# EDGAR Filing Document

**Accession Number:** 0001884762
**File Stem:** 0001580642-26-000837
**Filing Date:** 2026-2
**Character Count:** 99786
**Document Hash:** 48068922ae2f07459890fa25ad686efa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000837.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001580642-26-000837

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Connors Funds
- **CENTRAL INDEX KEY:** 0001884762

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23742
- **FILM NUMBER:** 26603860

**BUSINESS ADDRESS:**
- **STREET 1:** 1210 BROADCASTING ROAD
- **STREET 2:** SUITE 200
- **CITY:** WYOMISSING
- **STATE:** PA
- **ZIP:** 19610
- **BUSINESS PHONE:** 610-376-7418

**MAIL ADDRESS:**
- **STREET 1:** 1210 BROADCASTING ROAD
- **STREET 2:** SUITE 200
- **CITY:** WYOMISSING
- **STATE:** PA
- **ZIP:** 19610

## Series and Classes Contracts Data

### Connors Hedged Equity Fund (Series ID: S000074630)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000232658 | Institutional Class |  |

?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: 811-23742

**CONNORS FUNDS**

(Exact name of registrant as specified in charter)

<u>1210 Broadcasting Road, Suite 200 Wyomissing, Pennsylvania 19610</u> <br> (Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Peter Connors, President

c/o Connors Investor Services, Inc.

1210 Broadcasting Road, Suite 200

Wyomissing, Pennsylvania 19610

(Name and address of agent for service)

With copy to:

Jeffrey T. Skinner, Esq.

Kilpatrick Townsend & Stockton LLP

1001 West Fourth Street

Winston-Salem, NC 27101

Registrant's telephone number, including area code: <u>(610) 376-7418</u>

Date of fiscal year end: <u>November 30</u> <br>Date of reporting period: <u>November 30, 2025</u>

**Item 1. Reports to Stockholders.**

(a) # Connors Hedged Equity Fund

# Institutional Class (CVRDX)

#### Annual Shareholder Report - November 30, 2025
![Image](i8b159ecce57f0e7f7daf31cf.jpg)

## Fund Overview
This annual shareholder report contains important information about Connors Hedged Equity Fund (the "Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at**www.connorsinvestor.com/mutual-fund**. You can also request this information by contacting us at (833) 601-2676.

## 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 | $114 | 1.10% |

---

## How did the Fund perform during the reporting period?
The market rallied in the second half with the S&P 500<sup>®</sup> Index gaining 15% for the fiscal year. Following a pullback in the Spring due to Artificial Intelligence (AI) spending and tariff concerns, the market rebounded sharply despite a myriad of worries including ongoing tariff impacts, geopolitical turmoil in Europe and the Middle East, stubborn inflation and a weakening labor market. The pause on tariffs on China was extended an additional 90 days until November 10, 2025. Inflation, meanwhile, remains elevated though tariff impact has been lower than originally anticipated. The big driver was the Fed's shift towards a more dovish stance as the labor market continued to show signs of weakening. The market began to discount potential rates cuts leading up to the September Federal Reserve (the "Fed") meeting which led to outperformance from high beta and more speculative stocks. Lower rates along with accelerated depreciation should be tailwinds to not only datacenter spending but also spending for the associated infrastructure buildout including electrical generation and transmission needed to power the data centers.

In terms of sectors, the market continues to be led by Technology (13%) and Communications (11.8%). Consumer Discretionary (9.4%) also performed well as the market began to price in rate cuts and consumer spending remains resilient particularly at the high-end. The worst performing sectors were Consumer Staples (-2.9%), Real Estate (1.7%) and Materials (2.6%). While we saw a minor pullback following two strong quarters in a row, the market could see further upside if spending led by AI investments leads to market broadening into other sectors that are enabling the data center and power grid buildout.

In this environment, premium generation remained solid as individual equity implied volatilities remained consistently higher relative volatility at the S&P500<sup>®</sup> Index level. Opportunities to roll in-the-money options were presented at various points in the quarter from which strikes were moved out on the calendar and up in strike price. This process enabled the Fund's portfolio to maintain original cost basis in the stock, thereby minimizing tax impact, while also allowing for upside participation in an upward trending market.

The Fund continued to maintain a diversified portfolio with both growth and value stocks and looks to add additional exposure to cyclical stocks that could benefit from pro-growth policies and Fed rate cuts. We remain disciplined and continue to use sharp spikes in stocks to take profits in holdings that appear extended in the near-term and add to positions of undervalued equities to enhance the risk/reward profile of the Fund's overall portfolio.

## How has the Fund performed since inception?

### Total Return Based on $25,000 Investment
![Chart showing performance over last 10 years or since inception](i9296624ad51f0a770389f5af.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Connors Hedged Equity Fund - Institutional Class** | **CBOE S&P 500<sup>®</sup> BuyWrite Index** | **S&P 500<sup>®</sup> Index** |
| **Jan-2022** | $25000 | $25000 | $25000 |
| **Nov-2022** | $24650 | $22908 | $22829 |
| **Nov-2023** | $26437 | $24802 | $25989 |
| **Nov-2024** | $33209 | $29713 | $34797 |
| **Nov-2025** | $35564 | $32544 | $40016 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Annualized Since Inception (1/19/2022)** |
| Connors Hedged Equity Fund - Institutional Class | 7.09% | 9.55% |
| S&P 500<sup>®</sup> Index | 15.00% | 12.95% |
| CBOE S&P 500<sup>®</sup> BuyWrite Index | 9.53% | 7.06% |

---

*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. Updated performance information is available on the Fund's website www.connorsinvestor.com/mutual-fund.*

## **Fund Statistics** 
* Net Assets$57,244,411

* Number of Portfolio Holdings108

* Advisory Fee$191,222

* Portfolio turnover (fiscal year)38%

* Sharpe ratio0.30

* Beta0.70

* Standard Deviation9.39%

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Nvidia Corp. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0676e54631d3ce7a5fa07f77.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.5% |
| Purchased Options | 0.2% |
| Utilities | 2.0% |
| Money Market | 2.5% |
| Energy | 4.1% |
| Materials | 4.1% |
| Real Estate | 4.4% |
| Consumer Staples | 4.9% |
| Health Care | 9.7% |
| Communications | 9.9% |
| Industrials | 10.2% |
| Consumer Discretionary | 12.1% |
| Financials | 13.6% |
| Technology | 23.8% |

---

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

#### Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.connorsinvestor.com/mutual-fund), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### Connors Hedged Equity Fund - Institutional Class (CVRDX)

#### Annual Shareholder Report - November 30, 2025
![Image](i689cb1907ab189dfb57dcf8c.jpg)

TSR-AR 113025-CVRDX

(b) Not Applicable

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

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

(a) The registrant's board of trustees has determined that the registrant does not have an audit committee
 financial expert. The committee members and the full Board considered a possibility of adding a member that would qualify as an expert.
 The audit committee determined that, although none of its members meet the technical definition of an audit committee expert, the committee
 has sufficient financial expertise to adequately perform its duties under the Audit Committee Charter without the addition of a qualified
 expert.

