# EDGAR Filing Document

**Accession Number:** 0001815558
**File Stem:** 0000910472-26-000709
**Filing Date:** 2026-1
**Character Count:** 45656
**Document Hash:** da50a2eb5e4ba85b9eb3cd9ac0a6a874
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-000709.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000910472-26-000709

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Waycross Independent Trust
- **CENTRAL INDEX KEY:** 0001815558

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23581
- **FILM NUMBER:** 26567805

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### WAYCROSS FOCUSED CORE EQUITY FUND (Series ID: S000069480)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000221781 | WAYCROSS FOCUSED CORE EQUITY FUND | WAYFX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 85.5%** | **Shares** | **Value** |
| **Communications - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 5.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;14657 | &nbsp;&nbsp;$4692878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;3137 | &nbsp;&nbsp;2032619 |
|  |  | &nbsp;&nbsp;6725497 |
| **Consumer Discretionary - 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Apparel & Textile Products - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B <sup>(a)</sup> | &nbsp;&nbsp;17760 | &nbsp;&nbsp;1147829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)(b)</sup> | &nbsp;&nbsp;16526 | &nbsp;&nbsp;3854194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class A | &nbsp;&nbsp;6236 | &nbsp;&nbsp;1900670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;10305 | &nbsp;&nbsp;2498756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(b)</sup> | &nbsp;&nbsp;17460 | &nbsp;&nbsp;1775682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;10977 | &nbsp;&nbsp;1667626 |
|  |  | &nbsp;&nbsp;5942064 |
| **Consumer Staples - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;18187 | &nbsp;&nbsp;2009845 |
| **Energy - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corporation | &nbsp;&nbsp;30000 | &nbsp;&nbsp;1111800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;8106 | &nbsp;&nbsp;1236894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;5136 | &nbsp;&nbsp;553918 |
|  |  | &nbsp;&nbsp;2902612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company | &nbsp;&nbsp;37102 | &nbsp;&nbsp;1862521 |
| **Financials - 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | &nbsp;&nbsp;18125 | &nbsp;&nbsp;1680731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;1175 | &nbsp;&nbsp;1230578 |
|  |  | &nbsp;&nbsp;2911309 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 85.5% (Continued)** | **Shares** | **Value** |
| **Financials - 11.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. <sup>(a)</sup> | &nbsp;&nbsp;25081 | &nbsp;&nbsp;$2598392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;39492 | &nbsp;&nbsp;1716322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | &nbsp;&nbsp;39388 | &nbsp;&nbsp;1831542 |
|  |  | &nbsp;&nbsp;6146256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) <sup>(a)</sup> | &nbsp;&nbsp;3509 | &nbsp;&nbsp;2898574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;5244 | &nbsp;&nbsp;962012 |
| **Health Care - 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. <sup>(a)</sup> | &nbsp;&nbsp;12953 | &nbsp;&nbsp;2949398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;5404 | &nbsp;&nbsp;1993698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 6.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;11328 | &nbsp;&nbsp;1460179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | &nbsp;&nbsp;4087 | &nbsp;&nbsp;792960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corporation <sup>(b)</sup> | &nbsp;&nbsp;14394 | &nbsp;&nbsp;1462142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation <sup>(a)</sup> | &nbsp;&nbsp;5732 | &nbsp;&nbsp;1299903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(b)</sup> | &nbsp;&nbsp;4085 | &nbsp;&nbsp;2342666 |
|  |  | &nbsp;&nbsp;7357850 |
