# EDGAR Filing Document

**Accession Number:** 0001821505
**File Stem:** 0001493152-25-026178
**Filing Date:** 2025-12
**Character Count:** 312484
**Document Hash:** deedbc8bb565705e018e626f1a8c878d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-026178.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001493152-25-026178

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23606
- **FILM NUMBER:** 251549443

**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 811-23606

**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>September 30, 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;&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 Very Conservative<br>(0%-15%) RMS Fund**<br>C L A S S R 4 / E V V C X | ![](formn-csr_023.jpg) |

---

ANNUAL SHAREHOLDER REPORT \| SEPTEMBER 30, 2025

This 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 September 30, 2025. You can find additional information about the Fund at <u>www.evaluatorfunds.com/resources</u>. 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 (Class R4/EVVCX) | $129 | 1.26% |

---

**Management's Discussion of Fund Performance**

SUMMARY OF RESULTS

The E-Valuator Very Conservative (0%-15%) RMS (Class R4) Fund provides a diversified, asset management service for investors that are seeking to have 0% to 15% of their assets invested in stocks. Any amount that is not invested in stocks would be invested in fixed income investments (primarily bonds and money market). This investment is a Risk Managed Strategy as indicated by the "RMS" in the naming convention. As an RMS fund, this investment seeks to maximize performance while taking into consideration potential volatility (risk) as it pertains to current and future asset allocation.

For the fiscal year ending September 30, 2025, the E-Valuator Very Conservative (0%-15%) RMS Fund returned +5.31%. Likewise, the volatility as measured by Standard Deviation for this investment over the same time period was +4.00%. This performance was generated by investing approx. 9% of its assets in stocks with 91% invested in fixed income. Regarding Standard Deviation, typically a higher Standard Deviation is an indication for greater volatility (risk). For comparative purposes, it is common to use the Bloomberg US Agg Bond Index (an index with 100% invested in fixed income) since this Fund has most of its assets invested in fixed income. The Bloomberg US Agg Bond Index returned -1.11% with a Standard Deviation of +4.66% for the year ending September 30, 2025.

TOP PERFORMANCE CONTRIBUTORS

**Best Performing Holdings** \| The best performing underlying holdings for this Fund for the year ending September 30, 2025, came from the Emerging Market Bond and Global Bond categories. The primary reason these two categories generated the most positive returns was due to the anticipated weakening of the US currency, and domestic interest rates staying relatively high as compared to other currencies. Likewise, Emerging Markets performed well as a result of a weakening US Dollar.

**DODLX** \| Dodge and Cox Global Bond Fund - Class 1 was responsible for contributing a +.52% return to the overall return of this Fund for the year ending September 30, 2025. This performance was primarily driven by the strength of the foreign fixed income markets due to lowering of their interest rates, weakening of the US dollar, and relatively higher interest rates in the US.

**VEGBX** \| Vanguard Emerging Markets Bond was responsible for contributing a +.47% return to the overall return of this Fund for the year ending September 30, 2025. This performance was influenced by the weakening of the US Dollar's strength and increased value on a variety of commodities.

TOP PERFORMANCE DETRACTORS

**Lowest Performing Holdings** \| The underlying holdings with the lowest performance for the year ending September 30, 2025 came from small allocations into the Long Government bonds area as well as Consumer Defensive stocks. Consumer Defensive pertains to companies that manufacture "consumer staples" such as toothpaste, toilet paper, tissues, shampoo, soap, etc. There are 2 reasons for this low performance. Long Government bonds had low performance due to U.S. interest rates not lowering as fast as anticipated. Consumer Defensive stocks had low performance due to domestic equity markets staying stronger in the latter half of the fiscal year than expected.

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

**TLH** \| iShares 10-20 Year Treasury Bond ETF was responsible for contributing a -.07% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of -1.80% for the fiscal year.

**VDC** \| Vanguard Consumer Staples was responsible for contributing a +.00% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of +0.08% for the fiscal year.

**Fund Performance**

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![](pg1-3_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **The E-Valuator Very Conservative (0%-15%) RMS Fund (Class R4/EVVCX)<sup>1</sup>** | 5.31% | 2.40% | 3.03% |
| **Bloomberg Aggregate Bond Index** | 2.88% | -0.45% | 1.84% |

---

*<sup>1</sup>* *Performance history. (1) The quoted performance data of this Fund includes past performance as a collective fund from February 29, 2012 through May 26, 2016, before the registration statement became effective; (2) This Fund was not registered under the 1940 Act prior to May 26, 2016, therefore it was not subject to certain investment restrictions that are imposed by the Act; and (3) if this Fund had been registered under the 1940 Act, the performance history may have been adversely affected. The performance of the collective investment fund has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the collective investment fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been lower than the performance shown. Please refer to the Performance History section of the prospectus for more detailed information.*

 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit <u>www.evaluatorfunds.com</u> for the most recent performance information.

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| **Fund net assets** | $21745836 |
| **Total number of portfolio holdings as of the end of the reporting period** | 72 |
| **Total advisory fee paid** | $49324 |
| **Portfolio turnover rate as of the end of the reporting period** | 140% |

---

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

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing the percentage of the total investments of the Fund, as of the end of the reporting period.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| Eaton Vance Total Return Bond ETF | 8.6% | ![](pg1-3_002.jpg) | ![](pg1-3_003.jpg) |
| Vanguard Core Bond Fund, Admiral Shares | 8.3% | ![](pg1-3_002.jpg) | ![](pg1-3_003.jpg) |
| Vanguard Intermediate-Term Bond ETF | 8.3% | ![](pg1-3_002.jpg) | ![](pg1-3_003.jpg) |
| iShares CMBS ETF | 7.9% | ![](pg1-3_002.jpg) | ![](pg1-3_003.jpg) |
| Vanguard Intermediate-Term Corporate Bond ETF | 4.9% | ![](pg1-3_002.jpg) | ![](pg1-3_003.jpg) |
| iShares 7-10 Year Treasury Bond ETF | 4.7% | ![](pg1-3_002.jpg) | ![](pg1-3_003.jpg) |
| Vanguard Emerging Markets Bond Fund, Admiral Shares | 4.6% | ![](pg1-3_002.jpg) | ![](pg1-3_003.jpg) |
| Dodge & Cox Global Bond Fund - Class I | 4.3% | ![](pg1-3_002.jpg) | ![](pg1-3_003.jpg) |
| iShares Investment Grade Systematic Bond ETF | 4.0% | ![](pg1-3_002.jpg) | ![](pg1-3_003.jpg) |
| iShares Convertible Bond ETF | 3.8% | ![](pg1-3_002.jpg) | ![](pg1-3_003.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 \| 3

---

| | |
|:---|:---|
| **The E-Valuator 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<br>| ![](formn-csr_023.jpg) |

---

ANNUAL SHAREHOLDER REPORT \| SEPTEMBER 30, 2025

This 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 September 30, 2025. You can find additional information about the Fund at <u>www.evaluatorfunds.com/resources</u>. 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 (Service Class/EVVLX) | $92 | 0.89% |

---

**Management's Discussion of Fund Performance**

SUMMARY OF RESULTS

The E-Valuator Very Conservative (0%-15%) RMS Fund (Service Class) provides a diversified, asset management service for investors that are seeking to have 0% to 15% of their assets invested in stocks. Any amount that is not invested in stocks would be invested in fixed income investments (primarily bonds and money market). This investment is a Risk Managed Strategy as indicated by the "RMS" in the naming convention. As an RMS fund, this investment seeks to maximize performance while taking into consideration potential volatility (risk) as it pertains to current and future asset allocation.

For the fiscal year ending September 30, 2025, the E-Valuator Very Conservative (0%-15%) RMS Fund returned +5.72%. Likewise, the volatility as measured by Standard Deviation for this investment over the same time period was +4.13%. This performance was generated by investing approx. 9% of its assets in stocks with 91% invested in fixed income. Regarding Standard Deviation, typically a higher Standard Deviation is an indication for greater volatility (risk). For comparative purposes, it is common to use the Bloomberg US Agg Bond Index (an index with 100% invested in fixed income) since this Fund has most of its assets invested in fixed income. The Bloomberg US Agg Bond Index returned -1.11% with a Standard Deviation of +4.66% for the year ending September 30, 2025.

TOP PERFORMANCE CONTRIBUTORS

**Best Performing Holdings** \| The best performing underlying holdings for this Fund for the year ending September 30, 2025, came from the Emerging Market Bond and Global Bond categories. The primary reason these two categories generated the most positive returns was due to the anticipated weakening of the US currency, and domestic interest rates staying relatively high as compared to other currencies. Likewise, Emerging Markets performed well as a result of a weakening US Dollar.

**DODLX** \| Dodge and Cox Global Bond Fund - Class 1 was responsible for contributing a +.52% return to the overall return of this Fund for the year ending September 30, 2025. This performance was primarily driven by the strength of the foreign fixed income markets due to lowering of their interest rates, weakening of the US dollar, and relatively higher interest rates in the US.

**VEGBX** \| Vanguard Emerging Markets Bond was responsible for contributing a +.47% return to the overall return of this Fund for the year ending September 30, 2025. This performance was influenced by the weakening of the US Dollar's strength and increased value on a variety of commodities.

TOP PERFORMANCE DETRACTORS

**Lowest Performing Holdings** \| The underlying holdings with the lowest performance for the year ending September 30, 2025 came from small allocations into the Long Government bonds area as well as Consumer Defensive stocks. Consumer Defensive pertains to companies that manufacture "consumer staples" such as toothpaste, toilet paper, tissues, shampoo, soap, etc. There are 2 reasons for this low performance. Long Government bonds had low performance due to U.S. interest rates not lowering as fast as anticipated. Consumer Defensive stocks had low performance due to domestic equity markets staying stronger in the latter half of the fiscal year than expected.

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

**TLH** \| iShares 10-20 Year Treasury Bond ETF was responsible for contributing a -.07% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of -1.80% for the fiscal year.

**VDC** \| Vanguard Consumer Staples was responsible for contributing a +.00% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of +0.08% for the fiscal year.

**Fund Performance**

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![](pg4-7_002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **The E-Valuator Very Conservative (0%-15%) RMS Fund (Service Class/EVVLX)1** | 5.72% | 2.77% | 3.34% |
| **Bloomberg Aggregate Bond Index** | 2.88% | -0.45% | 1.84% |

---

 

*<sup>1</sup>* *Performance history. (1) The quoted performance data of this Fund includes past performance as a collective fund from February 29, 2012 through May 26, 2016, before the registration statement became effective; (2) This Fund was not registered under the 1940 Act prior to May 26, 2016, therefore it was not subject to certain investment restrictions that are imposed by the Act; and (3) if this Fund had been registered under the 1940 Act, the performance history may have been adversely affected. The performance of the collective investment fund has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the collective investment fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been lower than the performance shown. Please refer to the Performance History section of the prospectus for more detailed information.*

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit <u>www.evaluatorfunds.com</u> for the most recent performance information.

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| **Fund net assets** | $21745836 |
| **Total number of portfolio holdings as of the end of the reporting period** | 72 |
| **Total advisory fee paid** | $49324 |
| **Portfolio turnover rate as of the end of the reporting period** | 140% |

---

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

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing the percentage of the total investments of the Fund, as of the end of the reporting period.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| Eaton Vance Total Return Bond ETF | 8.6% | ![](pg4-7_003.jpg) | ![](pg4-7_004.jpg) |
| Vanguard Core Bond Fund, Admiral Shares | 8.3% | ![](pg4-7_003.jpg) | ![](pg4-7_004.jpg) |
| Vanguard Intermediate-Term Bond ETF | 8.3% | ![](pg4-7_003.jpg) | ![](pg4-7_004.jpg) |
| iShares CMBS ETF | 7.9% | ![](pg4-7_003.jpg) | ![](pg4-7_004.jpg) |
| Vanguard Intermediate-Term Corporate Bond ETF | 4.9% | ![](pg4-7_003.jpg) | ![](pg4-7_004.jpg) |
| iShares 7-10 Year Treasury Bond ETF | 4.7% | ![](pg4-7_003.jpg) | ![](pg4-7_004.jpg) |
| Vanguard Emerging Markets Bond Fund, Admiral Shares | 4.6% | ![](pg4-7_003.jpg) | ![](pg4-7_004.jpg) |
| Dodge & Cox Global Bond Fund - Class I | 4.3% | ![](pg4-7_003.jpg) | ![](pg4-7_004.jpg) |
| iShares Investment Grade Systematic Bond ETF | 4.0% | ![](pg4-7_003.jpg) | ![](pg4-7_004.jpg) |
| iShares Convertible Bond ETF | 3.8% | ![](pg4-7_003.jpg) | ![](pg4-7_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 - Service Class \| 3

---

| | |
|:---|:---|
| **The E-Valuator Conservative<br> (15%-30%) RMS Fund**<br>CLASS R4 / EVFCX<br>| ![](formn-csr_023.jpg) |

---

ANNUAL SHAREHOLDER REPORT \| SEPTEMBER 30, 2025

This annual shareholder report contains important information about The E-Valuator Conservative (15%-30%) RMS Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at <u>www.evaluatorfunds.com/resources</u>. 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) | $127 | 1.22% |

---

**Management's Discussion of Fund Performance**

SUMMARY OF RESULTS

The E-Valuator Conservative (15%-30%) RMS Fund (Class R4) provides a diversified, asset management service for investors that are seeking to have 15% to 30% of their assets invested in stocks. Any amount that is not invested in stocks would be invested in fixed income investments (primarily bonds and money market). This investment is a Risk Managed Strategy as indicated by the "RMS" in the naming convention. As an RMS fund, this investment seeks to maximize performance while taking into consideration potential volatility (risk) as it pertains to current and future asset allocation.

For the fiscal year ending September 30, 2025, the E-Valuator Conservative (15%-30%) RMS Fund returned +7.38%. Likewise, the volatility as measured by Standard Deviation for this investment over the same time period was +5.06%. This performance was generated by investing approx. 21% of its assets in stocks with 79% invested in fixed income. Regarding Standard Deviation, typically a higher Standard Deviation is an indication for greater volatility (risk). For comparative purposes, it is common to use the Bloomberg US Agg Bond Index (an index with 100% invested in fixed income) since this Fund has most of its assets invested in fixed income. The Bloomberg US Agg Bond Index returned +-1.11% with a Standard Deviation of +4.66% for the year ending September 30, 2025.

TOP PERFORMANCE CONTRIBUTORS

**Best Performing Holdings \|** The best performing underlying holdings for this Fund for the year ending September 30, 2025, came from the Emerging Market Bond and Global Bond categories. The primary reason these two categories generated the most positive returns was due to the anticipated weakening of the US currency, and domestic interest rates staying relatively high as compared to other currencies. Likewise, Emerging Markets performed well as a result of a weakening US Dollar.

**VEGBX** \| Vanguard Emerging Markets Bond was responsible for contributing a +.56% return to the overall return of this Fund for the year ending September 30, 2025. This performance was influenced by the weakening of the US Dollar's strength and increased value on a variety of commodities.

**DODLX \|** Dodge and Cox Global Bond Fund - Class 1 was responsible for contributing a +.38% return to the overall return of this Fund for the year ending September 30, 2025. This performance was primarily driven by the strength of the foreign fixed income markets due to lowering of their interest rates, weakening of the US dollar, and relatively higher interest rates in the US.

TOP PERFORMANCE DETRACTORS

**Lowest Performing Holdings \|** The underlying holdings with the lowest performance for the year ending September 30, 2025 came from small allocations into the Long Government bonds area as well as Consumer Defensive stocks. Consumer Defensive pertains to companies that manufacture "consumer staples" such as toothpaste, toilet paper, tissues, shampoo, soap, etc. There are 2 reasons for this low performance. Long Government bonds had low performance due to U.S. interest rates not lowering as fast as anticipated. Consumer Defensive stocks had low performance due to domestic equity markets staying stronger in the latter half of the fiscal year than expected.

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

**TLH \|** iShares 10-20 Year Treasury Bond ETF was responsible for contributing a -.06% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of -1.80% for the fiscal year.

**VDC \|** Vanguard Consumer Staples was responsible for contributing a +.01% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of +0.08% for the fiscal year.

**Fund Performance**

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![](pg7-9_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **The E-Valuator Conservative (15%-30%) RMS Fund (Class R4/EVFCX)<sup>1</sup>** | 7.38% | 4.00% | 4.68% |
| **Bloomberg Aggregate Bond Index** | 2.88% | -0.45% | 1.84% |

---

 

*<sup>1</sup>* *Performance history. (1) The quoted performance data of this Fund includes past performance as a collective fund from February 29, 2012 through May 26, 2016, before the registration statement became effective; (2) This Fund was not registered under the 1940 Act prior to May 26, 2016, therefore it was not subject to certain investment restrictions that are imposed by the Act; and (3) if this Fund had been registered under the 1940 Act, the performance history may have been adversely affected. The performance of the collective investment fund has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the collective investment fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been lower than the performance shown. Please refer to the Performance History section of the prospectus for more detailed information.*

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit <u>www.evaluatorfunds.com</u> for the most recent performance information.

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| **Fund net assets** | $49536837 |
| **Total number of portfolio holdings as of the end of the reporting period** | 75 |
| **Total advisory fee paid** | $176540 |
| **Portfolio turnover rate as of the end of the reporting period** | 141% |

---

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

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing the percentage of the total investments of the Fund, as of the end of the reporting period.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| Vanguard Intermediate-Term Bond ETF | 6.9% | ![](pg7-9_002.jpg) | ![](pg7-9_003.jpg) |
| Eaton Vance Total Return Bond ETF | 6.9% | ![](pg7-9_002.jpg) | ![](pg7-9_003.jpg) |
| Vanguard Core Bond Fund, Admiral Shares | 6.7% | ![](pg7-9_002.jpg) | ![](pg7-9_003.jpg) |
| iShares CMBS ETF | 6.7% | ![](pg7-9_002.jpg) | ![](pg7-9_003.jpg) |
| iShares 7-10 Year Treasury Bond ETF | 4.2% | ![](pg7-9_002.jpg) | ![](pg7-9_003.jpg) |
| Dodge & Cox Global Bond Fund - Class I | 3.9% | ![](pg7-9_002.jpg) | ![](pg7-9_003.jpg) |
| iShares Investment Grade Systematic Bond ETF | 3.8% | ![](pg7-9_002.jpg) | ![](pg7-9_003.jpg) |
| Vanguard Intermediate-Term Corporate Bond ETF | 3.8% | ![](pg7-9_002.jpg) | ![](pg7-9_003.jpg) |
| Eaton Vance Short Duration Income ETF | 3.6% | ![](pg7-9_002.jpg) | ![](pg7-9_003.jpg) |
| American Funds Emerging Markets Bond Fund - Class F-3 | 3.5% | ![](pg7-9_002.jpg) | ![](pg7-9_003.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 \| 3

---

| | |
|:---|:---|
| **The E-Valuator Conservative<br> (15%-30%) RMS Fund**<br>S E R V I C E C L A S S / E V C L X | ![](pg10-12_001.jpg) |

---

ANNUAL SHAREHOLDER REPORT \| SEPTEMBER 30, 2025

This annual shareholder report contains important information about The E-Valuator Conservative (15%-30%) RMS Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at <u>www.evaluatorfunds.com/resources</u>. 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) | $87 | 0.84% |

---

**Management's Discussion of Fund Performance**

SUMMARY OF RESULTS

The E-Valuator Conservative (15%-30%) RMS Fund (Service Class) provides a diversified, asset management service for investors that are seeking to have 15% to 30% of their assets invested in stocks. Any amount that is not invested in stocks would be invested in fixed income investments (primarily bonds and money market). This investment is a Risk Managed Strategy as indicated by the "RMS" in the naming convention. As an RMS fund, this investment seeks to maximize performance while taking into consideration potential volatility (risk) as it pertains to current and future asset allocation.

For the fiscal year ending September 30, 2025, the E-Valuator Conservative (15%-30%) RMS Fund returned +7.74%. Likewise, the volatility as measured by Standard Deviation for this investment over the same time period was +5.20%. This performance was generated by investing approx. 21% of its assets in stocks with 79% invested in fixed income. Regarding Standard Deviation, typically a higher Standard Deviation is an indication for greater volatility (risk). For comparative purposes, it is common to use the Bloomberg US Agg Bond Index (an index with 100% invested in fixed income) since this Fund has most of its assets invested in fixed income. The Bloomberg US Agg Bond Index returned +-1.11% with a Standard Deviation of +4.66% for the year ending September 30, 2025.

TOP PERFORMANCE CONTRIBUTORS

**Best Performing Holdings** \| The best performing underlying holdings for this Fund for the year ending September 30, 2025, came from the Emerging Market Bond and Global Bond categories. The primary reason these two categories generated the most positive returns was due to the anticipated weakening of the US currency, and domestic interest rates staying relatively high as compared to other currencies. Likewise, Emerging Markets performed well as a result of a weakening US Dollar.

**VEGBX** \| Vanguard Emerging Markets Bond was responsible for contributing a +.56% return to the overall return of this Fund for the year ending September 30, 2025. This performance was influenced by the weakening of the US Dollar's strength and increased value on a variety of commodities.

**DODLX** \| Dodge and Cox Global Bond Fund - Class 1 was responsible for contributing a +.38% return to the overall return of this Fund for the year ending September 30, 2025. This performance was primarily driven by the strength of the foreign fixed income markets due to lowering of their interest rates, weakening of the US dollar, and relatively higher interest rates in the US.

TOP PERFORMANCE DETRACTORS

**Lowest Performing Holdings** \| The underlying holdings with the lowest performance for the year ending September 30, 2025 came from small allocations into the Long Government bonds area as well as Consumer Defensive stocks. Consumer Defensive pertains to companies that manufacture "consumer staples" such as toothpaste, toilet paper, tissues, shampoo, soap, etc. There are 2 reasons for this low performance. Long Government bonds had low performance due to U.S. interest rates not lowering as fast as anticipated. Consumer Defensive stocks had low performance due to domestic equity markets staying stronger in the latter half of the fiscal year than expected.

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

**TLH** \| iShares 10-20 Year Treasury Bond ETF was responsible for contributing a -.06% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of -1.80% for the fiscal year.

**VDC** \| Vanguard Consumer Staples was responsible for contributing a +.01% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of +0.08% for the fiscal year.

**Fund Performance**

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![](pg10-12_002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **The E-Valuator Conservative (15%-30%) RMS Fund (Service Class/EVCLX)<sup>1</sup>** | 7.74% | 4.41% | 5.02% |
| **Bloomberg Aggregate Bond Index** | 2.88% | -0.45% | 1.84% |

---

 

*<sup>1</sup>* *Performance history. (1) The quoted performance data of this Fund includes past performance as a collective fund from February 29, 2012 through May 26, 2016, before the registration statement became effective; (2) This Fund was not registered under the 1940 Act prior to May 26, 2016, therefore it was not subject to certain investment restrictions that are imposed by the Act; and (3) if this Fund had been registered under the 1940 Act, the performance history may have been adversely affected. The performance of the collective investment fund has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the collective investment fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been lower than the performance shown. Please refer to the Performance History section of the prospectus for more detailed information.*

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit <u>www.evaluatorfunds.com</u> for the most recent performance information.

