N-CSR 1 formncsr.htm

 

 

 

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: September 30

 

Date of reporting period: September 30, 2023

 

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.

 

  (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.

 

 

 

 

 

 

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

 

 

 

   Total Return   Average Annual Return 
  

One Year

Ended

9/30/2023

  

5 Years

Ended

9/30/2023

  

10 Years

Ended

9/30/2023*

 
             
The E-Valuator Very Conservative (0%-15%) RMS Fund- Service:   2.40%   1.21%   2.07%
The E-Valuator Very Conservative (0%-15%) RMS Fund- R4:   2.03%   0.91%   1.79%
Bloomberg US Aggregate Bond Index:    0.64 %     0.10 %     1.13 %

 

* The Fund commenced operations as a series of the Trust following the completion of the reorganization of the corresponding series of World Funds Trust with the same name and managed by the Adviser (the “Predecessor Fund”) into the Fund, which occurred on May 21, 2021 (the “Reorganization”). The investment objective, strategy, policies, guidelines and restrictions of the Fund were and continue to be, in all material respects, the same as those of the Predecessor Fund at the time of the Reorganization. As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance information prior to May 21, 2021 included herein is that of the Predecessor Fund. Performance information prior to May 26, 2016 is the historic performance of a bank-sponsored collective investment fund of which the Predecessor Fund is the successor.

 

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of shares. The total cumulative returns are historical in nature and measure net investment income and capital gain or loss from portfolio investments assuming reinvestments of dividends. Past performance is not predictive of future performance.

 

The Bloomberg US Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The index invests in a wide spectrum of public, investment grade, taxable, fixed income securities in the United States - including government, corporate and international dollar denominated bonds as well as mortgage-backed and asset-backed securities, all with maturities of less than one year.

 

21
ANNUAL REPORT

 

 

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

Schedule of Investments

As of September 30, 2023

 

 

Number
of Shares		      Value 
     EXCHANGE-TRADED FUNDS — 46.0%     
     AGGREGATE BOND — 10.0%     
 6,230   AB High Yield ETF  $216,804 
 37,349   Fidelity Total Bond ETF   1,626,922 
 15,303   iShares Yield Optimized Bond ETF   327,096 
         2,170,822 
     BROAD BASED — 0.1%     
 482   Invesco DB Commodity Index Tracking Fund   12,031 
           
     BROAD MARKET — 0.1%     
 264   Schwab Fundamental U.S. Broad Market Index ETF   14,545 
           
     CONSUMER STAPLES — 0.1%     
 65   iShares U.S. Consumer Staples ETF   12,123 
 70   Vanguard Consumer Staples ETF   12,787 
         24,910 
     CONVERTIBLE — 0.6%     
 1,779   iShares Convertible Bond ETF   132,020 
           
     CORPORATE — 33.5%     
 31,756   Franklin Senior Loan ETF   763,732 
 14,617   iShares 0-5 Year High Yield Corporate Bond ETF   599,735 
 16,472   iShares Inflation Hedged Corporate Bond ETF   405,793 
 17,664   PGIM Ultra Short Bond ETF   874,191 
 51,533   Principal Active High Yield ETF   930,171 
 13,809   SPDR Portfolio Intermediate Term Corporate Bond ETF   434,293 
 23,793   SPDR Portfolio Short Term Corporate Bond ETF   697,611 
 39,383   VanEck IG Floating Rate ETF   995,996 
 9,009   Vanguard Long-Term Corporate Bond ETF   645,224 
 22,443   Xtrackers Short Duration High Yield Bond ETF   965,500 
         7,312,246 
     EMERGING MARKETS — 0.1%     
 599   Columbia EM Core ex-China ETF   16,425 
           
     GLOBAL — 0.1%     
 254   SPDR Global Dow ETF   27,705 
           
     INTERNATIONAL — 0.3%     
 939   iShares Currency Hedged MSCI EAFE Small-Cap ETF   26,165 
 410   Schwab Fundamental International Large Co. Index ETF   12,985 
 274   SPDR Portfolio Developed World ex-US ETF   8,497 
 193   Vanguard FTSE Developed Markets ETF   8,438 

 

22
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     EXCHANGE-TRADED FUNDS (Continued)     
     INTERNATIONAL (Continued)     
 311   WisdomTree Global ex-US Quality Dividend Growth Fund  $10,403 
         66,488 
     LARGE-CAP — 0.4%     
 54   Invesco QQQ Trust Series 1   19,346 
 196   Invesco S&P 500 GARP ETF   17,883 
 234   Schwab Fundamental U.S. Large Co. Index ETF   13,097 
 294   Schwab U.S. Large-Cap Growth ETF   21,380 
 347   SPDR Portfolio S&P 500 Value ETF   14,317 
 133   SPDR Russell 1000 Yield Focus ETF   12,159 
         98,182 
     MID-CAP — 0.5%     
 110   Invesco S&P MidCap 400 Pure Value ETF   10,836 
 244   Invesco S&P Midcap 400 Revenue ETF   22,894 
 93   iShares Core S&P Mid-Cap ETF   23,190 
 297   JPMorgan Market Expansion Enhanced Equity ETF   14,392 
 192   Vanguard Mid-Cap Growth ETF   37,396 
         108,708 
     PRECIOUS METALS — 0.1%     
 685   abrdn Physical Silver Shares ETF*   14,563 
 304   iShares Gold Trust*   10,637 
         25,200 
     SMALL-CAP — 0.1%     
 331   Dimensional U.S. Small Cap ETF   17,374 
     Total Exchange-Traded Funds     
     (Cost $10,225,965)   10,026,656 
     MUTUAL FUNDS — 52.3%     
     AGGREGATE BOND — 17.1%     
 50,731   Allspring Core Plus Bond Fund - Class R6   545,861 
 174,276   DFA Diversified Fixed Income Portfolio - Class Institutional   1,561,511 
 94,158   Vanguard Core Bond Fund - Admiral Shares   1,621,406 
         3,728,778 
     BANK LOANS — 3.2%     
 74,596   Fidelity Advisor Floating Rate High Income Fund   690,008 
           
     BLEND BROAD MARKET — 0.1%     
 405   DFA U.S. Core Equity 1 Portfolio - Class Institutional   13,162 
           
     BLEND LARGE CAP — 0.1%     
 444   DFA U.S. Large Co. Portfolio - Class Institutional   12,973 

 

23
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     MUTUAL FUNDS (Continued)     
     BLEND LARGE CAP (Continued)     
 98   Fidelity 500 Index Fund - Class Institutional Premium  $14,647 
         27,620 
     BLEND MID CAP — 0.1%     
 807   Vanguard Strategic Equity Fund - Class Investor   25,920 
           
     EMERGING MARKET STOCK — 0.0%     
 119   New World Fund, Inc. - Class F-3   8,465 
           
     EMERGING MARKETS BOND — 11.5%     
 95,508   TIAA-CREF Emerging Markets Debt Fund - Class Institutional   744,004 
 143,241   VanEck Emerging Markets Bond Fund   734,825 
 47,485   Vanguard Emerging Markets Bond Fund - Class Admiral   1,031,380 
         2,510,209 
     FOREIGN AGGREGATE BOND — 12.9%     
 66,846   DFA Short Duration Real Return Portfolio - Class Institutional   699,210 
 206,134   Dodge & Cox Global Bond Fund - Class I   2,106,694 
         2,805,904 
     FOREIGN BLEND — 0.3%     
 2,523   Dimensional Global Equity Portfolio - Class Institutional   70,942 
           
     FOREIGN VALUE — 0.2%     
 589   DFA International Value Portfolio - Class Institutional   11,230 
 1,904   Dodge & Cox Global Stock Fund - Class I   26,786 
         38,016 
     GENERAL CORPORATE BOND — 3.3%     
 75,657   T Rowe Price Institutional Floating Rate Fund - Class Institutional   709,658 
           
     GOVERNMENT LONG — 2.9%     
 81,274   Vanguard Long-Term Treasury Fund - Class Admiral   638,003 
           
     GROWTH BROAD MARKET — 0.2%     
 981   New Perspective Fund - Class R-6   52,049 
           
     GROWTH LARGE CAP — 0.1%     
 454   TIAA-CREF Large-Cap Growth Index Fund - Class Institutional   21,031 
           
     GROWTH SMALL CAP — 0.1%     
 254   Vanguard Explorer Fund - Class Admiral   23,306 
           
     VALUE LARGE CAP — 0.1%     
 283   Vanguard Windsor Fund - Class Admiral   19,865 

 

24
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     MUTUAL FUNDS (Continued)     
     VALUE MID CAP — 0.1%     
 482   DFA U.S. Targeted Value Portfolio - Class Institutional  $13,599 
     Total Mutual Funds     
     (Cost $11,894,702)   11,396,535 
           
     MONEY MARKET FUNDS — 1.7%     
 118,232   Gabelli U.S. Treasury Money Market Fund - Class AAA, 5.26%1    118,232 
 251,695   Goldman Sachs Financial Square Government Fund - Institutional Class, 5.16%1    251,695 
     Money Market Funds     
     (Cost $369,927)   369,927 
     TOTAL INVESTMENTS — 100.0%     
     (Cost $22,490,594)   21,793,118 
     Other Assets in Excess of Liabilities — 0.0%   2,425 
     TOTAL NET ASSETS — 100.0%  $21,795,543 

 

*Non-income producing security.
1Effective 7 day yield as of September 30, 2023.

 

See Notes to Financial Statements

 

25
ANNUAL REPORT

 

 

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

Schedule of Investments

As of September 30, 2023 (Unaudited)

 

 

Security Type/Fund Objective  Percent of Total
Net Assets		 
Mutual Funds     
Aggregate Bond   17.1%
Foreign Aggregate Bond   12.9%
Emerging Markets Bond   11.5%
General Corporate Bond   3.3%
Bank Loans   3.2%
Government Long   2.9%
Foreign Blend   0.3%
Growth Broad Market   0.2%
Foreign Value   0.2%
Blend Large Cap   0.1%
Blend Mid Cap   0.1%
Growth Small Cap   0.1%
Growth Large Cap   0.1%
Value Large Cap   0.1%
Value Mid Cap   0.1%
Blend Broad Market   0.1%
Emerging Market Stock   0.0%
Total Mutual Funds   52.3%
Exchange-Traded Funds     
Corporate   33.5%
Aggregate Bond   10.0%
Convertible   0.6%
Mid-cap   0.5%
Large-cap   0.4%
International   0.3%
Global   0.1%
Precious Metals   0.1%
Consumer Staples   0.1%
Small-cap   0.1%
Emerging Markets   0.1%
Broad Market   0.1%
Broad Based   0.1%
Total Exchange-Traded Funds   46.0%
Money Market Funds   1.7%
Total Investments   100.0%
Other Assets in Excess of Liabilities   0.0%
Total Net Assets   100.0%

 

See Notes to Financial Statements

 

26
ANNUAL REPORT

 

 

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

 

 

   Total Return   Average Annual Return 
   One Year
Ended
9/30/2023		  

5 Years

Ended

9/30/2023

   10 Years
Ended
9/30/2023*		 
             
The E-Valuator Conservative (15%-30%) RMS Fund- Service:   5.08%   2.13%   3.59%
The E-Valuator Conservative (15%-30%) RMS Fund- R4:   4.64%   1.78%   3.25%
Bloomberg US Aggregate Bond Index:    0.64 %     0.10 %     1.13 %

 

* The Fund commenced operations as a series of the Trust following the completion of the reorganization of the corresponding series of World Funds Trust with the same name and managed by the Adviser (the “Predecessor Fund”) into the Fund, which occurred on May 21, 2021 (the “Reorganization”). The investment objective, strategy, policies, guidelines and restrictions of the Fund were and continue to be, in all material respects, the same as those of the Predecessor Fund at the time of the Reorganization. As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance information prior to May 21, 2021 included herein is that of the Predecessor Fund. Performance information prior to May 26, 2016 is the historic performance of a bank-sponsored collective investment fund of which the Predecessor Fund is the successor.

 

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of shares. The total cumulative returns are historical in nature and measure net investment income and capital gain or loss from portfolio investments assuming reinvestments of dividends. Past performance is not predictive of future performance.

 

The Bloomberg US Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The index invests in a wide spectrum of public, investment grade, taxable, fixed income securities in the United States - including government, corporate and international dollar denominated bonds as well as mortgage-backed and asset-backed securities, all with maturities of less than one year.

 

27
ANNUAL REPORT

 

 

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

Schedule of Investments

As of September 30, 2023

 

 

Number
of Shares		      Value 
     EXCHANGE-TRADED FUNDS — 47.8%     
     AGGREGATE BOND — 10.5%     
 22,125   AB High Yield ETF  $769,950 
 59,070   Fidelity Total Bond ETF   2,573,089 
 96,133   iShares Yield Optimized Bond ETF   2,054,805 
         5,397,844 
     BROAD BASED — 0.1%     
 2,622   Invesco DB Commodity Index Tracking Fund   65,445 
           
     BROAD MARKET — 0.5%     
 4,566   Schwab Fundamental U.S. Broad Market Index ETF   251,557 
           
     CONSUMER STAPLES — 0.6%     
 776   iShares U.S. Consumer Staples ETF   144,732 
 805   Vanguard Consumer Staples ETF   147,049 
         291,781 
     CONVERTIBLE — 0.6%     
 4,051   iShares Convertible Bond ETF   300,625 
           
     CORPORATE — 26.1%     
 76,349   Franklin Senior Loan ETF   1,836,193 
 33,049   iShares 0-5 Year High Yield Corporate Bond ETF   1,356,001 
 31,990   iShares Inflation Hedged Corporate Bond ETF   788,083 
 85,385   Principal Active High Yield ETF   1,541,199 
 27,318   SPDR Portfolio Intermediate Term Corporate Bond ETF   859,151 
 53,620   SPDR Portfolio Short Term Corporate Bond ETF   1,572,138 
 103,819   VanEck IG Floating Rate ETF   2,625,583 
 17,674   Vanguard Long-Term Corporate Bond ETF   1,265,812 
 36,380   Xtrackers Short Duration High Yield Bond ETF   1,565,071 
         13,409,231 
     EMERGING MARKETS — 0.5%     
 3,833   Columbia EM Core ex-China ETF   105,101 
 1,517   Schwab Fundamental Emerging Markets Large Co. Index ETF   39,776 
 2,901   SPDR S&P Emerging Markets Dividend ETF   86,380 
         231,257 
     GLOBAL — 0.5%     
 2,214   SPDR Global Dow ETF   241,494 
           
     INTERNATIONAL — 1.1%     
 2,358   iShares Currency Hedged MSCI EAFE Small-Cap ETF   65,706 
 3,163   Schwab Fundamental International Large Co. Index ETF   100,172 
 3,746   SPDR Portfolio Developed World ex-US ETF   116,164 
 2,754   Vanguard FTSE Developed Markets ETF   120,405 

 

28
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     EXCHANGE-TRADED FUNDS (Continued)     
     INTERNATIONAL (Continued)     
 5,158   WisdomTree Global ex-US Quality Dividend Growth Fund  $172,535 
         574,982 
     LARGE-CAP — 2.7%     
 603   Invesco QQQ Trust Series 1   216,037 
 2,558   Invesco S&P 500 GARP ETF   233,392 
 3,164   Schwab Fundamental U.S. Large Co. Index ETF   177,089 
 5,704   Schwab U.S. Large-Cap Growth ETF   414,795 
 4,466   SPDR Portfolio S&P 500 Value ETF   184,267 
 1,679   SPDR Russell 1000 Yield Focus ETF   153,492 
         1,379,072 
     MID-CAP — 3.3%     
 1,829   Invesco S&P MidCap 400 Pure Value ETF   180,181 
 3,952   Invesco S&P Midcap 400 Revenue ETF   370,816 
 3,583   Invesco S&P MidCap Momentum ETF   288,467 
 1,464   iShares Core S&P Mid-Cap ETF   365,048 
 4,729   JPMorgan Market Expansion Enhanced Equity ETF   229,154 
 1,438   Vanguard Mid-Cap Growth ETF   280,079 
         1,713,745 
     PRECIOUS METALS — 0.4%     
 4,958   abrdn Physical Silver Shares ETF*   105,407 
 2,243   iShares Gold Trust*   78,483 
         183,890 
     SMALL-CAP — 0.8%     
 4,409   Dimensional U.S. Small Cap ETF   231,428 
 4,015   Invesco S&P SmallCap Momentum ETF   194,759 
         426,187 
     THEMATIC — 0.1%     
 1,891   Global X U.S. Infrastructure Development ETF   57,449 
     Total Exchange-Traded Funds     
     (Cost $24,932,066)   24,524,559 
     MUTUAL FUNDS — 50.9%     
     AGGREGATE BOND — 13.2%     
 148,437   Allspring Core Plus Bond Fund - Class R6   1,597,178 
 290,486   DFA Diversified Fixed Income Portfolio - Class Institutional   2,602,752 
 149,655   Vanguard Core Bond Fund - Admiral Shares   2,577,065 
         6,776,995 
     BANK LOANS — 3.2%     
 177,059   Fidelity Advisor Floating Rate High Income Fund   1,637,794 

