# EDGAR Filing Document

**Accession Number:** 0001884762
**File Stem:** 0001580642-23-000761
**Filing Date:** 2023-2
**Character Count:** 116784
**Document Hash:** dc9580dd4aab937652e2cc6c736cd7ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000761.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001580642-23-000761

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Connors Funds
- **CENTRAL INDEX KEY:** 0001884762
- **IRS NUMBER:** 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:** 23594924

**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 |  |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

&nbsp;&nbsp;Investment Company Act file number: 811-23742

CONNORS FUNDS

(Exact name of registrant as specified in charter)

1210 Broadcasting Road, Suite 200

Wyomissing, Pennsylvania 19610

(Address of principal executive offices) (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>

Date of reporting period: <u>November 30, 2022</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

(a) ---

| |
|:---|
| ![(CONNORS LOGO)](cf001_v1.jpg) |
| **Connors Hedged Equity Fund** |
| **Annual Report** |
| **November 30, 2022** |
| **Fund Adviser:** |
| **Connors Investor Services, Inc.** |
| **1210 Broadcasting Road, Suite 200** |
| **Wyomissing, PA 19610** |

---

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Management's discussion of Fund performance (Unaudited)** |
| *November 30, 2022* |

---

2022 has been a challenging year for investors.

The benign investing environment of recent years characterized by exceptional liquidity and governmental stimulus has shifted to one holding concerns over high inflation, labor shortages and their impacts on valuations and corporate earnings.

Entering 2022, the S&P 500<sup>®</sup> traded at 21.5x forward 12-month earnings, while the 10-year US Treasury Note yield was 1.5%. In addition, the Federal Reserve (the "Fed") was still buying a combination of roughly $60 billion of Treasury and agency mortgage-backed securities while the Fed Funds rate target range was at 0.00%-0.25%. The Fed's personal consumption expenditures inflation projection was a meager 2.6% for 2022. The year ended 2022 with the S&P 500<sup>®</sup> at a multiple of 16.8x

What changed? Coming out of the March 2020 lows, investors had large unrealized embedded gains and a desire to cash them in. As the New Year kicked off, immediate selling began as investors foresaw the coming realities that would challenge equity markets. The Fed was about to announce an end to quantitative easing with a new Principles for Reducing the Size of the Federal Reserve's Balance Sheet report. Investors were further faced with Russia's impending invasion of Ukraine and the implications it would have to the myriad of commodities produced in that region. Ukraine accounts for 10% of the world wheat market, 15% of the corn market, and 13% of the barley market. In addition, fertilizers and oil seeds are significant exports as well. As the Russian troop presence on the border increased, so did the prices of these commodities. Oil markets responded in kind as US and EU sanctions got going and the realities of accelerating food and energy inflation began to come into view. The yield curve began to flatten and eventually invert and steepen further into the year. A hard rotation out of growth/tech and into value/cyclical equities commenced and accelerated for most of the year, with brief respites in March and July. Investors' focus shifted to quality equities, or those that produced cash flow and maintained pricing power with strong balance sheets to support their businesses and also boost stock buybacks. The writing was on the wall for speculative, easy liquidity-driven long duration assets that would struggle in a rising rate environment with little hope for near-term profitability.

As the year progressed, a struggle ensued between the Fed and investors, who questioned the central bank's resolve and commitment to hiking interest rates in an attempt to quell inflation. In March, investors convinced themselves of the benign side of the argument that inflation would peak shortly. Therefore, the Fed would slow rate hikes and eventually ease by year-end or shortly thereafter. What they were met with was Jerome Powell's post-FOMC meeting press conference, where he went on to say, "We need to see inflation

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Management's discussion of Fund performance (Unaudited) (continued)** |
| *November 30, 2022* |

---

coming down in a clear and convincing way." He added, "We're going to keep pushing until we see that. If that involves moving past broadly understood levels of 'neutral,' we won't hesitate at all to do that." This movie played again in the summer months after the markets rallied 17% from June lows into August until Powell spoke at the Jackson Hole conference, where he was particularly hawkish with his comment that Fed policies would inflict "some pain to households and businesses" which clearly spooked investors. With that said, investors were correct in their thinking that inflation would peak and retrace as Consumer Price Index (the "CPI") numbers have receded from 9.1% in June to 7.1% in November and continue to trend downward. Energy and food costs have moderated and receded on recession fears, China lockdowns, and supply chain improvements. With Fed Funds futures estimating a terminal rate of 5.0%, it would suggest that rate increases should end shortly with current target rates at 4.25%-4.50%.

**Positioning and Returns**

The Connors Hedged Equity Fund (the "Fund") returned (1.40)% for the fiscal period ended November 30, 2022, compared to (8.68)% for the S&P 500<sup>®</sup> Index and (8.37)% for the CBOE S&P 500 BuyWrite Index (BXMSM). Given the concerns noted previously, the Fund was initiated with a defensive posture upon inception on January 19, 2022 and continued to hold this exposure throughout the fiscal period. The Healthcare and Consumer Staples sectors were the top defensively overweighted sectors with Technology, Communication Services and Consumer Discretionary sectors significantly underweighted relative to the S&P 500<sup>®</sup> Index benchmark. Significant emphasis with fund holdings is placed on reasonable valuations, consistent and growing profitability, and increasing cash flow generation. Many stocks with these criteria can be found in the healthcare sector. Eli Lilly is one of the Fund's top performing holdings with an impressively diversified lineup of successful drugs and a solid pipeline. With well-positioned products like Mounjaro for diabetes with a rapidly broadening application (weight loss), the company can continue to drive double- digit top and bottom-line returns well into 2023 and beyond. Other top performers in various sectors included Chevron and Schlumberger (significant return of capital), John Deere (growing preference for precision farming), Raytheon (rejuvenation of aeronautics and defense spending overseas), Costco (consistent and growing earnings with inelastic demand), Chubb (consistent earnings with yield curve tailwind) and TJX Companies (taking advantage of prime retailers' inventory issues). Underperforming holdings include Qualcomm, suffering from a difficult handset environment but well on its way to diversifying its product offerings with growth in internet of things and automotive. The company currently trades at a discount with a 2.8% yield that grew by 8.9% this year. Others include Disney (difficulty with streaming profitability), Amazon (suffering from

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Management's discussion of Fund performance (Unaudited) (continued)** |
| *November 30, 2022* |

---

slowing cloud growth but has many cost-saving levers to pull), and Google (slowing ad revenues).