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| **Fund net assets** | $49536837 |
| **Total number of portfolio holdings as of the end of the reporting period** | 75 |
| **Total advisory fee paid** | $176540 |
| **Portfolio turnover rate as of the end of the reporting period** | 141% |

---

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

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing the percentage of the total investments of the Fund, as of the end of the reporting period.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| Vanguard Intermediate-Term Bond ETF | 6.9% | ![](pg10-12_003.jpg) | ![](pg10-12_004.jpg) |
| Eaton Vance Total Return Bond ETF | 6.9% | ![](pg10-12_003.jpg) | ![](pg10-12_004.jpg) |
| Vanguard Core Bond Fund, Admiral Shares | 6.7% | ![](pg10-12_003.jpg) | ![](pg10-12_004.jpg) |
| iShares CMBS ETF | 6.7% | ![](pg10-12_003.jpg) | ![](pg10-12_004.jpg) |
| iShares 7-10 Year Treasury Bond ETF | 4.2% | ![](pg10-12_003.jpg) | ![](pg10-12_004.jpg) |
| Dodge & Cox Global Bond Fund - Class I | 3.9% | ![](pg10-12_003.jpg) | ![](pg10-12_004.jpg) |
| iShares Investment Grade Systematic Bond ETF | 3.8% | ![](pg10-12_003.jpg) | ![](pg10-12_004.jpg) |
| Vanguard Intermediate-Term Corporate Bond ETF | 3.8% | ![](pg10-12_003.jpg) | ![](pg10-12_004.jpg) |
| Eaton Vance Short Duration Income ETF | 3.6% | ![](pg10-12_003.jpg) | ![](pg10-12_004.jpg) |
| American Funds Emerging Markets Bond Fund - Class F-3 | 3.5% | ![](pg10-12_003.jpg) | ![](pg10-12_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 (15%-30%) RMS Fund - Service Class \| 3

---

| | |
|:---|:---|
| **The E-Valuator Conservative/Moderate<br> (30%-50%) RMS Fund**<br>C L A S S R 4 / E V F T X | ![](formn-csr_023.jpg) |

---

ANNUAL SHAREHOLDER REPORT \| SEPTEMBER 30, 2025

This 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 September 30, 2025. You can find additional information about the Fund at <u>www.evaluatorfunds.com/resources</u>. 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) | $130 | 1.24% |

---

**Management's Discussion of Fund Performance**

SUMMARY OF RESULTS

The E-Valuator Conservative/Moderate (30%-50%) RMS Fund (Class R4) provides a diversified, asset management service for investors that are seeking to have 30% to 50% of their assets invested in stocks. Any amount that is not invested in stocks would be invested in fixed income investments (primarily bonds and money market). This investment is a Risk Managed Strategy as indicated by the "RMS" in the naming convention. As an RMS fund, this investment seeks to maximize performance while taking into consideration potential volatility (risk) as it pertains to current and future asset allocation.

For the fiscal year ending September 30, 2025, the E-Valuator Conservative/Moderate (30%-50%) RMS Fund returned +9.11%. Likewise, the volatility as measured by Standard Deviation for this investment over the same time period was +6.67%. This performance was generated by investing approx. 40% of its assets in stocks with 60% invested in fixed income. Regarding Standard Deviation, typically a higher Standard Deviation is an indication for greater volatility (risk). For comparative purposes, it is common to use the S&P 500 Index (an index with 100% invested in stocks) since this Fund has more of its assets invested in stocks than fixed income. The S&P 500 returned +16.07% with a Standard Deviation of +12.61% for the year ending September 30, 2025.

TOP PERFORMANCE CONTRIBUTORS

**Best Performing Holdings** \| The best performing underlying holdings for this Fund for the year ending September 30, 2025, came from the Emerging Market Bond and Global Large Cap Blend categories. The primary reason these two categories generated the most positively impactful returns was due to the lowering of interest rates on an international basis, weakening of the US dollar, and stimulated foreign equity markets due to lower interest rates.

**VEGBX** \| Vanguard Emerging Markets Bond was responsible for contributing a +.52% return to the overall return of this Fund for the year ending September 30, 2025. This performance was influenced by the weakening of the US Dollar's strength and increased value on a variety of commodities.

**DGEIX** \| DFA Global Equity was responsible for contributing a +.34% return to the overall return of this Fund for the year ending September 30, 2025. This performance was influenced by the weakening of the US Dollar's strength and lowering of international interest rates.

TOP PERFORMANCE DETRACTORS

**Lowest Performing Holdings** \| The underlying holdings with the lowest performance for the year ending September 30, 2025 came from small allocations into the Long Government bonds area as well as Consumer Defensive stocks. Consumer Defensive pertains to companies that manufacture "consumer staples" such as toothpaste, toilet paper, tissues, shampoo, soap, etc. There are 2 reasons for this low performance. Long Government bonds had low performance due to U.S. interest rates not lowering as fast as anticipated. Consumer Defensive stocks had low performance due to domestic equity markets staying stronger in the latter half of the fiscal year than expected.

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

**TLH** \| iShares 10-20 Year Treasury Bond ETF was responsible for contributing a -.05% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of -1.80% for the fiscal year.

**VDC** \| Vanguard Consumer Staples was responsible for contributing a +.01% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of +0.08% for the fiscal year.

**Fund Performance**

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![](pg13-15_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **The E-Valuator Conservative/Moderate (30%-50%) RMS Fund (Class R4/EVFTX)<sup>1</sup>** | 9.11% | 5.49% | 5.76% |
| **S&P 500** | 17.60% | 16.47% | 15.30% |

---

*<sup>1</sup>* Performance history. (1) The quoted performance data of this Fund includes past performance as a collective fund from February 29, 2012 through May 26, 2016, before the registration statement became effective; (2) This Fund was not registered under the 1940 Act prior to May 26, 2016, therefore it was not subject to certain investment restrictions that are imposed by the Act; and (3) if this Fund had been registered under the 1940 Act, the performance history may have been adversely affected. The performance of the collective investment fund has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the collective investment fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been lower than the performance shown. Please refer to the Performance History section of the prospectus for more detailed information.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit <u>www.evaluatorfunds.com</u> for the most recent performance information.

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| **Fund net assets** | $32844728 |
| **Total number of portfolio holdings as of the end of the reporting period** | 75 |
| **Total advisory fee paid** | $114934 |
| **Portfolio turnover rate as of the end of the reporting period** | 135% |

---

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

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing the percentage of the total investments of the Fund, as of the end of the reporting period.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| Eaton Vance Total Return Bond ETF | 5.9% | ![](pg13-15_002.jpg) | ![](pg13-15_003.jpg) |
| Vanguard Intermediate-Term Bond ETF | 5.4% | ![](pg13-15_002.jpg) | ![](pg13-15_003.jpg) |
| Vanguard Core Bond Fund, Admiral Shares | 5.0% | ![](pg13-15_002.jpg) | ![](pg13-15_003.jpg) |
| iShares CMBS ETF | 4.9% | ![](pg13-15_002.jpg) | ![](pg13-15_003.jpg) |
| Vanguard Emerging Markets Bond Fund, Admiral Shares | 3.7% | ![](pg13-15_002.jpg) | ![](pg13-15_003.jpg) |
| Dodge & Cox Global Bond Fund - Class I | 3.0% | ![](pg13-15_002.jpg) | ![](pg13-15_003.jpg) |
| iShares 7-10 Year Treasury Bond ETF | 3.0% | ![](pg13-15_002.jpg) | ![](pg13-15_003.jpg) |
| Vanguard Intermediate-Term Corporate Bond ETF | 2.9% | ![](pg13-15_002.jpg) | ![](pg13-15_003.jpg) |
| iShares Investment Grade Systematic Bond ETF | 2.7% | ![](pg13-15_002.jpg) | ![](pg13-15_003.jpg) |
| iShares 10-20 Year Treasury Bond ETF | 2.6% | ![](pg13-15_002.jpg) | ![](pg13-15_003.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 \| 3

---

| | |
|:---|:---|
| **The E-Valuator 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 | ![](formn-csr_023.jpg) |

---

ANNUAL SHAREHOLDER REPORT \| SEPTEMBER 30, 2024

This 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 September 30, 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) | $89 | 0.85% |

---

 

**Management's Discussion of Fund Performance**

SUMMARY OF RESULTS

The E-Valuator Conservative/Moderate (30%-50%) RMS Fund (Service Class) provides a diversified, asset management service for investors that are seeking to have 30% to 50% of their assets invested in stocks. Any amount that is not invested in stocks would be invested in fixed income investments (primarily bonds and money market). This investment is a Risk Managed Strategy as indicated by the "RMS" in the naming convention. As an RMS fund, this investment seeks to maximize performance while taking into consideration potential volatility (risk) as it pertains to current and future asset allocation.

For the fiscal year ending September 30, 2025, the E-Valuator Conservative/Moderate (30%-50%) RMS Fund returned +9.46%. Likewise, the volatility as measured by Standard Deviation for this investment over the same time period was +6.72%. This performance was generated by investing approx. 40% of its assets in stocks with 60% invested in fixed income. Regarding Standard Deviation, typically a higher Standard Deviation is an indication for greater volatility (risk). For comparative purposes, it is common to use the S&P 500 Index (an index with 100% invested in stocks) since this Fund has more of its assets invested in stocks than fixed income. The S&P 500 returned +16.07% with a Standard Deviation of +12.61% for the year ending September 30, 2025.

TOP PERFORMANCE CONTRIBUTORS

**Best Performing Holdings** \| The best performing underlying holdings for this Fund for the year ending September 30, 2025, came from the Emerging Market Bond and Global Large Cap Blend categories. The primary reason these two categories generated the most positively impactful returns was due to the lowering of interest rates on an international basis, weakening of the US dollar, and stimulated foreign equity markets due to lower interest rates.

**VEGBX** \| Vanguard Emerging Markets Bond was responsible for contributing a +.52% return to the overall return of this Fund for the year ending September 30, 2025. This performance was influenced by the weakening of the US Dollar's strength and increased value on a variety of commodities.

**DGEIX** \| DFA Global Equity was responsible for contributing a +.34% return to the overall return of this Fund for the year ending September 30, 2025. This performance was influenced by the weakening of the US Dollar's strength and lowering of international interest rates.

TOP PERFORMANCE DETRACTORS

**Lowest Performing Holdings** \| The underlying holdings with the lowest performance for the year ending September 30, 2025 came from small allocations into the Long Government bonds area as well as Consumer Defensive stocks. Consumer Defensive pertains to companies that manufacture "consumer staples" such as toothpaste, toilet paper, tissues, shampoo, soap, etc. There are 2 reasons for this low performance. Long Government bonds had low performance due to U.S. interest rates not lowering as fast as anticipated. Consumer Defensive stocks had low performance due to domestic equity markets staying stronger in the latter half of the fiscal year than expected.

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

**TLH** \| iShares 10-20 Year Treasury Bond ETF was responsible for contributing a -.05% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of -1.80% for the fiscal year.

**VDC** \| Vanguard Consumer Staples was responsible for contributing a +.01% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of +0.08% for the fiscal year.

**Fund Performance**

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![](pg16-18_002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **The E-Valuator Conservative/Moderate (30%-50%) RMS Fund (Service Class/EVTTX)<sup>1</sup>** | 9.46% | 5.88% | 6.03% |
| **S&P 500** | 17.60% | 16.47% | 15.30% |

---

*<sup>1</sup>* *Performance history. (1) The quoted performance data of this Fund includes past performance as a collective fund from February 29, 2012 through May 26, 2016, before the registration statement became effective; (2) This Fund was not registered under the 1940 Act prior to May 26, 2016, therefore it was not subject to certain investment restrictions that are imposed by the Act; and (3) if this Fund had been registered under the 1940 Act, the performance history may have been adversely affected. The performance of the collective investment fund has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the collective investment fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been lower than the performance shown. Please refer to the Performance History section of the prospectus for more detailed information.*

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit <u>www.evaluatorfunds.com</u> for the most recent performance information.

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| **Fund net assets** | $32844728 |
| **Total number of portfolio holdings as of the end of the reporting period** | 75 |
| **Total advisory fee paid** | $114934 |
| **Portfolio turnover rate as of the end of the reporting period** | 135% |

---

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

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing the percentage of the total investments of the Fund, as of the end of the reporting period.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| Eaton Vance Total Return Bond ETF | 5.9% | ![](pg16-18_003.jpg) | ![](pg16-18_004.jpg) |
| Vanguard Intermediate-Term Bond ETF | 5.4% | ![](pg16-18_003.jpg) | ![](pg16-18_004.jpg) |
| Vanguard Core Bond Fund, Admiral Shares | 5.0% | ![](pg16-18_003.jpg) | ![](pg16-18_004.jpg) |
| iShares CMBS ETF | 4.9% | ![](pg16-18_003.jpg) | ![](pg16-18_004.jpg) |
| Vanguard Emerging Markets Bond Fund, Admiral Shares | 3.7% | ![](pg16-18_003.jpg) | ![](pg16-18_004.jpg) |
| Dodge & Cox Global Bond Fund - Class I | 3.0% | ![](pg16-18_003.jpg) | ![](pg16-18_004.jpg) |
| iShares 7-10 Year Treasury Bond ETF | 3.0% | ![](pg16-18_003.jpg) | ![](pg16-18_004.jpg) |
| Vanguard Intermediate-Term Corporate Bond ETF | 2.9% | ![](pg16-18_003.jpg) | ![](pg16-18_004.jpg) |
| iShares Investment Grade Systematic Bond ETF | 2.7% | ![](pg16-18_003.jpg) | ![](pg16-18_004.jpg) |
| iShares 10-20 Year Treasury Bond ETF | 2.6% | ![](pg16-18_003.jpg) | ![](pg16-18_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 - Service Class \| 3

---

| | |
|:---|:---|
| **The E-Valuator Moderate<br> (50%-70%) RMS Fund**<br>C L A S S R 4 / E V F M X | ![](formn-csr_023.jpg) |

---

ANNUAL SHAREHOLDER REPORT \| SEPTEMBER 30 , 2025

This annual shareholder report contains important information about The E-Valuator Moderate (50%-70%) RMS Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at <u>www.evaluatorfunds.com/resources</u>. 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 $10,000 investment** |
| The E-Valuator Moderate (50%-70%) RMS Fund (Class R4/EVFMX) | $110 | 1.04% |

---

 

**Management's Discussion of Fund Performance**

SUMMARY OF RESULTS

The E-Valuator Moderate (50%-70%) RMS Fund (Class R4) provides a diversified, asset management service for investors that are seeking to have 50% to 70% of their assets invested in stocks. Any amount that is not invested in stocks would be invested in fixed income investments (primarily bonds and money market). This investment is a Risk Managed Strategy as indicated by the "RMS" in the naming convention. As an RMS fund, this investment seeks to maximize performance while taking into consideration potential volatility (risk) as it pertains to current and future asset allocation.

For the fiscal year ending September 30, 2025, the E-Valuator Moderate (50%-70%) RMS Fund returned +11.55%. Likewise, the volatility as measured by Standard Deviation for this investment over the same time period was +8.64%. This performance was generated by investing approx. 60% of its assets in stocks with 40% invested in fixed income. Regarding Standard Deviation, typically a higher Standard Deviation is an indication for greater volatility (risk). For comparative purposes, it is common to use the S&P 500 Index (an index with 100% invested in stocks) since this Fund has more of its assets invested in stocks than fixed income. The S&P 500 returned +16.07% with a Standard Deviation of +12.61% for the year ending September 30, 2025.

TOP PERFORMANCE CONTRIBUTORS

**Best Performing Holdings** \| The best performing underlying holdings for this Fund for the year ending September 30, 2025, came from the Global Large Cap Blend and Global Large Cap Growth categories. The primary reason these categories generated the most positively impactful returns was due to the asset allocation percentage being larger and the benefits this category enjoyed as a result of foreign interest rates being lowered, weaker US dollar, and continued performance of the US stock market, as indicated by the S&P 500 Index, a most commonly used domestic large cap stock index. A Global manager can invest inside and/or outside the United States, thereby allowing them the flexibility to participate on a domestic and foreign basis, whereby Domestic is investing exclusively inside the United States and Foreign is investing exclusively outside the United States.

**DGEIX** \| DFA Global Equity I, was responsible for contributing a +.53% to the overall return of this Fund's return for the year ending September 30, 2025. This performance was primarily driven by the relatively larger allocation percentage into this investment (3.50%) while it posted a return of +15.01% for this fiscal year.

**RNPGX** \| American Funds New Perspective R6, was responsible for contributing a +.44% return to the overall return of this Fund for the year ending September 30, 2025. This performance was primarily driven by the relatively larger allocation percentage into this investment (2.50%) while it posted a return of +17.64% for this fiscal year.

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

TOP PERFORMANCE DETRACTORS

**Lowest Performing Holdings** \| The underlying holdings with the lowest performance for the year ending September 30, 2025 came from small allocations into the Long Government bonds area as well as Consumer Defensive stocks. Consumer Defensive pertains to companies that manufacture "consumer staples" such as toothpaste, toilet paper, tissues, shampoo, soap, etc. There are 2 reasons for this low performance. Long Government bonds had low performance due to U.S. interest rates not lowering as fast as anticipated. Consumer Defensive stocks had low performance due to domestic equity markets staying stronger in the latter half of the fiscal year than expected.

**TLH** \| iShares 10-20 Year Treasury Bond ETF was responsible for contributing a -.05% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of -1.80% for the fiscal year.

**VDC** \| Vanguard Consumer Staples was responsible for contributing a +.01% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of +0.08% for the fiscal year.

**Fund Performance**

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10 , 000

![](pg19-21_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **The E-Valuator Moderate (50%-70%) RMS Fund (Class R4/EVFMX)<sup>1</sup>** | 11.55% | 7.33% | 7.54% |
| **S&P 500** | 17.60% | 16.47% | 15.30% |

---

---

| | |
|:---|:---|
| *1* | *Performance history. (1) The quoted performance data of this Fund includes past performance as a collective fund from February 29, 2012 through May 26, 2016, before the registration statement became effective; (2) This Fund was not registered under the 1940 Act prior to May 26, 2016, therefore it was not subject to certain investment restrictions that are imposed by the Act; and (3) if this Fund had been registered under the 1940 Act, the performance history may have been adversely affected. The performance of the collective investment fund has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the collective investment fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been lower than the performance shown. Please refer to the Performance History section of the prospectus for more detailed information.* |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit <u>www.evaluatorfunds.com</u> for the most recent performance information.

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

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| **Fund net assets** | $154742753 |
| **Total number of portfolio holdings as of the end of the reporting period** | 75 |
| **Total advisory fee paid** | $551028 |
| **Portfolio turnover rate as of the end of the reporting period** | 130% |

---

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing the percentage of the total investments of the Fund, as of the end of the reporting period.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| New Perspective Fund - Class R-6 | 3.7% | ![](pg19-21_002.jpg) | ![](pg19-21_003.jpg) |
| SPDR Global Dow ETF | 3.7% | ![](pg19-21_002.jpg) | ![](pg19-21_003.jpg) |
| Vanguard Core Bond Fund, Admiral Shares | 3.5% | ![](pg19-21_002.jpg) | ![](pg19-21_003.jpg) |
| Vanguard Intermediate-Term Bond ETF | 3.5% | ![](pg19-21_002.jpg) | ![](pg19-21_003.jpg) |
| iShares CMBS ETF | 3.3% | ![](pg19-21_002.jpg) | ![](pg19-21_003.jpg) |
| Eaton Vance Total Return Bond ETF | 3.2% | ![](pg19-21_002.jpg) | ![](pg19-21_003.jpg) |
| Vanguard U.S. Momentum Factor ETF | 2.8% | ![](pg19-21_002.jpg) | ![](pg19-21_003.jpg) |
| Vanguard S&P 500 ETF | 2.7% | ![](pg19-21_002.jpg) | ![](pg19-21_003.jpg) |
| Dodge & Cox Global Bond Fund - Class I | 2.4% | ![](pg19-21_002.jpg) | ![](pg19-21_003.jpg) |
| Vanguard Growth ETF | 2.2% | ![](pg19-21_002.jpg) | ![](pg19-21_003.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 \| 3

---

| | |
|:---|:---|
| **The E-Valuator Moderate<br> (50%-70%) RMS Fund**<br>S E R V I C E C L A S S / E V M L X | ![](pg22-24_001.jpg) |

---

ANNUAL SHAREHOLDER REPORT \| SEPTEMBER 30, 2025

This annual shareholder report contains important information about The E-Valuator Moderate (50%-70%) RMS Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at <u>www.evaluatorfunds.com/resources</u>. 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) | $69 | 0.65% |

---

**Management's Discussion of Fund Performance**

SUMMARY OF RESULTS

The E-Valuator Moderate (50%-70%) RMS Fund (Service Class)provides a diversified, asset management service for investors that are seeking to have 50% to 70% of their assets invested in stocks. Any amount that is not invested in stocks would be invested in fixed income investments (primarily bonds and money market). This investment is a Risk Managed Strategy as indicated by the "RMS" in the naming convention. As an RMS fund, this investment seeks to maximize performance while taking into consideration potential volatility (risk) as it pertains to current and future asset allocation.

For the fiscal year ending September 30, 2025, the E-Valuator Moderate (50%-70%) RMS Fund returned +11.99%. Likewise, the volatility as measured by Standard Deviation for this investment over the same time period was +8.61%. This performance was generated by investing approx. 60% of its assets in stocks with 40% invested in fixed income. Regarding Standard Deviation, typically a higher Standard Deviation is an indication for greater volatility (risk). For comparative purposes, it is common to use the S&P 500 Index (an index with 100% invested in stocks) since this Fund has more of its assets invested in stocks than fixed income. The S&P 500 returned +16.07% with a Standard Deviation of +12.61% for the year ending September 30, 2025.

TOP PERFORMANCE CONTRIBUTORS

**Best Performing Holdings** \| The best performing underlying holdings for this Fund for the year ending September 30, 2025, came from the Global Large Cap Blend and Global Large Cap Growth categories. The primary reason these categories generated the most positively impactful returns was due to the asset allocation percentage being larger and the benefits this category enjoyed as a result of foreign interest rates being lowered, weaker US dollar, and continued performance of the US stock market, as indicated by the S&P 500 Index, a most commonly used domestic large cap stock index. A Global manager can invest inside and/or outside the United States, thereby allowing them the flexibility to participate on a domestic and foreign basis, whereby Domestic is investing exclusively inside the United States and Foreign is investing exclusively outside the United States.

**DGEIX** \| DFA Global Equity I, was responsible for contributing a +.53% to the overall return of this Fund's return for the year ending September 30, 2025. This performance was primarily driven by the relatively larger allocation percentage into this investment (3.50%) while it posted a return of +15.01% for this fiscal year.

**RNPGX \|** American Funds New Perspective R6, was responsible for contributing a +.44% return to the overall return of this Fund for the year ending September 30, 2025. This performance was primarily driven by the relatively larger allocation percentage into this investment (2.50%) while it posted a return of +17.64% for this fiscal year.

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

TOP PERFORMANCE DETRACTORS

**Lowest Performing Holdings** \| The underlying holdings with the lowest performance for the year ending September 30, 2025 came from small allocations into the Long Government bonds area as well as Consumer Defensive stocks. Consumer Defensive pertains to companies that manufacture "consumer staples" such as toothpaste, toilet paper, tissues, shampoo, soap, etc. There are 2 reasons for this low performance. Long Government bonds had low performance due to U.S. interest rates not lowering as fast as anticipated. Consumer Defensive stocks had low performance due to domestic equity markets staying stronger in the latter half of the fiscal year than expected.

**TLH** \| iShares 10-20 Year Treasury Bond ETF was responsible for contributing a -.05% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of -1.80% for the fiscal year.

**VDC** \| Vanguard Consumer Staples was responsible for contributing a +.01% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of +0.08% for the fiscal year.