 

29
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     MUTUAL FUNDS (Continued)     
     BLEND BROAD MARKET — 0.4%     
 6,408   DFA U.S. Core Equity 1 Portfolio - Class Institutional  $208,205 
           
     BLEND LARGE CAP — 0.9%     
 7,044   DFA U.S. Large Co. Portfolio - Class Institutional   205,963 
 1,723   Fidelity 500 Index Fund - Class Institutional Premium   257,292 
         463,255 
     BLEND MID CAP — 0.7%     
 11,641   Vanguard Strategic Equity Fund - Class Investor   374,017 
           
     EMERGING MARKET STOCK — 0.3%     
 2,135   New World Fund, Inc. - Class F-3   151,285 
           
     EMERGING MARKETS BOND — 9.8%     
 167,061   TIAA-CREF Emerging Markets Debt Fund - Class Institutional   1,301,407 
 235,889   VanEck Emerging Markets Bond Fund   1,210,109 
 115,065   Vanguard Emerging Markets Bond Fund - Class Admiral   2,499,221 
         5,010,737 
     FOREIGN AGGREGATE BOND — 11.3%     
 150,652   DFA Short Duration Real Return Portfolio - Class Institutional   1,575,817 
 412,507   Dodge & Cox Global Bond Fund - Class I   4,215,818 
         5,791,635 
     FOREIGN BLEND — 1.5%     
 3,778   DFA International Small Co. Portfolio - Class Institutional   66,648 
 24,373   Dimensional Global Equity Portfolio - Class Institutional   685,365 
         752,013 
     FOREIGN VALUE — 1.1%     
 5,934   American Beacon EAM International Small Cap Fund - Class R5   95,125 
 4,854   DFA International Small Cap Value Portfolio - Class Institutional   96,117 
 4,774   DFA International Value Portfolio - Class Institutional   91,045 
 19,149   Dodge & Cox Global Stock Fund - Class I   269,428 
         551,715 
     GENERAL CORPORATE BOND — 3.3%     
 180,909   T Rowe Price Institutional Floating Rate Fund - Class Institutional   1,696,926 
           
     GOVERNMENT LONG — 2.4%     
 158,425   Vanguard Long-Term Treasury Fund - Class Admiral   1,243,633 
           
     GROWTH BROAD MARKET — 1.0%     
 9,462   New Perspective Fund - Class R-6   502,232 

 

30
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     MUTUAL FUNDS (Continued)     
     GROWTH LARGE CAP — 0.6%     
 6,779   TIAA-CREF Large-Cap Growth Index Fund - Class Institutional  $313,725 
           
     GROWTH SMALL CAP — 0.3%     
 1,945   Vanguard Explorer Fund - Class Admiral   178,706 
           
     VALUE LARGE CAP — 0.6%     
 4,022   Vanguard Windsor Fund - Class Admiral   282,362 
           
     VALUE MID CAP — 0.3%     
 6,274   DFA U.S. Targeted Value Portfolio - Class Institutional   177,127 
     Total Mutual Funds     
     (Cost $26,975,039)   26,112,362 
           
     MONEY MARKET FUNDS — 1.3%     
 145,133   Gabelli U.S. Treasury Money Market Fund - Class AAA, 5.26%1    145,133 
 561,016   Goldman Sachs Financial Square Government Fund - Institutional Class, 5.16%1    561,016 
     Money Market Funds     
     (Cost $706,149)   706,149 
     TOTAL INVESTMENTS — 100.0%     
     (Cost $52,613,254)   51,343,070 
     Liabilities in Excess of Other Assets — (0.0)%   (19,100)
     TOTAL NET ASSETS — 100.0%  $51,323,970 

 

*Non-income producing security.
1Effective 7 day yield as of September 30, 2023.

 

See Notes to Financial Statements

 

31
ANNUAL REPORT

 

 

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

Schedule of Investments

As of September 30, 2023 (Unaudited)

 

 

Security Type/Fund Objective  Percent of Total
Net Assets		 
Mutual Funds     
Aggregate Bond   13.2%
Foreign Aggregate Bond   11.3%
Emerging Markets Bond   9.8%
General Corporate Bond   3.3%
Bank Loans   3.2%
Government Long   2.4%
Foreign Blend   1.5%
Foreign Value   1.1%
Growth Broad Market   1.0%
Blend Large Cap   0.9%
Blend Mid Cap   0.7%
Growth Large Cap   0.6%
Value Large Cap   0.6%
Blend Broad Market   0.4%
Growth Small Cap   0.3%
Value Mid Cap   0.3%
Emerging Market Stock   0.3%
Total Mutual Funds   50.9%
Exchange-Traded Funds     
Corporate   26.1%
Aggregate Bond   10.5%
Mid-cap   3.3%
Large-cap   2.7%
International   1.1%
Small-cap   0.8%
Convertible   0.6%
Consumer Staples   0.6%
Broad Market   0.5%
Global   0.5%
Emerging Markets   0.5%
Precious Metals   0.4%
Broad Based   0.1%
Thematic   0.1%
Total Exchange-Traded Funds   47.8%
Money Market Funds   1.3%
Total Investments   100.0%
Liabilities in Excess of Other Assets   (0.0)%
Total Net Assets   100.0%

 

See Notes to Financial Statements

 

32
ANNUAL REPORT

 

 

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

 

 

 

   Total Return    Average Annual Return 
  

One Year

Ended

9/30/2023

  

5 Years

Ended

9/30/2023

  

10 Years

Ended

9/30/2023*

 
             
The E-Valuator Conservative/Moderate (30%-50%) RMS Fund- Service:   7.26%   2.70%   3.60%
The E-Valuator Conservative/Moderate (30%-50%) RMS Fund- R4:   6.80%   2.44%   3.25%
S&P 500® Index:    21.62 %     9.92 %     11.91 %

 

* The Fund commenced operations as a series of the Trust following the completion of the reorganization of the corresponding series of World Funds Trust with the same name and managed by the Adviser (the “Predecessor Fund”) into the Fund, which occurred on May 21, 2021 (the “Reorganization”). The investment objective, strategy, policies, guidelines and restrictions of the Fund were and continue to be, in all material respects, the same as those of the Predecessor Fund at the time of the Reorganization. As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance information prior to May 21, 2021 included herein is that of the Predecessor Fund. Performance information prior to May 26, 2016 is the historic performance of a bank-sponsored collective investment fund of which the Predecessor Fund is the successor.

 

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of shares. The total cumulative returns are historical in nature and measure net investment income and capital gain or loss from portfolio investments assuming reinvestments of dividends. Past performance is not predictive of future performance.

 

The S&P 500® Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

 

33
ANNUAL REPORT

 

 

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

Schedule of Investments

As of September 30, 2023

 

 

Number
of Shares		      Value 
     EXCHANGE-TRADED FUNDS — 50.4%     
     AGGREGATE BOND — 8.7%     
 7,707   AB High Yield ETF  $268,204 
 26,064   Fidelity Total Bond ETF   1,135,348 
 43,389   iShares Yield Optimized Bond ETF   927,422 
         2,330,974 
     BROAD BASED — 0.2%     
 2,617   Invesco DB Commodity Index Tracking Fund   65,320 
           
     BROAD MARKET — 0.8%     
 3,772   Schwab Fundamental U.S. Broad Market Index ETF   207,813 
           
     CONSUMER STAPLES — 0.8%     
 531   iShares U.S. Consumer Staples ETF   99,037 
 574   Vanguard Consumer Staples ETF   104,852 
         203,889 
     CONVERTIBLE — 0.5%     
 1,778   iShares Convertible Bond ETF   131,945 
           
     CORPORATE — 20.9%     
 33,790   Franklin Senior Loan ETF   812,649 
 15,075   iShares 0-5 Year High Yield Corporate Bond ETF   618,527 
 14,038   iShares Inflation Hedged Corporate Bond ETF   345,830 
 35,938   Principal Active High Yield ETF   648,681 
 11,119   SPDR Portfolio Intermediate Term Corporate Bond ETF   349,693 
 18,460   SPDR Portfolio Short Term Corporate Bond ETF   541,247 
 44,413   VanEck IG Floating Rate ETF   1,123,205 
 7,301   Vanguard Long-Term Corporate Bond ETF   522,898 
 15,226   Xtrackers Short Duration High Yield Bond ETF   655,024 
         5,617,754 
     EMERGING MARKETS — 1.0%     
 4,210   Columbia EM Core ex-China ETF   115,438 
 999   Schwab Fundamental Emerging Markets Large Co. Index ETF   26,194 
 3,879   SPDR S&P Emerging Markets Dividend ETF   115,501 
         257,133 
     GLOBAL — 1.0%     
 2,390   SPDR Global Dow ETF   260,691 
           
     INTERNATIONAL — 2.1%     
 2,311   iShares Currency Hedged MSCI EAFE Small-Cap ETF   64,397 
 2,651   Schwab Fundamental International Large Co. Index ETF   83,957 
 3,798   SPDR Portfolio Developed World ex-US ETF   117,776 
 2,702   Vanguard FTSE Developed Markets ETF   118,131 

 

34
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     EXCHANGE-TRADED FUNDS (Continued)     
     INTERNATIONAL (Continued)     
 5,253   WisdomTree Global ex-US Quality Dividend Growth Fund  $175,713 
         559,974 
     LARGE-CAP — 5.4%     
 719   Invesco QQQ Trust Series 1   257,596 
 3,072   Invesco S&P 500 GARP ETF   280,290 
 3,239   Schwab Fundamental U.S. Large Co. Index ETF   181,287 
 4,479   Schwab U.S. Large-Cap Growth ETF   325,713 
 4,954   SPDR Portfolio S&P 500 Value ETF   204,402 
 2,100   SPDR Russell 1000 Yield Focus ETF   191,979 
         1,441,267 
     MID-CAP — 6.7%     
 3,691   Invesco S&P MidCap 400 Pure Value ETF   363,612 
 3,469   Invesco S&P Midcap 400 Revenue ETF   325,496 
 3,333   Invesco S&P MidCap Momentum ETF   268,340 
 1,366   iShares Core S&P Mid-Cap ETF   340,612 
 4,720   JPMorgan Market Expansion Enhanced Equity ETF   228,718 
 1,397   Vanguard Mid-Cap Growth ETF   272,094 
         1,798,872 
     PRECIOUS METALS — 0.6%     
 4,622   abrdn Physical Silver Shares ETF*   98,264 
 2,083   iShares Gold Trust*   72,884 
         171,148 
     SMALL-CAP — 1.5%     
 4,359   Dimensional U.S. Small Cap ETF   228,804 
 3,708   Invesco S&P SmallCap Momentum ETF   179,867 
         408,671 
     THEMATIC — 0.2%     
 1,810   Global X U.S. Infrastructure Development ETF   54,988 
     Total Exchange-Traded Funds     
     (Cost $13,744,890)   13,510,439 
     MUTUAL FUNDS — 48.0%     
     AGGREGATE BOND — 10.2%     
 30,765   Allspring Core Plus Bond Fund - Class R6   331,032 
 134,174   DFA Diversified Fixed Income Portfolio - Class Institutional   1,202,196 
 69,345   Vanguard Core Bond Fund - Admiral Shares   1,194,113 
         2,727,341 
     BANK LOANS — 3.0%     
 87,634   Fidelity Advisor Floating Rate High Income Fund   810,616 

 

35
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     MUTUAL FUNDS (Continued)     
     BLEND BROAD MARKET — 0.7%     
 5,391   DFA U.S. Core Equity 1 Portfolio - Class Institutional  $175,164 
           
     BLEND LARGE CAP — 1.9%     
 8,020   DFA U.S. Large Co. Portfolio - Class Institutional   234,495 
 1,866   Fidelity 500 Index Fund - Class Institutional Premium   278,707 
         513,202 
     BLEND MID CAP — 1.3%     
 10,662   Vanguard Strategic Equity Fund - Class Investor   342,555 
           
     EMERGING MARKET STOCK — 0.4%     
 1,634   New World Fund, Inc. - Class F-3   115,817 
           
     EMERGING MARKETS BOND — 7.9%     
 65,509   TIAA-CREF Emerging Markets Debt Fund - Class Institutional   510,317 
 88,280   VanEck Emerging Markets Bond Fund   452,878 
 52,677   Vanguard Emerging Markets Bond Fund - Class Admiral   1,144,151 
         2,107,346 
     FOREIGN AGGREGATE BOND — 8.5%     
 51,863   DFA Short Duration Real Return Portfolio - Class Institutional   542,489 
 170,007   Dodge & Cox Global Bond Fund - Class I   1,737,468 
         2,279,957 
     FOREIGN BLEND — 2.6%     
 3,586   DFA International Small Co. Portfolio - Class Institutional   63,256 
 22,963   Dimensional Global Equity Portfolio - Class Institutional   645,710 
         708,966 
     FOREIGN VALUE — 2.0%     
 5,811   American Beacon EAM International Small Cap Fund - Class R5   93,149 
 4,879   DFA International Small Cap Value Portfolio - Class Institutional   96,606 
 4,495   DFA International Value Portfolio - Class Institutional   85,722 
 17,564   Dodge & Cox Global Stock Fund - Class I   247,129 
         522,606 
     GENERAL CORPORATE BOND — 3.0%     
 86,236   T Rowe Price Institutional Floating Rate Fund - Class Institutional   808,896 
           
     GOVERNMENT LONG — 1.9%     
 65,787   Vanguard Long-Term Treasury Fund - Class Admiral   516,424 
           
     GROWTH BROAD MARKET — 1.8%     
 9,334   New Perspective Fund - Class R-6   495,429 

 

36
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     MUTUAL FUNDS (Continued)     
     GROWTH LARGE CAP — 1.1%     
 6,497   TIAA-CREF Large-Cap Growth Index Fund - Class Institutional  $300,676 
           
     GROWTH SMALL CAP — 0.6%     
 1,859   Vanguard Explorer Fund - Class Admiral   170,846 
           
     VALUE LARGE CAP — 1.1%     
 4,034   Vanguard Windsor Fund - Class Admiral   283,167 
     Total Mutual Funds     
     (Cost $13,379,812)   12,879,008 
           
     MONEY MARKET FUNDS — 1.6%     
 70,603   Gabelli U.S. Treasury Money Market Fund - Class AAA, 5.26%1    70,603 
 348,088   Goldman Sachs Financial Square Government Fund - Institutional Class, 5.16%1    348,088 
     Money Market Funds     
     (Cost $418,691)   418,691 
           
     TOTAL INVESTMENTS — 100.0%     
     (Cost $27,543,393)   26,808,138 
     Liabilities in Excess of Other Assets — (0.0)%   (4,277)
     TOTAL NET ASSETS — 100.0%  $26,803,861 

 

*Non-income producing security.
1Effective 7 day yield as of September 30, 2023.

