# EDGAR Filing Document

**Accession Number:** 0001760588
**File Stem:** 0000910472-25-002527
**Filing Date:** 2025-10
**Character Count:** 70159
**Document Hash:** 2d3da780b4ed1632da8819bb174b9f0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002527.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000910472-25-002527

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20251130

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23435
- **FILM NUMBER:** 251427601

**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 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 |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **ZACKS ALL-CAP CORE FUND** | **ZACKS ALL-CAP CORE FUND** | **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9%** |  |
|  | **AEROSPACE & DEFENSE - 2.0%** |  |
| 551 | General Dynamics Corporation | &nbsp;&nbsp;&nbsp; $178838 |
| 848 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp; 147637 |
| 2020 | RTX Corporation | &nbsp;&nbsp;&nbsp; 320372 |
|  |  | &nbsp;&nbsp; 646847 |
|  | **ASSET MANAGEMENT - 2.2%** |  |
| 642 | Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp; 330508 |
| 151 | Blackrock, Inc. | &nbsp;&nbsp;&nbsp; 170198 |
| 1965 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 204419 |
|  |  | &nbsp;&nbsp; 705125 |
|  | **AUTOMOTIVE - 0.8%** |  |
| 763 | Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 254743 |
|  | **BANKING - 4.9%** |  |
| 6822 | Bank of America Corporation | &nbsp;&nbsp;&nbsp; 346148 |
| 2098 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 632379 |
| 1038 | PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 215323 |
| 5361 | Truist Financial Corporation | &nbsp;&nbsp;&nbsp; 251002 |
| 1017 | Wintrust Financial Corporation | &nbsp;&nbsp;&nbsp; 139624 |
|  |  | &nbsp;&nbsp; 1584476 |
|  | **BEVERAGES - 0.8%** |  |
| 1812 | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp; 269354 |
|  | **BIOTECH & PHARMA - 6.1%** |  |
| 1833 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; 385663 |
| 763 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; 219523 |
| 2310 | Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp; 108986 |
| 523 | Eli Lilly & Company | &nbsp;&nbsp;&nbsp; 383139 |
| 1097 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 123928 |
| 1547 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 274082 |
| 1376 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 115749 |
| 4839 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp; 119814 |
| 543 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 212324 |
|  |  | &nbsp;&nbsp; 1943208 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS ALL-CAP CORE FUND** | **ZACKS ALL-CAP CORE FUND** | **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 2.3%** |  |
| 1728 | Cintas Corporation | &nbsp;&nbsp;&nbsp; $362932 |
| 1473 | Republic Services, Inc. | &nbsp;&nbsp;&nbsp; 344638 |
|  |  | &nbsp;&nbsp; 707570 |
|  | **DIVERSIFIED INDUSTRIALS - 0.6%** |  |
| 1482 | Emerson Electric Company | &nbsp;&nbsp;&nbsp; 195624 |
|  | **E-COMMERCE DISCRETIONARY - 3.2%** |  |
| 4344 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 994776 |
|  | **ELECTRIC UTILITIES - 2.2%** |  |
| 3199 | American Electric Power Company, Inc. | &nbsp;&nbsp;&nbsp; 355153 |
| 1916 | NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp; 138048 |
| 2161 | Southern Company (The) | &nbsp;&nbsp;&nbsp; 199460 |
|  |  | &nbsp;&nbsp; 692661 |
|  | **ELECTRICAL EQUIPMENT - 1.9%** |  |
| 950 | Amphenol Corporation, Class A | &nbsp;&nbsp;&nbsp; 103417 |
| 1475 | Carrier Global Corporation | &nbsp;&nbsp;&nbsp; 96170 |
| 1536 | Itron, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 188836 |
| 3964 | Mirion Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 81262 |
| 960 | Vertiv Holdings Company | &nbsp;&nbsp;&nbsp; 122448 |
|  |  | &nbsp;&nbsp; 592133 |
|  | **ENGINEERING & CONSTRUCTION - 1.5%** |  |
| 763 | EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp; 473060 |
|  | **FOOD - 0.7%** |  |
| 1250 | Hershey Company (The) | &nbsp;&nbsp;&nbsp; 229688 |
|  | **GAS & WATER UTILITIES - 0.9%** |  |
| 1239 | American Water Works Company, Inc. | &nbsp;&nbsp;&nbsp; 177809 |
| 2361 | NiSource, Inc. | &nbsp;&nbsp;&nbsp; 99799 |
|  |  | &nbsp;&nbsp; 277608 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.4%** |  |
| 1793 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 266762 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS ALL-CAP CORE FUND** | **ZACKS ALL-CAP CORE FUND** | **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.4% (Continued)** |  |
| 625 | Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp; $173744 |
|  |  | &nbsp;&nbsp; 440506 |
|  | **HOME CONSTRUCTION - 0.7%** |  |
| 1801 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp; 237768 |
|  | **HOUSEHOLD PRODUCTS - 1.4%** |  |
| 2871 | Procter & Gamble Company (The) | &nbsp;&nbsp;&nbsp; 450862 |
|  | **INDUSTRIAL REIT - 0.4%** |  |
| 1006 | Prologis, Inc. | &nbsp;&nbsp;&nbsp; 114463 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.6%** |  |
| 1853 | Nasdaq, Inc. | &nbsp;&nbsp;&nbsp; 175553 |
|  | **INSURANCE - 4.0%** |  |
| 512 | Assurant, Inc. | &nbsp;&nbsp;&nbsp; 110392 |
| 2807 | Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 371395 |
| 1642 | Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;&nbsp; 337940 |
| 2998 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; 243917 |
| 2829 | W R Berkley Corporation | &nbsp;&nbsp;&nbsp; 202811 |
|  |  | &nbsp;&nbsp; 1266455 |
|  | **INTERNET MEDIA & SERVICES - 11.5%** |  |
| 4528 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 964056 |
| 1144 | Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp; 244278 |
| 1700 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 1255791 |