**Call Premium Generation**

Market volatility, as measured by the Volatility Index, held significantly above 20 for just about the entire year, even moving above 30 at seven different points of market disruptions throughout the year. Fed tightening policy around inflation concerns was the main driver with intermittent jolts from geopolitical events, hurricanes, and energy policy concerns. Call premium proved to be exceptionally good in this environment as many simple returns exceeded 2% on 30-delta calls as close as 60 days to maturity. Premium capture levels varied across sectors but were most rewarding on technology holdings that experienced significant levels of volatility throughout the year. Solid simple returns of 1.5% were even had for holdings that generally trade at lower volatility levels. For every position, the decision is made to maximize return by grabbing income through option writes or allowing for more upside participation with less option premium. For the greater part of the year, given the market volatility, we chose to write shorter term at 60 days where possible at the 30-delta level during market spikes and drop to 20-delta (higher relative strike prices vs. 30-delta calls but with lower premium return) during and after market pullbacks. Total premium generated with call option sales was 4.3% through fiscal period ended on November 30, 2022. This equates to 4.8% on a full-year annualized basis.

**Downside Put Protection**

Throughout the year, put spreads were implemented to varying degrees ranging from 20% to 50% of portfolio notional value. The tactical application of spreads is based on market technical readings and general trading ranges moving to support and resistance levels. The total additive return from this application was 1.4% through the fiscal period ended on November 30, 2022.

**Outlook**

"Déjà vu all over again". The renowned quote from Yogi Berra perhaps best sums up our view on the upcoming year. We expect current volatility will persist in 2023 as the Fed continues to focus on fighting inflation to get it back to its long-term target rate of 2%. Our expectation is that they will continue to raise rates at the next several Fed meetings, albeit by smaller increments (i.e., 25 bps) followed by a pause in rate hikes. While inflation, as measured by the CPI, has declined from its June peak of 9.1% to 7.1%, we are likely to see inflation further subside as the cumulative impact of rate hikes and quantitative tightening take hold but this will also lead to declining US GDP growth (0.3% est. for

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Management's discussion of Fund performance (Unaudited) (continued)** |
| *November 30, 2022* |

---

2023) and higher unemployment in the new year. There is also some debate as to how long inflation will remain elevated. The proverbial billion-dollar question is whether the economy slips into a recession and, if so, will the Fed reverse and possibly cut rates later in the year? Whether or not we experience a technical recession, we expect volatility to remain elevated and have positioned the portfolio accordingly. Consensus S&P earnings estimates for 2023 are likely to come down, and we expect guidance to be conservative in the upcoming Q4 earnings calls. We anticipate remaining overweight defensive sectors such as Consumer Staples and Healthcare and will look for opportunities to add additional yield to the portfolio. We believe companies with reasonable valuations, strong cash flow, and growing dividends will outperform. Greater volatility should enable us to collect attractive option premiums. We look for opportunities to enhance our portfolio and could potentially become less defensive if/when we foresee improving market conditions.

**Investment Results (Unaudited)**

**Average Annual Total Returns\* as of November 30, 2022**

---

| | |
|:---|:---|
|  | **Since**<br>**Inception**<br>**(January 19,**<br>**2022)** |
| **Connors Hedged Equity Fund - Institutional Class** | (1.40)% |
| **S&P 500<sup>®</sup> Index<sup>(a)</sup>** | (8.68)% |

---

Total annual operating expenses, based on estimated amounts for the current fiscal period, as disclosed in the Connors Hedged Equity Fund (the "Fund") prospectus dated January 18, 2022, were 4.27% of average daily net assets (1.15% after fee waivers/expense reimbursements by Connors Investor Services, Inc. (the "Adviser")). The Adviser has contractually agreed to waive or limit its fees and to assume other expenses of the Fund until March 31, 2024, so that 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, extraordinary expenses such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary course of the Fund's business) do not exceed 1.15% of the Fund's average daily net assets. This contractual arrangement may only be terminated by the Board of Trustees of the Trust, and it will automatically terminate upon the termination of the investment advisory agreement between the Fund and the Adviser. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within the three years following such waiver or reimbursement, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and the expense limitation in place at the time of the repayment. Additional information pertaining to the Fund's expense ratios as of November 30, 2022 can be found in the financial highlights.

***The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (833) 601-2676.***

\* Total return reflects any change in price per share and assume the reinvestment of all distributions. The Fund's return reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would have been lower. Total returns for less than one year are not annualized.

(a) The
 S&P 500<sup>®</sup> Index is a widely recognized unmanaged index of equity prices
 and is representative of a broader market and range of securities than is found in the Fund's
 portfolio. The index is an unmanaged benchmark that assumes reinvestment of all distributions
 and excludes the effect of taxes and fees. Individuals cannot invest directly in this index;
 however, an individual can invest in exchange-traded funds or other investment vehicles that
 attempt to track the performance of a benchmark index.

***The Fund's investment objectives, strategies, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund and may be obtained by calling (833) 601-2676 or on the Fund's website www.connorsinvestor.com/mutual-funds. Please read it carefully before investing.***

**Investment Results (Unaudited) (continued)**

***The Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.***

**Investment Results (Unaudited) (continued)**

**Comparison of the Growth of a $25,000 Investment in the Connors Hedged Equity Fund and the S&P 500<sup>®</sup> Index.**

![(LINE GRAPH)](cf002_v1.jpg)

*The chart above assumes an initial investment of $25,000 made on January 19, 2022 (commencement of operations) and held through November 30, 2022. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.*

***Current performance may be lower or higher than the performance data quoted. For more information on the Fund, and to obtain performance data current to the most recent month-end, or to request a prospectus, please call (833) 601-2676. You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund's prospectus contains this and other information about the Fund and should be read carefully before investing.***

*The Fund is distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.*

**Fund Holdings (Unaudited)**

**Connors Hedged Equity Fund Holdings as of November 30, 2022\***

![(BAR CHAT)](cf003_v1.jpg)

\* As a percentage of net assets.

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.

**AVAILABILITY OF PORTFOLIO SCHEDULE – (Unaudited)**

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov and on the funds website at www.connorsinvestor.com/mutual-funds.

