# EDGAR Filing Document

**Accession Number:** 0001821505
**File Stem:** 0001641172-25-013562
**Filing Date:** 2025-6
**Character Count:** 213701
**Document Hash:** 4a174d8ffaf70bb885394509cdc559d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-013562.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001641172-25-013562

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**EFFECTIVENESS DATE**: 20250604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** E-Valuator Funds Trust
- **CENTRAL INDEX KEY:** 0001821505

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23606
- **FILM NUMBER:** 251022226

**BUSINESS ADDRESS:**
- **STREET 1:** 7760 FRANCE AVENUE SOUTH
- **STREET 2:** SUITE 925
- **CITY:** BLOOMINGTON
- **STATE:** MN
- **ZIP:** 55437
- **BUSINESS PHONE:** 1-855-621-9877

**MAIL ADDRESS:**
- **STREET 1:** 7760 FRANCE AVENUE SOUTH
- **STREET 2:** SUITE 925
- **CITY:** BLOOMINGTON
- **STATE:** MN
- **ZIP:** 55437

## Series and Classes Contracts Data

### The E-Valuator Aggressive Growth (85%-99%) RMS Fund (Series ID: S000070059)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000222967 | Service Class Shares | EVAGX           |
| C000229450 | R4 Class Shares      | EVFGX           |

### The E-Valuator Conservative (15%-30%) RMS Fund (Series ID: S000070060)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000222968 | Service Class Shares | EVCLX           |
| C000229451 | R4 Class Shares      | EVFCX           |

### The E-Valuator Conservative/Moderate (30%-50%) RMS Fund (Series ID: S000070061)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000222969 | Service Class Shares | EVTTX           |
| C000229452 | R4 Class Shares      | EVFTX           |

### The E-Valuator Growth (70%-85%) RMS Fund (Series ID: S000070062)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000222970 | Service Class Shares | EVGLX           |
| C000229453 | R4 Class Shares      | EVGRX           |

### The E-Valuator Moderate (50%-70%) RMS Fund (Series ID: S000070063)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000222971 | Service Class Shares | EVMLX           |
| C000229454 | R4 Class Shares      | EVFMX           |

### The E-Valuator Very Conservative (0%-15%) RMS Fund (Series ID: S000070064)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000222972 | Service Class Shares | EVVLX           |
| C000229455 | R4 Class Shares      | EVVCX           |

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

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number <u>811-23606</u>

**E-Valuator Funds Trust**

(Exact name of registrant as specified in charter)

7760 France Avenue South, Suite 925

Bloomington, Minnesota 55435

(Address of principal executive offices) (Zip code)

Kevin R. Miller

7760 France Avenue South, Suite 925

Bloomington, Minnesota 55435

(Name and address of agent for service)

Copies to:

Deborah Bielicke Eades

Vedder Price P.C.

222 North LaSalle Street

Chicago, Illinois 60601

Registrant's telephone number, including area code: (888) 507-2798

Date of fiscal year end: <u>September 30</u>

Date of reporting period: <u>March 31, 2025</u>

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under
 the Investment Company Act of 1940, as amended.

---

| | |
|:---|:---|
| **The E-Valuator <br>Very Conservative <br>(0%-15%) RMS Fund**<br>S E R V I C E C L A S S / E V V L X | ![](formncsr_01.jpg) |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2025

This semi-annual shareholder report contains important information about The E-Valuator Very Conservative (0%-15%) RMS Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.evaluatorfunds.com/resources. You can also request this information by contacting us at 888-507-2798.

**Fund Expenses**

*(Based on a hypothetical $10,000 investment)*

 

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| The E-Valuator Very Conservative (0%-15%) RMS Fund (Service Class/EVVLX) | $490.99%<sup>1,2</sup> |  |

---

 

*<sup>1</sup>* *Ratio to average net assets have been annualized for periods less than one year.*

*<sup>2</sup>* *Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.19% for the six months ended March 31, 2025.*

**Key Fund Statistics**

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | $22333829 |
| **Total number of portfolio holdings** | 64 |
| **Portfolio turnover rate as of the end of the reporting period** | 55% |

---

The E-Valuator Very Conservative (0%-15%) RMS Fund - Service Class \| 1

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| &nbsp;&nbsp;Dodge & Cox Global Bond Fund - Class I | &nbsp;&nbsp;9.3% | ![](chart015_001.jpg) | ![](chart015_002.jpg) |
| &nbsp;&nbsp;Vanguard Core Bond Fund, Admiral Shares | &nbsp;&nbsp; 8.1% | ![](chart015_001.jpg) | ![](chart015_002.jpg) |
| &nbsp;&nbsp;Vanguard Intermediate-Term Bond ETF | &nbsp;&nbsp;5.0% | ![](chart015_001.jpg) | ![](chart015_002.jpg) |
| &nbsp;&nbsp;VanEck IG Floating Rate ETF | &nbsp;&nbsp;5.0% | ![](chart015_001.jpg) | ![](chart015_002.jpg) |
| &nbsp;&nbsp;Vanguard Emerging Markets Bond Fund, Admiral Shares | &nbsp;&nbsp;5.0% | ![](chart015_001.jpg) | ![](chart015_002.jpg) |
| &nbsp;&nbsp;SPDR Portfolio Short Term Corporate Bond ETF | &nbsp;&nbsp;4.9% | ![](chart015_001.jpg) | ![](chart015_002.jpg) |
| &nbsp;&nbsp;iShares 10-20 Year Treasury Bond ETF | &nbsp;&nbsp;4.5% | ![](chart015_001.jpg) | ![](chart015_002.jpg) |
| &nbsp;&nbsp;Eaton Vance Total Return Bond ETF | &nbsp;&nbsp;4.5% | ![](chart015_001.jpg) | ![](chart015_002.jpg) |
| &nbsp;&nbsp;Allspring Core Plus Bond Fund - Class R6 | &nbsp;&nbsp;4.2% | ![](chart015_001.jpg) | ![](chart015_002.jpg) |
| &nbsp;&nbsp;Nuveen Emerging Markets Debt Fund - Class R6 | &nbsp;&nbsp;4.1% | ![](chart015_001.jpg) | ![](chart015_002.jpg) |

---

**Availability of Additional Information**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at <u>www.evaluatorfunds.com/resources</u>. You can also request this information by contacting us at 888-507-2798.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-507-2798 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The E-Valuator Very Conservative (0%-15%) RMS Fund - Service Class \| 2

---

| | |
|:---|:---|
| **The E-Valuator <br> Very Conservative <br> (0%-15%) RMS Fund**<br>C L A S S R 4 / E V V C X | ![](formncsr_01.jpg) |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2025

This semi-annual shareholder report contains important information about The E-Valuator Very Conservative (0%-15%) RMS Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.evaluatorfunds.com/resources. You can also request this information by contacting us at 888-507-2798.

**Fund Expenses**

*(Based on a hypothetical $10,000 investment)*

 

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage <br> of a $10,000 investment** |
| The E-Valuator Very Conservative (0%-15%) RMS Fund (Class R4/EVVCX) | $671.36%<sup>1,2</sup> |  |

---

*<sup>1</sup>* *Ratio to average net assets have been annualized for periods less than one year.*

*<sup>2</sup>* *Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.19% for the six months ended March 31, 2025.*

**Key Fund Statistics**

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | $22333829 |
| **Total number of portfolio holdings** | 64 |
| Portfolio turnover rate as of the end of the reporting period | 55% |

---

The E-Valuator Very Conservative (0%-15%) RMS Fund - Class R4 \| 1

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| &nbsp;&nbsp;Dodge & Cox Global Bond Fund - Class I | &nbsp;&nbsp;9.3% | ![](chart015_003.jpg) | ![](chart015_004.jpg) |
| &nbsp;&nbsp;Vanguard Core Bond Fund, Admiral Shares | &nbsp;&nbsp;8.1% | ![](chart015_003.jpg) | ![](chart015_004.jpg) |
| &nbsp;&nbsp;Vanguard Intermediate-Term Bond ETF | &nbsp;&nbsp;5.0% | ![](chart015_003.jpg) | ![](chart015_004.jpg) |
| &nbsp;&nbsp;VanEck IG Floating Rate ETF | &nbsp;&nbsp;5.0% | ![](chart015_003.jpg) | ![](chart015_004.jpg) |
| &nbsp;&nbsp;Vanguard Emerging Markets Bond Fund, Admiral Shares | &nbsp;&nbsp;5.0% | ![](chart015_003.jpg) | ![](chart015_004.jpg) |
| &nbsp;&nbsp;SPDR Portfolio Short Term Corporate Bond ETF | &nbsp;&nbsp;4.9% | ![](chart015_003.jpg) | ![](chart015_004.jpg) |
| &nbsp;&nbsp;iShares 10-20 Year Treasury Bond ETF | &nbsp;&nbsp;4.5% | ![](chart015_003.jpg) | ![](chart015_004.jpg) |
| &nbsp;&nbsp;Eaton Vance Total Return Bond ETF | &nbsp;&nbsp;4.5% | ![](chart015_003.jpg) | ![](chart015_004.jpg) |
| &nbsp;&nbsp;Allspring Core Plus Bond Fund - Class R6 | &nbsp;&nbsp;4.2% | ![](chart015_003.jpg) | ![](chart015_004.jpg) |
| &nbsp;&nbsp;Nuveen Emerging Markets Debt Fund - Class R6 | &nbsp;&nbsp;4.1% | ![](chart015_003.jpg) | ![](chart015_004.jpg) |

---

**Availability of Additional Information**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at <u>www.evaluatorfunds.com/resources</u>. You can also request this information by contacting us at 888-507-2798.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-507-2798 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The E-Valuator Very Conservative (0%-15%) RMS Fund - Class R4 \| 2

---

| | |
|:---|:---|
| **The E-Valuator<br> Conservative<br> (15%-30%) RMS Fund**<br>S E R V I C E C L A S S / E V C L X | ![](formncsr_01.jpg) |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2025

This semi-annual shareholder report contains important information about The E-Valuator Conservative (15%-30%) RMS Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.evaluatorfunds.com/resources. You can also request this information by contacting us at 888-507-2798.

**Fund Expenses**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage <br> of a $10,000 investment** |
| The E-Valuator Conservative (15%-30%) RMS Fund (Service Class/EVCLX) | $450.90%<sup>1,2</sup> |  |

---

 

*<sup>1</sup>* *Ratio to average net assets have been annualized for periods less than one year.*

 

*<sup>2</sup>* *Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.23% for the six months ended March 31, 2025.*

**Key Fund Statistics**

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | $49275726 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover rate as of the end of the reporting period** | 58% |

---

The E-Valuator Conservative (15%-30%) RMS Fund - Service Class \| 1

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| &nbsp;&nbsp;Dodge & Cox Global Bond Fund - Class I | &nbsp;&nbsp;7.9% | <br>![](chart015_005.jpg) | <br>![](chart015_006.jpg) |
| &nbsp;&nbsp;Vanguard Emerging Markets Bond Fund, Admiral Shares | &nbsp;&nbsp;5.6% | <br>![](chart015_005.jpg) | <br>![](chart015_006.jpg) |
| &nbsp;&nbsp;Vanguard Core Bond Fund, Admiral Shares | &nbsp;&nbsp;4.7% | <br>![](chart015_005.jpg) | <br>![](chart015_006.jpg) |
| &nbsp;&nbsp;Eaton Vance Total Return Bond ETF | &nbsp;&nbsp;4.5% | <br>![](chart015_005.jpg) | <br>![](chart015_006.jpg) |
| &nbsp;&nbsp;Allspring Core Plus Bond Fund - Class R6 | &nbsp;&nbsp;4.3% | <br>![](chart015_005.jpg) | <br>![](chart015_006.jpg) |
| &nbsp;&nbsp;SPDR Portfolio Short Term Corporate Bond ETF | &nbsp;&nbsp;3.8% | <br>![](chart015_005.jpg) | <br>![](chart015_006.jpg) |
| &nbsp;&nbsp;Nuveen Emerging Markets Debt Fund - Class R6 | &nbsp;&nbsp; 3.6% | <br>![](chart015_005.jpg) | <br>![](chart015_006.jpg) |
| &nbsp;&nbsp;Vanguard Intermediate-Term Bond ETF | &nbsp;&nbsp;3.5% | <br>![](chart015_005.jpg) | <br>![](chart015_006.jpg) |
| &nbsp;&nbsp;Pacer Pacific Asset Floating Rate High Income ETF | &nbsp;&nbsp;3.0% | <br>![](chart015_005.jpg) | <br>![](chart015_006.jpg) |
| &nbsp;&nbsp;T Rowe Price Institutional Floating Rate Fund – Class Institutional | &nbsp;&nbsp;3.0% | <br>![](chart015_005.jpg) | <br>![](chart015_006.jpg) |

---

**Availability of Additional Information**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at <u>www.evaluatorfunds.com/resources</u>. You can also request this information by contacting us at 888-507-2798.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-507-2798 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The E-Valuator Conservative (15%-30%) RMS Fund - Service Class \| 2

---

| | |
|:---|:---|
| **The E-Valuator<br> Conservative <br>(15%-30%) RMS Fund**<br>C L A S S R 4 / E V F C X | ![](formncsr_01.jpg) |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2025

This semi-annual shareholder report contains important information about The E-Valuator Conservative (15%-30%) RMS Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.evaluatorfunds.com/resources. You can also request this information by contacting us at 888-507-2798.

**Fund Expenses**

*(Based on a hypothetical $10,000 investment)*

 

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage <br> of a $10,000 investment** |
| The E-Valuator Conservative (15%-30%) RMS Fund (Class R4/EVFCX) | $641.29%<sup>1,2</sup> |  |

---

*<sup>1</sup>* *Ratio to average net assets have been annualized for periods less than one year.*

 

*<sup>2</sup>* *Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.23% for the six months ended March 31, 2025.*

**Key Fund Statistics**

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | $49275726 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover rate as of the end of the reporting period** | 58% |

---

The E-Valuator Conservative (15%-30%) RMS Fund - Class R4 \| 1

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| &nbsp;&nbsp;Dodge & Cox Global Bond Fund - Class I | &nbsp;&nbsp;7.9% | <br>![](chart015_007.jpg) | <br>![](chart015_008.jpg) |
| &nbsp;&nbsp;Vanguard Emerging Markets Bond Fund, Admiral Shares | &nbsp;&nbsp;5.6% | <br>![](chart015_007.jpg) | <br>![](chart015_008.jpg) |
| &nbsp;&nbsp;Vanguard Core Bond Fund, Admiral Shares | &nbsp;&nbsp;4.7% | <br>![](chart015_007.jpg) | <br>![](chart015_008.jpg) |
| &nbsp;&nbsp;Eaton Vance Total Return Bond ETF | &nbsp;&nbsp;4.5% | <br>![](chart015_007.jpg) | <br>![](chart015_008.jpg) |
| &nbsp;&nbsp;Allspring Core Plus Bond Fund - Class R6 | &nbsp;&nbsp; 4.3% | <br>![](chart015_007.jpg) | <br>![](chart015_008.jpg) |
| &nbsp;&nbsp;SPDR Portfolio Short Term Corporate Bond ETF | &nbsp;&nbsp;3.8% | <br>![](chart015_007.jpg) | <br>![](chart015_008.jpg) |
| &nbsp;&nbsp;Nuveen Emerging Markets Debt Fund - Class R6 | &nbsp;&nbsp;3.6% | <br>![](chart015_007.jpg) | <br>![](chart015_008.jpg) |
| &nbsp;&nbsp;Vanguard Intermediate-Term Bond ETF | &nbsp;&nbsp;3.5% | <br>![](chart015_007.jpg) | <br>![](chart015_008.jpg) |
| &nbsp;&nbsp;Pacer Pacific Asset Floating Rate High Income ETF | &nbsp;&nbsp;3.0% | <br>![](chart015_007.jpg) | <br>![](chart015_008.jpg) |
| &nbsp;&nbsp;T Rowe Price Institutional Floating Rate Fund – Class Institutional | &nbsp;&nbsp;3.0% | <br>![](chart015_007.jpg) | <br>![](chart015_008.jpg) |

---

**Availability of Additional Information**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at <u>www.evaluatorfunds.com/resources</u>. You can also request this information by contacting us at 888-507-2798.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-507-2798 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The E-Valuator Conservative (15%-30%) RMS Fund - Class R4 \| 2

---

| | |
|:---|:---|
| **The E-Valuator <br> Conservative/Moderate <br> (30%-50%) RMS Fund**<br>S E R V I C E C L A S S / E V T T X | ![](formncsr_01.jpg) |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2025

This semi-annual shareholder report contains important information about The E-Valuator Conservative/Moderate (30%-50%) RMS Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.evaluatorfunds.com/resources. You can also request this information by contacting us at 888-507-2798.

**Fund Expenses**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage <br> of a $10,000 investment** |
| The E-Valuator Conservative/Moderate (30%-50%) RMS Fund (Service Class/EVTTX) | $400.81%<sup>1</sup> |  |

---

*<sup>1</sup>* *Ratio to average net assets have been annualized for periods less than one year.*

**Key Fund Statistics**

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | $31239228 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover rate as of the end of the reporting period** | 52% |

---

The E-Valuator Conservative/Moderate (30%-50%) RMS Fund - Service Class \| 1

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| &nbsp;&nbsp;Dodge & Cox Global Bond Fund - Class I | &nbsp;&nbsp;5.8% | ![](chart-30_001.jpg) | ![](chart-30_002.jpg) |
| &nbsp;&nbsp;Vanguard Core Bond Fund, Admiral Shares | &nbsp;&nbsp;4.2% | ![](chart-30_001.jpg) | ![](chart-30_002.jpg) |
| &nbsp;&nbsp;Vanguard Emerging Markets Bond Fund, Admiral Shares | &nbsp;&nbsp;4.1% | ![](chart-30_001.jpg) | ![](chart-30_002.jpg) |
| &nbsp;&nbsp;Dimensional Global Equity Portfolio - Class Institutional | &nbsp;&nbsp;3.5% | ![](chart-30_001.jpg) | ![](chart-30_002.jpg) |
| &nbsp;&nbsp;Eaton Vance Total Return Bond ETF | &nbsp;&nbsp;3.2% | ![](chart-30_001.jpg) | ![](chart-30_002.jpg) |
| &nbsp;&nbsp;SPDR Portfolio Short Term Corporate Bond ETF | &nbsp;&nbsp;3.0% | ![](chart-30_001.jpg) | ![](chart-30_002.jpg) |
| &nbsp;&nbsp;VanEck IG Floating Rate ETF | &nbsp;&nbsp;2.6% | ![](chart-30_001.jpg) | ![](chart-30_002.jpg) |
| &nbsp;&nbsp;New Perspective Fund - Class R-6 | &nbsp;&nbsp;2.6% | ![](chart-30_001.jpg) | ![](chart-30_002.jpg) |
| &nbsp;&nbsp;SPDR Global Dow ETF | &nbsp;&nbsp;2.5% | ![](chart-30_001.jpg) | ![](chart-30_002.jpg) |
| &nbsp;&nbsp;Vanguard Intermediate-Term Bond ETF | &nbsp;&nbsp;2.5% | ![](chart-30_001.jpg) | ![](chart-30_002.jpg) |

---

**Availability of Additional Information**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at <u>www.evaluatorfunds.com/resources</u>. You can also request this information by contacting us at 888-507-2798.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-507-2798 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The E-Valuator Conservative/Moderate (30%-50%) RMS Fund - Service Class \| 2

---

| | |
|:---|:---|
| **The E-Valuator <br> Conservative/Moderate <br> (30%-50%) RMS Fund**<br>C L A S S R 4 / E V F T X | ![](formncsr_01.jpg) |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2025

This semi-annual shareholder report contains important information about The E-Valuator Conservative/Moderate (30%-50%) RMS Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.evaluatorfunds.com/resources. You can also request this information by contacting us at 888-507-2798.

