# EDGAR Filing Document

**Accession Number:** 0001760588
**File Stem:** 0001580642-25-005021
**Filing Date:** 2025-8
**Character Count:** 123978
**Document Hash:** 5703ec1b470702a17ff0a6bac050e54b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005021.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001580642-25-005021

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**EFFECTIVENESS DATE**: 20250811

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23435
- **FILM NUMBER:** 251200774

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

**united states securities and exchange commission washington, d.c. 20549**

 **form n-csr certified shareholder report of registered management investment companies**

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

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

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

<u>Corporation Trust Company </u> <br> <u> 1209 Orange Street Wilmington, Delaware 19808 </u> <br> (Name and address of agent for service)

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

Date of fiscal year end: <u>11/30</u> <br>Date of reporting period: <u>5/31/25</u>

**Item 1. Reports to Stockholders.** 

(a) # Zacks All-Cap Core Fund

# Institutional Class (CZOVX)

# Semi-Annual Shareholder Report - May 31, 2025
![Image](ic9635c54f03e8c2a89abf7a8.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Zacks All-Cap Core Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

## What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $49 | 1.00% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $30437094 |
| Number of Portfolio Holdings | 112 |
| Advisory Fee (net of waivers) | $61572 |
| Portfolio Turnover | 9% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2b1b1e5150e2d756c3778522.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 95.4% |
| Money Market Funds | 4.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iff3b3e2a9760a357e44f3ce3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Materials | 0.3% |
| Real Estate | 1.1% |
| Energy | 2.7% |
| Utilities | 3.0% |
| Money Market Funds | 4.6% |
| Consumer Staples | 5.6% |
| Industrials | 9.4% |
| Consumer Discretionary | 9.4% |
| Health Care | 10.6% |
| Communications | 11.9% |
| Financials | 12.6% |
| Technology | 29.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| NVIDIA Corporation | 5.7% |
| Federated Hermes Treasury Obligations Fund, Institutional Class | 4.6% |
| Microsoft Corporation | 3.8% |
| Meta Platforms, Inc., Class A | 3.7% |
| Apple, Inc. | 3.3% |
| Amazon.com, Inc. | 3.0% |
| Alphabet, Inc., Class A | 2.7% |
| Netflix, Inc. | 1.9% |
| JPMorgan Chase & Company | 1.8% |
| Walmart, Inc. | 1.7% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i855d2c309d20750f5c2ae15b.jpg)

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

# Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Zacks All-Cap Core Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-CZOVX

# Zacks Dividend Fund

# Institutional Class (ZDIIX)

# Semi-Annual Shareholder Report - May 31, 2025
![Image](ie9e55f8b66cf256a42b5dd05.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Zacks Dividend Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

## What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $52 | 1.05% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $117235229 |
| Number of Portfolio Holdings | 72 |
| Advisory Fee (net of waivers) | $454652 |
| Portfolio Turnover | 5% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1f46ce7f8fd26da4542489e4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.3% |
| Money Market Funds | 2.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i226a4c26c509c39f2cb56748.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.6% |
| Money Market Funds | 2.7% |
| Utilities | 3.8% |
| Consumer Discretionary | 4.0% |
| Real Estate | 4.2% |
| Communications | 4.2% |
| Energy | 6.2% |
| Consumer Staples | 11.9% |
| Health Care | 12.1% |
| Technology | 12.5% |
| Industrials | 14.7% |
| Financials | 23.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan Chase & Company | 4.9% |
| Microsoft Corporation | 3.6% |
| Philip Morris International, Inc. | 2.9% |
| Procter & Gamble Company (The) | 2.8% |
| Parker-Hannifin Corporation | 2.7% |
| Federated Hermes Treasury Obligations Fund, Institutional Class | 2.7% |
| Exxon Mobil Corporation | 2.6% |
| Walmart, Inc. | 2.5% |
| Home Depot, Inc. (The) | 2.4% |
| Cisco Systems, Inc. | 2.4% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i725ffeb14bb6a13cd82760ea.jpg)

# Zacks Dividend Fund - Institutional Class (ZDIIX)

# Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Zacks Dividend Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-ZDIIX

# Zacks Dividend Fund

# Investor Class (ZDIVX)

# Semi-Annual Shareholder Report - May 31, 2025
![Image](ia486c8579edde43d65433f10.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Zacks Dividend Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

## What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $64 | 1.30% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $117235229 |
| Number of Portfolio Holdings | 72 |
| Advisory Fee (net of waivers) | $454652 |
| Portfolio Turnover | 5% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7ca8a47963475df9b1c8633d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 97.3% |
| Money Market Funds | 2.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if50be2a9a071fca0c050b9b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.6% |
| Money Market Funds | 2.7% |
| Utilities | 3.8% |
| Consumer Discretionary | 4.0% |
| Real Estate | 4.2% |
| Communications | 4.2% |
| Energy | 6.2% |
| Consumer Staples | 11.9% |
| Health Care | 12.1% |
| Technology | 12.5% |
| Industrials | 14.7% |
| Financials | 23.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan Chase & Company | 4.9% |
| Microsoft Corporation | 3.6% |
| Philip Morris International, Inc. | 2.9% |
| Procter & Gamble Company (The) | 2.8% |
| Parker-Hannifin Corporation | 2.7% |
| Federated Hermes Treasury Obligations Fund, Institutional Class | 2.7% |
| Exxon Mobil Corporation | 2.6% |
| Walmart, Inc. | 2.5% |
| Home Depot, Inc. (The) | 2.4% |
| Cisco Systems, Inc. | 2.4% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i41b064db8b723e1f61e939ba.jpg)

# Zacks Dividend Fund - Investor Class (ZDIVX)

# Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Zacks Dividend Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-ZDIVX

# Zacks Small-Cap Core Fund

# Institutional Class (ZSCIX)

# Semi-Annual Shareholder Report - May 31, 2025
![Image](i114fd3672f1298ddb9633ac8.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Zacks Small-Cap Core Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

## What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Insitutional | $53 | 1.14% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $27570610 |
| Number of Portfolio Holdings | 100 |
| Advisory Fee (net of waivers) | $80500 |
| Portfolio Turnover | 53% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i500896fa83778a463520fa4e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i432f811c37a5aabb5fc23f13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| To Be Classified | 1.0% |
| Consumer Staples | 1.0% |
| Energy | 2.2% |
| Communications | 2.4% |
| Materials | 4.9% |
| Consumer Discretionary | 5.8% |
| Real Estate | 7.3% |
| Health Care | 8.8% |
| Technology | 11.2% |
| Industrials | 23.7% |
| Financials | 30.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Itron, Inc. | 2.1% |
| Carpenter Technology Corporation | 2.1% |
| Comfort Systems USA, Inc. | 2.0% |
| Federal Signal Corporation | 2.0% |
| SPX Technologies, Inc. | 2.0% |
| Alexander & Baldwin, Inc. | 2.0% |
| 1st Source Corporation | 2.0% |
| Olo, Inc. | 1.9% |
| HBT Financial, Inc. | 1.9% |
| Bank of NT Butterfield & Son Ltd. (The) | 1.9% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i5794cc01bfd1ffbde4cea5fe.jpg)

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

# Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Zacks Small-Cap Core Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-ZSCIX

# Zacks Small-Cap Core Fund

# Investor Class (ZSCCX)

# Semi-Annual Shareholder Report - May 31, 2025
![Image](i48d81d0785bcc280778095c1.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Zacks Small-Cap Core Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

## What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $65 | 1.39% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $27570610 |
| Number of Portfolio Holdings | 100 |
| Advisory Fee (net of waivers) | $80500 |
| Portfolio Turnover | 53% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idf48dc02484b3841e3b38c48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i59c636015faf7fc2ca76507c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| To Be Classified | 1.0% |
| Consumer Staples | 1.0% |
| Energy | 2.2% |
| Communications | 2.4% |
| Materials | 4.9% |
| Consumer Discretionary | 5.8% |
| Real Estate | 7.3% |
| Health Care | 8.8% |
| Technology | 11.2% |
| Industrials | 23.7% |
| Financials | 30.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Itron, Inc. | 2.1% |
| Carpenter Technology Corporation | 2.1% |
| Comfort Systems USA, Inc. | 2.0% |
| Federal Signal Corporation | 2.0% |
| SPX Technologies, Inc. | 2.0% |
| Alexander & Baldwin, Inc. | 2.0% |
| 1st Source Corporation | 2.0% |
| Olo, Inc. | 1.9% |
| HBT Financial, Inc. | 1.9% |
| Bank of NT Butterfield & Son Ltd. (The) | 1.9% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](ibbb9df7edfd923d7ea91ed61.jpg)