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Schedule of Investments** |
| *November 30, 2022* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.19%** | **Shares** | **Fair Value** |
| **Communications — 3.94%** |  |  |
| Alphabet, Inc., Class A<sup>(a)(b)</sup> | 3660 | $369623 |
| Walt Disney Co. (The)<sup>(a)(b)</sup> | 2250 | 220208 |
|  |  | 589831 |
| **Consumer Discretionary — 8.76%** |  |  |
| Amazon.com, Inc.<sup>(a)(b)</sup> | 2200 | 212388 |
| McDonald's Corp.<sup>(b)</sup> | 1575 | 429644 |
| NIKE, Inc., Class B<sup>(b)</sup> | 2700 | 296163 |
| TJX Companies, Inc. (The)<sup>(b)</sup> | 4675 | 374234 |
|  |  | 1312429 |
| **Consumer Staples — 11.39%** |  |  |
| Coca-Cola Co. (The)<sup>(b)</sup> | 4700 | 298967 |
| Costco Wholesale Corp.<sup>(b)</sup> | 585 | 315461 |
| PepsiCo, Inc.<sup>(b)</sup> | 1930 | 358034 |
| Procter & Gamble Co. (The)<sup>(b)</sup> | 2180 | 325169 |
| Target Corp.<sup>(b)</sup> | 2455 | 410157 |
|  |  | 1707788 |
| **Energy — 5.17%** |  |  |
| Chevron Corp.<sup>(b)</sup> | 2365 | 433528 |
| Schlumberger Ltd.<sup>(b)</sup> | 6625 | 341519 |
|  |  | 775047 |
| **Financials — 10.89%** |  |  |
| American Express Co.<sup>(b)</sup> | 1795 | 282874 |
| Chubb Ltd.<sup>(b)</sup> | 1795 | 394164 |
| Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 855 | 330158 |
| PNC Financial Services Group, Inc. (The)<sup>(b)</sup> | 1505 | 253231 |
| Wells Fargo & Co.<sup>(b)</sup> | 7750 | 371613 |
|  |  | 1632040 |
| **Health Care — 17.90%** |  |  |
| Abbott Laboratories<sup>(b)</sup> | 3820 | 410956 |
| AbbVie, Inc.<sup>(b)</sup> | 2425 | 390862 |
| Eli Lilly & Co.<sup>(b)</sup> | 1080 | 400766 |
| Johnson & Johnson<sup>(b)</sup> | 2070 | 368460 |
| Merck & Co., Inc.<sup>(b)</sup> | 3145 | 346327 |
| Stryker Corp.<sup>(b)</sup> | 1510 | 353174 |
| UnitedHealth Group, Inc.<sup>(b)</sup> | 755 | 413559 |
|  |  | 2684104 |
| **Industrials — 13.01%** |  |  |
| Deere & Co.<sup>(b)</sup> | 865 | 381465 |
| Eaton Corp. PLC<sup>(b)</sup> | 2300 | 375935 |
| Emerson Electric Co.<sup>(b)</sup> | 1600 | 153232 |
| Honeywell International, Inc.<sup>(b)</sup> | 1575 | 345791 |
| Lockheed Martin Corp.<sup>(b)</sup> | 500 | 242595 |
| Raytheon Technologies Corp.<sup>(b)</sup> | 4560 | 450163 |
|  |  | 1949181 |
| **Materials — 2.40%** |  |  |
| Linde PLC<sup>(b)</sup> | 1070 | 360034 |

---

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

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Schedule of Investments (continued)** |
| *November 30, 2022* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 98.19% - continued** | **Shares** | **Fair Value** |
| **Real Estate — 2.08%** |  |  |
| Realty Income Corp. | 4945 | $311881 |
| **Technology — 20.67%** |  |  |
| Analog Devices, Inc.<sup>(b)</sup> | 1760 | 302562 |
| Apple, Inc.<sup>(b)</sup> | 5705 | 844511 |
| Cisco Systems, Inc.<sup>(b)</sup> | 6650 | 330638 |
| Microsoft Corp.<sup>(b)</sup> | 2200 | 561308 |
| Oracle Corp.<sup>(b)</sup> | 3460 | 287284 |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 1620 | 275238 |
| Qualcomm, Inc.<sup>(b)</sup> | 1500 | 189735 |
| Visa, Inc., Class A<sup>(b)</sup> | 1415 | 307055 |
|  |  | 3098331 |
| **Utilities — 1.98%** |  |  |
| NextEra Energy, Inc.<sup>(b)</sup> | 3505 | 296873 |
| **Total Common Stocks (Cost $14,100,998)** |  | 14717539 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Exercise**<br>**Price** | **Expiration**<br>**Date** |<br>**Fair Value** |
| **PUT OPTIONS PURCHASED — 0.04%** |  |  |  |  |  |
| S&P 500 Index | 7 | $2856077 | $3800.00 | December 2022 | $5320 |
| **Total Options Purchased (Cost $37,751)** |  |  |  |  | 5320 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 3.08%** | **Shares** | **Fair Value** |
| First American Government Obligations Fund - Class X, 3.67% <sup>(c)</sup> | 460963 | 460963 |
| **Total Money Market Funds (Cost $460,963)** |  | 460963 |
| **Total Investments — 101.31% (Cost $14,599,712)** |  | 15183822 |
| **Liabilities in Excess of Other Assets — (1.31)%** |  | (196896) |
| **NET ASSETS — 100.00%** |  | $14986926 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate
 disclosed is the seven day effective yield as of November 30, 2022.

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

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Schedule of Open Written Option Contracts** |
| *November 30, 2022* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of**<br>**Contracts** | <br>**Notional**<br>**Amount** | <br>**Exercise**<br>**Price** | <br>**Expiration**<br>**Date** | <br>**Fair Value** |
| **WRITTEN OPTIONS (2.12)%** | **WRITTEN OPTIONS (2.12)%** |  |  |  |  |
| **WRITTEN CALL OPTIONS (2.11)%** | **WRITTEN CALL OPTIONS (2.11)%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | (4) | $(43032) | $110.00 | December 2022 | $(372) |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | (1) | (10758) | 110.00 | January 2023 | (241) |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | (2) | (32236) | 155.00 | January 2023 | (1835) |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | (1) | (16118) | 165.00 | January 2023 | (343) |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | (11) | (177298) | 165.00 | February 2023 | (5913) |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. | (2) | (20198) | 117.50 | January 2023 | (94) |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. | (8) | (77232) | 135.00 | January 2023 | (124) |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. | (3) | (28962) | 145.00 | January 2023 | (33) |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. | (2) | (19308) | 150.00 | January 2023 | (18) |
| &nbsp;&nbsp;&nbsp;American Express Co. | (9) | (141831) | 165.00 | January 2023 | (3308) |
| &nbsp;&nbsp;&nbsp;American Express Co. | (2) | (31518) | 170.00 | January 2023 | (442) |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | (2) | (34382) | 170.00 | January 2023 | (1780) |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | (8) | (137528) | 175.00 | January 2023 | (5039) |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | (9) | (133227) | 185.00 | December 2022 | (14) |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | (1) | (14803) | 175.00 | January 2023 | (32) |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | (7) | (103621) | 165.00 | January 2023 | (826) |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | (2) | (29606) | 170.00 | January 2023 | (122) |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | (15) | (222045) | 175.00 | February 2023 | (1838) |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | (8) | (146648) | 180.00 | January 2023 | (8119) |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | (4) | (73324) | 200.00 | March 2023 | (2200) |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | (3) | (54993) | 210.00 | March 2023 | (938) |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | (8) | (175672) | 220.00 | January 2023 | (5280) |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | (3) | (65877) | 220.00 | February 2023 | (2820) |

