contains important information about Zacks All-Cap Core Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

## What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $106 | 1.00% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended November 30, 2025 (12/1/2024–11/30/2025), the Zacks All-Cap Core Fund returned 11.36% versus 13.59% for the Russell 3000 benchmark, trailing by -2.23%. Attribution indicates the performance gap was driven primarily by stock selection (-2.02%), partially offset by sector allocation (+0.85%) for a net attribution active return of -1.17%; the remaining difference largely reflects fees/expenses and residual effects.

The detailed attribution analysis showed that sector results were mixed. Industrials was a key positive contributor (+0.45% active), supported by strong stock selection (+0.49% selection effect). Financial Services also contributed (+0.17% active), driven mainly by positive selection (+0.20%). Communication Services added modestly (+0.16% active) as favorable allocation outweighed slightly negative selection. In contrast, Technology was the primary headwind (-2.01% active), reflecting a combination of a modest underweight (allocation effect -0.07%) and significant negative stock selection (-1.94%). Other smaller drags included Consumer Defensive (-0.16%) and Energy (-0.06%), while Real Estate (+0.17%) benefited primarily from allocation.

At the security level, the strongest stock-selection contributors included Caterpillar (+0.48%), Robinhood (+0.40%), Cardinal Health (+0.30%), Alphabet Class A (+0.29%), and Fabrinet (+0.27%). The largest detractors were driven by missed exposure to high performers and weaker outcomes in select holdings, led by an underweight to Broadcom (-1.11%), Synopsys (-0.61%), and an underweight to Alphabet Class C (-0.49%), along with detractors such as T-Mobile (-0.41%) and Accenture (-0.31%).

In absolute terms, the portfolio's gains were led by Alphabet Class A (2.31% contribution), NVIDIA (1.57%), Apple (0.82%), Caterpillar (0.73%), and Broadcom (0.58%), with additional support from Alphabet Class C (0.57%) and Microsoft (0.56%). The largest absolute detractors included UnitedHealth (-0.82%), Synopsys (-0.37%), Manhattan Associates (-0.29%), Accenture (-0.28%), and Fiserv (-0.27%).

The Zacks All-Cap Core Fund is designed to provide diversified U.S. equity exposure across market capitalizations while seeking to add value through disciplined security selection and balanced sector positioning. Over the period, allocation effects were modestly favorable, but relative performance was constrained by selection—most notably within Technology—underscoring the importance of maintaining broad diversification while actively managing both exposure and security-level risk.

Looking ahead, we expect dispersion across companies and sectors to remain elevated, which can create opportunities for active security selection. We will continue to emphasize risk-aware portfolio construction and disciplined decision-making, with the objective of improving selection outcomes while maintaining diversified all-cap exposure over a full market cycle.

\*The Morningstar report for attribution analysis utilizes the iShares Russell 3000 ETF as a proxy for the Russell 3000 Index.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i66b6e5ddd0147dbe4f3f91b9.jpg)

---

| | | |
|:---|:---|:---|
| | **Zacks All-Cap Core Fund - Institutional** | **Russell 3000<sup>®</sup> Index** |
| **Nov-2015** | $10000 | $10000 |
| **Nov-2016** | $10392 | $10831 |
| **Nov-2017** | $12775 | $13243 |
| **Nov-2018** | $13342 | $13975 |
| **Nov-2019** | $15353 | $16140 |
| **Nov-2020** | $17477 | $19210 |
| **Nov-2021** | $22466 | $24270 |
| **Nov-2022** | $20347 | $21648 |
| **Nov-2023** | $22635 | $24378 |
| **Nov-2024** | $30776 | $32784 |
| **Nov-2025** | $34273 | $37239 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Zacks All-Cap Core Fund - Institutional | 11.36% | 14.42% | 13.11% |
| Russell 3000<sup>®</sup> Index | 13.59% | 14.15% | 14.05% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35964903 |
| Number of Portfolio Holdings | 108 |
| Advisory Fee (net of waivers) | $164619 |
| Portfolio Turnover | 18% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i512f0c30dd94067ede7ac9b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.3% |
| Money Market Funds | 1.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i97b7bf5cc29e59c056361638.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Real Estate | 1.0% |
| Money Market Funds | 1.7% |
| Utilities | 2.4% |
| Energy | 2.6% |
| Consumer Staples | 4.8% |
| Consumer Discretionary | 8.9% |
| Industrials | 9.6% |
| Health Care | 12.1% |
| Communications | 12.9% |
| Financials | 13.1% |
| Technology | 31.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 6.5% |
| Apple, Inc. | 4.6% |
| Alphabet, Inc., Class A | 4.5% |
| Microsoft Corporation | 3.7% |
| Meta Platforms, Inc., Class A | 3.4% |
| Amazon.com, Inc. | 3.1% |
| Caterpillar, Inc. | 2.1% |
| Broadcom, Inc. | 1.9% |
| JPMorgan Chase & Company | 1.9% |
| Walmart, Inc. | 1.8% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](icf1fd3dbce8ea025030b6394.jpg)

# Zacks All-Cap Core Fund - Institutional (CZOVX)

# Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about Zacks All-Cap Core Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at**https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-CZOVX

# Zacks Dividend Fund

# Institutional Class (ZDIIX)

# Annual Shareholder Report - November 30, 2025
![Image](ic7c10d7389e3507d71a21063.jpg)

## Fund Overview
This annual shareholder report contains important information about Zacks Dividend Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

## What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $109 | 1.05% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended November 30, 2025 (12/1/2024–11/30/2025), Zacks Dividend Institutional returned 8.21% versus 7.25% for the Russell 1000 Value Index, outperforming by +0.96%. Attribution indicates that excess return was driven primarily by security selection (+1.95%), while sector allocation was essentially neutral (-0.01%); the remainder reflects fees and residual effects.

Sector results were mixed but favorable overall. Technology (+1.58%) and Industrials (+1.43%) were the largest contributors to relative performance, reflecting strong stock selection in both sectors. Healthcare (+0.61%) and Consumer Defensive (+0.53%) also added value. The main headwinds came from Communication Services (-1.20%), driven largely by negative selection, alongside smaller drags from Financial Services (-0.38%), Basic Materials (-0.28%), and Utilities (-0.26%).

At the security level, the largest positive active contributors were led by Broadcom (+1.24% selection effect), followed by Caterpillar (+0.48%), Parker Hannifin (+0.36%), and Bank of New York Mellon (+0.36%), with additional support from Cummins (+0.35%), AbbVie (+0.34%), and JPMorgan (+0.31%). The largest detractors were driven by underweights to strong performers, most notably Micron (-0.55%) and Alphabet Class C (-0.50%), as well as weaker relative outcomes in MetLife (-0.40%), Home Depot (-0.39%), Prudential (-0.38%), and select Communication Services holdings such as Comcast (-0.32%) and Verizon (-0.27%).

In absolute terms, portfolio gains were led by Broadcom (1.39% contribution), JPMorgan (1.26%), Caterpillar (0.91%), Alphabet Class A (0.76%), and Johnson & Johnson (0.75%). The largest absolute detractors included UnitedHealth (-0.64%), Procter & Gamble (-0.44%), Home Depot (-0.42%), Comcast (-0.40%), and Dow (-0.33%).

Zacks Dividend Institutional is designed to provide dividend-oriented equity exposure while maintaining disciplined portfolio construction. In this fiscal year, results reflected a market environment where stock selection—particularly within Technology and Industrials—was the primary driver of outperformance, while allocation effects played a limited role. Going forward, we believe focusing on dividend-oriented companies with durable business models and shareholder-return characteristics can help support more resilient outcomes across market cycles, especially as leadership broadens and investors reprice earnings durability and cash-flow quality.

\*The Morningstar report for attribution analysis utilizes the iShares Russell 1000 Value ETF as a proxy for the Russell 1000 Value Index.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i01d39cf1c69f3378a0a39ab6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Zacks Dividend Fund - Institutional Class** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Jan-2017** | $10000 | $10000 | $10000 |
| **Nov-2017** | $11457 | $11797 | $11124 |
| **Nov-2018** | $11963 | $12496 | $11453 |
| **Nov-2019** | $13403 | $14509 | $12750 |
| **Nov-2020** | $13283 | $17324 | $12970 |
| **Nov-2021** | $16027 | $21945 | $15855 |
| **Nov-2022** | $17082 | $19607 | $16240 |
| **Nov-2023** | $16589 | $22266 | $16460 |
| **Nov-2024** | $21459 | $29927 | $21326 |
| **Nov-2025** | $23221 | $34143 | $22872 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (January 31, 2017)** |
| Zacks Dividend Fund - Institutional Class | 8.21% | 11.82% | 10.01% |
| Russell 1000<sup>®</sup> Index | 14.09% | 14.53% | 14.92% |
| Russell 1000<sup>®</sup> Value Index | 7.25% | 12.01% | 9.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $132580069 |
| Number of Portfolio Holdings | 73 |
| Advisory Fee (net of waivers) | $888246 |
| Portfolio Turnover | 17% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i95a50704ee7bdc4138196058.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Money Market Funds | 0.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i19db9daa63a7b8c0a4fdc8bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Materials | 0.3% |
| Money Market Funds | 0.6% |
| Utilities | 3.2% |
| Real Estate | 4.9% |
| Consumer Discretionary | 4.9% |
| Energy | 6.1% |
| Communications | 7.0% |
| Consumer Staples | 10.8% |
| Technology | 12.1% |
| Health Care | 13.0% |
| Industrials | 14.9% |
| Financials | 22.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan Chase & Company | 4.5% |
| Parker-Hannifin Corporation | 3.2% |
| Caterpillar, Inc. | 2.8% |
| Exxon Mobil Corporation | 2.7% |
| Cisco Systems, Inc. | 2.7% |
| Walmart, Inc. | 2.6% |
| Johnson & Johnson | 2.6% |
| Microsoft Corporation | 2.4% |
| Blackrock, Inc. | 2.4% |
| Philip Morris International, Inc. | 2.3% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](ic7c10d7389e3507d71a21063.jpg)

# Zacks Dividend Fund - Institutional Class (ZDIIX)

# Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about Zacks Dividend Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at**https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-ZDIIX

# Zacks Dividend Fund

# Investor Class (ZDIVX)

# Annual Shareholder Report - November 30, 2025
![Image](ic7c10d7389e3507d71a21063.jpg)

## Fund Overview
This annual shareholder report contains important information about Zacks Dividend Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

## What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $135 | 1.30% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended November 30, 2025 (12/1/2024–11/30/2025), Zacks Dividend Investor returned 8.02% versus 7.25% for the Russell 1000 Value Index, outperforming by +0.77%. Attribution indicates that excess return was driven primarily by security selection (+1.95%), while sector allocation was essentially neutral (-0.01%); the remainder reflects fees and residual effects.

Sector results were mixed but favorable overall. Technology (+1.58%) and Industrials (+1.43%) were the largest contributors to relative performance, reflecting strong stock selection in both sectors. Healthcare (+0.61%) and Consumer Defensive (+0.53%) also added value. The main headwinds came from Communication Services (-1.20%), driven largely by negative selection, alongside smaller drags from Financial Services (-0.38%), Basic Materials (-0.28%), and Utilities (-0.26%).

At the security level, the largest positive active contributors were led by Broadcom (+1.24% selection effect), followed by Caterpillar (+0.48%), Parker Hannifin (+0.36%), and Bank of New York Mellon (+0.36%), with additional support from Cummins (+0.35%), AbbVie (+0.34%), and JPMorgan (+0.31%). The largest detractors were driven by underweights to strong performers, most notably Micron (-0.55%) and Alphabet Class C (-0.50%), as well as weaker relative outcomes in MetLife (-0.40%), Home Depot (-0.39%), Prudential (-0.38%), and select Communication Services holdings such as Comcast (-0.32%) and Verizon (-0.27%).

