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

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-23435

Zacks Trust

(Exact name of registrant as specified in charter)

227 West Monroe Street Suite 4350, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Corporation Trust Company

1209 Orange Street

Wilmington, Delaware 19808

(Name and address of agent for service)

Registrant's telephone number, including area code: 312-265-9359

Date of fiscal year end: 1/31

Date of reporting period: 1/31/24

Item 1. Reports to Stockholders.

Zacks Earnings Consistent Portfolio ETF

(ZECP)

Annual Report

January 31, 2024

1-855-813-3507

www.ZacksETFs.com

Zacks Earnings Consistent Portfolio ETF (Unaudited)

During the holding period from February 1, 2023 to January 31, 2024. the Zacks Earnings Consistent Portfolio ETF (ZECP) returned 12.75% compared with the benchmark Russell 3000 Index (RAY Index), which returned 19.15%. There was about 6.40% underperformance, out of which 4.67% was attributed to selection effect and 1.73% was attributed to allocation effect. The portfolio benefited slightly from underweighting materials and energy sectors. However, the selection effect dragged performance significantly. The main reason is that the earnings consistent factors didn’t let us pick companies with high growth opportunities. Companies with volatile earnings may experience significant growth phases that could be missed if earnings consistency is the primary criterion for investment. Certain sectors, such as utilities and consumer staples, exhibited consistent earnings patterns compared to sectors like technology or biotechnology, which are inherently more volatile. The overweighting/underweighting of the sectors also leaded to underperformance. In general, earnings consistency seeks to provide a stable and predictable measure of a company’s financial performance over time. This stability can provide lower risk profiles as it reduces uncertainty about the future.

1

Zacks Earnings Consistent Portfolio ETF
PORTFOLIO REVIEW (Unaudited)

The Portfolio’s performance figures* for the period ended January 31, 2024, as compared to its benchmark:

		Annualized Since
	One Year	Inception**
Zacks Earnings Consistent Portfolio ETF - NAV	12.75%	3.27%
Zacks Earnings Consistent Portfolio ETF - Market Price	13.10%	3.34%
Russell 3000 Index ***	19.15%	3.49%

* The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when sold may be worth more or less than their original cost. Total returns are based on net asset values that exclude adjustments in accordance with accounting principles generally accepted in the United States and, consequently, may differ from those presented in the financial highlights.. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the sale of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.ZacksETFs.com or by calling 1-855-813-3507. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. Market price returns are calculated using the closing price and account for distributions from the Fund. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. Information detailing the number of days the Market Price of the Fund was greater than the Fund’s NAV and the number of days it was less than the Fund’s NAV can be obtained at www.ZacksETFs.com. The Fund’s total annual operating expenses, before fee waivers and/or expense reimbursements, is 1.93% per the June 1, 2023, prospectus. The Advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least May 31, 2024, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (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) will not exceed 0.55% of the Fund’s net assets. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Advisor.

** Inception date is August 23, 2021.

*** The Russell 3000 Index is composed of 3000 large U.S. companies, as determined by market capitalization. This portfolio of Securities represents approximately 98% of the investable U.S. equity market. The Russell 3000 Index is comprised of stocks within the Russell 1000 and the Russell 2000 Indices. The index was developed with a base value of 140.00 as of December 31, 1986.

Comparison of the Change in Value of a $10,000 Investment

Top 10 Holdings by Asset Class	% of Net Assets
Software		13.4	%
Biotechnology & Pharmaceutical		8.2	%
Technology Hardware		7.9	%
Internet Media & Services		6.7	%
Health Care Facilities & Services		6.0	%
Medical Equipment & Devices		5.7	%
Insurance		5.5	%
Technology Services		4.6	%
Household Products		4.1	%
Banking		3.7	%
Other, Cash & Cash Equivalents		34.2	%
		100.0	%

Please refer to the Schedule of Investments in this report for a detailed listing of the Fund’s holdings.