---

*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, 2022* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of**<br>**Contracts** | <br>**Notional**<br>**Amount** | <br>**Exercise**<br>**Price** | <br>**Expiration**<br>**Date** | <br>**Fair Value** |
| **WRITTEN OPTIONS (2.12)% (continued)** | **WRITTEN OPTIONS (2.12)% (continued)** | **WRITTEN OPTIONS (2.12)% (continued)** |  |  |  |
| **WRITTEN CALL OPTIONS (2.11)% (continued)** | **WRITTEN CALL OPTIONS (2.11)% (continued)** | **WRITTEN CALL OPTIONS (2.11)% (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | (6) | $(29832) | $45.00 | December 2022 | $(2880) |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | (5) | (24860) | 47.50 | December 2022 | (1265) |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | (29) | (144188) | 50.00 | January 2023 | (4190) |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | (7) | (44527) | 60.00 | January 2023 | (3063) |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | (1) | (6361) | 62.50 | January 2023 | (245) |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | (3) | (19083) | 65.00 | January 2023 | (290) |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | (17) | (108137) | 65.00 | February 2023 | (2856) |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | (1) | (53925) | 520.00 | January 2023 | (3454) |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | (2) | (107850) | 550.00 | January 2023 | (3450) |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | (1) | (53925) | 560.00 | January 2023 | (1288) |
| &nbsp;&nbsp;&nbsp;Deere & Co. | (3) | (132300) | 400.00 | December 2022 | (12832) |
| &nbsp;&nbsp;&nbsp;Deere & Co. | (1) | (44100) | 420.00 | January 2023 | (3205) |
| &nbsp;&nbsp;&nbsp;Deere & Co. | (1) | (44100) | 430.00 | January 2023 | (2500) |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | (5) | (81725) | 155.00 | January 2023 | (6024) |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | (1) | (16345) | 160.00 | January 2023 | (845) |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | (8) | (130760) | 165.00 | January 2023 | (4400) |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | (5) | (185540) | 360.00 | January 2023 | (11674) |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | (1) | (37108) | 370.00 | January 2023 | (1718) |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | (1) | (37108) | 400.00 | January 2023 | (540) |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | (10) | (95770) | 95.00 | January 2023 | (4050) |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. (The) | (1) | (38615) | 370.00 | December 2022 | (1948) |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. (The) | (4) | (154460) | 350.00 | January 2023 | (16839) |

---

*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, 2022* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of**<br>**Contracts** | <br>**Notional**<br>**Amount** | <br>**Exercise**<br>**Price** | <br>**Expiration**<br>**Date** | <br>**Fair Value** |
| **WRITTEN OPTIONS (2.12)% (continued)** | **WRITTEN OPTIONS (2.12)% (continued)** | **WRITTEN OPTIONS (2.12)% (continued)** | **WRITTEN OPTIONS (2.12)% (continued)** |  |  |
| **WRITTEN CALL OPTIONS (2.11)% (continued)** | **WRITTEN CALL OPTIONS (2.11)% (continued)** | **WRITTEN CALL OPTIONS (2.11)% (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;(2) | $(43910) | $190.00 | December 2022 | $(5970) |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;(2) | (43910) | 195.00 | December 2022 | (4980) |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;(5) | (109775) | 210.00 | December 2022 | (5600) |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;(2) | (35600) | 175.00 | January 2023 | (1295) |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;(10) | (178000) | 180.00 | January 2023 | (3400) |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;(6) | (201888) | 315.00 | January 2023 | (16290) |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;(1) | (48519) | 500.00 | January 2023 | (1025) |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;(1) | (48519) | 485.00 | March 2023 | (2760) |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;(5) | (136395) | 270.00 | January 2023 | (4775) |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;(4) | (109116) | 290.00 | March 2023 | (2030) |
| &nbsp;&nbsp;&nbsp;Merck & Co, Inc. | &nbsp;&nbsp;(12) | (132144) | 95.00 | January 2023 | (18569) |
| &nbsp;&nbsp;&nbsp;Merck & Co, Inc. | &nbsp;&nbsp;(2) | (22024) | 105.00 | January 2023 | (1320) |
| &nbsp;&nbsp;&nbsp;Merck & Co, Inc. | &nbsp;&nbsp;(3) | (33036) | 110.00 | February 2023 | (1425) |
| &nbsp;&nbsp;&nbsp;Merck & Co, Inc. | &nbsp;&nbsp;(2) | (22024) | 110.00 | March 2023 | (1130) |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;(12) | (306168) | 290.00 | February 2023 | (3588) |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;(6) | (50820) | 82.50 | January 2023 | (2909) |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;(4) | (33880) | 85.00 | January 2023 | (1340) |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;(9) | (76230) | 87.50 | January 2023 | (1913) |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;(1) | (8470) | 95.00 | January 2023 | (38) |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;(1) | (8470) | 97.50 | January 2023 | (23) |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. | &nbsp;&nbsp;(16) | (175504) | 120.00 | February 2023 | (6120) |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;(22) | (182666) | 87.50 | January 2023 | (4564) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. | &nbsp;&nbsp;(1) | (16990) | 200.00 | December 2022 | (13) |

---

*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, 2022* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of**<br>**Contracts** | <br>**Notional**<br>**Amount** | <br>**Exercise**<br>**Price** | <br>**Expiration**<br>**Date** | <br>**Fair Value** |
| **WRITTEN OPTIONS (2.12)% (continued)** | **WRITTEN OPTIONS (2.12)% (continued)** | **WRITTEN OPTIONS (2.12)% (continued)** |  |  |  |
| **WRITTEN CALL OPTIONS (2.11)% (continued)** | **WRITTEN CALL OPTIONS (2.11)% (continued)** | **WRITTEN CALL OPTIONS (2.11)% (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. | (3) | $(50970) | $190.00 | January 2023 | $(720) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. | (6) | (101940) | 200.00 | March 2023 | (2850) |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | (2) | (37102) | 180.00 | December 2022 | (1150) |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | (8) | (148408) | 175.00 | January 2023 | (9639) |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | (1) | (18551) | 180.00 | January 2023 | (823) |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | (1) | (18551) | 190.00 | January 2023 | (252) |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. (The) | (1) | (16826) | 170.00 | January 2023 | (595) |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. (The) | (2) | (33652) | 180.00 | January 2023 | (425) |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. (The) | (6) | (100956) | 185.00 | February 2023 | (1425) |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | (2) | (29832) | 140.00 | January 2023 | (2180) |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | (1) | (14916) | 150.00 | February 2023 | (500) |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | (10) | (149160) | 155.00 | February 2023 | (2750) |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | (2) | (25298) | 145.00 | January 2023 | (248) |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | (6) | (59232) | 95.00 | January 2023 | (3615) |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | (5) | (49360) | 100.00 | January 2023 | (1448) |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | (16) | (157952) | 105.00 | February 2023 | (3144) |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | (25) | (128875) | 45.00 | December 2022 | (16687) |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | (5) | (25775) | 50.00 | December 2022 | (1298) |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | (1) | (5155) | 60.00 | January 2023 | (71) |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | (7) | (36085) | 57.50 | February 2023 | (1376) |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | (1) | (23389) | 230.00 | December 2022 | (715) |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | (3) | (70167) | 240.00 | December 2022 | (690) |