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

(a) Audit Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| Connors Hedged Equity Fund | FY 2025 | $14000 |
|  | FY 2024 | $12600 |

---

(b) Audit-Related Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| Connors Hedged Equity Fund | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

(c) Tax Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| Connors Hedged Equity Fund | FY 2025 | $3500 |
|  | FY 2024 | $3150 |

---

Nature of the fees: Preparation of the 1120 RIC and Excise review

(d) All other fees billed to the registrant by its principal accountants for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| Connors Hedged Equity Fund | FY 2025 | $0 |
|  | FY 2024 | $0 |

---

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

The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Trust, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Trust's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust if the engagement relates directly to the operations and financial reporting of the Trust, and (v) receive the auditors' specific representations as to their independence;

&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee
 pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) During 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:

---

| | | |
|:---|:---|:---|
|  | Registrant | Adviser |
| FY 2025 | $17500 | $0 |
| FY 2024 | $15650 | $0 |

---

(h) Not applicable. The auditor performed no services for the registrant's investment adviser or any entity
 controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not Applicable – applies to listed companies only.

**Item 6. 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) ![](connors_logo.jpg)

**Connors Hedged Equity Fund**

**Annual Financial Statements**

**and Additional Information**

**November 30, 2025**

**Fund Adviser:**

**Connors Investor Services, Inc.**

**1210 Broadcasting Road, Suite 200**

**Wyomissing, PA 19610**

**Connors Hedged Equity Fund**

**Schedule of Investments**

*November 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.83%** | | |
| **Communications — 9.91%** |  |  |
| Alphabet, Inc., Class A<sup>(a)</sup> | 7745 | $2479794 |
| AT&T, Inc. | 40000 | 1040800 |
| Meta Platforms, Inc., Class A<sup>(a)</sup> | 2375 | 1538881 |
| Netflix, Inc.<sup>(b)</sup> | 5700 | 613206 |
|  |  | 5672681 |
| **Consumer Discretionary — 12.10%** |  |  |
| Amazon.com, Inc.<sup>(a)(b)</sup> | 10500 | 2448810 |
| Lowe's Companies, Inc. | 4275 | 1036602 |
| Nike, Inc., Class B | 6500 | 420095 |
| Tapestry, Inc.<sup>(a)</sup> | 11200 | 1223936 |
| Tesla, Inc.<sup>(b)</sup> | 1200 | 516204 |
| TJX Companies, Inc. (The)<sup>(a)</sup> | 8425 | 1279926 |
|  |  | 6925573 |
| **Consumer Staples — 4.95%** |  |  |
| Coca-Cola Co. (The)<sup>(a)</sup> | 13135 | 960431 |
| Costco Wholesale Corp. | 1165 | 1064333 |
| Walmart, Inc.<sup>(a)</sup> | 7300 | 806723 |
|  |  | 2831487 |
| **Energy — 4.10%** |  |  |
| Chevron Corp.<sup>(a)</sup> | 6700 | 1012571 |
| Williams Companies, Inc. (The)<sup>(a)</sup> | 21900 | 1334367 |
|  |  | 2346938 |
| **Financials — 13.60%** |  |  |
| Charles Schwab Corp. (The)<sup>(a)</sup> | 12000 | 1112760 |
| Chubb Ltd.<sup>(a)</sup> | 3370 | 998127 |
| JPMorgan Chase & Co.<sup>(a)</sup> | 4865 | 1523134 |
| Morgan Stanley<sup>(a)</sup> | 9700 | 1645702 |
| Visa, Inc., Class A<sup>(a)</sup> | 2935 | 981581 |
| Wells Fargo & Co.<sup>(a)</sup> | 17785 | 1526842 |
|  |  | 7788146 |
| **Health Care — 9.70%** |  |  |
| Abbott Laboratories<sup>(a)</sup> | 8970 | 1156233 |
| AbbVie, Inc.<sup>(a)</sup> | 4810 | 1095237 |
| Eli Lilly & Co.<sup>(a)</sup> | 1340 | 1441130 |
| Medtronic PLC<sup>(a)</sup> | 9500 | 1000635 |
| Stryker Corp. | 2310 | 857426 |
|  |  | 5550661 |
| **Industrials — 10.20%** |  |  |
| Boeing Co. (The)<sup>(a)(b)</sup> | 3900 | 737100 |
| Caterpillar, Inc.<sup>(a)</sup> | 2495 | 1436521 |
| Eaton Corp. PLC<sup>(a)</sup> | 3900 | 1348971 |
| Quanta Services, Inc.<sup>(a)</sup> | 3210 | 1492265 |
| RTX Corp.<sup>(a)</sup> | 4700 | 822077 |
|  |  | 5836934 |

---

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

**Connors Hedged Equity Fund**

**Schedule of Investments (continued)**

*November 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 98.83% - continued** | | |
| **Materials — 4.07%** |  |  |
| DuPont de Nemours, Inc.<sup>(a)</sup> | 17000 | $676090 |
| Linde PLC<sup>(a)</sup> | 2355 | 966304 |
| Qnity Electronics, Inc. | 8500 | 689265 |
|  |  | 2331659 |
| **Real Estate — 4.41%** |  |  |
| Prologis, Inc.<sup>(a)</sup> | 7900 | 1015387 |
| Welltower, Inc.<sup>(a)</sup> | 7250 | 1509595 |
|  |  | 2524982 |
| **Technology — 23.81%** |  |  |
| Apple, Inc.<sup>(a)</sup> | 10200 | 2844270 |
| Broadcom, Inc.<sup>(a)</sup> | 3750 | 1511100 |
| Cisco Systems, Inc.<sup>(a)</sup> | 18575 | 1429160 |
| Microsoft Corp.<sup>(a)</sup> | 4370 | 2150084 |
| Nvidia Corp.<sup>(a)</sup> | 12925 | 2287725 |
| Oracle Corp.<sup>(a)</sup> | 4310 | 870405 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 5850 | 1112260 |
| Salesforce, Inc. | 3950 | 910633 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 1100 | 516582 |
|  |  | 13632219 |
| **Utilities — 1.98%** |  |  |
| Duke Energy Corp.<sup>(a)</sup> | 9125 | 1130953 |
| **Total Common Stocks (Cost $42,676,330)** |  | 56572233 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Fair Value** |
| **PURCHASED PUT OPTIONS — 0.20%** |  |  |  |  |  |
| S&P 500 Index | 10 | $6849090 | $6650.00 | December 2025 | $34850 |
| S&P 500 Index | 15 | 10273635 | 6750.00 | December 2025 | 81075 |
| **Total Purchased Put Options (Cost $277,110)** |  |  |  |  | 115925 |
| **Total Purchased Options (Cost $277,110)** |  |  |  |  | 115925 |
| **MONEY MARKET FUNDS — 2.45%** |  |  |  |  |  |
| First American Government Obligations Fund - Class X, 3.92%<sup>(c)</sup> |  |  |  | 1404382 | 1404382 |
| **Total Money Market Funds (Cost $1,404,382)** |  |  |  |  | 1404382 |
| **Total Investments — 101.48% (Cost $44,357,822)** |  |  |  |  | 58092540 |
| **Liabilities in Excess of Other Assets — (1.48)%** |  |  |  |  | (848129) |
| **NET ASSETS — 100.00%** |  |  |  |  | $57244411 |

---

(a) All or a portion of the security is held as collateral for written options.