In absolute terms, portfolio gains were led by Broadcom (1.39% contribution), JPMorgan (1.26%), Caterpillar (0.91%), Alphabet Class A (0.76%), and Johnson & Johnson (0.75%). The largest absolute detractors included UnitedHealth (-0.64%), Procter & Gamble (-0.44%), Home Depot (-0.42%), Comcast (-0.40%), and Dow (-0.33%).

Zacks Dividend Investor is designed to provide dividend-oriented equity exposure while maintaining disciplined portfolio construction. In this fiscal year, results reflected a market environment where stock selection—particularly within Technology and Industrials—was the primary driver of outperformance, while allocation effects played a limited role. Going forward, we believe focusing on dividend-oriented companies with durable business models and shareholder-return characteristics can help support more resilient outcomes across market cycles, especially as leadership broadens and investors reprice earnings durability and cash-flow quality.

\*The Morningstar report for attribution analysis utilizes the iShares Russell 1000 Value ETF as a proxy for the Russell 1000 Value Index.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if596946a820ff1b6df153da9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Zacks Dividend Fund - Investor Class** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Nov-2015** | $10000 | $10000 | $10000 |
| **Nov-2016** | $11050 | $10801 | $11202 |
| **Nov-2017** | $12993 | $13243 | $12863 |
| **Nov-2018** | $13534 | $14027 | $13243 |
| **Nov-2019** | $15119 | $16286 | $14744 |
| **Nov-2020** | $14952 | $19447 | $14998 |
| **Nov-2021** | $17995 | $24633 | $18334 |
| **Nov-2022** | $19302 | $22008 | $18779 |
| **Nov-2023** | $18746 | $24994 | $19033 |
| **Nov-2024** | $24191 | $33593 | $24660 |
| **Nov-2025** | $26131 | $38325 | $26448 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Zacks Dividend Fund - Investor Class | 8.02% | 11.81% | 10.08% |
| Russell 1000<sup>®</sup> Index | 14.09% | 14.53% | 14.38% |
| Russell 1000<sup>®</sup> Value Index | 7.25% | 12.01% | 10.21% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $132580069 |
| Number of Portfolio Holdings | 73 |
| Advisory Fee (net of waivers) | $888246 |
| Portfolio Turnover | 17% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i95a50704ee7bdc4138196058.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.4% |
| Money Market Funds | 0.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i19db9daa63a7b8c0a4fdc8bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Materials | 0.3% |
| Money Market Funds | 0.6% |
| Utilities | 3.2% |
| Real Estate | 4.9% |
| Consumer Discretionary | 4.9% |
| Energy | 6.1% |
| Communications | 7.0% |
| Consumer Staples | 10.8% |
| Technology | 12.1% |
| Health Care | 13.0% |
| Industrials | 14.9% |
| Financials | 22.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan Chase & Company | 4.5% |
| Parker-Hannifin Corporation | 3.2% |
| Caterpillar, Inc. | 2.8% |
| Exxon Mobil Corporation | 2.7% |
| Cisco Systems, Inc. | 2.7% |
| Walmart, Inc. | 2.6% |
| Johnson & Johnson | 2.6% |
| Microsoft Corporation | 2.4% |
| Blackrock, Inc. | 2.4% |
| Philip Morris International, Inc. | 2.3% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](ic7c10d7389e3507d71a21063.jpg)

# Zacks Dividend Fund - Investor Class (ZDIVX)

# Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about Zacks Dividend Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at**https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-ZDIVX

# Zacks Small-Cap Core Fund

# Institutional Class (ZSCIX)

# Annual Shareholder Report - November 30, 2025
![Image](i16e877047551b1c7287167df.jpg)

## Fund Overview
This annual shareholder report contains important information about Zacks Small-Cap Core Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

## What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Insitutional | $114 | 1.14% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended November 30, 2025 (12/1/2024–11/30/2025), Zacks Small-Cap Core Institutional returned 0.43% versus 2.70% for the Russell 2000 Index, underperforming by -2.27%. Attribution indicates the shortfall was driven by a combination of sector allocation (-1.10%) and stock selection (-1.99%), for a total attribution active return of -3.09%; the remaining difference largely reflects fees/expenses and residual effects.

The detailed attribution analysis showed mixed sector results. Basic Materials and Financial Services were among the more favorable areas on an active basis, supported by positive stock selection (Basic Materials selection +0.46%; Financial Services selection +0.73%). However, the largest headwinds came from Healthcare (-1.62% active)—driven primarily by an underweight to a strong benchmark sector (allocation -1.11%)—and Real Estate (-1.00% active), where negative selection (-1.05%) dominated. Technology (-0.24% active) also detracted, reflecting modestly positive allocation (+0.12%) but weaker selection (-0.35%). Overall, the portfolio's sector positioning and selection outcomes did not align as effectively with benchmark leadership during the period.

At the security level, the strongest selection contributors included Comfort Systems USA (+1.43%), Allient (+1.16%), and ProAssurance (+0.82%), reflecting meaningful company-level outperformance versus sector/benchmark alternatives. The largest detractors were driven by missed exposure to outsized benchmark winners and weaker outcomes in select holdings, led by an underweight to Bloom Energy (-0.95%) and Credo Technology (-0.65%), along with negative selection in UniFirst (-0.80%) and AAON (-0.69%).

In absolute terms, portfolio gains were led by Comfort Systems USA (1.56% contribution), Allient (1.29%), Carpenter Technology (0.97%), Hecla Mining (0.93%), and Phibro Animal Health (0.68%). The largest absolute detractors included AAON (-0.85%), PROG Holdings (-0.82%), Virtus Investment Partners (-0.77%), Intapp (-0.49%), and Powell Industries (-0.49%).

Zacks Small-Cap Core Institutional is designed to provide diversified small-cap equity exposure while seeking to add value through disciplined security selection and risk-aware portfolio construction. In this fiscal year, relative performance was constrained by a combination of allocation headwinds—most notably in Healthcare—and negative selection in key areas such as Real Estate and Technology. Going forward, we will continue to emphasize fundamental quality and disciplined valuations while refining sector exposures and selection decisions to improve consistency of outcomes across market environments.

\*The Morningstar report for attribution analysis utilizes the iShares Russell 2000 ETF as a proxy for the Russell 2000 Index.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i199b010c0b4568c37d3ab8c8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Zacks Small-Cap Core Fund - Institutional** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Nov-2015** | $10000 | $10000 | $10000 |
| **Nov-2016** | $11098 | $11037 | $10831 |
| **Nov-2017** | $13614 | $12888 | $13243 |
| **Nov-2018** | $13054 | $12797 | $13975 |
| **Nov-2019** | $14071 | $13559 | $16140 |
| **Nov-2020** | $12905 | $15189 | $19210 |
| **Nov-2021** | $17624 | $18353 | $24270 |
| **Nov-2022** | $17136 | $15746 | $21648 |
| **Nov-2023** | $17256 | $15099 | $24378 |
| **Nov-2024** | $22418 | $20321 | $32784 |
| **Nov-2025** | $22514 | $20870 | $37239 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Zacks Small-Cap Core Fund - Institutional | 0.43% | 11.77% | 8.45% |
| Russell 2000<sup>®</sup> Index | 2.70% | 6.56% | 7.63% |
| Russell 3000<sup>®</sup> Index | 13.59% | 14.15% | 14.05% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $29879450 |
| Number of Portfolio Holdings | 101 |
| Advisory Fee (net of waivers) | $159005 |
| Portfolio Turnover | 107% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9d95b35e386d497c3d898748.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic7a8a1d63fe9689a54253a9e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Utilities | 1.4% |
| Money Market Funds | 1.4% |
| Energy | 1.4% |
| Communications | 2.1% |
| Consumer Staples | 2.3% |
| Consumer Discretionary | 2.5% |
| Real Estate | 3.2% |
| Materials | 6.0% |
| Health Care | 7.4% |
| Technology | 13.4% |
| Industrials | 28.9% |
| Financials | 30.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Great Lakes Dredge & Dock Corporation | 2.1% |
| Comfort Systems USA, Inc. | 2.0% |
| CS Disco, Inc. | 2.0% |
| California BanCorporation | 2.0% |
| Ponce Financial Group, Inc. | 2.0% |
| SPX Technologies, Inc. | 2.0% |
| Huron Consulting Group, Inc. | 2.0% |
| Carpenter Technology Corporation | 1.9% |
| Aveanna Healthcare Holdings, Inc. | 1.9% |
| United Fire Group, Inc. | 1.9% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](i16e877047551b1c7287167df.jpg)

# Zacks Small-Cap Core Fund - Insitutional (ZSCIX)

# Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about Zacks Small-Cap Core Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at**https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-ZSCIX

# Zacks Small-Cap Core Fund

# Investor Class (ZSCCX)

# Annual Shareholder Report - November 30, 2025
![Image](i16e877047551b1c7287167df.jpg)

## Fund Overview
This annual shareholder report contains important information about Zacks Small-Cap Core Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

## What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $139 | 1.39% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended November 30, 2025 (12/1/2024–11/30/2025), Zacks Small-Cap Core Investor returned 0.15% versus 2.70% for the Russell 2000 Index, underperforming by -2.55%. Attribution indicates the shortfall was driven by a combination of sector allocation (-1.10%) and stock selection (-1.99%), for a total attribution active return of -3.09%; the remaining difference largely reflects fees/expenses and residual effects.

The detailed attribution analysis showed mixed sector results. Basic Materials and Financial Services were among the more favorable areas on an active basis, supported by positive stock selection (Basic Materials selection +0.46%; Financial Services selection +0.73%). However, the largest headwinds came from Healthcare (-1.62% active)—driven primarily by an underweight to a strong benchmark sector (allocation -1.11%)—and Real Estate (-1.00% active), where negative selection (-1.05%) dominated. Technology (-0.24% active) also detracted, reflecting modestly positive allocation (+0.12%) but weaker selection (-0.35%). Overall, the portfolio's sector positioning and selection outcomes did not align as effectively with benchmark leadership during the period.

At the security level, the strongest selection contributors included Comfort Systems USA (+1.43%), Allient (+1.16%), and ProAssurance (+0.82%), reflecting meaningful company-level outperformance versus sector/benchmark alternatives. The largest detractors were driven by missed exposure to outsized benchmark winners and weaker outcomes in select holdings, led by an underweight to Bloom Energy (-0.95%) and Credo Technology (-0.65%), along with negative selection in UniFirst (-0.80%) and AAON (-0.69%).

In absolute terms, portfolio gains were led by Comfort Systems USA (1.56% contribution), Allient (1.29%), Carpenter Technology (0.97%), Hecla Mining (0.93%), and Phibro Animal Health (0.68%). The largest absolute detractors included AAON (-0.85%), PROG Holdings (-0.82%), Virtus Investment Partners (-0.77%), Intapp (-0.49%), and Powell Industries (-0.49%).

Zacks Small-Cap Core Investor is designed to provide diversified small-cap equity exposure while seeking to add value through disciplined security selection and risk-aware portfolio construction. In this fiscal year, relative performance was constrained by a combination of allocation headwinds—most notably in Healthcare—and negative selection in key areas such as Real Estate and Technology. Going forward, we will continue to emphasize fundamental quality and disciplined valuations while refining sector exposures and selection decisions to improve consistency of outcomes across market environments.