**Fund Performance**

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![](pg22-24_002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **The E-Valuator Moderate (50%-70%) RMS Fund (Service Class/EVMLX)<sup>1</sup>** | 11.99% | 7.74% | 7.89% |
| **S&P 500** | 17.60% | 16.47% | 15.30% |

---

---

| | |
|:---|:---|
| *1* | *Performance history. (1) The quoted performance data of this Fund includes past performance as a collective fund from February 29, 2012 through May 26, 2016, before the registration statement became effective; (2) This Fund was not registered under the 1940 Act prior to May 26, 2016, therefore it was not subject to certain investment restrictions that are imposed by the Act; and (3) if this Fund had been registered under the 1940 Act, the performance history may have been adversely affected. The performance of the collective investment fund has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the collective investment fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been lower than the performance shown. Please refer to the Performance History section of the prospectus for more detailed information.* |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit <u>www.evaluatorfunds.com</u> for the most recent performance information.

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

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| **Fund net assets** | $154742753 |
| **Total number of portfolio holdings as of the end of the reporting period** | 75 |
| **Total advisory fee paid** | $551028 |
| **Portfolio turnover rate as of the end of the reporting period** | 130% |

---

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing the percentage of the total investments of the Fund, as of the end of the reporting period.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| New Perspective Fund - Class R-6 | 3.7% | ![](pg22-24_003.jpg) | ![](pg22-24_004.jpg) |
| SPDR Global Dow ETF | 3.7% | ![](pg22-24_003.jpg) | ![](pg22-24_004.jpg) |
| Vanguard Core Bond Fund, Admiral Shares | 3.5% | ![](pg22-24_003.jpg) | ![](pg22-24_004.jpg) |
| Vanguard Intermediate-Term Bond ETF | 3.5% | ![](pg22-24_003.jpg) | ![](pg22-24_004.jpg) |
| iShares CMBS ETF | 3.3% | ![](pg22-24_003.jpg) | ![](pg22-24_004.jpg) |
| Eaton Vance Total Return Bond ETF | 3.2% | ![](pg22-24_003.jpg) | ![](pg22-24_004.jpg) |
| Vanguard U.S. Momentum Factor ETF | 2.8% | ![](pg22-24_003.jpg) | ![](pg22-24_004.jpg) |
| Vanguard S&P 500 ETF | 2.7% | ![](pg22-24_003.jpg) | ![](pg22-24_004.jpg) |
| Dodge & Cox Global Bond Fund - Class I | 2.4% | ![](pg22-24_003.jpg) | ![](pg22-24_004.jpg) |
| Vanguard Growth ETF | 2.2% | ![](pg22-24_003.jpg) | ![](pg22-24_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 - Service Class \| 3

---

| | |
|:---|:---|
| **The E-Valuator Growth <br>(70%-85%) RMS Fund**<br>C L A S S R 4 / E V G R X | ![](pg25-27_001.jpg) |

---

ANNUAL SHAREHOLDER REPORT \| SEPTEMBER 30, 2025

This annual shareholder report contains important information about The E-Valuator Growth (70%-85%) RMS Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at <u>www.evaluatorfunds.com/resources</u>. 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) | $104 | 0.98% |

---

**Management's Discussion of Fund Performance**

SUMMARY OF RESULTS

The E-Valuator Growth (70%-85%) RMS Fund (Class R4) provides a diversified, asset management service for investors that are seeking to have 70% to 85% of their assets invested in stocks. Any amount that is not invested in stocks would be invested in fixed income investments (primarily bonds and money market). This investment is a Risk Managed Strategy as indicated by the "RMS" in the naming convention. As an RMS fund, this investment seeks to maximize performance while taking into consideration potential volatility (risk) as it pertains to current and future asset allocation.

For the fiscal year ending September 30, 2025, the E-Valuator Growth (70%-85%) RMS Fund returned +13.21%. Likewise, the volatility as measured by Standard Deviation for this investment over the same time period was +10.21%. This performance was generated by investing approx. 79% of its assets in stocks with 21% invested in fixed income. Regarding Standard Deviation, typically a higher Standard Deviation is an indication for greater volatility (risk). For comparative purposes, it is common to use the S&P 500 Index (an index with 100% invested in stocks) since this Fund has more of its assets invested in stocks than fixed income. The S&P 500 returned +16.07% with a Standard Deviation of +12.61% for the year ending September 30, 2025.

TOP PERFORMANCE CONTRIBUTORS

**Best Performing Holdings** \| The best performing underlying holdings for this Fund for the year ending September 30, 2025, came from the Global Large Cap Blend category and Domestic Large Cap Growth category. The primary reason these categories generated the most positively impactful returns was due to the asset allocation percentage being larger and the benefits these categories enjoyed as a result of foreign interest rates declining, foreign dividend paying equities performing well, and the US stock market's continued growth especially in technology stocks. A Global manager can invest inside and/or outside the United States, thereby allowing them the flexibility to participate on a domestic and foreign basis, whereby Domestic is investing exclusively inside the United States and Foreign is investing exclusively outside the United States.

**DGEIX** \| DFA Global Equity I, was responsible for contributing a +.70% to the overall return of this Fund's return for the year ending September 30, 2025. This performance was primarily driven by the relatively larger allocation percentage into this investment (4.65%) while it posted a return of +15.01% for this fiscal year.

**TILIX** \| Nuveen Large Cap Growth Index, was responsible for contributing a +.51% return to the overall return of this Fund for the year ending September 30, 2025. This performance was primarily driven by the allocation percentage into this investment (2.00%) while it posted a return of +24.49% for this fiscal year.

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

TOP PERFORMANCE DETRACTORS

**Lowest Performing Holdings** \| The underlying holdings with the lowest performance for the year ending September 30, 2025 came from small allocations into the Long Government bonds area as well as Consumer Defensive stocks. Consumer Defensive pertains to companies that manufacture "consumer staples" such as toothpaste, toilet paper, tissues, shampoo, soap, etc. There are 2 reasons for this low performance. Long Government bonds had low performance due to U.S. interest rates not lowering as fast as anticipated. Consumer Defensive stocks had low performance due to domestic equity markets staying stronger in the latter half of the fiscal year than expected.

**TLH** \| iShares 10-20 Year Treasury Bond ETF was responsible for contributing a -.01% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of -1.80% for the fiscal year.

**VDC** \| Vanguard Consumer Staples was responsible for contributing a +.01% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of +0.08% for the fiscal year.

**Fund Performance**

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![](pg25-27_002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **The E-Valuator Growth (70%-85%) RMS Fund (Class R4/EVGRX)<sup>1</sup>** | 13.21% | 8.93% | 8.97% |
| **S&P 500** | 17.60% | 16.47% | 15.30% |

---

---

| | |
|:---|:---|
| *1* | *Performance history. (1) The quoted performance data of this Fund includes past performance as a collective fund from February 29, 2012 through May 26, 2016, before the registration statement became effective; (2) This Fund was not registered under the 1940 Act prior to May 26, 2016, therefore it was not subject to certain investment restrictions that are imposed by the Act; and (3) if this Fund had been registered under the 1940 Act, the performance history may have been adversely affected. The performance of the collective investment fund has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the collective investment fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been lower than the performance shown. Please refer to the Performance History section of the prospectus for more detailed information.* |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit <u>www.evaluatorfunds.com</u> for the most recent performance information.

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

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| **Fund net assets** | $267334156 |
| **Total number of portfolio holdings as of the end of the reporting period** | 73 |
| **Total advisory fee paid** | $993657 |
| **Portfolio turnover rate as of the end of the reporting period** | 122% |

---

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing the percentage of the total investments of the Fund, as of the end of the reporting period.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| SPDR Global Dow ETF | 5.0% | ![](pg25-27_003.jpg) | ![](pg25-27_004.jpg) |
| New Perspective Fund - Class R-6 | 4.9% | ![](pg25-27_003.jpg) | ![](pg25-27_004.jpg) |
| Vanguard U.S. Momentum Factor ETF | 3.7% | ![](pg25-27_003.jpg) | ![](pg25-27_004.jpg) |
| Vanguard Total World Stock ETF | 3.0% | ![](pg25-27_003.jpg) | ![](pg25-27_004.jpg) |
| Vanguard Mid-Cap Growth ETF | 2.9% | ![](pg25-27_003.jpg) | ![](pg25-27_004.jpg) |
| Vanguard Growth ETF | 2.8% | ![](pg25-27_003.jpg) | ![](pg25-27_004.jpg) |
| Fidelity High Dividend ETF | 2.8% | ![](pg25-27_003.jpg) | ![](pg25-27_004.jpg) |
| WisdomTree U.S. LargeCap Fund | 2.6% | ![](pg25-27_003.jpg) | ![](pg25-27_004.jpg) |
| Invesco S&P 100 Equal Weight ETF | 2.6% | ![](pg25-27_003.jpg) | ![](pg25-27_004.jpg) |
| DFA U.S. Vector Equity Portfolio - Class Institutional | 2.6% | ![](pg25-27_003.jpg) | ![](pg25-27_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 - Service Class \| 3

---

| | |
|:---|:---|
| **The E-Valuator Growth <br>(70%-85%) RMS Fund**<br>S E R V I C E C L A S S / E V G L X | ![](formn-csr_023.jpg) |

---

ANNUAL SHAREHOLDER REPORT \| SEPTEMBER 30 , 2025

This annual shareholder report contains important information about The E-Valuator Growth (70%-85%) RMS Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at <u>www.evaluatorfunds.com/resources</u>. 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) | $62 | 0.58% |

---

 

**Management's Discussion of Fund Performance**

SUMMARY OF RESULTS

The E-Valuator Growth (70%-85%) RMS Fund (Service Class) provides a diversified, asset management service for investors that are seeking to have 70% to 85% of their assets invested in stocks. Any amount that is not invested in stocks would be invested in fixed income investments (primarily bonds and money market). This investment is a Risk Managed Strategy as indicated by the "RMS" in the naming convention. As an RMS fund, this investment seeks to maximize performance while taking into consideration potential volatility (risk) as it pertains to current and future asset allocation.

For the fiscal year ending September 30, 2025, the E-Valuator Growth (70%-85%) RMS Fund returned +13.69%. Likewise, the volatility as measured by Standard Deviation for this investment over the same time period was +10.23%. This performance was generated by investing approx. 79% of its assets in stocks with 21% invested in fixed income. Regarding Standard Deviation, typically a higher Standard Deviation is an indication for greater volatility (risk). For comparative purposes, it is common to use the S&P 500 Index (an index with 100% invested in stocks) since this Fund has more of its assets invested in stocks than fixed income. The S&P 500 returned +16.07% with a Standard Deviation of +12.61% for the year ending September 30, 2025.

TOP PERFORMANCE CONTRIBUTORS

**Best Performing Holdings** \| The best performing underlying holdings for this Fund for the year ending September 30, 2025, came from the Global Large Cap Blend category and Domestic Large Cap Growth category. The primary reason these categories generated the most positively impactful returns was due to the asset allocation percentage being larger and the benefits these categories enjoyed as a result of foreign interest rates declining, foreign dividend paying equities performing well, and the US stock market's continued growth especially in technology stocks. A Global manager can invest inside and/or outside the United States, thereby allowing them the flexibility to participate on a domestic and foreign basis, whereby Domestic is investing exclusively inside the United States and Foreign is investing exclusively outside the United States.

**DGEIX** \| DFA Global Equity I, was responsible for contributing a +.70% to the overall return of this Fund's return for the year ending September 30, 2025. This performance was primarily driven by the relatively larger allocation percentage into this investment (4.65%) while it posted a return of +15.01% for this fiscal year.

**TILIX** \| Nuveen Large Cap Growth Index, was responsible for contributing a +.51% return to the overall return of this Fund for the year ending September 30, 2025. This performance was primarily driven by the allocation percentage into this investment (2.00%) while it posted a return of +24.49% for this fiscal year.

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

TOP PERFORMANCE DETRACTORS

**Lowest Performing Holdings** \| The underlying holdings with the lowest performance for the year ending September 30, 2025 came from small allocations into the Long Government bonds area as well as Consumer Defensive stocks. Consumer Defensive pertains to companies that manufacture "consumer staples" such as toothpaste, toilet paper, tissues, shampoo, soap, etc. There are 2 reasons for this low performance. Long Government bonds had low performance due to U.S. interest rates not lowering as fast as anticipated. Consumer Defensive stocks had low performance due to domestic equity markets staying stronger in the latter half of the fiscal year than expected.

**TLH** \| iShares 10-20 Year Treasury Bond ETF was responsible for contributing a -.01% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of -1.80% for the fiscal year.

**VDC** \| Vanguard Consumer Staples was responsible for contributing a +.01% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of +0.08% for the fiscal year.

**Fund Performance**

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![](pg28-30_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **The E-Valuator Growth (70%-85%) RMS Fund (Service Class/EVGLX)<sup>1</sup>** | 13.69% | 9.36% | 9.32% |
| **S&P 500** | 17.60% | 16.47% | 15.30% |

---

*<sup>1</sup>* *Performance history. (1) The quoted performance data of this Fund includes past performance as a collective fund from February 29, 2012 through May 26, 2016, before the registration statement became effective; (2) This Fund was not registered under the 1940 Act prior to May 26, 2016, therefore it was not subject to certain investment restrictions that are imposed by the Act; and (3) if this Fund had been registered under the 1940 Act, the performance history may have been adversely affected. The performance of the collective investment fund has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the collective investment fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been lower than the performance shown. Please refer to the Performance History section of the prospectus for more detailed information.*

 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit <u>www.evaluatorfunds.com</u> for the most recent performance information.

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

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| Fund net assets | $267334156 |
| Total number of portfolio holdings as of the end of the reporting period | 73 |
| Total advisory fee paid | $993657 |
| Portfolio turnover rate as of the end of the reporting period | 122% |

---

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing the percentage of the total investments of the Fund, as of the end of the reporting period.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| SPDR Global Dow ETF | 5.0% | ![](pg28-30_002.jpg) | ![](pg28-30_003.jpg) |
| New Perspective Fund - Class R-6 | 4.9% | ![](pg28-30_002.jpg) | ![](pg28-30_003.jpg) |
| Vanguard U.S. Momentum Factor ETF | 3.7% | ![](pg28-30_002.jpg) | ![](pg28-30_003.jpg) |
| Vanguard Total World Stock ETF | 3.0% | ![](pg28-30_002.jpg) | ![](pg28-30_003.jpg) |
| Vanguard Mid-Cap Growth ETF | 2.9% | ![](pg28-30_002.jpg) | ![](pg28-30_003.jpg) |
| Vanguard Growth ETF | 2.8% | ![](pg28-30_002.jpg) | ![](pg28-30_003.jpg) |
| Fidelity High Dividend ETF | 2.8% | ![](pg28-30_002.jpg) | ![](pg28-30_003.jpg) |
| WisdomTree U.S. LargeCap Fund | 2.6% | ![](pg28-30_002.jpg) | ![](pg28-30_003.jpg) |
| Invesco S&P 100 Equal Weight ETF | 2.6% | ![](pg28-30_002.jpg) | ![](pg28-30_003.jpg) |
| DFA U.S. Vector Equity Portfolio - Class Institutional | 2.6% | ![](pg28-30_002.jpg) | ![](pg28-30_003.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 \| 3

---

| | |
|:---|:---|
| **The E-Valuator Aggressive Growth<br> (85%-99%) RMS Fund**<br>C L A S S R 4 / E V F G X | ![](formn-csr_023.jpg) |

---

ANNUAL SHAREHOLDER REPORT \| SEPTEMBER 30, 2025

This 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 September 30, 2025. You can find additional information about the Fund at <u>www.evaluatorfunds.com/resources</u>. You can also request this information by contacting us at 888-507-2798.

This report describes changes to the Fund that occurred during the reporting period.

**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) | $104 | 0.97% |

---

 

**Management's Discussion of Fund Performance**

SUMMARY OF RESULTS

The E-Valuator Aggressive Growth (85%-99%) RMS Fund (Class R4) provides a diversified, asset management service for investors that are seeking to have 85% to 99% of their assets invested in stocks. Any amount that is not invested in stocks would be invested in fixed income investments (primarily bonds and money market). This investment is a Risk Managed Strategy as indicated by the "RMS" in the naming convention. As an RMS fund, this investment seeks to maximize performance while taking into consideration potential volatility (risk) as it pertains to current and future asset allocation.

For the fiscal year ending September 30, 2025, the E-Valuator Aggressive Growth (85%-99%) RMS Fund returned +14.62%. Likewise, the volatility as measured by Standard Deviation for this investment over the same time period was +11.67%. This performance was generated by investing approx. 91% of its assets in stocks with 9% invested in fixed income. Regarding Standard Deviation, typically a higher Standard Deviation is an indication for greater volatility (risk). For comparative purposes, it is common to use the S&P 500 Index (an index with 100% invested in stocks) since this Fund has more of its assets invested in stocks than fixed income. The S&P 500 returned +16.07% with a Standard Deviation of +12.61% for the year ending September 30, 2025.

TOP PERFORMANCE CONTRIBUTORS

**Best Performing Holdings** \| The best performing underlying holdings for this Fund for the year ending September 30, 2025, came from the Commodities - Silver category and Global Large Cap Blend category. The primary reasons these categories generated the most positively impactful returns was due to the asset allocation percentage being larger and the benefits these categories enjoyed as a result of a weakening US dollar, lowering of foreign interest rates, and inflationary concerns. A Global manager can invest inside and/or outside the United States, thereby allowing them the flexibility to participate on a domestic and foreign basis, whereby Domestic is investing exclusively inside the United States and Foreign is investing exclusively outside the United States.

**SIVR** \| The Aberdeen Physical Silver Shares ETF, was responsible for contributing a +.92% to the overall return of this Fund's return for the year ending September 30, 2025. This performance was primarily driven by the allocation percentage into this investment (1.90%) while it posted a return of +48.15% for this fiscal year.

**DGEIX** \| DFA Global Equity I, was responsible for contributing a +.75% to the overall return of this Fund's return for the year ending September 30, 2025. This performance was primarily driven by the relatively larger allocation percentage into this investment (5.00%) while it posted a return of +15.01% for this fiscal year.

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

 

 

TOP PERFORMANCE DETRACTORS

**Lowest Performing Holdings \|** The underlying holdings with the lowest performance for the year ending September 30, 2025 came from small allocations into the Long Government bonds area as well as Consumer Defensive stocks. Consumer Defensive pertains to companies that manufacture "consumer staples" such as toothpaste, toilet paper, tissues, shampoo, soap, etc. There are 2 reasons for this low performance. Long Government bonds had low performance due to U.S. interest rates not lowering as fast as anticipated. Consumer Defensive stocks had low performance due to domestic equity markets staying stronger in the latter half of the fiscal year than expected.

**TLH** \| iShares 10-20 Year Treasury Bond ETF was responsible for contributing a -.01% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of -1.80% for the fiscal year.

**VDC \|** Vanguard Consumer Staples was responsible for contributing a +.02% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of +0.08% for the fiscal year.

**Fund Performance**

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![](pg31-33_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **The E-Valuator Aggressive Growth (85%-99%) RMS Fund (Class R4/EVFGX)** **<sup>1</sup>** | 14.62% | 10.31% | 9.62% |
| **S&P 500** | 17.60% | 16.47% | 15.30% |

---

*<sup>1</sup>* *Performance history. (1) The quoted performance data of this Fund includes past performance as a collective fund from 2-29-12 through 5-26-16, before the registration statement became effective; (2) This Fund was not registered under the 1940 Act prior to 5-26-16, therefore it was not subject to certain investment restrictions that are imposed by the Act; and (3) if this Fund had been registered under the 1940 Act, the performance history may have been adversely affected. The performance of the collective investment fund has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the collective investment fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been lower than the performance shown. Please refer to the Performance History section of the prospectus for more detailed information.*

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit <u>www.evaluatorfunds.com</u> for the most recent performance information.

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

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| **Fund net assets** | $224845330 |
| **Total number of portfolio holdings as of the end of the reporting period** | 66 |
| **Total advisory fee paid** | $778031 |
| **Portfolio turnover rate as of the end of the reporting period** | 133% |

---

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing the percentage of the total investments of the Fund, as of the end of the reporting period.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| SPDR Global Dow ETF | 6.3% | ![](pg31-33_002.jpg) | ![](pg31-33_003.jpg) |
| New Perspective Fund - Class R-6 | 6.1% | ![](pg31-33_002.jpg) | ![](pg31-33_003.jpg) |
| Vanguard Mid-Cap Growth ETF | 3.8% | ![](pg31-33_002.jpg) | ![](pg31-33_003.jpg) |
| Vanguard Total World Stock ETF | 3.2% | ![](pg31-33_002.jpg) | ![](pg31-33_003.jpg) |
| Vanguard U.S. Momentum Factor ETF | 3.2% | ![](pg31-33_002.jpg) | ![](pg31-33_003.jpg) |
| Invesco Dorsey Wright Developed Markets Momentum ETF | 3.2% | ![](pg31-33_002.jpg) | ![](pg31-33_003.jpg) |
| DFA U.S. Vector Equity Portfolio - Class Institutional | 3.2% | ![](pg31-33_002.jpg) | ![](pg31-33_003.jpg) |
| Dimensional Global Equity Portfolio - Class Institutional | 3.1% | ![](pg31-33_002.jpg) | ![](pg31-33_003.jpg) |
| WisdomTree U.S. Value Fund | 2.9% | ![](pg31-33_002.jpg) | ![](pg31-33_003.jpg) |
| Vanguard S&P 500 ETF | 2.8% | ![](pg31-33_002.jpg) | ![](pg31-33_003.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 \| 3

---

| | |
|:---|:---|
| **The E-Valuator 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 | ![](formn-csr_023.jpg) |

---

**ANNUAL SHAREHOLDER REPORT \| SEPTEMBER 30 , 2025**

This 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 September 30, 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) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | 0.58% |

---

**Management's Discussion of Fund Performance**

**SUMMARY OF RESULTS**

The E-Valuator Aggressive Growth (85%-99%) RMS Fund (Service Class) provides a diversified, asset management service for investors that are seeking to have 85% to 99% of their assets invested in stocks. Any amount that is not invested in stocks would be invested in fixed income investments (primarily bonds and money market). This investment is a Risk Managed Strategy as indicated by the "RMS" in the naming convention. As an RMS fund, this investment seeks to maximize performance while taking into consideration potential volatility (risk) as it pertains to current and future asset allocation.

For the fiscal year ending September 30, 2025, the E-Valuator Aggressive Growth (85%-99%) RMS Fund returned +14.99%. Likewise, the volatility as measured by Standard Deviation for this investment over the same time period was +11.75%. This performance was generated by investing approx. 91% of its assets in stocks with 9% invested in fixed income. Regarding Standard Deviation, typically a higher Standard Deviation is an indication for greater volatility (risk). For comparative purposes, it is common to use the S&P 500 Index (an index with 100% invested in stocks) since this Fund has more of its assets invested in stocks than fixed income. The S&P 500 returned +16.07% with a Standard Deviation of +12.61% for the year ending September 30, 2025.

**TOP PERFORMANCE CONTRIBUTORS**

**Best Performing Holdings** \| The best performing underlying holdings for this Fund for the year ending September 30, 2025, came from the Commodities - Silver category and Global Large Cap Blend category. The primary reasons these categories generated the most positively impactful returns was due to the asset allocation percentage being larger and the benefits these categories enjoyed as a result of a weakening US dollar, lowering of foreign interest rates, and inflationary concerns. A Global manager can invest inside and/or outside the United States, thereby allowing them the flexibility to participate on a domestic and foreign basis, whereby Domestic is investing exclusively inside the United States and Foreign is investing exclusively outside the United States.

**SIVR** \| The Aberdeen Physical Silver Shares ETF, was responsible for contributing a +.92% to the overall return of this Fund's return for the year ending September 30, 2025. This performance was primarily driven by the allocation percentage into this investment (1.90%) while it posted a return of +48.15% for this fiscal year.

