Cloud Object Storage | Store & Retrieve Data …...Quarter's 3 Worst Performing Holdings & Sectors:...

Ending: June 30

ServiceShareTicker: EVVLX

R4ShareTicker: EVVCX

Quarter Ending:

PerformanceHistory

ServiceShare: EVVLX 0.94%

R4Share: EVVCX 1.16%

US Fund Money Market ‐ Taxable ‐‐

BBgBarc US Agg Bond TR USD ‐‐

MSCI EAFE PR USD ‐‐

Russell 2000 TR USD ‐‐

S&P 500 TR USD ‐‐

US Fund Allocation‐‐15% to 30% Equity 1.04%

Italics = Morningstar Category Data provided by: Morningstar, Inc.2Date of Inception: Data as of:

Quarter's3BestPerformingHoldings&Sectors:Ticker Name Morningstar Category

VCIT Vanguard Interm‐Term Corp Bd ETF US Fund Corporate Bond +

VBIMX Vanguard Interm‐Term Bond Index I US Fund Intermediate Core Bond +

CBFVX JPMorgan Corporate Bond R6 US Fund Corporate Bond +

Quarter's3WorstPerformingHoldings&Sectors:Ticker Name Morningstar Category

MIDLX MFS International New Discovery R6 US Fund Foreign Small/Mid Growth +

DFVQX DFA International Vector Equity I US Fund Foreign Small/Mid Value +

HSCZ iShares Currency Hdgd MSCI EAFE SmCp ETF US Fund Foreign Small/Mid Blend +

UnderlyingHoldingsActivityAction(s) Reason(s) Sector(s) Impacted

Added & Replaced Performance Bonds: Added 3, Removed 3. Stocks: Added 1; Removed 2

Added & Replaced Diversification Significant Re‐structure based on Fed Chairman comments

Slight Adjustment Diversification Added and replaced a couple holdings with slight allocation change

QuarterlyCommentary

Advisoryservicesprovidedby:Systelligence,LLC7760FranceAvenueS,Suite620 855.621.9877Bloomington,Mn55435 www.evaluatorfunds.com

0.00%

0.00%

Pro‐ratedQuarterly Impact

May‐19

‐‐

1.04%

‐‐

‐‐

‐‐

‐‐

2/29/2012

2.94%

2.50% ‐1.86% 6.12% ‐0.51% ‐‐ 11.19% 12.30%

Apr‐19

‐3.31% 12.30%

2.79%

‐‐ 3.03%

6/30/20191The Adviser has agreed to waive 0.07% of its management fee. The Adviser may not terminate this contractual arrangement prior to January 31, 2020 except pursuant to mutual consent between the Fund and the Adviser or in the event that the investment advisory agreement is terminated. Without this waiver, expenses would be

higher and performance would be lower.

Performance data quoted represents past performance. The Fund’s past performance does not guarantee future results. The investment return and principal value

may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. To obtain performance data

current to the most recent month end, please call 1‐888‐507‐2798.

ImpactfulHoldings

12.19% 12.03%

2.10% ‐‐ 17.11%

2.31% 2.95%

2.23% 4.98% 4.12%3.99%

7.06%

Annualized

Jun‐19

Date

Benchmarks0.49% 1.84% 0.98% 0.60% ‐‐ 0.21% 0.21%

‐‐ 3.82%

16.63%

4.30% 10.42% 14.19% 10.71% ‐‐

0.15%

0.14%

3.08% 7.87%

0.00%

Inception2

1.23%

Total Return3‐YearGross1

ExpenseRatio

Net1

2.91%

2.69% 4.22% 3.38% 2.36% 2.77% 3.19% 2.92%

2.71% 4.40% 3.60% 2.55% 3.08% 3.18%

Total Return Annualized Annualized

Conservative ModerateConservative/Moderate

Fund Level: For the quarter ending June 30, 2019, the Very Conservative RMS Fund (Service share) outperformed the average of its Morningstar peer group (US Fund

Allocation: 15% to 30% Equity) by posting a quarter‐end performance of +2.71% compared to +2.23% by its peers, while keeping its Standard Deviation for the past 3‐

years and 5‐years below the peer group average. The Fund's allocation into Foreign equities held back the overall positive returns posted this Fund.