| **Industrials - 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) <sup>(b)</sup> | &nbsp;&nbsp;12944 | &nbsp;&nbsp;2446416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Company | &nbsp;&nbsp;10063 | &nbsp;&nbsp;1342203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;5253 | &nbsp;&nbsp;1009574 |
|  |  | &nbsp;&nbsp;2351777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;29718 | &nbsp;&nbsp;2387544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;20900 | &nbsp;&nbsp;1494768 |
|  |  | &nbsp;&nbsp;3882312 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 85.5% (Continued)** | **Shares** | **Value** |
| **Industrials - 9.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;15000 | &nbsp;&nbsp;$961500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;30600 | &nbsp;&nbsp;1401480 |
|  |  | &nbsp;&nbsp;2362980 |
| **Materials - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;29071 | &nbsp;&nbsp;1156154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;3857 | &nbsp;&nbsp;1061292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | &nbsp;&nbsp;3260 | &nbsp;&nbsp;1120429 |
|  |  | &nbsp;&nbsp;3337875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | &nbsp;&nbsp;5421 | &nbsp;&nbsp;1724258 |
| **Technology - 23.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 9.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(b)</sup> | &nbsp;&nbsp;4300 | &nbsp;&nbsp;935379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. <sup>(a)</sup> | &nbsp;&nbsp;6737 | &nbsp;&nbsp;1787596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;7425 | &nbsp;&nbsp;2991978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation <sup>(a)</sup> | &nbsp;&nbsp;23851 | &nbsp;&nbsp;4221627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | &nbsp;&nbsp;6214 | &nbsp;&nbsp;1211357 |
|  |  | &nbsp;&nbsp;11147937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 9.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd. <sup>(b)</sup> | &nbsp;&nbsp;6443 | &nbsp;&nbsp;1203359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;2141 | &nbsp;&nbsp;1357565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation <sup>(a)</sup> | &nbsp;&nbsp;9287 | &nbsp;&nbsp;4569297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | &nbsp;&nbsp;3200 | &nbsp;&nbsp;646240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;4335 | &nbsp;&nbsp;999391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(b)</sup> | &nbsp;&nbsp;1583 | &nbsp;&nbsp;1286045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. <sup>(b)</sup> | &nbsp;&nbsp;1500 | &nbsp;&nbsp;627015 |
|  |  | &nbsp;&nbsp;10688912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. <sup>(a)</sup> | &nbsp;&nbsp;10128 | &nbsp;&nbsp;2824193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;4378 | &nbsp;&nbsp;2410220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;6389 | &nbsp;&nbsp;400527 |
|  |  | &nbsp;&nbsp;2810747 |
| **Utilities - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;14000 | &nbsp;&nbsp;1169280 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 85.5% (Continued)** | **Shares** | **Value** |
| **Utilities - 2.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 2.9% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | &nbsp;&nbsp;5963 | &nbsp;&nbsp;$543349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;19205 | &nbsp;&nbsp;1576922 |
|  |  | &nbsp;&nbsp;3289551 |
| **Total Common Stocks** (Cost $59,664,039) | **Total Common Stocks** (Cost $59,664,039) | &nbsp;&nbsp;$98431287 |
| **MONEY MARKET FUNDS - 12.9%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - <br> Class I, 3.82% <sup>(c)</sup> (Cost $14,901,297) | &nbsp;&nbsp;14901297 | &nbsp;&nbsp;$14901297 |
| **Investments at Value - 98.4%** (Cost $74,565,336) | **Investments at Value - 98.4%** (Cost $74,565,336) | &nbsp;&nbsp;$113332584 |
| **Other Assets in Excess of Liabilities - 1.6%** | **Other Assets in Excess of Liabilities - 1.6%** | &nbsp;&nbsp;1830452 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$115163036 |