| 487 | Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 588418 |
| 588 | Spotify Technology S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 400945 |
| 2076 | Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 194625 |
|  |  | &nbsp;&nbsp; 3648113 |
|  | **LEISURE FACILITIES & SERVICES - 2.5%** |  |
| 900 | Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp; 241074 |
| 613 | McDonald's Corporation | &nbsp;&nbsp;&nbsp; 192200 |
| 741 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp; 269146 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS ALL-CAP CORE FUND** | **ZACKS ALL-CAP CORE FUND** | **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 2.5% (Continued)** |  |
| 1173 | Starbucks Corporation | &nbsp;&nbsp;&nbsp; $103447 |
|  |  | &nbsp;&nbsp; 805867 |
|  | **MACHINERY - 1.9%** |  |
| 1229 | Caterpillar, Inc. | &nbsp;&nbsp;&nbsp; 515000 |
| 3737 | Mueller Water Products, Inc., Class A - Series A | &nbsp;&nbsp;&nbsp; 98507 |
|  |  | &nbsp;&nbsp; 613507 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.6%** |  |
| 1684 | Abbott Laboratories | &nbsp;&nbsp;&nbsp; 223399 |
| 2140 | Boston Scientific Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 225771 |
| 530 | Stryker Corporation | &nbsp;&nbsp;&nbsp; 207447 |
| 333 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp; 164076 |
|  |  | &nbsp;&nbsp; 820693 |
|  | **OFFICE REIT - 0.3%** |  |
| 1272 | BXP, Inc. | &nbsp;&nbsp;&nbsp; 92233 |
|  | **OIL & GAS PRODUCERS - 2.6%** |  |
| 2532 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 406640 |
| 2786 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 275730 |
| 1290 | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 147434 |
|  |  | &nbsp;&nbsp; 829804 |
|  | **RESIDENTIAL REIT - 0.4%** |  |
| 943 | Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp; 137508 |
|  | **RETAIL - CONSUMER STAPLES - 2.1%** |  |
| 1070 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 104518 |
| 5349 | Walmart, Inc. | &nbsp;&nbsp;&nbsp; 518745 |
|  |  | &nbsp;&nbsp; 623263 |
|  | **RETAIL - DISCRETIONARY - 2.8%** |  |
| 1964 | Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp; 119784 |
| 1136 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp; 462091 |
| 2216 | TJX Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 302728 |
|  |  | &nbsp;&nbsp; 884603 |
|  | **SEMICONDUCTORS - 10.5%** |  |
| 1652 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 268665 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS ALL-CAP CORE FUND** | **ZACKS ALL-CAP CORE FUND** | **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **SEMICONDUCTORS - 10.5% (Continued)** |  |
| 1737 | Applied Materials, Inc. | &nbsp;&nbsp;&nbsp; $279240 |
| 860 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 255755 |
| 1162 | Lam Research Corporation | &nbsp;&nbsp;&nbsp; 116374 |
| 1827 | Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp; 114854 |
| 12088 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 2105489 |
| 932 | Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp; 188711 |
|  |  | &nbsp;&nbsp; 3329088 |
|  | **SOFTWARE - 11.2%** |  |
| 805 | Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 282096 |
| 1609 | Intapp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 73998 |
| 339 | Intuit, Inc. | &nbsp;&nbsp;&nbsp; 226113 |
| 2489 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 1261151 |
| 848 | Okta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 78669 |
| 1515 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 342587 |
| 859 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 134614 |
| 1099 | Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 209381 |
| 740 | Salesforce, Inc. | &nbsp;&nbsp;&nbsp; 189625 |
| 788 | Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 475574 |
| 1271 | Zoom Video Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 103485 |
| 646 | Zscaler, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 178974 |
|  |  | &nbsp;&nbsp; 3556267 |
|  | **SPECIALTY FINANCE - 1.7%** |  |
| 1600 | American Express Company | &nbsp;&nbsp;&nbsp; 530048 |
|  | **TECHNOLOGY HARDWARE - 6.9%** |  |
| 5591 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 1297895 |
| 998 | Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 136277 |
| 3653 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 252386 |
| 2405 | Corning, Inc. | &nbsp;&nbsp;&nbsp; 161207 |
| 497 | Fabrinet<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 164651 |
| 2335 | Pure Storage, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 181219 |
|  |  | &nbsp;&nbsp; 2193635 |
|  | **TECHNOLOGY SERVICES - 3.3%** |  |
| 850 | Accenture PLC, Class A | &nbsp;&nbsp;&nbsp; 220975 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS ALL-CAP CORE FUND** | **ZACKS ALL-CAP CORE FUND** | **ZACKS ALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.9% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 3.3% (Continued)** |  |
| 1128 | Global Payments, Inc. | &nbsp;&nbsp;&nbsp; $100189 |
| 713 | International Business Machines Corporation | &nbsp;&nbsp;&nbsp; 173608 |
| 857 | Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp; 155048 |
| 512 | Moody's Corporation | &nbsp;&nbsp;&nbsp; 260997 |
| 2987 | Toast, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 134714 |
|  |  | &nbsp;&nbsp; 1045531 |
|  | **TELECOMMUNICATIONS - 1.0%** |  |
| 1314 | T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp; 331115 |
|  | **TOTAL COMMON STOCKS (Cost $16,735,024)** | &nbsp;&nbsp; 31693755 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.2%** |  |
|  | **MONEY MARKET FUND - 0.2%** |  |