Fixed Income Impact: Federal Reserve Chairman Powell held rates at a level pace for throughout this quarter. The end result was positive to every Fixed Income

category. The Fixed Income markets responding most favorably with positive results were longer duration, high quality bonds and Emerging Market debt. Shorter

duration, high quality bonds posted the smallest gains for the quarter of all the Fixed Income categories.

Equity Impact: Domestic Large Cap and Mid Cap stocks posted a positive return for Q2 2019. Domestic Small Caps were mixed with Growth being positive and Value/Blend being negative for the quarter. The Foreign stock category posted losses with Small/Mid caps under-performing the most. Growth style management

continues to outperform Value style management in Domestic equities with Large Caps posting higher gains than Mid Caps. Foreign Large Caps outperformed Foreign

Small‐Mid Caps.

Very Conservative Growth Aggressive Growth


0.18%

TheE‐ValuatorRiskManagedStrategyQuarterlyOverview

1.01%

TheE‐ValuatorVeryConservative (0%‐15%)RMSFund

6/30/2019

Rate‐of‐Return StandardDeviation

The table below identifies the Expense Ratio (Net and Gross), Performance History, and Standard Deviation for each share class, as well as multiple benchmarks,

including the Fund's Morningstar Category on the bottom line of the table.

5‐Year3‐Month 1‐Year 3‐Year 5‐Year

1

ServiceShareTicker: EVCLX

R4ShareTicker: EVFCX

Quarter Ending:

PerformanceHistory

ServiceShare: EVCLX 0.78%

R4Share: EVFCX 1.04%










VBIMX Vanguard Interm‐Term Bond Index I US Fund Intermediate Core Bond +

ZROZ PIMCO 25+ Year Zero Coupon US Trs ETF US Fund Long Government +


DDLS WisdomTree Dyn Ccy Hdgd Intl SmCp Eq ETF US Fund Foreign Small/Mid Value +

HYLB Xtrackers USD High Yield Corp Bd ETF US Fund High Yield Bond ‐

DES WisdomTree US SmallCap Dividend ETF US Fund Small Value ‐


Added & Replaced Performance Bonds: Replaced 6. Stocks: Replaced 3; Removed 1



QuarterlyCommentary


Fund Level: For the quarter ending June 30, 2019, the Conservative RMS Fund (Service share) posted substantially superior performance to the average of its

Morningstar peer group (US Fund Allocation: 15% to 30% Equity) by posting a quarter‐end performance of +3.07% compared to +2.23% by its peers. The Fund's Fixed Income allocation including Corporate bonds and Intermediate/Long Term bonds contributed to the positive performance. The small allocation into Small Cap stocks held back the overall positive returns posted by the Fund.




Equity Impact: Domestic Large Cap and Mid Cap stocks posted a positive return for Q2 2019. Domestic Small Caps were mixed with Growth being positive and Value/Blend being negative for the quarter. The Foreign stock category posted losses with Small/Mid Caps underperforming the most. Growth style management


Small‐Mid Caps.

0.15%

0.14%

Pro‐rated

May‐19

Jun‐19

Month/Yr

Apr‐19

0.00%

0.00%

0.00%

Quarterly Impact

3.82% 4.12%






ImpactfulHoldings

1.04% 2.23% 4.98% 3.99% 2.79% ‐‐

6/30/2019

17.11% 16.63%

‐‐ 4.30% 10.42% 14.19% 10.71% ‐‐ 12.19% 12.03%

‐‐ 2.10% ‐3.31% 12.30% 7.06% ‐‐

3.03% 2.94%

‐‐ 2.50% ‐1.86% 6.12% ‐0.51% ‐‐ 11.19% 12.30%

‐‐ 3.08% 7.87% 2.31% 2.95% ‐‐

Benchmarks‐‐ 0.49% 1.84% 0.98% 0.60% ‐‐ 0.21% 0.21%

Net1 Gross13‐Month 1‐Year 3‐Year 5‐Year

5.14% 4.96%

1.11% 3.05% 4.88% 5.10% 3.55% 5.02% 5.10% 4.95%

0.85% 3.07% 5.13% 5.38% 3.85% 5.29%

Very Conservative Conservative Conservative/Moderate Moderate Growth Aggressive Growth