**Fund Expenses**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| The E-Valuator Conservative/Moderate (30%-50%) RMS Fund (Class R4/EVFTX) | $591.20%<sup>1</sup> |  |

---

*<sup>1</sup>* *Ratio to average net assets have been annualized for periods less than one year.*

**Key Fund Statistics**

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | $31239228 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover rate as of the end of the reporting period** | 52% |

---

The E-Valuator Conservative/Moderate (30%-50%) RMS Fund - Class R4 \| 1

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| &nbsp;&nbsp;Dodge & Cox Global Bond Fund - Class I | &nbsp;&nbsp;5.8% | ![](chart-30_003.jpg) | ![](chart-30_004.jpg) |
| &nbsp;&nbsp;Vanguard Core Bond Fund, Admiral Shares | &nbsp;&nbsp;4.2% | ![](chart-30_003.jpg) | ![](chart-30_004.jpg) |
| &nbsp;&nbsp;Vanguard Emerging Markets Bond Fund, Admiral Shares | &nbsp;&nbsp;4.1% | ![](chart-30_003.jpg) | ![](chart-30_004.jpg) |
| &nbsp;&nbsp;Dimensional Global Equity Portfolio - Class Institutional | &nbsp;&nbsp;3.5% | ![](chart-30_003.jpg) | ![](chart-30_004.jpg) |
| &nbsp;&nbsp;Eaton Vance Total Return Bond ETF | &nbsp;&nbsp;3.2% | ![](chart-30_003.jpg) | ![](chart-30_004.jpg) |
| &nbsp;&nbsp;SPDR Portfolio Short Term Corporate Bond ETF | &nbsp;&nbsp;3.0% | ![](chart-30_003.jpg) | ![](chart-30_004.jpg) |
| &nbsp;&nbsp;VanEck IG Floating Rate ETF | &nbsp;&nbsp;2.6% | ![](chart-30_003.jpg) | ![](chart-30_004.jpg) |
| &nbsp;&nbsp;New Perspective Fund – Class R-6 | &nbsp;&nbsp;2.6% | ![](chart-30_003.jpg) | ![](chart-30_004.jpg) |
| &nbsp;&nbsp;SPDR Global Dow ETF | &nbsp;&nbsp;2.5% | ![](chart-30_003.jpg) | ![](chart-30_004.jpg) |
| &nbsp;&nbsp;Vanguard Intermediate-Term Bond ETF | &nbsp;&nbsp;2.5% | ![](chart-30_003.jpg) | ![](chart-30_004.jpg) |

---

**Availability of Additional Information**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at <u>www.evaluatorfunds.com/resources</u>. You can also request this information by contacting us at 888-507-2798.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-507-2798 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The E-Valuator Conservative/Moderate (30%-50%) RMS Fund - Class R4 \| 2

---

| | |
|:---|:---|
| **The E-Valuator<br> Moderate<br> (50%-70%) RMS Fund**<br>S E R V I C E C L A S S / E V M L X | ![](formncsr_01.jpg) |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2025

This semi-annual shareholder report contains important information about The E-Valuator Moderate (50%-70%) RMS Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.evaluatorfunds.com/resources. You can also request this information by contacting us at 888-507-2798.

**Fund Expenses**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage <br> of a $10,000 investment** |
| The E-Valuator Moderate (50%-70%) RMS Fund (Service Class/EVMLX) | $380.78%<sup>1,2</sup> |  |

---

*<sup>1</sup>* *Ratio to average net assets have been annualized for periods less than one year.*

*<sup>2</sup>* *Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.19% for the six months ended March 31, 2025.*

**Key Fund Statistics**

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | $142408044 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover rate as of the end of the reporting period** | 56% |

---

The E-Valuator Moderate (50%-70%) RMS Fund - Service Class \| 1

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| &nbsp;&nbsp;Dimensional Global Equity Portfolio - Class Institutional | &nbsp;&nbsp;3.9% | ![](exchartevmlx_001.jpg) | ![](exchartevmlx_002.jpg) |
| &nbsp;&nbsp;Dodge & Cox Global Bond Fund - Class I | &nbsp;&nbsp;3.7% | ![](exchartevmlx_001.jpg) | ![](exchartevmlx_002.jpg) |
| &nbsp;&nbsp;Vanguard Core Bond Fund, Admiral Shares | &nbsp;&nbsp;3.7% | ![](exchartevmlx_001.jpg) | ![](exchartevmlx_002.jpg) |
| &nbsp;&nbsp;New Perspective Fund – Class R-6 | &nbsp;&nbsp;2.9% | ![](exchartevmlx_001.jpg) | ![](exchartevmlx_002.jpg) |
| &nbsp;&nbsp;SPDR Global Dow ETF | &nbsp;&nbsp;2.8% | ![](exchartevmlx_001.jpg) | ![](exchartevmlx_002.jpg) |
| &nbsp;&nbsp;Vanguard U.S. Momentum Factor ETF | &nbsp;&nbsp;2.8% | ![](exchartevmlx_001.jpg) | ![](exchartevmlx_002.jpg) |
| &nbsp;&nbsp;Vanguard Emerging Markets Bond Fund, Admiral Shares | &nbsp;&nbsp;2.8% | ![](exchartevmlx_001.jpg) | ![](exchartevmlx_002.jpg) |
| &nbsp;&nbsp;Schwab S&P 500 Index Fund | &nbsp;&nbsp;2.5% | ![](exchartevmlx_001.jpg) | ![](exchartevmlx_002.jpg) |
| &nbsp;&nbsp;iShares Russell Mid-Cap Growth ETF | &nbsp;&nbsp;2.5% | ![](exchartevmlx_001.jpg) | ![](exchartevmlx_002.jpg) |
| &nbsp;&nbsp;DFA U.S. Vector Equity Portfolio - Class Institutional | &nbsp;&nbsp;2.2% | ![](exchartevmlx_001.jpg) | ![](exchartevmlx_002.jpg) |

---

**Availability of Additional Information**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at <u>www.evaluatorfunds.com/resources</u>. You can also request this information by contacting us at 888-507-2798.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-507-2798 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The E-Valuator Moderate (50%-70%) RMS Fund - Service Class \| 2

---

| | |
|:---|:---|
| **The E-Valuator<br> Moderate<br>(50%-70%) RMS Fund**<br>C L A S S R 4 / E V F M X | ![](formncsr_01.jpg) |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2025

This semi-annual shareholder report contains important information about The E-Valuator Moderate (50%-70%) RMS Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.evaluatorfunds.com/resources. You can also request this information by contacting us at 888-507-2798.

**Fund Expenses**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| The E-Valuator Moderate (50%-70%) RMS Fund (Class R4/EVFMX) | $581.18%<sup>1,2</sup> |  |

---

 

*<sup>1</sup>* *Ratio to average net assets have been annualized for periods less than one year.*

 

*<sup>2</sup>* *Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.19% for the six months ended March 31, 2025.*

**Key Fund Statistics**

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | $142408044 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover rate as of the end of the reporting period** | 56% |

---

The E-Valuator Moderate (50%-70%) RMS Fund - Class R4 \| 1

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| &nbsp;&nbsp;Dimensional Global Equity Portfolio - Class Institutional | &nbsp;&nbsp;3.9% | ![](exchartevmlx_003.jpg) | ![](exchartevmlx_004.jpg) |
| &nbsp;&nbsp;Dodge & Cox Global Bond Fund - Class I | &nbsp;&nbsp;3.7% | ![](exchartevmlx_003.jpg) | ![](exchartevmlx_004.jpg) |
| &nbsp;&nbsp;Vanguard Core Bond Fund, Admiral Shares | &nbsp;&nbsp;3.7% | ![](exchartevmlx_003.jpg) | ![](exchartevmlx_004.jpg) |
| &nbsp;&nbsp;New Perspective Fund – Class R-6 | &nbsp;&nbsp;2.9% | ![](exchartevmlx_003.jpg) | ![](exchartevmlx_004.jpg) |
| &nbsp;&nbsp;SPDR Global Dow ETF | &nbsp;&nbsp;2.8% | ![](exchartevmlx_003.jpg) | ![](exchartevmlx_004.jpg) |
| &nbsp;&nbsp;Vanguard U.S. Momentum Factor ETF | &nbsp;&nbsp;2.8% | ![](exchartevmlx_003.jpg) | ![](exchartevmlx_004.jpg) |
| &nbsp;&nbsp;Vanguard Emerging Markets Bond Fund, Admiral Shares | &nbsp;&nbsp;2.8% | ![](exchartevmlx_003.jpg) | ![](exchartevmlx_004.jpg) |
| &nbsp;&nbsp;Schwab S&P 500 Index Fund | &nbsp;&nbsp;2.5% | ![](exchartevmlx_003.jpg) | ![](exchartevmlx_004.jpg) |
| &nbsp;&nbsp;iShares Russell Mid-Cap Growth ETF | &nbsp;&nbsp; 2.5% | ![](exchartevmlx_003.jpg) | ![](exchartevmlx_004.jpg) |
| &nbsp;&nbsp;DFA U.S. Vector Equity Portfolio - Class Institutional | &nbsp;&nbsp;2.2% | ![](exchartevmlx_003.jpg) | ![](exchartevmlx_004.jpg) |

---

**Availability of Additional Information**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at <u>www.evaluatorfunds.com/resources</u>. You can also request this information by contacting us at 888-507-2798.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-507-2798 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The E-Valuator Moderate (50%-70%) RMS Fund - Class R4 \| 2

---

| | |
|:---|:---|
| **The E-Valuator<br> Growth <br>(70%-85%) RMS Fund**<br>S E R V I C E C L A S S / E V G L X | ![](formncsr_01.jpg) |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2025

This semi-annual shareholder report contains important information about The E-Valuator Growth (70%-85%) RMS Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.evaluatorfunds.com/resources. You can also request this information by contacting us at 888-507-2798.

**Fund Expenses**

*(Based on a hypothetical $10,000 investment)*

 

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage <br> of a $10,000 investment** |
| The E-Valuator Growth (70%-85%) RMS Fund (Service Class/EVGLX) | $280.58%<sup>1,2</sup> |  |

---

*<sup>1</sup>* *Ratio to average net assets have been annualized for periods less than one year.*

 

*<sup>2</sup>* *Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended March 31, 2025.*

**Key Fund Statistics**

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | $248395857 |
| **Total number of portfolio holdings** | 67 |
| **Portfolio turnover rate as of the end of the reporting period** | 46% |

---

The E-Valuator Growth (70%-85%) RMS Fund - Service Class \| 1

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| &nbsp;&nbsp;Dimensional Global Equity Portfolio - Class Institutional | &nbsp;&nbsp;4.8% | ![](chart070_001.jpg) | ![](chart070_002.jpg) |
| &nbsp;&nbsp;New Perspective Fund – Class R-6 | &nbsp;&nbsp;3.6% | ![](chart070_001.jpg) | ![](chart070_002.jpg) |
| &nbsp;&nbsp;SPDR Global Dow ETF | &nbsp;&nbsp;3.5% | ![](chart070_001.jpg) | ![](chart070_002.jpg) |
| &nbsp;&nbsp;Vanguard U.S. Momentum Factor ETF | &nbsp;&nbsp;3.4% | ![](chart070_001.jpg) | ![](chart070_002.jpg) |
| &nbsp;&nbsp;Schwab S&P 500 Index Fund | &nbsp;&nbsp;2.8% | ![](chart070_001.jpg) | ![](chart070_002.jpg) |
| &nbsp;&nbsp;Vanguard Strategic Equity Fund - Class Investor | &nbsp;&nbsp;2.8% | ![](chart070_001.jpg) | ![](chart070_002.jpg) |
| &nbsp;&nbsp;Nuveen Large Cap Growth Index Fund - Class R6 | &nbsp;&nbsp;2.8% | ![](chart070_001.jpg) | ![](chart070_002.jpg) |
| &nbsp;&nbsp;Schwab U.S. Large-Cap Growth ETF | &nbsp;&nbsp;2.5% | ![](chart070_001.jpg) | ![](chart070_002.jpg) |
| &nbsp;&nbsp;iShares Russell Mid-Cap Growth ETF | &nbsp;&nbsp;2.5% | ![](chart070_001.jpg) | ![](chart070_002.jpg) |
| &nbsp;&nbsp;DFA U.S. Vector Equity Portfolio - Class Institutional | &nbsp;&nbsp;2.4% | ![](chart070_001.jpg) | ![](chart070_002.jpg) |

---

**Availability of Additional Information**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at <u>www.evaluatorfunds.com/resources</u>. You can also request this information by contacting us at 888-507-2798.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-507-2798 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The E-Valuator Growth (70%-85%) RMS Fund - Service Class \| 2

---

| | |
|:---|:---|
| **The E-Valuator<br> Growth<br> (70%-85%) RMS Fund**<br>C L A S S R 4 / E V G R X | ![](formncsr_01.jpg) |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2025

This semi-annual shareholder report contains important information about The E-Valuator Growth (70%-85%) RMS Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.evaluatorfunds.com/resources. You can also request this information by contacting us at 888-507-2798.

**Fund Expenses**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage <br> of a $10,000 investment** |
| The E-Valuator Growth (70%-85%) RMS Fund (Class R4/EVGRX) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480.98%<sup>1,2</sup> |  |

---

*<sup>1</sup>* *Ratio to average net assets have been annualized for periods less than one year.*

*<sup>2</sup>* *Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended March 31, 2025.*

**Key Fund Statistics**

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | $248395857 |
| **Total number of portfolio holdings** | 67 |
| **Portfolio turnover rate as of the end of the reporting period** | 46% |

---

The E-Valuator Growth (70%-85%) RMS Fund - Class R4 \| 1

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| &nbsp;&nbsp;Dimensional Global Equity Portfolio - Class Institutional | &nbsp;&nbsp;4.8% | ![](chart070_003.jpg) | ![](chart070_004.jpg) |
| &nbsp;&nbsp;New Perspective Fund – Class R-6 | &nbsp;&nbsp;3.6% | ![](chart070_003.jpg) | ![](chart070_004.jpg) |
| &nbsp;&nbsp;SPDR Global Dow ETF | &nbsp;&nbsp;3.5% | ![](chart070_003.jpg) | ![](chart070_004.jpg) |
| &nbsp;&nbsp;Vanguard U.S. Momentum Factor ETF | &nbsp;&nbsp;3.4% | ![](chart070_003.jpg) | ![](chart070_004.jpg) |
| &nbsp;&nbsp;Schwab S&P 500 Index Fund | &nbsp;&nbsp;2.8% | ![](chart070_003.jpg) | ![](chart070_004.jpg) |
| &nbsp;&nbsp;Vanguard Strategic Equity Fund - Class Investor | &nbsp;&nbsp;2.8% | ![](chart070_003.jpg) | ![](chart070_004.jpg) |
| &nbsp;&nbsp;Nuveen Large Cap Growth Index Fund - Class R6 | &nbsp;&nbsp;2.8% | ![](chart070_003.jpg) | ![](chart070_004.jpg) |
| &nbsp;&nbsp;Schwab U.S. Large-Cap Growth ETF | &nbsp;&nbsp;2.5% | ![](chart070_003.jpg) | ![](chart070_004.jpg) |
| &nbsp;&nbsp;iShares Russell Mid-Cap Growth ETF | &nbsp;&nbsp;2.5% | ![](chart070_003.jpg) | ![](chart070_004.jpg) |
| &nbsp;&nbsp;DFA U.S. Vector Equity Portfolio - Class Institutional | &nbsp;&nbsp;2.4% | ![](chart070_003.jpg) | ![](chart070_004.jpg) |

---

**Availability of Additional Information**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at <u>www.evaluatorfunds.com/resources</u>. You can also request this information by contacting us at 888-507-2798.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-507-2798 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The E-Valuator Growth (70%-85%) RMS Fund - Class R4 \| 2

---

| | |
|:---|:---|
| **The E-Valuator<br> Aggressive Growth<br>(85%-99%)RMS Fund**<br>S E R V I C E C L A S S / E V A G X | ![](formncsr_01.jpg) |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2025

This semi-annual shareholder report contains important information about The E-Valuator Aggressive Growth (85%-99%) RMS Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.evaluatorfunds.com/resources. You can also request this information by contacting us at 888-507-2798.

**Fund Expenses**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage <br> of a $10,000 investment** |
| The E-Valuator Aggressive Growth (85%-99%) RMS Fund (Service Class/EVAGX) | $280.58%<sup>1,2</sup> |  |

---

 

*<sup>1</sup>* *Ratio to average net assets have been annualized for periods less than one year.*

 

**

*<sup>2</sup>* *Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended March 31, 2025.*

**Key Fund Statistics**

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | $196180741 |
| **Total number of portfolio holdings** | 60 |
| **Portfolio turnover rate as of the end of the reporting period** | 48% |

---

The E-Valuator Aggressive Growth (85%-99%) RMS Fund - Service Class \| 1

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| &nbsp;&nbsp;Dimensional Global Equity Portfolio - Class Institutional | &nbsp;&nbsp;5.6% | ![](chart85_001.jpg) | ![](chart85_002.jpg) |
| &nbsp;&nbsp;iShares Russell Mid-Cap Growth ETF | &nbsp;&nbsp;4.4% | ![](chart85_001.jpg) | ![](chart85_002.jpg) |
| &nbsp;&nbsp;Vanguard U.S. Momentum Factor ETF | &nbsp;&nbsp;4.4% | ![](chart85_001.jpg) | ![](chart85_002.jpg) |
| &nbsp;&nbsp;New Perspective Fund – Class R-6 | &nbsp;&nbsp;4.2% | ![](chart85_001.jpg) | ![](chart85_002.jpg) |
| &nbsp;&nbsp;SPDR Global Dow ETF | &nbsp;&nbsp;4.2% | ![](chart85_001.jpg) | ![](chart85_002.jpg) |
| &nbsp;&nbsp;Vanguard Strategic Equity Fund - Class Investor | &nbsp;&nbsp; 4.1% | ![](chart85_001.jpg) | ![](chart85_002.jpg) |
| &nbsp;&nbsp;DFA U.S. Vector Equity Portfolio - Class Institutional | &nbsp;&nbsp;3.9% | ![](chart85_001.jpg) | ![](chart85_002.jpg) |
| &nbsp;&nbsp;Schwab S&P 500 Index Fund | &nbsp;&nbsp;3.3% | ![](chart85_001.jpg) | ![](chart85_002.jpg) |
| &nbsp;&nbsp;Nuveen Large Cap Growth Index Fund - Class R6 | &nbsp;&nbsp;3.2% | ![](chart85_001.jpg) | ![](chart85_002.jpg) |
| &nbsp;&nbsp;Vanguard Value ETF | &nbsp;&nbsp;2.8% | ![](chart85_001.jpg) | ![](chart85_002.jpg) |

---

**Availability of Additional Information**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at <u>www.evaluatorfunds.com/resources</u>. You can also request this information by contacting us at 888-507-2798.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-507-2798 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The E-Valuator Aggressive Growth (85%-99%) RMS Fund - Service Class \| 2

---

| | |
|:---|:---|
| **The E-Valuator<br> Aggressive Growth<br> (85%-99%)RMS Fund**<br>C L A S S R 4 / E V F G X | ![](formncsr_01.jpg) |

---

SEMI-ANNUAL SHAREHOLDER REPORT \| MARCH 31, 2025

This semi-annual shareholder report contains important information about The E-Valuator Aggressive Growth (85%-99%) RMS Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.evaluatorfunds.com/resources. You can also request this information by contacting us at 888-507-2798.