**DGEIX** \| DFA Global Equity I, was responsible for contributing a +.75% to the overall return of this Fund's return for the year ending September 30, 2025. This performance was primarily driven by the relatively larger allocation percentage into this investment (5.00%) while it posted a return of +15.01% for this fiscal year.

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

**TOP PERFORMANCE DETRACTORS**

**Lowest Performing Holdings** \| The underlying holdings with the lowest performance for the year ending September 30, 2025 came from small allocations into the Long Government bonds area as well as Consumer Defensive stocks. Consumer Defensive pertains to companies that manufacture "consumer staples" such as toothpaste, toilet paper, tissues, shampoo, soap, etc. There are 2 reasons for this low performance. Long Government bonds had low performance due to U.S. interest rates not lowering as fast as anticipated. Consumer Defensive stocks had low performance due to domestic equity markets staying stronger in the latter half of the fiscal year than expected.

**TLH** \| iShares 10-20 Year Treasury Bond ETF was responsible for contributing a -.01% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of -1.80% for the fiscal year.

**VDC** \| Vanguard Consumer Staples was responsible for contributing a +.02% return for the year ending September 30, 2025. This performance was primarily the result of a very small allocation percentage into this category, along with the investment posting an actual return of +0.08% for the fiscal year.

**Fund Performance**

The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

**GROWTH OF $10,000**

![](pg34-36_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **The E-Valuator Aggressive Growth (85%-99%) RMS Fund (Service Class/EVAGX)<sup>1</sup>** | 14.99% | 10.75% | 9.99% |
| **S&P 500** | 17.60% | 16.47% | 15.30% |

---

*<sup>1</sup>* *Performance history. (1) The quoted performance data of this Fund includes past performance as a collective fund from February 29, 2012 through May 26, 2016, before the registration statement became effective; (2) This Fund was not registered under the 1940 Act prior to May 26, 2016, therefore it was not subject to certain investment restrictions that are imposed by the Act; and (3) if this Fund had been registered under the 1940 Act, the performance history may have been adversely affected. The performance of the collective investment fund has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the collective investment fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been lower than the performance shown. Please refer to the Performance History section of the prospectus for more detailed information.*

 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit <u>www.evaluatorfunds.com</u> for the most recent performance information.

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

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| Fund net assets | $224845330 |
| Total number of portfolio holdings as of the end of the reporting period | 66 |
| Total advisory fee paid | $778031 |
| Portfolio turnover rate as of the end of the reporting period | 133% |

---

**Graphical Representation of Holdings**

The tables below show the investment makeup of the Fund, representing the percentage of the total investments of the Fund, as of the end of the reporting period.

---

| | | | |
|:---|:---|:---|:---|
| **TOP TEN HOLDINGS** | **TOP TEN HOLDINGS** | **ASSET ALLOCATION** | **FUND ASSET FOCUS** |
| SPDR Global Dow ETF | 6.3% | ![](pg34-36_002.jpg) | ![](pg34-36_003.jpg) |
| New Perspective Fund - Class R-6 | 6.1% | ![](pg34-36_002.jpg) | ![](pg34-36_003.jpg) |
| Vanguard Mid-Cap Growth ETF | 3.8% | ![](pg34-36_002.jpg) | ![](pg34-36_003.jpg) |
| Vanguard Total World Stock ETF | 3.2% | ![](pg34-36_002.jpg) | ![](pg34-36_003.jpg) |
| Vanguard U.S. Momentum Factor ETF | 3.2% | ![](pg34-36_002.jpg) | ![](pg34-36_003.jpg) |
| Invesco Dorsey Wright Developed Markets Momentum ETF | 3.2% | ![](pg34-36_002.jpg) | ![](pg34-36_003.jpg) |
| DFA U.S. Vector Equity Portfolio - Class Institutional | 3.2% | ![](pg34-36_002.jpg) | ![](pg34-36_003.jpg) |
| Dimensional Global Equity Portfolio - Class Institutional | 3.1% | ![](pg34-36_002.jpg) | ![](pg34-36_003.jpg) |
| WisdomTree U.S. Value Fund | 2.9% | ![](pg34-36_002.jpg) | ![](pg34-36_003.jpg) |
| Vanguard S&P 500 ETF | 2.8% | ![](pg34-36_002.jpg) | ![](pg34-36_003.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 \| 3

&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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant has adopted a code of ethics (the "Code") that applies to the Registrant's principal executive officer,
 principal financial officer, principal accounting officer or controller, or persons performing similar functions. The Code of Ethics
 for the Principal Executive and Principal Financial officer is incorporated as an Exhibit.

(b) Not
 Used.

(c) As
 of the end of the period covered by the report, with respect to the Registrant's Code that applies to its principal executive
 officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there
 have been no amendments to, nor any waivers granted from, a provision that relates to any element of the Code definition enumerated
 in paragraph (b) of this Item 2.

(d) The
 Registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the
 registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates
 to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not
 applicable.

(f) See
 attached Exhibit (a)(1).

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Board of Trustees of the Registrant has determined that Gerald Dillenburg, a member of the Board's audit committee, qualifies
 as an "audit committee financial expert" as that term is defined in Item 3 of Form N-CSR. Mr. Dillenburg
 is "independent" as that term is defined in Item 3 of Form N-CSR.

1 <br> ANNUAL REPORT

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows.

---

| | |
|:---|:---|
|  | Registrant |
| FY 2024 | $78750 |
| FY 2025 | $84250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this item.

---

| | |
|:---|:---|
|  | Registrant |
| FY 2024 | $- |
| FY 2025 | $- |
| Nature of the fees: | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning are as follows. The services comprising the fees disclosed under this category are tax compliance monitoring and tax filing preparation.

---

| | |
|:---|:---|
|  | Registrant |
| FY 2024 | $18900 |
| FY 2025 | $20200 |
| Nature of the fees: | Tax Services |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees. No fees were billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1)  **<u>Audit Committee's Pre-Approval Policies and Procedures</u>** 

The Audit Committee has adopted pre-approval policies and procedures that require the Audit Committee to pre-approve all audit and non-audit services of the Registrant, including services provided to the Registrant's investment adviser or any entity controlling, controlled by or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant with respect to any engagement that directly relates to the operations and financial reporting of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **<u>Percentages of Services Approved by the Audit Committee</u>**

---

| | |
|:---|:---|
|  | Registrant |
| Audit-Related Fees | 0.00% |
| Tax Fees: | 0.00% |
| All Other Fees: | 0.00% |

---

2 <br> ANNUAL REPORT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of the hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

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

---

| | |
|:---|:---|
|  | Registrant |
| FY 2024 | $- |
| FY 2025 | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's auditor did not provide any non-audit services to the Registrant's investment adviser or any entity controlling, controlled by, or controlled with the Registrant's investment adviser that provides ongoing services to the Registrant.

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

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

**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 of this Form N-CSR.

(b) Not
 applicable.

3 <br> ANNUAL REPORT

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

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

4 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Very Conservative (0%-15%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 68.8%** |  |
|  | **AGGREGATE BOND — 23.3%** |  |
| 14903 | Eaton Vance Short Duration Income ETF | $766089 |
| 36438 | Eaton Vance Total Return Bond ETF | 1874735 |
| 2153 | PGIM Ultra Short Bond ETF | 107284 |
| 23508 | UVA Unconstrained Medium-Term Fixed Income ETF | 526349 |
| 22947 | Vanguard Intermediate-Term Bond ETF | 1791931 |
|  |  | **5066388** |
|  | **BROAD MARKET — 0.5%** |  |
| 456 | JPMorgan U.S. Momentum Factor ETF | 30963 |
| 379 | Vanguard U.S. Momentum Factor ETF | 72615 |
|  |  | **103578** |
|  | **CONSUMER STAPLES — 0.3%** |  |
| 398 | Consumer Staples Select Sector SPDR Fund | 31191 |
| 146 | Vanguard Consumer Staples ETF | 31205 |
|  |  | **62396** |
|  | **CONVERTIBLE — 3.8%** |  |
| 8225 | iShares Convertible Bond ETF | **822911** |
|  | **CORPORATE — 17.8%** |  |
| 12229 | iShares High Yield Systematic Bond ETF | 585097 |
| 19100 | iShares Investment Grade Systematic Bond ETF | 879459 |
| 19698 | SPDR Bloomberg International Corporate Bond ETF | 636048 |
| 4201 | VanEck IG Floating Rate ETF | 107420 |
| 12726 | Vanguard Intermediate-Term Corporate Bond ETF | 1070384 |
| 13224 | Xtrackers Short Duration High Yield Bond ETF | 600700 |
|  |  | **3879108** |
|  | **EMERGING MARKETS — 0.2%** |  |
| 1051 | Schwab Fundamental Emerging Markets Equity ETF | **38004** |
|  | **ENERGY — 0.0%** |  |
| 105 | Global X Uranium ETF | **5005** |
|  | **GLOBAL — 0.8%** |  |
| 1449 | Affinity World Leaders Equity ETF | 53707 |
| 327 | SPDR Global Dow ETF | 52894 |
| 415 | Vanguard Total World Stock ETF | 57187 |
|  |  | **163788** |
|  | **GOVERNMENT — 8.3%** |  |
| 7716 | iShares 10-20 Year Treasury Bond ETF | 794671 |
| 10577 | iShares 7-10 Year Treasury Bond ETF | 1020257 |
|  |  | **1814928** |

---

5 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Very Conservative (0%-15%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **HIGH YIELD BOND — 1.0%** |  |
| 4514 | Pacer Aristotle Pacific Floating Rate High Income ETF | $**213919** |
|  | **INTERNATIONAL — 0.5%** |  |
| 787 | Invesco Dorsey Wright Developed Markets Momentum ETF | 37520 |
| 526 | Invesco S&P International Developed Momentum ETF | 28399 |
| 477 | iShares International Small-Cap Equity Factor ETF | 19617 |
| 550 | iShares MSCI Intl Value Factor ETF | 19514 |
|  |  | **105050** |
|  | **LARGE-CAP — 2.6%** |  |
| 1290 | Fidelity High Dividend ETF | 71866 |
| 629 | Invesco S&P 100 Equal Weight ETF | 72134 |
| 1072 | Schwab Fundamental U.S. Large Co. ETF | 28193 |
| 180 | Vanguard Growth ETF | 86330 |
| 127 | Vanguard Mega Cap ETF | 30999 |
| 166 | Vanguard Mega Cap Growth ETF | 66802 |
| 108 | Vanguard S&P 500 ETF | 66137 |
| 1050 | WisdomTree U.S. LargeCap Fund | 72387 |
| 778 | WisdomTree U.S. Value Fund | 70806 |
|  |  | **565654** |
|  | **MID-CAP — 1.2%** |  |
| 1017 | Fidelity Small-Mid Multifactor ETF | 44758 |
| 490 | Janus Henderson Small/Mid Cap Growth Alpha ETF | 40971 |
| 456 | Vanguard Mid-Cap Growth ETF | 133968 |
| 499 | VictoryShares U.S. Small Mid Cap Value Momentum ETF | 45188 |
|  |  | **264885** |
|  | **MORTGAGE BACKED — 7.9%** |  |
| 34859 | iShares CMBS ETF | **1710531** |
|  | **OECD COUNTRIES — 0.0%** |  |
| 310 | Fidelity Enhanced International ETF | **10937** |
|  | **PRECIOUS METALS — 0.1%** |  |
| 219 | abrdn Physical Silver Shares ETF\* | 9741 |
| 126 | iShares Gold Trust\* | 9169 |
|  |  | **18910** |
|  | **SMALL-CAP — 0.4%** |  |
| 177 | Vanguard Small-Cap ETF | 45007 |
| 159 | Vanguard Small-Cap Growth ETF | 47322 |
|  |  | **92329** |
|  | **TECHNOLOGY — 0.0%** |  |
| 3 | Vanguard Information Technology ETF | **2240** |

---

6 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Very Conservative (0%-15%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **THEMATIC — 0.1%** |  |
| 47 | Global X Artificial Intelligence & Technology ETF | $2321 |
| 155 | Global X U.S. Electrification ETF | 4576 |
| 138 | Global X U.S. Infrastructure Development ETF | 6573 |
|  |  | **13470** |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $14,494,219) | **14954031** |
|  | **MUTUAL FUNDS — 29.1%** |  |
|  | **AGGREGATE BOND — 10.2%** |  |
| 35884 | Allspring Core Plus Bond Fund - Class R6 | 408365 |
| 99232 | Vanguard Core Bond Fund, Admiral Shares | 1808004 |
|  |  | **2216369** |
|  | **AGGREGATE BOND SHORT — 0.5%** |  |
| 11650 | Victory Short-Term Bond Fund - Class R6 | **106946** |
|  | **BLEND BROAD MARKET — 0.3%** |  |
| 2447 | DFA U.S. Vector Equity Portfolio - Class Institutional | **73487** |
|  | **BLEND LARGE CAP — 0.2%** |  |
| 844 | DFA U.S. Large Co. Portfolio - Class Institutional | **37430** |
|  | **BLEND MID CAP — 0.3%** |  |
| 1652 | Vanguard Strategic Equity Fund - Class Investor | **67105** |
|  | **EMERGING MARKET STOCK — 0.1%** |  |
| 237 | New World Fund, Inc. - Class F-3 | **22539** |
|  | **EMERGING MARKETS BOND — 8.0%** |  |
| 89928 | American Funds Emerging Markets Bond Fund - Class F-3 | 729314 |
| 41029 | Vanguard Emerging Markets Bond Fund, Admiral Shares | 1002754 |
|  |  | **1732068** |
|  | **FOREIGN AGGREGATE BOND — 4.3%** |  |
| 81860 | Dodge & Cox Global Bond Fund - Class I | **924198** |
|  | **FOREIGN BLEND — 0.2%** |  |
| 1060 | Dimensional Global Equity Portfolio - Class Institutional | **41555** |
|  | **FOREIGN GROWTH — 0.1%** |  |
| 964 | Vanguard International Explorer Fund - Class Investor | **19938** |
|  | **FOREIGN VALUE — 0.2%** |  |
| 663 | DFA International Small Cap Value Portfolio - Class Institutional | 20063 |

---

7 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Very Conservative (0%-15%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS (Continued)** |  |
|  | **FOREIGN VALUE (Continued)** |  |
| 983 | DFA International Value Portfolio - Class Institutional | $26439 |
|  |  | **46502** |
|  | **GENERAL CORPORATE BOND — 1.0%** |  |
| 22669 | T Rowe Price Institutional Floating Rate Fund - Class Institutional | **213997** |
|  | **GROWTH BROAD MARKET — 0.4%** |  |
| 1286 | New Perspective Fund - Class R-6 | **94857** |
|  | **GROWTH LARGE CAP — 0.3%** |  |
| 936 | Nuveen Large Cap Growth Index Fund - Class R6 | **73455** |
|  | **HIGH YIELD BOND — 2.8%** |  |
| 61333 | American High-Income Trust - Class F-3 | **610266** |
|  | **VALUE MID CAP — 0.2%** |  |
| 1407 | DFA U.S. Targeted Value Portfolio - Class Institutional | **50761** |
|  | **Total Mutual Funds** |  |
|  | (Cost $6,122,811) | **6331473** |
|  | **MONEY MARKET FUNDS — 2.0%** |  |
| 22522 | Gabelli U.S. Treasury Money Market Fund - Class AAA, 4.06%<sup>1</sup> | 22522 |
| 420656 | Morgan Stanley Institutional Liquidity Government Portfolio-Advisory Class, 3.74%<sup>1</sup> | 420656 |
|  | **Money Market Funds** |  |
|  | (Cost $443,178) | **443178** |
|  | **TOTAL INVESTMENTS — 99.9%** |  |
|  | (Cost $21,060,208) | **21728682** |
|  | Other Assets in Excess of Liabilities — 0.1% | 17154 |
|  | **TOTAL NET ASSETS — 100.0%** | $**21745836** |

---

<sup>\*</sup>Non-income producing security. <br> <sup>1</sup> Effective 7 day yield as of September 30, 2025.

*See Notes to Financial Statements*

8 <br> ANNUAL REPORT

---

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

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 70.1%** |  |
|  | **AGGREGATE BOND — 18.8%** |  |
| 34503 | Eaton Vance Short Duration Income ETF | $1773627 |
| 66583 | Eaton Vance Total Return Bond ETF | 3425695 |
| 30411 | UVA Unconstrained Medium-Term Fixed Income ETF | 680908 |
| 43877 | Vanguard Intermediate-Term Bond ETF | 3426355 |
|  |  | **9306585** |
|  | **BROAD MARKET — 1.6%** |  |
| 3061 | JPMorgan U.S. Momentum Factor ETF | 207850 |
| 3046 | Vanguard U.S. Momentum Factor ETF | 583600 |
|  |  | **791450** |
|  | **CONSUMER STAPLES — 0.7%** |  |
| 2129 | Consumer Staples Select Sector SPDR Fund | 166850 |
| 782 | Vanguard Consumer Staples ETF | 167137 |
|  |  | **333987** |
|  | **CONVERTIBLE — 3.2%** |  |
| 15762 | iShares Convertible Bond ETF | **1576988** |
|  | **CORPORATE — 14.7%** |  |
| 24038 | iShares High Yield Systematic Bond ETF | 1150098 |
| 40620 | iShares Investment Grade Systematic Bond ETF | 1870348 |
| 31600 | SPDR Bloomberg International Corporate Bond ETF | 1020364 |
| 9639 | VanEck IG Floating Rate ETF | 246469 |
| 22193 | Vanguard Intermediate-Term Corporate Bond ETF | 1866653 |
| 25249 | Xtrackers Short Duration High Yield Bond ETF | 1146936 |
|  |  | **7300868** |
|  | **EMERGING MARKETS — 0.7%** |  |
| 4003 | iShares Emerging Markets Equity Factor ETF | 226490 |
| 2836 | Schwab Fundamental Emerging Markets Equity ETF | 102550 |
|  |  | **329040** |
|  | **ENERGY — 0.1%** |  |
| 965 | Global X Uranium ETF | **46002** |
|  | **GLOBAL — 2.3%** |  |
| 1427 | Affinity World Leaders Equity ETF | 52892 |
| 3878 | SPDR Global Dow ETF | 627283 |
| 3183 | Vanguard Total World Stock ETF | 438617 |
|  |  | **1118792** |
|  | **GOVERNMENT — 7.7%** |  |
| 16748 | iShares 10-20 Year Treasury Bond ETF | 1724877 |
| 21533 | iShares 7-10 Year Treasury Bond ETF | 2077073 |
|  |  | **3801950** |

---

9 <br> ANNUAL REPORT

---

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

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **HIGH YIELD BOND — 0.5%** |  |
| 5178 | Pacer Aristotle Pacific Floating Rate High Income ETF | $**245385** |
|  | **INTERNATIONAL — 1.4%** |  |
| 5870 | Invesco Dorsey Wright Developed Markets Momentum ETF | 279852 |
| 3712 | Invesco S&P International Developed Momentum ETF | 200411 |
| 1946 | iShares International Small-Cap Equity Factor ETF | 80029 |
| 4066 | iShares MSCI Intl Value Factor ETF | 144262 |
|  |  | **704554** |
|  | **LARGE-CAP — 6.8%** |  |
| 7357 | Fidelity High Dividend ETF | 409859 |
| 3456 | Invesco S&P 100 Equal Weight ETF | 396334 |
| 7772 | Schwab Fundamental U.S. Large Co. ETF | 204404 |
| 893 | Vanguard Growth ETF | 428292 |
| 1016 | Vanguard Mega Cap ETF | 247995 |
| 1131 | Vanguard Mega Cap Growth ETF | 455137 |
| 645 | Vanguard S&P 500 ETF | 394985 |
| 5915 | WisdomTree U.S. LargeCap Fund | 407780 |
| 4542 | WisdomTree U.S. Value Fund | 413367 |
|  |  | **3358153** |
|  | **MID-CAP — 3.1%** |  |
| 6000 | Fidelity Small-Mid Multifactor ETF | 264060 |
| 1486 | iShares Russell Mid-Cap Growth ETF | 211621 |
| 2367 | Janus Henderson Small/Mid Cap Growth Alpha ETF | 197914 |
| 2051 | Vanguard Mid-Cap Growth ETF | 602563 |
| 2781 | VictoryShares U.S. Small Mid Cap Value Momentum ETF | 251840 |
|  |  | **1527998** |
|  | **MORTGAGE BACKED — 6.7%** |  |
| 67689 | iShares CMBS ETF | **3321499** |
|  | **OECD COUNTRIES — 0.1%** |  |
| 2136 | Fidelity Enhanced International ETF | **75358** |
|  | **PRECIOUS METALS — 0.3%** |  |
| 1763 | abrdn Physical Silver Shares ETF\* | 78418 |
| 870 | iShares Gold Trust\* | 63310 |
|  |  | **141728** |
|  | **SMALL-CAP — 1.2%** |  |
| 1882 | Invesco S&P SmallCap Momentum ETF | 138459 |
| 1104 | Vanguard Small-Cap ETF | 280725 |
| 599 | Vanguard Small-Cap Growth ETF | 178274 |
|  |  | **597458** |

---

10 <br> ANNUAL REPORT

---

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

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **TECHNOLOGY — 0.0%** |  |
| 28 | Vanguard Information Technology ETF | $**20906** |
|  | **THEMATIC — 0.2%** |  |
| 542 | Global X Artificial Intelligence & Technology ETF | 26769 |
| 1428 | Global X U.S. Electrification ETF | 42155 |
| 953 | Global X U.S. Infrastructure Development ETF | 45391 |
|  |  | **114315** |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $33,052,279) | **34713016** |
|  | **MUTUAL FUNDS — 28.7%** |  |
|  | **AGGREGATE BOND — 8.8%** |  |
| 89746 | Allspring Core Plus Bond Fund - Class R6 | 1021313 |
| 183519 | Vanguard Core Bond Fund, Admiral Shares | 3343721 |
|  |  | **4365034** |
|  | **AGGREGATE BOND SHORT — 0.5%** |  |
| 26800 | Victory Short-Term Bond Fund - Class R6 | **246026** |
|  | **BLEND BROAD MARKET — 0.9%** |  |
| 14170 | DFA U.S. Vector Equity Portfolio - Class Institutional | **425527** |
|  | **BLEND LARGE CAP — 0.3%** |  |
| 3180 | DFA U.S. Large Co. Portfolio - Class Institutional | **141105** |
|  | **BLEND MID CAP — 0.5%** |  |
| 5877 | Vanguard Strategic Equity Fund - Class Investor | **238797** |
|  | **EMERGING MARKET STOCK — 0.2%** |  |
| 1086 | New World Fund, Inc. - Class F-3 | **103169** |
|  | **EMERGING MARKETS BOND — 6.7%** |  |
| 213447 | American Funds Emerging Markets Bond Fund - Class F-3 | 1731051 |
| 64613 | Vanguard Emerging Markets Bond Fund, Admiral Shares | 1579140 |
|  |  | **3310191** |
|  | **FOREIGN AGGREGATE BOND — 3.9%** |  |
| 172379 | Dodge & Cox Global Bond Fund - Class I | **1946164** |
|  | **FOREIGN BLEND — 0.5%** |  |
| 2456 | DFA International Small Co. Portfolio - Class Institutional | 61098 |
| 5120 | Dimensional Global Equity Portfolio - Class Institutional | 200749 |
|  |  | **261847** |

---

11 <br> ANNUAL REPORT

---

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

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS (Continued)** |  |
|  | **FOREIGN GROWTH — 0.3%** |  |
| 6610 | Vanguard International Explorer Fund - Class Investor | $**136764** |
|  | **FOREIGN VALUE — 0.6%** |  |
| 5260 | DFA International Small Cap Value Portfolio - Class Institutional | 159119 |
| 5611 | DFA International Value Portfolio - Class Institutional | 150881 |
|  |  | **310000** |
|  | **GENERAL CORPORATE BOND — 0.5%** |  |
| 26008 | T Rowe Price Institutional Floating Rate Fund - Class Institutional | **245514** |
|  | **GROWTH BROAD MARKET — 1.2%** |  |
| 8426 | New Perspective Fund - Class R-6 | **621422** |
|  | **GROWTH LARGE CAP — 0.9%** |  |
| 5602 | Nuveen Large Cap Growth Index Fund - Class R6 | **439719** |
|  | **HIGH YIELD BOND — 2.3%** |  |
| 115054 | American High-Income Trust - Class F-3 | **1144788** |
|  | **VALUE MID CAP — 0.6%** |  |
| 8344 | DFA U.S. Targeted Value Portfolio - Class Institutional | **301039** |
|  | **Total Mutual Funds** |  |
|  | (Cost $13,563,733) | **14237106** |
|  | **MONEY MARKET FUNDS — 1.2%** |  |
| 124078 | Gabelli U.S. Treasury Money Market Fund - Class AAA, 4.06%<sup>1</sup> | 124078 |
| 456555 | Morgan Stanley Institutional Liquidity Government Portfolio-Advisory Class, 3.74%<sup>1</sup> | 456555 |
|  | **Money Market Funds** |  |
|  | (Cost $580,633) | **580633** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | (Cost $47,196,645) | **49530755** |
|  | Other Assets in Excess of Liabilities — 0.0% | 6082 |
|  | **TOTAL NET ASSETS — 100.0%** | $**49536837** |

---

<sup>\*</sup> Non-income producing security. <br> <sup>1</sup> Effective 7 day yield as of September 30, 2025.