 

See Notes to Financial Statements

 

37
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023 (Unaudited)

 

 

Security Type/Fund Objective  Percent of Total
Net Assets		 
Mutual Funds     
Aggregate Bond   10.2%
Foreign Aggregate Bond   8.5%
Emerging Markets Bond   7.9%
Bank Loans   3.0%
General Corporate Bond   3.0%
Foreign Blend   2.6%
Foreign Value   2.0%
Government Long   1.9%
Blend Large Cap   1.9%
Growth Broad Market   1.8%
Blend Mid Cap   1.3%
Growth Large Cap   1.1%
Value Large Cap   1.1%
Blend Broad Market   0.7%
Growth Small Cap   0.6%
Emerging Market Stock   0.4%
Total Mutual Funds   48.0%
Exchange-Traded Funds     
Corporate   20.9%
Aggregate Bond   8.7%
Mid-cap   6.7%
Large-cap   5.4%
International   2.1%
Small-cap   1.5%
Global   1.0%
Emerging Markets   1.0%
Broad Market   0.8%
Consumer Staples   0.8%
Precious Metals   0.6%
Convertible   0.5%
Broad Based   0.2%
Thematic   0.2%
Total Exchange-Traded Funds   50.4%
Money Market Funds   1.6%
Total Investments   100.0%
Liabilities in Excess of Other Assets   (0.0)%
Total Net Assets   100.0%

 

See Notes to Financial Statements

 

38
ANNUAL REPORT

 

 

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

 

 

 

   Total Return   Average Annual Return 
  

One Year

Ended

9/30/2023

  

5 Years

Ended

9/30/2023

  

10 Years

Ended

9/30/2023*

 
             
The E-Valuator Moderate (50%-70%) RMS Fund- Service:   10.43%   3.39%   5.49%
The E-Valuator Moderate (50%-70%) RMS Fund- R4:   9.88%   3.05%   5.13%
S&P 500® Index:    21.62 %     9.92 %     11.91 %

 

* The Fund commenced operations as a series of the Trust following the completion of the reorganization of the corresponding series of World Funds Trust with the same name and managed by the Adviser (the “Predecessor Fund”) into the Fund, which occurred on May 21, 2021 (the “Reorganization”). The investment objective, strategy, policies, guidelines and restrictions of the Fund were and continue to be, in all material respects, the same as those of the Predecessor Fund at the time of the Reorganization. As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance information prior to May 21, 2021 included herein is that of the Predecessor Fund. Performance information prior to May 26, 2016 is the historic performance of a bank-sponsored collective investment fund of which the Predecessor Fund is the successor.

 

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of shares. The total cumulative returns are historical in nature and measure net investment income and capital gain or loss from portfolio investments assuming reinvestments of dividends. Past performance is not predictive of future performance.

 

The S&P 500® Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

 

39
ANNUAL REPORT

 

 

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

Schedule of Investments

As of September 30, 2023

 

 

Number
of Shares		      Value 
     EXCHANGE-TRADED FUNDS — 52.1%     
     AGGREGATE BOND — 5.7%     
 29,801   AB High Yield ETF  $1,037,075 
 148,706   Fidelity Total Bond ETF   6,477,633 
 34,710   iShares Yield Optimized Bond ETF   741,913 
         8,256,621 
     BROAD BASED — 0.5%     
 26,813   Invesco DB Commodity Index Tracking Fund   669,252 
           
     BROAD MARKET — 1.4%     
 37,854   Schwab Fundamental U.S. Broad Market Index ETF   2,085,513 
           
     CONSUMER STAPLES — 1.0%     
 3,765   iShares U.S. Consumer Staples ETF   702,210 
 3,933   Vanguard Consumer Staples ETF   718,441 
         1,420,651 
     CONVERTIBLE — 0.4%     
 7,876   iShares Convertible Bond ETF   584,478 
           
     CORPORATE — 14.5%     
 124,792   Franklin Senior Loan ETF   3,001,247 
 55,158   iShares 0-5 Year High Yield Corporate Bond ETF   2,263,133 
 52,122   iShares Inflation Hedged Corporate Bond ETF   1,284,041 
 136,810   Principal Active High Yield ETF   2,469,420 
 39,526   SPDR Portfolio Intermediate Term Corporate Bond ETF   1,243,093 
 57,571   SPDR Portfolio Short Term Corporate Bond ETF   1,687,982 
 148,500   VanEck IG Floating Rate ETF   3,755,565 
 40,445   Vanguard Long-Term Corporate Bond ETF   2,896,671 
 57,962   Xtrackers Short Duration High Yield Bond ETF   2,493,531 
         21,094,683 
     EMERGING MARKETS — 1.4%     
 34,700   Columbia EM Core ex-China ETF   951,474 
 11,069   Schwab Fundamental Emerging Markets Large Co. Index ETF   290,229 
 26,862   SPDR S&P Emerging Markets Dividend ETF   799,843 
         2,041,546 
     GLOBAL — 1.4%     
 18,939   SPDR Global Dow ETF   2,065,785 
           
     INTERNATIONAL — 3.1%     
 18,357   iShares Currency Hedged MSCI EAFE Small-Cap ETF   511,523 
 23,351   Schwab Fundamental International Large Co. Index ETF   739,526 
 30,534   SPDR Portfolio Developed World ex-US ETF   946,860 
 21,731   Vanguard FTSE Developed Markets ETF   950,079 

 

40
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     EXCHANGE-TRADED FUNDS (Continued)     
     INTERNATIONAL (Continued)     
 42,246   WisdomTree Global ex-US Quality Dividend Growth Fund  $1,413,129 
         4,561,117 
     LARGE-CAP — 8.8%     
 6,551   Invesco QQQ Trust Series 1   2,347,027 
 31,238   Invesco S&P 500 GARP ETF   2,850,155 
 29,820   Schwab Fundamental U.S. Large Co. Index ETF   1,669,025 
 37,425   Schwab U.S. Large-Cap Growth ETF   2,721,546 
 39,428   SPDR Portfolio S&P 500 Value ETF   1,626,799 
 18,050   SPDR Russell 1000 Yield Focus ETF   1,650,108 
         12,864,660 
     MID-CAP — 9.7%     
 15,273   Invesco S&P MidCap 400 Pure Value ETF   1,504,592 
 30,730   Invesco S&P Midcap 400 Revenue ETF   2,883,396 
 29,862   Invesco S&P MidCap Momentum ETF   2,404,189 
 12,099   iShares Core S&P Mid-Cap ETF   3,016,886 
 41,392   JPMorgan Market Expansion Enhanced Equity ETF   2,005,736 
 12,045   Vanguard Mid-Cap Growth ETF   2,346,005 
         14,160,804 
     PRECIOUS METALS — 1.3%     
 53,105   abrdn Physical Silver Shares ETF*   1,129,012 
 23,634   iShares Gold Trust*   826,954 
         1,955,966 
     SMALL-CAP — 2.5%     
 38,577   Dimensional U.S. Small Cap ETF   2,024,907 
 32,629   Invesco S&P SmallCap Momentum ETF   1,582,761 
         3,607,668 
     THEMATIC — 0.4%     
 20,921   Global X U.S. Infrastructure Development ETF   635,580 
     Total Exchange-Traded Funds     
     (Cost $76,282,046)   76,004,324 
     MUTUAL FUNDS — 47.3%     
     AGGREGATE BOND — 7.5%     
 160,094   Allspring Core Plus Bond Fund - Class R6   1,722,614 
 515,281   DFA Diversified Fixed Income Portfolio - Class Institutional   4,616,922 
 265,496   Vanguard Core Bond Fund - Admiral Shares   4,571,839 
         10,911,375 
     BANK LOANS — 1.9%     
 297,421   Fidelity Advisor Floating Rate High Income Fund   2,751,147 

 

41
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     MUTUAL FUNDS (Continued)     
     BLEND BROAD MARKET — 0.9%     
 41,946   DFA U.S. Core Equity 1 Portfolio - Class Institutional  $1,362,828 
           
     BLEND LARGE CAP — 3.2%     
 67,635   DFA U.S. Large Co. Portfolio - Class Institutional   1,977,642 
 17,975   Fidelity 500 Index Fund - Class Institutional Premium   2,684,673 
         4,662,315 
     BLEND MID CAP — 2.0%     
 91,488   Vanguard Strategic Equity Fund - Class Investor   2,939,512 
           
     EMERGING MARKET STOCK — 0.7%     
 14,069   New World Fund, Inc. - Class F-3   996,959 
           
     EMERGING MARKETS BOND — 5.7%     
 305,427   TIAA-CREF Emerging Markets Debt Fund - Class Institutional   2,379,275 
 389,231   VanEck Emerging Markets Bond Fund   1,996,755 
 178,420   Vanguard Emerging Markets Bond Fund - Class Admiral   3,875,283 
         8,251,313 
     FOREIGN AGGREGATE BOND — 6.2%     
 215,482   DFA Short Duration Real Return Portfolio - Class Institutional   2,253,939 
 658,110   Dodge & Cox Global Bond Fund - Class I   6,725,880 
         8,979,819 
     FOREIGN BLEND — 4.2%     
 29,286   DFA International Small Co. Portfolio - Class Institutional   516,597 
 201,119   Dimensional Global Equity Portfolio - Class Institutional   5,655,473 
         6,172,070 
     FOREIGN VALUE — 3.0%     
 47,392   American Beacon EAM International Small Cap Fund - Class R5   759,698 
 39,123   DFA International Small Cap Value Portfolio - Class Institutional   774,631 
 36,392   DFA International Value Portfolio - Class Institutional   693,996 
 151,899   Dodge & Cox Global Stock Fund - Class I   2,137,215 
         4,365,540 
     GENERAL CORPORATE BOND — 1.8%     
 282,808   T Rowe Price Institutional Floating Rate Fund - Class Institutional   2,652,740 
           
     GOVERNMENT LONG — 2.0%     
 363,524   Vanguard Long-Term Treasury Fund - Class Admiral   2,853,661 
           
     GROWTH BROAD MARKET — 2.8%     
 78,377   New Perspective Fund - Class R-6   4,160,251 

 

42
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     MUTUAL FUNDS (Continued)     
     GROWTH LARGE CAP — 1.8%     
 57,256   TIAA-CREF Large-Cap Growth Index Fund - Class Institutional  $2,649,805 
           
     GROWTH SMALL CAP — 1.1%     
 17,822   Vanguard Explorer Fund - Class Admiral   1,637,660 
           
     VALUE LARGE CAP — 1.5%     
 30,344   Vanguard Windsor Fund - Class Admiral   2,130,172 
           
     VALUE MID CAP — 1.0%     
 52,767   DFA U.S. Targeted Value Portfolio - Class Institutional   1,489,608 
     Total Mutual Funds     
     (Cost $70,682,641)   68,966,775 
           
     MONEY MARKET FUNDS — 0.6%     
 397,857   Gabelli U.S. Treasury Money Market Fund - Class AAA, 5.26%1    397,857 
 463,544   Goldman Sachs Financial Square Government Fund - Institutional Class, 5.16%1    463,544 
     Money Market Funds     
     (Cost $861,401)   861,401 
     TOTAL INVESTMENTS — 100.0%     
     (Cost $147,826,088)   145,832,500 
     Other Assets in Excess of Liabilities — 0.0%   868 
     TOTAL NET ASSETS — 100.0%  $145,833,368 

 

*Non-income producing security.
1Effective 7 day yield as of September 30, 2023.

 

See Notes to Financial Statements

 

43
ANNUAL REPORT

 

 

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

Schedule of Investments

As of September 30, 2023 (Unaudited)

 

 

Security Type/Fund Objective  Percent of Total
Net Assets		 
Mutual Funds     
Aggregate Bond   7.5%
Foreign Aggregate Bond   6.2%
Emerging Markets Bond   5.7%
Foreign Blend   4.2%
Blend Large Cap   3.2%
Foreign Value   3.0%
Growth Broad Market   2.8%
Blend Mid Cap   2.0%
Government Long   2.0%
Bank Loans   1.9%
General Corporate Bond   1.8%
Growth Large Cap   1.8%
Value Large Cap   1.5%
Growth Small Cap   1.1%
Value Mid Cap   1.0%
Blend Broad Market   0.9%
Emerging Market Stock   0.7%
Total Mutual Funds   47.3%
Exchange-Traded Funds     
Corporate   14.5%
Mid-cap   9.7%
Large-cap   8.8%
Aggregate Bond   5.7%
International   3.1%
Small-cap   2.5%
Broad Market   1.4%
Global   1.4%
Emerging Markets   1.4%
Precious Metals   1.3%
Consumer Staples   1.0%
Broad Based   0.5%
Thematic   0.4%
Convertible   0.4%
Total Exchange-Traded Funds   52.1%
Money Market Funds   0.6%
Total Investments   100.0%
Other Assets in Excess of Liabilities   0.0%
Total Net Assets   100.0%

 

See Notes to Financial Statements

 

44
ANNUAL REPORT

 

 

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

 

 

  

   Total Return   Average Annual Return 
  

One Year

Ended

9/30/2023

  

5 Years

Ended

9/30/2023

  

10 Years

Ended

9/30/2023*

 
The E-Valuator Growth (70%-85%) RMS Fund- Service:   13.64%   4.29%   6.52%
The E-Valuator Growth (70%-85%) RMS Fund- R4:   13.08%   3.92%   6.16%
S&P 500® Index:    21.62 %     9.92 %     11.91 %

 

* Fund commenced operations on May 26, 2016. The performance data quoted for periods prior to May 26, 2016 is that of the Predecessor Fund. The Predecessor Fund commenced operations on February 29, 2012. The Predecessor Fund was not a registered mutual fund and was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund’s performance might have been lower. Performance shown for periods of one year and greater are annualized.

 

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of shares. The total cumulative returns are historical in nature and measure net investment income and capital gain or loss from portfolio investments assuming reinvestments of dividends. Past performance is not predictive of future performance.