**Fund Expenses**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage <br> of a $10,000 investment** |
| The E-Valuator Aggressive Growth (85%-99%) RMS Fund (Class R4/EVFGX) | $480.97%<sup>1,2</sup> |  |

---

*<sup>1</sup>* *Ratio to average net assets have been annualized for periods less than one year.*

*<sup>2</sup>* *Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended March 31, 2025.*

**

**Key Fund Statistics**

The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | $196180741 |
| **Total number of portfolio holdings** | 60 |
| **Portfolio turnover rate as of the end of the reporting period** | 48% |

---

The E-Valuator Aggressive Growth (85%-99%) RMS Fund - Class R4 \| 1

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| &nbsp;&nbsp;Dimensional Global Equity Portfolio - Class Institutional | &nbsp;&nbsp;5.6% | ![](chat85_003.jpg) | ![](chat85_004.jpg) |
| &nbsp;&nbsp;iShares Russell Mid-Cap Growth ETF | &nbsp;&nbsp;4.4% | ![](chat85_003.jpg) | ![](chat85_004.jpg) |
| &nbsp;&nbsp;Vanguard U.S. Momentum Factor ETF | &nbsp;&nbsp;4.4% | ![](chat85_003.jpg) | ![](chat85_004.jpg) |
| &nbsp;&nbsp;New Perspective Fund – Class R-6 | &nbsp;&nbsp;4.2% | ![](chat85_003.jpg) | ![](chat85_004.jpg) |
| &nbsp;&nbsp;SPDR Global Dow ETF | &nbsp;&nbsp;4.2% | ![](chat85_003.jpg) | ![](chat85_004.jpg) |
| &nbsp;&nbsp;Vanguard Strategic Equity Fund - Class Investor | &nbsp;&nbsp;4.1% | ![](chat85_003.jpg) | ![](chat85_004.jpg) |
| &nbsp;&nbsp;DFA U.S. Vector Equity Portfolio - Class Institutional | &nbsp;&nbsp;3.9% | ![](chat85_003.jpg) | ![](chat85_004.jpg) |
| &nbsp;&nbsp;Schwab S&P 500 Index Fund | &nbsp;&nbsp;3.3% | ![](chat85_003.jpg) | ![](chat85_004.jpg) |
| &nbsp;&nbsp;Nuveen Large Cap Growth Index Fund - Class R6 | &nbsp;&nbsp;3.2% | ![](chat85_003.jpg) | ![](chat85_004.jpg) |
| &nbsp;&nbsp;Vanguard Value ETF | &nbsp;&nbsp;2.8% | ![](chat85_003.jpg) | ![](chat85_004.jpg) |

---

**Availability of Additional Information**

You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at <u>www.evaluatorfunds.com/resources</u>. You can also request this information by contacting us at 888-507-2798.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 888-507-2798 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

The E-Valuator Aggressive Growth (85%-99%) RMS Fund - Class R4 \| 2

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 were no notices transmitted to stockholders in reliance on Rule 30e-3 under the Investment
 Company Act of 1940, as amended, that contained disclosures specified by paragraph (c)(3)
 of that rule.

**Item 2. Code of Ethics.**

Not applicable to semi-annual reports.

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

Not applicable to semi-annual reports.

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

Not applicable to semi-annual reports.

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

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Included
 as part of the report to shareholders filed under Item 7 (a) of this Form N-CSR.

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

**Item 7. Financial Statements and Other Information**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Copy
 of the most recent financial statements

![](frontcover_001.jpg)

---

| |
|:---|
| **The E-Valuator Very Conservative (0%-15%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 55.5%** |  |
|  | **AGGREGATE BOND — 12.9%** |  |
| 19747 | Eaton Vance Total Return Bond ETF | $999791 |
| 15231 | PGIM Ultra Short Bond ETF | 757438 |
| 14627 | Vanguard Intermediate-Term Bond ETF | 1119989 |
|  |  | **2877218** |
|  | **BROAD BASED — 0.0%** |  |
| 562 | USCF SummerHaven Dynamic Commodity Strategy No. K-1 Fund | **11926** |
|  | **BROAD MARKET — 0.7%** |  |
| 2407 | Schwab Fundamental U.S. Broad Market ETF | 55385 |
| 628 | Vanguard U.S. Momentum Factor ETF | 95274 |
|  |  | **150659** |
|  | **CONSUMER STAPLES — 0.1%** |  |
| 222 | Fidelity MSCI Consumer Staples Index ETF | 11351 |
| 52 | Vanguard Consumer Staples ETF | 11378 |
|  |  | **22729** |
|  | **CONVERTIBLE — 1.9%** |  |
| 4976 | iShares Convertible Bond ETF | **416043** |
|  | **CORPORATE — 21.6%** |  |
| 16120 | iShares High Yield Systematic Bond ETF | 759091 |
| 10280 | iShares Investment Grade Systematic Bond ETF | 462703 |
| 40652 | Principal Active High Yield ETF | 774420 |
| 36280 | SPDR Portfolio Short Term Corporate Bond ETF | 1092028 |
| 43556 | VanEck IG Floating Rate ETF | 1112856 |
| 7622 | Vanguard Intermediate-Term Corporate Bond ETF | 623175 |
|  |  | **4824273** |
|  | **EMERGING MARKETS — 0.3%** |  |
| 2097 | Schwab Fundamental Emerging Markets Equity ETF | **64588** |
|  | **GLOBAL — 0.7%** |  |
| 365 | Affinity World Leaders Equity ETF | 10554 |
| 1019 | SPDR Global Dow ETF | 142456 |
|  |  | **153010** |
|  | **GOVERNMENT — 5.7%** |  |
| 9640 | iShares 10-20 Year Treasury Bond ETF | 1000150 |
| 2948 | iShares 7-10 Year Treasury Bond ETF | 281151 |
|  |  | **1281301** |
|  | **HIGH YIELD BOND — 2.7%** |  |
| 12966 | Pacer Pacific Asset Floating Rate High Income ETF | **610569** |

---

1 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Very Conservative (0%-15%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **INTERNATIONAL — 0.8%** |  |
| 1134 | Invesco Dorsey Wright Developed Markets Momentum ETF | $43183 |
| 530 | Invesco S&P International Developed Momentum ETF | 23405 |
| 1222 | iShares Currency Hedged MSCI EAFE Small-Cap ETF | 39348 |
| 410 | iShares International Dividend Growth ETF | 29700 |
| 1541 | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 41823 |
|  |  | **177459** |
|  | **LARGE-CAP — 1.7%** |  |
| 1109 | Fidelity High Dividend ETF | 55006 |
| 61 | Invesco QQQ Trust Series 1 | 28604 |
| 1878 | Schwab Fundamental U.S. Large Co. ETF | 44340 |
| 3048 | Schwab U.S. Large-Cap Growth ETF | 76322 |
| 300 | Vanguard Mega Cap ETF | 60414 |
| 370 | Vanguard Value ETF | 63914 |
| 618 | WisdomTree U.S. Value Fund | 50781 |
|  |  | **379381** |
|  | **LONG TERM CORPORATE BOND — 1.5%** |  |
| 7863 | FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | **333761** |
|  | **MID-CAP — 0.9%** |  |
| 2536 | Fidelity Small-Mid Multifactor ETF | 99310 |
| 683 | iShares Russell Mid-Cap Growth ETF | 80246 |
| 298 | VictoryShares U.S. Small Mid Cap Value Momentum ETF | 23464 |
|  |  | **203020** |
|  | **MORTGAGE BACKED — 3.0%** |  |
| 13817 | iShares CMBS ETF | **663216** |
|  | **PRECIOUS METALS — 0.2%** |  |
| 1115 | abrdn Physical Silver Shares ETF\* | 36249 |
| 193 | iShares Gold Trust\* | 11379 |
|  |  | **47628** |
|  | **SMALL-CAP — 0.5%** |  |
| 403 | JPMorgan Small & Mid Cap Enhanced Equity ETF | 22560 |
| 326 | Vanguard Small-Cap Growth ETF | 82077 |
|  |  | **104637** |
|  | **THEMATIC — 0.3%** |  |
| 1724 | Global X U.S. Infrastructure Development ETF | **65046** |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $12,400,075) | **12386464** |

---

2 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Very Conservative (0%-15%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS — 42.1%** |  |
|  | **AGGREGATE BOND — 12.3%** |  |
| 83872 | Allspring Core Plus Bond Fund - Class R6 | $943560 |
| 99878 | Vanguard Core Bond Fund, Admiral Shares | 1797804 |
|  |  | **2741364** |
|  | **AGGREGATE BOND SHORT — 1.0%** |  |
| 11416 | Columbia Short Term Bond Fund - Class Institutional 3 | 111649 |
| 12212 | Victory Short-Term Bond Fund - Class R6 | 111493 |
|  |  | **223142** |
|  | **BLEND BROAD MARKET — 0.4%** |  |
| 800 | DFA U.S. Core Equity 1 Portfolio - Class Institutional | 33067 |
| 2259 | DFA U.S. Vector Equity Portfolio - Class Institutional | 58769 |
|  |  | **91836** |
|  | **BLEND LARGE CAP — 0.8%** |  |
| 2074 | DFA U.S. Large Co. Portfolio - Class Institutional | 77140 |
| 1148 | Schwab S&P 500 Index Fund | 99190 |
|  |  | **176330** |
|  | **BLEND MID CAP — 0.3%** |  |
| 1947 | Vanguard Strategic Equity Fund - Class Investor | **65799** |
|  | **EMERGING MARKET STOCK — 0.2%** |  |
| 440 | New World Fund, Inc. - Class F-3 | **34457** |
|  | **EMERGING MARKETS BOND — 9.1%** |  |
| 106443 | Nuveen Emerging Markets Debt Fund - Class R6 | 913279 |
| 47443 | Vanguard Emerging Markets Bond Fund, Admiral Shares | 1110166 |
|  |  | **2023445** |
|  | **FOREIGN AGGREGATE BOND — 9.3%** |  |
| 192621 | Dodge & Cox Global Bond Fund - Class I | **2086090** |
|  | **FOREIGN BLEND — 0.9%** |  |
| 6172 | Dimensional Global Equity Portfolio - Class Institutional | **205848** |
|  | **FOREIGN VALUE — 0.1%** |  |
| 653 | DFA International Value Portfolio - Class Institutional | **14912** |
|  | **GENERAL CORPORATE BOND — 2.9%** |  |
| 70118 | T Rowe Price Institutional Floating Rate Fund - Class Institutional | **657706** |
|  | **GROWTH BROAD MARKET — 0.7%** |  |
| 2561 | New Perspective Fund - Class R-6 | **156175** |

---

3 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Very Conservative (0%-15%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS (Continued)** |  |
|  | **GROWTH LARGE CAP — 0.4%** |  |
| 1627 | Nuveen Large Cap Growth Index Fund - Class R6 | $**98075** |
|  | **HIGH YIELD BOND — 3.5%** |  |
| 80139 | American High-Income Trust - Class F-3 | **778954** |
|  | **VALUE MID CAP — 0.2%** |  |
| 1720 | DFA U.S. Targeted Value Portfolio - Class Institutional | **54691** |
|  | **Total Mutual Funds** |  |
|  | (Cost $9,316,033) | **9408824** |
|  | **MONEY MARKET FUNDS — 0.6%** |  |
| 145417 | Gabelli U.S. Treasury Money Market Fund - Class AAA, 4.18%<sup>1</sup> | 145417 |
|  | **Money Market Funds** |  |
|  | (Cost $145,417) | **145417** |
|  | **TOTAL INVESTMENTS — 98.2%** |  |
|  | (Cost $21,861,525) | **21940705** |
|  | Other Assets in Excess of Liabilities — 1.8% | 393124 |
|  | **TOTAL NET ASSETS — 100.0%** | $**22333829** |

---

\*Non-income producing security. <br> <sup>1</sup>Effective 7 day yield as of March 31, 2025.

*See Notes to Financial Statements*

4 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Conservative (15%-30%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 53.5%** |  |
|  | **AGGREGATE BOND — 8.0%** |  |
| 43367 | Eaton Vance Total Return Bond ETF | $2195671 |
| 22646 | Vanguard Intermediate-Term Bond ETF | 1734004 |
|  |  | **3929675** |
|  | **BROAD BASED — 0.1%** |  |
| 2432 | USCF SummerHaven Dynamic Commodity Strategy No. K-1 Fund | **51607** |
|  | **BROAD MARKET — 1.2%** |  |
| 8877 | Schwab Fundamental U.S. Broad Market ETF | 204260 |
| 2716 | Vanguard U.S. Momentum Factor ETF | 412044 |
|  |  | **616304** |
|  | **CONSUMER STAPLES — 1.2%** |  |
| 6058 | Fidelity MSCI Consumer Staples Index ETF | 309745 |
| 1368 | Vanguard Consumer Staples ETF | 299346 |
|  |  | **609091** |
|  | **CONVERTIBLE — 2.2%** |  |
| 12715 | iShares Convertible Bond ETF | **1063101** |
|  | **CORPORATE — 16.1%** |  |
| 22189 | iShares High Yield Systematic Bond ETF | 1044880 |
| 30738 | iShares Investment Grade Systematic Bond ETF | 1383517 |
| 54772 | Principal Active High Yield ETF | 1043407 |
| 61540 | SPDR Portfolio Short Term Corporate Bond ETF | 1852354 |
| 48081 | VanEck IG Floating Rate ETF | 1228470 |
| 16941 | Vanguard Intermediate-Term Corporate Bond ETF | 1385096 |
|  |  | **7937724** |
|  | **EMERGING MARKETS — 0.8%** |  |
| 8026 | Schwab Fundamental Emerging Markets Equity ETF | 247201 |
| 3527 | SPDR S&P Emerging Markets Dividend ETF | 125914 |
|  |  | **373115** |
|  | **GLOBAL — 1.4%** |  |
| 1678 | Affinity World Leaders Equity ETF | 48521 |
| 4472 | SPDR Global Dow ETF | 625185 |
|  |  | **673706** |
|  | **GOVERNMENT — 3.6%** |  |
| 9950 | iShares 10-20 Year Treasury Bond ETF | 1032313 |
| 7998 | iShares 7-10 Year Treasury Bond ETF | 762769 |
|  |  | **1795082** |
|  | **HIGH YIELD BOND — 3.0%** |  |
| 31484 | Pacer Pacific Asset Floating Rate High Income ETF | **1482582** |

---

5 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Conservative (15%-30%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **INTERNATIONAL — 1.5%** |  |
| 5698 | Invesco Dorsey Wright Developed Markets Momentum ETF | $216980 |
| 4549 | Invesco S&P International Developed Momentum ETF | 200884 |
| 2155 | iShares Currency Hedged MSCI EAFE Small-Cap ETF | 69391 |
| 1516 | iShares International Dividend Growth ETF | 109819 |
| 4460 | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 121044 |
|  |  | **718118** |
|  | **LARGE-CAP — 4.6%** |  |
| 8100 | Fidelity High Dividend ETF | 401760 |
| 662 | Invesco QQQ Trust Series 1 | 310425 |
| 15191 | Schwab Fundamental U.S. Large Co. ETF | 358659 |
| 16879 | Schwab U.S. Large-Cap Growth ETF | 422650 |
| 912 | Vanguard Mega Cap ETF | 183659 |
| 1474 | Vanguard Value ETF | 254619 |
| 3837 | WisdomTree U.S. Value Fund | 315286 |
|  |  | **2247058** |
|  | **LONG TERM CORPORATE BOND — 2.0%** |  |
| 22902 | FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | **972124** |
|  | **MID-CAP — 3.0%** |  |
| 8425 | Fidelity Small-Mid Multifactor ETF | 329923 |
| 1712 | Invesco S&P MidCap Momentum ETF | 194757 |
| 6134 | iShares Russell Mid-Cap Growth ETF | 720684 |
| 2736 | VictoryShares U.S. Small Mid Cap Value Momentum ETF | 215432 |
|  |  | **1460796** |
|  | **MORTGAGE BACKED — 2.5%** |  |
| 26093 | iShares CMBS ETF | **1252464** |
|  | **PRECIOUS METALS — 0.5%** |  |
| 4252 | abrdn Physical Silver Shares ETF\* | 138233 |
| 1895 | iShares Gold Trust\* | 111729 |
|  |  | **249962** |
|  | **SMALL-CAP — 1.5%** |  |
| 2649 | Invesco S&P SmallCap Momentum ETF | 166225 |
| 5084 | JPMorgan Small & Mid Cap Enhanced Equity ETF | 284602 |
| 1185 | Vanguard Small-Cap Growth ETF | 298348 |
|  |  | **749175** |
|  | **THEMATIC — 0.3%** |  |
| 4543 | Global X U.S. Infrastructure Development ETF | **171407** |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $26,067,006) | **26353091** |

---

6 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Conservative (15%-30%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS — 44.1%** |  |
|  | **AGGREGATE BOND — 9.0%** |  |
| 187215 | Allspring Core Plus Bond Fund - Class R6 | $2106167 |
| 128343 | Vanguard Core Bond Fund, Admiral Shares | 2310169 |
|  |  | **4416336** |
|  | **AGGREGATE BOND SHORT — 4.0%** |  |
| 100245 | Columbia Short Term Bond Fund - Class Institutional 3 | 980397 |
| 107978 | Victory Short-Term Bond Fund - Class R6 | 985843 |
|  |  | **1966240** |
|  | **BLEND BROAD MARKET — 1.1%** |  |
| 3401 | DFA U.S. Core Equity 1 Portfolio - Class Institutional | 140527 |
| 16376 | DFA U.S. Vector Equity Portfolio - Class Institutional | 425936 |
|  |  | **566463** |
|  | **BLEND LARGE CAP — 1.4%** |  |
| 8572 | DFA U.S. Large Co. Portfolio - Class Institutional | 318863 |
| 4297 | Schwab S&P 500 Index Fund | 371279 |
|  |  | **690142** |
|  | **BLEND MID CAP — 0.6%** |  |
| 9231 | Vanguard Strategic Equity Fund - Class Investor | **312016** |
|  | **EMERGING MARKET STOCK — 0.2%** |  |
| 1287 | New World Fund, Inc. - Class F-3 | **100829** |
|  | **EMERGING MARKETS BOND — 9.2%** |  |
| 206830 | Nuveen Emerging Markets Debt Fund - Class R6 | 1774600 |
| 118640 | Vanguard Emerging Markets Bond Fund, Admiral Shares | 2776175 |
|  |  | **4550775** |
|  | **FOREIGN AGGREGATE BOND — 7.9%** |  |
| 357854 | Dodge & Cox Global Bond Fund - Class I | **3875557** |
|  | **FOREIGN BLEND — 2.1%** |  |
| 6239 | DFA International Small Co. Portfolio - Class Institutional | 127328 |
| 26903 | Dimensional Global Equity Portfolio - Class Institutional | 897223 |
|  |  | **1024551** |
|  | **FOREIGN GROWTH — 0.2%** |  |
| 5958 | Vanguard International Explorer Fund - Class Investor | **100268** |
|  | **FOREIGN VALUE — 0.4%** |  |
| 4122 | DFA International Small Cap Value Portfolio - Class Institutional | 99626 |
| 4281 | DFA International Value Portfolio - Class Institutional | 97811 |
|  |  | **197437** |

---

7 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Conservative (15%-30%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS (Continued)** |  |
|  | **GENERAL CORPORATE BOND — 3.0%** |  |
| 156811 | T Rowe Price Institutional Floating Rate Fund - Class Institutional | $**1470884** |
|  | **GROWTH BROAD MARKET — 1.3%** |  |
| 10896 | New Perspective Fund - Class R-6 | **664423** |
|  | **GROWTH LARGE CAP — 1.0%** |  |
| 8047 | Nuveen Large Cap Growth Index Fund - Class R6 | **485183** |
|  | **HIGH YIELD BOND — 2.1%** |  |
| 107310 | American High-Income Trust - Class F-3 | **1043049** |
|  | **VALUE MID CAP — 0.6%** |  |
| 8723 | DFA U.S. Targeted Value Portfolio - Class Institutional | **277390** |
|  | **Total Mutual Funds** |  |
|  | (Cost $21,273,031) | **21741543** |
|  | **MONEY MARKET FUNDS — 2.4%** |  |
| 685974 | Gabelli U.S. Treasury Money Market Fund - Class AAA, 4.18%<sup>1</sup> | 685974 |
| 496359 | Goldman Sachs Financial Square Government Fund - Institutional Class, 4.18%<sup>1</sup> | 496359 |
|  | **Money Market Funds** |  |
|  | (Cost $1,182,333) | **1182333** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | (Cost $48,522,370) | **49276967** |
|  | Liabilities in Excess of Other Assets — (0.0)% | (1241) |
|  | **TOTAL NET ASSETS — 100.0%** | $**49275726** |

---

\*Non-income producing security. <br> <sup>1</sup>Effective 7 day yield as of March 31, 2025.