(b) Non-income producing security.

(c) 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.*

**Connors Hedged Equity Fund**

**Schedule of Investments (continued)**

*November 30, 2025*

ETF - Exchange-Traded Fund

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

**Connors Hedged Equity Fund**

**Schedule of Open Written Option Contracts**

*November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts**  | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Fair Value** |
| **WRITTEN OPTIONS (1.38)%** |  |  |  |  |  |
| **WRITTEN CALL OPTIONS (1.34)%** |  |  |  |  |  |
| Abbott Laboratories | (54) | $(696060) | $140.00 | February 2026 | $(7587) |
| AbbVie, Inc. | (5) | (113850) | 220.00 | December 2025 | (5125) |
| AbbVie, Inc. | (25) | (569250) | 250.00 | February 2026 | (7875) |
| Alphabet, Inc., Class A | (6) | (192108) | 270.00 | January 2026 | (32190) |
| Alphabet, Inc., Class A | (10) | (320180) | 290.00 | January 2026 | (36449) |
| Alphabet, Inc., Class A | (15) | (480180) | 350.00 | February 2026 | (19613) |
| Alphabet, Inc., Class A | (5) | (160090) | 360.00 | February 2026 | (5263) |
| Amazon.com, Inc. | (5) | (116610) | 265.00 | January 2026 | (793) |
| Amazon.com, Inc. | (43) | (1002846) | 275.00 | January 2026 | (3698) |
| Amazon.com, Inc. | (4) | (93288) | 260.00 | February 2026 | (2620) |
| Apple, Inc. | (8) | (223080) | 270.00 | December 2025 | (9380) |
| Apple, Inc. | (43) | (1199055) | 300.00 | February 2026 | (23543) |
| Boeing Co. (The) | (24) | (453600) | 270.00 | January 2026 | (360) |
| Broadcom, Inc. | (15) | (604440) | 390.00 | December 2025 | (43949) |
| Caterpillar, Inc. | (8) | (460608) | 540.00 | January 2026 | (39799) |
| Caterpillar, Inc. | (7) | (403032) | 600.00 | February 2026 | (18883) |
| Charles Schwab Corp. (The) | (68) | (630564) | 100.00 | January 2026 | (7038) |
| Charles Schwab Corp. (The) | (4) | (37092) | 110.00 | January 2026 | (60) |
| Chevron Corp. | (40) | (604520) | 170.00 | December 2025 | (280) |
| Chubb Ltd. | (2) | (59236) | 320.00 | February 2026 | (410) |
| Cisco Systems, Inc. | (112) | (861728) | 85.00 | February 2026 | (10304) |
| Coca-Cola Co. (The) | (74) | (541088) | 75.00 | January 2026 | (5328) |
| Coca-Cola Co. (The) | (5) | (36560) | 77.50 | February 2026 | (320) |
| Duke Energy Corp. | (8) | (99152) | 130.00 | December 2025 | (120) |
| Duke Energy Corp. | (44) | (545336) | 135.00 | January 2026 | (990) |
| DuPont de Nemours, Inc. | (102) | (405654) | 45.00 | February 2026 | (5610) |
| Eaton Corp. PLC | (10) | (345890) | 430.00 | December 2025 | (380) |
| Eaton Corp. PLC | (12) | (415068) | 410.00 | January 2026 | (930) |
| Eli Lilly & Co. | (8) | (860376) | 960.00 | January 2026 | (107379) |
| JPMorgan Chase & Co. | (4) | (125232) | 340.00 | December 2025 | (120) |
| JPMorgan Chase & Co. | (25) | (782700) | 335.00 | January 2026 | (7938) |
| Linde PLC | (16) | (656512) | 515.00 | December 2025 | (1200) |
| Medtronic PLC | (57) | (600381) | 110.00 | March 2026 | (16302) |
| Meta Platforms, Inc., Class A | (3) | (194385) | 860.00 | December 2025 | (60) |
| Microsoft Corp. | (22) | (1082422) | 550.00 | January 2026 | (3608) |
| Morgan Stanley | (4) | (67864) | 180.00 | December 2025 | (272) |
| Morgan Stanley | (50) | (848300) | 180.00 | January 2026 | (14350) |
| Morgan Stanley | (4) | (67864) | 180.00 | February 2026 | (1760) |
| Nvidia Corp. | (30) | (531000) | 210.00 | January 2026 | (5325) |
| Nvidia Corp. | (30) | (531000) | 250.00 | January 2026 | (975) |
| Oracle Corp. | (20) | (403900) | 350.00 | December 2025 | (220) |
| Prologis, Inc. | (46) | (591238) | 135.00 | February 2026 | (14145) |
| Quanta Services, Inc. | (18) | (836784) | 450.00 | February 2026 | (76229) |
| RTX Corp. | (5) | (87455) | 185.00 | January 2026 | (935) |
| RTX Corp. | (23) | (402293) | 185.00 | February 2026 | (10465) |

---

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

**Connors Hedged Equity Fund**

**Schedule of Open Written Option Contracts (continued)**

*November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Fair Value** |
| **WRITTEN OPTIONS (1.38)% (continued)** |  |  |  |  |  |
| **WRITTEN CALL OPTIONS (1.34)% (continued)** |  |  |  |  |  |
| Tapestry, Inc. | (67) | $(732176) | $125.00 | &nbsp;&nbsp;February 2026 | $(25795) |
| TJX Companies, Inc. (The) | (45) | (683640) | 150.00 | &nbsp;&nbsp;January 2026 | (24300) |
| TJX Companies, Inc. (The) | (5) | (75960) | 155.00 | &nbsp;&nbsp;January 2026 | (1340) |
| Visa, Inc., Class A | (5) | (167220) | 375.00 | &nbsp;&nbsp;January 2026 | (280) |
| Visa, Inc., Class A | (13) | (434772) | 365.00 | &nbsp;&nbsp;February 2026 | (4843) |
| Walmart, Inc. | (45) | (497295) | 115.00 | &nbsp;&nbsp;December 2025 | (2363) |
| Wells Fargo & Co. | (7) | (60095) | 90.00 | &nbsp;&nbsp;December 2025 | (434) |
| Wells Fargo & Co. | (36) | (309060) | 92.50 | &nbsp;&nbsp;December 2025 | (900) |
| Wells Fargo & Co. | (9) | (77265) | 92.50 | &nbsp;&nbsp;January 2026 | (1166) |
| Wells Fargo & Co. | (55) | (472175) | 95.00 | &nbsp;&nbsp;January 2026 | (4263) |
| Welltower, Inc. | (50) | (1041100) | 180.00 | &nbsp;&nbsp;January 2026 | (149250) |
| Williams Companies, Inc. (The) | (102) | (621486) | 70.00 | &nbsp;&nbsp;January 2026 | (1785) |
| **Total Written Call Options (Premiums Received $593,337)** |  |  |  |  | (766899) |
| **WRITTEN PUT OPTIONS (0.04)%** |  |  |  |  |  |
| S&P 500 Index | (10) | (6849090) | 6250.00 | &nbsp;&nbsp;December 2025 | (7700) |
| S&P 500 Index | (15) | (10273635) | 6350.00 | &nbsp;&nbsp;December 2025 | (15825) |
| **Total Written Put Options (Premiums Received $112,735)** |  |  |  |  | (23525) |
| **Total Written Options (Premiums Received $706,072)** |  |  |  |  | $(790424) |