 

The S&P 500® Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

 

45
ANNUAL REPORT

 

 

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

Schedule of Investments

As of September 30, 2023

 

 

Number
of Shares		      Value 
     EXCHANGE-TRADED FUNDS — 56.2%     
     AGGREGATE BOND — 3.3%     
 28,949   AB High Yield ETF  $1,007,425 
 127,747   Fidelity Total Bond ETF   5,564,659 
 68,733   iShares Yield Optimized Bond ETF   1,469,141 
         8,041,225 
     BROAD BASED — 0.7%     
 72,160   Invesco DB Commodity Index Tracking Fund   1,801,114 
           
     BROAD MARKET — 1.9%     
 82,446   Schwab Fundamental U.S. Broad Market Index ETF   4,542,247 
           
     CONSUMER STAPLES — 1.5%     
 9,517   iShares U.S. Consumer Staples ETF   1,775,015 
 9,816   Vanguard Consumer Staples ETF   1,793,089 
         3,568,104 
     CONVERTIBLE — 0.3%     
 9,883   iShares Convertible Bond ETF   733,417 
           
     CORPORATE — 8.5%     
 167,880   Franklin Senior Loan ETF   4,037,514 
 40,629   iShares 0-5 Year High Yield Corporate Bond ETF   1,667,008 
 53,314   iShares Inflation Hedged Corporate Bond ETF   1,313,406 
 155,670   Principal Active High Yield ETF   2,809,844 
 43,801   SPDR Portfolio Intermediate Term Corporate Bond ETF   1,377,541 
 156,822   VanEck IG Floating Rate ETF   3,966,028 
 34,006   Vanguard Long-Term Corporate Bond ETF   2,435,510 
 65,955   Xtrackers Short Duration High Yield Bond ETF   2,837,391 
         20,444,242 
     EMERGING MARKETS — 2.2%     
 83,131   Columbia EM Core ex-China ETF   2,279,452 
 23,624   Schwab Fundamental Emerging Markets Large Co. Index ETF   619,421 
 77,200   SPDR S&P Emerging Markets Dividend ETF   2,298,707 
         5,197,580 
     GLOBAL — 1.7%     
 37,935   SPDR Global Dow ETF   4,137,787 
           
     INTERNATIONAL — 4.5%     
 47,271   iShares Currency Hedged MSCI EAFE Small-Cap ETF   1,317,221 
 57,039   Schwab Fundamental International Large Co. Index ETF   1,806,425 
 75,637   SPDR Portfolio Developed World ex-US ETF   2,345,503 
 49,510   Vanguard FTSE Developed Markets ETF   2,164,577 

 

46
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     EXCHANGE-TRADED FUNDS (Continued)     
     INTERNATIONAL (Continued)     
 100,438   WisdomTree Global ex-US Quality Dividend Growth Fund  $3,359,651 
         10,993,377 
     LARGE-CAP — 12.4%     
 15,955   Invesco QQQ Trust Series 1   5,716,198 
 58,242   Invesco S&P 500 GARP ETF   5,314,000 
 75,871   Schwab Fundamental U.S. Large Co. Index ETF   4,246,500 
 82,285   Schwab U.S. Large-Cap Growth ETF   5,983,765 
 96,581   SPDR Portfolio S&P 500 Value ETF   3,984,932 
 50,931   SPDR Russell 1000 Yield Focus ETF   4,656,046 
         29,901,441 
     MID-CAP — 13.1%     
 34,433   Invesco S&P MidCap 400 Pure Value ETF   3,392,105 
 62,950   Invesco S&P Midcap 400 Revenue ETF   5,906,599 
 67,608   Invesco S&P MidCap Momentum ETF   5,443,120 
 28,061   iShares Core S&P Mid-Cap ETF   6,997,010 
 97,237   JPMorgan Market Expansion Enhanced Equity ETF   4,711,823 
 27,227   Vanguard Mid-Cap Growth ETF   5,303,003 
         31,753,660 
     PRECIOUS METALS — 2.2%     
 146,923   abrdn Physical Silver Shares ETF*   3,123,583 
 65,229   iShares Gold Trust*   2,282,363 
         5,405,946 
     SMALL-CAP — 3.2%     
 86,616   Dimensional U.S. Small Cap ETF   4,546,474 
 67,386   Invesco S&P SmallCap Momentum ETF   3,268,746 
         7,815,220 
     THEMATIC — 0.7%     
 56,933   Global X U.S. Infrastructure Development ETF   1,729,625 
     Total Exchange-Traded Funds     
     (Cost $135,857,250)   136,064,985 
     MUTUAL FUNDS — 43.7%     
     AGGREGATE BOND — 4.4%     
 297,941   Allspring Core Plus Bond Fund - Class R6   3,205,843 
 412,297   DFA Diversified Fixed Income Portfolio - Class Institutional   3,694,181 
 217,243   Vanguard Core Bond Fund - Admiral Shares   3,740,925 
         10,640,949 
     BANK LOANS — 1.6%     
 415,086   Fidelity Advisor Floating Rate High Income Fund   3,839,547 

 

47
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     MUTUAL FUNDS (Continued)     
     BLEND BROAD MARKET — 2.0%     
 146,067   DFA U.S. Core Equity 1 Portfolio - Class Institutional  $4,745,702 
           
     BLEND LARGE CAP — 4.1%     
 176,207   DFA U.S. Large Co. Portfolio - Class Institutional   5,152,305 
 32,376   Fidelity 500 Index Fund - Class Institutional Premium   4,835,607 
         9,987,912 
     BLEND MID CAP — 2.8%     
 214,449   Vanguard Strategic Equity Fund - Class Investor   6,890,255 
           
     EMERGING MARKET STOCK — 0.9%     
 32,596   New World Fund, Inc. - Class F-3   2,309,784 
           
     EMERGING MARKETS BOND — 3.3%     
 309,554   TIAA-CREF Emerging Markets Debt Fund - Class Institutional   2,411,427 
 363,799   VanEck Emerging Markets Bond Fund   1,866,289 
 171,983   Vanguard Emerging Markets Bond Fund - Class Admiral   3,735,477 
         8,013,193 
     FOREIGN AGGREGATE BOND — 2.5%     
 581,985   Dodge & Cox Global Bond Fund - Class I   5,947,886 
           
     FOREIGN BLEND — 4.9%     
 68,541   DFA International Small Co. Portfolio - Class Institutional   1,209,065 
 377,263   Dimensional Global Equity Portfolio - Class Institutional   10,608,632 
         11,817,697 
     FOREIGN VALUE — 3.9%     
 115,783   American Beacon EAM International Small Cap Fund - Class R5   1,855,995 
 96,656   DFA International Small Cap Value Portfolio - Class Institutional   1,913,788 
 92,973   DFA International Value Portfolio - Class Institutional   1,772,989 
 281,102   Dodge & Cox Global Stock Fund - Class I   3,955,109 
         9,497,881 
     GENERAL CORPORATE BOND — 1.5%     
 393,837   T Rowe Price Institutional Floating Rate Fund - Class Institutional   3,694,188 
           
     GOVERNMENT LONG — 1.0%     
 305,743   Vanguard Long-Term Treasury Fund - Class Admiral   2,400,087 
           
     GROWTH BROAD MARKET — 3.4%     
 154,165   New Perspective Fund - Class R-6   8,183,071 
           
     GROWTH LARGE CAP — 2.5%     
 129,259   TIAA-CREF Large-Cap Growth Index Fund - Class Institutional   5,982,090 

 

48
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     MUTUAL FUNDS (Continued)     
     GROWTH SMALL CAP — 1.4%     
 36,779   Vanguard Explorer Fund - Class Admiral  $3,379,636 
           
     VALUE LARGE CAP — 2.1%     
 70,867   Vanguard Windsor Fund - Class Admiral   4,974,851 
           
     VALUE MID CAP — 1.4%     
 123,274   DFA U.S. Targeted Value Portfolio - Class Institutional   3,480,033 
     Total Mutual Funds     
     (Cost $105,802,576)   105,784,762 
           
     MONEY MARKET FUNDS — 0.3%     
 167,036   Gabelli U.S. Treasury Money Market Fund - Class AAA, 5.26%1    167,036 
 469,064   Goldman Sachs Financial Square Government Fund - Institutional Class, 5.16%1    469,064 
     Money Market Funds     
     (Cost $636,100)   636,100 
     TOTAL INVESTMENTS — 100.2%     
     (Cost $242,295,926)   242,485,847 
     Liabilities in Excess of Other Assets — (0.2)%   (371,737)
     TOTAL NET ASSETS — 100.0%  $242,114,110 

 

*Non-income producing security.
1Effective 7 day yield as of September 30, 2023.

 

See Notes to Financial Statements

 

49
ANNUAL REPORT

 

 

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

Schedule of Investments

As of September 30, 2023 (Unaudited)

 

 

Security Type/Fund Objective  Percent of Total
Net Assets		 
Mutual Funds     
Foreign Blend   4.9%
Aggregate Bond   4.4%
Blend Large Cap   4.1%
Foreign Value   3.9%
Growth Broad Market   3.4%
Emerging Markets Bond   3.3%
Blend Mid Cap   2.8%
Growth Large Cap   2.5%
Foreign Aggregate Bond   2.5%
Value Large Cap   2.1%
Blend Broad Market   2.0%
Bank Loans   1.6%
General Corporate Bond   1.5%
Value Mid Cap   1.4%
Growth Small Cap   1.4%
Government Long   1.0%
Emerging Market Stock   0.9%
Total Mutual Funds   43.7%
Exchange-Traded Funds     
Mid-cap   13.1%
Large-cap   12.4%
Corporate   8.5%
International   4.5%
Aggregate Bond   3.3%
Small-cap   3.2%
Precious Metals   2.2%
Emerging Markets   2.2%
Broad Market   1.9%
Global   1.7%
Consumer Staples   1.5%
Broad Based   0.7%
Thematic   0.7%
Convertible   0.3%
Total Exchange-Traded Funds   56.2%
Money Market Funds   0.3%
Total Investments   100.2%
Liabilities in Excess of Other Assets   (0.2)%
Total Net Assets   100.0%

 

See Notes to Financial Statements

 

50
ANNUAL REPORT

 

 

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

 

 

 

   Total Return   Average Annual Return 
  

One Year

Ended

9/30/2023

  

5 Years

Ended

9/30/2023

  

10 Years

Ended

9/30/2023*

 
The E-Valuator Aggressive Growth (85%-99%) RMS Fund- Service:   15.47%   4.54%   6.75%
The E-Valuator Aggressive Growth (85%-99%) RMS Fund- R4:   14.98%   4.20%   6.35%
S&P 500® Index:    21.62 %     9.92 %     11.91 %

 

* The Fund commenced operations as a series of the Trust following the completion of the reorganization of the corresponding series of World Funds Trust with the same name and managed by the Adviser (the “Predecessor Fund”) into the Fund, which occurred on May 21, 2021 (the “Reorganization”). The investment objective, strategy, policies, guidelines and restrictions of the Fund were and continue to be, in all material respects, the same as those of the Predecessor Fund at the time of the Reorganization. As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance information prior to May 21, 2021 included herein is that of the Predecessor Fund. Performance information prior to May 26, 2016 is the historic performance of a bank-sponsored collective investment fund of which the Predecessor Fund is the successor.

 

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of shares. The total cumulative returns are historical in nature and measure net investment income and capital gain or loss from portfolio investments assuming reinvestments of dividends. Past performance is not predictive of future performance.

 

The S&P 500® Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

 

51
ANNUAL REPORT

 

  

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

Schedule of Investments

As of September 30, 2023

 

 

Number
of Shares		      Value 
     EXCHANGE-TRADED FUNDS — 60.7%     
     AGGREGATE BOND — 1.6%     
 56,823   Fidelity Total Bond ETF  $2,475,210 
           
     BROAD BASED — 1.1%     
 73,610   Invesco DB Commodity Index Tracking Fund   1,837,306 
           
     BROAD MARKET — 2.0%     
 56,880   Schwab Fundamental U.S. Broad Market Index ETF   3,133,724 
           
     CONSUMER STAPLES — 2.9%     
 12,441   iShares U.S. Consumer Staples ETF   2,320,371 
 12,719   Vanguard Consumer Staples ETF   2,323,380 
         4,643,751 
     CONVERTIBLE — 0.1%     
 2,149   iShares Convertible Bond ETF   159,477 
           
     CORPORATE — 5.1%     
 128,621   Franklin Senior Loan ETF   3,093,335 
 18,550   iShares 0-5 Year High Yield Corporate Bond ETF   761,107 
 30,254   iShares Inflation Hedged Corporate Bond ETF   745,316 
 70,161   Principal Active High Yield ETF   1,266,406 
 10,970   Vanguard Long-Term Corporate Bond ETF   785,671 
 31,289   Xtrackers Short Duration High Yield Bond ETF   1,346,056 
         7,997,891 
     EMERGING MARKETS — 2.5%     
 72,604   Columbia EM Core ex-China ETF   1,990,802 
 21,580   Schwab Fundamental Emerging Markets Large Co. Index ETF   565,827 
 45,039   SPDR S&P Emerging Markets Dividend ETF   1,341,081 
         3,897,710 
     GLOBAL — 2.0%     
 28,554   SPDR Global Dow ETF   3,114,548 
           
     INTERNATIONAL — 5.3%     
 35,528   iShares Currency Hedged MSCI EAFE Small-Cap ETF   989,998 
 42,829   Schwab Fundamental International Large Co. Index ETF   1,356,394 
 56,357   SPDR Portfolio Developed World ex-US ETF   1,747,631 
 40,101   Vanguard FTSE Developed Markets ETF   1,753,216 
 77,961   WisdomTree Global ex-US Quality Dividend Growth Fund   2,607,796 
         8,455,035 
     LARGE-CAP — 13.6%     
 10,520   Invesco QQQ Trust Series 1   3,769,000 
 40,294   Invesco S&P 500 GARP ETF   3,676,424 

 

52
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     EXCHANGE-TRADED FUNDS (Continued)     
     LARGE-CAP (Continued)     
 54,381   Schwab Fundamental U.S. Large Co. Index ETF  $3,043,705 
 67,174   Schwab U.S. Large-Cap Growth ETF   4,884,893 
 74,964   SPDR Portfolio S&P 500 Value ETF   3,093,015 
 32,373   SPDR Russell 1000 Yield Focus ETF   2,959,498 
         21,426,535 
     MID-CAP — 16.3%     
 28,173   Invesco S&P MidCap 400 Pure Value ETF   2,775,412 
 54,219   Invesco S&P Midcap 400 Revenue ETF   5,087,369 
 46,105   Invesco S&P MidCap Momentum ETF   3,711,914 
 23,822   iShares Core S&P Mid-Cap ETF   5,940,016 
 74,525   JPMorgan Market Expansion Enhanced Equity ETF   3,611,265 
 23,274   Vanguard Mid-Cap Growth ETF   4,533,077 
         25,659,053 
     PRECIOUS METALS — 3.3%     
 143,013   abrdn Physical Silver Shares ETF*   3,040,456 
 61,015   iShares Gold Trust*   2,134,915 
         5,175,371 
     SMALL-CAP — 3.9%     
 65,761   Dimensional U.S. Small Cap ETF   3,451,795 
 56,249   Invesco S&P SmallCap Momentum ETF   2,728,515 
         6,180,310 
     THEMATIC — 1.0%     
 54,182   Global X U.S. Infrastructure Development ETF   1,646,049 
     Total Exchange-Traded Funds     
     (Cost $95,836,129)   95,801,970 
     MUTUAL FUNDS — 38.4%     
     AGGREGATE BOND — 1.6%     
 150,004   Vanguard Core Bond Fund - Admiral Shares   2,583,076 
           
     BLEND BROAD MARKET — 2.3%     
 111,084   DFA U.S. Core Equity 1 Portfolio - Class Institutional   3,609,131 
           
     BLEND LARGE CAP — 3.8%     
 103,894   DFA U.S. Large Co. Portfolio - Class Institutional   3,037,871 
 20,229   Fidelity 500 Index Fund - Class Institutional Premium   3,021,333 
         6,059,204 
     BLEND MID CAP — 3.0%     
 146,508   Vanguard Strategic Equity Fund - Class Investor   4,707,295 

 

53
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     MUTUAL FUNDS (Continued)     
     EMERGING MARKET STOCK — 1.2%     
 27,533   New World Fund, Inc. - Class F-3  $1,951,016 
           
     EMERGING MARKETS BOND — 1.5%     
 63,768   TIAA-CREF Emerging Markets Debt Fund - Class Institutional   496,755 
 82,877   Vanguard Emerging Markets Bond Fund - Class Admiral   1,800,089 
         2,296,844 
     FOREIGN AGGREGATE BOND — 1.2%     
 177,837   Dodge & Cox Global Bond Fund - Class I   1,817,497 
           
     FOREIGN BLEND — 5.8%     
 56,044   DFA International Small Co. Portfolio - Class Institutional   988,610 
 291,891   Dimensional Global Equity Portfolio - Class Institutional   8,207,985 
         9,196,595 
     FOREIGN VALUE — 4.6%     
 89,252   American Beacon EAM International Small Cap Fund - Class R5   1,430,718 
 73,737   DFA International Small Cap Value Portfolio - Class Institutional   1,459,999 
 69,530   DFA International Value Portfolio - Class Institutional   1,325,942 
 221,428   Dodge & Cox Global Stock Fund - Class I   3,115,497 
         7,332,156 
     GOVERNMENT LONG — 0.5%     
 98,291   Vanguard Long-Term Treasury Fund - Class Admiral   771,581 
           
     GROWTH BROAD MARKET — 3.9%     
 115,678   New Perspective Fund - Class R-6   6,140,189 
           
     GROWTH LARGE CAP — 3.1%     
 104,808   TIAA-CREF Large-Cap Growth Index Fund - Class Institutional   4,850,492 
           
     GROWTH SMALL CAP — 1.7%     
 28,601   Vanguard Explorer Fund - Class Admiral   2,628,174 
           
     VALUE LARGE CAP — 2.6%     
 59,266   Vanguard Windsor Fund - Class Admiral   4,160,472 
           
     VALUE MID CAP — 1.6%     
 89,770   DFA U.S. Targeted Value Portfolio - Class Institutional   2,534,196 
     Total Mutual Funds     
     (Cost $60,313,115)   60,637,918 
           
     MONEY MARKET FUNDS — 0.8%     
 34,460   Gabelli U.S. Treasury Money Market Fund - Class AAA, 5.26%1    34,460 

 

54
ANNUAL REPORT

 

 

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

Schedule of Investments - Continued

As of September 30, 2023

 

 

Number
of Shares		      Value 
     MONEY MARKET FUNDS (Continued)     
 1,161,517   Goldman Sachs Financial Square Government Fund - Institutional Class, 5.16%1   $1,161,517 
     Money Market Funds     
     (Cost $1,195,977)   1,195,977 
     TOTAL INVESTMENTS — 99.9%     
     (Cost $157,345,221)   157,635,865 
     Other Assets in Excess of Liabilities — 0.1%   81,104 
     TOTAL NET ASSETS — 100.0%  $157,716,969 

 

*Non-income producing security.
1Effective 7 day yield as of September 30, 2023.