*See Notes to Financial Statements*

12 <br> ANNUAL REPORT

---

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

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 70.1%** |  |
|  | **AGGREGATE BOND — 13.8%** |  |
| 9432 | Eaton Vance Short Duration Income ETF | $484852 |
| 37516 | Eaton Vance Total Return Bond ETF | 1930198 |
| 16196 | UVA Unconstrained Medium-Term Fixed Income ETF | 362632 |
| 22661 | Vanguard Intermediate-Term Bond ETF | 1769597 |
|  |  | **4547279** |
|  | **BROAD MARKET — 2.4%** |  |
| 1963 | JPMorgan U.S. Momentum Factor ETF | 133293 |
| 3360 | Vanguard U.S. Momentum Factor ETF | 643761 |
|  |  | **777054** |
|  | **CONSUMER STAPLES — 0.9%** |  |
| 1798 | Consumer Staples Select Sector SPDR Fund | 140909 |
| 661 | Vanguard Consumer Staples ETF | 141276 |
|  |  | **282185** |
|  | **CONVERTIBLE — 2.4%** |  |
| 7767 | iShares Convertible Bond ETF | **777088** |
|  | **CORPORATE — 11.0%** |  |
| 11664 | iShares High Yield Systematic Bond ETF | 558064 |
| 18972 | iShares Investment Grade Systematic Bond ETF | 873566 |
| 15625 | SPDR Bloomberg International Corporate Bond ETF | 504531 |
| 6336 | VanEck IG Floating Rate ETF | 162012 |
| 11517 | Vanguard Intermediate-Term Corporate Bond ETF | 968695 |
| 12252 | Xtrackers Short Duration High Yield Bond ETF | 556547 |
|  |  | **3623415** |
|  | **EMERGING MARKETS — 1.3%** |  |
| 5382 | iShares Emerging Markets Equity Factor ETF | 304514 |
| 3822 | Schwab Fundamental Emerging Markets Equity ETF | 138203 |
|  |  | **442717** |
|  | **ENERGY — 0.2%** |  |
| 1347 | Global X Uranium ETF | **64212** |
|  | **GLOBAL — 3.9%** |  |
| 963 | Affinity World Leaders Equity ETF | 35694 |
| 5078 | SPDR Global Dow ETF | 821388 |
| 2998 | Vanguard Total World Stock ETF | 413124 |
|  |  | **1270206** |
|  | **GOVERNMENT — 5.6%** |  |
| 8191 | iShares 10-20 Year Treasury Bond ETF | 843591 |
| 10221 | iShares 7-10 Year Treasury Bond ETF | 985918 |
|  |  | **1829509** |

---

13 <br> ANNUAL REPORT

---

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

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **HIGH YIELD BOND — 0.7%** |  |
| 5051 | Pacer Aristotle Pacific Floating Rate High Income ETF | $**239367** |
|  | **INTERNATIONAL — 2.6%** |  |
| 6987 | Invesco Dorsey Wright Developed Markets Momentum ETF | 333105 |
| 4478 | Invesco S&P International Developed Momentum ETF | 241767 |
| 2158 | iShares International Small-Cap Equity Factor ETF | 88748 |
| 5214 | iShares MSCI Intl Value Factor ETF | 184993 |
|  |  | **848613** |
|  | **LARGE-CAP — 11.0%** |  |
| 7370 | Fidelity High Dividend ETF | 410583 |
| 3568 | Invesco S&P 100 Equal Weight ETF | 409178 |
| 9743 | Schwab Fundamental U.S. Large Co. ETF | 256241 |
| 1053 | Vanguard Growth ETF | 505029 |
| 711 | Vanguard Mega Cap ETF | 173548 |
| 1002 | Vanguard Mega Cap Growth ETF | 403225 |
| 1040 | Vanguard S&P 500 ETF | 636875 |
| 5519 | WisdomTree U.S. LargeCap Fund | 380480 |
| 4810 | WisdomTree U.S. Value Fund | 437758 |
|  |  | **3612917** |
|  | **MID-CAP — 5.6%** |  |
| 10664 | Fidelity Small-Mid Multifactor ETF | 469322 |
| 2090 | iShares Russell Mid-Cap Growth ETF | 297637 |
| 2722 | Janus Henderson Small/Mid Cap Growth Alpha ETF | 227597 |
| 1854 | Vanguard Mid-Cap Growth ETF | 544687 |
| 3333 | VictoryShares U.S. Small Mid Cap Value Momentum ETF | 301827 |
|  |  | **1841070** |
|  | **MORTGAGE BACKED — 4.9%** |  |
| 32862 | iShares CMBS ETF | **1612538** |
|  | **OECD COUNTRIES — 0.3%** |  |
| 2816 | Fidelity Enhanced International ETF | **99348** |
|  | **PRECIOUS METALS — 0.6%** |  |
| 2565 | abrdn Physical Silver Shares ETF\* | 114091 |
| 1239 | iShares Gold Trust\* | 90162 |
|  |  | **204253** |
|  | **SMALL-CAP — 2.3%** |  |
| 3092 | Invesco S&P SmallCap Momentum ETF | 227478 |
| 1027 | Vanguard Small-Cap ETF | 261146 |
| 874 | Vanguard Small-Cap Growth ETF | 260120 |
|  |  | **748744** |

---

14 <br> ANNUAL REPORT

---

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

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **TECHNOLOGY — 0.1%** |  |
| 41 | Vanguard Information Technology ETF | $**30612** |
|  | **THEMATIC — 0.5%** |  |
| 712 | Global X Artificial Intelligence & Technology ETF | 35166 |
| 1995 | Global X U.S. Electrification ETF | 58892 |
| 1321 | Global X U.S. Infrastructure Development ETF | 62919 |
|  |  | **156977** |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $21,585,651) | **23008104** |
|  | **MUTUAL FUNDS — 28.6%** |  |
|  | **AGGREGATE BOND — 5.7%** |  |
| 20827 | Allspring Core Plus Bond Fund - Class R6 | 237008 |
| 89083 | Vanguard Core Bond Fund, Admiral Shares | 1623088 |
|  |  | **1860096** |
|  | **AGGREGATE BOND SHORT — 0.7%** |  |
| 26457 | Victory Short-Term Bond Fund - Class R6 | **242874** |
|  | **BLEND BROAD MARKET — 1.5%** |  |
| 15970 | DFA U.S. Vector Equity Portfolio - Class Institutional | **479584** |
|  | **BLEND LARGE CAP — 0.5%** |  |
| 3883 | DFA U.S. Large Co. Portfolio - Class Institutional | **172298** |
|  | **BLEND MID CAP — 0.8%** |  |
| 6777 | Vanguard Strategic Equity Fund - Class Investor | **275354** |
|  | **EMERGING MARKET STOCK — 0.4%** |  |
| 1426 | New World Fund, Inc. - Class F-3 | **135462** |
|  | **EMERGING MARKETS BOND — 5.0%** |  |
| 53188 | American Funds Emerging Markets Bond Fund - Class F-3 | 431359 |
| 50327 | Vanguard Emerging Markets Bond Fund, Admiral Shares | 1229992 |
|  |  | **1661351** |
|  | **FOREIGN AGGREGATE BOND — 3.0%** |  |
| 88219 | Dodge & Cox Global Bond Fund - Class I | **995995** |
|  | **FOREIGN BLEND — 1.5%** |  |
| 4013 | DFA International Small Co. Portfolio - Class Institutional | 99856 |
| 9679 | Dimensional Global Equity Portfolio - Class Institutional | 379507 |
|  |  | **479363** |

---

15 <br> ANNUAL REPORT

---

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

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS (Continued)** |  |
|  | **FOREIGN GROWTH — 0.6%** |  |
| 8994 | Vanguard International Explorer Fund - Class Investor | $**186090** |
|  | **FOREIGN VALUE — 1.2%** |  |
| 6321 | DFA International Small Cap Value Portfolio - Class Institutional | 191223 |
| 7132 | DFA International Value Portfolio - Class Institutional | 191771 |
|  |  | **382994** |
|  | **GENERAL CORPORATE BOND — 0.7%** |  |
| 25564 | T Rowe Price Institutional Floating Rate Fund - Class Institutional | **241326** |
|  | **GROWTH BROAD MARKET — 2.4%** |  |
| 10537 | New Perspective Fund - Class R-6 | **777109** |
|  | **GROWTH LARGE CAP — 1.3%** |  |
| 5355 | Nuveen Large Cap Growth Index Fund - Class R6 | **420295** |
|  | **HIGH YIELD BOND — 1.8%** |  |
| 58732 | American High-Income Trust - Class F-3 | **584383** |
|  | **VALUE MID CAP — 1.5%** |  |
| 13754 | DFA U.S. Targeted Value Portfolio - Class Institutional | **496253** |
|  | **Total Mutual Funds** |  |
|  | (Cost $8,799,385) | **9390827** |
|  | **MONEY MARKET FUNDS — 1.3%** |  |
| 33025 | Gabelli U.S. Treasury Money Market Fund - Class AAA, 4.06%<sup>1</sup> | 33025 |
| 401020 | Morgan Stanley Institutional Liquidity Government Portfolio-Advisory Class, 3.74%<sup>1</sup> | 401020 |
|  | **Money Market Funds** |  |
|  | (Cost $434,045) | **434045** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | (Cost $30,819,081) | **32832976** |
|  | Other Assets in Excess of Liabilities — 0.0% | 11752 |
|  | **TOTAL NET ASSETS — 100.0%** | $**32844728** |

---

<sup>\*</sup> Non-income producing security. <br> <sup>1</sup> Effective 7 day yield as of September 30, 2025.

*See Notes to Financial Statements*

16 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Moderate (50%-70%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 71.3%** |  |
|  | **AGGREGATE BOND — 8.4%** |  |
| 29597 | Eaton Vance Short Duration Income ETF | $1521434 |
| 97534 | Eaton Vance Total Return Bond ETF | 5018124 |
| 51731 | UVA Unconstrained Medium-Term Fixed Income ETF | 1158267 |
| 68362 | Vanguard Intermediate-Term Bond ETF | 5338389 |
|  |  | **13036214** |
|  | **BROAD MARKET — 3.4%** |  |
| 13919 | JPMorgan U.S. Momentum Factor ETF | 945139 |
| 22391 | Vanguard U.S. Momentum Factor ETF | 4290015 |
|  |  | **5235154** |
|  | **CONSUMER STAPLES — 1.3%** |  |
| 12283 | Consumer Staples Select Sector SPDR Fund | 962619 |
| 4514 | Vanguard Consumer Staples ETF | 964777 |
|  |  | **1927396** |
|  | **CONVERTIBLE — 1.5%** |  |
| 23844 | iShares Convertible Bond ETF | **2385592** |
|  | **CORPORATE — 6.9%** |  |
| 36223 | iShares High Yield Systematic Bond ETF | 1733089 |
| 61447 | iShares Investment Grade Systematic Bond ETF | 2829327 |
| 23603 | SPDR Bloomberg International Corporate Bond ETF | 762141 |
| 29772 | VanEck IG Floating Rate ETF | 761270 |
| 33572 | Vanguard Intermediate-Term Corporate Bond ETF | 2823741 |
| 38049 | Xtrackers Short Duration High Yield Bond ETF | 1728376 |
|  |  | **10637944** |
|  | **EMERGING MARKETS — 2.1%** |  |
| 36185 | iShares Emerging Markets Equity Factor ETF | 2047347 |
| 30847 | Schwab Fundamental Emerging Markets Equity ETF | 1115428 |
|  |  | **3162775** |
|  | **ENERGY — 0.3%** |  |
| 10868 | Global X Uranium ETF | **518078** |
|  | **GLOBAL — 5.9%** |  |
| 15068 | Affinity World Leaders Equity ETF | 558496 |
| 35182 | SPDR Global Dow ETF | 5690836 |
| 21371 | Vanguard Total World Stock ETF | 2944924 |
|  |  | **9194256** |
|  | **GOVERNMENT — 3.6%** |  |
| 25129 | iShares 10-20 Year Treasury Bond ETF | 2588036 |
| 31486 | iShares 7-10 Year Treasury Bond ETF | 3037139 |
|  |  | **5625175** |

---

17 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Moderate (50%-70%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **HIGH YIELD BOND — 0.5%** |  |
| 15447 | Pacer Aristotle Pacific Floating Rate High Income ETF | $**732033** |
|  | **INTERNATIONAL — 4.7%** |  |
| 56463 | Invesco Dorsey Wright Developed Markets Momentum ETF | 2691874 |
| 43831 | Invesco S&P International Developed Momentum ETF | 2366436 |
| 16626 | iShares International Small-Cap Equity Factor ETF | 683744 |
| 44438 | iShares MSCI Intl Value Factor ETF | 1576660 |
|  |  | **7318714** |
|  | **LARGE-CAP — 16.9%** |  |
| 58268 | Fidelity High Dividend ETF | 3246110 |
| 27587 | Invesco S&P 100 Equal Weight ETF | 3163677 |
| 32645 | Schwab Fundamental U.S. Large Co. ETF | 858564 |
| 7264 | Vanguard Growth ETF | 3483887 |
| 6470 | Vanguard Mega Cap ETF | 1579262 |
| 7894 | Vanguard Mega Cap Growth ETF | 3176704 |
| 6910 | Vanguard S&P 500 ETF | 4231546 |
| 47647 | WisdomTree U.S. LargeCap Fund | 3284784 |
| 35026 | WisdomTree U.S. Value Fund | 3187716 |
|  |  | **26212250** |
|  | **MID-CAP — 7.5%** |  |
| 47646 | Fidelity Small-Mid Multifactor ETF | 2096901 |
| 16325 | iShares Russell Mid-Cap Growth ETF | 2324843 |
| 18386 | Janus Henderson Small/Mid Cap Growth Alpha ETF | 1537323 |
| 11728 | Vanguard Mid-Cap Growth ETF | 3445569 |
| 23461 | VictoryShares U.S. Small Mid Cap Value Momentum ETF | 2124560 |
|  |  | **11529196** |
|  | **MORTGAGE BACKED — 3.3%** |  |
| 104386 | iShares CMBS ETF | **5122221** |
|  | **OECD COUNTRIES — 0.3%** |  |
| 11232 | Fidelity Enhanced International ETF | **396265** |
|  | **PRECIOUS METALS — 1.1%** |  |
| 20734 | abrdn Physical Silver Shares ETF\* | 922248 |
| 9917 | iShares Gold Trust\* | 721660 |
|  |  | **1643908** |
|  | **SMALL-CAP — 2.6%** |  |
| 10022 | Invesco S&P SmallCap Momentum ETF | 737318 |
| 7074 | Vanguard Small-Cap ETF | 1798777 |
| 5166 | Vanguard Small-Cap Growth ETF | 1537505 |
|  |  | **4073600** |

---

18 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Moderate (50%-70%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **TECHNOLOGY — 0.2%** |  |
| 328 | Vanguard Information Technology ETF | $**244895** |
|  | **THEMATIC — 0.8%** |  |
| 6060 | Global X Artificial Intelligence & Technology ETF | 299304 |
| 16089 | Global X U.S. Electrification ETF | 474947 |
| 10853 | Global X U.S. Infrastructure Development ETF | 516928 |
|  |  | **1291179** |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $100,834,459) | **110286845** |
|  | **MUTUAL FUNDS — 28.5%** |  |
|  | **AGGREGATE BOND — 4.2%** |  |
| 102304 | Allspring Core Plus Bond Fund - Class R6 | 1164223 |
| 293503 | Vanguard Core Bond Fund, Admiral Shares | 5347628 |
|  |  | **6511851** |
|  | **AGGREGATE BOND SHORT — 0.5%** |  |
| 82991 | Victory Short-Term Bond Fund - Class R6 | **761861** |
|  | **BLEND BROAD MARKET — 2.1%** |  |
| 105511 | DFA U.S. Vector Equity Portfolio - Class Institutional | **3168494** |
|  | **BLEND LARGE CAP — 0.8%** |  |
| 28283 | DFA U.S. Large Co. Portfolio - Class Institutional | **1254920** |
|  | **BLEND MID CAP — 1.2%** |  |
| 45622 | Vanguard Strategic Equity Fund - Class Investor | **1853636** |
|  | **EMERGING MARKET STOCK — 0.7%** |  |
| 11737 | New World Fund, Inc. - Class F-3 | **1115093** |
|  | **EMERGING MARKETS BOND — 3.2%** |  |
| 210475 | American Funds Emerging Markets Bond Fund - Class F-3 | 1706953 |
| 135076 | Vanguard Emerging Markets Bond Fund, Admiral Shares | 3301245 |
|  |  | **5008198** |
|  | **FOREIGN AGGREGATE BOND — 2.4%** |  |
| 335167 | Dodge & Cox Global Bond Fund - Class I | **3784034** |
|  | **FOREIGN BLEND — 2.3%** |  |
| 27868 | DFA International Small Co. Portfolio - Class Institutional | 693350 |
| 72439 | Dimensional Global Equity Portfolio - Class Institutional | 2840315 |
|  |  | **3533665** |

---

19 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Moderate (50%-70%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS (Continued)** |  |
|  | **FOREIGN GROWTH — 0.9%** |  |
| 63779 | Vanguard International Explorer Fund - Class Investor | $**1319579** |
|  | **FOREIGN VALUE — 1.7%** |  |
| 44842 | DFA International Small Cap Value Portfolio - Class Institutional | 1356469 |
| 49414 | DFA International Value Portfolio - Class Institutional | 1328751 |
|  |  | **2685220** |
|  | **GENERAL CORPORATE BOND — 0.2%** |  |
| 40406 | T Rowe Price Institutional Floating Rate Fund - Class Institutional | **381433** |
|  | **GROWTH BROAD MARKET — 3.7%** |  |
| 77269 | New Perspective Fund - Class R-6 | **5698581** |
|  | **GROWTH LARGE CAP — 2.1%** |  |
| 40482 | Nuveen Large Cap Growth Index Fund - Class R6 | **3177464** |
|  | **HIGH YIELD BOND — 1.1%** |  |
| 174887 | American High-Income Trust - Class F-3 | **1740123** |
|  | **VALUE MID CAP — 1.4%** |  |
| 59619 | DFA U.S. Targeted Value Portfolio - Class Institutional | **2151036** |
|  | **Total Mutual Funds** |  |
|  | (Cost $40,214,047) | **44145188** |
|  | **MONEY MARKET FUNDS — 0.3%** |  |
| 158066 | Gabelli U.S. Treasury Money Market Fund - Class AAA, 4.06%<sup>1</sup> | 158066 |
| 236505 | Morgan Stanley Institutional Liquidity Government Portfolio-Advisory Class, 3.74%<sup>1</sup> | 236505 |
|  | **Money Market Funds** |  |
|  | (Cost $394,571) | **394571** |
|  | **TOTAL INVESTMENTS — 100.1%** |  |
|  | (Cost $141,443,077) | **154826604** |
|  | Liabilities in Excess of Other Assets — (0.1)% | (83851) |
|  | **TOTAL NET ASSETS — 100.0%** | $**154742753** |

---

<sup>\*</sup> Non-income producing security. <br> <sup>1</sup> Effective 7 day yield as of September 30, 2025.