---

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

**Connors Hedged Equity Fund**

**Statement of Assets and Liabilities**

*November 30, 2025*

---

| | |
|:---|:---|
| **Assets** | |
| Investments in securities at fair value (cost $44,357,822) | $58092540 |
| Cash | 57260 |
| Receivable for fund shares sold | 1711 |
| Dividends receivable | 51222 |
| Prepaid expenses | 46302 |
| **Total Assets** | 58249035 |
| **Liabilities** |  |
| Written options, at fair value (premium received $706,072) | 790424 |
| Payable for fund shares redeemed | 8140 |
| Payable to Adviser (Note 4) | 19382 |
| Payable to Administrator | 7895 |
| Due to broker | 133414 |
| Payable to trustees | 3750 |
| Other accrued expenses | 41619 |
| **Total Liabilities** | 1004624 |
| **Net Assets** | $57244411 |
| **Net Assets consist of:** |  |
| Paid-in capital | $45043153 |
| Accumulated earnings | 12201258 |
| **Net Assets** | $57244411 |
| **Institutional Class** |  |
| **Shares outstanding (unlimited number of shares authorized, no par value)** | 4128977 |
| **Net asset value, offering and redemption price per share** | $13.86 |

---

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

**Connors Hedged Equity Fund**

**Statement of Operations**

*For the Year Ended November 30, 2025*

---

| | |
|:---|:---|
| **Investment Income** | |
| Dividend income | $740442 |
| **Total investment income** | 740442 |
| **Expenses** |  |
| Investment Adviser fees | 393201 |
| Administration fees | 85871 |
| Legal fees | 50077 |
| Compliance fees | 33001 |
| Administrative service plan fees | 29489 |
| Registration expenses | 28628 |
| Transfer agent fees | 21651 |
| Audit and tax preparation fees | 15865 |
| Trustee fees | 15000 |
| Printing and postage expenses | 12634 |
| Custodian fees | 9515 |
| Miscellaneous expense | 49985 |
| **Total expenses** | 744917 |
| Fees contractually waived and expenses reimbursed by Adviser | (201979) |
| Net operating expenses | 542938 |
| **Net investment income** | 197504 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (383626) |
| &nbsp;&nbsp;&nbsp;Written options | (325927) |
| &nbsp;&nbsp;&nbsp;Purchased options | (631138) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 4953290 |
| &nbsp;&nbsp;&nbsp;Written options | 45338 |
| &nbsp;&nbsp;&nbsp;Purchased options | (108715) |
| **Net realized and change in unrealized gain on investment securities and options** | 3549222 |
| **Net increase in net assets resulting from operations** | $3746726 |

---

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

**Connors Hedged Equity Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended**<br>**November 30,**<br>**2025** | **For the<br> Year Ended**<br>**November 30,**<br>**2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $197504 | $153468 |
| Net realized gain (loss) on investment securities and options | (1340691) | 722976 |
| Net change in unrealized appreciation of investment securities and options | 4889913 | 6472596 |
| **Net increase in net assets resulting from operations** | 3746726 | 7349040 |
| **Distributions to shareholders from Earnings** | (631492) | (169282) |
| **Total distributions** | (631492) | (169282) |
| **Capital Transactions - Institutional Class:** |  |  |
| Proceeds from shares sold | 15676407 | 10061112 |
| Reinvestment of distributions | 631492 | 169282 |
| Amount paid for shares redeemed | (3071372) | (1765607) |
| **Net increase in net assets resulting from capital transactions** | 13236527 | 8464787 |
| **Total Increase in Net Assets** | 16351761 | 15644545 |
| **Net Assets** |  |  |
| Beginning of year | 40892650 | 25248105 |
| End of year | $57244411 | $40892650 |
| **Share Transactions - Institutional Class:** |  |  |
| Shares sold | 1198514 | 845103 |
| Shares issued in reinvestment of distributions | 49920 | 15602 |
| Shares redeemed | (233595) | (145552) |
| **Net increase in shares** | 1014839 | 715153 |

---

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

**Connors Hedged Equity Fund - Institutional Class**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended November 30,** | **For the Years Ended November 30,** | **For the Years Ended November 30,** | |
|  | **2025** | **2024** | **2023** | **For the<br> Period Ended<br> November 30,**<br>**2022<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |  |
| Net asset value, beginning of period | $13.13 | $10.52 | $9.86 | $10.00 |
| Investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.04 | 0.05 | 0.07 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.87 | 2.63 | 0.64 | (0.19) |
| Total from investment operations | 0.91 | 2.68 | 0.71 | (0.14) |
| Less distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.07) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.14) |  |  |  |
| Total distributions | (0.18) | (0.07) | (0.05) |  |
| **Net asset value, end of period** | $13.86 | $13.13 | $10.52 | $9.86 |
| **Total Return<sup>(b)</sup>** | 7.09% | 25.62% | 7.25% | (1.40)%<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000 omitted) | $57244 | $40893 | $25248 | $14987 |
| Ratio of net expenses to average net assets | 1.10% | 1.12% | 1.15% | 1.15 %<sup>(d)</sup> |
| Ratio of expenses to average net assets before waiver and reimbursement | 1.52% | 1.74% | 2.32% | 4.05 %<sup>(d)</sup> |
| Ratio of net investment income to average net assets | 0.40% | 0.47% | 0.87% | 0.84 %<sup>(d)</sup> |
| Portfolio turnover rate | 38% | 48% | 52% | 30 %<sup>(c)</sup> |

---

(a) For
 the period January 19, 2022 (commencement of operations) to November 30, 2022.

(b) Total
 return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(c) Not
 annualized.

(d) Annualized.