 

See Notes to Financial Statements

 

55
ANNUAL REPORT

 

 

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

Schedule of Investments

As of September 30, 2023 (Unaudited)

 

 

Security Type/Fund Objective  Percent of Total
Net Assets		 
Mutual Funds     
Foreign Blend   5.8%
Foreign Value   4.6%
Growth Broad Market   3.9%
Blend Large Cap   3.8%
Growth Large Cap   3.1%
Blend Mid Cap   3.0%
Value Large Cap   2.6%
Blend Broad Market   2.3%
Growth Small Cap   1.7%
Aggregate Bond   1.6%
Value Mid Cap   1.6%
Emerging Markets Bond   1.5%
Emerging Market Stock   1.2%
Foreign Aggregate Bond   1.2%
Government Long   0.5%
Total Mutual Funds   38.4%
Exchange-Traded Funds     
Mid-cap   16.3%
Large-cap   13.6%
International   5.3%
Corporate   5.1%
Small-cap   3.9%
Precious Metals   3.3%
Consumer Staples   2.9%
Emerging Markets   2.5%
Broad Market   2.0%
Global   2.0%
Aggregate Bond   1.6%
Broad Based   1.1%
Thematic   1.0%
Convertible   0.1%
Total Exchange-Traded Funds   60.7%
Money Market Funds   0.8%
Total Investments   99.9%
Other Assets in Excess of Liabilities   0.1%
Total Net Assets   100.0%

 

See Notes to Financial Statements

 

56
ANNUAL REPORT

 

 

Statements of Assets and Liabilities

September 30, 2023

 

  

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

  

The E-Valuator

Aggressive Growth

(85%-99%) RMS

Fund

 
Assets:                               
Investments, at cost  $22,490,594   $52,613,254   $27,543,393   $147,826,088   $242,295,926   $157,345,221 
Investments, at value   21,793,118    51,343,070    26,808,138    145,832,500    242,485,847    157,635,865 
Receivables:                              
Fund shares sold   2,609    9,535    9,772    39,248    67,476    59,411 
Dividends and interest   32,750    17,946    20,687    52,923    104,173    114,696 
Prepaid expenses   3,936    6,703    3,376    16,395    20,267    14,081 
Total assets   21,832,413    51,377,254    26,841,973    145,941,066    242,677,763    157,824,053 
Liabilities:                              
Payables:                              
Fund shares redeemed   -    -    -    1,072    408,527    11,383 
Investment advisory fees   4,189    16,379    7,980    46,408    77,663    50,278 
Shareholder servicing fees (Note 2)   2,719    2,973    1,690    7,722    7,851    202 
Distribution fees (Note 2)   2,623    3,036    979    8,772    9,016    2,513 
Fund services fees   9,643    11,269    9,204    17,012    28,606    17,646 
Audit and tax fees   16,307    16,405    16,399    16,393    16,398    16,405 
Printing fees   233    495    138    2,591    4,184    1,993 
Other accrued expenses   1,156    2,727    1,722    7,728    11,408    6,664 
Total liabilities   36,870    53,284    38,112    107,698    563,653    107,084 
Net Assets  $21,795,543   $51,323,970   $26,803,861   $145,833,368   $242,114,110   $157,716,969 
Components of Net Assets:                              
Paid-in capital  $24,482,477   $58,340,438   $29,871,136   $159,017,526   $252,800,725   $160,411,234 
Accumulated deficit   (2,686,934)   (7,016,468)   (3,067,275)   (13,184,158)   (10,686,615)   (2,694,265)
Net Assets  $21,795,543   $51,323,970   $26,803,861   $145,833,368   $242,114,110   $157,716,969 
Maximum Offering Price per Share:                              
Service Class Shares:                              
Net assets applicable to shares outstanding  $11,040,758   $36,429,405   $18,409,032   $109,514,091   $203,165,996   $147,221,419 
Shares of beneficial interest issued and outstanding   1,208,191    4,005,242    1,962,315    11,624,988    20,459,776    13,070,627 
Net asset value, offering and redemption price per share  $9.14   $9.10   $9.38   $9.42   $9.93   $11.26 
Class R4 Shares:                              
Net assets applicable to shares outstanding  $10,754,785   $14,894,565   $8,394,829   $36,319,277   $38,948,114   $10,495,550 
Shares of beneficial interest issued and outstanding   1,157,429    1,632,220    874,919    3,858,923    3,893,271    931,219 
Net asset value, offering and redemption price per share  $9.29   $9.13   $9.59   $9.41   $10.00   $11.27 

 

See Notes to Financial Statements

 

57
ANNUAL REPORT

 

 

Statements of Operations

For the Year Ended September 30, 2023

 

  

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

  

The E-Valuator

Aggressive Growth

(85%-99%) RMS

Fund

 
Investment income:                              
Dividends  $1,017,275   $2,260,497   $990,636   $4,682,680   $6,392,840   $3,203,000 
Interest   62,111    123,131    47,153    228,261    347,123    237,570 
Total investment income   1,079,386    2,383,628    1,037,789    4,910,941    6,739,963    3,440,570 
Expenses:                              
Contractual investment advisory fees (Note 2)   102,147    249,551    120,682    676,616    1,115,860    714,281 
Shareholder servicing fees R4 (Note 2)   17,645    23,221    12,618    55,699    59,682    18,874 
Distribution fees - Class R4 (Note 2)   29,408    38,701    21,030    92,832    99,471    31,457 
Fund accounting and administration fees (Note 2)   30,515    53,408    33,439    119,563    187,609    125,514 
Transfer agent fees and expenses   13,812    14,970    14,236    17,007    18,924    17,132 
Custody fees   16,364    15,889    11,394    15,674    24,975    18,168 
Audit and tax fees   16,307    16,403    16,399    16,399    16,399    16,403 
Filing and registration fees   8,864    12,398    9,167    21,795    28,093    21,231 
Legal fees   6,603    17,293    7,876    45,698    76,418    48,411 
Trustee fees   3,175    7,858    3,836    21,363    35,148    22,371 
Insurance fees   2,351    5,358    2,562    14,385    22,579    13,282 
Chief Compliance Officer fees   1,406    3,463    1,646    9,325    15,237    9,726 
Printing fees   356    322    304    735    1,132    955 
Other expenses   13,699    18,866    14,340    19,388    23,119    19,126 
Total expenses   262,652    477,701    269,529    1,126,479    1,724,646    1,076,931 
Advisory fee waivers (Note 2)   (33,991)   (38,819)   (20,501)   (105,251)   (173,578)   (111,110)
Net expenses   228,661    438,882    249,028    1,021,228    1,551,068    965,821 
Net investment income   850,725    1,944,746    788,761    3,889,713    5,188,895    2,474,749 
Realized and Unrealized Gain (Loss):                              
Net realized gain (loss) on:                              
Investments   (1,079,033)   (3,764,477)   (1,791,352)   (6,853,314)   (6,661,609)   (1,845,555)
Distributions of long-term realized gains from regulated investment companies   9,827    154,994    143,706    1,247,812    3,257,682    2,358,600 
Net realized gain (loss)   (1,069,206)   (3,609,483)   (1,647,646)   (5,605,502)   (3,403,927)   513,045 
Net change in unrealized appreciation/depreciation on:                              
Investments   749,601    4,446,407    2,700,864    16,238,160    28,619,103    18,543,495 
Net change in unrealized appreciation/depreciation   749,601    4,446,407    2,700,864    16,238,160    28,619,103    18,543,495 
Net realized and unrealized gain (loss)   (319,605)   836,924    1,053,218    10,632,658    25,215,176    19,056,540 
Net Increase in Net Assets from Operations  $531,120   $2,781,670   $1,841,979   $14,522,371   $30,404,071   $21,531,289 

 

See Notes to Financial Statements

 

58
ANNUAL REPORT

 

 

Statements of Changes in Net Assets

For the Year Ended September 30, 2023

 

  

The E-Valuator Very

Conservative

(0%-15%) RMS Fund

  

The E-Valuator Very

Conservative

(0%-15%) RMS Fund

  

The E-Valuator

Conservative

(15%-30%) RMS

Fund

  

The E-Valuator

Conservative

(15%-30%) RMS

Fund

  

The E-Valuator

Conservative/
Moderate

(30%-50%) RMS

Fund

  

The E-Valuator

Conservative/
Moderate

(30%-50%) RMS

Fund

 
   For the
Year Ended
September 30, 2023		   For the
Year Ended
September 30, 2022		  

For the
Year Ended
September 30, 2023

  

For the
Year Ended
September 30, 2022

  

For the
Year Ended
September 30, 2023

  

For the
Year Ended
September 30, 2022

 
Increase (Decrease) in Net Assets from:                              
Operations:                              
Net investment income  $850,725   $390,200   $1,944,746   $1,350,996   $788,761   $610,509 
Net realized gain (loss) on investments   (1,069,206)   (1,048,171)   (3,609,483)   (1,981,685)   (1,647,646)   (147,867)
Net change in unrealized appreciation/depreciation on
investments		   749,601    (1,579,710)   4,446,407    (6,652,048)   2,700,864    (4,487,130)
Net increase (decrease) in net assets resulting from operations   531,120    (2,237,681)   2,781,670    (7,282,737)   1,841,979    (4,024,488)
Distributions to Shareholders:                              
Distributions:                              
Service Class   (401,153)   (801,307)   (1,315,322)   (6,330,411)   (519,005)   (2,934,536)
Class R4   (365,691)   (828,126)   (449,044)   (1,995,406)   (203,888)   (1,048,949)
Total distributions to shareholders   (766,844)   (1,629,433)   (1,764,366)   (8,325,817)   (722,893)   (3,983,485)
Capital Transactions:                              
Net proceeds from shares sold:                              
Service Class   2,487,112    5,380,004    3,462,090    8,265,641    2,767,672    3,406,346 
Class R4   1,208,748    5,913,334    1,552,977    3,932,466    1,540,572    3,389,920 
Reinvestment of distributions:                              
Service Class   401,153    762,127    1,315,322    6,330,411    519,005    2,934,536 
Class R4   365,691    828,127    449,044    1,995,407    203,888    1,048,949 
Cost of shares redeemed:                              
Service Class   (2,563,955)   (5,085,833)   (9,856,459)   (11,846,843)   (3,325,146)   (6,633,782)
Class R4   (3,505,618)   (4,633,138)   (2,728,342)   (3,825,480)   (1,659,035)   (2,204,469)
Net increase (decrease) in net assets from capital transactions   (1,606,869)   3,164,621    (5,805,368)   4,851,602    46,956    1,941,500 
Total increase (decrease) in net assets   (1,842,593)   (702,493)   (4,788,064)   (10,756,952)   1,166,042    (6,066,473)
Net Assets:                              
Beginning of period   23,638,136    24,340,629    56,112,034    66,868,986    25,637,819    31,704,292 
End of period  $21,795,543   $23,638,136   $51,323,970   $56,112,034   $26,803,861   $25,637,819 
Capital Share Transactions:                              
Shares sold:                              
Service Class   265,976    522,222    372,266    808,116    291,367    318,805 
Class R4   126,830    580,934    166,485    398,878    158,208    311,714 
Shares reinvested:                              
Service Class   43,056    75,112    141,755    614,782    54,745    275,958 
Class R4   38,573    80,178    48,159    193,103    21,021    96,388 
Shares redeemed:                              
Service Class   (273,359)   (498,278)   (1,063,063)   (1,181,622)   (350,746)   (636,763)
Class R4   (367,156)   (463,022)   (293,587)   (377,347)   (170,761)   (216,084)
Net increase (decrease) in capital share transactions   (166,080)   297,146    (627,985)   455,910    3,834    150,018 

 

See Notes to Financial Statements

 

59
ANNUAL REPORT

 

 

Statements of Changes in Net Assets - Continued

For the Year Ended September 30, 2023

 

 

  

The E-Valuator

Moderate

(50%-70%) RMS

Fund

  

The E-Valuator

Moderate

(50%-70%) RMS

Fund

  

The E-Valuator

Growth (70%-85%)

RMS Fund

  

The E-Valuator

Growth (70%-85%)

RMS Fund

  

The E-Valuator

Aggressive Growth

(85%-99%) RMS

Fund

  

The E-Valuator

Aggressive Growth

(85%-99%) RMS

Fund

 
    

For the
Year Ended
September 30, 2023

    

For the
Year Ended
September 30, 2022

    

For the
Year Ended
September 30, 2023

    

For the
Year Ended
September 30, 2022

    

For the
Year Ended
September 30, 2023

    

For the
Year Ended
September 30, 2022

 
Increase (Decrease) in Net Assets from:                              
Operations:                              
Net investment income  $3,889,713   $4,118,615   $5,188,895   $6,130,620   $2,474,749   $2,956,512 
Net realized gain (loss) on investments   (5,605,502)   (947,244)   (3,403,927)   (687,723)   513,045    (504,219)
Net change in unrealized appreciation/depreciation on
investments		   16,238,160    (30,534,126)   28,619,103    (54,715,480)   18,543,495    (33,888,265)
Net increase (decrease) in net assets resulting from operations   14,522,371    (27,362,755)   30,404,071    (49,272,583)   21,531,289    (31,435,972)
Distributions to Shareholders:                              
Distributions:                              
Service Class   (2,380,308)   (26,961,964)   (3,567,393)   (44,361,668)   (1,904,075)   (24,243,461)
Class R4   (627,813)   (8,241,603)   (519,222)   (8,209,785)   (117,437)   (2,385,150)
Total distributions to shareholders   (3,008,121)   (35,203,567)   (4,086,615)   (52,571,453)   (2,021,512)   (26,628,611)
Capital Transactions:                              
Net proceeds from shares sold:                              
Service Class   12,802,432    18,165,038    22,750,309    28,455,123    25,411,878    32,362,136 
Class R4   1,925,365    5,609,405    2,141,746    5,854,007    221,168    4,323,705 
Reinvestment of distributions:                              
Service Class   2,380,308    26,961,964    3,567,392    44,361,668    1,904,075    24,243,461 
Class R4   627,813    8,237,127    519,222    8,209,785    117,437    2,385,149 
Cost of shares redeemed:                              
Service Class   (21,393,396)   (37,668,835)   (32,923,164)   (40,993,027)   (20,925,284)   (21,443,832)
Class R4   (4,389,261)   (8,443,248)   (4,680,818)   (5,974,443)   (4,335,579)   (2,094,945)
Net increase (decrease) in net assets from capital transactions   (8,046,739)   12,861,451    (8,625,313)   39,913,113    2,393,695    39,775,674 
Total increase (decrease) in net assets   3,467,511    (49,704,871)   17,692,143    (61,930,923)   21,903,472    (18,288,909)
Net Assets:                              
Beginning of period   142,365,857    192,070,728    224,421,967    286,352,890    135,813,497    154,102,406 
End of period  $145,833,368   $142,365,857   $242,114,110   $224,421,967   $157,716,969   $135,813,497 
Capital Share Transactions:                              
Shares sold:                              
Service Class   1,352,684    1,741,103    2,309,642    2,612,228    2,283,670    2,603,964 
Class R4   204,271    524,444    214,754    515,679    20,453    345,835 
Shares reinvested:                              
Service Class   252,084    2,500,101    364,474    3,908,434    170,936    1,879,079 
Class R4   66,594    764,105    52,936    716,911    10,670    184,651 
Shares redeemed:                              
Service Class   (2,263,097)   (3,538,556)   (3,325,696)   (3,701,287)   (1,842,660)   (1,716,518)
Class R4   (468,946)   (787,278)   (467,399)   (524,752)   (386,291)   (167,317)
Net increase (decrease) in capital share transactions   (856,410)   1,203,919    (851,289)   3,527,213    256,778    3,129,694 