\*The Morningstar report for attribution analysis utilizes the iShares Russell 2000 ETF as a proxy for the Russell 2000 Index.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i7d09cc0c40c360031e9bbfdf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Zacks Small-Cap Core Fund - Investor** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Nov-2015** | $10000 | $10000 | $10000 |
| **Nov-2016** | $11057 | $11037 | $10831 |
| **Nov-2017** | $13535 | $12888 | $13243 |
| **Nov-2018** | $12944 | $12797 | $13975 |
| **Nov-2019** | $13921 | $13559 | $16140 |
| **Nov-2020** | $12732 | $15189 | $19210 |
| **Nov-2021** | $17345 | $18353 | $24270 |
| **Nov-2022** | $16823 | $15746 | $21648 |
| **Nov-2023** | $16894 | $15099 | $24378 |
| **Nov-2024** | $21899 | $20321 | $32784 |
| **Nov-2025** | $21931 | $20870 | $37239 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Zacks Small-Cap Core Fund - Investor | 0.15% | 11.49% | 8.17% |
| Russell 2000<sup>®</sup> Index | 2.70% | 6.56% | 7.63% |
| Russell 3000<sup>®</sup> Index | 13.59% | 14.15% | 14.05% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $29879450 |
| Number of Portfolio Holdings | 101 |
| Advisory Fee (net of waivers) | $159005 |
| Portfolio Turnover | 107% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9d95b35e386d497c3d898748.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.6% |
| Money Market Funds | 1.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic7a8a1d63fe9689a54253a9e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Utilities | 1.4% |
| Money Market Funds | 1.4% |
| Energy | 1.4% |
| Communications | 2.1% |
| Consumer Staples | 2.3% |
| Consumer Discretionary | 2.5% |
| Real Estate | 3.2% |
| Materials | 6.0% |
| Health Care | 7.4% |
| Technology | 13.4% |
| Industrials | 28.9% |
| Financials | 30.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Great Lakes Dredge & Dock Corporation | 2.1% |
| Comfort Systems USA, Inc. | 2.0% |
| CS Disco, Inc. | 2.0% |
| California BanCorporation | 2.0% |
| Ponce Financial Group, Inc. | 2.0% |
| SPX Technologies, Inc. | 2.0% |
| Huron Consulting Group, Inc. | 2.0% |
| Carpenter Technology Corporation | 1.9% |
| Aveanna Healthcare Holdings, Inc. | 1.9% |
| United Fire Group, Inc. | 1.9% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](i16e877047551b1c7287167df.jpg)

# Zacks Small-Cap Core Fund - Investor Class (ZSCCX)

# Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about Zacks Small-Cap Core Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at**https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-ZSCCX

(b) Not applicable

**Item 2. Code of Ethics.**

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's Board of Trustees has determined that Stuart Kaufman is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Stuart Kaufman is independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| |
|:---|
| **<u>Audit Fees</u>** |
| 2025 - $42000 |
| 2024 - $50500 |

---

(b)  **<u>Audit-Related Fees</u> -** There were no fees billed in each of the last two fiscal years for assurances and related services by the principal
 accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported
 under paragraph (a) of this Item.

2025 – None <br> 2024 – None

(c)  **<u>Tax Fees</u>** The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant
 for tax compliance are as follows:

---

| |
|:---|
| 2025 - $9000 |
| 2024 - $9000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d)  **<u>All Other Fees</u>** The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were:

2025 – None <br> 2024 – None

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(2)  **<u>Percentages of Services Approved by the Audit Committee -</u>** There were no services described in each of paragraphs (b) through (d) of this
 Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Audit-Related Fees: | 0.00% | 0.00% |
| Tax Fees: | 0.00% | 0.00% |
| All Other Fees: | 0.00% | 0.00% |

---

(f) During
 the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the
 principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time,
 permanent employees.

(g) The
 aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's
 investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
 another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing
 services to the registrant:

---

| |
|:---|
| 2025 - $9000 |
| 2024 - $9000 |

---

(h) The
 registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser
 (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services
 to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining
 the principal accountant's independence.

(i) Not applicable

(j) Not applicable

**Item 5. Audit Committee of Listed Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

| |
|:---|
| ![(LOGO)](za001_v1.jpg) |
| **Zacks All-Cap Core Fund** |
| Institutional Class Shares – CZOVX |
| **Zacks Small-Cap Core Fund** |
| Investor Class Shares – ZSCCX |
| Institutional Class Shares - ZSCIX |
| **Zacks Dividend Fund** |
| Investor Class Shares – ZDIVX |
| Institutional Class Shares - ZDIIX |
| Annual Financial Statements and Additional Information |
| November 30, 2025 |
| 1-888-775-8351 |
| www.zacksfunds.com |