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ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

SCHEDULE OF INVESTMENTS

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.2%
		AEROSPACE & DEFENSE - 1.0%
	3,454	General Dynamics Corporation	$	915,275
		APPAREL & TEXTILE PRODUCTS - 0.0%(a)
	186	NIKE, Inc., Class B		18,885
		ASSET MANAGEMENT - 2.6%
	4,258	Ameriprise Financial, Inc.		1,647,122
	960	BlackRock, Inc.		743,338
				2,390,460
		BANKING - 3.7%
	13,580	JPMorgan Chase & Company		2,367,809
	6,576	PNC Financial Services Group, Inc. (The)		994,357
				3,362,166
		BEVERAGES - 2.1%
	11,506	PepsiCo, Inc.		1,939,106
		BIOTECH & PHARMA - 8.2%
	5,062	Amgen, Inc.		1,590,784
	3,428	Eli Lilly and Company		2,213,152
	7,564	Gilead Sciences, Inc.		591,959
	9,991	Johnson & Johnson		1,587,570
	3,417	Vertex Pharmaceuticals, Inc.(b)		1,480,859
				7,464,324
		CABLE & SATELLITE - 0.8%
	15,697	Comcast Corporation, Class A		730,538
		COMMERCIAL SUPPORT SERVICES - 3.7%
	2,743	Cintas Corporation		1,658,335
	9,465	Republic Services, Inc.		1,619,651
				3,277,986
		DIVERSIFIED INDUSTRIALS - 1.5%
	6,981	Honeywell International, Inc.		1,411,977

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

3

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

SCHEDULE OF INVESTMENTS (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.2% (Continued)
		ELECTRIC UTILITIES - 3.6%
	20,571	American Electric Power Company, Inc.	$	1,607,418
	12,355	NextEra Energy, Inc.		724,374
	13,972	Southern Company (The)		971,333
				3,303,125
		ELECTRICAL EQUIPMENT - 0.6%
	2,206	Rockwell Automation, Inc.		558,736
		FOOD - 1.7%
	8,115	Hershey Company (The)		1,570,577
		HEALTH CARE FACILITIES & SERVICES - 6.0%
	6,709	Cardinal Health, Inc.		732,556
	3,848	Laboratory Corp of America Holdings		855,410
	2,745	Molina Healthcare, Inc.(b)		978,428
	5,646	UnitedHealth Group, Inc.		2,889,285
				5,455,679
		HOUSEHOLD PRODUCTS - 4.1%
	7,860	Church & Dwight Company, Inc.		784,821
	18,481	Procter & Gamble Company (The)		2,904,104
				3,688,925
		INDUSTRIAL REIT - 0.9%
	6,428	Prologis, Inc.		814,363
		INSURANCE - 5.5%
	18,396	Hartford Financial Services Group, Inc. (The)		1,599,716
	10,302	Marsh & McLennan Companies, Inc.		1,996,939
	19,904	MetLife, Inc.		1,379,745
				4,976,400
		INTERNET MEDIA & SERVICES - 6.7%
	30,953	Alphabet, Inc., Class A(b)		4,336,516
	3,103	Netflix, Inc.(b)		1,750,433
				6,086,949
		LEISURE FACILITIES & SERVICES - 2.7%
	5,740	Marriott International, Inc., Class A		1,376,050

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

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ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

SCHEDULE OF INVESTMENTS (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.2% (Continued)
		LEISURE FACILITIES & SERVICES - 2.7% (Continued)
	3,726	McDonald’s Corporation	$	1,090,675
				2,466,725
		MACHINERY - 2.5%
	7,706	Caterpillar, Inc.		2,314,189
		MEDICAL EQUIPMENT & DEVICES - 5.7%
	10,835	Abbott Laboratories		1,225,980
	3,263	Danaher Corporation		782,826
	4,794	Hologic, Inc.(b)		356,865
	3,437	Stryker Corporation		1,153,045
	2,061	Thermo Fisher Scientific, Inc.		1,110,838
	4,820	Zimmer Biomet Holdings, Inc.		605,392
				5,234,946
		OIL & GAS SERVICES & EQUIPMENT - 0.7%
	12,613	Schlumberger Ltd.		614,253
		RETAIL - CONSUMER STAPLES - 2.1%
	11,495	Walmart, Inc.		1,899,549
		RETAIL - DISCRETIONARY - 2.8%
	7,153	Home Depot, Inc. (The)		2,524,722
		SEMICONDUCTORS - 1.8%
	8,381	Microchip Technology, Inc.		713,893
	6,049	Texas Instruments, Inc.		968,565
				1,682,458
		SOFTWARE - 13.4%
	2,048	ANSYS, Inc.(b)		671,396
	2,186	Intuit, Inc.		1,380,087
	16,029	Microsoft Corporation		6,372,811
	9,761	Oracle Corporation		1,090,304
	5,061	Synopsys, Inc.(b)		2,699,284
				12,213,882