 

See Notes to Financial Statements

 

60
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, 
   2023   2022   2021   2020   2019 
Net asset value, beginning of period  $9.26   $10.82   $10.47   $10.39   $10.51 
Income from Investment Operations:                         
Net investment income1   0.37    0.17    0.15    0.23    0.27 
Net realized and unrealized gain (loss)   (0.14)   (1.00)   0.34    0.16    0.11 
Total from investment operations   0.23    (0.83)   0.49    0.39    0.38 
Less Distributions:                         
From net investment income   (0.35)   (0.23)   (0.12)   (0.31)   (0.39)
From net realized gain   -    (0.50)   (0.02)   -    (0.11)
Total distributions   (0.35)   (0.73)   (0.14)   (0.31)   (0.50)
Net asset value, end of period  $9.14   $9.26   $10.82   $10.47   $10.39 
Total return   2.40%   (8.23)%   4.66%   3.81%   4.02%
Ratios and Supplemental Data:                         
Net assets, end of period (in thousands)  $11,041   $10,855   $11,613   $7,772   $6,156 
Ratio of expenses to average net assets:                         
Before fees waived and expenses absorbed2    0.95%   0.93%   1.10%   1.11%   0.93%
After fees waived and expenses absorbed2    0.80%   0.80%   0.82%   0.80%   0.80%
Ratio of net investment income (loss) to average net assets:                         
After fees waived and expenses absorbed3    3.96%   1.74%   1.51%   2.26%   2.69%
Portfolio turnover rate   157%4   118%4   287%   303%   319%

 

1 Per share amounts calculated using the average number of shares outstanding throughout the period.
2 Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.
3 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.
4 Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

 

See Notes to Financial Statements

 

61
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, 
   2023   2022   2021   2020   2019 
Net asset value, beginning of period  $9.40   $10.96   $10.61   $10.49   $10.48 
Income from Investment Operations:                         
Net investment income1   0.34    0.14    0.13    0.21    0.24 
Net realized and unrealized gain (loss)   (0.15)   (1.03)   0.33    0.15    0.14 
Total from investment operations   0.19    (0.89)   0.46    0.36    0.38 
Less Distributions:                         
From net investment income   (0.30)   (0.17)   (0.09)   (0.24)   (0.26)
From net realized gain   -    (0.50)   (0.02)   -    (0.11)
Total distributions   (0.30)   (0.67)   (0.11)   (0.24)   (0.37)
Net asset value, end of period  $9.29   $9.40   $10.96   $10.61   $10.49 
Total return   2.03%   (8.63)%   4.29%   3.55%   3.92%
Ratios and Supplemental Data:                         
Net assets, end of period (in thousands)  $10,755   $12,783   $12,728   $10,166   $8,802 
Ratio of expenses to average net assets:                         
Before fees waived and expenses absorbed2    1.35%   1.33%   1.44%   1.31%   1.17%
After fees waived and expenses absorbed2    1.20%   1.20%   1.11%   1.05%   1.05%
Ratio of net investment income (loss) to average net assets:                         
After fees waived and expenses absorbed3    3.56%   1.34%   1.22%   2.01%   2.40%
Portfolio turnover rate   157%4   118%4    287%   303%   319%

 

1 Per share amounts calculated using the average number of shares outstanding throughout the period.
2 Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.
3 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.
4 Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

 

See Notes to Financial Statements

 

62
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, 
   2023   2022   2021   2020   2019 
Net asset value, beginning of period  $8.95   $11.51   $10.76   $10.60   $10.91 
Income from Investment Operations:                         
Net investment income1   0.34    0.23    0.20    0.20    0.28 
Net realized and unrealized gain (loss)   0.12    (1.35)   0.74    0.35    0.06 
Total from investment operations   0.46    (1.12)   0.94    0.55    0.34 
Less Distributions:                         
From net investment income   (0.31)   (0.37)   -    (0.38)   (0.33)
From net realized gain   -    (1.07)   (0.19)   (0.01)   (0.32)
Total distributions   (0.31)   (1.44)   (0.19)   (0.39)   (0.65)
Net asset value, end of period  $9.10   $8.95   $11.51   $10.76   $10.60 
Total return   5.08%   (11.19)%   8.83%   5.36%   3.81%
Ratios and Supplemental Data:                         
Net assets, end of period (in thousands)  $36,429   $40,752   $49,648   $43,116   $45,488 
Ratio of expenses to average net assets:                         
Before fees waived and expenses absorbed2   0.75%   0.74%   0.86%   0.94%   0.76%
After fees waived and expenses absorbed2   0.68%   0.67%   0.74%   0.80%   0.69%
Ratio of net investment income (loss) to average net assets:                         
After fees waived and expenses absorbed3   3.62%   2.26%   1.78%   1.94%   2.74%
Portfolio turnover rate   148%4   117%4   296%   329%   354%

 

1 Per share amounts calculated using the average number of shares outstanding throughout the period.
2 Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.
3 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.
4 Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

 

See Notes to Financial Statements

 

63
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, 
   2023   2022   2021   2020   2019 
Net asset value, beginning of period  $8.98   $11.51   $10.80   $10.64   $10.91 
Income from Investment Operations:                         
Net investment income1   0.30    0.19    0.16    0.18    0.25 
Net realized and unrealized gain (loss)   0.12    (1.35)   0.74    0.34    0.08 
Total from investment operations   0.42    (1.16)   0.90    0.52    0.33 
Less Distributions:                         
From net investment income   (0.27)   (0.30)   -    (0.35)   (0.28)
From net realized gain   -    (1.07)   (0.19)   (0.01)   (0.32)
Total distributions   (0.27)   (1.37)   (0.19)   (0.36)   (0.60)
Net asset value, end of period  $9.13   $8.98   $11.51   $10.80   $10.64 
Total return   4.64%   (11.56)%   8.42%   5.01%   3.66%
Ratios and Supplemental Data:                         
Net assets, end of period (in thousands)  $14,895   $15,360   $17,221   $15,155   $12,638 
Ratio of expenses to average net assets:                         
Before fees waived and expenses absorbed2   1.15%   1.14%   1.27%   1.16%   1.01%
After fees waived and expenses absorbed2   1.08%   1.07%   1.15%   1.05%   0.94%
Ratio of net investment income (loss) to average net assets:                         
After fees waived and expenses absorbed3   3.22%   1.86%   1.37%   1.70%   2.47%
Portfolio turnover rate   148%4   117%4   296%   329%   354%

 

1 Per share amounts calculated using the average number of shares outstanding throughout the period.
2 Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.
3 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.
4 Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

 

See Notes to Financial Statements

 

64
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, 
   2023   2022   2021   2020   2019 
Net asset value, beginning of period  $8.99   $11.76   $10.64   $10.15   $10.61 
Income from Investment Operations:                         
Net investment income1   0.29    0.22    0.18    0.17    0.20 
Net realized and unrealized gain (loss)   0.36    (1.52)   1.09    0.45    0.01 
Total from investment operations   0.65    (1.30)   1.27    0.62    0.21 
Less Distributions:                         
From net investment income   (0.26)   (0.33)   (0.15)   (0.13)   (0.12)
From net realized gain   -    (1.14)   -    -    (0.55)
Total distributions   (0.26)   (1.47)   (0.15)   (0.13)   (0.67)
Net asset value, end of period  $9.38   $8.99   $11.76   $10.64   $10.15 
Total return   7.26%   (12.94)%   12.01%   6.20%   2.77%
Ratios and Supplemental Data:                         
Net assets, end of period (in thousands)  $18,409   $17,677   $23,630   $18,658   $13,059 
Ratio of expenses to average net assets:                         
Before fees waived and expenses absorbed2   0.88%   0.89%   0.97%   1.09%   0.97%
After fees waived and expenses absorbed2   0.80%   0.79%   0.78%   0.80%   0.80%
Ratio of net investment income (loss) to average net assets:                         
After fees waived and expenses absorbed3   3.07%   2.13%   1.56%   1.66%   2.07%
Portfolio turnover rate   138%4   114%4   273%   280%   329%

 

1 Per share amounts calculated using the average number of shares outstanding throughout the period.
2 Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.
3 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.
4 Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

 

See Notes to Financial Statements

 

65
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, 
   2023   2022   2021   2020   2019 
Net asset value, beginning of period  $9.19   $11.97   $10.80   $10.27   $10.70 
Income from Investment Operations:                         
Net investment income1   0.26    0.18    0.14    0.15    0.17 
Net realized and unrealized gain (loss)   0.37    (1.56)   1.11    0.50    0.03 
Total from investment operations   0.63    (1.38)   1.25    0.65    0.20 
Less Distributions:                         
From net investment income   (0.23)   (0.26)   (0.08)   (0.12)   (0.08)
From net realized gain   -    (1.14)   -    -    (0.55)
Total distributions   (0.23)   (1.40)   (0.08)   (0.12)   (0.63)
Net asset value, end of period  $9.59   $9.19   $11.97   $10.80   $10.27 
Total return   6.80%   (13.30)%   11.65%   6.39%   2.58%
Ratios and Supplemental Data:                         
Net assets, end of period (in thousands)  $8,395   $7,961   $8,074   $3,907   $915 
Ratio of expenses to average net assets:                         
Before fees waived and expenses absorbed2   1.28%   1.29%   1.33%   1.33%   1.22%
After fees waived and expenses absorbed2   1.20%   1.19%   1.14%   1.05%   1.05%
Ratio of net investment income (loss) to average net assets:                         
After fees waived and expenses absorbed3   2.67%   1.73%   1.20%   1.45%   1.75%
Portfolio turnover rate   138%4   114%4    273%   280%   329%

 

1 Per share amounts calculated using the average number of shares outstanding throughout the period.
2 Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.
3 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.
4 Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

 

See Notes to Financial Statements

 

66
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, 
   2023   2022   2021   2020   2019 
Net asset value, beginning of period  $8.71   $12.70   $11.34   $10.76   $11.75 
Income from Investment Operations:                         
Net investment income1   0.25    0.26    0.18    0.16    0.20 
Net realized and unrealized gain (loss)   0.66    (1.82)   1.60    0.71    (0.22)
Total from investment operations   0.91    (1.56)   1.78    0.87    (0.02)
Less Distributions:                         
From net investment income   (0.20)   (0.41)   -    (0.29)   (0.24)
From net realized gain   -    (2.02)   (0.42)   -    (0.73)
Total distributions   (0.20)   (2.43)   (0.42)   (0.29)   (0.97)
Net asset value, end of period  $9.42   $8.71   $12.70   $11.34   $10.76 
Total return   10.43%   (15.72)%   15.98%   8.17%   1.09%
Ratios and Supplemental Data:                         
Net assets, end of period (in thousands)  $109,514   $107,043   $147,069   $134,479   $145,402 
Ratio of expenses to average net assets:                         
Before fees waived and expenses absorbed2   0.65%   0.67%   0.77%   0.90%   0.70%
After fees waived and expenses absorbed2   0.58%   0.60%   0.70%   0.80%   0.63%
Ratio of net investment income (loss) to average net assets:                         
After fees waived and expenses absorbed3   2.69%   2.49%   1.41%   1.50%   1.95%
Portfolio turnover rate   124%4   128%4   272%   334%   316%

 

1 Per share amounts calculated using the average number of shares outstanding throughout the period.
2 Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.
3 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.
4 Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

 

See Notes to Financial Statements

 

67
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, 
   2023   2022   2021   2020   2019 
Net asset value, beginning of period  $8.71   $12.66   $11.34   $10.78   $11.74 
Income from Investment Operations:                         
Net investment income1   0.22    0.22    0.13    0.13    0.18 
Net realized and unrealized gain (loss)   0.64    (1.82)   1.61    0.71    (0.21)
Total from investment operations   0.86    (1.60)   1.74    0.84    (0.03)
Less Distributions:                         
From net investment income   (0.16)   (0.33)   -    (0.28)   (0.20)
From net realized gain   -    (2.02)   (0.42)   -    (0.73)
Total distributions   (0.16)   (2.35)   (0.42)   (0.28)   (0.93)
Net asset value, end of period  $9.41   $8.71   $12.66   $11.34   $10.78 
Total return   9.88%   (16.00)%   15.62%   7.88%   0.95%
Ratios and Supplemental Data:                         
Net assets, end of period (in thousands)  $36,319   $35,323   $45,002   $32,978   $28,568 
Ratio of expenses to average net assets:                         
Before fees waived and expenses absorbed2   1.05%   1.07%   1.15%   1.11%   0.95%
After fees waived and expenses absorbed2   0.98%   1.00%   1.08%   1.05%   0.88%
Ratio of net investment income (loss) to average net assets:                         
After fees waived and expenses absorbed3   2.29%   2.09%   1.03%   1.24%   1.67%
Portfolio turnover rate   124%4   128%4   272%   334%   316%

 

1 Per share amounts calculated using the average number of shares outstanding throughout the period.
2 Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.
3 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.
4 Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

 

See Notes to Financial Statements

 

68
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, 
   2023   2022   2021   2020   2019 
Net asset value, beginning of period  $8.89   $13.20   $11.72   $10.67   $11.95 
Income from Investment Operations:                         
Net investment income1   0.21    0.26    0.14    0.13    0.17 
Net realized and unrealized gain (loss)   1.00    (2.11)   2.06    1.08    (0.41)
Total from investment operations   1.21    (1.85)   2.20    1.21    (0.24)
Less Distributions:                         
From net investment income   (0.17)   (0.38)   (0.07)   (0.16)   (0.19)
From net realized gain   -    (2.08)   (0.65)   -    (0.85)
Total distributions   (0.17)   (2.46)   (0.72)   (0.16)   (1.04)
Net asset value, end of period  $9.93   $8.89   $13.20   $11.72   $10.67 
Total return   13.64%   (17.95)%   19.40%   11.49%   (0.62)%
Ratios and Supplemental Data:                         
Net assets, end of period (in thousands)  $203,166   $187,753   $241,493   $215,221   $206,037 
Ratio of expenses to average net assets:                         
Before fees waived and expenses absorbed2   0.63%   0.65%   0.75%   0.89%   0.69%
After fees waived and expenses absorbed2   0.56%   0.58%   0.70%   0.80%   0.62%
Ratio of net investment income (loss) to average net assets:                         
After fees waived and expenses absorbed3   2.16%   2.36%   1.11%   1.23%   1.67%
Portfolio turnover rate   110%4   110%4    236%   351%   313%

 

1 Per share amounts calculated using the average number of shares outstanding throughout the period.
2 Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.
3 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.
4 Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

 

See Notes to Financial Statements

 

69
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, 
   2023   2022   2021   2020   2019 
Net asset value, beginning of period  $8.96   $13.25   $11.78   $10.70   $11.98 
Income from Investment Operations:                         
Net investment income1   0.17    0.22    0.10    0.11    0.14 
Net realized and unrealized gain (loss)   1.00    (2.13)   2.06    1.09    (0.42)
Total from investment operations   1.17    (1.91)   2.16    1.20    (0.28)
Less Distributions:                         
From net investment income   (0.13)   (0.30)   (0.04)   (0.12)   (0.15)
From net realized gain   -    (2.08)   (0.65)   -    (0.85)
Total distributions   (0.13)   (2.38)   (0.69)   (0.12)   (1.00)
Net asset value, end of period  $10.00   $8.96   $13.25   $11.78   $10.70 
Total return   13.08%   (18.24)%   18.90%   11.30%   (0.95)%
Ratios and Supplemental Data:                         
Net assets, end of period (in thousands)  $38,948   $36,669   $44,860   $28,606   $25,928 
Ratio of expenses to average net assets:                         
Before fees waived and expenses absorbed2   1.03%   1.05%   1.13%   1.10%   0.96%
After fees waived and expenses absorbed2   0.96%   0.98%   1.08%   1.03%   0.89%
Ratio of net investment income (loss) to average net assets:                         
After fees waived and expenses absorbed3   1.76%   1.96%   0.73%   1.00%   1.37%
Portfolio turnover rate   110%4   110%4    236%   351%   313%