---

---

| |
|:---|
| **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4%** |  |
|  | **AEROSPACE & DEFENSE - 2.0%** |  |
| 551 | General Dynamics Corporation | $188238 |
| 848 | Howmet Aerospace, Inc. | 173492 |
| 2020 | RTX Corporation | 353319 |
|  |  | 715049 |
|  | **ASSET MANAGEMENT - 2.0%** |  |
| 685 | Ameriprise Financial, Inc. | 312182 |
| 151 | Blackrock, Inc. | 158142 |
| 1965 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | 252483 |
|  |  | 722807 |
|  | **AUTOMOTIVE - 0.9%** |  |
| 763 | Tesla, Inc.<sup>(a)</sup> | 328220 |
|  | **BANKING - 4.6%** |  |
| 7292 | Bank of America Corporation | 391216 |
| 2220 | JPMorgan Chase & Company | 695038 |
| 1038 | PNC Financial Services Group, Inc. (The) | 197967 |
| 5741 | Truist Financial Corporation | 266957 |
| 1017 | Wintrust Financial Corporation | 136298 |
|  |  | 1687476 |
|  | **BEVERAGES - 0.8%** |  |
| 1952 | PepsiCo, Inc. | 290340 |
|  | **BIOTECH & PHARMA - 7.4%** |  |
| 1906 | AbbVie, Inc. | 433996 |
| 823 | Amgen, Inc. | 284314 |
| 2310 | Bristol-Myers Squibb Company | 113652 |
| 557 | Eli Lilly & Company | 599037 |
| 2136 | Gilead Sciences, Inc. | 268794 |
| 1665 | Johnson & Johnson | 344522 |
| 2215 | Merck & Company, Inc. | 232198 |
| 4839 | Pfizer, Inc. | 124556 |
| 543 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 235450 |
|  |  | 2636519 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 1.9%** |  |
| 1873 | Cintas Corporation | $348416 |
| 1573 | Republic Services, Inc. | 341435 |
|  |  | 689851 |
|  | **CONSUMER FINANCE - 1.8%** |  |
| 1730 | American Express Company | 631917 |
|  | **DIVERSIFIED INDUSTRIALS - 0.5%** |  |
| 1482 | Emerson Electric Company | 197669 |
|  | **E-COMMERCE DISCRETIONARY - 3.1%** |  |
| 4777 | Amazon.com, Inc.<sup>(a)</sup> | 1114091 |
|  | **ELECTRIC UTILITIES - 1.7%** |  |
| 3339 | American Electric Power Company, Inc. | 413268 |
| 2161 | Southern Company | 196910 |
|  |  | 610178 |
|  | **ELECTRICAL EQUIPMENT - 1.1%** |  |
| 950 | Amphenol Corporation, Class A | 133855 |
| 3964 | Mirion Technologies, Inc.<sup>(a)</sup> | 103143 |
| 960 | Vertiv Holdings Company, Class A | 172541 |
|  |  | 409539 |
|  | **ENGINEERING & CONSTRUCTION - 1.4%** |  |
| 815 | EMCOR Group, Inc. | 501282 |
|  | **FOOD - 0.7%** |  |
| 1350 | Hershey Company (The) | 253908 |
|  | **GAS & WATER UTILITIES - 0.7%** |  |
| 1239 | American Water Works Company, Inc. | 161157 |
| 2361 | NiSource, Inc. | 104191 |
|  |  | 265348 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.3%** |  |
| 1793 | Cardinal Health, Inc. | 380583 |
| 695 | Labcorp Holdings, Inc. | 186802 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.3% (Continued)** |  |
| 803 | UnitedHealth Group, Inc. | $264805 |
|  |  | 832190 |
|  | **HOME CONSTRUCTION - 0.6%** |  |
| 1801 | PulteGroup, Inc. | 229069 |
|  | **HOUSEHOLD PRODUCTS - 1.3%** |  |
| 3071 | Procter & Gamble Company (The) | 454999 |
|  | **INDUSTRIAL REIT - 0.4%** |  |
| 1006 | Prologis, Inc. | 129301 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.2%** |  |
| 2065 | Fastenal Company | 83426 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.5%** |  |
| 1853 | Nasdaq, Inc. | 168475 |
|  | **INSURANCE - 3.7%** |  |
| 512 | Assurant, Inc. | 116818 |
| 3022 | Hartford Insurance Group, Inc. (The) | 414105 |
| 1780 | Marsh & McLennan Companies, Inc. | 326541 |
| 3218 | MetLife, Inc. | 246370 |
| 2829 | W R Berkley Corporation | 219785 |
|  |  | 1323619 |
|  | **INTERNET MEDIA & SERVICES - 12.1%** |  |
| 5048 | Alphabet, Inc., Class A | 1616269 |
| 1244 | Alphabet, Inc., Class C | 398229 |
| 1853 | Meta Platforms, Inc., Class A | 1200651 |
| 5120 | Netflix, Inc.<sup>(a)</sup> | 550810 |
| 643 | Spotify Technology S.A.<sup>(a)</sup> | 385073 |
| 2076 | Uber Technologies, Inc.<sup>(a)</sup> | 181733 |
|  |  | 4332765 |
|  | **LEISURE FACILITIES & SERVICES - 2.1%** |  |
| 900 | Marriott International Inc, Class A | 274311 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 2.1% (Continued)** |  |
| 613 | McDonald's Corporation | $191146 |
| 741 | Royal Caribbean Cruises Ltd. | 197291 |
| 1173 | Starbucks Corporation | 102180 |
|  |  | 764928 |
|  | **MACHINERY - 2.5%** |  |
| 1319 | Caterpillar, Inc. | 759427 |
| 3737 | Mueller Water Products, Inc., Class A - Series A | 90585 |
|  |  | 850012 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.4%** |  |
| 1821 | Abbott Laboratories | 234727 |
| 2140 | Boston Scientific Corporation<sup>(a)</sup> | 217381 |
| 530 | Stryker Corporation | 196725 |
| 373 | Thermo Fisher Scientific, Inc. | 220380 |
|  |  | 869213 |
|  | **OFFICE REIT - 0.3%** |  |
| 1552 | BXP, Inc. | 112303 |
|  | **OIL & GAS PRODUCERS - 2.6%** |  |
| 2679 | Chevron Corporation | 404878 |
| 2786 | ConocoPhillips | 247090 |
| 2311 | Exxon Mobil Corporation | 267891 |
|  |  | 919859 |
|  | **RESIDENTIAL REIT - 0.3%** |  |
| 943 | Mid-America Apartment Communities, Inc. | 128144 |
|  | **RETAIL - CONSUMER STAPLES - 2.0%** |  |
| 1070 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 95476 |
| 5777 | Walmart, Inc. | 638417 |
|  |  | 733893 |
|  | **RETAIL - DISCRETIONARY - 2.2%** |  |
| 1226 | Home Depot, Inc. (The) | 437584 |
| 2216 | TJX Companies, Inc. (The) | 336655 |
|  |  | 774239 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **SEMICONDUCTORS - 11.9%** |  |
| 1782 | Advanced Micro Devices, Inc.<sup>(a)</sup> | $387638 |
| 911 | Analog Devices, Inc. | 241725 |
| 1014 | Applied Materials, Inc. | 255782 |
| 993 | Axcelis Technologies, Inc.<sup>(a)</sup> | 82191 |
| 1725 | Broadcom, Inc. | 695106 |
| 2803 | Intel Corporation<sup>(a)</sup> | 113690 |
| 1162 | Lam Research Corporation | 181272 |
| 13088 | NVIDIA Corporation | 2316576 |
|  |  | 4273980 |
|  | **SOFTWARE - 8.6%** |  |
| 865 | Cadence Design Systems, Inc.<sup>(a)</sup> | 269742 |
| 374 | Intuit, Inc. | 237146 |
| 2689 | Microsoft Corporation | 1323014 |
| 848 | Okta, Inc.<sup>(a)</sup> | 68120 |
| 752 | Oracle Corporation | 151866 |
| 859 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 144699 |
| 1099 | Palo Alto Networks, Inc.<sup>(a)</sup> | 208953 |
| 740 | Salesforce, Inc. | 170600 |
| 993 | Twilio, Inc., Class A<sup>(a)</sup> | 128782 |
| 8012 | UiPath, Inc., Class A<sup>(a)</sup> | 111046 |
| 1271 | Zoom Video Communications, Inc.<sup>(a)</sup> | 107984 |
| 731 | Zscaler, Inc.<sup>(a)</sup> | 183847 |
|  |  | 3105799 |
|  | **SPECIALTY FINANCE - 0.5%** |  |
| 878 | Capital One Financial Corporation | 192343 |
|  | **TECHNOLOGY HARDWARE - 7.8%** |  |
| 5978 | Apple, Inc. | 1666964 |
| 998 | Arista Networks, Inc.<sup>(a)</sup> | 130419 |
| 3887 | Cisco Systems, Inc. | 299066 |
| 3000 | Corning, Inc. | 252600 |
| 539 | Fabrinet<sup>(a)</sup> | 247622 |
| 2335 | Pure Storage, Inc., Class A<sup>(a)</sup> | 207722 |
|  |  | 2804393 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 2.7%** |  |
| 850 | Accenture PLC, Class A | $212500 |
| 713 | International Business Machines Corporation | 220018 |
| 857 | Leidos Holdings, Inc. | 163773 |
| 549 | Moody's Corporation | 269437 |
| 2987 | Toast, Inc., Class A<sup>(a)</sup> | 102126 |
|  |  | 967854 |
|  | **TELECOMMUNICATIONS - 0.8%** |  |
| 1414 | T-Mobile US, Inc. | 295540 |
|  | **TOTAL COMMON STOCKS (Cost $19,005,655)** | 35400538 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.7%** |  |
|  | **MONEY MARKET FUND - 1.7%** |  |
| 606192 | Federated Hermes Treasury Obligations Fund, Institutional Class, 3.83% (Cost $606,192)<sup>(b)</sup> | 606192 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $19,611,847)** | $36006730 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (41827) |
|  | **NET ASSETS - 100.0%** | $35964903 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7%** |  |
|  | **AEROSPACE & DEFENSE - 1.5%** |  |
| 1890 | Moog, Inc., Class A | $434095 |
|  | **ASSET MANAGEMENT - 0.1%** |  |
| 480 | F&G Annuities & Life, Inc. | 15509 |
|  | **BANKING - 21.2%** |  |
| 8881 | 1st Source Corporation | 554530 |
| 2684 | Bank of NT Butterfield & Son Ltd. (The) | 124645 |
| 4928 | Bank7 Corporation | 204167 |
| 2312 | Byline Bancorp, Inc. | 64551 |
| 30618 | California BanCorporation<sup>(a)</sup> | 594294 |
| 9943 | Capital City Bank Group, Inc. | 416811 |
| 20696 | Community West Bancshares | 468764 |
| 4323 | FB Financial Corporation | 241483 |
| 3223 | Five Star Bancorp | 111161 |
| 22009 | HBT Financial, Inc. | 532618 |
| 7139 | HomeTrust Bancshares, Inc. | 292770 |
| 6380 | Horizon Bancorp, Inc. | 109353 |
| 10433 | Independent Bank Corp | 340637 |
| 6923 | Mercantile Bank Corporation | 318320 |
| 37246 | Ponce Financial Group, Inc.<sup>(a)</sup> | 593701 |
| 25613 | Shore Bancshares, Inc. | 447459 |
| 3510 | Sierra Bancorp | 109021 |
| 14192 | SmartFinancial, Inc. | 514602 |
| 5372 | Southern Missouri Bancorp, Inc. | 302390 |
|  |  | 6341277 |
|  | **BIOTECH & PHARMA - 3.4%** |  |
| 43364 | Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 542917 |
| 293 | Bright Minds Biosciences, Inc.<sup>(a)</sup> | 20510 |
| 10985 | Phibro Animal Health Corporation, Class A | 460051 |
|  |  | 1023478 |
|  | **CHEMICALS - 1.5%** |  |
| 6716 | Intrepid Potash, Inc.<sup>(a)</sup> | 169915 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **CHEMICALS - 1.5% (Continued)** |  |
| 2244 | Materion Corporation | $274194 |
|  |  | 444109 |
|  | **COMMERCIAL SUPPORT SERVICES - 7.1%** |  |
| 918 | CRA International, Inc. | 161880 |
| 27054 | Healthcare Services Group, Inc.<sup>(a)</sup> | 508074 |
| 3543 | Huron Consulting Group, Inc.<sup>(a)</sup> | 583214 |
| 38165 | Quad/Graphics, Inc. | 219067 |
| 10400 | Target Hospitality Corporation<sup>(a)</sup> | 81120 |
| 16099 | Viad Corporation<sup>(a)</sup> | 552679 |
|  |  | 2106034 |
|  | **CONSUMER SERVICES - 1.2%** |  |
| 7334 | Carriage Services, Inc. | 317562 |
| 4940 | Coursera, Inc.<sup>(a)</sup> | 39273 |
|  |  | 356835 |
|  | **ELECTRICAL EQUIPMENT - 6.1%** |  |
| 10416 | Allient, Inc. | 561006 |
| 4139 | Itron, Inc.<sup>(a)</sup> | 409927 |
| 330 | Kimball Electronics, Inc.<sup>(a)</sup> | 9537 |
| 7005 | nLight, Inc.<sup>(a)</sup> | 246786 |
| 2743 | SPX Technologies, Inc.<sup>(a)</sup> | 589854 |
|  |  | 1817110 |
|  | **ENGINEERING & CONSTRUCTION - 6.0%** |  |
| 4865 | Bowman Consulting Group Ltd.<sup>(a)</sup> | 176016 |
| 629 | Comfort Systems USA, Inc. | 614495 |
| 7330 | Frontdoor, Inc.<sup>(a)</sup> | 395307 |
| 48574 | Great Lakes Dredge & Dock Corporation<sup>(a)</sup> | 620290 |
|  |  | 1806108 |
|  | **FOOD - 0.2%** |  |
| 701 | John B Sanfilippo & Son, Inc. | 50914 |
|  | **GAS & WATER UTILITIES - 1.4%** |  |
| 6320 | BKV Corporation<sup>(a)</sup> | 174495 |
| 2968 | Southwest Gas Holdings, Inc. | 246493 |
|  |  | 420988 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.4%** |  |
| 61264 | Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | $572205 |
| 10682 | Enhabit, Inc.<sup>(a)</sup> | 95497 |
| 45289 | LifeStance Health Group, Inc.<sup>(a)</sup> | 294379 |
| 8270 | Pennant Group, Inc. (The)<sup>(a)</sup> | 229079 |
| 7482 | SI-BONE, Inc.<sup>(a)</sup> | 145600 |
|  |  | 1336760 |
|  | **HOUSEHOLD PRODUCTS - 0.4%** |  |
| 3655 | Central Garden & Pet Company, Class A<sup>(a)</sup> | 113086 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 2.6%** |  |
| 4207 | AZZ, Inc. | 443502 |
| 6400 | Proto Labs, Inc.<sup>(a)</sup> | 325248 |
|  |  | 768750 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.5%** |  |
| 17862 | Newpark Resources, Inc.<sup>(a)</sup> | 219881 |
| 7075 | Resideo Technologies, Inc.<sup>(a)</sup> | 233404 |
|  |  | 453285 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.0%** |  |
| 3500 | Marex Group plc | 121765 |
| 1854 | StoneX Group, Inc.<sup>(a)</sup> | 167991 |
|  |  | 289756 |
|  | **INSURANCE - 2.7%** |  |
| 1906 | American Coastal Insurance Corporation<sup>(a)</sup> | 22777 |
| 5000 | Hippo Holdings, Inc.<sup>(a)</sup> | 163900 |
| 180 | Palomar Holdings, Inc.<sup>(a)</sup> | 22358 |
| 15518 | United Fire Group, Inc. | 567182 |
| 836 | Universal Insurance Holdings, Inc. | 27697 |
|  |  | 803914 |
|  | **INTERNET MEDIA & SERVICES - 1.9%** |  |
| 14278 | EverQuote, Inc.<sup>(a)</sup> | 376796 |
| 40195 | Marqeta, Inc., Class A<sup>(a)</sup> | 192534 |
|  |  | 569330 |
|  | **LEISURE FACILITIES & SERVICES - 1.3%** |  |
| 21500 | Accel Entertainment, Inc.<sup>(a)</sup> | 220160 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 1.3% (Continued)** |  |
| 15600 | Super Group SGHC Ltd. | $168948 |
|  |  | 389108 |
|  | **MACHINERY - 3.9%** |  |
| 4706 | Federal Signal Corporation | 536484 |
| 3923 | Graham Corporation<sup>(a)</sup> | 225573 |
| 1471 | Watts Water Technologies, Inc., Class A | 405819 |
|  |  | 1167876 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.1%** |  |
| 27701 | Varex Imaging Corporation<sup>(a)</sup> | 320501 |
|  | **METALS & MINING - 1.4%** |  |
| 24875 | Hecla Mining Company | 418398 |
|  | **MULTI ASSET CLASS REIT - 1.4%** |  |
| 19958 | One Liberty Properties, Inc. | 415925 |
|  | **OIL & GAS PRODUCERS - 1.1%** |  |
| 11934 | Excelerate Energy, Inc., Class A | 335107 |
|  | **REAL ESTATE SERVICES - 1.8%** |  |
| 31394 | Newmark Group, Inc., Class A | 545628 |
|  | **RENEWABLE ENERGY - 0.3%** |  |
| 684 | EnerSys | 97887 |
|  | **RETAIL - DISCRETIONARY - 1.7%** |  |
| 3218 | FirstCash Holdings, Inc. | 509763 |
|  | **SEMICONDUCTORS - 0.8%** |  |
| 4293 | FormFactor, Inc.<sup>(a)</sup> | 236201 |
|  | **SOFTWARE - 8.1%** |  |
| 5730 | Adeia, Inc. | 70880 |
| 11700 | Appian Corporation, Class A<sup>(a)</sup> | 472680 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **SOFTWARE - 8.1% (Continued)** |  |
| 19900 | Backblaze, Inc., Class A<sup>(a)</sup> | $94326 |
| 84241 | CS Disco, Inc.<sup>(a)</sup> | 603166 |
| 37570 | EverCommerce, Inc.<sup>(a)</sup> | 326108 |
| 8027 | Intapp, Inc.<sup>(a)</sup> | 346686 |
| 69332 | N-Able, Inc.<sup>(a)</sup> | 499190 |
|  |  | 2413036 |
|  | **SPECIALTY FINANCE - 3.4%** |  |
| 3293 | Atlanticus Holdings Corporation<sup>(a)</sup> | 194122 |
| 1700 | LendingTree, Inc.<sup>(a)</sup> | 96951 |
| 38585 | OppFi, Inc. | 381993 |
| 24725 | Paysign, Inc.<sup>(a)</sup> | 128817 |
| 13637 | PRA Group, Inc.<sup>(a)</sup> | 220919 |
|  |  | 1022802 |
|  | **STEEL - 3.1%** |  |
| 1813 | Carpenter Technology Corporation | 577513 |
| 5876 | Northwest Pipe Company<sup>(a)</sup> | 344451 |
|  |  | 921964 |
|  | **TECHNOLOGY HARDWARE - 3.3%** |  |
| 3042 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | 540259 |
| 6222 | TTM Technologies, Inc.<sup>(a)</sup> | 436660 |
|  |  | 976919 |
|  | **TECHNOLOGY SERVICES - 1.2%** |  |
| 2408 | MAXIMUS, Inc. | 207305 |
| 14085 | Priority Technology Holdings, Inc.<sup>(a)</sup> | 82397 |
| 13989 | Telos Corporation<sup>(a)</sup> | 80856 |
|  |  | 370558 |
|  | **TELECOMMUNICATIONS - 0.2%** |  |
| 4360 | Spok Holdings, Inc. | 57901 |
|  | **TRANSPORTATION & LOGISTICS - 0.2%** |  |
| 10121 | Pangaea Logistics Solutions Ltd. | 71049 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **WHOLESALE - CONSUMER STAPLES - 0.2%** |  |
| 5880 | Mission Produce, Inc.<sup>(a)</sup> | $70678 |
|  | **TOTAL COMMON STOCKS (Cost $24,564,674)** | 29492639 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.4%** |  |
|  | **MONEY MARKET FUND - 1.4%** |  |
| 431229 | Federated Hermes Treasury Obligations Fund, Institutional Class, 3.83% (Cost $431,229)<sup>(b)</sup> | 431229 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $24,995,903)** | $29923868 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (44418) |
|  | **NET ASSETS - 100.0%** | $29879450 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5%** |  |
|  | **AEROSPACE & DEFENSE - 3.0%** |  |
| 5123 | General Dynamics Corporation | $1750171 |
| 3870 | L3Harris Technologies, Inc. | 1078530 |
| 2457 | Lockheed Martin Corporation, Class B | 1124962 |
|  |  | 3953663 |
|  | **ASSET MANAGEMENT - 2.3%** |  |
| 2965 | Blackrock, Inc. | 3105245 |
|  | **BANKING - 12.8%** |  |
| 35946 | Bank of America Corporation | 1928503 |
| 13117 | Citigroup, Inc. | 1358921 |
| 13823 | Citizens Financial Group, Inc. | 747824 |
| 39074 | Fifth Third Bancorp | 1698156 |
| 19134 | JPMorgan Chase & Company | 5990472 |
| 6946 | PNC Financial Services Group, Inc. (The) | 1324741 |
| 33154 | US Bancorp | 1626204 |
| 25473 | Wells Fargo & Company | 2186857 |
|  |  | 16861678 |
|  | **BEVERAGES - 2.5%** |  |
| 27098 | Coca-Cola Company (The) | 1981405 |
| 9390 | PepsiCo, Inc. | 1396669 |
|  |  | 3378074 |
|  | **BIOTECH & PHARMA - 8.0%** |  |
| 12630 | AbbVie, Inc. | 2875851 |
| 7600 | Gilead Sciences, Inc. | 956384 |
| 16553 | Johnson & Johnson | 3425147 |
| 20234 | Merck & Company, Inc. | 2121130 |
| 51899 | Pfizer, Inc. | 1335880 |
|  |  | 10714392 |
|  | **CABLE & SATELLITE - 0.7%** |  |
| 32830 | Comcast Corporation, Class A | 876233 |
|  | **CHEMICALS - 0.3%** |  |
| 10404 | DuPont de Nemours, Inc. | 413767 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **DIVERSIFIED INDUSTRIALS - 3.2%** |  |
| 4979 | Parker-Hannifin Corporation | $4290404 |
|  | **ELECTRIC UTILITIES - 3.2%** |  |
| 9729 | American Electric Power Company, Inc. | 1204158 |
| 16028 | Public Service Enterprise Group, Inc. | 1338659 |
| 19028 | Southern Company | 1733831 |
|  |  | 4276648 |
|  | **GAMING REITS - 0.4%** |  |
| 12029 | Gaming and Leisure Properties, Inc. | 523622 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.5%** |  |
| 3933 | Cigna Group (The) | 1090542 |
| 2671 | UnitedHealth Group, Inc. | 880816 |
|  |  | 1971358 |
|  | **HEALTH CARE REIT - 0.4%** |  |
| 30407 | Healthpeak Properties, Inc. | 555232 |
|  | **HOUSEHOLD PRODUCTS - 2.3%** |  |
| 20640 | Procter & Gamble Company (The) | 3058022 |
|  | **INDUSTRIAL REIT - 1.5%** |  |
| 15785 | Prologis, Inc. | 2028846 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.7%** |  |
| 20157 | Bank of New York Mellon Corporation (The) | 2259600 |
|  | **INSURANCE - 4.9%** |  |
| 7082 | Arthur J. Gallagher & Company | 1753645 |
| 31757 | MetLife, Inc. | 2431316 |
| 20128 | Prudential Financial, Inc. | 2178856 |
|  |  | 6363817 |
|  | **INTERNET MEDIA & SERVICES - 3.4%** |  |
| 8376 | Alphabet, Inc., Class A | 2681827 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 3.4% (Continued)** |  |
| 2838 | Meta Platforms, Inc., Class A | $1838882 |
|  |  | 4520709 |
|  | **LEISURE FACILITIES & SERVICES - 1.4%** |  |
| 6089 | McDonald's Corporation | 1898672 |
|  | **MACHINERY - 4.8%** |  |
| 6413 | Caterpillar, Inc. | 3692350 |
| 2947 | Deere & Company | 1368852 |
| 12691 | Pentair PLC | 1335601 |
|  |  | 6396803 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.5%** |  |
| 8191 | Abbott Laboratories | 1055820 |
| 6356 | Becton Dickinson and Company | 1233191 |
| 3703 | Danaher Corporation | 839766 |
| 13829 | Medtronic PLC | 1456609 |
|  |  | 4585386 |
|  | **MULTI ASSET CLASS REIT - 0.7%** |  |
| 14226 | WP Carey, Inc. | 958406 |
|  | **OIL & GAS PRODUCERS - 6.1%** |  |
| 22869 | ConocoPhillips | 2028252 |
| 31099 | Exxon Mobil Corporation | 3604996 |
| 70417 | Kinder Morgan, Inc. | 1923792 |
| 12691 | Ovintiv, Inc. | 519823 |
|  |  | 8076863 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.9%** |  |
| 12436 | Crown Castle, Inc. | 1135158 |
|  | **RETAIL - CONSUMER STAPLES - 2.6%** |  |
| 31096 | Walmart, Inc. | 3436419 |
|  | **RETAIL - DISCRETIONARY - 3.5%** |  |
| 7169 | Ferguson Enterprises, Inc. | 1804222 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 3.5% (Continued)** |  |
| 7942 | Home Depot, Inc. (The) | $2834659 |
|  |  | 4638881 |
|  | **SEMICONDUCTORS - 3.6%** |  |
| 6801 | Broadcom, Inc. | 2740531 |
| 11478 | QUALCOMM, Inc. | 1929337 |
|  |  | 4669868 |
|  | **SOFTWARE - 2.4%** |  |
| 6445 | Microsoft Corporation | 3171004 |
|  | **SPECIALTY FINANCE - 0.6%** |  |
| 14084 | Fidelity National Financial, Inc. | 837012 |
|  | **SPECIALTY REITS - 1.0%** |  |
| 10031 | Lamar Advertising Company, Class A | 1328004 |
|  | **TECHNOLOGY HARDWARE - 2.7%** |  |
| 46838 | Cisco Systems, Inc. | 3603716 |
|  | **TECHNOLOGY SERVICES - 3.4%** |  |
| 2750 | Accenture PLC, Class A | 687500 |
| 3606 | Automatic Data Processing, Inc. | 920612 |
| 3587 | Broadridge Financial Solutions, Inc. | 818159 |
| 6845 | International Business Machines Corporation | 2112230 |
|  |  | 4538501 |
|  | **TELECOMMUNICATIONS - 2.9%** |  |
| 71311 | AT&T, Inc. | 1855512 |
| 49941 | Verizon Communications, Inc. | 2053075 |
|  |  | 3908587 |
|  | **TOBACCO & CANNABIS - 3.4%** |  |
| 22016 | Altria Group, Inc. | 1299164 |
| 19612 | Philip Morris International, Inc. | 3088499 |
|  |  | 4387663 |
|  | **TRANSPORTATION & LOGISTICS - 2.5%** |  |
| 40882 | CSX Corporation | 1445587 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.5% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 2.5% (Continued)** |  |
| 4765 | Norfolk Southern Corporation | $1391809 |
| 4934 | United Parcel Service, Inc., Class B | 472628 |
|  |  | 3310024 |
|  | **TRANSPORTATION EQUIPMENT - 1.4%** |  |
| 3679 | Cummins, Inc. | 1832068 |
|  | **TOTAL COMMON STOCKS (Cost $96,172,998)** | 131864345 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.6%** |  |
|  | **MONEY MARKET FUND - 0.6%** |  |
| 816679 | Federated Hermes Treasury Obligations Fund, Institutional Class, 3.83% (Cost $816,679)<sup>(a)</sup> | 816679 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $96,989,677)** | $132681024 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (100955) |
|  | **NET ASSETS - 100.0%** | $132580069 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of November 30, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Funds*** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **November 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Zacks All-Cap Core**<br>**Fund** | **Zacks Small-Cap**<br>**Core Fund** | <br>**Zacks Dividend Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $19611847 | $24995903 | $96989677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $36006730 | $29923868 | $132681024 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 7700 | 8176 | 801 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 44824 | 14723 | 231280 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 21978 | 38733 | 66470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 36081232 | 29985500 | 132979575 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 40497 | 23245 | 143677 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable |  | 8085 | 10944 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 4774 | 143 | 88230 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 24538 | 22543 | 59936 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 46520 | 52034 | 96719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 116329 | 106050 | 399506 |
| **NET ASSETS** | $**35964903** | $**29879450** | $**132580069** |
| **Net Assets Consist Of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $18805967 | $24975200 | $93235627 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 17158936 | 4904250 | 39344442 |
| **NET ASSETS** | $**35964903** | $**29879450** | $**132580069** |
| **Net Asset Value Per Share:** |  |  |  |
| Investor Class Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  | $**13289851** | $**13878091** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |  | **397896** | **476575** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) |  | $**33.40** | $**29.12** |
| Institutional Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**35964903** | $**16589599** | $**118701978** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1188138** | **482608** | **4128790** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**30.27** | $**34.37** | $**28.75** |