*See Notes to Financial Statements*

8 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Conservative/Moderate (30%-50%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 57.2%** |  |
|  | **AGGREGATE BOND — 5.7%** |  |
| 19984 | Eaton Vance Total Return Bond ETF | $1011790 |
| 9954 | Vanguard Intermediate-Term Bond ETF | 762178 |
|  |  | **1773968** |
|  | **BROAD BASED — 0.3%** |  |
| 3609 | USCF SummerHaven Dynamic Commodity Strategy No. K-1 Fund | **76583** |
|  | **BROAD MARKET — 2.6%** |  |
| 11304 | Schwab Fundamental U.S. Broad Market ETF | 260105 |
| 3668 | Vanguard U.S. Momentum Factor ETF | 556472 |
|  |  | **816577** |
|  | **CONSUMER STAPLES — 1.3%** |  |
| 3801 | Fidelity MSCI Consumer Staples Index ETF | 194345 |
| 887 | Vanguard Consumer Staples ETF | 194093 |
|  |  | **388438** |
|  | **CONVERTIBLE — 1.7%** |  |
| 6408 | iShares Convertible Bond ETF | **535773** |
|  | **CORPORATE — 12.8%** |  |
| 10232 | iShares High Yield Systematic Bond ETF | 481825 |
| 14454 | iShares Investment Grade Systematic Bond ETF | 650574 |
| 25052 | Principal Active High Yield ETF | 477241 |
| 31156 | SPDR Portfolio Short Term Corporate Bond ETF | 937796 |
| 31713 | VanEck IG Floating Rate ETF | 810267 |
| 7966 | Vanguard Intermediate-Term Corporate Bond ETF | 651300 |
|  |  | **4009003** |
|  | **EMERGING MARKETS — 1.6%** |  |
| 10323 | Schwab Fundamental Emerging Markets Equity ETF | 317948 |
| 5266 | SPDR S&P Emerging Markets Dividend ETF | 187996 |
|  |  | **505944** |
|  | **GLOBAL — 2.6%** |  |
| 1042 | Affinity World Leaders Equity ETF | 30130 |
| 5643 | SPDR Global Dow ETF | 788892 |
|  |  | **819022** |
|  | **GOVERNMENT — 3.7%** |  |
| 7225 | iShares 10-20 Year Treasury Bond ETF | 749594 |
| 4352 | iShares 7-10 Year Treasury Bond ETF | 415050 |
|  |  | **1164644** |
|  | **HIGH YIELD BOND — 1.9%** |  |
| 12615 | Pacer Pacific Asset Floating Rate High Income ETF | **594040** |

---

9 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Conservative/Moderate (30%-50%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **INTERNATIONAL — 2.6%** |  |
| 6620 | Invesco Dorsey Wright Developed Markets Momentum ETF | $252089 |
| 4284 | Invesco S&P International Developed Momentum ETF | 189181 |
| 1948 | iShares Currency Hedged MSCI EAFE Small-Cap ETF | 62726 |
| 2247 | iShares International Dividend Growth ETF | 162773 |
| 5734 | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 155621 |
|  |  | **822390** |
|  | **LARGE-CAP — 6.9%** |  |
| 6911 | Fidelity High Dividend ETF | 342786 |
| 657 | Invesco QQQ Trust Series 1 | 308080 |
| 12656 | Schwab Fundamental U.S. Large Co. ETF | 298808 |
| 16035 | Schwab U.S. Large-Cap Growth ETF | 401516 |
| 928 | Vanguard Mega Cap ETF | 186881 |
| 1531 | Vanguard Value ETF | 264465 |
| 4309 | WisdomTree U.S. Value Fund | 354071 |
|  |  | **2156607** |
|  | **LONG TERM CORPORATE BOND — 2.1%** |  |
| 15262 | FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | **647828** |
|  | **MID-CAP — 4.8%** |  |
| 13727 | Fidelity Small-Mid Multifactor ETF | 537549 |
| 1292 | Invesco S&P MidCap Momentum ETF | 146978 |
| 4857 | iShares Russell Mid-Cap Growth ETF | 570649 |
| 3202 | VictoryShares U.S. Small Mid Cap Value Momentum ETF | 252126 |
|  |  | **1507302** |
|  | **MORTGAGE BACKED — 2.4%** |  |
| 15744 | iShares CMBS ETF | **755712** |
|  | **PRECIOUS METALS — 0.8%** |  |
| 4065 | abrdn Physical Silver Shares ETF\* | 132153 |
| 1669 | iShares Gold Trust\* | 98404 |
|  |  | **230557** |
|  | **SMALL-CAP — 2.9%** |  |
| 4258 | Invesco S&P SmallCap Momentum ETF | 267190 |
| 5229 | JPMorgan Small & Mid Cap Enhanced Equity ETF | 292719 |
| 1327 | Vanguard Small-Cap Growth ETF | 334099 |
|  |  | **894008** |
|  | **THEMATIC — 0.5%** |  |
| 4031 | Global X U.S. Infrastructure Development ETF | **152090** |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $17,561,662) | **17850486** |

---

10 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Conservative/Moderate (30%-50%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS — 41.2%** |  |
|  | **AGGREGATE BOND — 6.3%** |  |
| 58298 | Allspring Core Plus Bond Fund - Class R6 | $655848 |
| 73150 | Vanguard Core Bond Fund, Admiral Shares | 1316707 |
|  |  | **1972555** |
|  | **AGGREGATE BOND SHORT — 3.2%** |  |
| 50129 | Columbia Short Term Bond Fund - Class Institutional 3 | 490259 |
| 53787 | Victory Short-Term Bond Fund - Class R6 | 491074 |
|  |  | **981333** |
|  | **BLEND BROAD MARKET — 2.0%** |  |
| 5596 | DFA U.S. Core Equity 1 Portfolio - Class Institutional | 231243 |
| 15488 | DFA U.S. Vector Equity Portfolio - Class Institutional | 402834 |
|  |  | **634077** |
|  | **BLEND LARGE CAP — 2.2%** |  |
| 7816 | DFA U.S. Large Co. Portfolio - Class Institutional | 290768 |
| 4710 | Schwab S&P 500 Index Fund | 406964 |
|  |  | **697732** |
|  | **BLEND MID CAP — 1.3%** |  |
| 12044 | Vanguard Strategic Equity Fund - Class Investor | **407071** |
|  | **EMERGING MARKET STOCK — 0.3%** |  |
| 1346 | New World Fund, Inc. - Class F-3 | **105450** |
|  | **EMERGING MARKETS BOND — 6.1%** |  |
| 72371 | Nuveen Emerging Markets Debt Fund - Class R6 | 620940 |
| 54282 | Vanguard Emerging Markets Bond Fund, Admiral Shares | 1270203 |
|  |  | **1891143** |
|  | **FOREIGN AGGREGATE BOND — 5.8%** |  |
| 168102 | Dodge & Cox Global Bond Fund - Class I | **1820546** |
|  | **FOREIGN BLEND — 4.1%** |  |
| 8742 | DFA International Small Co. Portfolio - Class Institutional | 178430 |
| 32740 | Dimensional Global Equity Portfolio - Class Institutional | 1091895 |
|  |  | **1270325** |
|  | **FOREIGN GROWTH — 0.4%** |  |
| 7399 | Vanguard International Explorer Fund - Class Investor | **124531** |
|  | **FOREIGN VALUE — 0.8%** |  |
| 5349 | DFA International Small Cap Value Portfolio - Class Institutional | 129277 |
| 4915 | DFA International Value Portfolio - Class Institutional | 112312 |
|  |  | **241589** |

---

11 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Conservative/Moderate (30%-50%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS (Continued)** |  |
|  | **GENERAL CORPORATE BOND — 2.0%** |  |
| 66926 | T Rowe Price Institutional Floating Rate Fund - Class Institutional | $**627763** |
|  | **GROWTH BROAD MARKET — 2.6%** |  |
| 13262 | New Perspective Fund - Class R-6 | **808704** |
|  | **GROWTH LARGE CAP — 1.4%** |  |
| 7312 | Nuveen Large Cap Growth Index Fund - Class R6 | **440812** |
|  | **HIGH YIELD BOND — 1.5%** |  |
| 48406 | American High-Income Trust - Class F-3 | **470505** |
|  | **VALUE MID CAP — 1.2%** |  |
| 11987 | DFA U.S. Targeted Value Portfolio - Class Institutional | **381185** |
|  | **Total Mutual Funds** |  |
|  | (Cost $12,597,549) | **12875321** |
|  | **MONEY MARKET FUNDS — 1.7%** |  |
| 316119 | Gabelli U.S. Treasury Money Market Fund - Class AAA, 4.18%<sup>1</sup> | 316119 |
| 223854 | Goldman Sachs Financial Square Government Fund - Institutional Class, 4.18%<sup>1</sup> | 223854 |
|  | **Money Market Funds** |  |
|  | (Cost $539,973) | **539973** |
|  | **TOTAL INVESTMENTS — 100.1%** |  |
|  | (Cost $30,699,184) | **31265780** |
|  | Liabilities in Excess of Other Assets — (0.1)% | (26552) |
|  | **TOTAL NET ASSETS — 100.0%** | $**31239228** |

---

\*Non-income producing security. <br> <sup>1</sup>Effective 7 day yield as of March 31, 2025.

*See Notes to Financial Statements*

12 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Moderate (50%-70%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 59.6%** |  |
|  | **AGGREGATE BOND — 3.1%** |  |
| 42456 | Eaton Vance Total Return Bond ETF | $2149547 |
| 30096 | Vanguard Intermediate-Term Bond ETF | 2304451 |
|  |  | **4453998** |
|  | **BROAD BASED — 0.5%** |  |
| 34844 | USCF SummerHaven Dynamic Commodity Strategy No. K-1 Fund | **739390** |
|  | **BROAD MARKET — 4.2%** |  |
| 85101 | Schwab Fundamental U.S. Broad Market ETF | 1958174 |
| 26205 | Vanguard U.S. Momentum Factor ETF | 3975561 |
|  |  | **5933735** |
|  | **CONSUMER STAPLES — 1.7%** |  |
| 23845 | Fidelity MSCI Consumer Staples Index ETF | 1219195 |
| 5570 | Vanguard Consumer Staples ETF | 1218827 |
|  |  | **2438022** |
|  | **CONVERTIBLE — 1.5%** |  |
| 25368 | iShares Convertible Bond ETF | **2121018** |
|  | **CORPORATE — 8.1%** |  |
| 30447 | iShares High Yield Systematic Bond ETF | 1433749 |
| 49458 | iShares Investment Grade Systematic Bond ETF | 2226104 |
| 75153 | Principal Active High Yield ETF | 1431665 |
| 95901 | SPDR Portfolio Short Term Corporate Bond ETF | 2886620 |
| 57434 | VanEck IG Floating Rate ETF | 1467439 |
| 25329 | Vanguard Intermediate-Term Corporate Bond ETF | 2070899 |
|  |  | **11516476** |
|  | **EMERGING MARKETS — 2.0%** |  |
| 55115 | Schwab Fundamental Emerging Markets Equity ETF | 1697542 |
| 30962 | SPDR S&P Emerging Markets Dividend ETF | 1105343 |
|  |  | **2802885** |
|  | **GLOBAL — 2.9%** |  |
| 7246 | Affinity World Leaders Equity ETF | 209524 |
| 28541 | SPDR Global Dow ETF | 3990032 |
|  |  | **4199556** |
|  | **GOVERNMENT — 2.7%** |  |
| 25148 | iShares 10-20 Year Treasury Bond ETF | 2609105 |
| 13597 | iShares 7-10 Year Treasury Bond ETF | 1296746 |
|  |  | **3905851** |
|  | **HIGH YIELD BOND — 1.5%** |  |
| 44236 | Pacer Pacific Asset Floating Rate High Income ETF | **2083073** |

---

13 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Moderate (50%-70%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **INTERNATIONAL — 3.8%** |  |
| 44837 | Invesco Dorsey Wright Developed Markets Momentum ETF | $1707393 |
| 35059 | Invesco S&P International Developed Momentum ETF | 1548206 |
| 16297 | iShares Currency Hedged MSCI EAFE Small-Cap ETF | 524763 |
| 9836 | iShares International Dividend Growth ETF | 712520 |
| 32551 | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 883434 |
|  |  | **5376316** |
|  | **LARGE-CAP — 12.3%** |  |
| 47189 | Fidelity High Dividend ETF | 2340574 |
| 5767 | Invesco QQQ Trust Series 1 | 2704262 |
| 97299 | Schwab Fundamental U.S. Large Co. ETF | 2297229 |
| 118424 | Schwab U.S. Large-Cap Growth ETF | 2965337 |
| 11752 | Vanguard Mega Cap ETF | 2366618 |
| 14917 | Vanguard Value ETF | 2576762 |
| 27022 | WisdomTree U.S. Value Fund | 2220398 |
|  |  | **17471180** |
|  | **LONG TERM CORPORATE BOND — 0.9%** |  |
| 30269 | FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | **1284831** |
|  | **MID-CAP — 7.0%** |  |
| 76643 | Fidelity Small-Mid Multifactor ETF | 3001340 |
| 14945 | Invesco S&P MidCap Momentum ETF | 1700143 |
| 29917 | iShares Russell Mid-Cap Growth ETF | 3514948 |
| 22601 | VictoryShares U.S. Small Mid Cap Value Momentum ETF | 1779603 |
|  |  | **9996034** |
|  | **MORTGAGE BACKED — 1.0%** |  |
| 30807 | iShares CMBS ETF | **1478736** |
|  | **PRECIOUS METALS — 1.6%** |  |
| 40787 | abrdn Physical Silver Shares ETF\* | 1325986 |
| 16369 | iShares Gold Trust\* | 965116 |
|  |  | **2291102** |
|  | **SMALL-CAP — 3.8%** |  |
| 18543 | Invesco S&P SmallCap Momentum ETF | 1163573 |
| 30877 | JPMorgan Small & Mid Cap Enhanced Equity ETF | 1728495 |
| 10005 | Vanguard Small-Cap Growth ETF | 2518959 |
|  |  | **5411027** |
|  | **THEMATIC — 1.0%** |  |
| 37230 | Global X U.S. Infrastructure Development ETF | **1404688** |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $81,314,705) | **84907918** |

---

14 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Moderate (50%-70%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS — 38.9%** |  |
|  | **AGGREGATE BOND — 4.8%** |  |
| 142826 | Allspring Core Plus Bond Fund - Class R6 | $1606791 |
| 287480 | Vanguard Core Bond Fund, Admiral Shares | 5174639 |
|  |  | **6781430** |
|  | **AGGREGATE BOND SHORT — 1.3%** |  |
| 91266 | Columbia Short Term Bond Fund - Class Institutional 3 | 892577 |
| 98490 | Victory Short-Term Bond Fund - Class R6 | 899214 |
|  |  | **1791791** |
|  | **BLEND BROAD MARKET — 3.4%** |  |
| 41259 | DFA U.S. Core Equity 1 Portfolio - Class Institutional | 1704814 |
| 122677 | DFA U.S. Vector Equity Portfolio - Class Institutional | 3190832 |
|  |  | **4895646** |
|  | **BLEND LARGE CAP — 3.9%** |  |
| 55308 | DFA U.S. Large Co. Portfolio - Class Institutional | 2057467 |
| 41256 | Schwab S&P 500 Index Fund | 3564944 |
|  |  | **5622411** |
|  | **BLEND MID CAP — 2.2%** |  |
| 93477 | Vanguard Strategic Equity Fund - Class Investor | **3159519** |
|  | **EMERGING MARKET STOCK — 0.6%** |  |
| 11129 | New World Fund, Inc. - Class F-3 | **871725** |
|  | **EMERGING MARKETS BOND — 4.1%** |  |
| 217026 | Nuveen Emerging Markets Debt Fund - Class R6 | 1862084 |
| 167058 | Vanguard Emerging Markets Bond Fund, Admiral Shares | 3909168 |
|  |  | **5771252** |
|  | **FOREIGN AGGREGATE BOND — 3.7%** |  |
| 491536 | Dodge & Cox Global Bond Fund - Class I | **5323339** |
|  | **FOREIGN BLEND — 4.6%** |  |
| 50653 | DFA International Small Co. Portfolio - Class Institutional | 1033826 |
| 165224 | Dimensional Global Equity Portfolio - Class Institutional | 5510226 |
|  |  | **6544052** |
|  | **FOREIGN GROWTH — 0.5%** |  |
| 42888 | Vanguard International Explorer Fund - Class Investor | **721798** |
|  | **FOREIGN VALUE — 1.0%** |  |
| 30319 | DFA International Small Cap Value Portfolio - Class Institutional | 732810 |
| 30527 | DFA International Value Portfolio - Class Institutional | 697550 |
|  |  | **1430360** |

---

15 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Moderate (50%-70%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS (Continued)** |  |
|  | **GENERAL CORPORATE BOND — 1.4%** |  |
| 218570 | T Rowe Price Institutional Floating Rate Fund - Class Institutional | $**2050190** |
|  | **GROWTH BROAD MARKET — 2.9%** |  |
| 67897 | New Perspective Fund - Class R-6 | **4140385** |
|  | **GROWTH LARGE CAP — 2.2%** |  |
| 51544 | Nuveen Large Cap Growth Index Fund - Class R6 | **3107569** |
|  | **HIGH YIELD BOND — 1.0%** |  |
| 147244 | American High-Income Trust - Class F-3 | **1431208** |
|  | **VALUE MID CAP — 1.3%** |  |
| 56818 | DFA U.S. Targeted Value Portfolio - Class Institutional | **1806828** |
|  | **Total Mutual Funds** |  |
|  | (Cost $52,220,987) | **55449503** |
|  | **MONEY MARKET FUNDS — 1.6%** |  |
| 1443984 | Gabelli U.S. Treasury Money Market Fund - Class AAA, 4.18%<sup>1</sup> | 1443984 |
| 748566 | Goldman Sachs Financial Square Government Fund - Institutional Class, 4.18%<sup>1</sup> | 748566 |
|  | **Money Market Funds** |  |
|  | (Cost $2,192,550) | **2192550** |
|  | **TOTAL INVESTMENTS — 100.1%** |  |
|  | (Cost $135,728,242) | **142549971** |
|  | Liabilities in Excess of Other Assets — (0.1)% | (141927) |
|  | **TOTAL NET ASSETS — 100.0%** | $**142408044** |

---

\*Non-income producing security. <br> <sup>1</sup>Effective 7 day yield as of March 31, 2025.