| 74379 | Federated Hermes Treasury Obligations Fund, Institutional Class, 4.13% (Cost $74,379)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 74379 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $16,809,403)** | &nbsp;&nbsp;&nbsp; $31768134 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (28114) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $31740020 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL-CAP CORE FUND** | **ZACKS SMALL-CAP CORE FUND** | **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3%** |  |
|  | **AEROSPACE & DEFENSE - 1.2%** |  |
| 1890 | Moog, Inc., Class A | &nbsp;&nbsp;&nbsp; $370157 |
|  | **ASSET MANAGEMENT - 1.9%** |  |
| 2811 | Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp; 566220 |
|  | **BANKING - 16.3%** |  |
| 8881 | 1st Source Corporation | &nbsp;&nbsp;&nbsp; 572113 |
| 4238 | Bank7 Corporation | &nbsp;&nbsp;&nbsp; 210247 |
| 9943 | Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp; 436100 |
| 4323 | FB Financial Corporation | &nbsp;&nbsp;&nbsp; 232059 |
| 9727 | First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp; 508917 |
| 7138 | First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 288661 |
| 22009 | HBT Financial, Inc. | &nbsp;&nbsp;&nbsp; 583017 |
| 6380 | Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 107567 |
| 10433 | Independent Bank Corporation (MI) | &nbsp;&nbsp;&nbsp; 343141 |
| 6923 | Mercantile Bank Corporation | &nbsp;&nbsp;&nbsp; 340958 |
| 25613 | Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 440287 |
| 3510 | Sierra Bancorp | &nbsp;&nbsp;&nbsp; 107617 |
| 10983 | SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp; 404724 |
| 9770 | Univest Financial Corporation | &nbsp;&nbsp;&nbsp; 309416 |
|  |  | &nbsp;&nbsp; 4884824 |
|  | **BIOTECH & PHARMA - 1.4%** |  |
| 43364 | Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 414560 |
|  | **CHEMICALS - 1.5%** |  |
| 6716 | Intrepid Potash, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 204368 |
| 2244 | Materion Corporation | &nbsp;&nbsp;&nbsp; 248635 |
|  |  | &nbsp;&nbsp; 453003 |
|  | **COMMERCIAL SUPPORT SERVICES - 6.7%** |  |
| 918 | CRA International, Inc. | &nbsp;&nbsp;&nbsp; 177872 |
| 3543 | Huron Consulting Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 485249 |
| 38165 | Quad/Graphics, Inc. | &nbsp;&nbsp;&nbsp; 254179 |
| 2732 | UniFirst Corporation | &nbsp;&nbsp;&nbsp; 485804 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL-CAP CORE FUND** | **ZACKS SMALL-CAP CORE FUND** | **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **COMMERCIAL SUPPORT SERVICES - 6.7% (Continued)** |  |
| 16099 | Viad Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $600494 |
|  |  | &nbsp;&nbsp; 2003598 |
|  | **CONSUMER SERVICES - 1.3%** |  |
| 7334 | Carriage Services, Inc. | &nbsp;&nbsp;&nbsp; 321083 |
| 4940 | Coursera, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 56810 |
|  |  | &nbsp;&nbsp; 377893 |
|  | **CONTAINERS & PACKAGING - 1.0%** |  |
| 4748 | Greif, Inc., Class A | &nbsp;&nbsp;&nbsp; 310092 |
|  | **ELECTRICAL EQUIPMENT - 7.7%** |  |
| 12715 | Allient, Inc. | &nbsp;&nbsp;&nbsp; 577007 |
| 4139 | Itron, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 508849 |
| 330 | Kimball Electronics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9527 |
| 6600 | nLight, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 190080 |
| 3137 | SPX Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 586964 |
| 1471 | Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp; 407320 |
|  |  | &nbsp;&nbsp; 2279747 |
|  | **ENGINEERING & CONSTRUCTION - 6.6%** |  |
| 4865 | Bowman Consulting Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 207881 |
| 8595 | Centuri Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 182558 |
| 822 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp; 578178 |
| 7330 | Frontdoor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 445298 |
| 47082 | Great Lakes Dredge & Dock Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 548976 |
|  |  | &nbsp;&nbsp; 1962891 |
|  | **FOOD - 1.6%** |  |
| 5880 | Mission Produce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 73559 |
| 10985 | Phibro Animal Health Corporation, Class A | &nbsp;&nbsp;&nbsp; 407213 |
|  |  | &nbsp;&nbsp; 480772 |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.0%** |  |
| 76243 | Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 609943 |
| 10682 | Enhabit, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 84174 |
| 34020 | LifeStance Health Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 186430 |
| 8270 | Pennant Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 198563 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL-CAP CORE FUND** | **ZACKS SMALL-CAP CORE FUND** | **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.0% (Continued)** |  |
| 7482 | SI-BONE, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $124725 |
|  |  | &nbsp;&nbsp; 1203835 |
|  | **HOUSEHOLD PRODUCTS - 0.4%** |  |
| 3655 | Central Garden & Pet Company, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 120725 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 3.4%** |  |
| 4207 | AZZ, Inc. | &nbsp;&nbsp;&nbsp; 474928 |
| 5736 | Gibraltar Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 359016 |
| 3800 | Proto Labs, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 189278 |
|  |  | &nbsp;&nbsp; 1023222 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.8%** |  |
| 7075 | Resideo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 240904 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.0%** |  |
| 3500 | Marex Group plc | &nbsp;&nbsp;&nbsp; 123760 |
| 1854 | StoneX Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 189423 |
|  |  | &nbsp;&nbsp; 313183 |
|  | **INSURANCE - 0.9%** |  |
| 5000 | Hippo Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 169050 |
| 180 | Palomar Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22144 |