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

# Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Zacks Small-Cap Core Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://zacksfunds.com/forms-and-resources.php#FundReports**. You can also request this information by contacting us at 1-888 775-8351.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-ZSCCX

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

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable**.** 

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

**Item 6. Investments.**

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

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

(a) ---

| |
|:---|
| ![(LOGO)](za001_v1.jpg) |
| **Zacks All-Cap Core Fund** |
| Institutional Class Shares – CZOVX |
| **Zacks Small-Cap Core Fund** |
| Investor Class Shares – ZSCCX |
| Institutional Class Shares - ZSCIX |
| **Zacks Dividend Fund** |
| Investor Class Shares – ZDIVX |
| Institutional Class Shares - ZDIIX |
| Semi-Annual Financial Statements and Additional Information |
| May 31, 2025 |
| 1-888-775-8351 |
| www.zacksfunds.com |

---

---

| |
|:---|
| **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6%** |  |
|  | **AEROSPACE & DEFENSE - 1.9%** |  |
| 551 | General Dynamics Corporation | $153448 |
| 848 | Howmet Aerospace, Inc. | 144067 |
| 2020 | RTX Corporation | 275689 |
|  |  | 573204 |
|  | **ASSET MANAGEMENT - 2.0%** |  |
| 642 | Ameriprise Financial, Inc. | 326932 |
| 151 | Blackrock, Inc. | 147963 |
| 1965 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | 129985 |
|  |  | 604880 |
|  | **AUTOMOTIVE - 0.9%** |  |
| 763 | Tesla, Inc.<sup>(a)</sup> | 264349 |
|  | **BANKING - 4.5%** |  |
| 6822 | Bank of America Corporation | 301055 |
| 2098 | JPMorgan Chase & Company | 553871 |
| 1038 | PNC Financial Services Group, Inc. (The) | 180415 |
| 5361 | Truist Financial Corporation | 211760 |
| 1017 | Wintrust Financial Corporation | 121440 |
|  |  | 1368541 |
|  | **BEVERAGES - 0.8%** |  |
| 1812 | PepsiCo, Inc. | 238187 |
|  | **BIOTECH & PHARMA - 6.6%** |  |
| 1833 | AbbVie, Inc. | 341140 |
| 763 | Amgen, Inc. | 219881 |
| 2310 | Bristol-Myers Squibb Company | 111527 |
| 523 | Eli Lilly & Company | 385802 |
| 1097 | Gilead Sciences, Inc. | 120758 |
| 1547 | Johnson & Johnson | 240110 |
| 1376 | Merck & Company, Inc. | 105732 |
| 4839 | Pfizer, Inc. | 113668 |
| 543 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 240033 |
| 715 | Zoetis, Inc. | 120570 |
|  |  | 1999221 |

---

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

---

| |
|:---|
| **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 2.5%** |  |
| 1728 | Cintas Corporation | $391393 |
| 1473 | Republic Services, Inc. | 378988 |
|  |  | 770381 |
|  | **CONSTRUCTION MATERIALS - 0.3%** |  |
| 689 | Owens Corning | 92292 |
|  | **DIVERSIFIED INDUSTRIALS - 0.6%** |  |
| 1482 | Emerson Electric Company | 176921 |
|  | **E-COMMERCE DISCRETIONARY - 3.0%** |  |
| 4513 | Amazon.com, Inc.<sup>(a)</sup> | 925211 |
|  | **ELECTRIC UTILITIES - 2.4%** |  |
| 3199 | American Electric Power Company, Inc. | 331065 |
| 1916 | NextEra Energy, Inc. | 135346 |
| 1716 | Portland General Electric Company | 72758 |
| 2161 | Southern Company (The) | 194490 |
|  |  | 733659 |
|  | **ELECTRICAL EQUIPMENT - 1.5%** |  |
| 950 | Amphenol Corporation, Class A | 85434 |
| 1475 | Carrier Global Corporation | 105020 |
| 1536 | Itron, Inc.<sup>(a)</sup> | 177561 |
| 960 | Vertiv Holdings Company | 103613 |
|  |  | 471628 |
|  | **ENGINEERING & CONSTRUCTION - 1.2%** |  |
| 763 | EMCOR Group, Inc. | 360029 |
|  | **FOOD - 0.7%** |  |
| 1250 | Hershey Company (The) | 200863 |
|  | **GAS & WATER UTILITIES - 0.6%** |  |
| 1239 | American Water Works Company, Inc. | 177140 |

---

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

---

| |
|:---|
| **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.4%** |  |
| 1793 | Cardinal Health, Inc. | $276911 |
| 625 | Labcorp Holdings, Inc. | 155606 |
|  |  | 432517 |
|  | **HOME CONSTRUCTION - 0.6%** |  |
| 1801 | PulteGroup, Inc. | 176552 |
|  | **HOUSEHOLD PRODUCTS - 2.0%** |  |
| 1229 | Church & Dwight Company, Inc. | 120823 |
| 2871 | Procter & Gamble Company (The) | 487754 |
|  |  | 608577 |
|  | **INDUSTRIAL REIT - 0.4%** |  |
| 1006 | Prologis, Inc. | 109252 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.3%** |  |
| 1005 | Nasdaq, Inc. | 83958 |
|  | **INSURANCE - 4.3%** |  |
| 512 | Assurant, Inc. | 103926 |
| 2807 | Hartford Financial Services Group, Inc. (The) | 364461 |
| 1642 | Marsh & McLennan Companies, Inc. | 383669 |
| 2998 | MetLife, Inc. | 235583 |
| 2829 | W R Berkley Corporation | 211298 |
|  |  | 1298937 |
|  | **INTERNET MEDIA & SERVICES - 10.9%** |  |
| 4767 | Alphabet, Inc., Class A | 818685 |
| 1144 | Alphabet, Inc., Class C | 197740 |
| 1759 | Meta Platforms, Inc., Class A | 1138935 |
| 487 | Netflix, Inc.<sup>(a)</sup> | 587921 |
| 588 | Spotify Technology S.A.<sup>(a)</sup> | 391102 |
| 2076 | Uber Technologies, Inc.<sup>(a)</sup> | 174716 |
|  |  | 3309099 |
|  | **LEISURE FACILITIES & SERVICES - 2.4%** |  |
| 900 | Marriott International, Inc., Class A | 237447 |
| 613 | McDonald's Corporation | 192390 |

---

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

---

| |
|:---|
| **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 2.4% (Continued)** |  |
| 741 | Royal Caribbean Cruises Ltd. | $190415 |
| 1173 | Starbucks Corporation | 98473 |
|  |  | 718725 |
|  | **MACHINERY - 1.7%** |  |
| 1229 | Caterpillar, Inc. | 427728 |
| 3737 | Mueller Water Products, Inc. - Series A | 91669 |
|  |  | 519397 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.6%** |  |
| 1684 | Abbott Laboratories | 224949 |
| 2140 | Boston Scientific Corporation<sup>(a)</sup> | 225256 |
| 530 | Stryker Corporation | 202799 |
| 333 | Thermo Fisher Scientific, Inc. | 134139 |
|  |  | 787143 |
|  | **OFFICE REIT - 0.3%** |  |
| 1272 | BXP, Inc. | 85644 |
|  | **OIL & GAS PRODUCERS - 2.7%** |  |
| 2532 | Chevron Corporation | 346125 |
| 2786 | ConocoPhillips | 237785 |
| 3856 | Coterra Energy, Inc. | 93739 |
| 1290 | Exxon Mobil Corporation | 131967 |
|  |  | 809616 |
|  | **RESIDENTIAL REIT - 0.4%** |  |
| 943 | Mid-America Apartment Communities, Inc. | 147720 |
|  | **RETAIL - CONSUMER STAPLES - 2.1%** |  |
| 1070 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 121135 |
| 5349 | Walmart, Inc. | 528053 |
|  |  | 649188 |
|  | **RETAIL - DISCRETIONARY - 2.6%** |  |
| 1964 | Advance Auto Parts, Inc. | 94135 |
| 1136 | Home Depot, Inc. (The) | 418377 |
| 2216 | TJX Companies, Inc. (The) | 281210 |
|  |  | 793722 |