*See Notes to Financial Statements*

16 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Growth (70%-85%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 60.9%** |  |
|  | **AGGREGATE BOND — 1.7%** |  |
| 34325 | Eaton Vance Total Return Bond ETF | $1737875 |
| 32917 | Vanguard Intermediate-Term Bond ETF | 2520454 |
|  |  | **4258329** |
|  | **BROAD BASED — 0.4%** |  |
| 47709 | USCF SummerHaven Dynamic Commodity Strategy No. K-1 Fund | **1012385** |
|  | **BROAD MARKET — 5.2%** |  |
| 195437 | Schwab Fundamental U.S. Broad Market ETF | 4497005 |
| 54760 | Vanguard U.S. Momentum Factor ETF | 8307640 |
|  |  | **12804645** |
|  | **CONSUMER STAPLES — 1.6%** |  |
| 39699 | Fidelity MSCI Consumer Staples Index ETF | 2029810 |
| 9274 | Vanguard Consumer Staples ETF | 2029337 |
|  |  | **4059147** |
|  | **CONVERTIBLE — 0.8%** |  |
| 25101 | iShares Convertible Bond ETF | **2098695** |
|  | **CORPORATE — 3.8%** |  |
| 13159 | iShares High Yield Systematic Bond ETF | 619657 |
| 34481 | iShares Investment Grade Systematic Bond ETF | 1551990 |
| 52245 | Principal Active High Yield ETF | 995267 |
| 152744 | VanEck IG Floating Rate ETF | 3902609 |
| 28011 | Vanguard Intermediate-Term Corporate Bond ETF | 2290180 |
|  |  | **9359703** |
|  | **EMERGING MARKETS — 2.9%** |  |
| 137794 | Schwab Fundamental Emerging Markets Equity ETF | 4244055 |
| 85010 | SPDR S&P Emerging Markets Dividend ETF | 3034857 |
|  |  | **7278912** |
|  | **GLOBAL — 3.6%** |  |
| 8543 | Affinity World Leaders Equity ETF | 247027 |
| 62556 | SPDR Global Dow ETF | 8745329 |
|  |  | **8992356** |
|  | **GOVERNMENT — 1.4%** |  |
| 20830 | iShares 10-20 Year Treasury Bond ETF | 2161113 |
| 13112 | iShares 7-10 Year Treasury Bond ETF | 1250491 |
|  |  | **3411604** |
|  | **HIGH YIELD BOND — 0.9%** |  |
| 44843 | Pacer Pacific Asset Floating Rate High Income ETF | **2111657** |

---

17 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Growth (70%-85%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **INTERNATIONAL — 5.0%** |  |
| 103692 | Invesco Dorsey Wright Developed Markets Momentum ETF | $3948591 |
| 75274 | Invesco S&P International Developed Momentum ETF | 3324100 |
| 22686 | iShares Currency Hedged MSCI EAFE Small-Cap ETF | 730489 |
| 28536 | iShares International Dividend Growth ETF | 2067148 |
| 83696 | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 2271510 |
|  |  | **12341838** |
|  | **LARGE-CAP — 15.2%** |  |
| 111639 | Fidelity High Dividend ETF | 5537294 |
| 11871 | Invesco QQQ Trust Series 1 | 5566549 |
| 198562 | Schwab Fundamental U.S. Large Co. ETF | 4688049 |
| 250569 | Schwab U.S. Large-Cap Growth ETF | 6274248 |
| 25006 | Vanguard Mega Cap ETF | 5035708 |
| 28845 | Vanguard Value ETF | 4982685 |
| 67715 | WisdomTree U.S. Value Fund | 5564142 |
|  |  | **37648675** |
|  | **LONG TERM CORPORATE BOND — 0.5%** |  |
| 30956 | FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | **1313992** |
|  | **MID-CAP — 8.4%** |  |
| 151777 | Fidelity Small-Mid Multifactor ETF | 5943587 |
| 46172 | Invesco S&P MidCap Momentum ETF | 5252527 |
| 52039 | iShares Russell Mid-Cap Growth ETF | 6114062 |
| 45555 | VictoryShares U.S. Small Mid Cap Value Momentum ETF | 3587001 |
|  |  | **20897177** |
|  | **MORTGAGE BACKED — 0.7%** |  |
| 36743 | iShares CMBS ETF | **1763664** |
|  | **PRECIOUS METALS — 2.5%** |  |
| 104400 | abrdn Physical Silver Shares ETF\* | 3394044 |
| 47982 | iShares Gold Trust\* | 2829019 |
|  |  | **6223063** |
|  | **SMALL-CAP — 5.1%** |  |
| 57991 | Invesco S&P SmallCap Momentum ETF | 3638935 |
| 86035 | JPMorgan Small & Mid Cap Enhanced Equity ETF | 4816239 |
| 17116 | Vanguard Small-Cap Growth ETF | 4309296 |
|  |  | **12764470** |
|  | **THEMATIC — 1.2%** |  |
| 77388 | Global X U.S. Infrastructure Development ETF | **2919849** |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $141,272,076) | **151260161** |

---

18 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Growth (70%-85%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS — 37.9%** |  |
|  | **AGGREGATE BOND — 2.7%** |  |
| 155301 | Allspring Core Plus Bond Fund - Class R6 | $1747140 |
| 274503 | Vanguard Core Bond Fund, Admiral Shares | 4941048 |
|  |  | **6688188** |
|  | **BLEND BROAD MARKET — 4.6%** |  |
| 132004 | DFA U.S. Core Equity 1 Portfolio - Class Institutional | 5454395 |
| 229143 | DFA U.S. Vector Equity Portfolio - Class Institutional | 5959997 |
|  |  | **11414392** |
|  | **BLEND LARGE CAP — 5.1%** |  |
| 157609 | DFA U.S. Large Co. Portfolio - Class Institutional | 5863054 |
| 80220 | Schwab S&P 500 Index Fund | 6931778 |
|  |  | **12794832** |
|  | **BLEND MID CAP — 2.8%** |  |
| 204600 | Vanguard Strategic Equity Fund - Class Investor | **6915494** |
|  | **EMERGING MARKET STOCK — 0.7%** |  |
| 22090 | New World Fund, Inc. - Class F-3 | 1730331 |
|  | **EMERGING MARKETS BOND — 2.1%** |  |
| 144712 | Nuveen Emerging Markets Debt Fund - Class R6 | 1241629 |
| 174658 | Vanguard Emerging Markets Bond Fund, Admiral Shares | 4086988 |
|  |  | **5328617** |
|  | **FOREIGN AGGREGATE BOND — 2.0%** |  |
| 447601 | Dodge & Cox Global Bond Fund - Class I | **4847518** |
|  | **FOREIGN BLEND — 6.0%** |  |
| 141683 | DFA International Small Co. Portfolio - Class Institutional | 2891756 |
| 359092 | Dimensional Global Equity Portfolio - Class Institutional | 11975716 |
|  |  | **14867472** |
|  | **FOREIGN GROWTH — 0.7%** |  |
| 101038 | Vanguard International Explorer Fund - Class Investor | **1700473** |
|  | **FOREIGN VALUE — 1.3%** |  |
| 69865 | DFA International Small Cap Value Portfolio - Class Institutional | 1688636 |
| 63457 | DFA International Value Portfolio - Class Institutional | 1450002 |
|  |  | **3138638** |
|  | **GENERAL CORPORATE BOND — 0.9%** |  |
| 242047 | T Rowe Price Institutional Floating Rate Fund - Class Institutional | **2270397** |
|  | **GROWTH BROAD MARKET — 3.6%** |  |
| 145367 | New Perspective Fund - Class R-6 | **8864493** |

---

19 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Growth (70%-85%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS (Continued)** |  |
|  | **GROWTH LARGE CAP — 2.8%** |  |
| 114687 | Nuveen Large Cap Growth Index Fund - Class R6 | $**6914454** |
|  | **HIGH YIELD BOND — 0.9%** |  |
| 232108 | American High-Income Trust - Class F-3 | **2256092** |
|  | **VALUE MID CAP — 1.7%** |  |
| 135956 | DFA U.S. Targeted Value Portfolio - Class Institutional | **4323404** |
|  | **Total Mutual Funds** |  |
|  | (Cost $86,116,634) | **94054795** |
|  | **MONEY MARKET FUNDS — 1.2%** |  |
| 2526635 | Gabelli U.S. Treasury Money Market Fund - Class AAA, 4.18%<sup>1</sup> | 2526635 |
| 511507 | Goldman Sachs Financial Square Government Fund - Institutional Class, 4.18%<sup>1</sup> | 511507 |
|  | **Money Market Funds** |  |
|  | (Cost $3,038,142) | **3038142** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | (Cost $230,426,852) | **248353098** |
|  | Other Assets in Excess of Liabilities — 0.0% | 42759 |
|  | **TOTAL NET ASSETS — 100.0%** | $**248395857** |

---

\*Non-income producing security. <br> <sup>1</sup>Effective 7 day yield as of March 31, 2025.

*See Notes to Financial Statements*

20 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Aggressive Growth (85%-99%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 63.0%** |  |
|  | **BROAD BASED — 0.6%** |  |
| 56855 | USCF SummerHaven Dynamic Commodity Strategy No. K-1 Fund | $**1206463** |
|  | **BROAD MARKET — 5.9%** |  |
| 128673 | Schwab Fundamental U.S. Broad Market ETF | 2960766 |
| 57341 | Vanguard U.S. Momentum Factor ETF | 8699203 |
|  |  | **11659969** |
|  | **CONSUMER STAPLES — 2.1%** |  |
| 40585 | Fidelity MSCI Consumer Staples Index ETF | 2075111 |
| 9482 | Vanguard Consumer Staples ETF | 2074851 |
|  |  | **4149962** |
|  | **CONVERTIBLE — 0.2%** |  |
| 4760 | iShares Convertible Bond ETF | **397984** |
|  | **CORPORATE — 0.7%** |  |
| 5866 | iShares High Yield Systematic Bond ETF | 276230 |
| 17571 | iShares Investment Grade Systematic Bond ETF | 790871 |
| 14480 | Principal Active High Yield ETF | 275844 |
|  |  | **1342945** |
|  | **EMERGING MARKETS — 3.6%** |  |
| 132875 | Schwab Fundamental Emerging Markets Equity ETF | 4092550 |
| 82738 | SPDR S&P Emerging Markets Dividend ETF | 2953746 |
|  |  | **7046296** |
|  | **GLOBAL — 4.3%** |  |
| 6565 | Affinity World Leaders Equity ETF | 189832 |
| 58287 | SPDR Global Dow ETF | 8148523 |
|  |  | **8338355** |
|  | **GOVERNMENT — 0.4%** |  |
| 3994 | iShares 10-20 Year Treasury Bond ETF | 414378 |
| 4301 | iShares 7-10 Year Treasury Bond ETF | 410186 |
|  |  | **824564** |
|  | **HIGH YIELD BOND — 0.7%** |  |
| 27292 | Pacer Pacific Asset Floating Rate High Income ETF | **1285180** |
|  | **INTERNATIONAL — 5.9%** |  |
| 93795 | Invesco Dorsey Wright Developed Markets Momentum ETF | 3571713 |
| 48567 | Invesco S&P International Developed Momentum ETF | 2144719 |
| 26466 | iShares Currency Hedged MSCI EAFE Small-Cap ETF | 852205 |
| 34927 | iShares International Dividend Growth ETF | 2530112 |
| 93214 | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 2529828 |
|  |  | **11628577** |

---

21 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Aggressive Growth (85%-99%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **LARGE-CAP — 16.9%** |  |
| 95260 | Fidelity High Dividend ETF | $4724896 |
| 10748 | Invesco QQQ Trust Series 1 | 5039952 |
| 123014 | Schwab Fundamental U.S. Large Co. ETF | 2904361 |
| 209502 | Schwab U.S. Large-Cap Growth ETF | 5245930 |
| 22517 | Vanguard Mega Cap ETF | 4534474 |
| 32538 | Vanguard Value ETF | 5620614 |
| 61655 | WisdomTree U.S. Value Fund | 5066191 |
|  |  | **33136418** |
|  | **LONG TERM CORPORATE BOND — 0.2%** |  |
| 10185 | FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | **432324** |
|  | **MID-CAP — 10.8%** |  |
| 142335 | Fidelity Small-Mid Multifactor ETF | 5573839 |
| 32053 | Invesco S&P MidCap Momentum ETF | 3646349 |
| 74095 | iShares Russell Mid-Cap Growth ETF | 8705422 |
| 42299 | VictoryShares U.S. Small Mid Cap Value Momentum ETF | 3330623 |
|  |  | **21256233** |
|  | **PRECIOUS METALS — 3.7%** |  |
| 130137 | abrdn Physical Silver Shares ETF\* | 4230754 |
| 51982 | iShares Gold Trust\* | 3064858 |
|  |  | **7295612** |
|  | **SMALL-CAP — 5.3%** |  |
| 49797 | Invesco S&P SmallCap Momentum ETF | 3124762 |
| 66756 | JPMorgan Small & Mid Cap Enhanced Equity ETF | 3737001 |
| 14133 | Vanguard Small-Cap Growth ETF | 3558265 |
|  |  | **10420028** |
|  | **THEMATIC — 1.7%** |  |
| 85561 | Global X U.S. Infrastructure Development ETF | **3228216** |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $116,427,054) | **123649126** |
|  | **MUTUAL FUNDS — 36.1%** |  |
|  | **AGGREGATE BOND — 1.3%** |  |
| 139050 | Vanguard Core Bond Fund, Admiral Shares | **2502893** |
|  | **BLEND BROAD MARKET — 5.3%** |  |
| 67334 | DFA U.S. Core Equity 1 Portfolio - Class Institutional | 2782259 |
| 292779 | DFA U.S. Vector Equity Portfolio - Class Institutional | 7615186 |
|  |  | **10397445** |
|  | **BLEND LARGE CAP — 5.3%** |  |
| 105450 | DFA U.S. Large Co. Portfolio - Class Institutional | 3922735 |

---

22 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Aggressive Growth (85%-99%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS (Continued)** |  |
|  | **BLEND LARGE CAP (Continued)** |  |
| 74256 | Schwab S&P 500 Index Fund | $6416503 |
|  |  | **10339238** |
|  | **BLEND MID CAP — 4.1%** |  |
| 238220 | Vanguard Strategic Equity Fund - Class Investor | **8051850** |
|  | **EMERGING MARKET STOCK — 0.6%** |  |
| 14156 | New World Fund, Inc. - Class F-3 | **1108836** |
|  | **EMERGING MARKETS BOND — 0.5%** |  |
| 59121 | Nuveen Emerging Markets Debt Fund - Class R6 | 507262 |
| 22724 | Vanguard Emerging Markets Bond Fund, Admiral Shares | 531739 |
|  |  | **1039001** |
|  | **FOREIGN AGGREGATE BOND — 0.5%** |  |
| 94828 | Dodge & Cox Global Bond Fund - Class I | **1026988** |
|  | **FOREIGN BLEND — 6.8%** |  |
| 112267 | DFA International Small Co. Portfolio - Class Institutional | 2291363 |
| 332855 | Dimensional Global Equity Portfolio - Class Institutional | 11100703 |
|  |  | **13392066** |
|  | **FOREIGN GROWTH — 0.8%** |  |
| 94226 | Vanguard International Explorer Fund - Class Investor | **1585820** |
|  | **FOREIGN VALUE — 1.4%** |  |
| 70620 | DFA International Small Cap Value Portfolio - Class Institutional | 1706876 |
| 41790 | DFA International Value Portfolio - Class Institutional | 954895 |
|  |  | **2661771** |
|  | **GROWTH BROAD MARKET — 4.2%** |  |
| 134903 | New Perspective Fund - Class R-6 | **8226398** |
|  | **GROWTH LARGE CAP — 3.2%** |  |
| 102693 | Nuveen Large Cap Growth Index Fund - Class R6 | **6191351** |
|  | **HIGH YIELD BOND — 0.1%** |  |
| 28375 | American High-Income Trust - Class F-3 | **275803** |
|  | **VALUE MID CAP — 2.0%** |  |
| 123582 | DFA U.S. Targeted Value Portfolio - Class Institutional | **3929897** |
|  | **Total Mutual Funds** |  |
|  | (Cost $66,021,407) | **70729357** |
|  | **MONEY MARKET FUNDS — 0.9%** |  |
| 205347 | Gabelli U.S. Treasury Money Market Fund - Class AAA, 4.18%<sup>1</sup> | 205347 |

---

23 <br> SEMI ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Aggressive Growth (85%-99%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of March 31, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MONEY MARKET FUNDS (Continued)** |  |
| 1555613 | Goldman Sachs Financial Square Government Fund - Institutional Class, 4.18%<sup>1</sup> | $1555613 |
|  | **Money Market Funds** |  |
|  | (Cost $1,760,960) | **1760960** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | (Cost $184,209,421) | **196139443** |
|  | Other Assets in Excess of Liabilities — 0.0% | 41298 |
|  | **TOTAL NET ASSETS — 100.0%** | $**196180741** |

---

\*Non-income producing security. <br> <sup>1</sup>Effective 7 day yield as of March 31, 2025.

*See Notes to Financial Statements*

24 <br> SEMI ANNUAL REPORT

This Page Intentionally Left Blank

25 <br> SEMI ANNUAL REPORT

**STATEMENTS OF ASSETS AND LIABILITIES**

**March 31, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The<br> E-Valuator<br> Very**<br> **Conservative**<br> **(0%-15%)**<br> **RMS Fund** | **The<br> E-Valuator**<br> **Conservative**<br> **(15%-30%)**<br> **RMS Fund** | **The <br> E-Valuator**<br> **Conservative/<br> Moderate**<br> **(30%-50%)**<br> **RMS Fund** | **The<br> E-Valuator**<br> **Moderate**<br> **(50%-70%)**<br> **RMS Fund** | **The<br> E-Valuator**<br> **Growth (70%-85%)**<br> **RMS Fund** | **The<br> E-Valuator**<br> **Aggressive Growth**<br> **(85%-99%)<br> RMS Fund** |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $21861525 | $48522370 | $30699184 | $135728242 | $230426852 | $184209421 |
| &nbsp;&nbsp;&nbsp;Investments, at value | 21940705 | 49276967 | 31265780 | 142549971 | 248353098 | 196139443 |
| &nbsp;&nbsp;&nbsp;Cash |  |  | 3289 | 32167 | 75552 | 93938 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 248261 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 206123 | 4938 | 10869 | 35277 | 42802 | 54382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 28581 | 57743 | 4800 | 105328 | 63604 | 24119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor |  |  |  |  | 14974 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 1464 | 2389 | 356 | 8748 | 9034 | 8281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 22425134 | 49342037 | 31285094 | 142731491 | 248559064 | 196320163 |
| **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to custodian | 36970 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 199 | 26726 |  | 8146 |  | 6658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 2951 |  | 13735 | 154204 | 8430 | 32036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 6111 | 16360 | 11573 | 46784 | 96262 | 63593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 2) | 2252 | 1523 | 1224 | 5556 | 4393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 2) | 2567 | 2530 | 937 | 8203 | 7779 | 2823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund services fees | 9261 | 9345 | 8062 | 19636 | 28883 | 19855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRS Tax Expense Payable | 22586 |  |  | 65224 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 8292 | 8392 | 8390 | 8362 | 8383 | 8389 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 116 | 1435 | 1945 | 7332 | 9077 | 6068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 91305 | 66311 | 45866 | 323447 | 163207 | 139422 |
| **Net Assets** | $**22333829** | $**49275726** | $**31239228** | $**142408044** | $**248395857** | $**196180741** |
| **Components of Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $24585863 | $53415892 | $31754350 | $138810107 | $222449799 | $173952874 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (accumulated deficit) | (2252034) | (4140166) | (515122) | 3597937 | 25946058 | 22227867 |
| **Net Assets** | $**22333829** | $**49275726** | $**31239228** | $**142408044** | $**248395857** | $**196180741** |
| **Maximum Offering Price per Share:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service Class Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $12147598 | $37513994 | $23283672 | $110090216 | $216655971 | $184347565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1303323 | 3904171 | 2269672 | 10460596 | 18968388 | 14131998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $9.32 | $9.61 | $10.26 | $10.52 | $11.42 | $13.04 |
| &nbsp;&nbsp;&nbsp;Class R4 Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $10186231 | $11761732 | $7955556 | $32317828 | $31739886 | $11833176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1072979 | 1219395 | 757364 | 3073241 | 2756995 | 906564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $9.49 | $9.65 | $10.50 | $10.52 | $11.51 | $13.05 |