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

5

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

SCHEDULE OF INVESTMENTS (Continued)

January 31, 2024

Shares			Fair Value
		COMMON STOCKS — 99.2% (Continued)
		SPECIALTY FINANCE - 2.3%
	10,416	American Express Company	$	2,090,908
		TECHNOLOGY HARDWARE - 7.9%
	32,387	Apple, Inc.		5,972,163
	9,468	Jabil, Inc.		1,186,246
				7,158,409
		TECHNOLOGY SERVICES - 4.6%
	5,371	Accenture plc, Class A		1,954,399
	60	Automatic Data Processing, Inc.		14,747
	6,718	Fiserv, Inc.(b)		953,083
	3,272	Moody’s Corporation		1,282,755
				4,204,984
		TOTAL COMMON STOCKS (Cost $82,037,881)		90,370,496
		TOTAL INVESTMENTS - 99.2% (Cost $82,037,881)	$	90,370,496
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%		731,598
		NET ASSETS - 100.0%	$	91,102,094

LTD	- Limited Company
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust

^(a) Percentage rounds to less than 0.1%.

^(b) Non-income producing security.

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

6

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2024

ASSETS
Investment in securities at value (identified cost $82,037,881)	$	90,370,496
Cash		703,903
Dividends receivable		76,755
TOTAL ASSETS		91,151,154
LIABILITIES
Investment advisory fees payable		14,575
Payable to related parties		4,707
Accrued expenses and other liabilities		29,778
TOTAL LIABILITIES		49,060
NET ASSETS	$	91,102,094
Net Assets Consist Of:
Paid in capital	$	84,768,575
Accumulated earnings		6,333,519
NET ASSETS	$	91,102,094
Net Asset Value Per Share:
Net Assets	$	91,102,094
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		3,429,000
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	26.57

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

7

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

STATEMENT OF OPERATIONS

For the Year Ended January 31, 2024

INVESTMENT INCOME
Dividends	$	921,018
TOTAL INVESTMENT INCOME		921,018
EXPENSES
Investment advisory fees		242,986
Legal fees		68,432
Administrative services fees		64,040
Compliance officer fees		34,096
Custodian fees		29,927
Audit fees		19,020
Printing and postage expenses		13,143
Transfer agent fees		11,421
Trustees fees and expenses		7,317
Other expenses		591
TOTAL EXPENSES		490,973
Fees Waived/Expenses Reimbursed by the Advisor		(186,188	)
NET EXPENSES		304,785
NET INVESTMENT INCOME		616,233
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from:
Investments		(1,608,964	)
Investments delivered in-kind		165,576
		(1,443,388	)
Net change in unrealized appreciation on investments		8,764,876
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		7,321,488
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,937,721

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

8

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For The			For The
	Year Ended			Year Ended
	January 31, 2024			January 31, 2023
FROM OPERATIONS
Net investment income	$	616,233		$	164,650
Net realized loss from security transactions		(1,443,388	)		(409,067	)
Net change in unrealized appreciation (depreciation) of investments		8,764,876			(368,516	)
Net increase (decrease) in net assets resulting from operations		7,937,721			(612,933	)
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid		(579,145	)		(164,525	)
Net decrease in net assets resulting from distributions to shareholders		(579,145	)		(164,525	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:		61,740,809			12,420,784
Payments for shares redeemed:		(655,191	)		(541,644	)
Transaction fees (Note 7)		17,600			7,600
Net increase in net assets resulting from shares of beneficial interest		61,103,218			11,886,740
TOTAL INCREASE IN NET ASSETS		68,461,794			11,109,282
NET ASSETS
Beginning of Year		22,640,300			11,531,018
End of Year	$	91,102,094		$	22,640,300
SHARE ACTIVITY
Shares sold		2,500,000			525,000
Shares redeemed		(25,000	)		(25,000	)
Net increase in shares of beneficial interest outstanding		2,475,000			500,000