 

1 Per share amounts calculated using the average number of shares outstanding throughout the period.
2 Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.
3 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.
4 Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

 

See Notes to Financial Statements

 

70
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, 
   2023   2022   2021   2020   2019 
Net asset value, beginning of period  $9.88   $14.52   $12.18   $11.08   $12.30 
Income from Investment Operations:                         
Net investment income1   0.18    0.24    0.11    0.11    0.14 
Net realized and unrealized gain (loss)   1.35    (2.45)   2.66    1.10    (0.56)
Total from investment operations   1.53    (2.21)   2.77    1.21    (0.42)
Less Distributions:                         
From net investment income   (0.15)   (0.33)   (0.11)   (0.05)   (0.13)
From net realized gain   -    (2.10)   (0.32)   (0.06)   (0.67)
Total distributions   (0.15)   (2.43)   (0.43)   (0.11)   (0.80)
Net asset value, end of period  $11.26   $9.88   $14.52   $12.18   $11.08 
Total return   15.47%   (19.05)%   23.12%   11.01%   (2.27)%
Ratios and Supplemental Data:                         
Net assets, end of period (in thousands)  $147,221   $123,096   $140,726   $105,095   $82,222 
Ratio of expenses to average net assets:                         
Before fees waived and expenses absorbed2   0.65%   0.66%   0.77%   0.90%   0.72%
After fees waived and expenses absorbed2   0.58%   0.59%   0.72%   0.80%   0.65%
Ratio of net investment income (loss) to average net assets:                         
After fees waived and expenses absorbed3   1.59%   1.95%   0.76%   1.01%   1.27%
Portfolio turnover rate   113%4   87%4    231%   326%   282%

 

1 Per share amounts calculated using the average number of shares outstanding throughout the period.
2 Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.
3 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.
4 Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

 

See Notes to Financial Statements

 

71
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, 
   2023   2022   2021   2020   2019 
Net asset value, beginning of period  $9.89   $14.49   $12.19   $11.09   $12.30 
Income from Investment Operations:                         
Net investment income1   0.13    0.19    0.06    0.09    0.11 
Net realized and unrealized gain (loss)   1.35    (2.45)   2.65    1.10    (0.55)
Total from investment operations   1.48    (2.26)   2.71    1.19    (0.44)
Less Distributions:                         
From net investment income   (0.10)   (0.24)   (0.09)   (0.03)   (0.10)
From net realized gain   -    (2.10)   (0.32)   (0.06)   (0.67)
Total distributions   (0.10)   (2.34)   (0.41)   (0.09)   (0.77)
Net asset value, end of period  $11.27   $9.89   $14.49   $12.19   $11.09 
Total return   14.98%   (19.34)%   22.60%   10.74%   (2.47)%
Ratios and Supplemental Data:                         
Net assets, end of period (in thousands)  $10,496   $12,717   $13,376   $9,624   $9,582 
Ratio of expenses to average net assets:                         
Before fees waived and expenses absorbed2   1.05%   1.06%   1.13%   1.11%   0.98%
After fees waived and expenses absorbed2   0.98%   0.99%   1.07%   1.05%   0.91%
Ratio of net investment income (loss) to average net assets:                         
After fees waived and expenses absorbed3   1.19%   1.55%   0.40%   0.79%   1.03%
Portfolio turnover rate   113%4   87%4   231%   326%   282%

 

1 Per share amounts calculated using the average number of shares outstanding throughout the period.
2 Ratios do not include expenses of the mutual funds and ETFs in which the Fund invests.
3 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.
4 Lower portfolio turnover relative to prior years is a function of purchase and sales based on the E-Valuator software and reflects the implementation of the strategy under current market conditions.

 

See Notes to Financial Statements

 

72
ANNUAL REPORT

 

 

E-Valuator Funds

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

 

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.

 

73
ANNUAL REPORT

 

 

E-Valuator Funds

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

 

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”.

 

Security Valuation

 

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

 

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

 

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

 

Exchange-Traded Funds (“ETFs”)

 

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

 

Each ETF in which the Fund invests is subject to specific risks, depending on the nature of 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.

 

74
ANNUAL REPORT

 

 

E-Valuator Funds

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

 

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.

 

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, 2023, in valuing the Funds’ assets carried at fair value:

 

   Level 1   Level 2   Level 3     
Very Conservative Fund  Quoted Prices   Other
Significant
Observable
Inputs		   Significant
Unobservable
Inputs		   Total 
Investments                                       
Exchange-Traded Funds   $10,026,656   $-   $-   $10,026,656 
Mutual Funds   11,396,535    -    -    11,396,535 
Money Market Funds   369,927    -    -    369,927 
Total Investments  $21,793,118   $-   $-   $21,793,118 

 

   Level 1   Level 2   Level 3     
Conservative Fund  Quoted Prices   Other
Significant
Observable
Inputs		   Significant
Unobservable
Inputs		   Total 
Investments                                       
Exchange-Traded Funds   $24,524,559   $-   $-   $24,524,559 
Mutual Funds   26,112,362    -    -    26,112,362 
Money Market Funds   706,149    -    -    706,149 
Total Investments  $51,343,070   $-   $-   $51,343,070 

 

   Level 1   Level 2   Level 3     
Conservative/Moderate Fund  Quoted Prices   Other
Significant
Observable
Inputs		   Significant
Unobservable
Inputs		   Total 
Investments                                       
Exchange-Traded Funds   $13,510,439   $-   $-   $13,510,439 
Mutual Funds   12,879,008    -    -    12,879,008 
Money Market Funds   418,691    -    -    418,691 
Total Investments  $26,808,138   $-   $-   $26,808,138 

 

75
ANNUAL REPORT

 

 

E-Valuator Funds

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

 

   Level 1   Level 2   Level 3     
Moderate Fund  Quoted Prices   Other
Significant
Observable
Inputs		   Significant
Unobservable
Inputs		   Total 
Investments                                    
Exchange-Traded Funds   $76,004,324   $-   $-   $76,004,324 
Mutual Funds   68,966,775    -    -    68,966,775 
Money Market Funds   861,401    -    -    861,401 
Total Investments  $145,832,500   $-   $-   $145,832,500 

 

   Level 1   Level 2   Level 3     
Growth Fund  Quoted Prices   Other
Significant
Observable
Inputs		   Significant
Unobservable
Inputs		   Total 
Investments                                    
Exchange-Traded Funds   $136,064,985   $-   $-   $136,064,985 
Mutual Funds   105,784,762    -    -    105,784,762 
Money Market Funds   636,100    -    -    636,100 
Total Investments  $242,485,847   $-   $-   $242,485,847 

 

   Level 1   Level 2   Level 3     
Aggressive Growth Fund  Quoted Prices   Other
Significant Observable
Inputs		   Significant
Unobservable
Inputs		   Total 
Investments                                    
Exchange-Traded Funds   $95,801,970   $-   $-   $95,801,970 
Mutual Funds   60,637,918    -    -    60,637,918 
Money Market Funds   1,195,977    -    -    1,195,977 
Total Investments  $157,635,865   $-   $-   $157,635,865 

 

Refer to the Funds’ Schedules of Investments for a listing of securities by strategy.

 

Security Transactions and Income

 

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

 

Accounting Estimates

 

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

 

76
ANNUAL REPORT

 

 

E-Valuator Funds

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

 

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

 

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

 

Reclassification of Capital Accounts 

 

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, 2023, there are no permanent adjustments affecting the components of net assets.

 

Distribution to Shareholders

 

Dividends from net investment income, if any, are declared and paid semi-annually for the Funds. The Funds intend to distribute annually any net capital gains. 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 expenses. Ratios are calculated by adjusting the expense and net investment income ratios for the Fund for the entire period for the effect of expenses applicable for each class. Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each Fund’s relative net assets or another appropriate basis as determined by the Board.

 

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

 

77
ANNUAL REPORT

 

 

E-Valuator Funds

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

 

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

 

Pursuant to an Investment Advisory Agreement, Systelligence, LLC (the “Adviser”) provides investment advisory services for an annual fee equal to 0.45% of the average daily net assets of each Fund. Effective February 1, 2018, the Adviser has contractually agreed to reduce its management fee with respect to each Fund from 0.45% to 0.38% until January 31, 2024. This management fee waiver is not subject to recoupment.

 

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 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, 2024. 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, 2023, none of the waived expenses have been recouped by the Adviser.

 

For the year ended September 30, 2023, the Adviser earned and waived management fees as follows:

 

Fund  Management Fee
Earned		  

Management Fee

Waived

  

Net Management

Fee Earned

 
Very Conservative  $102,147   $(33,991)  $68,156 
Conservative   249,551    (38,819)   210,732 
Conservative/Moderate   120,682    (20,501)   100,181 
Moderate   676,616    (105,251)   571,365 
Growth   1,115,860    (173,578)   942,282 
Aggressive Growth   714,281    (111,110)   603,171 

 

The total amounts of waivers and reimbursements for the Funds that are subject to recoupment as of September 30, 2023 and expiration dates are as follows:

 

Recoverable Reimbursements and Expiration Dates
Fund  2024   2025   2026   Total 
Very Conservative  $63,501   $33,164   $33,991   $130,656 
Conservative   79,544    43,865    38,819    162,228 
Conservative/Moderate   52,587    31,703    20,501    104,791 
Moderate   132,748    120,423    105,251    358,422 
Growth   158,027    187,178    173,578    518,783 
Aggressive Growth   84,031    108,214    111,110    303,355 

 

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, 2023, the distribution fees incurred by each Funds’ R4 shares are disclosed on the Statements of Operations.

 

78
ANNUAL REPORT

 

 

E-Valuator Funds

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

 

Each of the Funds has adopted a shareholder services plan (the “Plan”) with respect to its R4 Class Shares. Under the 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, 2023, the Plan’s fees incurred by each Fund are disclosed on the Statements of Operations.

 

UMB Fund Services, Inc. (“UMBFS”), serves as the Funds’ fund accountant, transfer agent and administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Funds’ custodian. The Funds’ allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year ended September 30, 2023 are reported on the Statements of Operations. These services including providing a qualified person to serve as Chief Financial Officer of the Trust.

 

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

 

NOTE 3 — INVESTMENT TRANSACTIONS

 

The cost of purchases and proceeds from the sales of securities excluding short-term investments for the year ended September 30, 2023, were as follows:

 

Fund  Purchases   Sales 
Very Conservative  $33,606,327   $33,606,579 
Conservative   77,834,596    79,463,947 
Conservative/Moderate   36,907,727    35,712,085 
Moderate   181,834,957    180,012,152 
Growth   270,382,769    262,840,338 
Aggressive Growth   183,832,807    172,342,585 

 

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, 2023 and the year ended September 30, 2022 were as follows:

 

    Year ended September 30, 2023  
    Very Conservative Fund     Conservative Fund    

Conservative/

Moderate Fund

    Moderate Fund     Growth Fund     Aggressive Growth Fund  
Distributions paid from:                                                
Ordinary income   $ 766,844     $ 1,764,366     $ 722,893     $ 3,008,121     $ 4,086,615     $ 2,021,512  
Realized gains     -       -       -       -       -       -  
    $ 766,844     $ 1,764,366     $ 722,893     $ 3,008,121     $ 4,086,615     $ 2,021,512  

 

   Year ended September 30, 2022 
   Very
Conservative
Fund		   Conservative
Fund		   Conservative/
Moderate
Fund		   Moderate
Fund		   Growth
Fund		   Aggressive
Growth
Fund		 
Distributions paid from:                              
Ordinary income  $1,280,649   $6,417,474   $2,475,031   $22,918,662   $35,427,988   $18,342,036 
Realized gains   348,784    1,908,343    1,508,454    12,284,905    17,143,465    8,286,575 
   $1,629,433   $8,325,817   $3,983,485   $35,203,567   $52,571,453   $26,628,611 

 

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E-Valuator Funds

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

 

As of September 30, 2023, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

 

    Very Conservative Fund     Conservative Fund    

Conservative/

Moderate Fund

    Moderate Fund     Growth Fund     Aggressive Growth Fund  
Undistributed ordinary income   $ 221,025     $ 476,439     $ 198,295     $ 872,073     $ 1,082,897     $ 437,726  
Undistributed long-term capital gains     -       -       -       -       -       -  
Accumulated earnings   $ 221,025     $ 476,439     $ 198,295     $ 872,073     $ 1,082,897     $ 437,726  
Accumulated capital, other losses, and differences in securities treatments     (2,115,010 )     (5,791,091 )     (2,375,721 )     (10,869,056 )     (9,731,357 )     (2,483,746 )
Unrealized appreciation/(depreciation)     (792,949 )     (1,701,816 )     (889,849 )     (3,187,175 )     (2,038,155 )     (648,245 )
Total accumulated earnings/(deficit)   $ (2,686,934 )   $ (7,016,468 )   $ (3,067,275 )   $ (13,184,158 )   $ (10,686,615 )   $ (2,694,265 )

 

As of September 30, 2023, 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   $ 1,392,414     $ 722,596  
Conservative     3,735,659       2,055,432  
Conservative/Moderate     1,859,852       515,869  
Moderate     10,869,056       -  
Growth     9,731,357       -  
Aggressive Growth     2,483,746       -  

 

Cost of securities for Federal Income Tax purposes and the related tax-based net unrealized appreciation (depreciation) consists of:

 

    Very Conservative Fund     Conservative Fund    

Conservative/

Moderate Fund

    Moderate Fund     Growth Fund     Aggressive Growth Fund  
Tax cost   $ 22,586,067     $ 53,044,886     $ 27,697,987     $ 149,019,675     $ 244,524,002     $ 158,284,110  
Tax unrealized appreciation     33,703       275,716       208,286       2,890,702       6,699,782       4,584,936  
Tax unrealized (depreciation)     (826,652 )     (1,977,532 )     (1,098,135 )     (6,077,877 )     (8,737,937 )     (5,233,181 )
Net unrealized appreciation/(depreciation)   $ (792,949 )   $ (1,701,816 )   $ (889,849 )   $ (3,187,175 )   $ (2,038,155 )   $ (648,245 )

 

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

 

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E-Valuator Funds

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

 

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

 

Certain local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a security or instrument. Since 2020, the novel strain of coronavirus (COVID-19) has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Following Russia’s large-scale invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia and Executive Orders in March 2022 prohibiting U.S. persons from importing oil and gas from Russia as well as other popular Russian exports, such as diamonds, seafood and vodka. There may also be restrictions on investments in Chinese companies. For example, the President of the United States of America signed an Executive Order in June 2021 affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as “Chinese Military-Industrial Complex Companies.” The list of such companies can change from time to time, and as a result of forced selling or an inability to participate in an investment the Advisor otherwise believes is attractive, the Fund may incur losses. The duration of the coronavirus outbreak and the Russian-Ukraine conflict could adversely affect the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of COVID-19 and Russia Invasion on the financial performance of the Funds’ investments is not reasonably estimable at this time. Management is actively monitoring these events.

 

NOTE 7— NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

 

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.

 

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, 2023, for the benefit of its shareholders, CBNA AS Custodian FBO BPE Omnibus for Qualified Rollovers, held 50.0%, 29.6% and 30.8% of the total shares outstanding Very Conservative, 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.