---

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

---

| |
|:---|
| **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **SEMICONDUCTORS - 8.5%** |  |
| 909 | Advanced Micro Devices, Inc.<sup>(a)</sup> | $100654 |
| 1737 | Applied Materials, Inc. | 272275 |
| 860 | Broadcom, Inc. | 208180 |
| 1827 | Marvell Technology, Inc. | 109967 |
| 12815 | NVIDIA Corporation | 1731691 |
| 932 | Texas Instruments, Inc. | 170416 |
|  |  | 2593183 |
|  | **SOFTWARE - 11.3%** |  |
| 805 | Cadence Design Systems, Inc.<sup>(a)</sup> | 231091 |
| 1609 | Intapp, Inc.<sup>(a)</sup> | 88688 |
| 339 | Intuit, Inc. | 255426 |
| 2489 | Microsoft Corporation | 1145836 |
| 848 | Okta, Inc.<sup>(a)</sup> | 87488 |
| 1515 | Oracle Corporation | 250778 |
| 1602 | Palantir Technologies, Inc.<sup>(a)</sup> | 211112 |
| 1099 | Palo Alto Networks, Inc.<sup>(a)</sup> | 211470 |
| 740 | Salesforce, Inc. | 196374 |
| 788 | Synopsys, Inc.<sup>(a)</sup> | 365616 |
| 926 | Twilio, Inc., Class A<sup>(a)</sup> | 108990 |
| 1271 | Zoom Video Communications, Inc.<sup>(a)</sup> | 103269 |
| 752 | Zscaler, Inc.<sup>(a)</sup> | 207326 |
|  |  | 3463464 |
|  | **SPECIALTY FINANCE - 1.5%** |  |
| 1600 | American Express Company | 470480 |
|  | **TECHNOLOGY HARDWARE - 5.4%** |  |
| 4958 | Apple, Inc. | 995814 |
| 998 | Arista Networks, Inc.<sup>(a)</sup> | 86467 |
| 3653 | Cisco Systems, Inc. | 230285 |
| 1834 | Corning, Inc. | 90948 |
| 497 | Fabrinet<sup>(a)</sup> | 115736 |
| 2335 | Pure Storage, Inc., Class A<sup>(a)</sup> | 125133 |
|  |  | 1644383 |

---

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

---

| |
|:---|
| **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.6% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 3.7%** |  |
| 850 | Accenture PLC, Class A | $269296 |
| 1049 | Fiserv, Inc.<sup>(a)</sup> | 170767 |
| 713 | International Business Machines Corporation | 184710 |
| 857 | Leidos Holdings, Inc. | 127282 |
| 512 | Moody's Corporation | 245412 |
| 2987 | Toast, Inc., Class A<sup>(a)</sup> | 125992 |
|  |  | 1123459 |
|  | **TELECOMMUNICATIONS - 1.0%** |  |
| 1314 | T-Mobile US, Inc. | 318251 |
|  | **TOTAL COMMON STOCKS (Cost $16,875,983)** | 29099773 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 4.6%** |  |
|  | **MONEY MARKET FUND - 4.6%** |  |
| 1397894 | Federated Hermes Treasury Obligations Fund, Institutional Class, 4.18% (Cost $1,397,894)<sup>(b)</sup> | 1397894 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $18,273,877)** | $30497667 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (60573) |
|  | **NET ASSETS - 100.0%** | $30437094 |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of May 31, 2025.

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

---

| |
|:---|
| **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4%** |  |
|  | **BANKING - 22.5%** |  |
| 8881 | 1st Source Corporation | $537832 |
| 12388 | Bank of NT Butterfield & Son Ltd. (The) | 522278 |
| 4238 | Bank7 Corporation | 163672 |
| 6792 | Capital City Bank Group, Inc. | 256330 |
| 4323 | FB Financial Corporation | 188699 |
| 9727 | First Business Financial Services, Inc. | 474386 |
| 7138 | First Mid Bancshares, Inc. | 251829 |
| 11313 | Guaranty Bancshares, Inc. | 467679 |
| 22702 | HBT Financial, Inc. | 531227 |
| 6380 | Horizon Bancorp, Inc. | 94679 |
| 10433 | Independent Bank Corporation (MI) | 328952 |
| 6923 | Mercantile Bank Corporation | 305720 |
| 3544 | MidWestOne Financial Group, Inc. | 101890 |
| 3915 | QCR Holdings, Inc. | 263480 |
| 25613 | Shore Bancshares, Inc. | 371132 |
| 3510 | Sierra Bancorp | 96069 |
| 6100 | SmartFinancial, Inc. | 193858 |
| 10577 | South Plains Financial, Inc. | 380455 |
| 9255 | Unity Bancorp, Inc. | 409117 |
| 9770 | Univest Financial Corporation | 288410 |
|  |  | 6227694 |
|  | **BIOTECH & PHARMA - 3.9%** |  |
| 21739 | ADMA Biologics, Inc.<sup>(a)</sup> | 431301 |
| 43364 | Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 317424 |
| 92803 | HilleVax, Inc.<sup>(a)</sup> | 173542 |
| 38047 | PepGen, Inc.<sup>(a)</sup> | 55549 |
| 4682 | Summit Therapeutics, Inc.<sup>(a)</sup> | 85283 |
|  |  | 1063099 |
|  | **CHEMICALS - 1.6%** |  |
| 6716 | Intrepid Potash, Inc.<sup>(a)</sup> | 253596 |
| 15011 | Perimeter Solutions, Inc.<sup>(a)</sup> | 181183 |
|  |  | 434779 |
|  | **COMMERCIAL SUPPORT SERVICES - 5.3%** |  |
| 918 | CRA International, Inc. | 174466 |

---

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

---

| |
|:---|
| **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 5.3% (Continued)** |  |
| 3543 | Huron Consulting Group, Inc.<sup>(a)</sup> | $506047 |
| 2732 | UniFirst Corporation | 515146 |
| 9632 | Viad Corporation<sup>(a)</sup> | 268636 |
|  |  | 1464295 |
|  | **CONSUMER SERVICES - 1.2%** |  |
| 7334 | Carriage Services, Inc. | 319029 |
|  | **ELECTRICAL EQUIPMENT - 7.0%** |  |
| 14895 | Allient, Inc. | 452808 |
| 4888 | Itron, Inc.<sup>(a)</sup> | 565052 |
| 3641 | SPX Technologies, Inc.<sup>(a)</sup> | 553759 |
| 1471 | Watts Water Technologies, Inc., A | 356159 |
|  |  | 1927778 |
|  | **ENGINEERING & CONSTRUCTION - 3.9%** |  |
| 4865 | Bowman Consulting Group Ltd.<sup>(a)</sup> | 121966 |
| 1165 | Comfort Systems USA, Inc. | 557138 |
| 7330 | Frontdoor, Inc.<sup>(a)</sup> | 403223 |
|  |  | 1082327 |
|  | **ENTERTAINMENT CONTENT - 0.5%** |  |
| 18294 | Lionsgate Studios Corporation<sup>(a)</sup> | 132266 |
|  | **FOOD - 1.0%** |  |
| 10985 | Phibro Animal Health Corporation, Class A | 268254 |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.0%** |  |
| 32300 | Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 172159 |
| 10682 | Enhabit, Inc.<sup>(a)</sup> | 112161 |
| 34020 | LifeStance Health Group, Inc.<sup>(a)</sup> | 202079 |
| 18934 | Oscar Health, Inc. - Class A, Class A<sup>(a)</sup> | 261289 |
| 8270 | Pennant Group, Inc. (The)<sup>(a)</sup> | 237431 |
| 7482 | SI-BONE, Inc.<sup>(a)</sup> | 141410 |
|  |  | 1126529 |

---

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

---

| |
|:---|
| **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.2%** |  |
| 5736 | Gibraltar Industries, Inc.<sup>(a)</sup> | $336015 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 1.4%** |  |
| 4207 | AZZ, Inc. | 381533 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.1%** |  |
| 6633 | Custom Truck One Source, Inc.<sup>(a)</sup> | 28522 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.8%** |  |
| 5700 | BGC Group, Inc., Class A | 52896 |
| 1854 | StoneX Group, Inc.<sup>(a)</sup> | 156950 |
|  |  | 209846 |
|  | **INSURANCE - 0.1%** |  |
| 864 | United Fire Group, Inc. | 24581 |
|  | **INTERNET MEDIA & SERVICES - 2.0%** |  |
| 14278 | EverQuote, Inc.<sup>(a)</sup> | 329108 |
| 40195 | Marqeta, Inc., Class A<sup>(a)</sup> | 216249 |
|  |  | 545357 |
|  | **LEISURE FACILITIES & SERVICES - 4.0%** |  |
| 21500 | Accel Entertainment, Inc.<sup>(a)</sup> | 241230 |
| 5409 | Global Business Travel Group I<sup>(a)</sup> | 33806 |
| 2063 | Light & Wonder, Inc.<sup>(a)</sup> | 185918 |
| 17140 | Marcus Corporation (The) | 316747 |
| 10827 | Potbelly Corporation<sup>(a)</sup> | 115524 |
| 15600 | Super Group SGHC Ltd. | 136344 |
| 10400 | Target Hospitality Corporation<sup>(a)</sup> | 76024 |
|  |  | 1105593 |
|  | **MACHINERY - 3.2%** |  |
| 980 | ESCO Technologies, Inc. | 177615 |
| 5899 | Federal Signal Corporation | 554919 |
| 3923 | Graham Corporation<sup>(a)</sup> | 154684 |
|  |  | 887218 |