0.18%

TheE‐ValuatorRiskManagedStrategyFundsQuarterlyOverviewTheE‐ValuatorConservative (15%‐30%)RMSFund

6/30/2019



ExpenseRatio Rate‐of‐Return StandardDeviation

Inception2

3‐Year 5‐YearTotal Return Total Return Annualized Annualized Annualized

2

ServiceShareTicker: EVTTX

R4ShareTicker: EVFTX

Quarter Ending:

PerformanceHistory

ServiceShare: EVTTX 0.92%

R4Share: EVFTX 1.23%










EDV Vanguard Extended Duration Trs ETF US Fund Long Government +



SWSSX Schwab Small Cap Index US Fund Small Blend +

JUSUX JPMorgan Limited Duration Bd R6 US Fund Short‐Term Bond ‐



Transformation Performance Bonds: Replaced 4. Stocks: Replaced 2; Removed 4



QuarterlyCommentary


Fund Level: For the quarter ending June 30, 2019, the Conservative/Moderate RMS Fund (Service share) experienced its first full quarter as a risk managed strategy holding an equity allocation range from 30%‐50% invested in equities. The Fund's quarterly return of +2.99% was superior to the average return of its Morningstar peers which was +2.56%. The Fund's allocation into Short Bonds and Domestic Small Cap stocks suppressed some of the positive returns generated by

Long‐term bonds and Corporate bonds.






Small‐Mid Caps.

0.14%

0.13%

Pro‐rated

Apr‐19

May‐19

Jun‐19

Date

0.00%

0.00%

0.00%

Quarterly Impact

5.64% 5.88%






ImpactfulHoldings

1.12% 2.56% 5.12% 5.56% 3.61% ‐‐

6/30/2019

17.11% 16.63%

‐‐ 4.30% 10.42% 14.19% 10.71% ‐‐ 12.19% 12.03%

‐‐ 2.10% ‐3.31% 12.30% 7.06% ‐‐

3.03% 2.94%

‐‐ 2.50% ‐1.86% 6.12% ‐0.51% ‐‐ 11.19% 12.30%

‐‐ 3.08% 7.87% 2.31% 2.95% ‐‐

Benchmarks‐‐ 0.49% 1.84% 0.98% 0.60% ‐‐ 0.21% 0.21%


7.03% 7.43%

1.30% 3.05% 2.82% 4.98% 2.47% 4.20% 7.06% 7.47%

0.99% 2.99% 2.90% 5.19% 2.83% 4.70%



0.15%

TheE‐ValuatorRiskManagedStrategyQuarterlyOverviewTheE‐ValuatorConservative/Moderate(30%‐50%)RMSFund

6/30/2019




Inception2


3

ServiceShareTicker: EVMLX

R4ShareTicker: EVFMX

Quarter Ending:

PerformanceHistory

ServiceShare: EVMLX 0.78%

R4Share: EVFMX 1.03%









JLGMX JPMorgan Large Cap Growth R6 US Fund Large Growth +


FDTRX Franklin DynaTech R6 US Fund Large Growth +


BFIT Global X Health & Wellness Thematic ETF US Fund World Small/Mid Stock +

PYTRX Putnam Fixed Income Absolute Return Y US Fund Nontraditional Bond +



Added & Replaced Performance Bonds: Replaced 2; Removed 3. Stocks: Replaced 2; Removed 6



QuarterlyCommentary


Fund Level: For the quarter ending June 30, 2019, the Moderate RMS Fund (Service share) outperformed the average of its Morningstar peer group (US Fund

Allocation: 50% to 70% Equity) by posting a quarter‐end performance of +3.39% compared to +2.95% by its peers. The Fund's allocation into Small Cap stocks and Nontraditional bonds was enough to suppress the some of the positive returns experienced by Large Growth stocks and Long‐term Government bonds.






Small‐Mid Caps.