---

*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, 2022* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of**<br>**Contracts** | <br>**Notional**<br>**Amount** | <br>**Exercise**<br>**Price** | <br>**Expiration**<br>**Date** | <br>**Fair Value** |
| **WRITTEN OPTIONS (2.12)% (continued)** | **WRITTEN OPTIONS (2.12)% (continued)** | **WRITTEN OPTIONS (2.12)% (continued)** | **WRITTEN OPTIONS (2.12)% (continued)** | **WRITTEN OPTIONS (2.12)% (continued)** |  |
| **WRITTEN CALL OPTIONS (2.11)% (continued)** | **WRITTEN CALL OPTIONS (2.11)% (continued)** | **WRITTEN CALL OPTIONS (2.11)% (continued)** | **WRITTEN CALL OPTIONS (2.11)% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | (5) | $(116945) | $250.00 | &nbsp;&nbsp;December 2022 | $(175) |
| &nbsp;&nbsp;&nbsp;Target Corp | (4) | (66828) | 185.00 | &nbsp;&nbsp;December 2022 | (148) |
| &nbsp;&nbsp;&nbsp;Target Corp | (9) | (150363) | 190.00 | &nbsp;&nbsp;January 2023 | (1242) |
| &nbsp;&nbsp;&nbsp;Target Corp | (1) | (16707) | 195.00 | &nbsp;&nbsp;January 2023 | (89) |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | (1) | (8005) | 80.00 | &nbsp;&nbsp;January 2023 | (338) |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | (23) | (184115) | 70.00 | &nbsp;&nbsp;January 2023 | (25127) |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | (2) | (16010) | 75.00 | &nbsp;&nbsp;January 2023 | (1355) |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | (1) | (54776) | 570.00 | &nbsp;&nbsp;December 2022 | (130) |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | (1) | (54776) | 580.00 | &nbsp;&nbsp;December 2022 | (68) |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | (3) | (164328) | 590.00 | &nbsp;&nbsp;March 2023 | (3548) |
| &nbsp;&nbsp;&nbsp;Visa, Inc. | (3) | (65100) | 210.00 | &nbsp;&nbsp;December 2022 | (2610) |
| &nbsp;&nbsp;&nbsp;Visa, Inc. | (1) | (21700) | 220.00 | &nbsp;&nbsp;January 2023 | (658) |
| &nbsp;&nbsp;&nbsp;Visa, Inc. | (5) | (108500) | 235.00 | &nbsp;&nbsp;March 2023 | (2888) |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | (13) | (127231) | 130.00 | &nbsp;&nbsp;February 2023 | (468) |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | (31) | (148645) | 50.00 | &nbsp;&nbsp;December 2022 | (976) |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | (12) | (57540) | 50.00 | &nbsp;&nbsp;January 2023 | (1512) |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | (4) | (19180) | 52.50 | &nbsp;&nbsp;January 2023 | (218) |
| **Total Written Call Options (Premiums Received $165,762)** | **Total Written Call Options (Premiums Received $165,762)** | **Total Written Call Options (Premiums Received $165,762)** |  |  | (316515) |
| **WRITTEN PUT OPTIONS (0.01)%** | **WRITTEN PUT OPTIONS (0.01)%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 Index | (7) | (2856077) | 3550.00 | &nbsp;&nbsp;December 2022 | (1243) |
| **Total Written Put Options (Premiums Received $9,709)** | **Total Written Put Options (Premiums Received $9,709)** | **Total Written Put Options (Premiums Received $9,709)** |  |  | (1243) |
| **Total Written Options (Premiums Received $175,471)** | **Total Written Options (Premiums Received $175,471)** | **Total Written Options (Premiums Received $175,471)** |  |  | $(317758) |

---

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

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Statement of Assets and Liabilities** |
| *November 30, 2022* |

---

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities at fair value (cost $14,599,712) | $15183822 |
| Receivable for investments sold | 89994 |
| Dividends and interest receivable | 35145 |
| Receivable from Adviser | 18509 |
| Deferred offering cost | 15887 |
| Prepaid expenses | 12008 |
| **Total Assets** | 15355365 |
| **Liabilities** |  |
| Options written, at fair value (premium received $175,471) | 317758 |
| Payable to Administrator | 12849 |
| Payable to trustees | 10500 |
| Other accrued expenses | 27332 |
| **Total Liabilities** | 368439 |
| **Net Assets** | $14986926 |
| **Net Assets consist of:** |  |
| Paid-in capital | $14632023 |
| Accumulated earnings | 354903 |
| **Net Assets** | $14986926 |
| **Institutional Class** |  |
| **Shares outstanding (unlimited number of shares authorized, no par value)** | 1519496 |
| **Net asset value, offering and redemption price per share** | $9.86 |

---

 

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

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Statement of Operations** |
| *For the period ended November 30, 2022<sup>(a)</sup>* |

---

---

| | |
|:---|:---|
| **Investment Income** | |
| Dividend income | $170005 |
| **Total investment income** | 170005 |
| **Expenses** |  |
| Investment Adviser fees | 68449 |
| Offering cost | 68108 |
| Administration fees | 55816 |
| Legal fees | 46644 |
| Compliance fees | 22000 |
| Audit and tax preparation fees | 15910 |
| Transfer agent fees | 13121 |
| Trustee fees | 10500 |
| Printing and postage expenses | 8640 |
| Custodian fees | 7723 |
| Registration expenses | 2562 |
| Miscellaneous expense | 27325 |
| **Total expenses** | 346798 |
| Fees contractually waived and expenses reimbursed by Adviser | (248401) |
| Net operating expenses | 98397 |
| **Net investment income** | 71608 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (588710) |
| &nbsp;&nbsp;&nbsp;Written options | 291183 |
| &nbsp;&nbsp;&nbsp;Purchased options | 138999 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 616541 |
| &nbsp;&nbsp;&nbsp;Written options | (32431) |
| &nbsp;&nbsp;&nbsp;Purchased options | (142287) |
| **Net realized and change in unrealized gain on investments** | 283295 |
| **Net increase in net assets resulting from operations** | $354903 |