---

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

---

| |
|:---|
| **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.8%** |  |
| 51410 | Bioventus, Inc.<sup>(a)</sup> | $333137 |
| 1204 | Inspire Medical Systems, Inc.<sup>(a)</sup> | 166393 |
|  |  | 499530 |
|  | **METALS & MINING - 0.5%** |  |
| 24875 | Hecla Mining Company | 127858 |
|  | **MULTI ASSET CLASS REIT - 1.8%** |  |
| 19958 | One Liberty Properties, Inc. | 488572 |
|  | **MULTI ASSET CLASS REITS - 2.1%** |  |
| 30740 | Alexander & Baldwin, Inc. | 550553 |
|  | **OIL & GAS PRODUCERS - 1.2%** |  |
| 11934 | Excelerate Energy, Inc., Class A | 335704 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.0%** |  |
| 17862 | Newpark Resources, Inc.<sup>(a)</sup> | 144503 |
| 4995 | Solaris Oilfield Infrastructure, Inc., CLASS A | 137013 |
|  |  | 281516 |
|  | **RETAIL REIT - 1.8%** |  |
| 15134 | Saul Centers, Inc. | 509713 |
|  | **SOFTWARE - 7.2%** |  |
| 5730 | Adeia, Inc. | 73573 |
| 7500 | Alkami Technology, Inc.<sup>(a)</sup> | 214800 |
| 11700 | Appian Corporation<sup>(a)</sup> | 368550 |
| 19900 | Backblaze, Inc., Class A<sup>(a)</sup> | 113430 |
| 26075 | Cantaloupe, Inc.<sup>(a)</sup> | 218248 |
| 8027 | Intapp, Inc.<sup>(a)</sup> | 442448 |
| 61377 | Olo, Inc.<sup>(a)</sup> | 534593 |
|  |  | 1965642 |
|  | **SPECIALTY FINANCE - 6.6%** |  |
| 3218 | FirstCash Holdings, Inc. | 411614 |
| 1900 | FTAI Aviation Ltd. | 222585 |

---

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

---

| |
|:---|
| **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **SPECIALTY FINANCE - 6.6% (Continued)** |  |
| 1700 | LendingTree, Inc.<sup>(a)</sup> | $59534 |
| 4023 | Nelnet, Inc., Class A | 467392 |
| 38585 | OppFi, Inc. | 488873 |
| 13637 | PRA Group, Inc.<sup>(a)</sup> | 193509 |
|  |  | 1843507 |
|  | **STEEL - 2.8%** |  |
| 2401 | Carpenter Technology Corporation | 564234 |
| 5876 | Northwest Pipe Company<sup>(a)</sup> | 227049 |
|  |  | 791283 |
|  | **TECHNOLOGY SERVICES - 3.1%** |  |
| 2825 | Cass Information Systems, Inc. | 119498 |
| 7886 | LiveRamp Holdings, Inc.<sup>(a)</sup> | 256926 |
| 2408 | MAXIMUS, Inc. | 174604 |
| 15560 | Paysafe Ltd.<sup>(a)</sup> | 192166 |
| 14085 | Priority Technology Holdings, Inc.<sup>(a)</sup> | 120145 |
|  |  | 863339 |
|  | **TIMBER REIT - 1.6%** |  |
| 11540 | PotlatchDeltic Corporation | 453984 |
|  | **TO BE CLASSIFIED - 1.0%** |  |
| 8050 | Primo Brands Corporation | 266214 |
|  | **TRANSPORTATION & LOGISTICS - 1.6%** |  |
| 5588 | Golar LNG Ltd. | 230002 |
| 1980 | SkyWest, Inc.<sup>(a)</sup> | 200871 |
|  |  | 430873 |

---

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

---

| |
|:---|
| **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.4% (Continued)** |  |
|  | **WHOLESALE - DISCRETIONARY - 0.6%** |  |
| 929 | Climb Global Solutions, Inc. | $102353 |
| 930 | PC Connection, Inc. | 60822 |
|  |  | 163175 |
|  | **TOTAL COMMON STOCKS (Cost $25,666,013)** | $27136178 |
|  | **TOTAL INVESTMENTS - 98.4% (Cost $25,666,013)** | $27136178 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%** | 434432 |
|  | **NET ASSETS - 100.0%** | $27570610 |

---

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

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

---

| |
|:---|
| **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3%** |  |
|  | **AEROSPACE & DEFENSE - 3.0%** |  |
| 5123 | General Dynamics Corporation | $1426703 |
| 3870 | L3Harris Technologies, Inc. | 945596 |
| 2470 | Lockheed Martin Corporation, B | 1191479 |
|  |  | 3563778 |
|  | **ASSET MANAGEMENT - 2.4%** |  |
| 2845 | Blackrock, Inc. | 2787787 |
|  | **BANKING - 13.0%** |  |
| 33304 | Bank of America Corporation | 1469706 |
| 11344 | Citigroup, Inc. | 854430 |
| 13823 | Citizens Financial Group, Inc. | 557758 |
| 37379 | Fifth Third Bancorp | 1427504 |
| 47522 | Huntington Bancshares, Inc. | 742769 |
| 21872 | JPMorgan Chase & Company | 5774207 |
| 6422 | PNC Financial Services Group, Inc. (The) | 1116208 |
| 33154 | US Bancorp | 1445183 |
| 24295 | Wells Fargo & Company | 1816780 |
|  |  | 15204545 |
|  | **BEVERAGES - 2.6%** |  |
| 25649 | Coca-Cola Company (The) | 1849293 |
| 8698 | PepsiCo, Inc. | 1143352 |
|  |  | 2992645 |
|  | **BIOTECH & PHARMA - 7.0%** |  |
| 12174 | AbbVie, Inc. | 2265703 |
| 7600 | Gilead Sciences, Inc. | 836608 |
| 15533 | Johnson & Johnson | 2410877 |
| 19206 | Merck & Company, Inc. | 1475789 |
| 51899 | Pfizer, Inc. | 1219108 |
|  |  | 8208085 |
|  | **CABLE & SATELLITE - 0.9%** |  |
| 29754 | Comcast Corporation, Class A | 1028596 |

---

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

---

| |
|:---|
| **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **CHEMICALS - 0.6%** |  |
| 10404 | DuPont de Nemours, Inc. | $694987 |
|  | **DIVERSIFIED INDUSTRIALS - 1.2%** |  |
| 9296 | 3M Company | 1379062 |
|  | **ELECTRIC UTILITIES - 3.8%** |  |
| 9130 | American Electric Power Company, Inc. | 944864 |
| 16028 | Public Service Enterprise Group, Inc. | 1298749 |
| 24217 | Southern Company (The) | 2179530 |
|  |  | 4423143 |
|  | **ELECTRICAL EQUIPMENT - 1.3%** |  |
| 14883 | Johnson Controls International plc | 1508690 |
|  | **GAMING REITS - 0.4%** |  |
| 10773 | Gaming and Leisure Properties, Inc. | 503099 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.7%** |  |
| 3602 | Cigna Group (The) | 1140537 |
| 2671 | UnitedHealth Group, Inc. | 806402 |
|  |  | 1946939 |
|  | **HEALTH CARE REIT - 0.5%** |  |
| 30407 | Healthpeak Properties, Inc. | 529386 |
|  | **HOUSEHOLD PRODUCTS - 2.8%** |  |
| 19633 | Procter & Gamble Company (The) | 3335450 |
|  | **INDUSTRIAL REIT - 1.1%** |  |
| 11727 | Prologis, Inc. | 1273552 |
|  | **INFRASTRUCTURE REIT - 0.6%** |  |
| 6600 | Crown Castle International Corp. | 662310 |