| 2564 | United Fire Group, Inc. | &nbsp;&nbsp;&nbsp; 78817 |
|  |  | &nbsp;&nbsp; 270011 |
|  | **INTERNET MEDIA & SERVICES - 2.0%** |  |
| 14278 | EverQuote, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 331964 |
| 40195 | Marqeta, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 255841 |
|  |  | &nbsp;&nbsp; 587805 |
|  | **LEISURE FACILITIES & SERVICES - 4.5%** |  |
| 21500 | Accel Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 249185 |
| 62089 | Global Business Travel Group I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 517822 |
| 2063 | Light & Wonder, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 190766 |
| 10827 | Potbelly Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 140101 |
| 15600 | Super Group SGHC Ltd. | &nbsp;&nbsp;&nbsp; 181428 |
| 10400 | Target Hospitality Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 94328 |
|  |  | &nbsp;&nbsp; 1373630 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL-CAP CORE FUND** | **ZACKS SMALL-CAP CORE FUND** | **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **MACHINERY - 3.2%** |  |
| 980 | ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp; $196892 |
| 4706 | Federal Signal Corporation | &nbsp;&nbsp;&nbsp; 578791 |
| 3923 | Graham Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 192423 |
|  |  | &nbsp;&nbsp; 968106 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.3%** |  |
| 51410 | Bioventus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 380434 |
|  | **METALS & MINING - 0.7%** |  |
| 24875 | Hecla Mining Company | &nbsp;&nbsp;&nbsp; 211686 |
|  | **MULTI ASSET CLASS REIT - 1.6%** |  |
| 19958 | One Liberty Properties, Inc. | &nbsp;&nbsp;&nbsp; 476797 |
|  | **MULTI ASSET CLASS REITS - 2.0%** |  |
| 29976 | Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp; 579735 |
|  | **OIL & GAS PRODUCERS - 1.0%** |  |
| 11934 | Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp; 291428 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.6%** |  |
| 17862 | Newpark Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 185765 |
|  | **REAL ESTATE SERVICES - 1.9%** |  |
| 31394 | Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 571685 |
|  | **RETAIL REIT - 1.7%** |  |
| 15134 | Saul Centers, Inc. | &nbsp;&nbsp;&nbsp; 517129 |
|  | **SOFTWARE - 7.0%** |  |
| 5730 | Adeia, Inc. | &nbsp;&nbsp;&nbsp; 86179 |
| 7500 | Alkami Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 192000 |
| 11700 | Appian Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 360126 |
| 9025 | Asana, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 131765 |
| 19900 | Backblaze, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 166165 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL-CAP CORE FUND** | **ZACKS SMALL-CAP CORE FUND** | **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **SOFTWARE - 7.0% (Continued)** |  |
| 62000 | CS Disco, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $339140 |
| 37570 | EverCommerce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 433933 |
| 8027 | Intapp, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 369162 |
|  |  | &nbsp;&nbsp; 2078470 |
|  | **SPECIALTY FINANCE - 4.5%** |  |
| 3218 | FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp; 473915 |
| 1700 | LendingTree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 115515 |
| 38585 | OppFi, Inc. | &nbsp;&nbsp;&nbsp; 393953 |
| 24725 | Paysign, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 128076 |
| 13637 | PRA Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 233056 |
|  |  | &nbsp;&nbsp; 1344515 |
|  | **STEEL - 2.7%** |  |
| 2025 | Carpenter Technology Corporation | &nbsp;&nbsp;&nbsp; 487782 |
| 5876 | Northwest Pipe Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 311193 |
|  |  | &nbsp;&nbsp; 798975 |
|  | **TECHNOLOGY HARDWARE - 0.9%** |  |
| 6222 | TTM Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 277315 |
|  | **TECHNOLOGY SERVICES - 2.2%** |  |
| 2825 | Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp; 121814 |
| 2408 | MAXIMUS, Inc. | &nbsp;&nbsp;&nbsp; 211711 |
| 15560 | Paysafe Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 219552 |
| 14085 | Priority Technology Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 117891 |
|  |  | &nbsp;&nbsp; 670968 |
|  | **TELECOMMUNICATIONS - 0.4%** |  |
| 1550 | Globalstar, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 46392 |
| 4360 | Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp; 79177 |
|  |  | &nbsp;&nbsp; 125569 |
|  | **TRANSPORTATION & LOGISTICS - 2.0%** |  |
| 5087 | Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp; 122749 |
| 5588 | Golar LNG Ltd. | &nbsp;&nbsp;&nbsp; 244866 |
| 1980 | SkyWest, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 240372 |
|  |  | &nbsp;&nbsp; 607987 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL-CAP CORE FUND** | **ZACKS SMALL-CAP CORE FUND** | **ZACKS SMALL-CAP CORE FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **WHOLESALE - DISCRETIONARY - 0.4%** |  |
| 929 | Climb Global Solutions, Inc. | &nbsp;&nbsp;&nbsp; $114787 |
|  | **TOTAL COMMON STOCKS (Cost $24,914,870)** | &nbsp;&nbsp; 29438423 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.5%** |  |
|  | **MONEY MARKET FUND - 1.5%** |  |
| 439547 | Federated Hermes Treasury Obligations Fund, Institutional Class, 4.13% (Cost $439,547)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 439547 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $25,354,417)** | &nbsp;&nbsp;&nbsp; $29877970 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** | &nbsp;&nbsp; 58435 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $29936405 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of August 31, 2025.