 

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E-Valuator Funds

SUPPLEMENTAL INFORMATION (Unaudited)

 

Trustees and Officers Information

 

Additional information about the Trustees is included in the Funds’ Statement of Additional Information which is available, without charge, upon request by calling (855) 621-9877. The Trustees and officers of the Funds and their principal occupations during the past five years are as follows:

 

Name and Year
of Birth 		  Position(s) Held with Trust(1)   Length of Time
Served 		  Principal Occupation(s)
During Past 5 Years 		  Number of Portfolios in Fund Complex Overseen by Trustee   Other Directorships Held by Trustee
Gerald F. Dillenburg
1967 		  Independent Trustee   Since 2020   Vice President and Chief Compliance Officer AMG Funds, AMG Funds LLC (2016-2020); Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2016-2019); Chief Compliance Officer, (1996-2019) and Sarbanes-Oxley Code of Ethics Compliance Officer (2016-2019), AMG Funds IV; Partner and Chief Compliance Officer (2006-2016), and Chief Financial Officer (2006-2010), Aston Asset Management, LLC; and Chief Operating Officer (2003-2016), Secretary (1996-2015), Chief Financial Officer (1997-2010), and Treasurer (1996-2010), Aston Funds.   6   None
                     
Theresa M. Fredrick
1961 		  Independent Trustee   Since 2020   Director of Operational Due Diligence, Aurora Investment Management L.L.C. (2010-2017); Formerly, Consultant, Morningstar, Inc. (January 2020-October 2020).   6   None
                     
Louis A. Holland, Jr. 1964   Independent Trustee, Board Chair   Since 2020   President and Chief Financial Officer, CUMOTA LLC (a family office) (since 2008).   6   Board Member, Wisconsin Foundation Alumni Association (since 2017); UW-Madison Board of Visitors Letters & Science (since 2016); TNE Management, LLC (since 2013); and Member, Board of Directors, Adams Street Partners (since 2022).

 

(1) Each Trustee serves until the election and qualification of a successor, or until death, resignation or retirement, or removal as provided in the Trust’s Declaration of Trust. However, each Independent Trustee is subject to retirement at age seventy-five (75).

 

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SUPPLEMENTAL INFORMATION (Unaudited) - Continued

 

 

Name and Year of Birth   Position(s) Held with Trust(1)   Length of Time Served   Principal Occupation(s) During Past 5 Years   Number of Portfolios in Fund Complex Overseen by Trustee   Other Directorships Held by Trustee
Kevin R. Miller,
1961 		  Trustee, President and Principal Executive Officer(2)   Since 2020   Chief Executive Officer and Chief Investment Officer, Systelligence, LLC (since 2016).   6   None
 

 

(1) Each Trustee serves until the election and qualification of a successor, or until death, resignation or retirement, or removal as provided in the Trust’s Declaration of Trust.
   
(2) Mr. Miller is an “interested person” of the Trust, as defined in the 1940 Act, because of his position with the Adviser and/or certain of its affiliates.

 

Name and Year of Birth   Position(s) Held with Trust(1)   Length of Time Served   Principal Occupation(s) During Past 5 Years
Collin J. Miller,
1988 		  Vice President and Secretary   Since 2020   President, Systelligence, LLC (since 2016); President, The E-Valuator, LLC (investment advisory software) (since 2013); President, SIIMPL LLC (wealth management platform) (since 2018).
             
Louis Sagert,
1980 		  Treasurer and Principal Financial Officer   Since 2020   Lead Administrator and Officer (since 2016) and other positions (2011-2016) at UMB Fund Services, Inc.
             

Kyle R. Bubeck,
1955

c/o P.O. Box 11550
Overland Park, KS 66207

  Chief Compliance Officer   Since 2020   President and Founder of Beacon Compliance Services, Inc. (since 2010); CFO and CCO of Trendstar Advisors, LLC (2003 – 2009).

 

(1) Each officer serves until his or her resignation, retirement or removal by the Board, or until his or her successor shall have been duly appointed and qualified.

 

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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 (including short-term capital gain if any) of 2.93%, 11.86%, 26.31%, 33.66%, 58.20% and 75.05%, respectively, as qualified dividend income paid during the year ended September 30, 2023.

 

Long-Term Capital Gains Designation

 

For the year ended September 30, 2023, the Very Conservative, Conservative, Conservative/Moderate, Moderate, Growth, and Aggressive Growth Funds designates $348,784, $1,908,343, $1,508,454, $12,284,905, $17,143,465, and $8,286,575, 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) 621-9877or 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’ polices 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 prove services to you.

 

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E-Valuator Funds

SUPPLEMENTAL INFORMATION (Unaudited) - Continued

 

 

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 wit federal standards to guard your nonpublic personal information.

 

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

 

Approval of Investment Advisory Agreement (May 2023)

 

The Board of Trustees (the “Board” or the “Trustees”) of E-Valuator Funds Trust (the “Trust”), met in person on May 17, 2023 (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 Board also considered performance data from the Funds’ corresponding predecessor funds, also managed by Systelligence (each, a “Predecessor Fund,” and together, the “Predecessor Funds”). 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 April 27, 2023 to review and discuss the information provided to them and their duties and responsibilities in connection with the renewal of the Agreement, and on May 12, 2023 and May 17, 2023 to review supplemental materials provided by the Adviser. 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.

 

1. NATURE, EXTENT AND QUALITY OF SERVICES 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 noted that Mr. Miller has over 30 years of experience working with clients in proper fund selection and asset allocation based on client suitability. The Board also considered Mr. Miller’s experience in managing risk-based portfolios for clients for the past 20 years through collective investment trusts, which were ultimately converted into open-end mutual funds (i.e., the Predecessor Funds) in 2016. 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 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.

 

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E-Valuator Funds

SUPPLEMENTAL INFORMATION (Unaudited) - Continued

 

 

2. 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, in comparison to a benchmark index, and in comparison to a custom category (each, a “Category”) and a custom peer group (each, a “Peer Group”), as constructed using data from Morningstar, Inc. The Trustees began by noting that between 2015 and 2023, Morningstar had made a number of changes to the naming conventions and composition of the Categories. Therefore, the Funds had periodically shifted from one Category to another as more appropriate options became available, but because of this the Adviser could not provide performance data for each Fund’s Category since the inception of the Funds. 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, 2023.

 

E-Valuator Aggressive Growth (85%-99%) RMS Fund. The Trustees noted the Aggressive Growth Fund’s performance for the one-year period ended December 31, 2022 was above the median for the Fund’s Peer Group and Category, ranking within the first quartile of its Peer Group and Category. The Trustees observed that the Fund’s performance for the three-year period ended December 31, 2022 was above the Peer Group median (ranking within the first quartile), but trailed the Category median (ranking within the third quartile). The Trustees considered that the Fund’s performance for the five-year and since inception periods ended December 31, 2022, was above the Peer Group median, ranking within the first and second quartiles, respectively, but trailed the Category median for both periods and was ranked within the fourth quartile in each instance. The Trustees further noted for the one-year period ended December 31, 2022, the Aggressive Growth Fund outperformed the S&P 500 Index, but underperformed the Index for the three-year, five-year and since inception periods.

 

E-Valuator Growth (70%-85%) RMS Fund. The Trustees noted the Growth Fund’s performance for the one-year, three-year, five-year and since inception periods ended December 31, 2022 was above the median for the Fund’s Peer Group and Category, ranking within the first quartile of its Peer Group for each period, and ranking within the first quartile of its Category for the one-year and three-year periods, and within the second quartile for the five-year and since inception periods. The Trustees further noted for the one-year period ended December 31, 2022, the Growth Fund outperformed the S&P 500 Index but had underperformed the Index for the remaining periods.

 

E-Valuator Moderate (50%-70%) RMS Fund. The Trustees noted the Moderate Fund’s performance for the one-year, three-year, five-year and since inception periods ended December 31, 2022 was above the median for the Fund’s Peer Group and Category, ranking within the first quartile of its Peer Group and the second quartile of its Category for all four periods. The Trustees then noted that for the one-year period ended December 31, 2022, the Moderate Fund outperformed the S&P 500 Index, but underperformed the Index for the remaining periods.

 

E-Valuator Conservative/Moderate (30%-50%) RMS Fund. The Trustees noted the Conservative/Moderate Fund’s performance for the one-year period ended December 31, 2022 was above the median for the Fund’s Peer Group and Category, ranking within the first quartile for both the Peer Group and Category for the one-year period. The Trustees then noted the Fund’s performance for the three-year period ended December 31, 2022 was below the Peer Group median (ranking within the third quartile) and the Category median (ranking within the fourth quartile). The Trustees also considered that the Fund’s performance for the five-year period ended December 31, 2022 trailed the Peer Group and Category medians, ranking within the fourth quartile for both. The Trustees observed that the Fund’s performance for the since inception period ended December 31, 2022 was above the median for the Peer Group (ranking within the second quartile), but below the Category median (ranking within the fourth quartile). The Trustees next observed that the Conservative/Moderate Fund outperformed the S&P 500 Index for the one-year period ended December 31, 2022, but underperformed the Index for the remaining periods.

 

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E-Valuator Funds

SUPPLEMENTAL INFORMATION (Unaudited) - Continued

 

 

E-Valuator Conservative (15%-30%) RMS Fund. The Trustees noted the Conservative Fund’s performance for the one-year period ended December 31, 2022 was above the median for the Fund’s Peer Group and Category, ranking within the first quartile for each. The Trustees next noted the Fund’s performance for the three-year period ended December 31, 2022 was above the median for the Category, ranking within the second quartile, but trailed the median of its Peer Group, ranking within the third quartile. The Trustees then observed the Fund’s performance for the five-year and since inception periods ended December 31, 2022 was below the median for both the Peer Group and Category, ranking within the third quartile for its Peer Group and Category for each period. The Trustees next noted for the one-year and three-year periods ended December 31, 2022, the Conservative Fund outperformed the Bloomberg Barclays Aggregate Bond Index, but underperformed the Index for the five-year and since inception periods ended December 31, 2022.

 

E-Valuator Very Conservative (0%-15%) RMS Fund. The Trustees noted the Very Conservative Fund’s performance for the one-year and three-year periods ended December 31, 2022 outperformed the median for both its Peer Group and Category, ranking within the first quartile for both. For the five-year period ended December 31, 2022, the Trustees observed that the Fund’s performance was above the median for its Peer Group (ranking within the first quartile) and its Category (ranking within the second quartile). The Trustees then noted the Fund’s performance for the since inception period ended December 31, 2022 was above the median for its Peer Group, ranking within the second quartile, and below the Category median, ranking within the third quartile. The Trustees next noted for all periods ended December 31, 2022, the Very Conservative Fund outperformed the Bloomberg Barclays Aggregate Bond Index.

 

After considering all of the information, the Trustees concluded that the performance obtained by Systelligence for the Funds was satisfactory under current market conditions and in light of each Fund’s investment objective, strategies and policies. 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.

 

3. COSTS 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 Category and Peer Group. The Board noted that each Fund’s advisory fee was generally above both the Category median and the average, but was not the highest in the applicable Category. Furthermore, the Trustees observed that each Fund’s advisory fee was lower than both the Peer Group median and the Peer Group average. The Board then noted that each Fund’s net expense ratio for the Service Class shares was generally above both the median and the average in the applicable Category; however, the Board observed that none of the Funds’ net expenses were the highest in the applicable Category. The Board also noted that each Fund’s net expense ratio for the Service Class shares was below both the median and average for its 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, 2024. 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 Category.

 

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E-Valuator Funds

SUPPLEMENTAL INFORMATION (Unaudited) - Continued

 

 

The Trustees considered the overall profitability of the Funds to Systelligence for the period ended December 31, 2022. 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.

 

4. 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.

 

5. 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 all 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.

 

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E-Valuator Funds

Fund Expenses (Unaudited)

 

Fund Expenses Example

 

As a shareholder, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the six months, April 1, 2023 and held for the six months ended September 30, 2023.

 

Actual Expenses Example

 

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

 

Hypothetical Example for Comparison Purposes

 

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

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as contingent deferred sales charges on certain redemptions. Therefore, the hypothetical account values are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

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E-Valuator Funds

 

               Expenses Paid 
   Beginning   Ending   Annualized   During Period 
   Account Value   Account Value   Expense   Ended* 
   (4/1/23)   (9/30/23)   Ratio   (9/30/23) 
Very Conservative                    
Service Class Actual  $1,000.00   $984.40    0.80%  $3.98 
Service Class Hypothetical**  $1,000.00   $1,021.06    0.80%  $4.05 
R4 Class Actual  $1,000.00   $981.50    1.20%  $5.96 
R4 Class Hypothetical**  $1,000.00   $1,019.05    1.20%  $6.07 
Conservative                    
Service Class Actual  $1,000.00   $989.90    0.69%  $3.44 
Service Class Hypothetical**  $1,000.00   $1,021.61    0.69%  $3.49 
R4 Class Actual  $1,000.00   $987.90    1.09%  $5.42 
R4 Class Hypothetical**  $1,000.00   $1,019.61    1.09%  $5.51 
Conservative/Moderate        0         0 
Service Class Actual  $1,000.00   $995.40    0.80%  $4.04 
Service Class Hypothetical**  $1,000.00   $1,021.02    0.80%  $4.09 
R4 Class Actual  $1,000.00   $992.60    1.20%  $6.03 
R4 Class Hypothetical**  $1,000.00   $1,019.01    1.20%  $6.11 
Moderate        0         0 
Service Class Actual  $1,000.00   $1,001.60    0.57%  $2.87 
Service Class Hypothetical**  $1,000.00   $1,022.20    0.57%  $2.90 
R4 Class Actual  $1,000.00   $999.60    0.97%  $4.87 
R4 Class Hypothetical**  $1,000.00   $1,020.20    0.97%  $4.92 
Growth        0         0 
Service Class Actual  $1,000.00   $1,010.80    0.55%  $2.79 
Service Class Hypothetical**  $1,000.00   $1,022.30    0.55%  $2.80 
R4 Class Actual  $1,000.00   $1,008.80    0.95%  $4.80 
R4 Class Hypothetical**  $1,000.00   $1,020.29    0.95%  $4.83 
Aggressive Growth        0         0 
Service Class Actual  $1,000.00   $1,014.10    0.57%  $2.89 
Service Class Hypothetical**  $1,000.00   $1,022.20    0.57%  $2.90 
R4 Class Actual  $1,000.00   $1,012.00    0.97%  $4.90 
R4 Class Hypothetical**  $1,000.00   $1,020.20    0.97%  $4.92 

 

*Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 183 days in the most recent fiscal period divided by 365 days in the current year.

 

**5% return before expenses

 

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ANNUAL REPORT

 

 

 

92
ANNUAL REPORT

 

 

93
ANNUAL REPORT

 

 

 

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  (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.

 

  (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).

 

Item 3. Audit Committee Financial Expert.

 

  (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 the instructions to Item 3 of Form N-CSR. Mr. Dillenburg is “independent” as that term is defined in the instructions to Item 3 of Form N-CSR.

 

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Item 4. Principal Accountant Fees and Services.

 

(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 2022  $75,000 
FY 2023  $78,750 

 

(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 2022  $- 
FY 2023  $- 
Nature of the fees:   N/A 

 

(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 2022  $18,000 
FY 2023  $18,900 
Nature of the fees:   Tax Services 

 

(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.

 

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

 

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.

 

(2) Percentages of Services Approved by the Audit Committee

 

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

 

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(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.

 

(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 2022  $- 
FY 2023  $- 

 

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

 

(i) Not applicable.

 

(j) Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6. Investments.

 

  (a) Included as part of the report to shareholders filed under Item 1 (a) of this Form N-CSR.
     
  (b) Not applicable.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to open-end management investment companies.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable to open-end management investment companies.

 

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Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable to open-end management investment companies.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable to open-end management investment companies.

 

Item 13. 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.
   
(a) (2) 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.
   
(a) (3) Not applicable to open-end management investment companies.
   
(a) (4) Not applicable to open-end management investment companies.
   
(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.

 

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SIGNATURES

 

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

 

E-Valuator Funds Trust  
   
/s/ Kevin R.. Miller  
By: Kevin R. Miller  
(Principal Executive Officer)  
December 6, 2023  

 

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  
By: Kevin R. Miller  
President  
(Principal Executive Officer)  
December 6, 2023  

 

/s/ Louis Sagert  
By: Louis Sagert  
Treasurer  
(Principal Financial Officer)  
December 6, 2023  

 

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