*See Notes to Financial Statements*

20 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Growth (70%-85%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 71.6%** |  |
|  | **AGGREGATE BOND — 4.8%** |  |
| 23294 | Eaton Vance Short Duration Income ETF | $1197428 |
| 111249 | Eaton Vance Total Return Bond ETF | 5723761 |
| 66093 | UVA Unconstrained Medium-Term Fixed Income ETF | 1479836 |
| 58314 | Vanguard Intermediate-Term Bond ETF | 4553740 |
|  |  | **12954765** |
|  | **BROAD MARKET — 4.3%** |  |
| 23820 | JPMorgan U.S. Momentum Factor ETF | 1617445 |
| 51545 | Vanguard U.S. Momentum Factor ETF | 9875790 |
|  |  | **11493235** |
|  | **CONSUMER STAPLES — 1.6%** |  |
| 27475 | Consumer Staples Select Sector SPDR Fund | 2153216 |
| 10098 | Vanguard Consumer Staples ETF | 2158245 |
|  |  | **4311461** |
|  | **CONVERTIBLE — 0.8%** |  |
| 21509 | iShares Convertible Bond ETF | **2151976** |
|  | **CORPORATE — 3.3%** |  |
| 27424 | iShares High Yield Systematic Bond ETF | 1312101 |
| 55123 | iShares Investment Grade Systematic Bond ETF | 2538138 |
| 32306 | SPDR Bloomberg International Corporate Bond ETF | 1043161 |
| 30427 | Vanguard Intermediate-Term Corporate Bond ETF | 2559215 |
| 27077 | Xtrackers Short Duration High Yield Bond ETF | 1229973 |
|  |  | **8682588** |
|  | **EMERGING MARKETS — 2.8%** |  |
| 78383 | iShares Emerging Markets Equity Factor ETF | 4434910 |
| 82963 | Schwab Fundamental Emerging Markets Equity ETF | 2999942 |
|  |  | **7434852** |
|  | **ENERGY — 0.5%** |  |
| 26973 | Global X Uranium ETF | **1285803** |
|  | **GLOBAL — 8.4%** |  |
| 29471 | Affinity World Leaders Equity ETF | 1092343 |
| 82327 | SPDR Global Dow ETF | 13316738 |
| 57775 | Vanguard Total World Stock ETF | 7961395 |
|  |  | **22370476** |
|  | **GOVERNMENT — 1.7%** |  |
| 21624 | iShares 10-20 Year Treasury Bond ETF | 2227056 |
| 24779 | iShares 7-10 Year Treasury Bond ETF | 2390182 |
|  |  | **4617238** |

---

21 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Growth (70%-85%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **HIGH YIELD BOND — 0.3%** |  |
| 19272 | Pacer Aristotle Pacific Floating Rate High Income ETF | $**913300** |
|  | **INTERNATIONAL — 6.3%** |  |
| 138431 | Invesco Dorsey Wright Developed Markets Momentum ETF | 6599698 |
| 104600 | Invesco S&P International Developed Momentum ETF | 5647354 |
| 27803 | iShares International Small-Cap Equity Factor ETF | 1143398 |
| 95420 | iShares MSCI Intl Value Factor ETF | 3385502 |
|  |  | **16775952** |
|  | **LARGE-CAP — 19.9%** |  |
| 131557 | Fidelity High Dividend ETF | 7329041 |
| 60694 | Invesco S&P 100 Equal Weight ETF | 6960388 |
| 34616 | Schwab Fundamental U.S. Large Co. ETF | 910401 |
| 15798 | Vanguard Growth ETF | 7576879 |
| 15502 | Vanguard Mega Cap ETF | 3783883 |
| 16582 | Vanguard Mega Cap Growth ETF | 6672928 |
| 11077 | Vanguard S&P 500 ETF | 6783333 |
| 101338 | WisdomTree U.S. LargeCap Fund | 6986242 |
| 68201 | WisdomTree U.S. Value Fund | 6206973 |
|  |  | **53210068** |
|  | **MID-CAP — 8.6%** |  |
| 100148 | Fidelity Small-Mid Multifactor ETF | 4407513 |
| 29036 | iShares Russell Mid-Cap Growth ETF | 4135017 |
| 30835 | Janus Henderson Small/Mid Cap Growth Alpha ETF | 2578232 |
| 26455 | Vanguard Mid-Cap Growth ETF | 7772214 |
| 43985 | VictoryShares U.S. Small Mid Cap Value Momentum ETF | 3983154 |
|  |  | **22876130** |
|  | **MORTGAGE BACKED — 1.7%** |  |
| 90360 | iShares CMBS ETF | **4433965** |
|  | **OECD COUNTRIES — 0.4%** |  |
| 30291 | Fidelity Enhanced International ETF | **1068667** |
|  | **PRECIOUS METALS — 1.5%** |  |
| 51567 | abrdn Physical Silver Shares ETF\* | 2293700 |
| 24687 | iShares Gold Trust\* | 1796473 |
|  |  | **4090173** |
|  | **SMALL-CAP — 3.3%** |  |
| 17864 | Invesco S&P SmallCap Momentum ETF | 1314255 |
| 13848 | Vanguard Small-Cap ETF | 3521269 |
| 13349 | Vanguard Small-Cap Growth ETF | 3972929 |
|  |  | **8808453** |

---

22 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Growth (70%-85%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **TECHNOLOGY — 0.2%** |  |
| 862 | Vanguard Information Technology ETF | $**643595** |
|  | **THEMATIC — 1.2%** |  |
| 14986 | Global X Artificial Intelligence & Technology ETF | 740158 |
| 39882 | Global X U.S. Electrification ETF | 1177317 |
| 27013 | Global X U.S. Infrastructure Development ETF | 1286629 |
|  |  | **3204104** |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $172,172,478) | **191326801** |
|  | **MUTUAL FUNDS — 28.0%** |  |
|  | **AGGREGATE BOND — 1.9%** |  |
| 56970 | Allspring Core Plus Bond Fund - Class R6 | 648318 |
| 246446 | Vanguard Core Bond Fund, Admiral Shares | 4490239 |
|  |  | **5138557** |
|  | **BLEND BROAD MARKET — 2.6%** |  |
| 228357 | DFA U.S. Vector Equity Portfolio - Class Institutional | **6857554** |
|  | **BLEND LARGE CAP — 1.5%** |  |
| 89701 | DFA U.S. Large Co. Portfolio - Class Institutional | **3980040** |
|  | **BLEND MID CAP — 1.0%** |  |
| 65760 | Vanguard Strategic Equity Fund - Class Investor | **2671833** |
|  | **EMERGING MARKET STOCK — 1.2%** |  |
| 32742 | New World Fund, Inc. - Class F-3 | **3110846** |
|  | **EMERGING MARKETS BOND — 1.7%** |  |
| 129155 | American Funds Emerging Markets Bond Fund - Class F-3 | 1047446 |
| 142472 | Vanguard Emerging Markets Bond Fund, Admiral Shares | 3482017 |
|  |  | **4529463** |
|  | **FOREIGN AGGREGATE BOND — 1.1%** |  |
| 270240 | Dodge & Cox Global Bond Fund - Class I | **3051008** |
|  | **FOREIGN BLEND — 2.9%** |  |
| 89807 | DFA International Small Co. Portfolio - Class Institutional | 2234410 |
| 142932 | Dimensional Global Equity Portfolio - Class Institutional | 5604358 |
|  |  | **7838768** |
|  | **FOREIGN GROWTH — 1.2%** |  |
| 150948 | Vanguard International Explorer Fund - Class Investor | **3123124** |

---

23 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Growth (70%-85%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS (Continued)** |  |
|  | **FOREIGN VALUE — 2.8%** |  |
| 119957 | DFA International Small Cap Value Portfolio - Class Institutional | $3628699 |
| 139234 | DFA International Value Portfolio - Class Institutional | 3744013 |
|  |  | **7372712** |
|  | **GENERAL CORPORATE BOND — 0.3%** |  |
| 96783 | T Rowe Price Institutional Floating Rate Fund - Class Institutional | **913635** |
|  | **GROWTH BROAD MARKET — 4.9%** |  |
| 178072 | New Perspective Fund - Class R-6 | **13132775** |
|  | **GROWTH LARGE CAP — 2.5%** |  |
| 84907 | Nuveen Large Cap Growth Index Fund - Class R6 | **6664368** |
|  | **HIGH YIELD BOND — 0.8%** |  |
| 219127 | American High-Income Trust - Class F-3 | **2180318** |
|  | **VALUE MID CAP — 1.6%** |  |
| 120760 | DFA U.S. Targeted Value Portfolio - Class Institutional | **4357007** |
|  | **Total Mutual Funds** |  |
|  | (Cost $66,839,530) | **74922008** |
|  | **MONEY MARKET FUNDS — 0.4%** |  |
| 262160 | Gabelli U.S. Treasury Money Market Fund - Class AAA, 4.06%<sup>1</sup> | 262160 |
| 900648 | Morgan Stanley Institutional Liquidity Government Portfolio-Advisory Class, 3.74%<sup>1</sup> | 900648 |
|  | **Money Market Funds** |  |
|  | (Cost $1,162,808) | **1162808** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | (Cost $240,174,816) | **267411617** |
|  | Liabilities in Excess of Other Assets — (0.0)% | (77461) |
|  | **TOTAL NET ASSETS — 100.0%** | $**267334156** |

---

<sup>\*</sup> Non-income producing security. <br> <sup>1</sup> Effective 7 day yield as of September 30, 2025.

*See Notes to Financial Statements*

 

24 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Aggressive Growth (85%-99%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS — 68.1%** |  |
|  | **AGGREGATE BOND — 0.4%** |  |
| 10633 | Eaton Vance Short Duration Income ETF | $546590 |
| 11894 | UVA Unconstrained Medium-Term Fixed Income ETF | 266309 |
|  |  | **812899** |
|  | **BROAD MARKET — 3.7%** |  |
| 16667 | JPMorgan U.S. Momentum Factor ETF | 1131736 |
| 37883 | Vanguard U.S. Momentum Factor ETF | 7258212 |
|  |  | **8389948** |
|  | **CONSUMER STAPLES — 1.6%** |  |
| 22266 | Consumer Staples Select Sector SPDR Fund | 1744986 |
| 8183 | Vanguard Consumer Staples ETF | 1748953 |
|  |  | **3493939** |
|  | **CONVERTIBLE — 0.2%** |  |
| 4862 | iShares Convertible Bond ETF | **486443** |
|  | **CORPORATE — 0.9%** |  |
| 7370 | iShares High Yield Systematic Bond ETF | 352618 |
| 24819 | iShares Investment Grade Systematic Bond ETF | 1142791 |
| 4748 | SPDR Bloomberg International Corporate Bond ETF | 153313 |
| 7742 | Xtrackers Short Duration High Yield Bond ETF | 351680 |
|  |  | **2000402** |
|  | **EMERGING MARKETS — 3.6%** |  |
| 81246 | iShares Emerging Markets Equity Factor ETF | 4596899 |
| 93720 | Schwab Fundamental Emerging Markets Equity ETF | 3388915 |
|  |  | **7985814** |
|  | **ENERGY — 0.6%** |  |
| 29620 | Global X Uranium ETF | **1411985** |
|  | **GLOBAL — 9.9%** |  |
| 24745 | Affinity World Leaders Equity ETF | 917174 |
| 87147 | SPDR Global Dow ETF | 14096393 |
| 53253 | Vanguard Total World Stock ETF | 7338263 |
|  |  | **22351830** |
|  | **GOVERNMENT — 0.4%** |  |
| 3205 | iShares 10-20 Year Treasury Bond ETF | 330083 |
| 5429 | iShares 7-10 Year Treasury Bond ETF | 523681 |
|  |  | **853764** |
|  | **INTERNATIONAL — 7.6%** |  |
| 151359 | Invesco Dorsey Wright Developed Markets Momentum ETF | 7216040 |
| 91575 | Invesco S&P International Developed Momentum ETF | 4944134 |
| 25127 | iShares International Small-Cap Equity Factor ETF | 1033348 |

---

25 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Aggressive Growth (85%-99%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **INTERNATIONAL (Continued)** |  |
| 111437 | iShares MSCI Intl Value Factor ETF | $3953785 |
|  |  | **17147307** |
|  | **LARGE-CAP — 20.3%** |  |
| 103414 | Fidelity High Dividend ETF | 5761194 |
| 51164 | Invesco S&P 100 Equal Weight ETF | 5867487 |
| 23788 | Schwab Fundamental U.S. Large Co. ETF | 625624 |
| 12649 | Vanguard Growth ETF | 6066587 |
| 12552 | Vanguard Mega Cap ETF | 3063818 |
| 13359 | Vanguard Mega Cap Growth ETF | 5375929 |
| 10435 | Vanguard S&P 500 ETF | 6390185 |
| 85421 | WisdomTree U.S. LargeCap Fund | 5888924 |
| 73082 | WisdomTree U.S. Value Fund | 6651193 |
|  |  | **45690941** |
|  | **MID-CAP — 10.2%** |  |
| 92870 | Fidelity Small-Mid Multifactor ETF | 4087209 |
| 30866 | iShares Russell Mid-Cap Growth ETF | 4395627 |
| 26421 | Janus Henderson Small/Mid Cap Growth Alpha ETF | 2209160 |
| 28819 | Vanguard Mid-Cap Growth ETF | 8466734 |
| 41853 | VictoryShares U.S. Small Mid Cap Value Momentum ETF | 3790086 |
|  |  | **22948816** |
|  | **OECD COUNTRIES — 1.0%** |  |
| 63036 | Fidelity Enhanced International ETF | **2223910** |
|  | **PRECIOUS METALS — 2.0%** |  |
| 57340 | abrdn Physical Silver Shares ETF\* | 2550483 |
| 27529 | iShares Gold Trust\* | 2003286 |
|  |  | **4553769** |
|  | **SMALL-CAP — 3.8%** |  |
| 22803 | Invesco S&P SmallCap Momentum ETF | 1677617 |
| 13251 | Vanguard Small-Cap ETF | 3369464 |
| 11506 | Vanguard Small-Cap Growth ETF | 3424416 |
|  |  | **8471497** |
|  | **TECHNOLOGY — 0.3%** |  |
| 944 | Vanguard Information Technology ETF | **704819** |
|  | **THEMATIC — 1.6%** |  |
| 16448 | Global X Artificial Intelligence & Technology ETF | 812367 |
| 43848 | Global X U.S. Electrification ETF | 1294393 |

---

26 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Aggressive Growth (85%-99%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **EXCHANGE-TRADED FUNDS (Continued)** |  |
|  | **THEMATIC (Continued)** |  |
| 30247 | Global X U.S. Infrastructure Development ETF | $1440664 |
|  |  | **3547424** |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $135,688,298) | **153075507** |
|  | **MUTUAL FUNDS — 31.0%** |  |
|  | **AGGREGATE BOND — 1.8%** |  |
| 223189 | Vanguard Core Bond Fund, Admiral Shares | **4066496** |
|  | **BLEND BROAD MARKET — 3.2%** |  |
| 238559 | DFA U.S. Vector Equity Portfolio - Class Institutional | **7163928** |
|  | **BLEND LARGE CAP — 1.3%** |  |
| 66607 | DFA U.S. Large Co. Portfolio - Class Institutional | **2955351** |
|  | **BLEND MID CAP — 2.8%** |  |
| 156396 | Vanguard Strategic Equity Fund - Class Investor | **6354387** |
|  | **EMERGING MARKET STOCK — 1.6%** |  |
| 38000 | New World Fund, Inc. - Class F-3 | **3610355** |
|  | **EMERGING MARKETS BOND — 0.5%** |  |
| 81552 | American Funds Emerging Markets Bond Fund - Class F-3 | 661388 |
| 14476 | Vanguard Emerging Markets Bond Fund, Admiral Shares | 353785 |
|  |  | **1015173** |
|  | **FOREIGN AGGREGATE BOND — 0.3%** |  |
| 68347 | Dodge & Cox Global Bond Fund - Class I | **771639** |
|  | **FOREIGN BLEND — 4.2%** |  |
| 99712 | DFA International Small Co. Portfolio - Class Institutional | 2480832 |
| 175729 | Dimensional Global Equity Portfolio - Class Institutional | 6890342 |
|  |  | **9371174** |
|  | **FOREIGN GROWTH — 1.5%** |  |
| 164690 | Vanguard International Explorer Fund - Class Investor | **3407436** |
|  | **FOREIGN VALUE — 3.5%** |  |
| 130795 | DFA International Small Cap Value Portfolio - Class Institutional | 3956534 |
| 141970 | DFA International Value Portfolio - Class Institutional | 3817562 |
|  |  | **7774096** |
|  | **GROWTH BROAD MARKET — 6.1%** |  |
| 185593 | New Perspective Fund - Class R-6 | **13687487** |

---

27 <br> ANNUAL REPORT

---

| |
|:---|
| **The E-Valuator Aggressive Growth (85%-99%) RMS Fund** |
| **SCHEDULE OF INVESTMENTS - Continued** |
| **As of September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **MUTUAL FUNDS (Continued)** |  |
|  | **GROWTH LARGE CAP — 2.3%** |  |
| 66931 | Nuveen Large Cap Growth Index Fund - Class R6 | $**5253422** |
|  | **HIGH YIELD BOND — 0.2%** |  |
| 35241 | American High-Income Trust - Class F-3 | **350648** |
|  | **VALUE MID CAP — 1.7%** |  |
| 107201 | DFA U.S. Targeted Value Portfolio - Class Institutional | **3867801** |
|  | **Total Mutual Funds** |  |
|  | (Cost $62,067,150) | **69649393** |
|  | **MONEY MARKET FUNDS — 0.9%** |  |
| 222409 | Gabelli U.S. Treasury Money Market Fund - Class AAA, 4.06%<sup>1</sup> | 222409 |
| 1867863 | Morgan Stanley Institutional Liquidity Government Portfolio-Advisory Class, 3.74%<sup>1</sup> | 1867863 |
|  | **Money Market Funds** |  |
|  | (Cost $2,090,272) | **2090272** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | (Cost $199,845,720) | **224815172** |
|  | Other Assets in Excess of Liabilities — 0.0% | 30158 |
|  | **TOTAL NET ASSETS — 100.0%** | $**224845330** |

---

<sup>\*</sup> Non-income producing security. <br> <sup>1</sup> Effective 7 day yield as of September 30, 2025.

*See Notes to Financial Statements*

28 <br> ANNUAL REPORT

This Page Intentionally Left Blank

29 <br> ANNUAL REPORT

**STATEMENTS OF ASSETS AND LIABILITIES**

**September 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The E-Valuator Very**<br> **Conservative**<br> **(0%-15%) RMS Fund** | **The E-Valuator**<br> **Conservative**<br> **(15%-30%) RMS Fund** | **The E-Valuator**<br> **Conservative/**<br> **Moderate**<br> **(30%-50%)**<br> **RMS Fund** | **The E-Valuator**<br> **Moderate**<br> **(50%-70%) RMS Fund** | **The E-Valuator**<br> **Growth (70%-85%)**<br> **RMS Fund** | **The E-Valuator**<br> **Aggressive Growth**<br> **(85%-99%) RMS Fund** |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $21060208 | $47196645 | $30819081 | $141443077 | $240174816 | $199845720 |
| &nbsp;&nbsp;&nbsp;Investments, at value | 21728682 | 49530755 | 32832976 | 154826604 | 267411617 | 224815172 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 383 | 2281 | 3579 | 13478 | 28850 | 34400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 20079 | 64180 | 14829 | 122955 | 125992 | 77905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 1693 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 30614 | 32713 | 31178 | 45895 | 57379 | 52518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 21781451 | 49629929 | 32882562 | 155008932 | 267623838 | 224979995 |
| **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 54 | 40383 | 102 | 155383 | 120071 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees (Note 2) |  | 15439 | 2600 | 48227 | 83173 | 69249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 2) | 2138 | 1290 | 1401 | 5772 | 4886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 2) | 2373 | 2270 | 956 | 8136 | 8127 | 3201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund services fees | 10123 | 11070 | 10587 | 18888 | 35470 | 29912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 17531 | 17628 | 17623 | 17617 | 17622 | 17628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing fees |  |  | 219 | 902 | 2291 | 1616 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 3396 | 5012 | 4346 | 11254 | 18042 | 12144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 35615 | 93092 | 37834 | 266179 | 289682 | 134665 |
| **Net Assets** | $**21745836** | $**49536837** | $**32844728** | $**154742753** | $**267334156** | $**224845330** |
| **Components of Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $22934869 | $50311332 | $30537974 | $131333878 | $201513343 | $166617728 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (accumulated deficit) | (1189033) | (774495) | 2306754 | 23408875 | 65820813 | 58227602 |
| **Net Assets** | $**21745836** | $**49536837** | $**32844728** | $**154742753** | $**267334156** | $**224845330** |
| **Net Asset Value Information By Class:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service Class Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $12050238 | $38449677 | $24477054 | $121041003 | $232368476 | $210484760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1231698 | 3739104 | 2184729 | 10074794 | 17452340 | 13615451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $9.78 | $10.28 | $11.20 | $12.01 | $13.31 | $15.46 |
| &nbsp;&nbsp;&nbsp;Class R4 Shares: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $9695598 | $11087160 | $8367674 | $33701750 | $34965680 | $14360570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 972709 | 1073941 | 729134 | 2807681 | 2605662 | 929087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $9.97 | $10.32 | $11.48 | $12.00 | $13.42 | $15.46 |

---

*See Notes to Financial Statements*

30 <br> ANNUAL REPORT

**Statements of Operations**

**For the Year Ended September 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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<br> (70%-85%)<br> RMS Fund** | **The<br> E-Valuator<br> Aggressive<br> Growth<br> (85%-99%)<br> RMS Fund** |
| **Investment income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1059479 | $2050922 | $1125910 | $4382454 | $6295134 | $3948281 |
| &nbsp;&nbsp;&nbsp;Interest | 24776 | 61278 | 30142 | 98821 | 171429 | 110374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1084255 | 2112200 | 1156052 | 4481275 | 6466563 | 4058655 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Contractual investment advisory fees (Note 2) | 101615 | 222641 | 142075 | 671200 | 1179077 | 922399 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Service Class (Note 2) | 3653 | 6013 | 3734 | 6760 | 9891 | 9214 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class R4 (Note 2) | 15186 | 17689 | 12115 | 49885 | 51420 | 18981 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class R4 (Note 2) | 25310 | 29482 | 20191 | 83142 | 85701 | 31634 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees (Note 2) | 37798 | 56494 | 44049 | 125837 | 204448 | 164621 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 13895 | 14703 | 14328 | 16263 | 17720 | 17055 |
| &nbsp;&nbsp;&nbsp;Custody fees | 16390 | 17695 | 15634 | 28402 | 49274 | 28702 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 17413 | 17413 | 17413 | 17413 | 17413 | 17413 |
| &nbsp;&nbsp;&nbsp;Filing and registration fees | 10123 | 11319 | 8845 | 16010 | 18357 | 16014 |
| &nbsp;&nbsp;&nbsp;Legal fees | 8890 | 20379 | 10351 | 54812 | 96106 | 65040 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 3335 | 7432 | 4649 | 21968 | 38221 | 29387 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1511 | 3293 | 2060 | 9722 | 17112 | 13018 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 1348 | 2756 | 1807 | 8343 | 14828 | 10892 |
| &nbsp;&nbsp;&nbsp;Printing fees | 981 | 2345 | 1869 | 5105 | 9574 | 8404 |
| &nbsp;&nbsp;&nbsp;Excise Tax |  |  | 12733 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other expenses | 33875 | 74959 | 16639 | 101496 | 40500 | 29646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 291323 | 504613 | 328492 | 1216358 | 1849642 | 1382420 |
| &nbsp;&nbsp;&nbsp;Advisory fee waivers (Note 2) | (52291) | (46101) | (27141) | (120172) | (185420) | (144368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 239032 | 458512 | 301351 | 1096186 | 1664222 | 1238052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 845223 | 1653688 | 854701 | 3385089 | 4802341 | 2820603 |
| **Realized and Unrealized Gain (Loss):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 391699 | 2536090 | 2270588 | 15744952 | 37559589 | 32106156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of long-term realized gains from regulated investment companies | 14593 | 81177 | 94472 | 752324 | 1554043 | 1355063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 406292 | 2617267 | 2365060 | 16497276 | 39113632 | 33461219 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (114366) | (641142) | (333803) | (2951775) | (10352450) | (6292815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (114366) | (641142) | (333803) | (2951775) | (10352450) | (6292815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 291926 | 1976125 | 2031257 | 13545501 | 28761182 | 27168404 |
| **Net Increase in Net Assets from Operations** | $1137149 | $3629813 | $2885958 | $16930590 | $33563523 | $29989007 |

---

*See Notes to Financial Statements*

31 <br> ANNUAL REPORT

**Statements of Changes in Net Assets**

**For the Year Ended September 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Year Ended September 30, 2025** | **For the Year Ended September 30, 2024** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2024** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $845223 | $982565 | $1653688 | $2059769 | $854701 | $983950 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 406292 | (256628) | 2617267 | 119785 | 2365060 | 298479 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments | (114366) | 1480316 | (641142) | 4245436 | (333803) | 3082953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 1137149 | 2206253 | 3629813 | 6424990 | 2885958 | 4365382 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (526238) | (544865) | (1406869) | (1579547) | (712835) | (719637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | (369863) | (423877) | (382660) | (503602) | (208107) | (238456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (896101) | (968742) | (1789529) | (2083149) | (920942) | (958093) |
| **Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 8016133 | 5550775 | 9143855 | 6664837 | 5930448 | 5964070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 1273705 | 2459651 | 1034309 | 812610 | 1107418 | 563466 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 526238 | 544865 | 1406869 | 1579547 | 712835 | 719637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 369863 | 423878 | 382660 | 503602 | 208107 | 238456 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (9237692) | (5172683) | (11775474) | (9634439) | (6491419) | (4668800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | (2506620) | (3776379) | (3120133) | (4967501) | (1451245) | (2164411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (1558373) | 30107 | (2927914) | (5041344) | 16144 | 652418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (1317325) | 1267618 | (1087630) | (699503) | 1981160 | 4059707 |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 23063161 | 21795543 | 50624467 | 51323970 | 30863568 | 26803861 |
| &nbsp;&nbsp;&nbsp;End of period | $21745836 | $23063161 | $49536837 | $50624467 | $32844728 | $30863568 |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 848813 | 592743 | 933322 | 702667 | 562705 | 598632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 134382 | 256560 | 106505 | 84222 | 105605 | 54395 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 56507 | 58373 | 144084 | 166582 | 66660 | 72355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 38952 | 44583 | 39025 | 52926 | 18952 | 23461 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (984220) | (548709) | (1202561) | (1010232) | (615272) | (462666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | (262727) | (396470) | (318286) | (522671) | (136455) | (211743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | (168293) | 7080 | (297911) | (526506) | 2195 | 74434 |