---

N.V. - Naamloze Vennootschap

<sup>(a)</sup> All or a portion this security is pledged as collateral for open short positions. The total value of such securities as of November 30, 2025 was $26,544,159.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of November 30, 2025.

---

| | | |
|:---|:---|:---|
| **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT** | **SCHEDULE OF SECURITIES SOLD SHORT** | **SCHEDULE OF SECURITIES SOLD SHORT** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 38.1%** | **Shares** | **Value** |
| **Communications - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Cable & Satellite - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A | &nbsp;&nbsp;2500 | &nbsp;&nbsp;$500300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | &nbsp;&nbsp;38000 | &nbsp;&nbsp;1014220 |
|  |  | &nbsp;&nbsp;1514520 |
| **Consumer Discretionary - 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corporation - Class A | &nbsp;&nbsp;11000 | &nbsp;&nbsp;1808290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | &nbsp;&nbsp;4400 | &nbsp;&nbsp;1109812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Company | &nbsp;&nbsp;9200 | &nbsp;&nbsp;1199680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;2500 | &nbsp;&nbsp;892300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. | &nbsp;&nbsp;5700 | &nbsp;&nbsp;1049826 |
|  |  | &nbsp;&nbsp;4251618 |
| **Consumer Staples - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | &nbsp;&nbsp;7100 | &nbsp;&nbsp;968298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | &nbsp;&nbsp;12000 | &nbsp;&nbsp;1087440 |
| **Energy - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;11500 | &nbsp;&nbsp;1019935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;24000 | &nbsp;&nbsp;983040 |
|  |  | &nbsp;&nbsp;2002975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;42000 | &nbsp;&nbsp;1522080 |
| **Financials - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;11100 | &nbsp;&nbsp;1136418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;16590 | &nbsp;&nbsp;894367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corporation | &nbsp;&nbsp;5500 | &nbsp;&nbsp;1046210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corporation | &nbsp;&nbsp;47400 | &nbsp;&nbsp;1206330 |
|  |  | &nbsp;&nbsp;3146907 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** | **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** | **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** |
| **COMMON STOCKS - 38.1% (Continued)** | **Shares** | **Value** |
| **Health Care - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc. | &nbsp;&nbsp;6700 | &nbsp;&nbsp;$1220003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;8000 | &nbsp;&nbsp;1025440 |
|  |  | &nbsp;&nbsp;2245443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corporation | &nbsp;&nbsp;14000 | &nbsp;&nbsp;1213380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;14800 | &nbsp;&nbsp;1558884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revvity, Inc. | &nbsp;&nbsp;10870 | &nbsp;&nbsp;1134937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;12810 | &nbsp;&nbsp;1249231 |
|  |  | &nbsp;&nbsp;5156432 |
| **Industrials - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;5400 | &nbsp;&nbsp;1346112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc | &nbsp;&nbsp;3200 | &nbsp;&nbsp;1106848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;2160 | &nbsp;&nbsp;1077559 |
|  |  | &nbsp;&nbsp;2184407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;7600 | &nbsp;&nbsp;1028204 |
| **Materials - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;10700 | &nbsp;&nbsp;1070428 |
| **Technology - 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;5500 | &nbsp;&nbsp;1387375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;12000 | &nbsp;&nbsp;642960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;6950 | &nbsp;&nbsp;1169477 |
|  |  | &nbsp;&nbsp;3199812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | &nbsp;&nbsp;3600 | &nbsp;&nbsp;1152468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. | &nbsp;&nbsp;2700 | &nbsp;&nbsp;819018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. | &nbsp;&nbsp;1500 | &nbsp;&nbsp;467760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc. | &nbsp;&nbsp;8000 | &nbsp;&nbsp;649040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. - Class A | &nbsp;&nbsp;4750 | &nbsp;&nbsp;1024195 |
|  |  | &nbsp;&nbsp;4112481 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** | **WAYCROSS MANAGED RISK EQUITY FUND** |
| **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** | **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** | **SCHEDULE OF SECURITIES SOLD SHORT (Continued)** |
| **COMMON STOCKS - 38.1% (Continued)** | **Shares** | **Value** |
| **Technology - 10.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;6000 | &nbsp;&nbsp;$784080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | &nbsp;&nbsp;4663 | &nbsp;&nbsp;1165750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corporation | &nbsp;&nbsp;12000 | &nbsp;&nbsp;1001520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc. | &nbsp;&nbsp;10000 | &nbsp;&nbsp;614700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;11000 | &nbsp;&nbsp;1228590 |
|  |  | &nbsp;&nbsp;4010560 |
| **Utilities - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;13500 | &nbsp;&nbsp;1354860 |
| **Total Securities Sold Short - 38.1%** (Proceeds $48,237,067) | **Total Securities Sold Short - 38.1%** (Proceeds $48,237,067) | &nbsp;&nbsp;$43931365 |