---

| | | |
|:---|:---|:---|
| **ZACKS DIVIDEND FUND** | **ZACKS DIVIDEND FUND** | **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6%** |  |
|  | **AEROSPACE & DEFENSE - 3.1%** |  |
| 5123 | General Dynamics Corporation | &nbsp;&nbsp;&nbsp; $1662773 |
| 3870 | L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp; 1074389 |
| 2740 | Lockheed Martin Corporation, Class B | &nbsp;&nbsp;&nbsp; 1248426 |
|  |  | &nbsp;&nbsp; 3985588 |
|  | **ASSET MANAGEMENT - 2.7%** |  |
| 3110 | Blackrock, Inc. | &nbsp;&nbsp;&nbsp; 3505405 |
|  | **BANKING - 13.4%** |  |
| 35946 | Bank of America Corporation | &nbsp;&nbsp;&nbsp; 1823900 |
| 13117 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 1266709 |
| 13823 | Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 722666 |
| 39074 | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp; 1788417 |
| 22034 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 6641488 |
| 6946 | PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 1440878 |
| 33154 | US Bancorp | &nbsp;&nbsp;&nbsp; 1618910 |
| 25473 | Wells Fargo & Company | &nbsp;&nbsp;&nbsp; 2093371 |
|  |  | &nbsp;&nbsp; 17396339 |
|  | **BEVERAGES - 2.6%** |  |
| 28068 | Coca-Cola Company (The) | &nbsp;&nbsp;&nbsp; 1936411 |
| 9390 | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp; 1395824 |
|  |  | &nbsp;&nbsp; 3332235 |
|  | **BIOTECH & PHARMA - 7.4%** |  |
| 13190 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; 2775176 |
| 7600 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp; 858572 |
| 16553 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 2932696 |
| 21036 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 1769548 |
| 51899 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp; 1285019 |
|  |  | &nbsp;&nbsp; 9621011 |
|  | **CABLE & SATELLITE - 0.9%** |  |
| 32830 | Comcast Corporation, Class A | &nbsp;&nbsp;&nbsp; 1115235 |
|  | **CHEMICALS - 0.6%** |  |
| 10404 | DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp; 800276 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS DIVIDEND FUND** | **ZACKS DIVIDEND FUND** | **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **DIVERSIFIED INDUSTRIALS - 0.7%** |  |
| 8491 | Pentair PLC | &nbsp;&nbsp;&nbsp; $913037 |
|  | **ELECTRIC UTILITIES - 3.2%** |  |
| 10331 | American Electric Power Company, Inc. | &nbsp;&nbsp;&nbsp; 1146948 |
| 16028 | Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp; 1319585 |
| 19028 | Southern Company (The) | &nbsp;&nbsp;&nbsp; 1756284 |
|  |  | &nbsp;&nbsp; 4222817 |
|  | **ELECTRICAL EQUIPMENT - 1.3%** |  |
| 16453 | Johnson Controls International plc | &nbsp;&nbsp;&nbsp; 1758661 |
|  | **GAMING REITS - 0.4%** |  |
| 12029 | Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp; 577512 |
|  | **HEALTH CARE FACILITIES & SERVICES - 1.5%** |  |
| 3933 | Cigna Group (The) | &nbsp;&nbsp;&nbsp; 1183321 |
| 2671 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 827663 |
|  |  | &nbsp;&nbsp; 2010984 |
|  | **HEALTH CARE REIT - 0.4%** |  |
| 30407 | Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp; 545502 |
|  | **HOUSEHOLD PRODUCTS - 2.5%** |  |
| 21045 | Procter & Gamble Company (The) | &nbsp;&nbsp;&nbsp; 3304907 |
|  | **INDUSTRIAL REIT - 1.1%** |  |
| 12494 | Prologis, Inc. | &nbsp;&nbsp;&nbsp; 1421567 |
|  | **INFRASTRUCTURE REIT - 0.6%** |  |
| 7436 | Crown Castle, Inc. | &nbsp;&nbsp;&nbsp; 737205 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.7%** |  |
| 21307 | Bank of New York Mellon Corporation (The) | &nbsp;&nbsp;&nbsp; 2250019 |
|  | **INSURANCE - 5.5%** |  |
| 7304 | Arthur J. Gallagher & Company | &nbsp;&nbsp;&nbsp; 2211286 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS DIVIDEND FUND** | **ZACKS DIVIDEND FUND** | **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **INSURANCE - 5.5% (Continued)** |  |
| 31757 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; $2583750 |
| 21108 | Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp; 2314703 |
|  |  | &nbsp;&nbsp; 7109739 |
|  | **INTERNET MEDIA & SERVICES - 3.2%** |  |
| 8831 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 1880208 |
| 3049 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 2252297 |