---

(a) Redemptions of shares held less than
 30 days may be assessed a redemption fee of 1.00%.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Funds*** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended November 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Zacks All-Cap**<br>**Core Fund** | **Zacks Small-Cap**<br>**Core Fund** | **Zacks Dividend**<br>**Fund** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $378272 | $332838 | $3414548 |
| &nbsp;&nbsp;&nbsp;Interest | 55895 | 14840 | 59235 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes |  |  | (1151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 434167 | 347678 | 3472632 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 254664 | 264443 | 1007169 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 32644 | 54859 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 43148 | 47935 | 152863 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 34840 | 22603 | 69153 |
| &nbsp;&nbsp;&nbsp;Legal fees | 21970 | 23384 | 109640 |
| &nbsp;&nbsp;&nbsp;Audit fees | 20345 | 30171 | 25152 |
| &nbsp;&nbsp;&nbsp;Registration fees | 10512 | 18111 | 24775 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 9339 | 6418 | 13954 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 6065 | 12210 | 13107 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 2999 | 4845 | 10582 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 1139 | 8409 | 11395 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1010 | 1010 | 1010 |
| &nbsp;&nbsp;&nbsp;Other expenses | 2344 | 859 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 408375 | 473042 | 1495691 |
| &nbsp;&nbsp;&nbsp;Less: Expenses waived by the Advisor | (90045) | (105438) | (118923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 318330 | 367604 | 1376768 |
| **NET INVESTMENT INCOME (LOSS)** | 115837 | (19926) | 2095864 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 1137894 | 117660 | 4635021 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 2226712 | (580856) | 2380512 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | 3364606 | (463196) | 7015533 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**3480443** | $**(483122)** | $**9111397** |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks All-Cap Core Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $115837 | $100275 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 1137894 | 4750800 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 2226712 | 5985289 |
| Net increase in net assets resulting from operations | 3480443 | 10836364 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (3768643) | (8757374) |
| Net decrease in net assets resulting from distributions to shareholders | (3768643) | (8757374) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 8434116 | 9305514 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2952043 | 5335116 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class + | (7984524) | (23732007) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 3401635 | (9091377) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 3113435 | (7012387) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 32851468 | 39863855 |
| &nbsp;&nbsp;&nbsp;End of Year | $**35964903** | $**32851468** |
| **SHARE ACTIVITY** |  |  |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 304032 | 352317 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 113409 | 225873 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (291049) | (892742) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 126392 | (314552) |