---

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

---

| |
|:---|
| **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.5%** |  |
| 20089 | Bank of New York Mellon Corporation (The) | $1780086 |
|  | **INSURANCE - 5.7%** |  |
| 6733 | Arthur J Gallagher & Company | 2339314 |
| 29800 | MetLife, Inc. | 2341684 |
| 19214 | Prudential Financial, Inc. | 1996142 |
|  |  | 6677140 |
|  | **LEISURE FACILITIES & SERVICES - 1.6%** |  |
| 5832 | McDonald's Corporation | 1830373 |
|  | **MACHINERY - 5.7%** |  |
| 6092 | Caterpillar, Inc. | 2120198 |
| 2791 | Deere & Company | 1412972 |
| 4814 | Parker-Hannifin Corporation | 3199865 |
|  |  | 6733035 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.4%** |  |
| 8191 | Abbott Laboratories | 1094154 |
| 6356 | Becton Dickinson and Company | 1096982 |
| 3703 | Danaher Corporation | 703200 |
| 13472 | Medtronic PLC | 1117906 |
|  |  | 4012242 |
|  | **MULTI ASSET CLASS REIT - 0.6%** |  |
| 12066 | WP Carey, Inc. | 757262 |
|  | **OIL & GAS PRODUCERS - 6.2%** |  |
| 22049 | ConocoPhillips | 1881882 |
| 29981 | Exxon Mobil Corporation | 3067056 |
| 68260 | Kinder Morgan, Inc. | 1914010 |
| 12691 | Ovintiv, Inc. | 454592 |
|  |  | 7317540 |
|  | **RETAIL - CONSUMER STAPLES - 2.5%** |  |
| 30256 | Walmart, Inc. | 2986872 |

---

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

---

| |
|:---|
| **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 2.4%** |  |
| 7653 | Home Depot, Inc. (The) | $2818524 |
|  | **SEMICONDUCTORS - 2.8%** |  |
| 6792 | Broadcom, Inc. | 1644139 |
| 10994 | QUALCOMM, Inc. | 1596329 |
|  |  | 3240468 |
|  | **SOFTWARE - 3.6%** |  |
| 9209 | Microsoft Corporation | 4239455 |
|  | **SPECIALTY FINANCE - 0.5%** |  |
| 11587 | Fidelity National Financial, Inc. | 634620 |
|  | **SPECIALTY REITS - 1.0%** |  |
| 10031 | Lamar Advertising Company, Class A | 1209137 |
|  | **TECHNOLOGY HARDWARE - 2.4%** |  |
| 44427 | Cisco Systems, Inc. | 2800678 |
|  | **TECHNOLOGY SERVICES - 3.7%** |  |
| 2750 | Accenture PLC, Class A | 871255 |
| 3331 | Automatic Data Processing, Inc. | 1084340 |
| 3243 | Broadridge Financial Solutions, Inc. | 787498 |
| 6473 | International Business Machines Corporation | 1676896 |
|  |  | 4419989 |
|  | **TELECOMMUNICATIONS - 3.3%** |  |
| 66828 | AT&T, Inc. | 1857818 |
| 47084 | Verizon Communications, Inc. | 2069813 |
|  |  | 3927631 |
|  | **TOBACCO & CANNABIS - 4.0%** |  |
| 20682 | Altria Group, Inc. | 1253536 |
| 18971 | Philip Morris International, Inc. | 3425974 |
|  |  | 4679510 |
|  | **TRANSPORTATION & LOGISTICS - 2.5%** |  |
| 40882 | CSX Corporation | 1291463 |

---

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

---

| |
|:---|
| **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 97.3% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 2.5% (Continued)** |  |
| 4765 | Norfolk Southern Corporation | $1177527 |
| 4147 | United Parcel Service, Inc., Class B | 404498 |
|  |  | 2873488 |
|  | **TRANSPORTATION EQUIPMENT - 1.0%** |  |
| 3486 | Cummins, Inc. | 1120680 |
|  | **TOTAL COMMON STOCKS (Cost $88,720,663)** | 114100784 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 2.7%** |  |
|  | **MONEY MARKET FUND - 2.7%** |  |
| 3140216 | Federated Hermes Treasury Obligations Fund, Institutional Class, 4.18% (Cost $3,140,216)<sup>(a)</sup> | 3140216 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $91,860,879)** | $117241000 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%** | (5771) |
|  | **NET ASSETS - 100.0%** | $117235229 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of May 31, 2025.

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

---

| |
|:---|
| ***Zacks Funds*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Zacks All-Cap Core**<br>**Fund** | **Zacks Small-Cap**<br>**Core Fund** | <br>**Zacks Dividend Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $18273877 | $25666013 | $91860879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $30497667 | $27136178 | $117241000 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold |  | 2378846 |  |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  | 825 | 11377 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 43075 | 6467 | 231153 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 9899 | 23723 | 54442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 30550641 | 29546039 | 117537972 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 1862312 |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 24287 | 27721 | 134886 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable |  | 7545 | 12736 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 8295 | 6415 | 41500 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 36502 | 30508 | 44188 |
| &nbsp;&nbsp;&nbsp;Due to custodian |  | 549 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 44463 | 40379 | 69433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 113547 | 1975429 | 302743 |
| **NET ASSETS** | $**30437094** | $**27570610** | $**117235229** |
| **Net Assets Consist Of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $17900831 | $26677404 | $91020757 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 12536263 | 893206 | 26214472 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $**30437094** | $**27570610** | $**117235229** |
| **Net Asset Value Per Share:** |  |  |  |
| Investor Class Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  | $**12118104** | $**18721833** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |  | **415688** | **717303** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share <sup>(a)</sup> |  | $**29.15** | $**26.10** |
| Institutional Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**30437094** | $**15452506** | $**98513396** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1163842** | **515685** | **3828145** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share <sup>(a)</sup> | $**26.15** | $**29.97** | $**25.73** |

---

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

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

---

| |
|:---|
| ***Zacks Funds*** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended May 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Zacks All-Cap**<br>**Core Fund** | **Zacks Small-Cap**<br>**Core Fund** | **Zacks Dividend**<br>**Fund** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $187386 | $218253 | $1738704 |
| &nbsp;&nbsp;&nbsp;Interest | 36025 | 6743 | 27334 |
| &nbsp;&nbsp;&nbsp;Less: Foreign withholding taxes |  |  | (652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 223411 | 224996 | 1765386 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 121565 | 133514 | 491775 |
| &nbsp;&nbsp;&nbsp;Interest expense on line of credit |  |  |  |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 16556 | 29548 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 22624 | 15191 | 34445 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 20792 | 18277 | 66815 |
| &nbsp;&nbsp;&nbsp;Audit fees | 10194 | 10201 | 10877 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 9943 | 9742 | 11887 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 6808 | 4826 | 9688 |
| &nbsp;&nbsp;&nbsp;Legal fees | 5975 | 14834 | 37669 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 4829 | 5753 | 6962 |
| &nbsp;&nbsp;&nbsp;Registration fees | 4550 | 6220 | 3326 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 1798 | 1940 | 6263 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 910 | 910 | 910 |
| &nbsp;&nbsp;&nbsp;Other expenses | 1961 | 723 | 1961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 211949 | 238687 | 712126 |
| &nbsp;&nbsp;&nbsp;Less: Expenses waived by the Adviser | (59993) | (53014) | (37123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 151956 | 185673 | 675003 |
| **NET INVESTMENT INCOME** | 71455 | 39323 | 1090383 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | 616388 | (418445) | 1826709 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (1944381) | (4038656) | (7930714) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (1327993) | (4457101) | (6104005) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(1256538)** | $**(4417778)** | $**(5013622)** |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Six Month Ended**<br>**May 31, 2025** | **Year Ended**<br>**November 30, 2024** |
|  | **(Unaudited)** |  |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $71455 | $100275 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 616388 | 4750800 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1944381) | 5985289 |
| Net increase (decrease) in net assets resulting from operations | (1256538) | 10836364 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (3768643) | (8757374) |
| Net decrease in net assets resulting from distributions to shareholders | (3768643) | (8757374) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 3567383 | 9305514 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2952043 | 5335116 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class + | (3908619) | (23732007) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 2610807 | (9091377) |
| **TOTAL DECREASE IN NET ASSETS** | (2414374) | (7012387) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 32851468 | 39863855 |
| &nbsp;&nbsp;&nbsp;End of Period | $**30437094** | $**32851468** |
| **SHARE ACTIVITY** |  |  |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 137652 | 352317 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 113409 | 225873 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (148965) | (892742) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 102096 | (314552) |