---

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

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

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Statement of Changes in Net Assets** |

---

---

| | |
|:---|:---|
|  | **For the**<br>**Period Ended**<br>**November 30,**<br>**2022<sup>(a)</sup>** |
| **Increase (Decrease) in Net Assets due to:** |  |
| **Operations** |  |
| Net investment income | $71608 |
| Net realized loss on investment securities and options | (158528) |
| Net change in unrealized appreciation of investment securities and options | 441823 |
| **Net increase in net assets resulting from operations** | 354903 |
| **Capital Transactions - Institutional Class:** |  |
| Proceeds from shares sold | 14622107 |
| Amount paid for shares redeemed | (90084) |
| **Net increase in net assets resulting from capital transactions** | 14532023 |
| **Total Increase in Net Assets** | 14886926 |
| **Net Assets** |  |
| Beginning of year | 100000 |
| End of year | $14986926 |
| **Share Transactions - Institutional Class:** |  |
| Shares sold | 1529011 |
| Shares redeemed | (9515) |
| **Net increase in shares** | 1519496 |

---

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

*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 the period)* |

---

---

| | |
|:---|:---|
|  | **For the**<br>**Period**<br>**Ended**<br>**November**<br>**30, 2022(a)** |
| **Selected Per Share Data:** | |
| Net asset value, beginning of period | $10.00 |
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (0.19) |
| Total from investment operations | (0.14) |
| **Net asset value, end of period** | $9.86 |
| **Total Return<sup>(b)</sup>** | (1.40)% <sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (000 omitted) | $14987 |
| Ratio of net expenses to average net assets | 1.15 % <sup>(d)</sup> |
| Ratio of expenses to average net assets before waiver and reimbursement | 4.05 % <sup>(d)</sup> |
| Ratio of net investment income to average net assets | 0.84 % <sup>(d)</sup> |
| Portfolio turnover rate | 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, 2022* |

---

**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.

**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.

**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 period ended November 30, 2022, 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 period ended November 30, 2022, 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

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

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. 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.

**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, 2022 and the effect of derivative instruments on the Statement of Operations for the fiscal period ended November 30, 2022.

As of November 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **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** |<br>**Fair Value** |
| Equity Price Risk: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased | Investments, at fair value |  | $5320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Written |  | Options written, at fair value | (317758) |

---

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

For the fiscal period ended November 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Derivatives** | <br>**Location of Gain (Loss) on**<br>**Derivatives on Statement of**<br>**Operations** |<br>**Realized Gain**<br>**(Loss) on**<br>**Derivatives** | **Change in Unrealized**<br>**Appreciation**<br>**(Depreciation) on**<br>**Derivatives** |
| Equity Price Risk: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | Net realized gain and change in unrealized appreciation (depreciation) on purchased options | $138999 | $(142287) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written | Net realized gain and change in unrealized appreciation (depreciation) on written options | 291183 | (32431) |

---

The following summarizes the average ending monthly fair value of derivatives outstanding during the fiscal period ended November 30, 2022:

---

| |
|:---|
| **Derivatives** |
| Options Purchased $65084<sup>(a)</sup> |
| Options Written (134066)<sup>(b)</sup> |

---

(a) Average
based on the 10 months during the period that had activity.

(b) Average
based on the 11 months during the period that had activity.

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, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset** | **Gross Amounts Not Offset** | |
|  | | | | **in Statements of Assets and** | **in Statements of Assets and** | |
|  | | | | **Liabilities** | **Liabilities** | |
|  |<br><br><br>**Gross Amounts**<br>**of Recognized**<br>**Liabilities** |<br><br>**Gross Amounts**<br>**Offset in**<br>**Statement of**<br>**Assets and**<br>**liabilities** |<br><br>**Net Amounts**<br>**of Liabilities**<br>**Presented in**<br>**Statement of**<br>**Assets and**<br>**Liabilities** |<br><br>**Financial**<br>**Instruments** |<br><br>**Collateral**<br>**Pledged** |<br><br><br><br>**Net**<br>**Amount** |
| Written Options | $317758 | $— | $317758 | $(317758) | $— | $— |

---

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

**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 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 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.

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

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 its last bid price. 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, the Fund values its securities and other assets at fair value in accordance with policies established by and under the general supervision of 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. 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 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, the Adviser as 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

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

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 following is a summary of the inputs used to value the Fund's investments as of November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks <sup>(a)</sup> | $14717539 | $— | $— | $14717539 |
| Put Options Purchased |  | 5320 |  | 5320 |
| Money Market Funds | 460963 |  |  | 460963 |
| Total | $15178502 | $5320 | $— | $15183822 |
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Call Options | $— | $(316516) | $— | $(316516) |
| Written Put Options |  | (1243) |  | (1243) |
| Total | $— | $(317759) | $— | $(317759) |

---

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

The Fund did not hold any investments at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

**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 period ended November 30, 2022, the Adviser earned a fee of $68,449 from the Fund before the waivers described below. At November 30, 2022, the Adviser owed the Fund $18,509.

The Adviser has contractually agreed to waive or limit its fees and to assume other expenses of the Fund until March 31, 2024, so that total annual fund operating expenses (excluding brokerage costs, taxes, interest, borrowing costs such as interest and dividend expenses

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

on securities sold short, Acquired Fund Fees and Expenses, extraordinary expenses such as litigation and merger or reorganization costs and other expenses not incurred in the ordinary course of the Fund's business) do not exceed 1.15% of the Fund's average daily net assets. This contractual arrangement may only be terminated by the Board, and it will automatically terminate upon the termination of the investment advisory agreement between the Trust and the Adviser.

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 period ended November 30, 2022, the Adviser waived fees or reimbursed expenses totaling $248,401. As of November 30, 2022, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements as follows:

---

| | |
|:---|:---|
| **Recoverable Through** | **Recoverable Through** |
| November 30, 2025 | $248401 |

---

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.

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 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 of $3,500 for the first fiscal year, and $5,000 for each fiscal year thereafter. 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.

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

**NOTE 5. ORGANIZATIONAL AND OFFERING COSTS**

The Adviser advanced some of the Fund's organization and initial offering costs and was subsequently reimbursed by the Fund. Costs of $83,995 incurred in connection with the offering and initial registration of the Fund have been deferred and are being amortized on a straight-line basis over the first twelve months after commencement of operations. As of November 30, 2022, the amount of the offering costs remaining to amortize is $15,887.

**NOTE 6. PURCHASES AND SALES OF SECURITIES**

For the fiscal period ended November 30, 2022, purchases and sales of investment securities, other than short-term investments, were $17,610,673 and $2,897,778, respectively.

There were no purchases or sales of long-term U.S. government obligations during the fiscal period ended November 30, 2022.