---

---

| | |
|:---|:---|
| + | Net of redemption fee proceeds received of $10,304 and $50, respectively. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Small-Cap Core Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(19926) | $(44961) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 117660 | 5095675 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (580856) | 3662295 |
| Net increase (decrease) in net assets resulting from operations | (483122) | 8713009 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (34107) |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (40418) |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2100291) | (678791) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (2488854) | (820807) |
| Net decrease in net assets resulting from distributions to shareholders | (4663670) | (1499598) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 372415 | 831790 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 1451070 | 1723884 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 2055711 | 653208 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2395350 | 790824 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class + | (2665750) | (3094375) |
| &nbsp;&nbsp;&nbsp;Institutional Class ++ | (3788931) | (4391512) |
| Net decrease in net assets resulting from shares of beneficial interest | (180135) | (3486181) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (5326927) | 3727230 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 35206377 | 31479147 |
| &nbsp;&nbsp;&nbsp;End of Year | $**29879450** | $**35206377** |
| **SHARE ACTIVITY** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 12243 | 24083 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 67356 | 19764 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (88981) | (89681) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (9382) | (45834) |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 45851 | 48875 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 76431 | 23460 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (121578) | (124184) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 704 | (51849) |

---

---

| | |
|:---|:---|
| + | Net of redemption fee proceeds received of $148 and $16 respectively. |

---

---

| | |
|:---|:---|
| ++ | Net of redemption fee proceeds received of $2,002 and $0 respectively. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Dividend Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2095864 | $2611328 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 4635021 | 5476946 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 2380512 | 29775168 |
| Net increase in net assets resulting from operations | 9111397 | 37863442 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1173581) | (1628122) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (4580558) | (7018927) |
| Net decrease in net assets resulting from distributions to shareholders | (5754139) | (8647049) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 19691077 | 5155745 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 32982603 | 22657939 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1145186 | 1583298 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 3017692 | 5369351 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class + | (34864213) | (14293306) |
| &nbsp;&nbsp;&nbsp;Institutional Class ++ | (27279937) | (80677991) |
| Net decrease in net assets resulting from shares of beneficial interest | (5307592) | (60204964) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1950334) | (30988571) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 134530403 | 165518974 |
| &nbsp;&nbsp;&nbsp;End of Year | $**132580069** | $**134530403** |
| **SHARE ACTIVITY** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 749168 | 205284 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 45643 | 67445 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1319679) | (577794) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (524868) | (305065) |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1230853 | 932986 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 122075 | 233876 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1038730) | (3296425) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 314198 | (2129563) |

---

---

| | |
|:---|:---|
| + | Net of redemption fee proceeds received of $15,515 and $3,809 respectively. |

---

---

| | |
|:---|:---|
| ++ | Net of redemption fee proceeds received of $34,140 and $4,878 respectively. |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks All-Cap Core Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $30.94 | $28.96 | $29.19 | $34.17 | $28.06 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.10 | 0.08 | 0.15 | 0.17 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.83 | 8.34 | 2.72 | (3.19) | 7.53 |
| Total from investment operations | 2.93 | 8.42 | 2.87 | (3.02) | 7.62 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.18) | (0.19) | (0.08) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.51) | (6.26) | (2.91) | (1.88) | (1.34) |
| Total distributions | (3.60) | (6.44) | (3.10) | (1.96) | (1.51) |
| Paid-in-Capital From Redemption Fees (1)(3) |  |  |  |  | (0.00) |
| Net asset value, end of year | $30.27 | $30.94 | $28.96 | $29.19 | $34.17 |
| Total return (2) | 11.36% | 35.97% | 11.24% | (9.43)% | 28.54% |
| Net assets, at end of year(000s) | $35965 | $32851 | $39864 | $52589 | $68944 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.28% | 1.47% | 1.35% | 1.14% | 1.14% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 0.08% | (0.17)% | 0.21% | 0.43% | 0.14% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 0.36% | 0.30% | 0.56% | 0.57% | 0.28% |
| Portfolio Turnover Rate | 18% | 15% | 35% | 27% | 25% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for each period.

(2) Total returns would have been lower/higher
 had certain expenses not been waived or absorbed/recovered by the Advisor. Returns do not reflect the deduction of taxes that a shareholder
 would pay on Fund distributions or the redemption of Fund shares.

(3) Amount represents less than $0.005
 per share.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Small-Cap Core Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $39.12 | $31.57 | $31.59 | $33.36 | $24.48 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.06) | (0.09) | (0.04) | 0.15 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.38 | 9.16 | 0.17 | (1.13) | 8.87 |
| Total from investment operations | (0.44 | 9.07 | 0.13 | (0.98) | 8.88 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.15) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.08) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (5.20 | (1.52 |  | (0.78) |  |
| Total distributions | (5.28 | (1.52 | (0.15 | (0.79) |  |
| Paid-in-Capital From Redemption Fees (1) |  |  |  |  |  |
| Net asset value, end of year | $33.40 | $39.12 | $31.57 | $31.59 | $33.36 |
| Total return (2) | 0.15 | 29.63 | 0.42 | (3.01)% | 36.23 |
| Net assets, at end of year(000s) | $13290 | $15931 | $14306 | $16199 | $23092 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.75 | 1.71 | 1.89 | 1.67% | 1.61 |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 1.39 | 1.39 | 1.39 | 1.39% | 1.39 |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | (0.57) | (0.59) | (0.64) | 0.20% | (0.17) |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | (0.21) | (0.27) | (0.14) | 0.48% | 0.05 |
| Portfolio Turnover Rate | 107 | 135 | 100 | 94% | 116 |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for each period.

(2) Total returns would have been lower/higher
 had certain expenses not been waived or absorbed/recovered by the Advisor. These returns include Rule 12b-1 fees of up to 0.25% and do
 not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(3) Amount represents less than $0.005
 per share.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Small-Cap Core Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |  |
| Net asset value, beginning of year | $40.00 | $32.18 | $32.20 | $34.03 | $24.91 |  |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.01 | (0.01) | 0.04 | 0.23 | 0.09 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.36 | 9.35 | 0.18 | (1.15) | 9.03 |  |
| Total from investment operations | (0.35 | 9.34 | 0.22 | (0.92) | 9.12 |  |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.24) | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.08) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (5.20 | (1.52) |  | (0.78) |  |  |
| Total distributions | (5.28 | (1.52) | (0.24 | (0.91) |  |  |
| Paid-in-Capital From Redemption Fees (1) |  |  |  | (0.00) |  | (3) |
| Net asset value, end of year | $34.37 | $40.00 | $32.18 | $32.20 | $34.03 |  |
| Total return (2) | 0.43 | 29.92% | 0.70 | (2.77)% | 36.57 | % |
| Net assets, at end of year(000s) | $16590 | $19275 | $17174 | $21595 | $25809 |  |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.50 | 1.46% | 1.64 | 1.42% | 1.36 | % |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 1.14 | 1.14% | 1.14 | 1.14% | 1.14 | % |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | (0.31) | (0.35)% | (0.39) | 0.45% | 0.08 | % |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 0.04 | (0.02)% | 0.11 | 0.73% | 0.03 | % |
| Portfolio Turnover Rate | 107 | 135% | 100 | 94% | 116 | % |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for each period.

(2) Total returns would have been lower/higher
 had certain expenses not been waived or absorbed/recovered by the Advisor. Returns do not reflect the deduction of taxes that a shareholder
 would pay on Fund distributions or the redemption of Fund shares.

(3) Amount represents less than $0.005
 per share.

(4) Due to the timing of shareholder transactions,
 and allocations of expenses among share classes, the per unit amounts presented may not coincide with the aggregate presentation on the
 Statements of Operations.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Dividend Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $28.23 | $23.11 | $25.38 | $24.72 | $21.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.40 | 0.41 | 0.48 | 0.45 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.67 | 6.03 | (1.26) | 1.16 | 3.85 |
| Total from investment operations | 2.07 | 6.44 | (0.78) | 1.61 | 4.22 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.39) | (0.41) | (0.46) | (0.38) | (0.37) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.79 | (0.91 | (1.09) | (0.71) | (0.13 |
| Total distributions | (1.18 | (1.32 | (1.55) | (1.09) | (0.50 |
| Paid-in-Capital From Redemption Fees (1) |  |  | 0.06 | 0.14 |  |
| Net asset value, end of year | $29.12 | $28.23 | $23.11 | $25.38 | $24.72 |
| Total return (2) | 8.02 | 29.05 | (2.88)% | 7.26% | 20.35 |
| Net assets, at end of year(000s) | $13878 | $28275 | $30199 | $17993 | $82818 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.39 | 1.31 | 1.32% | 1.27% | 1.30 |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 1.30 | 1.30 | 1.30% | 1.30% | 1.30 |
| Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.40 | 1.63 | 2.07% | 1.85% | 1.57 |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 1.49 | 1.65 | 2.09% | 1.82% | 1.57 |
| Portfolio Turnover Rate | 17 | 11 | 43% | 27% | 17 |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for each period.

(2) Total returns would have been lower/higher
 had certain expenses not been waived or absorbed/recovered by the Advisor. These returns include Rule 12b-1 fees of up to 0.25% and do
 not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(3) Amount represents less than $0.005
 per share.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Dividend Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **Year Ended**<br>**November 30, 2025** | **Year Ended**<br>**November 30, 2024** | **Year Ended**<br>**November 30, 2023** | **Year Ended**<br>**November 30, 2022** | **Year Ended**<br>**November 30, 2021** |
| Net asset value, beginning of year | $27.86 | $22.77 | $25.10 | $24.71 | $20.99 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.45 | 0.47 | 53 0. | 0.50 | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.64 | 5.93 | (1.25) | 1.08 | 3.84 |
| Total from investment operations | 2.09 | 6.40 | (0.72) | 1.58 | 4.28 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.41) | (0.40) | (0.52) | (0.48) | (0.43) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.79) | (0.91) | (1.09) | (0.71) | (0.13) |
| Total distributions | (1.20) | (1.31) | (1.61) | (1.19) | (0.56) |
| Paid-in-Capital From Redemption Fees (1)(3) |  |  |  |  |  |
| Net asset value, end of year | $28.75 | $27.86 | $22.77 | $25.10 | $24.71 |
| Total return (2) | 8.21% | 29.36% | (2.89)% | 6.59% | 20.65% |
| Net assets, at end of year(000s) | $118702 | $106256 | $135320 | $173316 | $71403 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.15% | 1.06% | 1.07% | 1.02% | 1.05% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.61% | 1.90% | 2.32% | 2.10% | 1.82% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 1.70% | 1.91% | 2.34% | 2.07% | 1.82% |
| Portfolio Turnover Rate | 17% | 11% | 43% | 27% | 17% |

---

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for each period.