---

---

| | |
|:---|:---|
| + | Net of redemption fee proceeds received of $9,216 and $50, respectively. |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Six Month Ended**<br>**May 31, 2025** | **Year Ended**<br>**November 30, 2024** |
|  | **(Unaudited)** |  |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $39323 | $(44961) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | (418445) | 5095675 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (4038656) | 3662295 |
| Net increase (decrease) in net assets resulting from operations | (4417778) | 8713009 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2529272) | (678791) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (2134398) | (820807) |
| Net decrease in net assets resulting from distributions to shareholders | (4663670) | (1499598) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 167036 | 831790 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 897600 | 1723884 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 2055711 | 653208 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 2395350 | 790824 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class + | (1902135) | (3094375) |
| &nbsp;&nbsp;&nbsp;Institutional Class ++ | (2167881) | (4391512) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 1445681 | (3486181) |
| **TOTAL INCREASE IN NET ASSETS** | (7635767) | 3727230 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 35206377 | 31479147 |
| &nbsp;&nbsp;&nbsp;End of Period | $**27570610** | $**35206377** |
| **SHARE ACTIVITY** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5784 | 24083 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 67356 | 19764 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (64731) | (89681) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 8409 | (45834) |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 28427 | 48875 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 76431 | 23460 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (71077) | (124184) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 33781 | (51849) |

---

---

| | |
|:---|:---|
| + | Net of redemption fee proceeds received of $147 and $16 respectively. |

---

---

| | |
|:---|:---|
| ++ | Net of redemption fee proceeds received of $202 and $0 respectively. |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Six Month Ended**<br>**May 31, 2025** | **Year Ended**<br>**November 30, 2024** |
|  | **(Unaudited)** |  |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1090383 | $2611328 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 1826709 | 5476946 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (7930714) | 29775168 |
| Net increase (decrease) in net assets resulting from operations | (5013622) | 37863442 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1173581) | (1628122) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (4580558) | (7018927) |
| Net decrease in net assets resulting from distributions to shareholders | (5754139) | (8647049) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 9594008 | 5155745 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 12068108 | 22657939 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1145186 | 1583298 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 3017692 | 5369351 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class + | (17532271) | (14293306) |
| &nbsp;&nbsp;&nbsp;Institutional Class ++ | (14820136) | (80677991) |
| Net decrease in net assets resulting from shares of beneficial interest | (6527413) | (60204964) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (17295174) | (30988571) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 134530403 | 165518974 |
| &nbsp;&nbsp;&nbsp;End of Period | $**117235229** | $**134530403** |
| **SHARE ACTIVITY** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 370298 | 205284 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 45643 | 67445 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (700081) | (577794) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (284140) | (305065) |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 475771 | 932986 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 122075 | 233876 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (584293) | (3296425) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 13553 | (2129563) |

---

---

| | |
|:---|:---|
| + | Net of redemption fee proceeds received of $14,523 and $3,809 respectively. |

---

---

| | |
|:---|:---|
| ++ | Net of redemption fee proceeds received of $33,009 and $4,878 respectively. |

---

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30, 2024** |<br>**Year Ended**<br>**November 30, 2023** |<br>**Year Ended**<br>**November 30, 2022** |<br>**Year Ended**<br>**November 30, 2021** |<br>**Year Ended**<br>**November 30, 2020** |
| Net asset value, beginning of period | $30.94 | $28.96 | $29.19 | $34.17 | $28.06 | $26.95 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.06 | 0.08 | 0.15 | 0.17 | 0.09 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.25) | 6.36 | 2.72 | (3.19) | 7.53 | 3.25 |
| Total from investment operations | (1.19) | 6.44 | 2.87 | (3.02) | 7.62 | 3.43 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.18) | (0.19) | (0.08) | (0.17) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.51) | (6.26) | (2.91) | (1.88) | (1.34) | (2.07) |
| Total distributions | (3.60) | (6.44) | (3.10) | (1.96) | (1.51) | (2.32) |
| Paid-in-Capital From Redemption Fees (1)(3) |  |  |  |  | (0.00) |  |
| Net asset value, end of period | $26.15 | $30.94 | $28.96 | $29.19 | $34.17 | $28.06 |
| Total return (2) | (3.79)% (5) | 35.97% | 11.24% | (9.43)% | 28.54% | 13.84% |
| Net assets, at end of period(000s) | $30437 | $32851 | $39864 | $52589 | $68944 | $49957 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.40% (4) | 1.47% | 1.35% | 1.14% | 1.14% | 1.22% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 0.08% (4) | (0.17)% | 0.21% | 0.43% | 0.14% | 0.49% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 0.47% | 0.30% | 0.56% | 0.57% | 0.28% | 0.71% |
| Portfolio Turnover Rate | 9% (5) | 15% | 35% | 27% | 25% | 38% |

---

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

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

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

(4) Annualized for
 periods less than one year.

(5) Not annualized.

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30, 2024** |<br>**Year Ended**<br>**November 30, 2023** |<br>**Year Ended**<br>**November 30, 2022** |<br>**Year Ended**<br>**November 30, 2021** |<br>**Year Ended**<br>**November 30, 2020** |
| Net asset value, beginning of period | $39.12 | $31.57 | $31.59 | $33.36 | $24.48 | $26.80 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.02 | (0.09) | (0.04) | 0.15 | 0.01 | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (4.71) | 9.16 | 0.17 | (1.13) | 8.87 | (2.21 |
| Total from investment operations | (4.69) | 9.07 | 0.13 | (0.98) | 8.88 | (2.29 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.15) | (0.01) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (5.28) | (1.52 |  | (0.78) |  |  |
| Total distributions | (5.28) | (1.52 | (0.15 | (0.79) |  | (0.03 |
| Paid-in-Capital From Redemption Fees (1) |  |  |  |  |  |  |
| Net asset value, end of period | $29.15 | $39.12 | $31.57 | $31.59 | $33.36 | $24.48 |
| Total return (2) | (12.60)% (5) | 29.63 | 0.42 | (3.01)% | 36.23 | (8.54 |
| Net assets, at end of period(000s) | $12118 | $15931 | $14306 | $16199 | $23092 | $21867 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.75% (4) | 1.71 | 1.89 | 1.67% | 1.61 | 1.63 |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 1.39% | 1.39 | 1.39 | 1.39% | 1.39 | 1.39 |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | (0.24)% (4) | (0.59) | (0.64) | 0.20% | (0.17) | (0.61) |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 0.12% | (0.27) | (0.14) | 0.48% | 0.05 | (0.37) |
| Portfolio Turnover Rate | 53% (5) | 135 | 100 | 94% | 116 | 135 |

---

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

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

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

(4) Annualized for
 periods less than one year.

(5) Not annualized.

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

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30, 2024** |<br>**Year Ended**<br>**November 30, 2023** |<br>**Year Ended**<br>**November 30, 2022** |<br>**Year Ended**<br>**November 30, 2021** |  |<br>**Year Ended**<br>**November 30, 2020** |
| Net asset value, beginning of period | $40.00 | $32.18 | $32.20 | $34.03 | $24.91 |  | $27.29 |
| Activity from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.06 | (0.01) | 0.04 | 0.23 | 0.09 |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (4.81) | 9.35 | 0.18 | (1.15) | 9.03 |  | (2.23 |
| Total from investment operations | (4.75) | 9.34 | 0.22 | (0.92) | 9.12 |  | (2.26 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.24) | (0.13) |  |  | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (5.28) | (1.52) |  | (0.78) |  |  |  |
| Total distributions | (5.28) | (1.52) | (0.24 | (0.91) |  |  | (0.12 |
| Paid-in-Capital From Redemption Fees (1) |  |  |  | (0.00) |  | (3) |  |
| Net asset value, end of period | $29.97 | $40.00 | $32.18 | $32.20 | $34.03 |  | $24.91 |
| Total return (2) | (12.45)% (5) | 29.92% | 0.70 | (2.77)% | 36.57 | % | (8.28 |
| Net assets, at end of period(000s) | $15453 | $19275 | $17174 | $21595 | $25809 |  | $24450 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.50% (4) | 1.46% | 1.64 | 1.42% | 1.36 | % | 1.38 |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 1.14% | 1.14% | 1.14 | 1.14% | 1.14 | % | 1.14 |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 0.02% (4) | (0.35)% | (0.39) | 0.45% | 0.08 | % | (0.36) |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 0.38% | (0.02)% | 0.11 | 0.73% | 0.03 | % | (0.12) |
| Portfolio Turnover Rate | 53% (5) | 135% | 100 | 94% | 116 | % | 135 |

---

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

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

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

(4) Annualized for
 periods less than one year.

(5) Not annualized.