---

*See Notes to Financial Statements*

26 <br> SEMI ANNUAL REPORT

**Statements of Operations**

**For the Six Months Ended March 31, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The<br> E-Valuator<br> Very**<br> **Conservative**<br> **(0%-15%)<br> RMS Fund** | **The<br> E-Valuator**<br> **Conservative**<br> **(15%-30%)<br> RMS Fund** | **The <br> E-Valuator**<br> **Conservative/<br> Moderate**<br> **(30%-50%)<br> RMS Fund** | **The<br> E-Valuator**<br> **Moderate**<br> **(50%-70%)<br> RMS Fund** | **The<br> E-Valuator**<br> **Growth (70%-85%)**<br> **RMS Fund** | **The<br> E-Valuator**<br> **Aggressive Growth**<br> **(85%-99%)<br> RMS Fund** |
| **Investment income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $587014 | $1145463 | $623591 | $2583977 | $3829462 | $2450798 |
| &nbsp;&nbsp;&nbsp;Interest | 17278 | 46977 | 21324 | 64107 | 124084 | 74882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 604292 | 1192440 | 644915 | 2648084 | 3953546 | 2525680 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Contractual investment advisory fees (Note 2) | 52340 | 112321 | 69810 | 335052 | 592718 | 444177 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Service Class (Note 2) | 1790 | 2474 | 1632 | 2874 | 3584 | 3286 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class R4 (Note 2) | 7750 | 9176 | 6002 | 25436 | 26322 | 9218 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class R4 (Note 2) | 12916 | 15293 | 10003 | 42392 | 43869 | 15363 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees (Note 2) | 17288 | 26536 | 19921 | 61022 | 100340 | 77166 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 6952 | 7357 | 7131 | 8243 | 9098 | 8475 |
| &nbsp;&nbsp;&nbsp;Custody fees | 8330 | 8288 | 7461 | 17318 | 24473 | 12633 |
| &nbsp;&nbsp;&nbsp;IRS Tax Expense Fee | 22586 | 57027 |  | 144041 | 10040 | 4417 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 8174 | 8177 | 8180 | 8159 | 8174 | 8174 |
| &nbsp;&nbsp;&nbsp;Filing and registration fees | 4561 | 5183 | 4504 | 6616 | 8167 | 7096 |
| &nbsp;&nbsp;&nbsp;Legal fees | 4295 | 9509 | 5483 | 28001 | 48547 | 33621 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 1737 | 3814 | 2224 | 11329 | 19643 | 13603 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 748 | 1505 | 948 | 4713 | 8106 | 5528 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 720 | 1581 | 930 | 4694 | 8138 | 5636 |
| &nbsp;&nbsp;&nbsp;Printing fees | 214 | 466 | 274 | 1403 | 2432 | 1684 |
| &nbsp;&nbsp;&nbsp;Other expenses | 6805 | 8613 | 7389 | 13960 | 19560 | 15096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 157206 | 277320 | 151892 | 715253 | 933211 | 665173 |
| &nbsp;&nbsp;&nbsp;Advisory fee waivers (Note 2) | (23632) | (28877) | (10148) | (65164) | (94192) | (69977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 133574 | 248443 | 141744 | 650089 | 839019 | 595196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 470718 | 943997 | 503171 | 1997995 | 3114527 | 1930484 |
| **Realized and Unrealized Gain (Loss):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2346) | 653688 | 557393 | 3178147 | 7916075 | 9343448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of long-term realized gains from regulated investment companies | 14594 | 81177 | 94472 | 752324 | 1554043 | 1355063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 12248 | 734865 | 651865 | 3930471 | 9470118 | 10698511 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (703660) | (2220655) | (1781102) | (9513573) | (19663005) | (19332245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (703660) | (2220655) | (1781102) | (9513573) | (19663005) | (19332245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (691412) | (1485790) | (1129237) | (5583102) | (10192887) | (8633734) |
| **Net Decrease in Net Assets from Operations** | $(220694) | $(541793) | $(626066) | $(3585107) | $(7078360) | $(6703250) |

---

*See Notes to Financial Statements*

27 <br> SEMI ANNUAL REPORT

**Statements of Changes in Net Assets**

**For the Six Months Ended March 31, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The<br> E-Valuator<br> Very**<br> **Conservative**<br> **(0%-15%)<br> RMS Fund** | **The<br> E-Valuator<br> Very**<br> **Conservative**<br> **(0%-15%)<br> RMS Fund** | **The<br> E-Valuator**<br> **Conservative**<br> **(15%-30%)<br> RMS Fund** | **The<br> E-Valuator**<br> **Conservative**<br> **(15%-30%)<br> RMS Fund** | **The<br> E-Valuator**<br> **Conservative/<br> Moderate**<br> **(30%-50%)<br> RMS Fund** | **The<br> E-Valuator**<br> **Conservative/<br> Moderate**<br> **(30%-50%)<br> RMS Fund** |
|  | **For the<br> Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30, 2024** | **For the<br> Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30, 2024** | **For the<br> Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $470718 | $982565 | $943997 | $2059769 | $503171 | $983950 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 12248 | (256628) | 734865 | 119785 | 651865 | 298479 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on <br>investments | (703660) | 1480316 | (2220655) | 4245436 | (1781102) | 3082953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (220694) | 2206253 | (541793) | 6424990 | (626066) | 4365382 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (342144) | (544865) | (725767) | (1579547) | (183995) | (719637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | (241322) | (423877) | (200487) | (503602) | (46036) | (238456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (583466) | (968742) | (926254) | (2083149) | (230031) | (958093) |
| **Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 5617177 | 5550775 | 7081092 | 6664837 | 3756453 | 5964070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 655966 | 2459651 | 939645 | 812610 | 722210 | 563466 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 342144 | 544865 | 725768 | 1579547 | 183995 | 719637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 241322 | 423878 | 200487 | 503602 | 46036 | 238456 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (5987913) | (5172683) | (7415573) | (9634439) | (2878876) | (4668800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | (793868) | (3776379) | (1412113) | (4967501) | (598061) | (2164411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 74828 | 30107 | 119306 | (5041344) | 1231757 | 652418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (729332) | 1267618 | (1348741) | (699503) | 375660 | 4059707 |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 23063161 | 21795543 | 50624467 | 51323970 | 30863568 | 26803861 |
| &nbsp;&nbsp;&nbsp;End of period | $22333829 | $23063161 | $49275726 | $50624467 | $31239228 | $30863568 |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 595410 | 592743 | 725856 | 702667 | 358310 | 598632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 68257 | 256560 | 96360 | 84222 | 67913 | 54395 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 37190 | 58373 | 75838 | 166582 | 17829 | 72355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 25727 | 44583 | 20862 | 52926 | 4351 | 23461 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (639875) | (548709) | (761782) | (1010232) | (277103) | (462666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | (83107) | (396470) | (144524) | (522671) | (55932) | (211743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | 3602 | 7080 | 12610 | (526506) | 115368 | 74434 |

---

*See Notes to Financial Statements*

28 <br> SEMI ANNUAL REPORT

**Statements of Changes in Net Assets - Continued**

**For the Six Months Ended March 31, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The<br> E-Valuator**<br> **Moderate**<br> **(50%-70%)<br> RMS Fund** | **The<br> E-Valuator**<br> **Moderate**<br> **(50%-70%)<br> RMS Fund** | **The<br> E-Valuator**<br> **Growth (70%-85%)**<br> **RMS Fund** | **The<br> E-Valuator**<br> **Growth (70%-85%)**<br> **RMS Fund** | **The<br> E-Valuator**<br> **Aggressive Growth**<br> **(85%-99%)<br> RMS Fund** | **The<br> E-Valuator**<br> **Aggressive Growth**<br> **(85%-99%)<br> RMS Fund** |
|  | **For the<br> Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30, 2024** | **For the<br> Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30, 2024** | **For the<br> Six Months Ended<br> March 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1997995 | $4034353 | $3114527 | $5460415 | $1930484 | $2751958 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 3930471 | 4961370 | 9470118 | 12055450 | 10698511 | 7326140 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on <br>investments | (9513573) | 18328890 | (19663005) | 37399330 | (19332245) | 30971623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (3585107) | 27324613 | (7078360) | 54915195 | (6703250) | 41049721 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (2286165) | (3174936) | (5068418) | (4722787) | (6362555) | (2530354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | (592680) | (907899) | (720045) | (696893) | (398519) | (132983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (2878845) | (4082835) | (5788463) | (5419680) | (6761074) | (2663337) |
| **Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 9408903 | 12858029 | 15562084 | 20220659 | 19535059 | 24059035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 924665 | 1136295 | 1314061 | 983261 | 493770 | 664394 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 2286166 | 3174936 | 5068419 | 4722787 | 6362555 | 2530354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 592680 | 907899 | 720045 | 696893 | 398519 | 132983 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (13527683) | (26232593) | (25739639) | (37250422) | (12043268) | (26581770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | (3144938) | (8587509) | (5587333) | (11057760) | (775864) | (1234055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (3460207) | (16742943) | (8662363) | (21684582) | 13970771 | (429059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (9924159) | 6498835 | (21529186) | 27810933 | 506447 | 37957325 |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 152332203 | 145833368 | 269925043 | 242114110 | 195674294 | 157716969 |
| &nbsp;&nbsp;&nbsp;End of period | $142408044 | $152332203 | $248395857 | $269925043 | $196180741 | $195674294 |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 864745 | 1267352 | 1308039 | 1862460 | 1422150 | 1927362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 85236 | 111413 | 108571 | 87240 | 36143 | 53041 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 213660 | 313995 | 433198 | 437811 | 472701 | 204399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 55391 | 90067 | 60969 | 64468 | 29564 | 10829 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (1248281) | (2575863) | (2164077) | (3368819) | (875388) | (2089853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | (288733) | (839056) | (469021) | (988503) | (56118) | (98114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | (317982) | (1632092) | (722321) | (1905343) | 1029052 | 7664 |

---

*See Notes to Financial Statements*

29 <br> SEMI ANNUAL REPORT

**The E-Valuator Very Conservative (0%-15%) RMS Fund**

**Financial Highlights**

**Service Class Shares**

Selected Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **For the Six<br> Months Ended<br> March 31, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $9.64 | $9.14 | $9.26 | $10.82 | $10.47 | $10.39 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.20 | 0.41 | 0.37 | 0.17 | 0.15 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.28) | 0.51 | (0.14) | (1.00) | 0.34 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment <br>operations | (0.08) | 0.92 | 0.23 | (0.83) | 0.49 | 0.39 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.24) | (0.42) | (0.35) | (0.23) | (0.12) | (0.31) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (0.50) | (0.02) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.24) | (0.42) | (0.35) | (0.73) | (0.14) | (0.31) |
| **Net asset value, end of period** | $9.32 | $9.64 | $9.14 | $9.26 | $10.82 | $10.47 |
| **Total return** | (0.75)%<sup>2</sup> | 10.26% | 2.40% | (8.23)% | 4.66% | 3.81% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in <br>thousands) | $12148 | $12638 | $11041 | $10855 | $11613 | $7772 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | 1.19%<sup>4,5</sup> | 0.99% | 0.95% | 0.93% | 1.10% | 1.11% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 0.99%<sup>4,5</sup> | 0.82% | 0.80% | 0.80% | 0.82% | 0.80% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>6</sup> | 4.22%<sup>4</sup> | 4.43% | 3.96% | 1.74% | 1.51% | 2.26% |
| Portfolio turnover rate | 55%<sup>2,7</sup> | 75%<sup>7</sup> | 157%<sup>7</sup> | 118%<sup>7</sup> | 287% | 303% |

---

<sup>1</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>2</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>3</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>4</sup> Ratio to average net assets have been annualized for periods less than one year.

<sup>5</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.19% for the six months ended March 31, 2025.

<sup>6</sup> Recognition of net investment income by the Fund is affected by the timing of the declarations of dividends by the underlying mutual funds and ETFs in which the Fund invests.

<sup>7</sup> Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

*See Notes to Financial Statements*

30 <br> SEMI ANNUAL REPORT

**The E-Valuator Very Conservative (0%-15%) RMS Fund**

**Financial Highlights**

**R4 Class Shares**

Selected Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **For the Six<br> Months Ended<br> March 31, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $9.82 | $9.29 | $9.40 | $10.96 | $10.61 | $10.49 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.18 | 0.39 | 0.34 | 0.14 | 0.13 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.29) | 0.52 | (0.15) | (1.03) | 0.33 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment <br>operations | (0.11) | 0.91 | 0.19 | (0.89) | 0.46 | 0.36 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.22) | (0.38) | (0.30) | (0.17) | (0.09) | (0.24) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (0.50) | (0.02) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.22) | (0.38) | (0.30) | (0.67) | (0.11) | (0.24) |
| **Net asset value, end of period** | $9.49 | $9.82 | $9.29 | $9.40 | $10.96 | $10.61 |
| **Total return** | (1.05)%<sup>2</sup> | 9.99% | 2.03% | (8.63)% | 4.29% | 3.55% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in <br>thousands) | $10186 | $10425 | $10755 | $12783 | $12728 | $10166 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | 1.56%<sup>4,5</sup> | 1.37% | 1.35% | 1.33% | 1.44% | 1.31% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 1.36%<sup>4,5</sup> | 1.20% | 1.20% | 1.20% | 1.11% | 1.05% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>6</sup> | 3.83%<sup>4</sup> | 4.05% | 3.56% | 1.34% | 1.22% | 2.01% |
| Portfolio turnover rate | 55%<sup>2,7</sup> | 75%<sup>7</sup> | 157%<sup>7</sup> | 118%<sup>7</sup> | 287% | 303% |

---

<sup>1</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>2</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>3</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>4</sup> Ratio to average net assets have been annualized for periods less than one year.

<sup>5</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.19% for the six months ended March 31, 2025.

<sup>6</sup> Recognition of net investment income by the Fund is affected by the timing of the declarations of dividends by the underlying mutual funds and ETFs in which the Fund invests.

<sup>7</sup> Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

*See Notes to Financial Statements*

31 <br> SEMI ANNUAL REPORT

**The E-Valuator Conservative (15%-30%) RMS Fund**

**Financial Highlights**

**Service Class Shares**

Selected Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **For the Six<br> Months Ended<br> March 31, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $9.90 | $9.10 | $8.95 | $11.51 | $10.76 | $10.60 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.19 | 0.39 | 0.34 | 0.23 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.30) | 0.81 | 0.12 | (1.35) | 0.74 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment <br>operations | (0.11) | 1.20 | 0.46 | (1.12) | 0.94 | 0.55 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.18) | (0.40) | (0.31) | (0.37) |  | (0.38) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (1.07) | (0.19) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (0.40) | (0.31) | (1.44) | (0.19) | (0.39) |
| **Net asset value, end of period** | $9.61 | $9.90 | $9.10 | $8.95 | $11.51 | $10.76 |
| **Total return** | (1.09)%<sup>2</sup> | 13.41% | 5.08% | (11.19)% | 8.83% | 5.36% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in <br>thousands) | $37514 | $38241 | $36429 | $40752 | $49648 | $43116 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | 1.02%<sup>4,5</sup> | 0.80% | 0.75% | 0.74% | 0.86% | 0.94% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 0.90%<sup>4,5</sup> | 0.73% | 0.68% | 0.67% | 0.74% | 0.80% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>6</sup> | 3.88%<sup>4</sup> | 4.13% | 3.62% | 2.26% | 1.78% | 1.94% |
| Portfolio turnover rate | 58%<sup>2,7</sup> | 52%<sup>7</sup> | 148%<sup>7</sup> | 117%<sup>7</sup> | 296% | 329% |

---

<sup>1</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>2</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>3</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>4</sup> Ratio to average net assets have been annualized for periods less than one year.

<sup>5</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.23% for the six months ended March 31, 2025.

<sup>6</sup> Recognition of net investment income by the Fund is affected by the timing of the declarations of dividends by the underlying mutual funds and ETFs in which the Fund invests.

<sup>7</sup> Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

*See Notes to Financial Statements*

32 <br> SEMI ANNUAL REPORT

**The E-Valuator Conservative (15%-30%) RMS Fund**

**Financial Highlights**

**R4 Class Shares**

Selected Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **For the Six<br> Months Ended<br> March 31, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $9.93 | $9.13 | $8.98 | $11.51 | $10.80 | $10.64 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.17 | 0.36 | 0.30 | 0.19 | 0.16 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.29) | 0.80 | 0.12 | (1.35) | 0.74 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment <br>operations | (0.12) | 1.16 | 0.42 | (1.16) | 0.90 | 0.52 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.16) | (0.36) | (0.27) | (0.30) |  | (0.35) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (1.07) | (0.19) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.16) | (0.36) | (0.27) | (1.37) | (0.19) | (0.36) |
| **Net asset value, end of period** | $9.65 | $9.93 | $9.13 | $8.98 | $11.51 | $10.80 |
| **Total return** | (1.19)%<sup>2</sup> | 12.90% | 4.64% | (11.56)% | 8.42% | 5.01% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in <br>thousands) | $11762 | $12383 | $14895 | $15360 | $17221 | $15155 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | 1.41%<sup>4,5</sup> | 1.19% | 1.15% | 1.14% | 1.27% | 1.16% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 1.29%<sup>4,5</sup> | 1.12% | 1.08% | 1.07% | 1.15% | 1.05% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>6</sup> | 3.49%<sup>4</sup> | 3.74% | 3.22% | 1.86% | 1.37% | 1.70% |
| Portfolio turnover rate | 58%<sup>2,7</sup> | 52%<sup>7</sup> | 148%<sup>7</sup> | 117%<sup>7</sup> | 296% | 329% |

---

<sup>1</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>2</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>3</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>4</sup> Ratio to average net assets have been annualized for periods less than one year.

<sup>5</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.23% for the six months ended March 31, 2025.

<sup>6</sup> Recognition of net investment income by the Fund is affected by the timing of the declarations of dividends by the underlying mutual funds and ETFs in which the Fund invests.

<sup>7</sup> Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

*See Notes to Financial Statements*

33 <br> SEMI ANNUAL REPORT

**The E-Valuator Conservative/Moderate (30%-50%) RMS Fund**

**Financial Highlights**

**Service Class Shares**

Selected Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **For the Six<br> Months Ended<br> March 31, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $10.54 | $9.38 | $8.99 | $11.76 | $10.64 | $10.15 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.17 | 0.34 | 0.29 | 0.22 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.37) | 1.16 | 0.36 | (1.52) | 1.09 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment <br>operations | (0.20) | 1.50 | 0.65 | (1.30) | 1.27 | 0.62 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.08) | (0.34) | (0.26) | (0.33) | (0.15) | (0.13) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (1.14) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.08) | (0.34) | (0.26) | (1.47) | (0.15) | (0.13) |
| **Net asset value, end of period** | $10.26 | $10.54 | $9.38 | $8.99 | $11.76 | $10.64 |
| **Total return** | (1.88)%<sup>2</sup> | 16.20% | 7.26% | (12.94)% | 12.01% | 6.20% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in <br>thousands) | $23284 | $22871 | $18409 | $17677 | $23630 | $18658 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | 0.88%<sup>4</sup> | 0.90% | 0.88% | 0.89% | 0.97% | 1.09% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 0.81%<sup>4</sup> | 0.81% | 0.80% | 0.79% | 0.78% | 0.80% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>5</sup> | 3.35%<sup>4</sup> | 3.45% | 3.07% | 2.13% | 1.56% | 1.66% |
| Portfolio turnover rate | 52%<sup>2,6</sup> | 66%<sup>6</sup> | 138%<sup>6</sup> | 114%<sup>6</sup> | 273% | 280% |

---

<sup>1</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>2</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>3</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>4</sup> Ratio to average net assets have been annualized for periods less than one year.

<sup>5</sup> Recognition of net investment income by the Fund is affected by the timing of the declarations of dividends by the underlying mutual funds and ETFs in which the Fund invests.