(2) Total returns would have been lower/higher
 had certain expenses not been waived or absorbed/recovered by the Advisor. Returns do not reflect the deduction of taxes that a shareholder
 would pay on Fund distributions or the redemption of Fund shares.

(3) Amount represents less than $0.005
 per share.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Funds*** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **November 30, 2025** |

---

**1.** **ORGANIZATION** 

The Zacks All-Cap Core Fund (the "All-Cap Core Fund"), Zacks Small-Cap Core Fund (the "Small-Cap Core Fund") and Zacks Dividend Fund (the "Dividend Fund") (each a "Fund" and collectively the "Funds") are each a diversified series of shares of beneficial interest of the Zacks Trust (the "Trust"), a Delaware statutory trust organized under the laws of the state of Delaware. The Trust is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as an open-end management investment company. Each Fund was treated as a separate series (the "Predecessor Funds") of Investment Managers Series Trust, an open-end management investment company established as a Delaware statutory trust.

The Predecessor Funds were reorganized on January 26, 2024, each from a series of Investment Managers Series Trust, a Delaware statutory trust, to a series of the Zacks Trust (the "Reorganization"). As a series of Zacks Trust, the Funds are a continuation of the identically-named predecessor fund managed by Zacks Investment Management, Inc. (the "Advisor") that was a series of Investment Managers Series Trust. The Predecessor Funds are the accounting survivors for financial reporting purposes, and as a result, the financial statements and financial highlights of the Funds reflect the operations of the Predecessor Funds for the periods prior to the Reorganization. The Funds and the Predecessor Funds have the same investment objective, principal investment strategies and portfolio manager.

The Plan provided for each Predecessor Fund to transfer all of its assets to the corresponding Zacks Fund in return for shares of the Zacks Fund and the Zacks Fund's assumption of the Predecessor Fund's liabilities. The Reorganization was designed so as not to result in the recognition of gain or loss by a Predecessor Fund or its shareholders for federal tax purposes. For financial reporting purposes, assets received and shares issued by the Funds were recorded at fair value; however, the cost basis of the investments received from the Predecessor Funds was carried forward to align ongoing reporting of the Funds' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Zacks Investment Management bore the costs related to the Reorganization.

The All-Cap Core Fund's investment objectives are to primarily to seek capital appreciation and secondarily, to provide shareholders with income through dividends. The Fund will invest primarily in a diversified portfolio of equity securities. The Fund commenced investment operations on December 5, 2005, with two classes of shares, Class A and Class C. The Fund re-designated Class A shares to Investor Class shares effective October 31, 2016. The Class C shares converted to Investor Class shares on April 16, 2018. The Investor Class shares were re-designated to Institutional Class shares on April 16, 2018.

The Small-Cap Core Fund's investment objective is to seek capital appreciation. The Fund will invest primarily in a diversified portfolio of equity securities. The Fund commenced investment operations on June 30, 2011. The Fund currently offers two classes of shares: Investor Class and Institutional Class. The outstanding shares of the Fund were renamed Investor Class on December 20, 2013. Class C commenced investment operations on December 31, 2013. Class I commenced investment operations on February 28, 2014. The Fund converted Class C shares into Investor Class shares and re-designated Class I shares to Institutional Class shares effective October 31, 2016.

---

| |
|:---|
| ***Zacks Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

The Dividend Fund's investment objectives are primarily to seek capital appreciation and dividend income. The Fund will invest primarily in a diversified portfolio of equity securities. The Fund commenced investment operations on January 31, 2014, with one class of shares, Investor Class. Institutional Class shares commenced operations on January 31, 2017.

Each class represents an interest in the same assets of each Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Each Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of the financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the year. Actual results could differ from those estimates. The Funds are each an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies."

**Operating Segments –** The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. The Funds each operate as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Securities Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on the NASDAQ, at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at

---

| |
|:---|
| ***Zacks Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

amortized cost, which approximates fair value. Investments in open-end investment non-exchange traded companies are valued at net asset value ("NAV").

The Funds each may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the "fair value" procedures approved by the Board of Trustees (the "Board") of the Trust. The Board has delegated execution of these procedures to Zacks Investment Management, Inc. (the "Advisor") as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee.

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

---

| |
|:---|
| ***Zacks Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

The Funds utilize various methods to measure the fair value of all their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of November 30, 2025 for each Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**All-Cap Core Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**All-Cap Core Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**All-Cap Core Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**All-Cap Core Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**All-Cap Core Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $35400538 | $— | $— | $35400538 |
| Short-Term Investment | 606192 |  |  | 606192 |
| Total | $36006730 | $— | $— | $36006730 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Small-Cap Core Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small-Cap Core Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small-Cap Core Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small-Cap Core Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small-Cap Core Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $29492639 | $— | $— | $29492639 |
| Short-Term Investment | 431229 |  |  | 431229 |
| Total | $29923868 | $— | $— | $29923868 |

---

---

| |
|:---|
| ***Zacks Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Dividend Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $131864345 | $— | $— | $131864345 |
| Short-Term Investment | 816679 |  |  | 816679 |
| Total | $132681024 | $— | $— | $132681024 |

---

The Funds did not hold any Level 3 securities during the year.

\* See Schedule of Investments for industry classification.

**Security Transactions and Related Income –** Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid annually, except for the Dividend Fund, which will distribute net investment income, if any, quarterly. Distributable net realized capital gains, if any, are declared and distributed annually.

Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results from operations, or net asset value per share of the Funds. Dividends and distributions to shareholders are recorded on the ex-dividend date.

**Federal Income Taxes –** The Funds intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to its shareholders. Therefore, no provision for Federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Interest and penalties related to income taxes would be recorded as tax expense in the Statement of Operations. Management has analyzed each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years November 30, 2022 through November 30, 2024, or expected to be taken in the Funds' November 30, 2025 year-end tax returns. The Funds have identified their major tax jurisdictions as U.S. Federal, however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Please refer to the Funds' prospectus for a full listing of risks associated with these investments.

---

| |
|:---|
| ***Zacks Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

**Expenses –** Expenses of the Trust that are directly identifiable to a specific Fund are charged to that Fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**3.** **INVESTMENT TRANSACTIONS** 

For the year ended November 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. government securities, were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sale Proceeds |
| All-Cap Core Fund | $7249555 | $5589142 |
| Small-Cap Core Fund | 31342945 | 35993318 |
| Dividend Fund | 21690789 | 31538808 |

---

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

The Advisor serves as the investment advisor to the Funds. Pursuant to advisory agreements with the Trust, on behalf of each Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Funds pay the Advisor an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.80% of the average daily net assets of each of the All-Cap Core Fund and the Dividend Fund and 0.90% of the average daily net assets of the Small-Cap Core Fund. For the year ended November 30, 2025, the Advisor earned investment advisory fees of $254,664, $264,443 and $1,007,169 for the All-Cap Core Fund, Small-Cap Core Fund and the Dividend Fund, respectively.

Pursuant to an Operating Expenses Limitation Agreement (the "Waiver Agreement"), the Advisor has agreed until at least April 1, 2026 to waive a portion of its advisory fees and reimburse each Fund for other expenses to the extent necessary so that the total expenses incurred by each Fund (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) do not exceed the following amounts per annum of the average daily net assets of each class of shares:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investor Class** | **Institutional Class** |
| All-Cap Core Fund | N/A | 1.00% |
| Small-Cap Core Fund | 1.39% | 1.14% |
| Dividend Fund | 1.30% | 1.05% |

---

---

| |
|:---|
| ***Zacks Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

These fee waivers and reimbursements are subject to possible recoupment from the Fund by the Advisor in future years (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limitation in place at the time of waiver. For the year ended November 30, 2025 the Advisor waived fees/reimbursed expenses of $90,045, $105,438, and $118,923 for the All-Cap Core Fund, Small-Cap Core Fund and Dividend Fund, respectively.

The expenses subject to recapture for the All-Cap Core Fund, Small-Cap Core Fund and Dividend Fund will expire on November 30 of the years indicated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2026** | **2027** | **2028** | **Total** |
| All-Cap Core Fund | $162395 | $156355 | $90045 | $408795 |
| Small-Cap Core Fund | 176172 | 108583 | 105438 | 390193 |
| Dividend Fund | 32292 | 16585 | 118923 | 167800 |

---

*<u>Northern Lights Distributors, LLC</u>*<u>, (the "Distributor")</u> - The Distributor is the distributor for the shares of the Funds. The Distributor has entered into a Distribution Agreement with the Trust pursuant to which it distributes Fund shares for the Funds.

The Trust, on behalf of the Funds, has adopted the Trust's Distribution and Shareholder Services Plan Pursuant to Rule 12b-1 under the 1940 Act (the "Plan"). The Plan provides that a monthly service and/or distribution fee is calculated at an annual rate of 0.25% of the average daily net assets attributable to the Investor Class for each of the Small-Cap Core Fund and the Dividend Fund and is paid to the Distributor to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Funds' shareholder accounts not otherwise required to be provided by the Advisor. Institutional Class shares do not pay any distribution fees. During the year ended November 30, 2025, pursuant to the Plan, distribution fees for Investor Class shares were as follows:

---

| | |
|:---|:---|
| **Fund** | **Investor Class** |
| All-Cap Core Fund | N/A |
| Small-Cap Core Fund | $32644 |
| Dividend Fund | 54859 |

---

---

| |
|:---|
| ***Zacks Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

*<u>Ultimus Fund Solutions, LLC</u>* <u>("UFS")</u> *–* UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Funds. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

*<u>Northern Lights Compliance Services, LLC</u>* <u>("NLCS")</u> *-* NLCS, an affiliate of UFS and the Distributor, provides a chief compliance officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from each Fund.

*<u>Blu Giant, LLC</u>* <u>("Blu Giant")</u> *-* Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Trust on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

**5.** **DISTRIBUTION TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of fund distributions paid for the year ended November 30, 2025, and November 30, 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**11/30/2025** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| All-Cap Core Fund | $184804 | $3583839 | $— | $3768643 |
| Small-Cap Core Fund | 1185275 | 3403870 | 74525 | 4663670 |
| Dividend Fund | 3074920 | 2679219 |  | 5754139 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **11/30/2024** | **Income** | **Capital Gains** | **Capital** | **Total** |
| All-Cap Core Fund | $255196 | $8502178 | $— | $8757374 |
| Small-Cap Core Fund | 661950 | 837648 |  | 1499598 |
| Dividend Fund | 1494498 | 7152551 |  | 8647049 |

---

As of November 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| All-Cap Core Fund | $197801 | $598843 | $— | $— | $— | $16362292 | $17158936 |
| Small-Cap Core Fund |  |  | (2893) |  |  | 4907143 | 4904250 |
| Dividend Fund | 2185939 | 2518441 |  |  |  | 34640062 | 39344442 |

---

---

| |
|:---|
| ***Zacks Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

The difference between book basis and tax basis undistributed net investment income, accumulated net realized loss, and unrealized depreciation from investments is primarily attributable to the tax deferral of losses on wash sales, and passive foreign income companies.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Zacks Small Cap Core Fund incurred and elected to defer such late year losses of $2,893.