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30, 2024** |<br>**Year Ended**<br>**November 30, 2023** |<br>**Year Ended**<br>**November 30, 2022** |<br>**Year Ended**<br>**November 30, 2021** |<br>**Year Ended**<br>**November 30, 2020** |
| Net asset value, beginning of period | $28.23 | $23.11 | $25.38 | $24.72 | $21.00 | $21.89 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.21 | 0.41 | 0.48 | 0.45 | 0.37 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.16) | 6.03 | (1.26) | 1.16 | 3.85 | (0.71 |
| Total from investment operations | (0.95) | 6.44 | (0.78) | 1.61 | 4.22 | (0.29 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.39) | (0.41) | (0.46) | (0.38) | (0.37) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.79) | (0.91 | (1.09) | (0.71) | (0.13 | (0.19 |
| Total distributions | (1.18) | (1.32 | (1.55) | (1.09) | (0.50 | (0.60 |
| Paid-in-Capital From Redemption Fees (1) |  |  | 0.06 | 0.14 |  |  |
| Net asset value, end of period | $26.10 | $28.23 | $23.11 | $25.38 | $24.72 | $21.00 |
| Total return (2) | (3.18)% (5) | 29.05 | (2.88)% | 7.26% | 20.35 | (1.11 |
| Net assets, at end of period(000s) | $18722 | $28275 | $30199 | $17993 | $82818 | $70481 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.30% (4) | 1.31 | 1.32% | 1.27% | 1.30 | 1.37 |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 1.24% | 1.30 | 1.30% | 1.30% | 1.30 | 1.30 |
| Ratio of net investment income to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.54% (4) | 1.63 | 2.07% | 1.85% | 1.57 | 2.06 |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 1.60% | 1.65 | 2.09% | 1.82% | 1.57 | 2.13 |
| Portfolio Turnover Rate | 5% (5) | 11 | 43% | 27% | 17 | 14 |

---

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

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

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

(4) Annualized for
 periods less than one year.

(5) Not annualized.

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Institutional Class** | **Six Months Ended**<br>**May 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**November 30, 2024** |<br>**Year Ended**<br>**November 30, 2023** |<br>**Year Ended**<br>**November 30, 2022** |<br>**Year Ended**<br>**November 30, 2021** |<br>**Year Ended**<br>**November 30, 2020** |
| Net asset value, beginning of period | $27.86 | $22.77 | $25.10 | $24.71 | $20.99 | $21.89 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.23 | 0.47 | 0.53 | 0.50 | 0.44 | 0.46 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.16) | 5.93 | (1.25) | 1.08 | 3.84 | (0.71) |
| Total from investment operations | (0.93) | 6.40 | (0.72) | 1.58 | 4.28 | (0.25) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.41) | (0.40) | (0.52) | (0.48) | (0.43) | (0.46) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.79) | (0.91) | (1.09) | (0.71) | (0.13) | (0.19) |
| Total distributions | (1.20) | (1.31) | (1.61) | (1.19) | (0.56) | (0.65) |
| Paid-in-Capital From Redemption Fees (1)(3) |  |  |  |  |  |  |
| Net asset value, end of period | $25.73 | $27.86 | $22.77 | $25.10 | $24.71 | $20.99 |
| Total return (2) | (3.16)% (5) | 29.36% | (2.89)% | 6.59% | 20.65% | (0.89)% |
| Net assets, at end of period(000s) | $98513 | $106256 | $135320 | $173316 | $71403 | $36206 |
| Ratio of net expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.05% (4) | 1.06% | 1.07% | 1.02% | 1.05% | 1.12% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 0.99% | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| Ratio of net investment income to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.76% (4) | 1.90% | 2.32% | 2.10% | 1.82% | 2.31% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 1.82% | 1.91% | 2.34% | 2.07% | 1.82% | 2.38% |
| Portfolio Turnover Rate | 5% (5) | 11% | 43% | 27% | 17% | 14% |

---

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

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

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

(4) Annualized for
 periods less than one year.

(5) Not annualized.

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

***Zacks Funds***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**May 31, 2025**

**1.** **ORGANIZATION** 

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

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

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

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

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

***Zacks Funds***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

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

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

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

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

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

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

***Zacks Funds***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

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

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

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

***Zacks Funds***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2025 for each Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **All-Cap Core Fund** | **All-Cap Core Fund** | **All-Cap Core Fund** | **All-Cap Core Fund** | **All-Cap Core Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $29099773 | $— | $— | $29099773 |
| Short-Term Investment | 1397894 |  |  | 1397894 |
| Total | $30497667 | $— | $— | $30497667 |
| **Small-Cap Core Fund** | **Small-Cap Core Fund** | **Small-Cap Core Fund** | **Small-Cap Core Fund** | **Small-Cap Core Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $27136178 | $— | $— | $27136178 |
| Total | $27136178 | $— | $— | $27136178 |

---

***Zacks Funds***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dividend Fund** | **Dividend Fund** | **Dividend Fund** | **Dividend Fund** | **Dividend Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $114100784 | $— | $— | $114100784 |
| Short-Term Investment | 3140216 |  |  | 3140216 |
| Total | $117241000 | $— | $— | $117241000 |

---

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

\* See Schedule of Investments for industry classification.

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

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

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

**Federal Income Taxes –** The Funds intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for Federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Interest and penalties related to income taxes would be recorded as tax expense in the Statement of Operations. Management has analyzed each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years November 30, 2021 through November 30, 2024, or expected to be taken in the Funds' November 30, 2025 year-end tax returns. The Funds have identified their major tax jurisdictions as U.S. Federal and Delaware state, however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

***Zacks Funds***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

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

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

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

For the six months ended May 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. government securities, were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sale Proceeds |
| All-Cap Core Fund | $2701772 | $2652470 |
| Small-Cap Core Fund | 15660501 | 18736761 |
| Dividend Fund | 6577318 | 21084568 |

---

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

The Advisor serves as the investment adviser to the Funds. Pursuant to advisory agreements with the Trust, on behalf of each Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Funds pay the Advisor an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.80% of the average daily net assets of each of the All-Cap Core Fund and the Dividend Fund and 0.90% of the average daily net assets of the Small-Cap Core Fund. For the six months ended May 31, 2025, the Advisor earned investment advisory fees of $121,565, $133,514 and $491,775 for the All-Cap Core Fund, Small-Cap Core Fund and the Dividend Fund, respectively.

***Zacks Funds***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

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

---

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

---

These fee waivers and reimbursements are subject to possible recoupment from the Fund by the Advisor in future years (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limitation in place at the time of waiver. For the six months ended May 31, 2025 the Advisor waived fees/reimbursed expenses of $59,993, $553,014, and $37,123 for the All-Cap Core Fund, Small-Cap Core Fund and Dividend Fund, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2026** | **2027** | **Total** |
| All-Cap Core Fund | $85337 | $162395 | $156355 | $404087 |
| Small-Cap Core Fund | 123238 | 176172 | 108583 | 407993 |
| Dividend Fund |  | 32292 | 16585 | 48877 |

---

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

The Trust, on behalf of the Funds, has adopted the Trust's Distribution and Shareholder Services Plan Pursuant to Rule 12b-1 under the 1940 Act (the "Plan"). The Plan provides that a monthly service and/or distribution fee is calculated at an annual rate of 0.25% of the average daily net assets attributable to the Investor Class for each of the Small-Cap Core Fund and the Dividend Fund and is paid to the Distributor to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Funds' shareholder accounts not otherwise required to be provided by the Advisor. Institutional Class shares do not pay any distribution fees. During the six months ended May 31, 2025, pursuant to the Plan, distribution fees for Investor Class shares were as follows:

---

| | |
|:---|:---|
| **Fund** | **Investor Class** |
| All-Cap Core Fund | N/A |
| Small-Cap Core Fund | $16556 |
| Dividend Fund | 29548 |

---

***Zacks Funds***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

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

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

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

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

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

The tax character of fund distributions paid for the year ended November 30, 2024, and November 30, 2023, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**11/30/2024** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| All-Cap Core Fund | $255196 | $8502178 | $— | $8757374 |
| Small-Cap Core Fund | 661950 | 837648 |  | 1499598 |
| Dividend Fund | 1494498 | 7152551 |  | 8647049 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**11/30/2023** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| All-Cap Core Fund | $351060 | $5343059 | $— | $5694119 |
| Small-Cap Core Fund | 224171 | 10971 |  | 235142 |
| Dividend Fund | 4071164 | 9296006 |  | 13367170 |

---

As of November 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| All-Cap Core Fund | $174560 | $3254950 | $— | $— | $— | $14131934 | $17561444 |
| Small - Cap Core Fund | 1191856 | 3283819 |  |  |  | 5498979 | 9974654 |
| Dividend Fund | 3052686 | 1862990 |  |  |  | 32066557 | 36982233 |

---

***Zacks Funds***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

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

During the fiscal period ended November 30, 2024, the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primary attributable to equalization credits, and adjustments for prior year tax returns resulted in reclassifications for the Funds for the fiscal year ended November 30, 2024, as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings** |
| All-Cap Core Fund | $1247535 | $(1247535) |
| Small-Cap Core Fund | 664998 | (664998) |
| Dividend Fund | 2446783 | (2446783) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| All-Cap Core Fund | $18310114 | $12637231 | $(449678) | $12187553 |
| Small-Cap Core Fund | 25675855 | 3483324 | (2023001) | 1460323 |
| Dividend Fund | 93105157 | 28318011 | (4182168) | 24135843 |

---

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

The Funds may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares after holding them for less than 30 days. The redemption fee is paid directly to the specific Fund in which the short-term redemption fee occurs. For the six months ended May 31, 2025 and for the year ended November 30, 2024, redemption fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **November 30, 2024** |
| All-Cap Core Fund | $9216 | $50 |
| Small-Cap Core Fund | 2149 | 16 |
| Dividend Fund | 47532 | 8687 |

---

***Zacks Funds***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

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

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a portfolio creates presumption of the control of the portfolio, under section 2(a)(9) of the 1940 Act. As of May 31, 2025, LPL Financial owned 48.9% and 32.4% of the All-Cap Core Fund and Small-Cap Core Fund, respectively. As of May 31, 2025, Charles Schwab and National Financial Services LLC owned 34.7% and 48.0%, respectively, of the Dividend Fund.