<sup>6</sup> Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

*See Notes to Financial Statements*

34 <br> SEMI ANNUAL REPORT

**The E-Valuator Conservative/Moderate (30%-50%) RMS Fund**

**Financial Highlights**

**R4 Class Shares**

Selected Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **For the Six<br> Months Ended<br> March 31, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $10.79 | $9.59 | $9.19 | $11.97 | $10.80 | $10.27 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.16 | 0.31 | 0.26 | 0.18 | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.39) | 1.19 | 0.37 | (1.56) | 1.11 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment <br>operations | (0.23) | 1.50 | 0.63 | (1.38) | 1.25 | 0.65 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.06) | (0.30) | (0.23) | (0.26) | (0.08) | (0.12) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (1.14) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.06) | (0.30) | (0.23) | (1.40) | (0.08) | (0.12) |
| **Net asset value, end of period** | $10.50 | $10.79 | $9.59 | $9.19 | $11.97 | $10.80 |
| **Total return** | (2.12)%<sup>2</sup> | 15.80% | 6.80% | (13.30)% | 11.65% | 6.39% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in <br>thousands) | $7956 | $7993 | $8395 | $7961 | $8074 | $3907 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | 1.27%<sup>4</sup> | 1.29% | 1.28% | 1.29% | 1.33% | 1.33% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 1.20%<sup>4</sup> | 1.20% | 1.20% | 1.19% | 1.14% | 1.05% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>5</sup> | 2.96%<sup>4</sup> | 3.06% | 2.67% | 1.73% | 1.20% | 1.45% |
| Portfolio turnover rate | 52%<sup>2,6</sup> | 66%<sup>6</sup> | 138%<sup>6</sup> | 114%<sup>6</sup> | 273% | 280% |

---

<sup>1</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>2</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>3</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>4</sup> Ratio to average net assets have been annualized for periods less than one year.

<sup>5</sup> Recognition of net investment income by the Fund is affected by the timing of the declarations of dividends by the underlying mutual funds and ETFs in which the Fund invests.

<sup>6</sup> Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

*See Notes to Financial Statements*

35 <br> SEMI ANNUAL REPORT

**The E-Valuator Moderate (50%-70%) RMS Fund**

**Financial Highlights**

**Service Class Shares**

Selected Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **For the Six<br> Months Ended<br> March 31, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $11.00 | $9.42 | $8.71 | $12.70 | $11.34 | $10.76 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.15 | 0.28 | 0.25 | 0.26 | 0.18 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.41) | 1.59 | 0.66 | (1.82) | 1.60 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment <br>operations | (0.26) | 1.87 | 0.91 | (1.56) | 1.78 | 0.87 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.22) | (0.29) | (0.20) | (0.41) |  | (0.29) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (2.02) | (0.42) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.22) | (0.29) | (0.20) | (2.43) | (0.42) | (0.29) |
| **Net asset value, end of period** | $10.52 | $11.00 | $9.42 | $8.71 | $12.70 | $11.34 |
| **Total return** | (2.44)%<sup>2</sup> | 20.09% | 10.43% | (15.72)% | 15.98% | 8.17% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in <br>thousands) | $110090 | $116931 | $109514 | $107043 | $147069 | $134479 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | 0.87%<sup>4,5</sup> | 0.68% | 0.65% | 0.67% | 0.77% | 0.90% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 0.78%<sup>4,5</sup> | 0.61% | 0.58% | 0.60% | 0.70% | 0.80% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>6</sup> | 2.78%<sup>4</sup> | 2.77% | 2.69% | 2.49% | 1.41% | 1.50% |
| Portfolio turnover rate | 56%<sup>2,7</sup> | 54%<sup>7</sup> | 124%<sup>7</sup> | 128%<sup>7</sup> | 272% | 334% |

---

<sup>1</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>2</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>3</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>4</sup> Ratio to average net assets have been annualized for periods less than one year.

<sup>5</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.19% for the six months ended March 31, 2025.

<sup>6</sup> Recognition of net investment income by the Fund is affected by the timing of the declarations of dividends by the underlying mutual funds and ETFs in which the Fund invests.

<sup>7</sup> Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

*See Notes to Financial Statements*

36 <br> SEMI ANNUAL REPORT

**The E-Valuator Moderate (50%-70%) RMS Fund**

**Financial Highlights**

**R4 Class Shares**

Selected Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **For the Six<br> Months Ended<br> March 31, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $10.99 | $9.41 | $8.71 | $12.66 | $11.34 | $10.78 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.13 | 0.24 | 0.22 | 0.22 | 0.13 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.41) | 1.58 | 0.64 | (1.82) | 1.61 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment <br>operations | (0.28) | 1.82 | 0.86 | (1.60) | 1.74 | 0.84 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.19) | (0.24) | (0.16) | (0.33) |  | (0.28) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (2.02) | (0.42) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.19) | (0.24) | (0.16) | (2.35) | (0.42) | (0.28) |
| **Net asset value, end of period** | $10.52 | $10.99 | $9.41 | $8.71 | $12.66 | $11.34 |
| **Total return** | (2.56)%<sup>2</sup> | 19.63% | 9.88% | (16.00)% | 15.62% | 7.88% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in <br>thousands) | $32318 | $35401 | $36319 | $35323 | $45002 | $32978 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | 1.27%<sup>4,5</sup> | 1.08% | 1.05% | 1.07% | 1.15% | 1.11% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 1.18%<sup>4,5</sup> | 1.01% | 0.98% | 1.00% | 1.08% | 1.05% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>6</sup> | 2.38%<sup>4</sup> | 2.38% | 2.29% | 2.09% | 1.03% | 1.24% |
| Portfolio turnover rate | 56%<sup>2,7</sup> | 54%<sup>7</sup> | 124%<sup>7</sup> | 128%<sup>7</sup> | 272% | 334% |

---

<sup>1</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>2</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>3</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>4</sup> Ratio to average net assets have been annualized for periods less than one year.

<sup>5</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.19% for the six months ended March 31, 2025.

<sup>6</sup> Recognition of net investment income by the Fund is affected by the timing of the declarations of dividends by the underlying mutual funds and ETFs in which the Fund invests.

<sup>7</sup> Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

*See Notes to Financial Statements*

37 <br> SEMI ANNUAL REPORT

**The E-Valuator Growth (70%-85%) RMS Fund**

**Financial Highlights**

**Service Class Shares**

Selected Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **For the Six<br> Months Ended<br> March 31, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $12.01 | $9.93 | $8.89 | $13.20 | $11.72 | $10.67 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.14 | 0.24 | 0.21 | 0.26 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.46) | 2.07 | 1.00 | (2.11) | 2.06 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment <br>operations | (0.32) | 2.31 | 1.21 | (1.85) | 2.20 | 1.21 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.21) | (0.23) | (0.17) | (0.38) | (0.07) | (0.16) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.06) | - | - | (2.08) | (0.65) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.27) | (0.23) | (0.17) | (2.46) | (0.72) | (0.16) |
| **Net asset value, end of period** | $11.42 | $12.01 | $9.93 | $8.89 | $13.20 | $11.72 |
| **Total return** | (3.48)%<sup>2</sup> | 23.57% | 13.64% | (17.95)% | 19.40% | 11.49% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in <br>thousands) | $216656 | $232929 | $203166 | $187753 | $241493 | $215221 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | 0.66%<sup>4,5</sup> | 0.65% | 0.63% | 0.65% | 0.75% | 0.89% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 0.58%<sup>4,5</sup> | 0.58% | 0.56% | 0.58% | 0.70% | 0.80% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>6</sup> | 2.43%<sup>4</sup> | 2.15% | 2.16% | 2.36% | 1.11% | 1.23% |
| Portfolio turnover rate | 46%<sup>2,7</sup> | 55%<sup>7</sup> | 110%<sup>7</sup> | 110%<sup>7</sup> | 236% | 351% |

---

<sup>1</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>2</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>3</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>4</sup> Ratio to average net assets have been annualized for periods less than one year.

<sup>5</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended March 31, 2025.

<sup>6</sup> Recognition of net investment income by the Fund is affected by the timing of the declarations of dividends by the underlying mutual funds and ETFs in which the Fund invests.

<sup>7</sup> Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

*See Notes to Financial Statements*

38 <br> SEMI ANNUAL REPORT

**The E-Valuator Growth (70%-85%) RMS Fund**

**Financial Highlights**

**R4 Class Shares**

Selected Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **For the Six<br> Months Ended<br> March 31, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $12.10 | $10.00 | $8.96 | $13.25 | $11.78 | $10.70 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.12 | 0.19 | 0.17 | 0.22 | 0.10 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.47) | 2.10 | 1.00 | (2.13) | 2.06 | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment <br>operations | (0.35) | 2.29 | 1.17 | (1.91) | 2.16 | 1.20 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.18) | (0.19) | (0.13) | (0.30) | (0.04) | (0.12) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.06) | - | - | (2.08) | (0.65) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.24) | (0.19) | (0.13) | (2.38) | (0.69) | (0.12) |
| **Net asset value, end of period** | $11.51 | $12.10 | $10.00 | $8.96 | $13.25 | $11.78 |
| **Total return** | (3.02)%<sup>2</sup> | 23.10% | 13.08% | (18.24)% | 18.90% | 11.30% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in <br>thousands) | $31740 | $36996 | $38948 | $36669 | $44860 | $28606 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | 1.05%<sup>4,5</sup> | 1.05% | 1.03% | 1.05% | 1.13% | 1.10% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 0.98%<sup>4,5</sup> | 0.98% | 0.96% | 0.98% | 1.08% | 1.03% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>6</sup> | 2.02%<sup>4</sup> | 1.76% | 1.76% | 1.96% | 0.73% | 1.00% |
| Portfolio turnover rate | 46%<sup>2,7</sup> | 55%<sup>7</sup> | 110%<sup>7</sup> | 110%<sup>7</sup> | 236% | 351% |

---

<sup>1</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>2</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>3</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>4</sup> Ratio to average net assets have been annualized for periods less than one year.

<sup>5</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended March 31, 2025.

<sup>6</sup> Recognition of net investment income by the Fund is affected by the timing of the declarations of dividends by the underlying mutual funds and ETFs in which the Fund invests.

<sup>7</sup> Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

*See Notes to Financial Statements*

39 <br> SEMI ANNUAL REPORT

**The E-Valuator Aggressive Growth (85%-99%) RMS Fund**

**Financial Highlights**

**Service Class Shares**

Selected Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **For the Six<br> Months Ended<br> March 31, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $13.97 | $11.26 | $9.88 | $14.52 | $12.18 | $11.08 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.14 | 0.20 | 0.18 | 0.24 | 0.11 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.59) | 2.70 | 1.35 | (2.45) | 2.66 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment <br>operations | (0.45) | 2.90 | 1.53 | (2.21) | 2.77 | 1.21 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.17) | (0.19) | (0.15) | (0.33) | (0.11) | (0.05) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.31) | - | - | (2.10) | (0.32) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.48) | (0.19) | (0.15) | (2.43) | (0.43) | (0.11) |
| **Net asset value, end of period** | $13.04 | $13.97 | $11.26 | $9.88 | $14.52 | $12.18 |
| **Total return** | (3.31)%<sup>2</sup> | 26.00% | 15.47% | (19.05)% | 23.12% | 11.01% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in <br>thousands) | $184348 | $183140 | $147221 | $123096 | $140726 | $105095 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | 0.65%<sup>4,5</sup> | 0.66% | 0.65% | 0.66% | 0.77% | 0.90% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 0.58%<sup>4,5</sup> | 0.59% | 0.58% | 0.59% | 0.72% | 0.80% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>6</sup> | 1.98%<sup>4</sup> | 1.56% | 1.59% | 1.95% | 0.76% | 1.01% |
| Portfolio turnover rate | 48%<sup>2,7</sup> | 56%<sup>7</sup> | 113%<sup>7</sup> | 87%<sup>7</sup> | 231% | 326% |

---

<sup>1</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>2</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>3</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>4</sup> Ratio to average net assets have been annualized for periods less than one year.

<sup>5</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended March 31, 2025.

<sup>6</sup> Recognition of net investment income by the Fund is affected by the timing of the declarations of dividends by the underlying mutual funds and ETFs in which the Fund invests.

<sup>7</sup> Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

*See Notes to Financial Statements*

40 <br> SEMI ANNUAL REPORT

**The E-Valuator Aggressive Growth (85%-99%) RMS Fund**

**Financial Highlights**

**R4 Class Shares**

Selected Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **For the Six<br> Months Ended<br> March 31, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $13.97 | $11.27 | $9.89 | $14.49 | $12.19 | $11.09 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.11 | 0.15 | 0.13 | 0.19 | 0.06 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.58) | 2.69 | 1.35 | (2.45) | 2.65 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment <br>operations | (0.47) | 2.84 | 1.48 | (2.26) | 2.71 | 1.19 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.14) | (0.14) | (0.10) | (0.24) | (0.09) | (0.03) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.31) | - | - | (2.10) | (0.32) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.45) | (0.14) | (0.10) | (2.34) | (0.41) | (0.09) |
| **Net asset value, end of period** | $13.05 | $13.97 | $11.27 | $9.89 | $14.49 | $12.19 |
| **Total return** | (3.44)%<sup>2</sup> | 25.40% | 14.98% | (19.34)% | 22.60% | 10.74% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in <br>thousands) | $11833 | $12534 | $10496 | $12717 | $13376 | $9624 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>3</sup> | 1.04%<sup>4,5</sup> | 1.05% | 1.05% | 1.06% | 1.13% | 1.11% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 0.97%<sup>4,5</sup> | 0.98% | 0.98% | 0.99% | 1.07% | 1.05% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>6</sup> | 1.58%<sup>4</sup> | 1.16% | 1.19% | 1.55% | 0.40% | 0.79% |
| Portfolio turnover rate | 48%<sup>2,7</sup> | 56%<sup>7</sup> | 113%<sup>7</sup> | 87%<sup>7</sup> | 231% | 326% |

---

<sup>1</sup> Per share amounts calculated using the average number of shares outstanding throughout the period.

<sup>2</sup> Total return and portfolio turnover rate are for the period indicated and have not been annualized for periods less than one year.

<sup>3</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>4</sup> Ratio to average net assets have been annualized for periods less than one year.

<sup>5</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended March 31, 2025.

<sup>6</sup> Recognition of net investment income by the Fund is affected by the timing of the declarations of dividends by the underlying mutual funds and ETFs in which the Fund invests.

<sup>7</sup> Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

*See Notes to Financial Statements*

41 <br> SEMI ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

**NOTE 1 — ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES**

E-Valuator Funds Trust (the "Trust") was organized as a Delaware statutory trust on August 10, 2020 and has authorized capital of unlimited shares of beneficial interest. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and is authorized to issue multiple series and classes of shares. The E-Valuator Very Conservative (0%-15%) RMS Fund ("Very Conservative"), The E-Valuator Conservative (15%-30%) RMS Fund ("Conservative"), The E-Valuator Conservative/Moderate (30%-50%) RMS Fund ("Conservative/Moderate"), The E-Valuator Moderate (50%-70%) RMS Fund ("Moderate"), The E-Valuator Growth (70%-85%) RMS Fund ("Growth"), and The E-Valuator Aggressive Growth (85%-99%) RMS Fund ("Aggressive Growth") (each a "Fund" and collectively, "Funds") are each classified as a "diversified" series, as defined in the 1940 Act. The Funds commenced operations on May 26, 2016. Effective after the close of business on May 21, 2021, the Very Conservative Fund, Conservative Fund, Conservative/Moderate Fund, Moderate Fund, Growth Fund and Aggressive Growth Fund each acquired the assets of the corresponding series of the same name of World Funds Trust (each a "Predecessor Fund" and collectively, the "Predecessor Funds"), in exchange for shares of the Fund and the assumption by the Fund of the liabilities of the Predecessor Fund (each, a Reorganization and collectively the "Reorganizations"). The purpose of the Reorganizations was to consolidate all of the portfolios advised by Systelligence, LLC (the "Adviser") into a standalone trust. As a result of the Reorganizations, each Fund is the accounting successor of the corresponding Predecessor Fund. As accounting successor, the operating history of the Predecessor Fund will be used for financial reporting purposes.

The investment objectives of the Funds are as follows:

---

| | |
|:---|:---|
| **Fund** | **Objective** |
| Very Conservative | to provide income and, as a secondary objective, stability of principal. |
| Conservative | to provide income but will at times seek growth and income within the stated asset allocation range. |
| Conservative/Moderate | to provide both growth of principal and income but will at times focus primarily on providing income within the stated asset allocation range. |
| Moderate | to provide both growth of principal and income but will at times focus primarily on providing growth of principal within the stated asset allocation range. |
| Growth | to provide growth of principal but will at times seek to provide both growth of principal and income within the stated asset allocation range. |
| Aggressive Growth | to provide growth of principal within the stated asset allocation range. |

---

The following is a summary of significant accounting policies consistently followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "*Financial Services – Investment Companies*".

42 <br> SEMI ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

**Security Valuation**

Each Fund's securities are valued at current market prices. The Funds invest primarily in unaffiliated exchange-traded funds and mutual funds. Investments in securities traded on national securities exchanges or reported on the NASDAQ National Market System ("NMS") are valued at the last reported sale price on the principal exchange as determined by an independent pricing agent. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Listed securities or securities reported on the NASDAQ NMS for which no sales are reported on a given date may be valued at the last quoted bid price obtained from an independent pricing agent. Investments in securities traded in the over-the-counter market (other than NASDAQ NMS securities) are valued at the mean of the last quoted bid and ask price obtained from an independent pricing agent. Shares of mutual funds are valued at their net asset value. Other assets for which market prices are not readily available or are determined to be unreliable are valued at their fair value as determined in good faith by the administrator, in consultation with the Adviser, under procedures approved by the Board.

Pursuant to Rule 2a-5, the Trust has a policy that contemplates the use of fair value pricing to determine the NAV per share of the Funds when market prices (or net asset value for mutual funds) are unavailable or determined to be unreliable. The Board of the Trust has appointed the investment adviser as valuation designee with responsibility for making fair value determinations in accordance with Rule 2a-5 in accordance with the Trust's procedures. Because most of the Funds' investments are shares of exchange-traded funds traded on U.S. securities exchanges, or shares of open-end mutual funds, it is anticipated that the use of fair value pricing will be limited.

When the Trust uses fair value pricing to determine the NAV per share of the Funds, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the valuation designee believes accurately reflects fair value. The Trust's policy is intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing.

**Exchange-Traded Funds ("ETFs")**

ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, may involve duplication of advisory fees and certain other expenses. As a result, Fund shareholders indirectly bear their proportionate share of these acquired fund fees and expenses. Therefore, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities.

Each ETF in which the Fund invests is subject to specific risks, depending on the nature of underlying securities held by the ETF. Each ETF is subject to the risks associated with direct ownership of the securities comprising the index on which the ETF is based. These risks could include liquidity risk, sector risk as well as risks associated with equity and fixed-income securities.

**Fair Value Measurements and Disclosure**

Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

43 <br> SEMI ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Funds' investments. These inputs are summarized into three broad Levels as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

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

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

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of March 31, 2025, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | |
| <br>**Very Conservative Fund** | **Quoted Prices** | **Other Significant Observable Inputs** | **Significant Unobservable Inputs** |<br>**Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $12386464 | $- | $- | $12386464 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 9408824 |  |  | 9408824 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 145417 | - | - | 145417 |
| Total Investments | $21940705 | $- | $- | $21940705 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | |
| <br>**Conservative Fund** | **Quoted Prices** | **Other Significant Observable Inputs** | **Significant Unobservable Inputs** |<br>**Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $26353091 | $- | $- | $26353091 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 21741543 |  |  | 21741543 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1182333 | - | - | 1182333 |
| Total Investments | $49276967 | $- | $- | $49276967 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | |
| <br>**Conservative/Moderate Fund** | **Quoted Prices** | **Other Significant Observable Inputs** | **Significant Unobservable Inputs** |<br>**Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $17850486 | $- | $- | $17850486 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 12875321 |  |  | 12875321 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 539973 | - | - | 539973 |
| Total Investments | $31265780 | $- | $- | $31265780 |

---

44 <br> SEMI ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | |
| <br>**Moderate Fund** | **Quoted Prices** | **Other Significant Observable Inputs** | **Significant Unobservable Inputs** |<br>**Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $84907918 | $- | $- | $84907918 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 55449503 |  |  | 55449503 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 2192550 | - | - | 2192550 |
| Total Investments | $142549971 | $- | $- | $142549971 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | |
| <br>**Growth Fund** | **Quoted Prices** | **Other Significant Observable Inputs** | **Significant Unobservable Inputs** |<br>**Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $151260161 | $- | $- | $151260161 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 94054795 |  |  | 94054795 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 3038142 | - | - | 3038142 |
| Total Investments | $248353098 | $- | $- | $248353098 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | |
| <br>**Aggressive Growth Fund** | **Quoted Prices** | **Other Significant Observable Inputs** | **Significant Unobservable Inputs** |<br>**Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $123649126 | $- | $- | $123649126 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 70729357 |  |  | 70729357 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1760960 | - | - | 1760960 |
| Total Investments | $196139443 | $- | $- | $196139443 |

---

\*Refer to the Funds' Schedules of Investments for a listing of securities by strategy.