During the fiscal period ended November 30, 2025, the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primary attributable to equalization credits, and net operating losses resulted in reclassifications for the Funds for the fiscal year ended November 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Losses)** |
| All-Cap Core Fund | $114308 | $(114308) |
| Small-Cap Core Fund | (1863) | 1863 |
| Dividend Fund | 995049 | (995049) |

---

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| All-Cap Core Fund | $19644438 | $16610247 | $(247955) | $16362292 |
| Small-Cap Core Fund | 25016725 | 5731521 | (824378) | 4907143 |
| Dividend Fund | 98040962 | 39511127 | (4871065) | 34640062 |

---

**7.** **REDEMPTION FEES** 

The Funds may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares after holding them for less than 30 days. The redemption fee is paid directly to the specific Fund in which the short-term redemption fee occurs. For the year ended November 30, 2025 and for the year ended November 30, 2024, redemption fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| All-Cap Core Fund | $10304 | $50 |
| Small-Cap Core Fund | 2150 | 16 |
| Dividend Fund | 49655 | 8687 |

---

---

| |
|:---|
| ***Zacks Funds*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

**8.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a portfolio creates presumption of the control of the portfolio, under section 2(a)(9) of the 1940 Act. As of November 30, 2025, LPL Financial owned 42.9% and 33.1% of the All-Cap Core Fund and Small-Cap Core Fund, respectively. As of November 30, 2025, Charles Schwab and National Financial Services LLC owned 36.5% and 45.6%, respectively, of the Dividend Fund.

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Zacks Funds and

Board of Trustees of Zacks Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Zacks All-Cap Core Fund, Zacks Small-Cap Core Fund, and Zacks Dividend Fund (the "Funds"), each a series of Zacks Trust, as of November 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of their operations for the year then ended, the changes in net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended November 30, 2023, and prior, were audited by other auditors whose report dated January 26, 2024, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Zacks Investment Management, Inc. investment companies since 2021.

![(SIGNATURE)](za002_v1.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

January 28, 2026

**ADDITIONAL INFORMATION (UNAUDITED)**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** – Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Not applicable

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| Zacks Investment Management, Inc. |
| 10 S. Riverside Plaza, Suite 1600 |
| Chicago, IL 60606 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 4221 North 203<sup>rd</sup> Street Suite 100 |
| Elkhorn, Nebraska 68022 |
| ZACKSFUNDS-A25 |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants during the period covered by this report

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Refer to the financial statements included herein

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

Included under Item 7

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE\]](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto. \[Exhibit 99. CERT\]](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto \[Exhibit 99.906CERT\]](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Zacks
 Trust

By (Signature and Title)

/s/ Mitch Zacks

&nbsp;&nbsp;&nbsp;&nbsp; Mitch Zacks, Principal Executive Officer/President

Date <u>2/06/26</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Mitch Zacks

&nbsp;&nbsp;&nbsp;&nbsp; Mitch Zacks, Principal Executive Officer/President

Date <u>2/06/26</u>

By (Signature and Title)

/s/ Donald Ralph

&nbsp;&nbsp;&nbsp;&nbsp; Donald Ralph, Principal Financial Officer/Treasurer

Date <u>2/06/26</u>

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, Mitch Zacks, certify that:

1. I have reviewed this report on Form N-CSR of Zacks All-Cap Core Fund, Zacks Small-Cap Core Fund and Zacks Dividend Fund (all a series of Zacks Trust);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/6/26 |  |
|  |  | /s/ Mitch Zacks |
|  |  | Mitch Zacks, President |
|  |  | and Principal Executive Officer |

---

I, Donald Ralph, certify that:

1. I have reviewed this report on Form N-CSR of Zacks All-Cap Core Fund, Zacks Small-Cap Core Fund and Zacks Dividend Fund (all a series of Zacks Trust);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/6/26 |  |
|  |  | /s/ Donald Ralph |
|  |  | Donald Ralph, Treasurer |
|  |  | and Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

Mitch Zacks, Principal Executive Officer, and Donald Ralph, Principal Financial Officer of the Zacks Trust (the "Registrant"), each certify to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended November 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Zacks Trust | Zacks Trust | Zacks Trust | Zacks Trust |
| /s/ Mitch Zacks | /s/ Mitch Zacks | /s/ Donald Ralph | /s/ Donald Ralph |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitch Zacks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitch Zacks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donald Ralph | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donald Ralph |
| Date: | 2/6/26 | Date: | 2/6/26 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Zacks Trust and will be retained by the Zacks Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**15. B Rule 17j-1 and Rule 204A-1 Code of Ethics**

The adviser in the Trust must adopt and maintain a Code of Ethics that is compliant with both Rule 17j-1 under the Investment Company Act of the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940. The Trust adopted the Code of Ethics attached hereto as Appendix 15.B , which is compliant with Rule 17j-1.

As stated in the attached Code of Ethics, the CCO and the adviser insure compliance with the Trust's Code of Ethics - the adviser Chief Compliance Officer with respect to adviser personnel that are access persons of the Funds, and the Chief Compliance Officer with respect to all other access persons. The Chief Compliance Officer verifies that the adviser's Code of Ethics is Rule 17j-1 compliant.

Certain officers of the Trust are employees of Ultimus. The Chief Compliance Officer receives reporting with respect to Code of Ethics compliance for Fund access persons that are employees of Ultimus. Ultimus code of ethics is compliant with Rule 17j-1, is administered using Charles Schwab Compliance Technologies ("SCT") software and is stricter on personal securities trading than Rule 17j-1 requires. The Chief Compliance Officer also is subject to the Ultimus Code of Ethics.

**Responsible Parties:** Chief Compliance Officer/ Adviser

**See Attachment 15.B – Rule 17j-1 Code of Ethics and Appendices**

*Adopted by the Board 6*/2021

**Attachment 15.B Trust Code of Ethics**

**for**

**Zacks Trust**

***I.***  ***Introduction*** 

Zacks Trust (the "Trust") and the series thereof (the "Fund") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**1.** **The interests of the Fund must always be paramount** 

Access Persons have a legal, fiduciary duty to place the interests of the Fund ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

**2.** **Access Persons may not take advantage of their relationship with the Fund** 

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Fund) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Fund.

**3.** **All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest** 

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Fund, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Fund.

**4.** **Access Persons must comply with all applicable laws** 

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***II.***  ***DEFINITIONS*** 

**1.** **"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment
Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;a. all officers and trustees (or persons occupying a similar status or performing a similar function) of
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;b. all officers and trustees (or persons occupying a similar status or performing a similar function) of
the Adviser with respect to the series of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;c. any employee of the Trust or the Adviser (or of any company controlling or controlled by or under common
control with the Trust or the Adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains
information regarding the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations
with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;d. any other natural person controlling, controlled by or under common control with the Trust or the Adviser
who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

**2.** **"Beneficial Ownership"** means in general and subject to the specific provisions of Rule
16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement,
understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**3.** **"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust
with respect to Trustees and officers of the Trust, or the CCO of the Adviser with respect to Adviser's personnel.

**4.** **"Code"** means this Code of Ethics.

**5.** **"Covered Security"** means any Security, except (i) direct
obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term
debt instruments, including repurchase agreements, and (iii) shares issued by open-end Mutual Funds, except funds services by Ultimus,
NLCS, or Foreside.

**6.** "**Decision Making Access Person"** means any Access Person
who, in connection with his or her regular functions or duties, makes or participates in or obtains information regarding recommendations
on the purchase or sale of a security by the Fund, or whose functions relate to the making of any recommendations with respect to such
purchases or sales. Decision Makers typically are Adviser personnel.

**7.** **"Fund"** means a series of the Trust.

**8.** **"Immediate family"** means an individual's spouse, child, stepchild, grandchild,
parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law
and should include adoptive relationships. For purposes of

determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**9.** **"Independent Trustees"** means those Trustees of the Trust that would not be deemed an
"interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**10.** **"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities
held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general
partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends
that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest
in securities); (d) a person's interest in securities held by a Trust; (e) a person's right to acquire securities through
the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other
than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or
person or entity performing a similar function, with certain exceptions.

**11.** **"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share
in any profit derived from a transaction in securities.

**12.** **"Personal Securities Transaction"** means any transaction in a Covered Security in which
an Access Person has a direct or indirect Pecuniary Interest.

**13.** **"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell
a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation to purchase
or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation,
when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List"
until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**14.** **"Restricted List"** means the list of securities maintained by the Chief Compliance Officer
in which trading by Access Persons is generally prohibited.

**15.** **"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness,
certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or
subscription, transferable share, investment contract, voting-Trust certificate, certificate of deposit for a security, fractional undivided
interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or
any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to
subscribe to or purchase (including options) any of the foregoing.

**16.** **"Adviser"** means the Adviser to Fund within the Trust.

**17.** **"Trust"** mean Zacks Trust.

***III.***  ***PROHIBITED ACTIONS AND ACTIVITIES*** 

1. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she
has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known
at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;a. is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;b. is being purchased or sold by a Fund.

2. Decision-Making Access Persons may not participate in any initial public offering of Covered Securities
in any account over which they exercise Beneficial Ownership. All Access Persons must obtain prior written authorization from the Chief
Compliance Officer or his designee prior to such participation;

3. No Access Person, with the exception of the Independent Trustees, may purchase a Covered Security in which
by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization
of the acquisition by the Chief Compliance Officer or his designee;

4. Access Persons may not accept any fee, commission, gift, entertainment, or services, other than de minimus
gifts or entertainment, from any single person or entity that does business with, on behalf of, or in hoping to do business with the Trust.
An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or any of its affiliates which provide
services to the Trust, or an Access Person of an adviser or Sub-Adviser will be subject to the applicable gift and gratuities policies
of the Trust's principal underwriter or an Access Person of an adviser or Sub-Adviser as applicable;

5. Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without
prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent
with the interests of the Trust. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access
Persons serving as directors of outside entities from those making investment decisions on behalf of the Trust.

6. Advanced notice should be given so that the Trust or the Adviser may take such action concerning the conflict
as deemed appropriate by the Chief Compliance Officer or his designee.

7. Decision-Making Access Persons may execute a Personal Securities Transaction involving a Covered Security
without pre-authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time
to time, provided it is

permitted by the Adviser's Code of Ethics. The Chief Compliance Officer or his designee may restrict purchases of Covered Securities pursuant to the Adviser's Code of Ethics.

8. It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly
or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to omit to state to the Trust a material
fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit
upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

***IV.***  ***EXEMPTED TRANSACTIONS*** 

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

1. Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

2. Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example,
the receipt of stock dividends);

3. Purchase of Securities made as part of automatic dividend reinvestment plans;

4. Purchases of Securities made as part of an employee benefit plan involving the periodic purchase of company
stock or Mutual Funds; and

5. Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders
of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

***V.***  ***PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS*** 

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions

relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trust order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

***VI.***  ***REPORTING AND MONITORING*** 

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity, and other activities covered by this Code, of all Access Persons pursuant to the procedures established under this Code. An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or their affiliates or an Access Person of an adviser or sub-adviser, if any, may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, Adviser, or sub-adviser <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

1. DISCLOSURE OF PERSONAL BROKERAGE ACCOUNTS

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trust may be sent to the Advisers.

2. INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

3. ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

4. QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number,
interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the Covered Security at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer, or bank with or through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;e. The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by the Fund or was considered for purchase or sale by the Fund.

An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or any of its affiliates which provide services to the Trust or an Access Person of the Adviser, if any, may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, investment Adviser, provided that such forms contain substantially the same information as called for in the forms required by this Section and comply with the requirements of Rule 17j-1(d)(1).

***VII.***  ***ENFORCEMENTS AND PENALTIES*** 

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trust Board of Trustees.

Upon being informed of a violation of this Code, the Trust Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually, the Chief Compliance Officer shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

1. Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

2. Identify any violations of this Code and any significant remedial action taken during the prior year; and;

3. Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***VIII.***  ***ACKNOWLEDGMENT*** 

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with

the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.