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

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

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

**ADDITIONAL INFORMATION**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures** – Not applicable

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

Refer to the financial statements included herein

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

**Approval of Continuance of Advisory Agreement – Zacks All-Cap Core Fund, Zacks Small-Cap Core Fund, Zacks Dividend Fund**

In connection with a meeting held on April 16, 2025, the Board of Trustees (the "Board") of Zacks Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" (the "Independent Trustees"), as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of the continuance of the investment advisory agreement (the "Advisory Agreement") between Zacks Investment Management, Inc. ("Zacks" or the "Adviser") and the Trust, with respect to the Zacks All-Cap Core Fund (the "All-Cap Core Fund"), Zacks Dividend Fund (the "Dividend Fund") and Zacks Small-Cap Core Fund (the "Small-Cap Core Fund"). In considering the approval of the continuance of the Advisory Agreement, the Board received materials specifically relating to the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund and the Advisory Agreement.

The Independent Trustees considered Trust counsel's guidance and their own business judgment in evaluating the Advisory Agreement and the weight to be given to each factor considered. Based upon its review, the Board concluded that it was in the best interests of the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund that the continuance of the Advisory Agreement be approved and that the compensation payable thereunder by each of the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund to Zacks was fair and reasonable. In considering the approval of the continuance of the Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis, including those discussed below.

***Performance*.** The Board reviewed the performance data of each of the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund provided by the Adviser, including one-year, five -year, ten-year and since inception average annual total returns as of December 31, 2024, as applicable. The Board also reviewed comparisons of each such Fund's performance against its respective peer group average, Morningstar Category Average and benchmark as of December 31, 2024. The Board noted that: (i) the Zacks All-Cap Core Fund outperformed its peer group average, Morningstar Category Average

and benchmark for the one- and five-year periods, outperformed its Morningstar Category Average and benchmark for the ten-year and since inception periods, and underperformed its peer group average for the ten-year and since inception periods; (ii) the Zacks Dividend Fund outperformed its peer group average, Morningstar Category Average and benchmark for the one- and since inception periods, and underperformed its group average, Morningstar Category Average and benchmark for the five-year period; and (iii) the Zacks Small-Cap Core Fund underperformed its peer group average, Morningstar Category Average and benchmark for the one-year period, underperformed its peer group average, Morningstar Category Average and benchmark for the five-year, ten-year and since inception periods, and outperformed its benchmark for the five-year, ten-year and since inception periods. The Board also took into consideration the background and experience of the portfolio manager. After considering the information provided and presented at the Meeting and at meetings throughout the year, the Board determined that the performance of each of the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund was reasonable.

***Nature, Extent and Quality of Services*.** In considering the approval of the continuance of the Advisory Agreement with the Adviser with respect to each of the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund, the Board considered the nature, extent, and quality of services that the Adviser provided to of the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund, including the Adviser's personnel and resources and performance. The Board reviewed the services provided by the Adviser, including the backgrounds of the personnel providing the investment management services and the Adviser's compliance staff. The Trustees also reviewed information provided regarding risk management and compliance and regulatory matters. The Board also took into account the research and decision-making processes used by the Adviser. The Board concluded that the nature, extent and quality of services provided by the Adviser to each of the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund under the Advisory Agreement were satisfactory.

***Fees and Expenses.*** The Board reviewed each of the All-Cap Core Fund's, Dividend Fund's and Small-Cap Core Fund's respective advisory fee and expense ratio, and reviewed information comparing the advisory fee and expense ratios to those of the applicable peer group and Morningstar category. The Board noted that: (i) the advisory fee for the Zacks All-Cap Core Fund was lower than the peer group category average and above the Morningstar category average, and the net expense ratio was above both the peer group and Morningstar category averages; (ii) the advisory fee for the Zacks Dividend Fund was above both the peer group and Morningstar category averages, and the net expense ratio was above both the peer group and Morningstar category averages; and (iii) the advisory fee for the Zacks Small-Cap Core Fund was below the peer group category average but above the Morningstar category average, and the net expense ratio was above both the peer group and Morningstar category averages. In response to the Trustees' questions, Mr. Zacks explained how each peer group was selected from the overall category. The Board noted that the Adviser has also agreed to continue to waive fees and limit expenses of each of the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund. Given these considerations, the Board concluded that the advisory fees paid to the Adviser under the Advisory Agreement were not unreasonable.

***Profitability.*** The Board reviewed the profitability of the Adviser with respect to each of the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund for the previous twelve months of operations. The Board concluded that the profitability of the Adviser in connection with the management of each of the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund was not unreasonable. After further discussion, the Board concluded that Zacks' level of profitability was not excessive.

***Economies of Scale*.** The Board considered the extent to which economies of scale would be realized as each of the All- Cap Core Fund, Dividend Fund and Small-Cap Core Fund grows and whether fee levels reflect a reasonable sharing of economies of scale for the benefit of each such Fund's investors. The Board noted that breakpoints may be an appropriate way for the Adviser to share its economies of scale if any of the All-Cap Core Fund, Dividend Fund or Small-Cap Core Fund experiences substantial asset growth; however, the Board recognized that each of the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund may take some time to reach an asset level where the Adviser could realize significant economies of scale. The Board observed that economies of scale will be considered in the future as each the respective asset levels of each of the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund grow.

***Conclusion.*** Based on all the information considered and the conclusions reached, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Board determined that the continuance of the Advisory Agreement for an additional one -year period is in the best interests of each of the All-Cap Core Fund, Dividend Fund and Small-Cap Core Fund.

**INVESTMENT ADVISOR** 

Zacks Investment Management, Inc.

10 S. Riverside Plaza, Suite 1600

Chicago, IL 60606

**ADMINISTRATOR**

Ultimus Fund Solutions, LLC

4221 North 203<sup>rd</sup> Street Suite 100

Elkhorn, Nebraska 68022

ZACKSFUNDS-SA25

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

Not applicable

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

Not applicable

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

Included under Item 7 of this Form.

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

Included under Item 7 of this Form.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.** None

**Item 16. Controls and Procedures** 

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

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

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

Not applicable

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

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

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

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. – Not applicable

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

(a)(3) Not applicable

(a)(4) Not applicable

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

**SIGNATURES**

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

(Registrant) **Zacks Trust**

---

| | |
|:---|:---|
| By | /s/ Mitch Zacks |
| Mitch Zacks | Mitch Zacks |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 08/08/2025 | Date: 08/08/2025 |

---

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

---

| | |
|:---|:---|
| By | /s/ Mitch Zacks |
| Mitch Zacks | Mitch Zacks |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 08/08/2025 | Date: 08/08/2025 |
| By | /s/ Donald Ralph |
| Donald Ralph | Donald Ralph |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 08/08/2025 | Date: 08/08/2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, <u>Mitch Zacks</u>, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: <u>08/08/2025</u> | <u>/s/ Mitch Zacks</u> |
|  | Mitch Zacks |
|  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, <u>Donald Ralph</u>, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: <u>08/08/2025</u> | <u>/s/ Donald Ralph</u> |
|  | Donald Ralph |
|  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended May 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Zacks Trust | Zacks Trust | Zacks Trust | Zacks Trust |
| /s/ Mitch Zacks | /s/ Mitch Zacks | /s/Donald Ralph | /s/Donald Ralph |
| Mitch Zacks | Mitch Zacks | Donald Ralph | Donald Ralph |
| Date: | 08/08/2025 | Date: | 08/08/2025 |

---

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