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

9

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

	For The			For The			For The
	Year Ended			Year Ended			Period Ended
	January 31, 2024			January 31, 2023			January 31, 2022 *
Net asset value, beginning of period	$	23.73		$	25.40		$	25.00
Activity from investment operations:
Net investment income (1)		0.28			0.27			0.08
Net realized and unrealized gain (loss) on investments (4)		2.74			(1.74	)		0.35
Total from investment operations		3.02			(1.47	)		0.43
Less distributions from:
Net investment income		(0.19	)		(0.21	)		(0.03	)
Total distributions		(0.19	)		(0.21	)		(0.03	)
Capital Share Transaction fees (Note 7)		0.01			0.01			0.00
Net asset value, end of period	$	26.57		$	23.73		$	25.40
Market price, end of period (unaudited)	$	26.62		$	23.71		$	25.40
Total return (2)		12.79	% (7)		(5.72	)%		1.71	% (6)
Net assets, at end of period (000s)	$	91,102		$	22,640		$	11,531
Ratio of gross expenses to average net assets		0.89	%		1.93	%		3.93	% (5)
Ratio of net expenses to average net assets		0.55	%		0.55	%		0.55	% (5)
Ratio of net investment income to average net assets		1.11	%		1.15	%		0.71	% (5)
Portfolio Turnover Rate (3)		18	%		14	%		6	% (6)

* Commencement of Operations was August 23, 2021.

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

(2) Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(3) Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. (Note 3)

(4) As required by SEC standard per share data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that captures all other changes affecting net asset value per share. This per share gain amount may not correlate to the aggregate of the net realized and unrealized loss in the Statement of Operations, primarily due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

(5) Annualized for periods less than one full year.

(6) Not annualized.

(7) Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

10

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

NOTES TO FINANCIAL STATEMENTS

January 31, 2024

1. ORGANIZATION

The Zacks Earnings Consistent Portfolio ETF (the “Fund”) is a diversified series of shares of beneficial interest in the Zacks Trust (the “Trust”), a statutory trust organized under the laws of the State of Delaware on November 14, 2018, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund seeks to provide long-term total returns and minimize capital loss. The Fund commenced operations on August 23, 2021.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The 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 period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.”

Security 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 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 amortized cost. Investments in open-end investment companies are valued at net asset value.

The Fund 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.

11

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 31, 2024

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.

The Fund utilizes various methods to measure fair value of all of their investments on a recurring basis. GAAP establishes the 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 Fund has 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.

12

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 31, 2024

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s 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 January 31, 2024, for the Fund’s assets and liabilities measured at fair value:

Assets*	Level 1		Level 2		Level 3		Total
Common Stocks	$	90,370,496	$	—	$	—	$	90,370,496
Total	$	90,370,496	$	—	$	—	$	90,370,496

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

* Please refer to the Schedule of Investments for industry classifications.

In accordance with the Fund’s investment objectives, the Fund may have increased or decreased exposure to one or more of the following risk factors defined below:

Equity Securities Risk – Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. These changes in value may result from factors affecting individual issuers, industries or the stock market as a whole. In addition, equity markets tend to be cyclical which may cause stock prices to fall over short or extended periods of time.

Large-Cap Securities Risk – Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

Small and Medium Cap Securities Risk – The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure

13

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 31, 2024

rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.

Quantitative Model Risk – Investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.

Management Risk – The Fund is subject to management risk because it is an actively managed portfolio. The Advisor’s judgments about the attractiveness, value, and stability of particular stocks in which the Fund invests may prove to be incorrect, and there is no guarantee that the Advisor’s judgment will produce the desired results.