|  |  | &nbsp;&nbsp; 4132505 |
|  | **LEISURE FACILITIES & SERVICES - 1.5%** |  |
| 6089 | McDonald's Corporation | &nbsp;&nbsp;&nbsp; 1909145 |
|  | **MACHINERY - 6.2%** |  |
| 6413 | Caterpillar, Inc. | &nbsp;&nbsp;&nbsp; 2687304 |
| 2947 | Deere & Company | &nbsp;&nbsp;&nbsp; 1410552 |
| 5219 | Parker-Hannifin Corporation | &nbsp;&nbsp;&nbsp; 3963048 |
|  |  | &nbsp;&nbsp; 8060904 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.4%** |  |
| 8191 | Abbott Laboratories | &nbsp;&nbsp;&nbsp; 1086618 |
| 6356 | Becton Dickinson and Company | &nbsp;&nbsp;&nbsp; 1226581 |
| 3703 | Danaher Corporation | &nbsp;&nbsp;&nbsp; 762151 |
| 14513 | Medtronic PLC | &nbsp;&nbsp;&nbsp; 1346952 |
|  |  | &nbsp;&nbsp; 4422302 |
|  | **MULTI ASSET CLASS REIT - 0.7%** |  |
| 14226 | WP Carey, Inc. | &nbsp;&nbsp;&nbsp; 954565 |
|  | **OIL & GAS PRODUCERS - 6.5%** |  |
| 22869 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 2263345 |
| 32544 | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 3719453 |
| 74017 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp; 1996979 |
| 12691 | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp; 534545 |
|  |  | &nbsp;&nbsp; 8514322 |
|  | **RETAIL - CONSUMER STAPLES - 2.4%** |  |
| 32695 | Walmart, Inc. | &nbsp;&nbsp;&nbsp; 3170761 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS DIVIDEND FUND** | **ZACKS DIVIDEND FUND** | **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 2.6%** |  |
| 8353 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp; $3397750 |
|  | **SEMICONDUCTORS - 3.0%** |  |
| 7167 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 2131394 |
| 11478 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 1844859 |
|  |  | &nbsp;&nbsp; 3976253 |
|  | **SOFTWARE - 2.6%** |  |
| 6830 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 3460693 |
|  | **SPECIALTY FINANCE - 0.6%** |  |
| 14084 | Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp; 843209 |
|  | **SPECIALTY REITS - 1.0%** |  |
| 10031 | Lamar Advertising Company, Class A | &nbsp;&nbsp;&nbsp; 1276445 |
|  | **TECHNOLOGY HARDWARE - 2.5%** |  |
| 46838 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 3236037 |
|  | **TECHNOLOGY SERVICES - 3.4%** |  |
| 2750 | Accenture PLC, Class A | &nbsp;&nbsp;&nbsp; 714918 |
| 3606 | Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp; 1096404 |
| 3587 | Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp; 916909 |
| 6845 | International Business Machines Corporation | &nbsp;&nbsp;&nbsp; 1666689 |
|  |  | &nbsp;&nbsp; 4394920 |
|  | **TELECOMMUNICATIONS - 3.2%** |  |
| 71311 | AT&T, Inc. | &nbsp;&nbsp;&nbsp; 2088699 |
| 49941 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp; 2208890 |
|  |  | &nbsp;&nbsp; 4297589 |
|  | **TOBACCO & CANNABIS - 3.7%** |  |
| 22016 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp; 1479695 |
| 20282 | Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp; 3389731 |
|  |  | &nbsp;&nbsp; 4869426 |
|  | **TRANSPORTATION & LOGISTICS - 2.4%** |  |
| 40882 | CSX Corporation | &nbsp;&nbsp;&nbsp; 1329074 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS DIVIDEND FUND** | **ZACKS DIVIDEND FUND** | **ZACKS DIVIDEND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 2.4% (Continued)** |  |
| 4765 | Norfolk Southern Corporation | &nbsp;&nbsp;&nbsp; $1334104 |
| 4934 | United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp; 431429 |
|  |  | &nbsp;&nbsp; 3094607 |
|  | **TRANSPORTATION EQUIPMENT - 1.1%** |  |
| 3679 | Cummins, Inc. | &nbsp;&nbsp;&nbsp; 1465861 |
|  | **TOTAL COMMON STOCKS (Cost $97,656,889)** | &nbsp;&nbsp; 130085333 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.3%** |  |
|  | **MONEY MARKET FUND - 0.3%** |  |
| 432213 | Federated Hermes Treasury Obligations Fund, Institutional Class, 4.13% (Cost $432,213)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 432213 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $98,089,102)** | &nbsp;&nbsp;&nbsp; $130517546 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | &nbsp;&nbsp; 106298 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $130623844 |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Zacks Trust