---

*See Notes to Financial Statements*

32 <br> ANNUAL REPORT

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

**For the Year Ended September 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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<br> (70%-85%)<br> RMS Fund** | **The<br> E-Valuator<br> Growth<br> (70%-85%)<br> RMS Fund** | **The<br> E-Valuator<br> Aggressive<br> Growth<br> (85%-99%)<br> RMS Fund** | **The<br> E-Valuator<br> Aggressive<br> Growth<br> (85%-99%)<br> RMS Fund** |
|  | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2024** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2024** | **For the Year Ended September 30, 2025** | **For the Year Ended September 30, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3385089 | $4034353 | $4802341 | $5460415 | $2820603 | $2751958 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 16497276 | 4961370 | 39113632 | 12055450 | 33461219 | 7326140 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on <br> investments | (2951775) | 18328890 | (10352450) | 37399330 | (6292815) | 30971623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 16930590 | 27324613 | 33563523 | 54915195 | 29989007 | 41049721 |
| **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (2953772) | (3174936) | (5804501) | (4722787) | (7032795) | (2530354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | (713139) | (907899) | (761130) | (696893) | (425218) | (132983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (3666911) | (4082835) | (6565631) | (5419680) | (7458013) | (2663337) |
| **Capital Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 16652465 | 12858029 | 26147778 | 20220659 | 33568382 | 24059035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 1574508 | 1136295 | 2053743 | 983261 | 928829 | 664394 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 2953772 | 3174936 | 5804501 | 4722787 | 7032795 | 2530354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 713139 | 907899 | 761130 | 696893 | 425218 | 132983 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (25937055) | (26232593) | (56100098) | (37250422) | (34401246) | (26581770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | (6809958) | (8587509) | (8255833) | (11057760) | (913936) | (1234055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (10853129) | (16742943) | (29588779) | (21684582) | 6640042 | (429059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 2410550 | 6498835 | (2590887) | 27810933 | 29171036 | 37957325 |
| **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 152332203 | 145833368 | 269925043 | 242114110 | 195674294 | 157716969 |
| &nbsp;&nbsp;&nbsp;End of period | $154742753 | $152332203 | $267334156 | $269925043 | $224845330 | $195674294 |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 1520985 | 1267352 | 2175585 | 1862460 | 2419208 | 1927362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 147973 | 111413 | 173622 | 87240 | 66504 | 53041 |
| &nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | 271462 | 313995 | 490975 | 437811 | 518110 | 204399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | 65820 | 90067 | 64166 | 64468 | 31371 | 10829 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class | (2348125) | (2575863) | (4605448) | (3368819) | (2434402) | (2089853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | (627459) | (839056) | (688602) | (988503) | (65763) | (98114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in capital share transactions** | (969344) | (1632092) | (2389702) | (1905343) | 535028 | 7664 |

---

*See Notes to Financial Statements*

33 <br> 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $9.64 | $9.14 | $9.26 | $10.82 | $10.47 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.37 | 0.41 | 0.37 | 0.17 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.16 | 0.51 | (0.14) | (1.00) | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.53 | 0.92 | 0.23 | (0.83) | 0.49 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.39) | (0.42) | (0.35) | (0.23) | (0.12) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (0.50) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.39) | (0.42) | (0.35) | (0.73) | (0.14) |
| **Net asset value, end of period** | $9.78 | $9.64 | $9.14 | $9.26 | $10.82 |
| **Total return** | 5.72% | 10.26% | 2.40% | (8.23)% | 4.66% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $12050 | $12638 | $11041 | $10855 | $11613 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>2</sup> | 1.12%<sup>3</sup> | 0.99% | 0.95% | 0.93% | 1.10% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>2</sup> | 0.89%<sup>3</sup> | 0.82% | 0.80% | 0.80% | 0.82% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 3.91% | 4.43% | 3.96% | 1.74% | 1.51% |
| Portfolio turnover rate | 140% | 75% | 157% | 118% | 287% |

---

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

<sup>2</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>3</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.08% for the year ended September 30, 2025.

<sup>4</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.

*See Notes to Financial Statements*

34 <br> 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $9.82 | $9.29 | $9.40 | $10.96 | $10.61 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.34 | 0.39 | 0.34 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.16 | 0.52 | (0.15) | (1.03) | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.50 | 0.91 | 0.19 | (0.89) | 0.46 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.35) | (0.38) | (0.30) | (0.17) | (0.09) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (0.50) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.35) | (0.38) | (0.30) | (0.67) | (0.11) |
| **Net asset value, end of period** | $9.97 | $9.82 | $9.29 | $9.40 | $10.96 |
| **Total return** | 5.31% | 9.99% | 2.03% | (8.63)% | 4.29% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $9696 | $10425 | $10755 | $12783 | $12728 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>2</sup> | 1.49%<sup>3</sup> | 1.37% | 1.35% | 1.33% | 1.44% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>2</sup> | 1.26%<sup>3</sup> | 1.20% | 1.20% | 1.20% | 1.11% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 3.54% | 4.05% | 3.56% | 1.34% | 1.22% |
| Portfolio turnover rate | 140% | 75% | 157% | 118% | 287% |

---

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

<sup>2</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>3</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.08% for the year ended September 30, 2025.

<sup>4</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.

*See Notes to Financial Statements*

35 <br> 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $9.90 | $9.10 | $8.95 | $11.51 | $10.76 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.34 | 0.39 | 0.34 | 0.23 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.40 | 0.81 | 0.12 | (1.35) | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.74 | 1.20 | 0.46 | (1.12) | 0.94 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.36) | (0.40) | (0.31) | (0.37) |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (1.07) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.40) | (0.31) | (1.44) | (0.19) |
| **Net asset value, end of period** | $10.28 | $9.90 | $9.10 | $8.95 | $11.51 |
| **Total return** | 7.74% | 13.41% | 5.08% | (11.19)% | 8.83% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $38450 | $38241 | $36429 | $40752 | $49648 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>2</sup> | 0.93%<sup>3</sup> | 0.80% | 0.75% | 0.74% | 0.86% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>2</sup> | 0.84%<sup>3</sup> | 0.73% | 0.68% | 0.67% | 0.74% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 3.43% | 4.13% | 3.62% | 2.26% | 1.78% |
| Portfolio turnover rate | 141% | 52% | 148% | 117% | 296% |

---

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

<sup>2</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>3</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.12% for the year ended September 30, 2025.

<sup>4</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.

*See Notes to Financial Statements*

36 <br> 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $9.93 | $9.13 | $8.98 | $11.51 | $10.80 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.30 | 0.36 | 0.30 | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.41 | 0.80 | 0.12 | (1.35) | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.71 | 1.16 | 0.42 | (1.16) | 0.90 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.32) | (0.36) | (0.27) | (0.30) |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (1.07) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.32) | (0.36) | (0.27) | (1.37) | (0.19) |
| **Net asset value, end of period** | $10.32 | $9.93 | $9.13 | $8.98 | $11.51 |
| **Total return** | 7.38% | 12.90% | 4.64% | (11.56)% | 8.42% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $11087 | $12383 | $14895 | $15360 | $17221 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>2</sup> | 1.31%<sup>3</sup> | 1.19% | 1.15% | 1.14% | 1.27% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>2</sup> | 1.22%<sup>3</sup> | 1.12% | 1.08% | 1.07% | 1.15% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 3.05% | 3.74% | 3.22% | 1.86% | 1.37% |
| Portfolio turnover rate | 141% | 52% | 148% | 117% | 296% |

---

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

<sup>2</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>3</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.12% for the year ended September 30, 2025.

<sup>4</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.

*See Notes to Financial Statements*

37 <br> 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $10.54 | $9.38 | $8.99 | $11.76 | $10.64 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.30 | 0.34 | 0.29 | 0.22 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.68 | 1.16 | 0.36 | (1.52) | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.98 | 1.50 | 0.65 | (1.30) | 1.27 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.32) | (0.34) | (0.26) | (0.33) | (0.15) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (1.14) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.32) | (0.34) | (0.26) | (1.47) | (0.15) |
| **Net asset value, end of period** | $11.20 | $10.54 | $9.38 | $8.99 | $11.76 |
| **Total return** | 9.46% | 16.20% | 7.26% | (12.94)% | 12.01% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $24477 | $22871 | $18409 | $17677 | $23630 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>2</sup> | 0.94%<sup>3</sup> | 0.90% | 0.88% | 0.89% | 0.97% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>2</sup> | 0.85%<sup>3</sup> | 0.81% | 0.80% | 0.79% | 0.78% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 2.81% | 3.45% | 3.07% | 2.13% | 1.56% |
| Portfolio turnover rate | 135% | 66% | 138% | 114% | 273% |

---

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

<sup>2</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>3</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.04% for the year ended September 30, 2025.

<sup>4</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.

*See Notes to Financial Statements*

38 <br> 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $10.79 | $9.59 | $9.19 | $11.97 | $10.80 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.26 | 0.31 | 0.26 | 0.18 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.71 | 1.19 | 0.37 | (1.56) | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.97 | 1.50 | 0.63 | (1.38) | 1.25 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.28) | (0.30) | (0.23) | (0.26) | (0.08) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (1.14) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.28) | (0.30) | (0.23) | (1.40) | (0.08) |
| **Net asset value, end of period** | $11.48 | $10.79 | $9.59 | $9.19 | $11.97 |
| **Total return** | 9.11% | 15.80% | 6.80% | (13.30)% | 11.65% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $8368 | $7993 | $8395 | $7961 | $8074 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>2</sup> | 1.33%<sup>3</sup> | 1.29% | 1.28% | 1.29% | 1.33% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>2</sup> | 1.24%<sup>3</sup> | 1.20% | 1.20% | 1.19% | 1.14% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 2.43% | 3.06% | 2.67% | 1.73% | 1.20% |
| Portfolio turnover rate | 135% | 66% | 138% | 114% | 273% |

---

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

<sup>2</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>3</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.04% for the year ended September 30, 2025.

<sup>4</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.

*See Notes to Financial Statements*

39 <br> 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $11.00 | $9.42 | $8.71 | $12.70 | $11.34 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.26 | 0.28 | 0.25 | 0.26 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.03 | 1.59 | 0.66 | (1.82) | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.29 | 1.87 | 0.91 | (1.56) | 1.78 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.28) | (0.29) | (0.20) | (0.41) |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (2.02) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.28) | (0.29) | (0.20) | (2.43) | (0.42) |
| **Net asset value, end of period** | $12.01 | $11.00 | $9.42 | $8.71 | $12.70 |
| **Total return** | 11.99% | 20.09% | 10.43% | (15.72)% | 15.98% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $121041 | $116931 | $109514 | $107043 | $147069 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>2</sup> | 0.73%<sup>3</sup> | 0.68% | 0.65% | 0.67% | 0.77% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>2</sup> | 0.65%<sup>3</sup> | 0.61% | 0.58% | 0.60% | 0.70% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 2.36% | 2.77% | 2.69% | 2.49% | 1.41% |
| Portfolio turnover rate | 130% | 54% | 124% | 128% | 272% |

---

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

<sup>2</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>3</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.05% for the year ended September 30, 2025.

<sup>4</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.

*See Notes to Financial Statements*

40 <br> 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $10.99 | $9.41 | $8.71 | $12.66 | $11.34 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.22 | 0.24 | 0.22 | 0.22 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.02 | 1.58 | 0.64 | (1.82) | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.24 | 1.82 | 0.86 | (1.60) | 1.74 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.23) | (0.24) | (0.16) | (0.33) |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (2.02) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.23) | (0.24) | (0.16) | (2.35) | (0.42) |
| **Net asset value, end of period** | $12.00 | $10.99 | $9.41 | $8.71 | $12.66 |
| **Total return** | 11.55% | 19.63% | 9.88% | (16.00)% | 15.62% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $33702 | $35401 | $36319 | $35323 | $45002 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>2</sup> | 1.12%<sup>3</sup> | 1.08% | 1.05% | 1.07% | 1.15% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>2</sup> | 1.04%<sup>3</sup> | 1.01% | 0.98% | 1.00% | 1.08% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>4</sup> | 1.96% | 2.38% | 2.29% | 2.09% | 1.03% |
| Portfolio turnover rate | 130% | 54% | 124% | 128% | 272% |

---

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

<sup>2</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>3</sup> Includes extraordinary expense. If extraordinary expense had been excluded, the expense ratios would have been lowered by 0.05% for the year ended September 30, 2025.

<sup>4</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.

*See Notes to Financial Statements*

41 <br> 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $12.01 | $9.93 | $8.89 | $13.20 | $11.72 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.23 | 0.24 | 0.21 | 0.26 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.38 | 2.07 | 1.00 | (2.11) | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.61 | 2.31 | 1.21 | (1.85) | 2.20 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.25) | (0.23) | (0.17) | (0.38) | (0.07) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.06) | - | - | (2.08) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.31) | (0.23) | (0.17) | (2.46) | (0.72) |
| **Net asset value, end of period** | $13.31 | $12.01 | $9.93 | $8.89 | $13.20 |
| **Total return** | 13.69% | 23.57% | 13.64% | (17.95)% | 19.40% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $232368 | $232929 | $203166 | $187753 | $241493 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>2</sup> | 0.65% | 0.65% | 0.63% | 0.65% | 0.75% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>2</sup> | 0.58% | 0.58% | 0.56% | 0.58% | 0.70% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 1.88% | 2.15% | 2.16% | 2.36% | 1.11% |
| Portfolio turnover rate | 122% | 55% | 110% | 110% | 236% |

---

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

<sup>2</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>3</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.

*See Notes to Financial Statements*

42 <br> 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $12.10 | $10.00 | $8.96 | $13.25 | $11.78 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.18 | 0.19 | 0.17 | 0.22 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.40 | 2.10 | 1.00 | (2.13) | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.58 | 2.29 | 1.17 | (1.91) | 2.16 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.20) | (0.19) | (0.13) | (0.30) | (0.04) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.06) | - | - | (2.08) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.26) | (0.19) | (0.13) | (2.38) | (0.69) |
| **Net asset value, end of period** | $13.42 | $12.10 | $10.00 | $8.96 | $13.25 |
| **Total return** | 13.21% | 23.10% | 13.08% | (18.24)% | 18.90% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $34966 | $36996 | $38948 | $36669 | $44860 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>2</sup> | 1.05% | 1.05% | 1.03% | 1.05% | 1.13% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>2</sup> | 0.98% | 0.98% | 0.96% | 0.98% | 1.08% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 1.49% | 1.76% | 1.76% | 1.96% | 0.73% |
| Portfolio turnover rate | 122% | 55% | 110% | 110% | 236% |

---

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

<sup>2</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>3</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.

*See Notes to Financial Statements*

43 <br> 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $13.97 | $11.26 | $9.88 | $14.52 | $12.18 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.20 | 0.20 | 0.18 | 0.24 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.82 | 2.70 | 1.35 | (2.45) | 2.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.02 | 2.90 | 1.53 | (2.21) | 2.77 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.22) | (0.19) | (0.15) | (0.33) | (0.11) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.31) | - | - | (2.10) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.53) | (0.19) | (0.15) | (2.43) | (0.43) |
| **Net asset value, end of period** | $15.46 | $13.97 | $11.26 | $9.88 | $14.52 |
| **Total return** | 14.99% | 26.00% | 15.47% | (19.05)% | 23.12% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $210485 | $183140 | $147221 | $123096 | $140726 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>2</sup> | 0.65% | 0.66% | 0.65% | 0.66% | 0.77% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>2</sup> | 0.58% | 0.59% | 0.58% | 0.59% | 0.72% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 1.40% | 1.56% | 1.59% | 1.95% | 0.76% |
| Portfolio turnover rate | 133% | 56% | 113% | 87% | 231% |

---

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

<sup>2</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>3</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.

*See Notes to Financial Statements*

44 <br> 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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $13.97 | $11.27 | $9.89 | $14.49 | $12.19 |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>1</sup> | 0.14 | 0.15 | 0.13 | 0.19 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.83 | 2.69 | 1.35 | (2.45) | 2.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.97 | 2.84 | 1.48 | (2.26) | 2.71 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.17) | (0.14) | (0.10) | (0.24) | (0.09) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.31) | - | - | (2.10) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.48) | (0.14) | (0.10) | (2.34) | (0.41) |
| **Net asset value, end of period** | $15.46 | $13.97 | $11.27 | $9.89 | $14.49 |
| **Total return** | 14.62% | 25.40% | 14.98% | (19.34)% | 22.60% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $14361 | $12534 | $10496 | $12717 | $13376 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed<sup>2</sup> | 1.05% | 1.05% | 1.05% | 1.06% | 1.13% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>2</sup> | 0.97% | 0.98% | 0.98% | 0.99% | 1.07% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed<sup>3</sup> | 1.01% | 1.16% | 1.19% | 1.55% | 0.40% |
| Portfolio turnover rate | 133% | 56% | 113% | 87% | 231% |

---

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

<sup>2</sup> Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.

<sup>3</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.

*See Notes to Financial Statements*

45 <br> ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

**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*".

46 <br> ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

**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 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 valuation designee 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.

47 <br> ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

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:

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

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

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

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

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of September 30, 2025, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | |
| <br>**Very Conservative Fund** | **Quoted Prices** | **Other Significant<br> Observable Inputs** | **Significant<br> Unobservable Inputs** |<br>**Total** |
| Investments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $14954031 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $14954031 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 6331473 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6331473 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 443178 | - | - | 443178 |
| Total Investments | $21728682 | $- | $- | $21728682 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | |
| <br>**Conservative Fund** | **Quoted Prices** | **Other Significant<br> Observable Inputs** | **Significant<br> Unobservable Inputs** |<br>**Total** |
| Investments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $34713016 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $- | $34713016 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 14237106 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 14237106 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 580633 | - | - | 580633 |
| Total Investments | $49530755 | $- | $- | $49530755 |

---

48 <br> ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | |
| <br>**Conservative/Moderate Fund** | **Quoted Prices** | **Other Significant<br> Observable Inputs** | **Significant<br> Unobservable Inputs** |<br>**Total** |
| Investments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $23008104 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $23008104 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 9390827 |  |  | 9390827 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 434045 | - | - | 434045 |
| Total Investments | $32832976 | $- | $- | $32832976 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | |
| <br>**Moderate Fund** | **Quoted Prices** | **Other Significant<br> Observable Inputs** | **Significant<br> Unobservable Inputs** |<br>**Total** |
| Investments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $110286845 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $110286845 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 44145188 |  |  | 44145188 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 394571 | - | - | 394571 |
| Total Investments | $154826604 | $- | $- | $154826604 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | |
| <br>**Growth Fund** | **Quoted Prices** | **Other Significant<br> Observable Inputs** | **Significant<br> Unobservable Inputs** |<br>**Total** |
| Investments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $191326801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $191326801 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 74922008 |  |  | 74922008 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1162808 | - | - | 1162808 |
| Total Investments | $267411617 | $- | $- | $267411617 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | |
| <br>**Aggressive Growth Fund** | **Quoted Prices** | **Other Significant<br> Observable Inputs** | **Significant<br> Unobservable Inputs** |<br>**Total** |
| Investments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $153075507 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $153075507 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 69649393 |  |  | 69649393 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 2090272 | - | - | 2090272 |
| Total Investments | $224815172 | $- | $- | $224815172 |

---

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

49 <br> ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

**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.

**Federal Income Taxes**

The Funds intend to comply with the requirements of the Internal Revenue Code of 1986, as amended, 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, 2022.

**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.

50 <br> ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

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.

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

Pursuant to an Investment Advisory Agreement, 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 year ended September 30, 2025, none of the waived expenses have been recouped by the Adviser.

For the year ended September 30, 2025, the Adviser earned and waived management fees as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management<br> Fee Earned** | **Management<br> Fee Waived** | **Net Management<br> Fee Earned** |
| Very Conservative | $101615 | $(52291) | $49324 |
| Conservative | 222641 | (46101) | 176540 |
| Conservative/Moderate | 142075 | (27141) | 114934 |
| Moderate | 671200 | (120172) | 551028 |
| Growth | 1179077 | (185420) | 993657 |
| Aggressive Growth | 922399 | (144368) | 778031 |

---

51 <br> ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

The total amounts of waivers and reimbursements for the Funds that are subject to recoupment as of September 30, 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** |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| Very Conservative | $33991 | $39600 | $52291 | $125882 |
| Conservative | 38819 | 35759 | 46101 | 120679 |
| Conservative/Moderate | 20501 | 25816 | 27141 | 73458 |
| Moderate | 105251 | 105450 | 120172 | 330873 |
| Growth | 173578 | 182618 | 185420 | 541616 |
| Aggressive Growth | 111110 | 125525 | 144368 | 381003 |

---

During the year ended September 30, 2025, the Very Conservative, Conservative, Conservative Moderate, Moderate, Growth and Aggressive Growth Funds accrued extraordinary expenses. The extraordinary expenses caused the ratio of net expenses to average net assets of the Very Conservative Fund's and Conservative Fund's Service Class 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, Conservative Moderate, and Moderate 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 year ended September 30, 2025, the distribution fees incurred by each Funds' R4 shares are disclosed on the Statements of Operations.

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 year ended September 30, 2025, the Plan's fees incurred by each Fund are disclosed on the Statements of Operations.

52 <br> ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

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 year ended September 30, 2025 are reported on the Statements of Operations. These services include 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 Chief Compliance Officer ("CCO") services to the Trust, including the provision of a qualified person to service as CCO of the Trust. Allocated fees incurred for the year ended September 30, 2025 are reported on the Statement of Operations.

**NOTE 3 — INVESTMENT TRANSACTIONS**

The cost of purchases and proceeds from the sales of securities excluding short-term investments for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Very Conservative | $30931151 | $31838233 |
| Conservative | 67780204 | 68306901 |
| Conservative/Moderate | 42892635 | 41991846 |
| Moderate | 192509263 | 197798881 |
| Growth | 317252094 | 338617020 |
| Aggressive Growth | 275039195 | 269702847 |

---

**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, 2025 and the year ended September 30, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** | **Year ended September 30, 2025** |
|  | Very Conservative Fund | Conservative Fund | Conservative/<br> Moderate Fund | Moderate Fund | Growth Fund | Aggressive Growth Fund |
| Distributions paid from: |  |  |  |  |  |  |
| Ordinary income | $896101 | $1789529 | $920942 | $3666911 | $5290552 | $3098097 |
| Realized gains | - | - | - | - | 1275079 | 4359916 |
|  | $896101 | $1789529 | $920942 | $3666911 | $6565631 | $7458013 |

---

53 <br> ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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/<br> 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 |

---

As of September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Very Conservative Fund | Conservative Fund | Conservative/<br> Moderate Fund | Moderate Fund | Growth Fund | Aggressive Growth Fund |
| Undistributed ordinary income | $204518 | $386676 | $164597 | $648756 | $6219964 | $3716878 |
| Undistributed long-term capital gains | - | - | 287800 | 9815910 | 33380852 | 29863569 |
| Accumulated earnings | $204518 | $386676 | $452397 | $10464666 | $39600816 | $33580447 |
| Accumulated capital, other losses, and differences in securities treatments | (1931736) | (3286492) |  |  |  |  |
| Unrealized appreciation/(depreciation) | 538185 | 2125321 | 1854357 | 12944209 | 26219997 | 24647155 |
| Total accumulated earnings/(deficit) | $(1189033) | $(774495) | $2306754 | $23408875 | $65820813 | $58227602 |

---

As of September 30, 2025, 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 | $1541913 | $389823 |
| Conservative | 3286492 |  |
| Conservative/Moderate |  |  |
| Moderate |  |  |
| Growth |  |  |
| Aggressive Growth |  |  |

---

54 <br> ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

At September 30, 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/<br> Moderate Fund | Moderate Fund | Growth Fund | Aggressive Growth Fund |
| Tax cost | $21190497 | $47405434 | $30978619 | $141882395 | $241191620 | $200168017 |
| Tax unrealized appreciation | 636487 | 2270906 | 2018689 | 13362346 | 27054832 | 24850018 |
| Tax unrealized (depreciation) | (98302) | (145585) | (164332) | (418137) | (834835) | (202863) |
| Net unrealized appreciation/(depreciation) | $538185 | $2125321 | $1854357 | $12944209 | $26219997 | $24647155 |

---

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

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications, if any, have no impact on net assets or net asset value per share. As of September 30, 2025, these reclassifications, primarily due to non-deductible expenses, were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Paid-in-Capital**<br>**Capital** | **Total**<br>**Distributable**<br>**Earnings (Loss)** |
| Very Conservative | $(17793) | $17793 |
| Conservative | (57340) | 57340 |
| Conservative/Moderate | (763) | 763 |
| Moderate | (83307) | 83307 |
| Growth | (10039) | 10039 |
| Aggressive Growth | (4417) | 4417 |

---

**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 events or conditions around the world that directly or indirectly impact specific companies, sectors, or markets to which the Funds or the Funds' underlying investments are exposed. These events or conditions may include 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.