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

**Connors Hedged Equity Fund**

**Notes to the Financial Statements**

*November 30, 2025*

**NOTE 1. ORGANIZATION**

The Connors Hedged Equity Fund (the "Fund") is a diversified series of Connors Funds (the "Trust"), which is registered under the Investment Company Act of 1940, as amended ("1940 Act") as an open-end management investment company. The Trust was organized as a Delaware statutory trust on September 15, 2021. The Fund currently offers one class of shares: Institutional Shares. The Fund commenced investment operations on January 19, 2022. The Fund's investment adviser is Connors Investor Services, Inc. (the "Adviser"). The investment objective of the Fund is to seek to achieve capital appreciation and secondarily income generation, with lower volatility than U.S. equity markets.

The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Updated 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosure only and did not affect the 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 the Adviser of the Fund. The Fund operates as a single operating segment. The 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 the Fund, using the information presented in the financial statements and financial highlights.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Estimates** – The preparation of financial statements in conformity with GAAP 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Connors Hedged Equity Fund**

**Notes to the Financial Statements (continued)**

*November 30, 2025*

**Federal Income Taxes** – The Fund makes no provision for federal income or excise tax. The Fund has qualified and intends to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net realized capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense.

As of and during the fiscal year ended November 30, 2025, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations when incurred. During the fiscal year ended November 30, 2025, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last three tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

**Security Transactions and Related Income** – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Non-cash income, if any, is recorded at the fair market value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**Dividends and Distributions** – The Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Fund.

**Connors Hedged Equity Fund**

**Notes to the Financial Statements (continued)**

*November 30, 2025*

**Options Contracts –** The Fund may purchase and sell put and call options. A call option gives a holder the right to purchase a specific security or an index at a specified price ("exercise price") within a specified period of time. A put option gives a holder the right to sell a specific security or an index at a specified price within a specified period of time. The initial purchaser of a call option pays the "writer," i.e., the party selling the option, a premium which is paid at the time of purchase and is retained by the writer whether or not such option is exercised. The Fund may purchase put options to hedge its portfolio against the risk of a decline in the market value of securities held and may purchase call options to hedge against an increase in the price of securities it is committed to purchase. The Fund may write put and call options along with a long position in options to increase its ability to hedge against a change in the market value of the securities it holds or is committed to purchase.

Options may relate to particular securities and may or may not be listed on a national securities exchange and issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying securities, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying securities themselves. Refer to the Fund's Schedule of Investments for details regarding open option contracts as of November 30, 2025. The amount of realized gain (loss) on Purchased and Written Options is presented on the Statement of Operations as "Net Realized Gain (Loss) on Purchased and Written Options" The change in the net fair value of the Purchased and Written Options is included in the Statement of Operations as "Net Change in Unrealized Appreciation (Depreciation) on Purchased and Written Options."

**Connors Hedged Equity Fund**

**Notes to the Financial Statements (continued)**

*November 30, 2025*

**Derivative Transactions** – The following tables identify the location and fair value of derivative instruments on the Statement of Assets and Liabilities as of November 30, 2025 and the effect of derivative instruments on the Statement of Operations for the fiscal year ended November 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Location of Derivatives on Statement of Assets and Liabilities** | **Location of Derivatives on Statement of Assets and Liabilities** | **Location of Derivatives on Statement of Assets and Liabilities** | **Location of Derivatives on Statement of Assets and Liabilities** |
| **Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Fair Value** |
| Equity Price Risk: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options | Investments in securities at fair value |  | $115925 |
| &nbsp;&nbsp;&nbsp;Written Options |  | Written options, at fair value | (790424) |

---

For the fiscal year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Location of Gain (Loss) on Derivatives <br> on Statement of Operations** | **Realized Gain<br> (Loss) on <br> Derivatives** | **Change in Unrealized Appreciation <br> (Depreciation) on <br> Derivatives** |
| Equity Price Risk: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased options | Net realized gain (loss) and change in unrealized appreciation (depreciation) on purchased options | $(631138) | $(108715) |
| &nbsp;&nbsp;&nbsp;Written options | Net realized gain (loss) and change in unrealized appreciation (depreciation) on written options | (325927) | 45338 |

---

The following table summarizes the average ending monthly fair value of derivatives outstanding during the fiscal year ended November 30, 2025:

---

| | |
|:---|:---|
| **Derivatives** | **Average Ending<br> Monthly Fair<br> Value<sup>(a)</sup>** |
| Purchased Options | $259898 |
| Written Options | (705274) |

---

<sup>(a)</sup> Average based on the 12 months during the year that had activity.

**Connors Hedged Equity Fund**

**Notes to the Financial Statements (continued)**

*November 30, 2025*

The following table provides a summary of offsetting financial liabilities and derivatives and the effect of derivative instruments on the Statement of Assets and Liabilities as of November 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset <br> in Statement of Assets and <br> Liabilities** | **Gross Amounts Not Offset <br> in Statement of Assets and <br> Liabilities** | |
|  | **Gross Amounts of**<br>**Recognized<br> Liabilities** | **Gross Amounts Offset in Statement of**<br>**Assets and<br> Liabilities** | **Net Amounts of Liabilities Presented in Statement of**<br>**Assets and<br> Liabilities** | **Financial <br> Instruments** | **Collateral<br> Pledged** | <br>**Net Amount** |
| Written Options | $790424 | $— | $790424 | $(790424) | $— | $— |

---

**NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

The Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open for business. Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

● Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published

**Connors Hedged Equity Fund**

**Notes to the Financial Statements (continued)**

*November 30, 2025*

and is the basis for current transactions for identical assets or liabilities at the valuation date

● Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments based on the best information available)

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 which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security's primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at the mean between the most recent quoted bid and ask prices. Securities traded in the Nasdaq over-the-counter market are generally valued at the Nasdaq Official Closing Price. When using market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser as "Valuation Designee" under the oversight of the Board. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Board. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV as reported by the underlying fund companies. These securities are categorized as Level 1 securities.

Option contracts are generally traded on an exchange and are valued at the composite price, using the National Best Bid and Offer quotes ("NBBO"). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Composite

**Connors Hedged Equity Fund**

**Notes to the Financial Statements (continued)**

*November 30, 2025*

option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Expiring options may be priced at intrinsic value.

For options where market quotations are not readily available, fair value shall be determined by the Adviser. Generally, if market quotations are not readily available and the bid price or ask price is not available and, therefore, an option cannot be valued at the composite price, options may be valued at their last quoted sales price.

If the Fund decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined by the Adviser, in conformity with policies adopted by the Board. These securities will generally be categorized as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

In accordance with the Trust's valuation policies and fair value determinations pursuant to Rule 2a-5 under the 1940 Act, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that the Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Valuation Designee's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Fund's NAV calculation that may affect a security's value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations. The Valuation Designee may obtain assistance from others in fulfilling its duties. For example, it may seek assistance from pricing services, fund administrators, sub-advisers, accountants, or counsel; it may also consult the Trust's Fair Value Committee. The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

**Connors Hedged Equity Fund**

**Notes to the Financial Statements (continued)**

*November 30, 2025*

The following is a summary of the inputs used to value the Fund's investments as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $56572233 | $— | $— | $56572233 |
| Purchased Put Options |  | 115925 |  | 115925 |
| Money Market Funds | 1404382 |  |  | 1404382 |
| Total | $57976615 | $115925 | $— | $58092540 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Liabilities</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Call Options | $— | $(766899) | $— | $(766899) |
| Written Put Options |  | (23525) |  | (23525) |
| Total | $— | $(790424) | $— | $(790424) |

---

<sup>(a)</sup> Refer to Schedule of Investments for sector classifications.