**Security Transactions and Income**

Security transactions are accounted for on the trade date. The cost of securities sold is determined generally on a specific identification basis. Dividends are recorded on the ex-dividend date. Long-term capital gain distributions from underlying funds are classified as realized gains for financial reporting purposes. Interest income is recorded on an accrual basis. Discounts or premiums are accreted or amortized to interest income using the effective interest method.

**Accounting Estimates**

In preparing financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in the net assets during the reporting period. Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations, which provide general indemnifications. The 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, the Funds expect the risk of loss to be remote.

45 <br> SEMI ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

**Federal Income Taxes**

The Funds intend to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is reported. The Funds identify their major tax jurisdiction as U.S. Federal.

Management has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions to be taken in the Funds' tax returns. The Funds have no examinations in progress and management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change. Interest and penalties, if any, associated with any federal or state income tax obligations are recorded as income tax expense as incurred. The Funds are not subject to examination by U.S. tax authorities for tax years prior to the period ended September 30, 2020.

**Distribution to Shareholders**

Dividends from net investment income, if any, are declared and paid semi-annually for the Funds. The Funds intend to distribute any net capital gains annually. Distributions are recorded on the ex-dividend date. The Funds may periodically make reclassifications among certain of their capital accounts as a result of the characterization of certain income and realized gains determined annually in accordance with federal tax regulations that may differ from U.S. GAAP.

**Class Net Asset Values and Expenses**

All income, expenses not attributable to a particular class, and realized and unrealized gains, are allocated to each class proportionately on a daily basis for purposes of determining the net asset value of each class. Each class bears different distribution and shareholder service expenses. Ratios are calculated by adjusting the expense and net investment income ratios for the Fund for the entire period for the effect of expenses applicable for each class. Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each Fund's relative net assets or another appropriate basis as determined by the Board.

Each Fund offers two classes of shares: R4 Class Shares and Service Class Shares. Each class of shares has equal rights as to assets of the Funds, and the classes are identical except for differences in their ongoing distribution and service fees. Income, expenses (other than distribution and service fees, shareholder servicing and reports fees, state registration fees and transfer agent fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets. All classes have equal voting privileges, except where otherwise required by law or when the Board of Trustees determines that the matter to be voted on affects only the interests of the shareholders of a particular class.

46 <br> SEMI ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

**NOTE 2 — INVESTMENT ADVISORY AND DISTRIBUTION AGREEMENTS AND OTHER TRANSACTIONS WITH RELATED PARTIES**

Pursuant to an Investment Advisory Agreement, Systelligence, LLC (the "Adviser") provides investment advisory services for an annual fee equal to 0.45% of the average daily net assets of each Fund. The Adviser has contractually agreed to reduce its management fee with respect to each Fund from 0.45% to 0.38% until January 31, 2026.

The Adviser has entered into a written expense limitation agreement under which it has agreed to limit the total expenses of the Funds (exclusive of interest, distribution fees pursuant to Rule 12b-1 Plans, fees pursuant to the Shareholder Servicing Plan, taxes, acquired fund fees and expenses, brokerage commissions, dividend expense on short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of business) to an annual rate of 0.80% of the average daily net assets of each Fund. Each waiver and/or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three years following the date that such waiver was made or such expense was incurred, provided that the Fund is able to make the repayment without exceeding either the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped. The Adviser may not terminate these contractual arrangements prior to January 31, 2026. The terms of the expense limitation agreement permit the Adviser to recoup fees and expenses previously waived or reimbursed; however, the Adviser currently is voluntarily waiving its right to such recoupment of fees. During the six months ended March 31, 2025, none of the waived expenses have been recouped by the Adviser.

For the six months ended March 31, 2025, the Adviser earned and waived management fees as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management Fee Earned** | **Management Fee Waived** | **Net Management Fee Earned** |
| Very Conservative | $52340 | $(23632) | $28708 |
| Conservative | 112321 | (28877) | 83444 |
| Conservative/Moderate | 69810 | (10148) | 59662 |
| Moderate | 335052 | (65164) | 269888 |
| Growth | 592718 | (94192) | 498526 |
| Aggressive Growth | 444177 | (69977) | 374200 |

---

The total amounts of waivers and reimbursements for the Funds that are subject to recoupment as of March 31, 2025 and expiration dates are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** | **Recoverable Reimbursements and Expiration Dates** |
| **Fund** | **2025** | **2026** | **2027** | **2028** | **Total** |
| Very Conservative | $33164 | $33991 | $39600 | $19115 | $125870 |
| Conservative | 43865 | 38819 | 35759 | 17472 | 135915 |
| Conservative/Moderate | 31703 | 20501 | 25186 | 10148 | 87538 |
| Moderate | 120423 | 105251 | 105450 | 49401 | 380525 |
| Growth | 187178 | 173578 | 182618 | 92184 | 635558 |
| Aggressive Growth | 108214 | 111110 | 125525 | 69094 | 413943 |

---

During the six months ended March 31, 2025, the Very Conservative, Conservative, Moderate, Growth and Aggressive Funds accrued non-routine expenses that related to an IRS matter, which are reflected in the line item "IRS tax expense fees" on the Statement of Operations. The amount caused the ratio of net expenses to average net assets of the Very Conservative and Conservative Service and R4 Class shares to exceed the contractual expense limitation. These expenses are not expected to be incurred in future periods and met the definition of extraordinary expenses under the Funds' expense limitation agreement. Please refer to the Financial Highlights for the Service Class and R4 Class shares of the Very Conservative, Conservative, Moderate, Growth and Aggressive Funds for the effect on the respective expense ratios.

The Board has adopted a Distribution and Service Plan for each Fund's R4 Class Shares (the "12b-1 Plan") in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the 12b-1 Plan, each Fund may finance from the assets of its R4 Class Shares certain activities or expenses that are intended primarily to result in the sale of shares of such class. Each Fund finances these distribution and service activities through payments made to the Funds' principal underwriter (the "Distributor"). The fee paid to the Distributor by each class is computed on an annualized basis reflecting the average daily net assets of a class, up to a maximum of 0.25% for R4 Class Shares. Because these fees are paid out of a class's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost more than paying other types of sales charges.

The 12b-1 Plan, while primarily intended to compensate for shareholder services and expenses, was adopted pursuant to Rule 12b-1 under the 1940 Act, and it therefore may be used to pay for certain expenditures related to financing distribution related activities for each of the Funds.

For the six months ended March 31, 2025, the distribution fees incurred by each Funds' R4 shares are disclosed on the Statements of Operations.

47 <br> SEMI ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

Each of the Funds has adopted a shareholder services plan (the "Plan") with respect to its R4 Class Shares and Service Class Shares. Under each Plan, each of the Funds may pay an authorized firm up to 0.25% on an annualized basis of average daily net assets attributable to its customers who are shareholders. For this fee, the authorized firms may provide a variety of services, including but not limited to: (i) arranging for bank wires; (ii) responding to inquiries from shareholders concerning their investment in the Funds; (iii) assisting shareholders in changing dividend options, account designations and addresses; (iv) providing information periodically to shareholders showing their position in Fund shares; (v) forwarding shareholder communications from the Funds such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders; (vi) processing purchase, exchange and redemption requests from shareholder and placing orders with the Funds or their service providers; (vii) providing sub-accounting with respect to shares beneficially owned by shareholders; and (viii) processing dividend payments from the Funds on behalf of shareholders.

For the six months ended March 31, 2025, the Plan's fees incurred by each Fund are disclosed on the Statements of Operations.

UMB Fund Services, Inc. ("UMBFS"), serves as the Funds' fund accountant, transfer agent and administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Funds' custodian. The Funds' allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the six months ended March 31, 2025 are reported on the Statements of Operations. These services including providing a qualified person to serve as Chief Financial Officer of the Trust.

A trustee and certain officers of the Trust are officers at UMBFS and or the Adviser. Pursuant to a Chief Compliance Officer Service Agreement, Beacon Compliance Consulting, Inc. provides CCO services to the Trust, including the provision of a qualified person to service as CCO of the Trust.

**NOTE 3 — INVESTMENT TRANSACTIONS**

The cost of purchases and proceeds from the sales of securities excluding short-term investments for the six months ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Very Conservative | $12967708.00 | $12381667 |
| Conservative | 30164458 | 28084728 |
| Conservative/Moderate | 18216624 | 15828465 |
| Moderate | 81701031 | 81936658 |
| Growth | 117832289 | 121176999 |
| Aggressive Growth | 105891492 | 93099423 |

---

**NOTE 4 — DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

Distributions from net investment income and realized gains, if any, are recorded on the ex- dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

The tax character of distributions during the year ended September 30, 2024 and the year ended September 30, 2023 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** | **Year ended September 30, 2024** |
|  | Very Conservative Fund | Conservative Fund | Conservative/Moderate Fund | Moderate Fund | Growth Fund | Aggressive Growth Fund |
| Distributions paid from: |  |  |  |  |  |  |
| Ordinary income | $968742 | $2083149 | $958093 | $4082835 | $5419680 | $2663337 |
| Realized gains | - | - | - | - | - | - |
|  | $968742 | $2083149 | $958093 | $4082835 | $5419680 | $2663337 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30, 2023** | **Year ended September 30, 2023** | **Year ended September 30, 2023** | **Year ended September 30, 2023** | **Year ended September 30, 2023** | **Year ended September 30, 2023** |
|  | Very Conservative Fund | Conservative Fund | Conservative/Moderate Fund | Moderate Fund | Growth Fund | Aggressive Growth Fund |
| Distributions paid from: |  |  |  |  |  |  |
| Ordinary income | $766844 | $1764366 | $722893 | $3008121 | $4086615 | $2021512 |
| Realized gains | - | - | - | - | - | - |
|  | $766844 | $1764366 | $722893 | $3008121 | $4086615 | $2021512 |

---

48 <br> SEMI ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

As of September 30, 2024, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Very Conservative Fund | Conservative Fund | Conservative/Moderate Fund | Moderate Fund | Growth Fund | Aggressive Growth Fund |
| Undistributed ordinary income | $237331 | $463930 | $229807 | $849052 | $1137646 | $521366 |
| Undistributed long-term capital gains | - | - | - | - | 1275542 | 4359779 |
| Accumulated earnings | $237331 | $463930 | $229807 | $849052 | $2413188 | $4881145 |
| Accumulated capital, other losses, and differences in securities treatments | (2313844) | (5820857) | (2059381) | (6467423) |  |  |
| Unrealized appreciation/(depreciation) | 628639 | 2684807 | 2170550 | 15680260 | 36399694 | 30811046 |
| Total accumulated earnings/(deficit) | $(1447874) | $(2672120) | $340976 | $10061889 | $38812882 | $35692191 |

---

As of September 30, 2024, each Fund had the following capital loss carryforwards that may be carried forward indefinitely and which retain the character of short-term or long-term in the amounts as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short Term** | **Long Term** |
| Very Conservative | $1653841 | $660003 |
| Conservative | 4021838 | 1799019 |
| Conservative/Moderate | 1838423 | 220958 |
| Moderate | 6467423 |  |

---

At March 31, 2025, the cost of securities for Federal Income Tax purposes and the related tax-based net unrealized appreciation (depreciation) consists of:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Very Conservative Fund | Conservative Fund | Conservative/Moderate Fund | Moderate Fund | Growth Fund | Aggressive Growth Fund |
| Tax cost | $22004861 | $48819374 | $30885347 | $136378972 | $231586011 | $184520771 |
| Tax unrealized appreciation | 275622 | 1253062 | 1147014 | 9402913 | 23106840 | 17853558 |
| Tax unrealized (depreciation) | (339778) | (795469) | (766581) | (3231914) | (6339753) | (6234886) |
| Net unrealized appreciation/(depreciation) | $(64156) | $457593 | $380433 | $6170999 | $16767087 | $11618672 |

---

The difference between book basis and cost basis net unrealized appreciation (depreciation) is attributable primarily to wash sales and grantor trusts.

49 <br> SEMI ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

**NOTE 5 – INVESTMENTS IN OTHER REGISTERED INVESTMENT COMPANIES**

For purposes of the 1940 Act, each Fund is treated as a registered investment company. Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies. Rule 12d1-4 of the 1940 Act permits the Fund to invest in other investment companies beyond the limits in Section 12(d)(1), subject to certain terms and conditions, including that the Fund enter into an agreement with such investment companies.

**NOTE 6 — MARKET DISRUPTION AND GEOPOLITICAL RISKS** 

The prices of securities held by the Funds may decline in response to certain events taking place around the world, including those directly involving the companies whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; military conflict; tariffs and trade wars; the spread of infectious illness or other public health issue; and currency, interest rate and commodity price fluctuations. The growth-oriented equity securities purchased by the Funds may involve large price swings and potential for loss. Factors leading to market volatility include uncertainties regarding rising inflation, central banks' interest rate changes, political events, rising government debt in the U.S., trade tensions, the possibility of a national or global recession, and the ongoing wars in Europe and Middle East. Investors in the Funds should have a long-term perspective and be able to tolerate potentially sharp declines in value.

**NOTE 7— NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES**

Effective 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 deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds' streamlined shareholder reports 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.

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which is used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's Consolidated Financial Statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

**NOTE 8 — BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2025, for the benefit of its shareholders, CBNA Custodian FBO BPA Omnibus for Qualified Rollovers, held 45.2% and 25.9% of the total shares outstanding for Very Conservative and Conservative/Moderate, respectfully.

**NOTE 9 — SUBSEQUENT EVENTS**

Management has evaluated all transactions and events subsequent to the date of the Statements of Assets and Liabilities through the date on which these financial statements were issued and has noted no additional items require disclosure.

50 <br> SEMI ANNUAL REPORT

**The E-Valuator Funds**

**Important Disclosure Statements**

Each Fund's prospectus contains important information about the Funds' investment objectives, potential risks, management fees, charges and expenses, and other information and should be read and considered carefully before investing. The Funds' past performance does not guarantee future results. The investment return and principal value of an investment in the Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. You may obtain a current copy of the Funds' prospectus by calling 1-800-673-0550. Distributed by Distribution Services, LLC, Portland, ME.

Current performance of the Funds may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-673-0550.

Information provided with respect to the Funds' Portfolio Holdings, Sector Weightings, Number of Holdings and Expense Ratios are as of March 31, 2025 and are subject to change at any time.

The opinions presented in this document are those of the portfolio manager as of the date of this report and may change at any time. Information contained in this document was obtained from sources deemed to be reliable, but no guarantee is made as to the accuracy of such information. Nothing presented in this document may be construed as an offer to purchase or sell any security.

51 <br> SEMI ANNUAL REPORT

![](border_001.jpg)

![](formncsrs_001.jpg)

**Investment Adviser:**

Systelligence, LLC

7760 France Avenue South, Suite 620

Bloomington, Minnesota 55435

**Distributor:**

*Distribution Services, LLC* (an affiliate of ACA Group)

Three Canal Plaza

Suite 100

Portland, Maine 04101

**Independent Registered Public Accounting Firm:**

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, Ohio 44115

**Legal Counsel:**

Vedder Price P.C.

222 North LaSalle Street

Chicago, Illinois 60601

**Transfer Agent, Fund Accounting and Fund Administration:**

UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 information required by Item 13 of Form N-1A is included as part of the financial statements
 filed under Item 7(a) of this Form.

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

Not applicable.

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

Not applicable.

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

Information regarding the aggregate remuneration paid to the Funds' directors is reported under "Trustee fees" on the Statements of Operations under Item 7 in this Form N-CSR.

Information regarding the aggregate remuneration paid to affiliates of the Funds' officers is reported under "Contractual investment advisory fees," "Fund accounting and administration fees," Transfer agent fees and expenses," and "Chief Compliance Officer fees" on the Statements of Operations under Item 7 in this Form N-CSR.

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

Not applicable.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable.

**Item 16. Controls and Procedures.**

(a) The
 Registrant's principal executive officer and principal financial officer have reviewed
 the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940, as amended, (the "Act")) as of a date within
 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act. Based on
 their review, such officers have concluded that the disclosure controls and procedures were
 effective in ensuring that information required to be disclosed in this report was appropriately
 recorded, processed, summarized and reported and made known to them by others within the
 Registrant and by the Registrant's service providers.

(b) There
 were no changes in the Registrant's internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered
 by this report that materially affected, or were reasonably likely to materially affect,
 the Registrant's internal control over financial reporting.

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

Not applicable to open-end management investment companies.

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

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

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

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a) (1) | Not applicable to semi-annual reports. |
| (a) (2) | Not applicable to open-end management investment companies. |
| (a) (3) | [Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.](ex99certs.htm) |
| (a) (4) | Not applicable to open-end management investment companies. |
| (a) (5) | Not applicable. |
| (b) | [Certification of the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(b) of 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.](ex99-906certs.htm) |

---

**SIGNATURES**

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

E-Valuator Funds Trust

---

| | |
|:---|:---|
| */s/ Kevin R.. Miller* | */s/ Kevin R.. Miller* |
| By: | Kevin R. Miller |
| (Principal Executive Officer) | (Principal Executive Officer) |
| June 04, 2025 | June 04, 2025 |

---

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

---

| | |
|:---|:---|
| */s/ Kevin R. Miller* | */s/ Kevin R. Miller* |
| By: | Kevin R. Miller |
| President | President |
| (Principal Executive Officer) | (Principal Executive Officer) |

---

June 04, 2025

---

| | |
|:---|:---|
| */s/ Louis Sagert* | */s/ Louis Sagert* |
| By: | Louis Sagert |
| Treasurer | Treasurer |
| (Principal Financial Officer) | (Principal Financial Officer) |

---

June 04, 2025

## Ex-99.Cert

**Exhibit 99.CERTS**

**E-Valuator Funds Trust**

**Exhibit 19(a)(3) to Form N-CSR**

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Kevin R. Miller, certify that:

1. I
 have reviewed this report on Form N-CSR of E-Valuator Funds Trust;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

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

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

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

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

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

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

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

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

---

| |
|:---|
| Date: June 04, 2025 |
| */s/ Kevin R. Miller* |
| Kevin R. Miller |
| (Principal Executive Officer) |

---

I, Louis Sagert, certify that:

1. I
 have reviewed this report on Form N-CSR of E-Valuators Funds Trust;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

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

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

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

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

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

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

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

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

---

| |
|:---|
| Date: June 04, 2025 |
| */s/ Louis Sagert* |
| Louis Sagert |
| (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906 CERTS**

**E-Valuator Funds Trust**

**Exhibit 19(b) to Form N-CSR**

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Kevin R. Miller, Principal Executive Officer of E-Valuator Funds Trust, certify to my knowledge that:

1. The N-CSR of the registrant
 for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d)
 of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the registrant for the stated period.

---

| |
|:---|
| */s/ Kevin R. Miller* |
| Kevin R. Miller |
| (Principal Executive Officer) |
| Date: June 04, 2025 |

---

I, Louis Sagert, Principal Financial Officer of E-ValuatorFunds Trust, certify to my knowledge that:

1. The N-CSR of the registrant
 for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d)
 of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the registrant for the stated period.

---

| |
|:---|
| */s/ Louis Sagert* |
| Louis Sagert |
| (Principal Financial Officer) |
| Date: June 04, 2025 |

---

These statements accompany this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by E-Valuator Funds Trust for purposes of the Securities Exchange Act of 1934.

A signed original of this written statement required by Section 906 has been provided to E-Valuator Funds Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.