**NOTE 7. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of November 30, 2022, Marlin Miller Jr. owned 34.57% of the Fund's outstanding shares. As a result, Marlin Miller Jr. may be deemed to control the Fund.

**NOTE 8. FEDERAL TAX INFORMATION**

At November 30, 2022, the net unrealized appreciation (depreciation) and tax cost of investments, including written options, for tax purposes was as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $1019945 |
| Gross unrealized depreciation | (629455) |
| Net unrealized appreciation on investments | 390490 |
| Tax cost of investments | $14475574 |

---

At November 30, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $71608 |
| Accumulated capital and other losses also | (107195) |
| Unrealized appreciation on investments | 390490 |
| Total accumulated earnings | $354903 |

---

As of November 30, 2022, the Fund had short-term capital loss carryforwards of $107,196. 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.

---

| |
|:---|
| **Connors Hedged Equity Fund** |
| **Notes to the Financial Statements (continued)** |
| *November 30, 2022* |

---

**NOTE 9. COMMITMENTS AND CONTINGENCIES**

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

**NOTE 10. REGULATORY UPDATES**

In October 2020, the Securities and Exchange Commission (the "SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). The Fund was required to comply with Rule 18f-4 by August 19, 2022. Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose us of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund is currently complying with Rule 18f-4.

**NOTE 11. 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.

On January 3, 2023, the Fund paid an income distribution of $0.0494 per share to shareholders of record on December 29, 2022.

**Report of Independent Registered Public Accounting Firm**

![(BBD LOGO)](cf004_v1.jpg)

**To the Board of Trustees of Connors Funds<br> and the Shareholders of Connors Hedged Equity Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Connors Hedged Equity Fund , a series of shares of beneficial interest in Connors Funds (the "Fund"), including the schedule of investments, as of November 30, 2022, and the related statements of operations and changes in net assets and the financial highlights for the period January 19, 2022 (Commencement of operations) through November 30, 2022, 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, 2022, and the results of its operations, changes in net assets, and financial highlights for the period January 19, 2022 through November 30, 2022, in conformity with accounting principles generally accepted in the United States of America.

**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 law 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk 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, 2022 by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![(-s- BBD, LLP)](cf005_v1.jpg)

**BBD, LLP**

We have served as the auditor of one or more of the Funds in the Connors Funds since 2021.

**Philadelphia, Pennsylvania<br> January 27, 2023**

**Summary of Fund Expenses (Unaudited)**

As a shareholder of the Fund, you incur two types of costs: (1) transaction and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2022 (commencement of operations) through November 30, 2022.

**Actual Expenses**

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br>**Account**<br>**Value**<br>**June 1,**<br>**2022** | **Ending**<br>**Account**<br>**Value**<br>**November**<br>**30, 2022** |<br>**Expenses**<br>**Paid**<br>**During**<br>**Period<sup>(a)</sup>** | <br>**Annualized**<br>**Expense**<br>**Ratio** |
| Actual | $1000.00 | $1027.10 | $5.84 | 1.15% |
| Hypothetical<sup>(b)</sup> | $1000.00 | $1019.30 | $5.82 | 1.15% |

---

(a) Expenses
are equal to the Fund's annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/365
(to reflect the one-half year period).

(b) Hypothetical
assumes 5% annual return before expenses.

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

The Form 1099-DIV you receive in January 2023 will show the tax status of all distributions paid to your account in calendar year 2022. 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 0% 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 2022 ordinary income dividends, 0% qualifies for the corporate dividends received deduction.

**Trustees and Officers (Unaudited)**

The Board supervises the business activities of the Trust and is responsible for protecting the interests of shareholders. The Chairman of the Board is Peter J. Connors.

Officers are re-elected annually by the Board. The address of each Trustee and officer is 1210 Broadcasting Road, Suite 200, Wyomissing, PA 19610.

**Independent Trustee Background.** The following table provides information regarding the Independent Trustees.

---

| | |
|:---|:---|
| **Name, (Age), Position with Trust, Term of**<br> **Position with Trust** | &nbsp;&nbsp;**Principal Occupation During**<br> **Past 5 Years and Other Directorships** |
| **Bradford H. Barrett**<br> Birth Year: 1949<br> TRUSTEE<br> Began Serving: January 2022 | &nbsp;&nbsp;**Principal Occupation(s):** President, Barrett Commercial (Commercial Real Estate Developer) (2010 – Present). |
| **Joni S. Naugle**<br> Birth Year: 1959<br> TRUSTEE<br> Began Serving: January 2022 | &nbsp;&nbsp;**Principal Occupation(s):** President, Naugle Associates, LLC (Professional Services Company) (2014 – Present). |
| **John R. Morahan**<br> Birth Year: 1954<br> TRUSTEE<br> Began Serving: January 2022 | &nbsp;&nbsp;**Principal Occupation(s):** Retired (2020 – Present).<br>**Previous Position(s):** President, St. Joseph Regional Health Network – Penn State Health (2015 – 2020). |

---

**Interested Trustee Background**. The following table provides information regarding the Interested Trustee.

---

| | |
|:---|:---|
| **Name, (Age), Position with Trust, Term of**<br> **Position with Trust** | **Principal Occupation During**<br> **Past 5 Years and Other Directorships** |
| **Peter J. Connors\***<br> Birth Year: 1965<br> TRUSTEE AND CHAIRMAN<br> Began Serving: January 2022 | **Principal Occupation(s):** President, Connors Investor Services, Inc. (2001 – present). |

---

\* Peter J. Connors an "interested person" of the Trust because he is the President of the Adviser.

**Trustees and Officers (Unaudited) (continued)**

**Officers.** The following table provides information regarding the Officers.

---

| | |
|:---|:---|
| **Name, (Age), Position with Trust, Term of<br> Position with Trust** | **Principal Occupation During<br> Past 5 Years and Other Directorships** |
| **Debora M. Covell**<br> Birth Year: 1963<br> TREASURER AND PRINCIPAL FINANCIAL OFFICER<br> Began Serving: January 2022 | **Principal Occupation(s):** Chief Compliance Officer, Connors Investor Services, Inc. (2017 – Present); Manager, Cemsol, LLC (Consulting Firm) (2017 – Present). |
| **Robert J. Cagliola**<br> Birth Year: 1967<br> SECRETARY<br> Began Serving: January 2022 | **Principal Occupation(s):** Vice President, Portfolio Manager, Connors Investor Services, Inc. (1999 – Present). |
| **Kyle Bubeck**<br> Birth Year: 1955<br> CHIEF COMPLIANCE OFFICER<br> Began Serving: January 2022 | **Principal Occupation(s):** President, Beacon Compliance Consulting (2010 – Present). |