The Fund did not hold any Level 3 securities during the fiscal year ended November 30, 2025.

**NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

Under the terms of the investment advisory agreement, on behalf of the Fund (the "Agreement"), the Adviser manages the Fund's investments subject to oversight of the Board. As compensation for its services, the Fund pays the Adviser a fee, computed and accrued daily and paid monthly at an annual rate of 0.80% of the average daily net assets of the Fund. For the fiscal year ended November 30, 2025, the Adviser earned a fee of $393,201 from the Fund before the waivers described below. At November 30, 2025, the Fund owed the Adviser $19,382.

The Fund has adopted an Administrative Services Plan (the "Plan") for its Institutional Class shares effective March 30, 2024. The Plan allows the Fund to pay financial intermediaries that provide services relating to Institutional Class shares computed and accrued daily at an annual rate not to exceed 0.10% of the Fund's average daily net assets. For the fiscal year ended November 30, 2025, the Fund paid $29,489 in Plan fees.

The Adviser has contractually agreed under an expense limitation agreement (the "Expense Limitation Agreement"), until March 31, 2026 to reduce Management Fees and reimburse other expenses to the extent necessary to limit total annual fund operating expenses (excluding brokerage costs; taxes; interest; borrowing costs such as interest and dividend expenses on securities sold short, Acquired Fund Fees and Expenses; payments, if any, under a Rule 12b-1 Distribution Plan or Administrative Services Plan, extraordinary

**Connors Hedged Equity Fund**

**Notes to the Financial Statements (continued)**

*November 30, 2025*

expenses such as litigation and merger or reorganization costs, and other expenses not incurred in the ordinary course of the Fund's business) to 1.05% (1.15% prior to March 31, 2024) of the Fund's average daily net assets of its Institutional Class shares. The Expense Limitation Agreement may be terminated by the Adviser, or the Board, without approval by the other party, at the end of the then current term upon not less than 90 days' notice to the other parties as set forth in the Expense Limitation Agreement. The Expense Limitation Agreement will terminate automatically if the Fund's Advisory Agreement with the Adviser is terminated.

Each fee waiver or expense reimbursement by the Adviser is subject to repayment by the Fund within the three years following the date the fee waiver or expense reimbursement occurred, provided that the Fund is able to make the repayment without exceeding the expense limitation that is in effect at the time of the repayment or at the time of the fee waiver or expense reimbursement, whichever is lower. For the fiscal year ended November 30, 2025, the Adviser waived fees or reimbursed expenses totaling $201,979. As of November 30, 2025, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

---

| | |
|:---|:---|
| **Recoverable Through** | |
| November 30, 2026 | $227355 |
| November 30, 2027 | 203519 |
| November 30, 2028 | 201979 |

---

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agent services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services. The Fund's allocated fees incurred for fund administration, fund accounting and transfer agency for the fiscal year ended November 30, 2025, are reported on the Statement of Operations.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as principal underwriter to the Fund. The Distributor is a wholly-owned subsidiary of Ultimus. The Distributor is compensated by the Adviser (not the Fund) for acting as principal underwriter.

Pursuant to a Compliance Consulting Agreement with Beacon Compliance Consulting, Inc. ("Beacon"), Beacon provides the Chief Compliance Officer and compliance services to the Trust. The Fund's allocated fees incurred for compliance services for the fiscal year ended November 30, 2025, are reported on the Statement of Operations.

The Board supervises the business activities of the Trust. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Trust pays each Trustee of the Trust who is not an interested person an annual retainer

**Connors Hedged Equity Fund**

**Notes to the Financial Statements (continued)**

*November 30, 2025*

of $5,000. The Trust also reimburses the Trustees for travel and other expenses incurred in attending meetings of the Board. Officers of the Trust and Trustees who are interested persons of the Trust do not receive any direct compensation from the Trust. No other compensation or retirement benefits are received by any Trustee or officer from the Fund.

**NOTE 5. PURCHASES AND SALES OF SECURITIES**

For the fiscal year ended November 30, 2025, purchases and sales of investment securities, other than short-term investments, were $29,844,484 and $18,398,632, respectively.

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended November 30, 2025.

**NOTE 6. SECTOR RISK**

If the Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund's portfolio will be adversely affected.

**NOTE 7. FEDERAL TAX INFORMATION**

At November 30, 2025, the net unrealized appreciation (depreciation) and tax cost of investments, including written options, for tax purposes was as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $14914185 |
| Gross unrealized depreciation | (1219750) |
| Net unrealized appreciation on investments | 13694435 |
| Tax cost of investments | $43607681 |

---

The tax character of distributions paid for the fiscal years ended November 30, 2025 and November 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $194753 | $169282 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 436739 |  |
| Total distributions paid | $631492 | $169282 |

---

<sup>(a)</sup> Short-term capital gain distributions are treated as ordinary income for tax purposes.

**Connors Hedged Equity Fund**

**Notes to the Financial Statements (continued)**

*November 30, 2025*

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

---

| | |
|:---|:---|
| Undistributed ordinary income | $187042 |
| Accumulated capital and other losses | (1680219) |
| Unrealized appreciation on investments | $13694435 |
| Total accumulated earnings | $12201258 |

---

As of November 30, 2025, the Fund had short-term capital loss carryforwards of$1,658,461. These capital loss carryforwards, which do not expire, may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

For the fiscal year ended November 30, 2025, the Fund didn't utilize any capital loss carryforwards.

**NOTE 8. COMMITMENTS AND CONTINGENCIES**

The Fund indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

**NOTE 9. NEW ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**NOTE 10. SUBSEQUENT EVENTS**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Connors Hedged Equity Fund and Board of Trustees of Connors Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments and open written option contracts, of Connors Hedged Equity Fund (the "Fund"), a series of Connors Funds, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three 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 the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the period ended January 19, 2022 (commencement of operations), through November 30, 2022, were audited by other auditors whose report dated January 27, 2023, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 and broker. 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 audit provides a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023.

![](img_001.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

January 28, 2026

**Additional Federal Income Tax Information (Unaudited)**

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income.** The Fund designates approximately 100% or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for a reduced tax rate.

**Qualified Business Income.** The Fund designates approximately 0% of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's calendar year 2025 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.

For the fiscal year ended November 30, 2025, the Fund designated $436,739 as long-term capital gain distributions.

**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**

No matter was submitted to a vote of shareholders during the period covered by the report.

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

Refer to the financial statements included herein.