Market Risk – Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions. The Fund’s performance per share will change daily in response to such factors.

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. Distributable net realized capital gains, if any, are declared and distributed annually in December. 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 (i.e., 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. Dividends and distributions to shareholders are recorded on ex-dividend date.

Federal Income Taxes – The Fund intends 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 Fund recognizes 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

14

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 31, 2024

Statement of Operations. During the fiscal year ended January 31, 2024, the Fund did not incur any tax-related interest or penalties. Management has analyzed the 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 ended 2022 and 2023, or expected to be taken in the Fund’s January 31, 2024 year-end tax returns. The Fund has identified its major tax jurisdictions as U.S. Federal and Ohio state, however, the Fund is 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.

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 Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

3. INVESTMENT TRANSACTIONS

For the year ended January 31, 2024, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to $10,433,283 and $9,868,828 respectively. For the year ended January 31, 2024, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to $60,872,017 and $650,307 respectively.

4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

The Advisor serves as investment advisor to the Fund. Pursuant to an Advisory Agreement with the Trust, under the oversight of the Board, the Advisor manages the investment and reinvestment of the Fund’s assets. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.44% of average daily net assets. For the year ended January 31, 2024, the Fund incurred $242,986 in advisory fees.

Pursuant to an Operating Expenses Limitation Agreement (the “Waiver Agreement”), the Advisor has agreed, at least until May 31, 2024, to waive a portion of its advisory fee and has agreed to reimburse the Fund for other expenses to the extent necessary so that the total expenses incurred by the 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 0.55%. For the year ended January 31, 2024, the Advisor waived fees/reimbursed expenses of $186,188.

15

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 31, 2024

If the Advisor waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and any Fund operating expenses are subsequently lower than their respective expense limitation, the Advisor shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause the Fund’s operating expenses to exceed the expense limitation. The Advisor is permitted to receive reimbursement from the Fund for fees it waived and Fund expenses it paid, subject to the limitation that: (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed; and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. The Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of management fees and/or expenses. This Waiver Agreement can be terminated only by, or with the consent, of the Board.

As of January 31, 2024, the Advisor has $522,545 of waived fees within 3 years of reimbursement that may be recovered by the following dates:

June 28, 2024		January 31, 2025		January 31, 2026		January 31, 2027		Total
$	55,949	$	83,584	$	196,824	$	186,188	$	522,545

Northern Lights Distributors, LLC, (the “Distributor”), is the distributor for the shares of the Fund. The Distributor has entered into a Distribution Agreement with the Trust pursuant to which it distributes Fund shares for the Fund, effective October 3, 2023. Prior to this, Foreside Financial Services, LLC served as the distributor for shares of the Fund.

The Fund is authorized to pay distribution fees to the distributor and other firms that provide distribution and shareholder services (“Service Providers”). If a Service Provider provides these services, the Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets. No distribution or service fees are currently paid by the Fund, and will not be paid by the Fund unless authorized by the Board. There are no current plans to impose these fees.

Ultimus Fund Solutions, LLC (“UFS”) – UFS provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration and fund accounting services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Trust for serving in such capacities.

Northern Lights Compliance Services, LLC (“NLCS”) – NLCS, an affiliate of UFS, 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 the Fund.

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.

16

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 31, 2024

5. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

		Gross Unrealized		Gross Unrealized			Net Unrealized
Tax Cost		Appreciation		Depreciation			Appreciation
$	82,038,480	$	9,475,972	$	(1,143,956	)	$	8,332,016

6. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the years ended January 31, 2024, and January 31, 2023, was as follows:

	Fiscal Year Ended		Fiscal Period Ended
	January 31, 2024		January 31, 2023
Ordinary Income	$	579,145	$	164,525
Long-Term Capital Gain		—		—
	$	579,145	$	164,525

As of January 31, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed		Undistributed		Post October Loss		Capital Loss			Other		Unrealized		Total
Ordinary		Long-Term		and		Carry			Book/Tax		Appreciation/		Accumulated
Income		Gains		Late Year Loss		Forwards			Differences		(Depreciation)		Earnings/(Deficits)
$	36,910	$	—	$	—	$	(2,035,407	)	$	—	$	8,332,016	$	6,333,519

The difference between book basis and tax basis unrealized depreciation from investments is primarily attributable to the tax deferral of losses on wash sales.