---

plc - Public Limited Company <br>

---

| | | |
|:---|:---|:---|
| **WAYCROSS FOCUSED CORE EQUITY FUND** | **WAYCROSS FOCUSED CORE EQUITY FUND** | **WAYCROSS FOCUSED CORE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.4%** | **Shares** | **Value** |
| **Communications - 12.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 12.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;33064 | &nbsp;&nbsp;$10586431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;9499 | &nbsp;&nbsp;6154877 |
|  |  | &nbsp;&nbsp;16741308 |
| **Consumer Discretionary - 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;29149 | &nbsp;&nbsp;6798129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;17733 | &nbsp;&nbsp;4299898 |
| **Energy - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;17840 | &nbsp;&nbsp;1924044 |
| **Financials - 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;52815 | &nbsp;&nbsp;5471634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;7809 | &nbsp;&nbsp;6450546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;18852 | &nbsp;&nbsp;3458400 |
| **Health Care - 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;18738 | &nbsp;&nbsp;4266643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | &nbsp;&nbsp;14758 | &nbsp;&nbsp;2863347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5186 | &nbsp;&nbsp;2974067 |
|  |  | &nbsp;&nbsp;5837414 |
| **Industrials - 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) <sup>(a)</sup> | &nbsp;&nbsp;23421 | &nbsp;&nbsp;4426569 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS FOCUSED CORE EQUITY FUND** | **WAYCROSS FOCUSED CORE EQUITY FUND** | **WAYCROSS FOCUSED CORE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 99.4% (Continued)** | **Shares** | **Value** |
| **Industrials - 11.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;18964 | &nbsp;&nbsp;$3644691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;46021 | &nbsp;&nbsp;3697327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;52595 | &nbsp;&nbsp;3371340 |
| **Materials - 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;12881 | &nbsp;&nbsp;3544336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Company (The) | &nbsp;&nbsp;11966 | &nbsp;&nbsp;4112595 |
|  |  | &nbsp;&nbsp;7656931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | &nbsp;&nbsp;5421 | &nbsp;&nbsp;1724257 |
| **Technology - 39.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 17.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;16464 | &nbsp;&nbsp;4368558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;16503 | &nbsp;&nbsp;6650049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;57548 | &nbsp;&nbsp;10185996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | &nbsp;&nbsp;15171 | &nbsp;&nbsp;2957434 |
|  |  | &nbsp;&nbsp;24162037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 11.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;2884 | &nbsp;&nbsp;1828687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;17949 | &nbsp;&nbsp;8831087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;12277 | &nbsp;&nbsp;2830340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | &nbsp;&nbsp;2133 | &nbsp;&nbsp;1732870 |
|  |  | &nbsp;&nbsp;15222984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 6.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;29849 | &nbsp;&nbsp;8323394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp;7651 | &nbsp;&nbsp;4212105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp;22805 | &nbsp;&nbsp;1429646 |
|  |  | &nbsp;&nbsp;5641751 |

---

---

| | | |
|:---|:---|:---|
| **WAYCROSS FOCUSED CORE EQUITY FUND** | **WAYCROSS FOCUSED CORE EQUITY FUND** | **WAYCROSS FOCUSED CORE EQUITY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 99.4% (Continued)** | **Shares** | **Value** |
| **Utilities - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | &nbsp;&nbsp;21217 | &nbsp;&nbsp;$1933293 |
| **Total Common Stocks** (Cost $109,810,521) | **Total Common Stocks** (Cost $109,810,521) | &nbsp;&nbsp;$135052590 |
| **MONEY MARKET FUNDS - 0.6%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - <br> Class I, 3.82% <sup>(b)</sup> (Cost $736,473) | &nbsp;&nbsp;736473 | &nbsp;&nbsp;$736473 |
| **Investments at Value - 100.0%** (Cost $110,546,994) | **Investments at Value - 100.0%** (Cost $110,546,994) | &nbsp;&nbsp;$135789063 |
| **Other Assets in Excess of Liabilities - 0.0%** <sup>(c)</sup> | **Other Assets in Excess of Liabilities - 0.0%** <sup>(c)</sup> | &nbsp;&nbsp;34702 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$135823765 |

---

N.V. - Naamloze Vennootschap <br>

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of November 30, 2025.