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

At a meeting held on October 23, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Connors Funds (the "Trust"), each of whom is not an "interested person" of the Trust (the "Independent Trustees" or the "Trustees"), as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), considered the renewal of the investment advisory agreement (the "Advisory Agreement") between Connors Investor Services, Inc. ("Connors" or the "Adviser") and the Trust, on behalf of the Connors Hedged Equity Fund (the "Fund").

In connection with the Board's consideration of the Advisory Agreement, the Board received written materials in advance of the Meeting, which included information regarding: (i) the investment performance of the Fund and other accounts managed by the Adviser; (ii) the nature, extent and quality of the services to be provided by the Adviser to the Fund; (iii) the costs of the services to be provided and the profits to be realized by the Adviser and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale will be realized as the Fund grows; and (v) whether the fee levels reflect these economies of scale to the benefit of shareholders. It was noted that the Board should also consider any benefits derived or to be derived by the investment adviser from its relationship with the fund such as soft dollar arrangements by which brokers provide research to the fund or its investment adviser in return for allocating the fund's brokerage.

Throughout the process, including at the Meeting, the Board had numerous opportunities to ask questions of and request additional materials from Connors. The Board was advised by, and met in executive session with, the Board's independent legal counsel and received a memorandum from such independent counsel regarding their responsibilities under applicable law. The Board also noted that the evaluation process with respect to the Adviser is an ongoing one and that in this regard, the Board took into account discussions with management and information provided to the Board at prior meetings with respect to the services provided by the Adviser, including quarterly performance reports prepared by management. The Board noted that the information received and considered by the Board in connection with the Meeting and throughout the year was both written and oral.

Matters considered by the Board in connection with its approval of the Advisory Agreement with respect to the Fund included, among others, the following:

*Nature, Extent, and Quality of Services.* In this regard, the Board reviewed the services provided by the Adviser to the Fund, including, without limitation, the investment advisory services provided to

**Additional Information (Unaudited) (continued)**

the Fund, the Adviser's coordination of services for the Fund among the Fund's service providers, the nature of the Adviser's operations, the quality of the Adviser's compliance infrastructure, the experience and background of key personnel of its Fund management team, including the Fund's portfolio managers, and the Adviser's efforts to market the Fund and assist in its distribution. The Board also evaluated the investment management experience of the Adviser. The Board considered the Adviser's Form ADV, select financial information of the Adviser, the Advisory Agreement, and a description of the manner in which investment decisions are made and executed. After reviewing the foregoing information and further information in the Adviser Memorandum, the Board concluded that the quality, extent, and nature of the services to be provided by the Adviser were satisfactory.

*Performance.* In considering the Fund's performance, the Board noted that it had reviewed at its regularly scheduled meetings information about the Fund's performance results on both an absolute basis and in comparison to appropriate securities benchmark indices (the S&P 500 Total Return Index (the "S&P 500") and the CBOE S&P 500 BuyWrite Index (the "BXM")) and certain peer funds. The Board considered that the Fund outperformed the BXM for the one-year and since inception periods, while underperforming the S&P 500 for the same periods. The Board also considered the Fund's performance relative to its peer funds. After reviewing the foregoing information and further information in the Adviser Memorandum, the Board concluded that the Fund's performance was satisfactory.

*Fees and Expenses.* The Board considered the management fee for the Fund and the overall expense ratio. The Board compared the management fee and expenses of the Fund to a peer group of other funds comparable to the Fund in terms of the type of fund, the style of investment management and the nature of the investment strategy and markets invested in, among other factors. The Board noted that the Fund's management fee and the Fund's expense ratio are not the highest within the peer group. The Board also compared the fees paid by the Fund as compared to the fees paid by other clients of the Adviser, and considered the similarities and differences in the services received by such other clients as compared to the services received by the Fund. Following these comparisons and upon further consideration and discussion of the foregoing, the Board concluded that the advisory fee to be paid to the Adviser by the Fund is reasonable in light of the nature and quality of the services to be provided by the Adviser.

*Profitability*. The Board took into consideration the profitability, if any, of the Adviser with respect to the Fund and the direct and indirect benefits derived by the Adviser from its relationships with the Fund. The Board considered the Adviser's commitment to contractually limit the Fund's net operating expenses. The Board also took into account the Adviser's costs of managing the Fund, information provided by the Adviser regarding its financial condition. The Board was satisfied that the Adviser's level of profitability from its relationship with the Fund is not excessive and that the Adviser had the financial wherewithal and support to fulfill its obligations during the term of the Advisory Agreement.

*Economies of Scale.* The Board considered whether the Adviser had realized economies of scale with respect to its management of the Fund. The Trustees noted that economies of scale were not a relevant consideration at this time and the Adviser would consider economies of scale in the future once the Fund has achieved sufficient scale.

**Additional Information (Unaudited) (continued)**

*Other Benefits.* The Board also considered the character and amount of any other direct and incidental benefits received by the Adviser from its association with the Fund and information provided by the Adviser in this regard. The Board noted that the Adviser derives benefits to its reputation and other benefits from its association with the Fund.

*Conclusion.* The Board, having requested and received such information from the Adviser as it believed reasonably necessary to evaluate the terms of the Advisory Agreement determined that approval of the continuance of the Advisory Agreement is in the best interests of the Fund and its shareholders. In considering the renewal of the Advisory Agreement, the Board did not identify any one factor as particularly important and each Trustee may have individually given weight to separate factors.

In considering the renewal of the Advisory Agreement, the Board considered a variety of factors, including those discussed above, and also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry). The Board did not identify any one factor as determinative, and each Independent Trustee may have weighed each factor differently. The Board's conclusions may be based in part on its consideration of the advisory arrangements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year.

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

Not Applicable

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

Not Applicable

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

Included under Item 7

**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

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

Not applicable

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

Not applicable

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

None

**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) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics attached hereto](coe.htm).

(a)(2) Not applicable

---

| | |
|:---|:---|
| (a)(3) | [Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.](connors_ex99cert.htm) |

---

(a)(4) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](connors_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) | Connors Funds |  |
| By (Signature and Title) | By (Signature and Title) | /s/ Peter Connors |
|  |  | Peter Connors, President and Principal Executive Officer |
| Date | 2/5/2026 |  |
| 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. | 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. | 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) | By (Signature and Title) | /s/ Peter Connors |
|  |  | Peter Connors, President and Principal Executive Officer |
| Date | 2/5/2026 |  |
| By (Signature and Title) | By (Signature and Title) | /s/ Debora M. Covell |
|  |  | Debora M. Covell, Treasurer and Principal Financial Officer |
| Date | 2/5/2026 |  |

---

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Peter Connors, certify that:

1. I have reviewed this report on Form N-CSR of Connors Funds;

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;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;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;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;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;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;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: | 2/5/2026 | /s/ Peter Connors |
| | | Peter Connors<br> President and Principal Executive Officer |

---

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Debora M. Covell, certify that:

1. I have
reviewed this report on Form N-CSR of Connors Funds;

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;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;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;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;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;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;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: | 2/5/2026 | /s/ Debora M. Covell |
| | | Debora M. Covell<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**CERTIFICATION OF PRESIDENT AND TREASURER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES OXLEY ACT OF 2002**

Peter Connors, President and Principal Executive Officer, and Debora M. Covell, Treasurer and Principal Financial Officer of Connors Funds (the "Registrant"), each certify to the best of his or her knowledge that:

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 Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

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.