At January 31, 2024, the Fund had a capital loss carryforward for federal income tax purposes available to offset future capital gains as follows:

Short-Term		Long-Term		Total		CLCF Utilized
$	1,323,940	$	711,467	$	2,035,407	$	—

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of realized gain (loss) on in-kind redemptions for the year ended January 31, 2024, as follows:

Paid
In		Accumulated
Capital		Deficit
$	165,576	$	(165,576	)

17

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 31, 2024

7. CAPITAL SHARE TRANSACTIONS

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 25,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades A fixed fee payable to the Custodian is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu (as defined below) are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge,” and together with the Fixed Fee, the “Transaction Fees”). With the approval of the Board, the Advisor may waive or adjust the Transaction Fees, including the Fixed Fee and/or Variable Charge (shown in the table below), from time to time. In such cases, the Authorized Participant will reimburse the Fund for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by the Fund and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes. In addition, purchasers of Creation Units are responsible for the costs of transferring the Deposit Securities to the accounts of the Fund. Transactions in capital shares for the Fund are disclosed in the Statements of Changes in Net Assets.

Investors who use the services of a broker, or other such intermediary may be charged a fee for such services. The Transaction Fees for the Fund are listed in the table below:

Fee for In-Kind and	Maximum Additional Variable
Cash Purchases	Charge for Cash Purchases*
$400	0.40%

* As a percentage of the amount invested.

18

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 31, 2024

8. RECENT REGULATORY UPDATES

On January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Fund.

9. SUBSEQUENT EVENTS

Subsequent events after the date of the Statement 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 statement, other than the following:

The Zacks Trust Board approved the change in the fiscal year end of the Zacks Earnings Consistent Portfolio ETF to November 30 effective February 1, 2024.

19

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Zacks Earnings Consistent Portfolio ETF and
Board of Trustees of Zacks Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Zacks Earnings Consistent Portfolio ETF (the “Fund”), a series of Zacks Trust, as of January 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for years ended January 31, 2024 and 2023 and for the period from August 23, 2021 (commencement of operations) through January 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2024, the results of its operations, the changes in net assets, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2024, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund’s auditor since 2021.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
March 29, 2024

COHEN & COMPANY, LTD.

800.229.1099 | 866.818.4538 fax | cohencpa.com

Registered with the Public Company Accounting Oversight Board

20

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

EXPENSE EXAMPLES (Unaudited)

January 31, 2024

As a shareholder of the Fund, you incur ongoing costs, including management fees, transaction fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2023 through January 31, 2024.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending	Expenses Paid	Expense Ratio
	Account Value	Account Value	During Period	During Period*
Actual	8/1/23	1/31/24	8/1/23 - 1/31/24	8/1/23 - 1/31/24
Zacks Earnings Consistent Portfolio ETF	$1,000.00	$1,048.80	$2.83	0.55%
	Beginning	Ending	Expenses Paid	Expense Ratio
	Account Value	Account Value	During Period	During Period*
Hypothetical	8/1/23	1/31/24	8/1/23 - 1/31/24	8/1/23 - 1/31/24
Zacks Earnings Consistent Portfolio ETF	$1,000.00	$1,022.37	$2.80	0.55%
(5% return before expenses)

* Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the year ended January 31, 2024 (184), divided by the number of days in the fiscal year (366).

21

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

SUPPLEMENTAL INFORMATION (Unaudited)

January 31, 2024

The following is a list of the Trustees and executive officers of the Trust and each person’s principal occupation over the last five years. Unless otherwise noted, the address of each Trustee and Officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.