- **b. Investment Company Act file number:** 811-23435

- **c. CIK number of Registrant:** 0001760588

- **d. LEI of Registrant:** 549300OYEV0F3420ER30

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 227 West Monroe Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-265-9359

**Item A.2. Information about the Series.**

- **a. Name of Series:** Zacks Small-Cap Core Fund

- **b. EDGAR series identifier (if any):** S000081341

- **c. LEI of Series:** 529900M99CAU3KTPVB41

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $32609524.22

**Total Liabilities:** $2673119.25

**Net Assets:** $29936404.97

**Cash Not Reported:** $14303.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244049 | 4.56%                | -0.23%               | 7.79%                |
| Class ID C000244050 | 4.57%                | -0.22%               | 7.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1244583.06                                |
| Month 2  | $-486061.97              | $446020.84                                 |
| Month 3  | $783777.16               | $1369040.28                                |

### Schedule of Portfolio Investments

| Name                                    | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LifeStance Health Group Inc             | LIFESTANCE HEALT          | CUSIP: 53228F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34020 | NS      | $186429.60    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Lakes Dredge & Dock Corporation   | GREAT LAKES DRED          | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |     47082 | NS      | $548976.12    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| One Liberty Properties Inc.             | ONE LIBERTY PROPERTIES IN | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               | CORP              | US        |     19958 | NS      | $476796.62    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc.                            | SI-BONE INC               | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |      7482 | NS      | $124724.94    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Golar LNG Limited                       | GOLAR LNG LTD             | CUSIP: G9456A100<br>LEI: 213800C2VSFZG3EZLO34 | Long             | EC               | CORP              | BM        |      5588 | NS      | $244866.16    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Spok Hldgs Inc                          | SPOK HOLDINGS IN          | CUSIP: 84863T106<br>LEI: 549300HXXANIVN2ICC89 | Long             | EC               | CORP              | US        |      4360 | NS      | $79177.60     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif, Inc.                             | GREIF INC-CL A            | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      4748 | NS      | $310091.88    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NPK International Inc.                  | NPK INTERNATIONA          | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |     17862 | NS      | $185764.80    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Mission Produce Inc                     | MISSION PRODUCE           | CUSIP: 60510V108<br>LEI: 54930016JOKVFT59L825 | Long             | EC               | CORP              | US        |      5880 | NS      | $73558.80     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital City Bank Group Inc.            | CAP CITY BANK             | CUSIP: 139674105<br>LEI: 254900NVLVUJQZKTQE82 | Long             | EC               | CORP              | US        |      9943 | NS      | $436099.98    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Aveanna Healthcare Holdings Inc         | AVEANNA HEALTHCA          | CUSIP: 05356F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76243 | NS      | $609944.00    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Proto Labs Inc                          | PROTO LABS INC            | CUSIP: 743713109<br>LEI: 529900QHG5MGWT2WQQ09 | Long             | EC               | CORP              | US        |      3800 | NS      | $189278.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| OppFi Inc                               | OPPFI INC                 | CUSIP: 68386H103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38585 | NS      | $393952.85    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                        | STONEX GROUP INC          | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |      1854 | NS      | $189423.18    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Intapp Inc                              | INTAPP INC                | CUSIP: 45827U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8027 | NS      | $369161.73    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Bancorp Inc.                    | HORIZON BANCORP           | CUSIP: 440407104<br>LEI: 549300U2OQ2EIT5MXG39 | Long             | EC               | CORP              | US        |      6380 | NS      | $107566.80    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| First Business Financial Services Inc.  | FIRST BUSINESS F          | CUSIP: 319390100<br>LEI: 549300BXKLW2T50TKU95 | Long             | EC               | CORP              | US        |      9727 | NS      | $508916.64    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Amneal Pharmaceuticals Inc              | AMNEAL PHARM INC          | CUSIP: 03168L105<br>LEI: 549300VV176ZO5WQHZ61 | Long             | EC               | CORP              | US        |     43364 | NS      | $414559.84    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Intrepid Potash Inc.                    | INTREPID POTASH           | CUSIP: 46121Y201<br>LEI: 549300OZ696E2PRRTO45 | Long             | EC               | CORP              | US        |      6716 | NS      | $204367.88    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Univest Financial Corp.                 | UNIVEST FINANCIA          | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |      9770 | NS      | $309415.90    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc.         | VIRTUS INVEST             | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |      2811 | NS      | $566219.73    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp Michigan          | INDEP BANK/MICH           | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10433 | NS      | $343141.37    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                 | ALEXANDER & BALD          | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29976 | NS      | $579735.84    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                             | MAXIMUS INC               | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |      2408 | NS      | $211711.36    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc.           | CASS INFORMATION          | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |      2825 | NS      | $121814.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Pursuit Attractions and Hospitality Inc | PURSUIT ATTRACTI          | CUSIP: 92552R406<br>LEI: 549300PXU4ZW7LPO5Y40 | Long             | EC               | CORP              | US        |     16099 | NS      | $600492.70    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc                       | NEWMARK GROUP-A           | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31394 | NS      | $571684.74    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc.                               | MOOG INC-CLASS A          | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      1890 | NS      | $370156.50    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Paysafe Limited                         | PAYSAFE LTD               | CUSIP: G6964L206<br>LEI: 2138003K6PVDCI5TBN11 | Long             | EC               | CORP              | BM        |     15560 | NS      | $219551.60    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Money Market Obligations Trust          | FH-TR OBL-INS             | CUSIP: 60934N500<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |    439547 | PA      | $439546.56    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc.                  | CRA INTERNATIONA          | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       918 | NS      | $177871.68    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibraltar Industries, Inc.              | GIBRALTAR INDUST          | CUSIP: 374689107<br>LEI: 549300AE5O3GN0YBLM57 | Long             | EC               | CORP              | US        |      5736 | NS      | $359016.24    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                           | FRONTDOOR INC             | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |      7330 | NS      | $445297.50    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HBT Financial Inc.                      | HBT FINANCIAL IN          | CUSIP: 404111106<br>LEI: 549300NTXD4Q6UK5BY66 | Long             | EC               | CORP              | US        |     22009 | NS      | $583018.41    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                    | TTM TECHNOLOGIES          | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |      6222 | NS      | $277314.54    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartFinancial Inc.                     | SMARTFINANCIAL I          | CUSIP: 83190L208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10983 | NS      | $404723.55    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sierra Bancorp                          | SIERRA BANCORP            | CUSIP: 82620P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3510 | NS      | $107616.60    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Everquote Inc                           | EVERQUOTE INC-A           | CUSIP: 30041R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14278 | NS      | $331963.50    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bioventus Inc.                          | BIOVENTUS - A             | CUSIP: 09075A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51410 | NS      | $380434.00    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowman Consulting Group Ltd             | BOWMAN CONSULTIN          | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4865 | NS      | $207881.45    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corporation        | CARPENTER TECH            | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      2025 | NS      | $487782.00    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Backblaze Inc                           | BACKBLAZE INC-A           | CUSIP: 05637B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19900 | NS      | $166165.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Skywest Inc                             | SKYWEST INC               | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      1980 | NS      | $240372.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corporation        | PHIBRO ANIMAL-A           | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |     10985 | NS      | $407213.95    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Light & Wonder Inc                      | LIGHT & WONDER I          | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Long             | EC               | CORP              | US        |      2063 | NS      | $190765.61    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Centuri Holdings Inc.                   | CENTURI HOLDINGS          | CUSIP: 155923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8595 | NS      | $182557.80    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Enhabit Inc                             | ENHABIT INC               | CUSIP: 29332G102<br>LEI: 549300RFQ78SLDFSHF49 | Long             | EC               | CORP              | US        |     10682 | NS      | $84174.16     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                           | MATERION CORP             | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |      2244 | NS      | $248635.20    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| NWPX Infrastructure Inc.                | NWPX INFRASTRUCT          | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |      5876 | NS      | $311192.96    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Accel Entertainment Inc                 | ACCEL ENTERTAINMENT INC   | CUSIP: 00436Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21500 | NS      | $249185.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkami Technology Inc.                  | ALKAMI TECHNOLOG          | CUSIP: 01644J108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7500 | NS      | $192000.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Company            | CENTRAL GARDEN-A          | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |      3655 | NS      | $120724.65    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp.                   | MERCANTILE BANK           | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |      6923 | NS      | $340957.75    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Nlight Inc.                             | NLIGHT INC                | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6600 | NS      | $190080.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                    | PALOMAR HOLDINGS          | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |       180 | NS      | $22143.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Shore Bancshares Inc.                   | SHORE BANCSHARES INC      | CUSIP: 825107105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25613 | NS      | $440287.47    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc.                | COMFORT SYSTEMS           | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       822 | NS      | $578178.36    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Hospitality Corp                 | TARGET HOSPITALI          | CUSIP: 87615L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10400 | NS      | $94328.00     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Priority Technology Holdings Inc.       | PRIORITY TECHNOL          | CUSIP: 74275G107<br>LEI: 549300ZS6DXD7ROBKB40 | Long             | EC               | CORP              | US        |     14085 | NS      | $117891.45    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Potbelly Corporation                    | POTBELLY CORP             | CUSIP: 73754Y100<br>LEI: 54930027NUULUR2P5W11 | Long             | EC               | CORP              | US        |     10827 | NS      | $140101.38    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifirst Corp                           | UNIFIRST CORP/MA          | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |      2732 | NS      | $485804.24    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp.                    | FED SIGNAL CORP           | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      4706 | NS      | $578790.94    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CS Disco Inc                            | CS DISCO INC              | CUSIP: 126327105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62000 | NS      | $339140.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank7 Corp                              | BANK7 CORP                | CUSIP: 06652N107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4238 | NS      | $210247.18    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimball Electronics Inc.                | KIMBALL ELECTRON          | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |       330 | NS      | $9527.10      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc.           | WATTS WATER TE-A          | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |      1471 | NS      | $407319.90    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Excelerate Energy Inc.                  | EXCELERATE ENE-A          | CUSIP: 30069T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11934 | NS      | $291428.28    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Covenant Logistics Group Inc.           | COVENANT LOGISTI          | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5087 | NS      | $122749.31    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Asana Inc                               | ASANA INC- CL A           | CUSIP: 04342Y104<br>LEI: 254900X7UAJNMLPLZ510 | Long             | EC               | CORP              | US        |      9025 | NS      | $131765.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Group Sghc Limited                | SUPER GROUP SGHC          | CUSIP: G8588X103<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     15600 | NS      | $181428.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                                 | AZZ INC                   | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |      4207 | NS      | $474928.23    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA Group Inc.                          | PRA GROUP INC             | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Long             | EC               | CORP              | US        |     13637 | NS      | $233056.33    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Paysign Inc                             | PAYSIGN INC               | CUSIP: 70451A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24725 | NS      | $128075.50    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Company                    | HECLA MINING CO           | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |     24875 | NS      | $211686.25    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Business Travel Group inc        | GLOBAL BUSINESS           | CUSIP: 37890B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62089 | NS      | $517822.26    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| First Mid Bancshares Inc.               | FIRST MID BANCSH          | CUSIP: 320866106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7138 | NS      | $288660.72    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Corp                             | GRAHAM CORP               | CUSIP: 384556106<br>LEI: 254900EI9P4LTY524J77 | Long             | EC               | CORP              | US        |      3923 | NS      | $192423.15    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennant Group Inc                       | PENNANT GROUP             | CUSIP: 70805E109<br>LEI: 5493007H2OYR6BYLDA64 | Long             | EC               | CORP              | US        |      8270 | NS      | $198562.70    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| EverCommerce Inc                        | EVERCOMMERCE INC          | CUSIP: 29977X105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37570 | NS      | $433933.50    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp.                      | FB FINANCIAL COR          | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |      4323 | NS      | $232058.64    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers, Inc.                      | SAUL CENTERS INC          | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15134 | NS      | $517128.78    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                | RESIDEO TECHN             | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |      7075 | NS      | $240903.75    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Allient Inc                             | ALLIENT INC               | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |     12715 | NS      | $577006.70    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| United Fire Group Inc                   | UNITED FIRE GROU          | CUSIP: 910340108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2564 | NS      | $78817.36     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstcash Holdings Inc                  | FIRSTCASH HOLDIN          | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3218 | NS      | $473914.86    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc.             | HURON CONSULTING          | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |      3543 | NS      | $485249.28    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Globalstar Inc                          | GLOBALSTAR INC            | CUSIP: 378973507<br>LEI: 549300NEX8I0MSOW0R64 | Long             | EC               | CORP              | US        |      1550 | NS      | $46391.50     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Appian Corporation                      | APPIAN CORP-A             | CUSIP: 03782L101<br>LEI: 529900NIARIFW7HGU386 | Long             | EC               | CORP              | US        |     11700 | NS      | $360126.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Carriage Services, Inc.                 | CARRIAGE SERVICE          | CUSIP: 143905107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7334 | NS      | $321082.52    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc.                  | ESCO TECH INC             | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |       980 | NS      | $196891.80    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Coursera Inc                            | COURSERA                  | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Long             | EC               | CORP              | US        |      4940 | NS      | $56810.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Climb Global Solutions Inc              | CLIMB GLOBAL SOL          | CUSIP: 946760105<br>LEI: 549300LKM16VX2FG7J68 | Long             | EC               | CORP              | US        |       929 | NS      | $114787.24    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Adeia Inc.                              | ADEIA INC                 | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5730 | NS      | $86179.20     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Marex Group Plc                         | MAREX GROUP PLC           | CUSIP: G5S37H101<br>LEI: 549300DWX0SVICJAL507 | Long             | EC               | CORP              | GB        |      3500 | NS      | $123760.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Hippo Holdings Inc                      | HIPPO HOLDINGS I          | CUSIP: 433539202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $169050.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Quad/Graphics Inc.                      | QUAD GRAPHICS INC         | CUSIP: 747301109<br>LEI: W2D68G5NJH4X0NW8PT65 | Long             | EC               | CORP              | US        |     38165 | NS      | $254178.90    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies, Inc.                  | SPX TECHNOLOGIES          | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3137 | NS      | $586964.07    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| 1st Source Corporation                  | 1ST SOURCE CORP           | CUSIP: 336901103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8881 | NS      | $572114.02    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Marqeta Inc                             | MARQETA INC-A             | CUSIP: 57142B104<br>LEI: 254900UZARK0FMZGZE18 | Long             | EC               | CORP              | US        |     40195 | NS      | $255841.18    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Lendingtree Inc                         | LENDINGTREE INC           | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Long             | EC               | CORP              | US        |      1700 | NS      | $115515.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron, Inc.                             | ITRON INC                 | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |      4139 | NS      | $508848.66    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-26

**Name of Applicant:** Zacks Trust

**Signature:** Edward Kelly

**Name of Signer:** Edward Kelly

**Title:** Assistant Treasurer