0.13%

0.13%

Pro‐rated

Apr‐19

Jun‐19

Date

0.00%

0.00%

0.00%

Quarterly Impact

May‐19

7.92% 8.04%






ImpactfulHoldings

1.11% 2.95% 5.73% 7.79% 5.04% ‐‐

6/30/2019

17.11% 16.63%

‐‐ 4.30% 10.42% 14.19% 10.71% ‐‐ 12.19% 12.03%

‐‐ 2.10% ‐3.31% 12.30% 7.06% ‐‐

3.03% 2.94%

‐‐ 2.50% ‐1.86% 6.12% ‐0.51% ‐‐ 11.19% 12.30%

‐‐ 3.08% 7.87% 2.31% 2.95% ‐‐

Benchmarks‐‐ 0.49% 1.84% 0.98% 0.60% ‐‐ 0.21% 0.21%


9.09% 8.62%

1.10% 3.29% 4.00% 7.92% 5.02% 7.33% 9.06% 8.61%

0.85% 3.39% 4.23% 8.25% 5.37% 7.62%



0.14%

TheE‐ValuatorRiskManagedStrategyQuarterlyOverviewTheE‐ValuatorModerate (50%‐70%)RMSFund

6/30/2019




Inception2


4

ServiceShareTicker: EVGLX

R4ShareTicker: EVGRX

Quarter Ending:

PerformanceHistory

ServiceShare: EVGLX 0.78%

R4Share: EVGRX 1.03%









HGGAX Harbor Global Leaders Instl US Fund World Large Stock +


FDTRX Franklin DynaTech R6 US Fund Large Growth +


OIBIX Invesco Oppenheimer International Bd R6 US Fund World Bond ‐

CMNIX Calamos Market Neutral Income I US Fund Market Neutral ‐



Added & Replaced Performance Bonds: Replaced 5; Removed 2. Stocks: Replaced 1; Removed 4.



QuarterlyCommentary


Fund Level: For the quarter ending June 30, 2019, the Growth RMS Fund (Service share) outperformed the average of its Morningstar peer group (US Fund

Allocation: 70% to 85% Equity). The Service share posted quarter‐end performance of +3.31% compared to +2.85% by its Morningstar peers. The Fund's allocation

into the World bonds and Small Caps was enough to suppress the some of the positive returns experienced by World Large Cap Stocks and Large Cap Growth stocks.




Equity Impact: Domestic Large Cap and Mid Cap stocks posted a positive return for Q2 2019. Domestic Small Caps were mixed with Growth being positive and Value/Blend being negative for the quarter. The Foreign stock category posted losses with Small/Mid caps underperforming the most. Growth style management


Small‐Mid Caps.

0.14%

0.13%

Pro‐rated

Apr‐19

Jun‐19

Date

0.00%

0.00%

0.01%

Quarterly Impact

May‐19

9.93% 10.08%






ImpactfulHoldings

1.19% 2.85% 4.23% 8.80% 5.20% ‐‐

6/30/2019

17.11% 16.63%

‐‐ 4.30% 10.42% 14.19% 10.71% ‐‐ 12.19% 12.03%

‐‐ 2.10% ‐3.31% 12.30% 7.06% ‐‐

3.03% 2.94%

‐‐ 2.50% ‐1.86% 6.12% ‐0.51% ‐‐ 11.19% 12.30%

‐‐ 3.08% 7.87% 2.31% 2.95% ‐‐

Benchmarks‐‐ 0.49% 1.84% 0.98% 0.60% ‐‐ 0.21% 0.21%


10.64% 10.52%

1.10% 3.30% 2.52% 9.16% 5.52% 8.69% 10.65% 10.53%

0.85% 3.31% 2.78% 9.44% 5.85% 9.04%



0.17%

TheE‐ValuatorRiskManagedStrategyQuarterlyOverviewTheE‐ValuatorGrowth (70%‐85%)RMSFund

6/30/2019




Inception2


5

ServiceShareTicker: EVAGX R4ShareTicker: EVFGX

Quarter Ending:

PerformanceHistory

ServiceShare: EVAGX 0.82%

R4Share: EVFGX 1.07%






US Fund Allocation‐‐85%+ Equity 1.30%



HGGAX Harbor Global Leaders Instl US Fund World Large Stock +


GLNNX MFS Global New Discovery R6 US Fund World Small/Mid Stock +


HIGFX American Funds American High‐Inc F3 US Fund High Yield Bond ‐

DODLX Dodge & Cox Global Bond US Fund World Bond ‐



Added & Replaced Performance Bonds: Replaced 4. Stocks: Replaced 7; Removed 3



QuarterlyCommentary


TheE‐ValuatorRiskManagedStrategyQuarterlyOverviewTheE‐ValuatorAggressiveGrowth (85%‐99%)RMSFund

6/30/2019





Inception2



11.92% 11.59%

1.14% 3.16% 1.15% 9.55% 5.46% 8.55% 11.92% 11.60%0.89% 3.26% 1.36% 9.88% 5.83% 9.06%

Benchmarks‐‐ 0.49% 1.84% 0.98% 0.60% ‐‐ 0.21% 0.21%

3.03% 2.94%

‐‐ 2.50% ‐1.86% 6.12% ‐0.51% ‐‐ 11.19% 12.30%

‐‐ 3.08% 7.87% 2.31% 2.95% ‐‐

17.11% 16.63%

‐‐ 4.30% 10.42% 14.19% 10.71% ‐‐ 12.19% 12.03%

‐‐ 2.10% ‐3.31% 12.30% 7.06% ‐‐


0.23%

0.14%

0.13%

Pro‐rated

11.67% 11.74%

2/29/2012 6/30/20191The Adviser has agreed to waive 0.07% of its management fee. The Adviser may not terminate this contractual arrangement prior to January 31, 2020 except pursuant to mutual consent between the Fund and the Adviser or in the event that the investment advisory agreement is terminated. Without this waiver, expenses would be





ImpactfulHoldings

1.30% 3.19% 3.79% 10.09% 5.79% ‐‐

May‐19

Jun‐19

Fund Level: For the quarter ending June 30, 2019, the Aggressive Growth RMS Fund (Service share) outperformed the average of its Morningstar peer group (US Fund

Allocation: 85%+ Equity) with a quarter‐end performance of +3.26% compared to +3.19% by its Morningstar peers. The Fund's allocation into World bonds, High Yield

bonds, and Small Cap stocks was enough to suppress the some of the positive returns experienced by World stocks and Domestic Large Cap stocks.






Small‐Mid Caps.

Quarterly Impact

0.00%

0.00%

0.01%

Date

Apr‐19

6


TheE‐ValuatorRiskManagedStrategyQuarterlyOverviewDisclosureStatements

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

There are risks involved with investing, including loss of principal. Current and future portfolio holdings are subject to risks as well. Diversification may not protect against market risk. There is no assurance the goals of the strategies discussed will be met. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting in principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Bonds and bond funds will decrease in value as interest rates rise. These and other risks are described more fully in the funds’ prospectus. The issuer of a fixed income security may not be able to make interest and principal payments when due. The lower the credit rating of a security, the greater the risk of default on its obligation.

Barclays Aggregate Bond Index ‐ composed of the Barclays Govt/Credit Index, the Mortgage‐Backed Securities Index, and the Asset‐Backed Securities Index. S&P 500 Index ‐ consists of 500 domestic large companies as compiled by Standard & Poor’s Financial Services, LLC. Russell 2000 Index ‐ consists of the smallest 2000 companies in the Russell 3000 Index, representing approximately 7% of the Russell market capitalization. MSCI EAFE ‐ this index is listed for foreign stock funds (EAFE refers to Europe, Australasia, and Far East). Widely accepted as a benchmark for international stock performance, the EAFE Index is an aggregate of 21 individual country indexes that collectively represent many of the major markets of the world. One cannot invest in an index.

Standard Deviation ‐ a measure of risk (volatility). A larger standard deviation indicates an investment’s performance will likely experience greater fluctuations.

The prospectus should be read carefully before investing. An investor should consider investment objectives, risks, and charges and expenses of the investment company carefully before investing. To obtain a prospectus which contains this and other information, contact your financial advisor, call 888‐507‐2798, or visit our website at www.evaluatorfunds.com.

Distributed by First Dominion Capital Corp., Richmond, VA. Member FINRA/SIPC.

NOT FDIC INSURED. MAY LOSE VALUE.

7

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