55 <br> ANNUAL REPORT

**E-Valuator Funds**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

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

In this reporting period, the Funds 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 Funds' financial position or the results of their 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. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Funds' 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 September 30, 2025, for the benefit of its shareholders, CBNA Custodian FBO BPA Omnibus for Qualified Rollovers, held 45.8% 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.

56 <br> ANNUAL REPORT

![](formncsr_001.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees of

E-Valuator Funds Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The E-Valuator Very Conservative (0%-15%) RMS Fund, The E-Valuator Conservative (15%-30%) RMS Fund, The E- Valuator Conservative/Moderate (30%-50%) RMS Fund, The E-Valuator Moderate (50%-70%) RMS Fund, The E- Valuator Growth (70%-85%) RMS Fund, and The E-Valuator Aggressive Growth (85%-99%) RMS Fund (the "Funds"), each a series of E-Valuator Funds Trust, as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2016.

![](formncsr_002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

November 25, 2025

57 <br> ANNUAL REPORT

**E-Valuator Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

**Tax Information**

**Qualified Dividend Income**

Pursuant to Section 854 of the Internal Revenue Code of 1986, the Very Conservative, Conservative, Conservative/Moderate, Moderate, Growth, and Aggressive Growth Funds designate income dividends of 1.59%, 9.37%, 7.17%, 35.36%, 26.95%, and 43.87%, respectively, as qualified dividend income paid during the year ended September 30, 2025.

**Long-Term Capital Gains Designation**

For the year ended September 30, 2025, the Very Conservative, Conservative, Conservative/Moderate, Moderate, Growth, and Aggressive Growth Funds designates $0, $0, $0, $0, $1,275,079, and $4,359,916, respectively, as a 20% rate gain distribution.

**Proxy Voting Policies and Procedures** 

A description of the Fund's proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (855) 621-9877 or on the U.S. Securities and Exchange Commission's ("SEC") website at www.sec.gov.

**Proxy Voting Record** 

Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling the Fund (855) 621-9877 or by accessing the Fund's Form N-PX on the SEC's website at www.sec.gov.

**Availability of Quarterly Portfolio Schedules** 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov or by calling the Fund at (855) 621-9877.

**Privacy Notice**

The following is a description of the Funds' policies regarding the disclosure of nonpublic person information that you provide to the Funds or that the Funds collect from other sources. In the event that you hold shares of the Funds through a broker-dealer, or other financial intermediary, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be shared with unaffiliated third parties.

Categories of Information the Funds Collect. The Funds collect the following nonpublic personal information about you:

● Information the Funds receive from you or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social security number, assets, income and date of birth); and

● Information about your transactions with the Funds, its affiliates, or others (such as your account number and balance, payment history, parties to transactions, cost basis information, and other financial information).

Categories of Information the Funds Disclose. The Funds do not disclose any nonpublic personal information about their current or former shareholders to unaffiliated third parties, except as required or permitted by law. The Funds are permitted by law to disclose all of the information it collects as described above, to their service providers (such as the Funds' custodian, administrator and transfer agent) to process your transactions and otherwise provide services to you.

Confidentiality and Security. The Funds restrict access to your nonpublic personal information to those persons who require such information to provide products or services to you. The Funds maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

The Funds' Privacy Notice is not part of this annual report.

58 <br> ANNUAL REPORT

![](formcsr_01.jpg)

59 <br> ANNUAL REPORT

![](border_001.jpg)

![](formn-csr_023.jpg)

**Investment Adviser:**

Systelligence, LLC

7760 France Avenue South, Suite 925

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

60 <br> ANNUAL REPORT

&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," "Custody fees," 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.**

**Disclosure Regarding the Board of Trustees' Approval of the Investment Advisory Agreement for E-Valuator Funds**

The Board of Trustees (the "Board" or the "Trustees") of E-Valuator Funds Trust (the "Trust"), met in person on May 19, 2025 (the "Meeting"), to consider the renewal of the Investment Advisory Agreement (the "Agreement") between Systelligence, LLC ("Systelligence" or the "Adviser") and the Trust, on behalf of The E-Valuator Very Conservative (0%-15%) RMS Fund ("Very Conservative Fund"), The E-Valuator Conservative (15%-30%) RMS Fund ("Conservative Fund"), The E-Valuator Conservative/Moderate (30%-50%) RMS Fund ("Conservative/Moderate Fund"), The E-Valuator Moderate (50%-70%) RMS Fund ("Moderate Fund"), The E-Valuator Growth (70%-85%) RMS Fund ("Growth Fund"), and The E-Valuator Aggressive Growth (85%-99%) RMS Fund ("Aggressive Growth Fund") (each a "Fund" and collectively, the "Funds"). In advance of the Meeting, the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940 (the "Independent Trustees"), and who constitute a majority of the Board, requested and received materials to assist them in considering the renewal of the Agreement.

In connection with its consideration of the Agreement, the Board reviewed and discussed various information that had been provided prior to the Meeting, including the Agreement, a memorandum prepared by the Independent Trustees' legal counsel discussing the Trustees' fiduciary obligations and the factors they should assess in considering the renewal of the Agreement, detailed comparative information (including comparative data provided by an independent service) relating to each Fund's performance, management fee and expenses, the Adviser's Form ADV Part 1A, select financial information of the Adviser, including a profitability analysis prepared by Systelligence, trading information and other comparative performance and fee information. The Independent Trustees also considered information periodically throughout the year that was relevant to the consideration of the Agreement. In addition, the Independent Trustees met in executive session with their legal counsel on May 13, 2025 to review and discuss the information provided to them and their duties and responsibilities in connection with the renewal of the Agreement. Based on their evaluation of information provided by Systelligence, in conjunction with the Funds' other service providers, the Trustees, by a unanimous vote (including a separate vote of the Independent Trustees), approved the renewal of the Agreement for an additional term of one year.

In considering the renewal of the Agreement and reaching its conclusions, the Board reviewed and analyzed various factors that it determined were relevant, including the factors enumerated below.

**Nature, Extent and Quality of Services to be Provided to the Funds**

The Board considered the nature, extent and quality of the services provided by Systelligence to the Funds. The Board discussed the experience and resources of Systelligence, as well as the depth and qualifications of the professional personnel of the Adviser, including the Funds' sole portfolio manager, Kevin R. Miller. The Board considered Mr. Miller's experience in managing risk-based portfolios for clients starting in 1997, including through collective investment trusts that were launched in 2012 and ultimately converted into open-end mutual funds in 2016 (i.e., each Fund's corresponding predecessor fund, also managed by Systelligence). The Board considered the other services provided by Systelligence, including compliance support (including the engagement of an outsourced Chief Compliance Officer), oversight of the Funds' other service providers, trading, research, and risk management. The Trustees noted that, during the course of the prior year, they had met with representatives of Systelligence to discuss the Funds' performance and outlook, along with the marketing and sales and compliance efforts made by Systelligence throughout the year. The Board concluded that the nature, extent and quality of the services provided by the Adviser to the Funds were appropriate and that the Funds benefited from services provided under the Agreement.

61 <br> ANNUAL REPORT

**Investment Performance of the Funds and Systelligence**

In assessing the quality of the portfolio management services delivered by Systelligence, the Trustees compared the short-term and long-term performance of each Fund on an absolute basis and to each Fund's primary broad-based benchmark index. The Trustees also considered each Fund's short-term and long-term performance in comparison to a custom allocation universe (each, a "Universe"), a custom peer group (each, a "Peer Group") and a custom benchmark, as constructed using data from Morningstar, Inc. by FUSE Research Network, LLC ("FUSE"), the Funds' third-party 15(c) report provider. In evaluating each Fund's performance, the Trustees primarily considered each Universe for performance comparison purposes (as recommended by FUSE) and gave more weight to the long-term performance versus short-term performance. The Trustees further noted that certain time periods considered as part of the long-term performance of each Fund include the performance data of the corresponding predecessor fund managed by the Adviser. The Board also considered Fund performance as of March 31, 2025.

E-Valuator Very Conservative (0%-15%) RMS Fund. The Trustees noted the Very Conservative Fund's performance for the three-year period ended December 31, 2024 was in the second quartile (44%) of the Fund's Universe. They also observed that the Very Conservative Fund's performance for the one-year and five-year periods then ended was in the bottom quartile (100% and 78%, respectively) of the Fund's Universe. After considering all the information, the Trustees concluded that the performance obtained by Systelligence for the Fund was satisfactory under current market conditions and considering the Fund's investment objective, strategies and policies.

E-Valuator Conservative (15%-30%) RMS Fund. The Trustees noted the Conservative Fund's performance for the three-year and five-year periods ended December 31, 2024 was in the second quartile (46% and 50%, respectively) of the Fund's Universe. They also observed that the Conservative Fund's performance for the one-year period then ended was in the third quartile (66%) of the Fund's Universe. After considering all the information, the Trustees concluded that the performance obtained by Systelligence for the Fund was satisfactory under current market conditions and considering the Fund's investment objective, strategies and policies.

E-Valuator Conservative/Moderate (30%-50%) RMS Fund. The Trustees noted the Conservative/Moderate Fund's performance for the three-year period ended December 31, 2024 was in the second quartile (44%) of the Fund's Universe. They also observed that the Conversative/Moderate Fund's performance for the one-year and five-year periods then ended was in the third quartile (67% and 60%, respectively) of the Fund's Universe. After considering all the information, the Trustees concluded that the performance obtained by Systelligence for the Fund was satisfactory under current market conditions and considering the Fund's investment objective, strategies and policies.

E-Valuator Moderate (50%-70%) RMS Fund. The Trustees noted the Moderate Fund's performance for the one-year, three-year and five-year periods ended December 31, 2024 was in the third quartile (55%, 57% and 66%, respectively) of the Fund's Universe. After considering all the information, the Trustees concluded that the performance obtained by Systelligence for the Fund was satisfactory under current market conditions and considering the Fund's investment objective, strategies and policies.

E-Valuator Growth (70%-85%) RMS Fund. The Trustees noted the Growth Fund's performance for the five-year period ended December 31, 2024 was in the second quartile (48%) of the Fund's Universe. They also observed that the Growth Fund's performance for the one-year and three-year periods then ended was in the third quartile (52% and 61%, respectively) of the Fund's Universe. After considering all the information, the Trustees concluded that the performance obtained by Systelligence for the Fund was satisfactory under current market conditions and considering the Fund's investment objective, strategies and policies.

E-Valuator Aggressive Growth (85%-99%) RMS Fund. The Trustees noted the Aggressive Growth Fund's performance for the one-year, three-year and five-year periods ended December 31, 2024 was in the third quartile (66%, 56% and 70%, respectively) of the Fund's Universe. After considering all the information, the Trustees concluded that the performance obtained by Systelligence for the Fund was satisfactory under current market conditions and considering the Fund's investment objective, strategies and policies.

62 <br> ANNUAL REPORT

The Board considered that, while certain Funds experienced periods of comparative underperformance, the Funds generally have a strong track record of positive absolute performance. The Trustees determined that the Funds have performed as expected in recent market conditions. The Trustees concluded, within the context of their full deliberations, that the investment results that Systelligence had been able to achieve for the Funds were sufficient to support the continuation of the Agreement. Although past performance is not a guarantee or indication of future results, the Trustees determined that the Adviser would continue to provide a high level of services to the Funds.

**Cost of Services Provided and Profitability**

The Board examined the fee and expense information for the Funds, including a comparison of such information to other mutual funds in the applicable Universe and Peer Group. In evaluating each Fund's net advisory fee and total net expenses (inclusive and exclusive of acquired fund fees and expenses ("AFFE")), the Trustees primarily considered each Fund's Peer Group for fee and expense comparison purposes, as recommended by FUSE.

The Trustee's noted the net advisory fee ranked in the second quartile for the Very Conservative, Growth and Aggressive Growth Funds (50%, 38% and 45%, respectively) of each Fund's Peer Group. They also observed the net advisory fee ranked in the third quartile for the Conservative, Conversative/Moderate and Moderate Funds (60%, 67% and 67%, respectively) of each Fund's Peer Group.

The Trustees noted that the total net expense (exclusive of AFFE) for Service Class shares ranked in the second quartile for the Very Conservative Fund (40%) of the Fund's Peer Group. They also observed that the total net expense (exclusive of AFFE) for Service Class shares ranked in the top quartile for the Conservative, Conservative/Moderate, Moderate, Growth and Aggressive Growth Funds (20%, 25%, 8%, 1% and 9%, respectively) of each Fund's Peer Group. The Trustees noted that the total net expense (inclusive of AFFE) for Service Class shares ranked in the second quartile for the Very Conservative and Conservative/Moderate Funds (50% and 33%, respectively) of each Fund's Peer Group. They also observed that the total net expense (inclusive of AFFE) for Service Class shares ranked in the top quartile for the Conservative, Moderate, Growth and Aggressive Growth Funds (20%, 17%, 1% and 9%, respectively) of each Fund's Peer Group.

The Board also considered the fact that the advisory fee for each Fund was 0.45% of a Fund's average daily assets, but the Adviser has contractually agreed to waive its management fee to 0.38% through at least January 31, 2026. The Board also noted that the Adviser has contractually agreed to cap each Fund's total expenses at 0.80% of a Fund's average daily net assets. Finally, the Trustees noted that the Adviser's fee structure is generally competitive with other comparably managed, true open architecture funds. Based on their review of the industry data, the Trustees found that each Fund's advisory fee and net expense ratios are competitive as they relate to the applicable Peer Group.

The Trustees considered the overall profitability of the Funds to Systelligence for the period ended December 31, 2024. The Board also considered the profitability of each Fund before and after any distribution costs borne by Systelligence. The Trustees considered information about the financial condition of the Adviser and determined that the Adviser had sufficient resources to provide the contracted services to the Funds. The Board concluded that the Adviser's current level of profitability for each Fund was reasonable.

**Extent of Economies of Scale as the Funds Grow**

The Trustees evaluated each Fund's asset levels and discussed the potential for economies of scale. The Board considered each Fund's fee structure and the fact that the Funds had not yet experienced significant increases in asset levels and discussed whether breakpoint reductions would be appropriate at this time. The Trustees noted that while the Funds' fee structures do not currently contain any breakpoint reductions, the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis. The Board concluded that the current fee structure for each Fund was reasonable and reflected a sharing of economies of scale between Systelligence and each Fund, particularly in light of the expense limitation and fee waiver agreement between Systelligence and each Fund and each Fund's current asset size.

**Benefits Derived from the Relationship with the Funds**

The Board considered the direct and indirect benefits to the Adviser from serving as adviser to the Funds (in addition to the advisory fee), including greater name recognition. The Trustees concluded that other benefits that may be realized by the Adviser from its relationship with the Funds were appropriate.

**CONCLUSIONS**

The Trustees considered each of the above factors, as well as other factors relevant to their consideration of the Agreement. The Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Funds' surrounding circumstances and concluded that the Funds and their shareholders would benefit from Systelligence's continued management. Based on this review, the Trustees, including a majority of the Independent Trustees, unanimously approved the renewal of the Agreement with Systelligence, on behalf of the Funds, as being in the best interests of the Funds and their shareholders for an additional one-year term.

63 <br> ANNUAL REPORT

**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.**

Not Applicable

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a) (1) | [Code of Ethics for the Principal Executive and Principal Financial Officer subject of the disclosure required by Item 2. is attached herewith.](ex99coe.htm) |
| (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.](ex99cert.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) |

---

64 <br> ANNUAL REPORT

**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 | E-Valuator Funds Trust |
| */s/ Kevin R.. Miller* | */s/ Kevin R.. Miller* |
| By: | Kevin R. Miller |
| (Principal Executive Officer) | (Principal Executive Officer) |
| December 4, 2025 | December 4, 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) |
| December 4, 2025 | December 4, 2025 |

---

---

| | |
|:---|:---|
| */s/ Louis Sagert* | */s/ Louis Sagert* |
| By: | Louis Sagert |
| Treasurer | Treasurer |
| (Principal Financial Officer) | (Principal Financial Officer) |
| December 4, 2025 | December 4, 2025 |

---

65 <br> ANNUAL REPORT

## Ex-99.Code

**Exhibit 99.COE**

**E-VALUATOR FUNDS Trust**

**Code of Ethics for Principal Executive Officer<br> and Principal Financial Officer ("Officer Code")**

**I.** **INTRODUCTION** 

E-Valuator Funds Trust (the "Trust," and each series thereof, a "Fund" and collectively, the "Funds") requires the Principal Executive Officer, Principal Financial Officer or other Trust Officer(s) performing similar functions as set forth in <u>Exhibit A</u> hereto ("Covered Officers") to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust, with particular emphasis on those duties that relate to the preparation and reporting of financial information of the Trust. The following overriding principles govern the conduct of Covered Officers:

● Covered Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest between personal and professional relationships and shall promptly report any potential conflicts.

● Covered Officers shall not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of a Fund or take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds.

● Covered Officers shall promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust and that are within the Covered Officer's responsibility.

● Covered Officers shall promote compliance with applicable laws and governmental rules and regulations.

● Covered Officers shall promptly report violations of the Officer Code.

Covered Officers are reminded of their obligations under the Code of Ethics of the Trust and Systelligence, LLC adopted under Rule 17j-l of the Investment Company Act of 1940, as amended (the "1940 Act"). The obligations under that code apply independently of this Officer Code and are not a part of this Officer Code.

**II.** **CONFLICTS OF INTEREST** 

**Overview**. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to and seek to avoid situations that may give rise to actual as well as apparent conflicts of interest. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Funds. The Trust and its service providers, for which Covered Officers are also officers or employees as set forth in Exhibit A ("Service Providers"), have adopted compliance programs and procedures designed to prevent, or identify and correct, violations of these provisions. This Officer Code does not, and is not intended to, duplicate or replace these programs and procedures, and such conflicts fall outside of the parameters of this Officer Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between the Trust and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Officer Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the applicable Service Provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by this Officer Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under this Officer Code, but Covered Officers should keep in mind that these examples are not exhaustive.

**Disclosure of Potential Conflicts.** Each Covered Officer shall provide prompt and full disclosure to the Code Compliance Officer (as defined below), in writing, prior to entering into any material transaction or relationship which may reasonably be expected to give rise to a conflict (other than conflicts arising from the advisory relationship). This includes, but is not limited to, the following:

● service as a director, officer, partner, consultant or in any other key role with any company with which the Trust has current or prospective business dealings;

● the receipt by a Covered Officer and his or her family members of any gifts from any company with which the Trust has current or prospective business dealings if it influences or gives the appearance of influencing the recipient;

● the receipt of customary business amenities from any company with which the Trust has current or prospective business dealings unless such amenity is business-related, reasonable in cost, appropriate as to time and place, and neither so frequent nor so costly as to raise any question of impropriety;

● any ownership by a Covered Officer and his or her family members of significant financial interest in any company with which the Trust has current or prospective business dealings, other than its investment adviser, principal underwriter, transfer agent or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **DISCLOSURE AND COMPLIANCE** 

● Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds.

● Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Service Providers or their affiliates with the goal of promoting full, fair, accurate, timely and understandable disclosure in such reports and documents the Trust files with, or submits to, the SEC.

● Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the trustees and auditors of the Trust, and to governmental regulators and self-regulatory organizations.

● It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by laws, rules and regulations applicable to the Funds.

**IV.** **REPORTING AND ACCOUNTABILITY** 

● Upon adoption of the Officer Code (or thereafter as applicable, upon becoming a Covered Officer), each Covered Officer shall affirm in writing to the Code Compliance Officer that he or she has received, read and understands the Officer Code. Annually thereafter each Covered Officer shall affirm that he or she has complied with the requirements of the Officer Code.

● Each Covered Officer shall notify the Code Compliance Officer promptly if he or she knows of any violation of this Officer Code. Failure to do so is itself a violation of this Officer Code.

● A Covered Officer must not retaliate against any other Covered Officer or any other officer or employee of the Trust or its affiliated persons for reports of potential violations that are made in good faith.

● The provisions of this Officer Code, other than amendments to <u>Exhibit A</u>, and any waivers, including implicit waivers, shall be disclosed in accordance with SEC rules and regulations.

**V.** **CODE ADMINISTRATION** 

Except as described below, the Code Compliance Officer is responsible for applying this Officer Code to specific situations in which questions may arise and has the authority to interpret this Officer Code in any particular situation. The Board of Trustees of the Trust ("Board") hereby designates the Audit Committee Chair as the Code Compliance Officer. The Code Compliance Officer (or his or her designee) shall take all action he or she considers appropriate to investigate any actual or potential conflicts or violations reported to him or her, and is encouraged to consult with counsel to the Independent Trustees.

Any matters that the Code Compliance Officer believes are a conflict or violation will be reported to the Audit Committee, which shall determine sanctions or other appropriate action. The Audit Committee shall be responsible for reviewing any requests for waivers from the provisions of this Officer Code. Any violations of this Officer Code, any waivers granted from the Officer Code and any potential conflicts and their resolution shall be reported to the Board at the next regular meeting.

Any amendments to this Officer Code, other than amendments to <u>Exhibit A</u> and clerical or administrative corrections, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

**VI.** **CONFIDENTIALITY** 

All reports and records prepared or maintained pursuant to this Officer Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the Board, the Trust and its officers, Trust counsel, counsel to the Independent Trustees, and officers of the Service Providers.

**VII.** **INTERNAL USE** 

The Officer Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance or legal conclusion.

**Adopted: March 24, 2021**

**Exhibit A**

Persons Covered by this Code of Ethics

(effective March 24, 2021)

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Service Provider** |
| Kevin R. Miller | President and Principal Executive Officer | Systelligence, LLC |
| Louis J. Sagert | Treasurer and Principal Financial Officer | UMB Fund Services, Inc. |

---

## Ex-99.Cert

**Exhibit 99.CERTS**

**E-Valuator Funds Trust**

**Exhibit 13(a)(2) 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: December 4, 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: December 4, 2025

---

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

---

## Exhibit 99.906

**Exhibit 99.906 CERTS**

**E-Valuator Funds Trust**

**Exhibit 13(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 September 30, 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: December 4, 2025 |

---

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

1. The N-CSR of the registrant
 for the period ended September 30, 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: December 4, 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.