---

**Other Information (Unaudited)**

The Fund's Statement of Additional Information ("SAI") includes additional information about the trustees and is available without charge, upon request. You may call toll-free at (833) 601-2676 to request a copy of the SAI or to make shareholder inquiries.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES CONNORS HEDGED EQUITY FUND (THE "FUND") DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>■ Social Security number<br>■ account balances and account transactions<br>■ transaction or loss history and purchase history<br>■ checking account information and wire transfer instructions<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds choose to share; and whether you can limit this sharing. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Does the Fund share?** |
| &nbsp;&nbsp;**For our everyday business purposes—**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;**For our marketing purposes—**<br> to offer our products and services to you | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes—**<br> information about your transactions and experiences | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes—**<br> information about your creditworthiness | &nbsp;&nbsp;**No** |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;**No** |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call (833) 601-2676 |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;Connors Hedged Equity Fund<br> Ultimus Fund Distributors, LLC (Distributor)<br> Ultimus Fund Solutions, LLC (Administrator) |
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;**How does the Fund protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;**How does the Fund collect my personal information?** | &nbsp;&nbsp;We collect your personal information, for example, when you<br>■ open an account or deposit money<br>■ buy securities from us or sell securities to us<br>■ make deposits or withdrawals from your account <br>■ give us your account information<br>■ make a wire transfer<br>■ tell us who receives the money<br>■ tell us where to send the money<br>■ show your government-issued ID<br>■ show your driver's license |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only<br>■ sharing for affiliates' everyday business purposes—information about your creditworthiness<br>■ affiliates from using your information to market to you<br>■ sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies. |
|  | &nbsp;&nbsp;■ **Connors Investor Services, Inc., the investment adviser to the Fund, could be deemed to be an affiliate.** |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
|  | &nbsp;&nbsp;■ **The Fund does not share your personal information with nonaffiliates so they can market to you** |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
|  | &nbsp;&nbsp;■ **The Fund does not jointly market.** |

---

**Proxy Voting**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (833) 601-2676 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

---

| | |
|:---|:---|
| **TRUSTEES** | **INDEPENDENT REGISTERED** |
| Peter J. Connors, Chairperson | **PUBLIC ACCOUNTING FIRM** |
| Bradford H. Barrett | BBD, LLP |
| Joni S. Naugle | 1835 Market street, 3rd Floor |
| John R. Morahan | Philadelphia, PA 19103 |
| **OFFICERS** | **LEGAL COUNSEL** |
| Debora M. Covell, Treasurer (Principal Financial Officer) | Kilpatrick Townsend & Stockton LLP |
| Robert J. Cagliola, Secretary | 1001 West Forth Street |
| Kyle Bubeck, Chief Compliance Officer | Winston-Salem, NC 27101 |
| **INVESTMENT ADVISER** | **CUSTODIAN** |
| Connors Investor Services, Inc. | U.S. Bank, N.A. |
| 1210 Broadcasting Road, Suite 200 | 425 Walnut Street |
| Wyomissing, PA 19610 | Cincinnati, OH 45202 |
| **DISTRIBUTOR** | **ADMINISTRATOR, TRANSFER** |
| Ultimus Fund Distributors, LLC | **AGENT AND FUND ACCOUNTANT** |
| 225 Pictoria Drive, Suite 450 | Ultimus Fund Solutions, LLC |
| Cincinnati, OH 45246 | 225 Pictoria Drive, Suite 450 |
|  | Cincinnati, OH 45246 |

---

This report is intended only for the information of shareholders or those who have received the Fund's prospectus which contains information about the Fund's management fee and expenses. Please read the prospectus carefully before investing.

Distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC

Connors-AR-22

(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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Connors Hedged Equity Fund | &nbsp;&nbsp;FY 2022 | &nbsp;&nbsp;$10000 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Connors Hedged Equity Fund | &nbsp;&nbsp;FY 2022 | &nbsp;&nbsp;$0 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Connors Hedged Equity Fund | &nbsp;&nbsp;FY 2022 | &nbsp;&nbsp;$3000 |

---

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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Connors Hedged Equity Fund | &nbsp;&nbsp;FY 2022 | &nbsp;&nbsp;$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;

(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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;<u>Registrant</u> | &nbsp;&nbsp;<u>Adviser</u> |
| &nbsp;&nbsp;FY 2022 | &nbsp;&nbsp;$13000 | &nbsp;&nbsp;$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. Schedule of Investments.**

Schedule filed with Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

NOT APPLICABLE – applies to closed-end funds only

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

NOT APPLICABLE – applies to closed-end funds only

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

NOT APPLICABLE – applies to closed-end funds only

**Item 10. Submission of Matters to a Vote of Security Holders.**

The guidelines applicable to shareholders desiring to submit recommendations for nominees to the Registrant's board of trustees are contained in the statement of additional information of the Trust with respect to the Fund(s) for which this Form N-CSR is being filed.

**Item 11. Controls and Procedures.**

(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "Act")) as of a date within 90 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

NOT APPLICABLE – applies to closed-end funds only

**Item 13. Exhibits.**

[(a)(1) Code is filed herewith.](coe.htm)

[(a)(2) 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-2under the Investment Company Act of 1940 are filed herewith.](cert1.htm)

(a)(3) Not applicable.

[(b) Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.](cert2.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

---

| | |
|:---|:---|
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Peter Connors |
|  | &nbsp;&nbsp;Peter Connors, President |

---

Date <u>February 06, 2023</u>

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Peter Connors |
|  | &nbsp;&nbsp;Peter Connors, President |

---

Date <u>February 06, 2023</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;By (Signature and Title) | &nbsp;&nbsp;/s/ Debora M. Covell |
|  | &nbsp;&nbsp;Debora M. Covell, Treasurer |

---

Date <u>February 06, 2023</u>

## Ex-99.Cert

Exhibit 99.CERT

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRESIDENT

<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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;February 06, 2023 | &nbsp;&nbsp;/s/ Peter Connors |
|  |  | &nbsp;&nbsp; Peter Connors<br> President |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF CHIEF FINANCIAL OFFICER

<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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;February 06, 2023 | &nbsp;&nbsp;/s/ Debora M. Covell |
|  |  | &nbsp;&nbsp; Debora M. Covell<br> Treasurer |

---

## 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 Debora M. Covell, Treasurer 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, 2022 (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 Treasurer

Connors Funds Connors Funds

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Peter Connors | &nbsp;&nbsp;/s/ Debora M. Covell |
| &nbsp;&nbsp;Peter Connors | &nbsp;&nbsp;Debora M. Covell |

---

Date: <u>February 06, 2023</u> Date: <u>February 06, 2023</u> <br>

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)

---

| | | |
|:---|:---|:---|
| **<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. |

---