Name and Year of Birth	Position held with Funds or Trust	Length of Time Served	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Independent Trustees
David J. Kaufman 1963	Independent Trustee, Chairman	Since 6/2021	Partner, Thompson Coburn, LLP (law firm) (since 2013).	5	None
Stuart Kaufman 1968	Independent Trustee	Since 6/2021	Senior Managing Director, B Riley Advisory Services (since 2022); Managing Director, Portage Point, LLC (consulting company) (2018-2022); Managing Director, Winter Harbor, LLC (consulting company) (2016-2018).	5	None
Interested Trustees
Mitch Zacks 1973	Trustee, President, and Principal Executive Officer	Since 6/2021	President and Chief Executive Officer (since 2019) and Portfolio Manager, Zacks Investment Management, Inc. (since 1999).	5	None

22

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

SUPPLEMENTAL INFORMATION (Unaudited)

January 31, 2024

Name and Year of Birth	Position held with Funds or Trust	Length of Time Served	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Other Officers
Donald Ralph 1950	Treasurer, Principal Accounting Officer, and Principal Financial Officer	Since 6/2021	CFO, Zacks Investment Management (since December 2010).	n/a	n/a
Bernard Brick 1974	Secretary	Since 6/2023	Vice President and Senior Counsel, Ultimus Fund Solutions, LLC (since December 2022); Vice President and Senior Counsel, State Street Bank and Trust Company (2011 – December 2022).	n/a	n/a
Chad Bitterman 1972	Chief Compliance Officer	Since 6/2021	Compliance Officer, Northern Lights Compliance Services, LLC (since 2010).	n/a	n/a

The Fund’s Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-855-813-3507.

23

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF

SUPPLEMENTAL INFORMATION (Unaudited)

January 31, 2024

LIQUIDITY RISK MANAGEMENT PROGRAM

The Fund has adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act. The Program is reasonably designed to assess and manage the Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategies and the liquidity of their portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and their cash holdings and access to other funding sources.

At a meeting of the Board held on December 4, 2023, the Board received a report from the Trust’s Liquidity Program Administrator Committee (the “Committee”) regarding the design and operational effectiveness of the Program for the period from November 1, 2022 through October 31, 2023 (the “Program Reporting Period”). The Committee reported to the Board that it had reviewed the Fund’s investments and determined that, during the Program Reporting Period, the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Committee also reported that during the Program Reporting Period there were no changes to the Program and the Fund was not required to set a Highly Liquid Investment Minimum. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage the Fund’s liquidity risk and has been effectively implemented and has been operating effectively.

24

PROXY VOTING POLICY

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-855-813-3507 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-855-813-3507.

INVESTMENT ADVISOR

Zacks Investment Management, Inc.

10 S. Riverside Plaza, Suite 1600

Chicago, IL 60606

ADMINISTRATOR

Ultimus Fund Solutions, LLC

4221 North 203^rd Street Suite 100

Elkhorn, Nebraska 68022

ZACKSETF-A24

Item 2. Code of Ethics.

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

(b)        For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3)        Compliance with applicable governmental laws, rules, and regulations;

(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5)        Accountability for adherence to the code.

(c)        Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d)        Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on Registrant’ website.

(f) A copy of the Code of Ethics is attached as an exhibit.

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

2024 - $ 14,000

(b) Audit-Related Fees

2024 – None

(c) Tax Fees

2024 - $ 3,000

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

(d) All Other Fees

2024 – None

(e) (1) Audit Committee’s Pre-Approval Policies

The registrant’s Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant’s Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

(2) Percentages of Services Approved by the Audit Committee

2024

Audit-Related Fees:      0.00%

Tax Fees:                     0.00%

All Other Fees:            0.00%

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

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

2024 - $3,000

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

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

Item 6. Schedule of Investments. See Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

(a)       Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b)       There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. - Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Code of Ethics herewith.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b)       Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

SIGNATURES

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

(Registrant) Zacks Trust

By (Signature and Title)

/s/ Mitch Zacks

Mitch Zacks, Principal Executive Officer/President

Date 4/9/24

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

By (Signature and Title)

/s/ Mitch Zacks

Mitch Zacks, Principal Executive Officer/President

Date 4/9/24

By (Signature and Title)

/s/ Donald Ralph

Donald Ralph, Principal Financial Officer/Treasurer

Date 4/9/24