<sup>(c)</sup> Rounds to less than 0.01%.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Waycross Independent Trust

- **b. Investment Company Act file number:** 811-23581

- **c. CIK number of Registrant:** 0001815558

- **d. LEI of Registrant:** 549300V2Z4A93B0ZQR11

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 4965 U.S. Highway 42

  - **City:** Louisville

  - **State:** KY

  - **Foreign country:** US

  - **Zip / Postal Code:** 40222

  - **Telephone number:** (502) 410-1912

**Item A.2. Information about the Series.**

- **a. Name of Series:** WAYCROSS FOCUSED CORE EQUITY FUND

- **b. EDGAR series identifier (if any):** S000069480

- **c. LEI of Series:** 54930011NRTTTC7QRD33

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $135894238.27

**Total Liabilities:** $70473.64

**Net Assets:** $135823764.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221781 | 1.09%                | 1.03%                | 0.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $241612.15               | $1042558.97                                |
| Month 2  | $-764724.88              | $2080709.71                                |
| Month 3  | $1407862.82              | $-175761.81                                |

### Schedule of Portfolio Investments

| Name                             | Title                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fidelity Colchester Street Trust | Fidelity Institutional Money Market Government Portfolio | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |    736473 | PA      | $736472.83    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.            | Lowe's Companies, Inc.                                   | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     17733 | NS      | $4299897.84   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company     | Sherwin-Williams Company (The)                           | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     11966 | NS      | $4112594.54   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.             | PayPal Holdings, Inc.                                    | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     22805 | NS      | $1429645.45   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                  | Salesforce, Inc.                                         | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     12277 | NS      | $2830339.58   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV            | NXP Semiconductors N.V.                                  | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     15171 | NS      | $2957434.74   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc.          | Intuitive Surgical, Inc.                                 | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      5186 | NS      | $2974067.28   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                   | Citigroup, Inc.                                          | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     52815 | NS      | $5471634.00   | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                     | Southern Company (The)                                   | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     21217 | NS      | $1933293.04   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                     | Broadcom, Inc.                                           | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     16503 | NS      | $6650048.88   | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated          | Mastercard, Inc. Class A                                 | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      7651 | NS      | $4212105.03   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                  | Microsoft Corporation                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     17949 | NS      | $8831087.49   | 6.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                     | NVIDIA Corporation                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     57548 | NS      | $10185996.00  | 7.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                      | Ecolab, Inc.                                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     12881 | NS      | $3544335.96   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company    | Becton Dickinson & Company                               | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     14758 | NS      | $2863347.16   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.              | Analog Devices, Inc.                                     | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     16464 | NS      | $4368557.76   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                       | Intuit, Inc.                                             | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      2884 | NS      | $1828686.72   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                   | ServiceNow, Inc.                                         | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      2133 | NS      | $1732870.53   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co.                       | Boeing Company (The)                                     | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     23421 | NS      | $4426569.00   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Companies, Inc. | Marsh & McLennan Companies, Inc.                         | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     18852 | NS      | $3458399.40   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                       | Apple, Inc.                                              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     29849 | NS      | $8323393.65   | 6.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc               | Meta Platforms, Inc. Class A                             | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      9499 | NS      | $6154877.05   | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.        | Goldman Sachs Group, Inc. (The)                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      7809 | NS      | $6450546.36   | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                    | Alphabet, Inc. Class A                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     33064 | NS      | $10586431.52  | 7.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.     | Honeywell International, Inc.                            | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     18964 | NS      | $3644691.16   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.             | Delta Air Lines, Inc.                                    | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     52595 | NS      | $3371339.50   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                      | AbbVie, Inc.                                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     18738 | NS      | $4266642.60   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.               | EOG Resources, Inc.                                      | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     17840 | NS      | $1924044.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Inc.          | Carlisle Companies, Inc.                                 | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      5421 | NS      | $1724257.47   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                 | Amazon.com, Inc.                                         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     29149 | NS      | $6798129.78   | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc               | Ingersoll Rand, Inc.                                     | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |     46021 | NS      | $3697327.14   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-30

**Name of Applicant:** Waycross Focused Core Equity Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** VP, Fund Accounting