---

| | | | |
|:---|:---|:---|:---|
| President and Principal Executive Officer<br> Connors Funds | President and Principal Executive Officer<br> Connors Funds | Treasurer and Principal Financial Officer<br> Connors Funds | Treasurer and Principal Financial Officer<br> Connors Funds |
| /s/ Peter Connors | /s/ Peter Connors | /s/ Debora M. Covell | /s/ Debora M. Covell |
| Peter Connors | Peter Connors | Debora M. Covell | Debora M. Covell |
| Date: | 2/5/2026 | Date: | 2/5/2026 |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.Code

**CONNORS FUNDS TRUST**

**Code of Ethics for Principal Executive Officer and Principal Financial Officer ("Officer Code")**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **INTRODUCTION** 

Connors Funds Trust (the "Trust," and each series thereof, a "Fund" and collectively, the "Funds") requires the Principal Executive Officer, Principal Financial Officer or other Trust Officer(s) performing similar functions as set forth in <u>Exhibit A</u> hereto ("Covered Officers") to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust, with particular emphasis on those duties that relate to the preparation and reporting of financial information of the Trust. The following overriding principles govern the conduct of Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered Officers shall act with honesty and integrity,
avoiding actual or apparent conflicts of interest between personal and professional relationships and shall promptly report any potential
conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered Officers shall not use their personal influence
or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer
would benefit personally to the detriment of a Fund or take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered Officers shall promote full, fair, accurate,
timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission
("SEC") and in other public communications made by the Trust and that are within the Covered Officer's responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered Officers shall promote compliance with applicable
laws and governmental rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered Officers shall promptly report violations of the Officer Code.

Covered Officers are reminded of their obligations under the Code of Ethics of the Trust and Connors Investor Services, Inc. adopted under Rule 17j-l of the Investment Company Act of 1940, as amended (the "1940 Act"). The obligations under that code apply independently of this Officer Code and are not a part of this Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. CONFLICTS OF INTEREST

**Overview**. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to and seek to avoid situations that may give rise to actual as well as apparent conflicts of interest. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trust. For example, a conflict of

interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict-of-interest provisions in the 1940 Act and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Funds. The Trust and its service providers, for which Covered Officers are also officers or employees as set forth in Exhibit A ("Service Providers"), have adopted compliance programs and procedures designed to prevent, or identify and correct, violations of these provisions. This Officer Code does not, and is not intended to, duplicate or replace these programs and procedures, and such conflicts fall outside of the parameters of this Officer Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or because of, the contractual relationships between the Trust and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Officer Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the applicable Service Provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by this Officer Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under this Officer Code, but Covered Officers should keep in mind that these examples are not exhaustive.

**Disclosure of Potential Conflicts.** Each Covered Officer shall provide prompt and full disclosure to the Code Compliance Officer (as defined below), in writing, prior to entering into any material transaction or relationship which may reasonably be expected to give rise to a conflict (other than conflicts arising from the advisory relationship). This includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director, officer, partner, consultant
or in any other key role with any company with which the Trust has current or prospective business dealings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt by a Covered Officer and his or her family
members of any gifts from any company with which the Trust has current or prospective business dealings if it influences or gives the
appearance of influencing the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of customary business amenities from
any company with which the Trust has current or prospective business dealings unless such amenity is business-related, reasonable in cost,
appropriate as to time and place, and neither so frequent nor so costly as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership by a Covered Officer and his or her
family members of significant financial interest in any company with which the Trust has current or prospective business dealings, other
than its investment adviser, principal underwriter, transfer agent or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions,
transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest
arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. DISCLOSURE AND COMPLIANCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself or
herself with the disclosure requirements generally applicable to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate
within his or her area of responsibility, consult with other officers and employees of the Trust and the Service Providers or their affiliates
with the goal of promoting full, fair, accurate, timely and understandable disclosure in such reports and documents the Trust files with,
or submits to, the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent,
or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the trustees and auditors
of the Trust, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to
promote compliance with the standards and restrictions imposed by laws, rules, and regulations applicable to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. REPORTING AND ACCOUNTABILITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Upon adoption of the Officer Code (or thereafter as
applicable, upon becoming a Covered Officer), each Covered Officer shall affirm in writing to the Code Compliance Officer that he or she
has received, read, and understands the Officer Code. Annually thereafter each Covered Officer shall affirm that he or she has complied
with the requirements of the Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer shall notify the Code Compliance
Officer promptly if he or she knows of any violation of this Officer Code. Failure to do so is itself a violation of this Officer Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Covered Officer must not retaliate against any
other Covered Officer or any other officer or employee of the Trust or its affiliated persons for reports of potential violations that
are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The provisions of this Officer Code, other than amendments
to <u>Exhibit A</u>, and any waivers, including implicit waivers, shall be disclosed in accordance with SEC rules and regulations.

V. CODE ADMINISTRATION

Except as described below, the Code Compliance Officer is responsible for applying this Officer Code to specific situations in which questions may arise and has the authority to interpret this Officer Code in any situation. The Board of Trustees of the Trust ("Board") hereby designates the Trust Chief Compliance Officer as the Code Compliance Officer. The Code Compliance Officer (or his or her designee) shall take all action he or she considers appropriate to investigate any actual or potential conflicts or violations reported to him or her and is encouraged to consult with counsel to the Independent Trustees.

Any matters that the Code Compliance Officer believes are a conflict or violation will be reported to the Board, which shall determine sanctions or other appropriate action. The Board shall be responsible for reviewing any requests for waivers from the provisions of this Officer Code. Any violations of this Officer Code, any waivers granted from the Officer Code, and any potential conflicts and their resolution, shall be reported to the Board at the next regular meeting.

Any amendments to this Officer Code, other than amendments to <u>Exhibit A</u> and clerical or administrative corrections, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Officer Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the Board, the Trust and its officers, Trust counsel, counsel to the Independent Trustees, and officers of the Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. INTERNAL USE

The Officer Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

**Adopted: December 28, 2021**

**EXHIBIT A**

Persons Covered by this Code of Ethics (effective December 28, 2021)

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| | | |
|:---|:---|:---|
| **<u>Name</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Title</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Service Provider</u>** |
| Peter Connors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Principal Executive Officer | &nbsp;&nbsp;&nbsp;&nbsp;Connors Investor Services, Inc. |
| Deb Covell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer and Principal Financial Officer | &nbsp;&nbsp;&nbsp;&nbsp;Connors Investor Services, Inc. |

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