# EDGAR Filing Document

**Accession Number:** 0001815558
**File Stem:** 0001752724-25-181081
**Filing Date:** 2025-7
**Character Count:** 69354
**Document Hash:** 46097fb931cf26849c89d7173952ba2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-181081.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-181081

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**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:** 251157735

**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 MANAGED RISK EQUITY FUND (Series ID: S000069481)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000221782 | WAYCROSS MANAGED RISK EQUITY FUND | WAYEX           |

## 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** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 90.2%** | **Shares** | **Value** |
| **Communications - 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;15657 | &nbsp;&nbsp;$2688933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;4690 | &nbsp;&nbsp;3036728 |
|  |  | &nbsp;&nbsp;5725661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;5396 | &nbsp;&nbsp;1306911 |
| **Consumer Discretionary - 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Apparel & Textile Products - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B | &nbsp;&nbsp;22760 | &nbsp;&nbsp;1379028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)(b)</sup> | &nbsp;&nbsp;14942 | &nbsp;&nbsp;3063259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class A | &nbsp;&nbsp;6236 | &nbsp;&nbsp;1645244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation | &nbsp;&nbsp;14587 | &nbsp;&nbsp;1224579 |
|  |  | &nbsp;&nbsp;2869823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;9538 | &nbsp;&nbsp;2153013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. <sup>(b)</sup> | &nbsp;&nbsp;1164 | &nbsp;&nbsp;1591770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;10977 | &nbsp;&nbsp;1392981 |
|  |  | &nbsp;&nbsp;5137764 |
| **Consumer Staples - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | &nbsp;&nbsp;5658 | &nbsp;&nbsp;531908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;18187 | &nbsp;&nbsp;1795421 |
|  |  | &nbsp;&nbsp;2327329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corporation <sup>(a)</sup> | &nbsp;&nbsp;12570 | &nbsp;&nbsp;917610 |
| **Energy - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;8106 | &nbsp;&nbsp;1090663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;14237 | &nbsp;&nbsp;1545711 |
|  |  | &nbsp;&nbsp;2636374 |

---

---

| | | |
|:---|:---|:---|
| **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 - 90.2% (Continued)** | **Shares** | **Value** |
| **Energy - 3.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company | &nbsp;&nbsp;37102 | &nbsp;&nbsp;$1374629 |
| **Financials - 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | &nbsp;&nbsp;18125 | &nbsp;&nbsp;1601163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 7.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. <sup>(a)</sup> | &nbsp;&nbsp;25081 | &nbsp;&nbsp;1889101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;39492 | &nbsp;&nbsp;1508199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | &nbsp;&nbsp;39388 | &nbsp;&nbsp;1555826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company <sup>(a)</sup> | &nbsp;&nbsp;32332 | &nbsp;&nbsp;2417787 |
|  |  | &nbsp;&nbsp;7370913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Services - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;1175 | &nbsp;&nbsp;1151371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.0%* |  |  |
| &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;2106979 |
| **Health Care - 11.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. <sup>(a)</sup> | &nbsp;&nbsp;12953 | &nbsp;&nbsp;2410683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;5404 | &nbsp;&nbsp;1573861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 7.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;11328 | &nbsp;&nbsp;1513194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | &nbsp;&nbsp;4087 | &nbsp;&nbsp;705375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corporation <sup>(b)</sup> | &nbsp;&nbsp;14394 | &nbsp;&nbsp;1515113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corporation <sup>(a)</sup> | &nbsp;&nbsp;5732 | &nbsp;&nbsp;1088507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(b)</sup> | &nbsp;&nbsp;1592 | &nbsp;&nbsp;817269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(b)</sup> | &nbsp;&nbsp;4427 | &nbsp;&nbsp;2445209 |
|  |  | &nbsp;&nbsp;8084667 |
| **Industrials - 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) <sup>(b)</sup> | &nbsp;&nbsp;12944 | &nbsp;&nbsp;2683550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Company | &nbsp;&nbsp;13763 | &nbsp;&nbsp;1643027 |

---

---

| | | |
|:---|:---|:---|
| **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 - 90.2% (Continued)** | **Shares** | **Value** |
| **Industrials - 10.3% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 2.6% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;4978 | &nbsp;&nbsp;$1128363 |
|  |  | &nbsp;&nbsp;2771390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;17032 | &nbsp;&nbsp;1390493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;18000 | &nbsp;&nbsp;1177740 |
|  |  | &nbsp;&nbsp;2568233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;47541 | &nbsp;&nbsp;1501820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;15000 | &nbsp;&nbsp;725850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;12000 | &nbsp;&nbsp;531840 |
|  |  | &nbsp;&nbsp;2759510 |
| **Materials - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;17471 | &nbsp;&nbsp;1167063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;13427 | &nbsp;&nbsp;1027971 |
|  |  | &nbsp;&nbsp;2195034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction Materials - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | &nbsp;&nbsp;3368 | &nbsp;&nbsp;1280446 |
| **Technology - 25.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 8.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. <sup>(a)</sup> | &nbsp;&nbsp;8737 | &nbsp;&nbsp;1869543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;10775 | &nbsp;&nbsp;2608304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation <sup>(a)</sup> | &nbsp;&nbsp;28130 | &nbsp;&nbsp;3801207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | &nbsp;&nbsp;4214 | &nbsp;&nbsp;805422 |
|  |  | &nbsp;&nbsp;9084476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 11.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(b)</sup> | &nbsp;&nbsp;1630 | &nbsp;&nbsp;676597 |
| &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;1474674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;2151 | &nbsp;&nbsp;1620714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation <sup>(a)</sup> | &nbsp;&nbsp;10787 | &nbsp;&nbsp;4965903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;5335 | &nbsp;&nbsp;1415749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(b)</sup> | &nbsp;&nbsp;1583 | &nbsp;&nbsp;1600555 |
|  |  | &nbsp;&nbsp;11754192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. <sup>(a)</sup> | &nbsp;&nbsp;11628 | &nbsp;&nbsp;2335484 |

---

---

| | | |
|:---|:---|:---|
| **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 - 90.2% (Continued)** | **Shares** | **Value** |
| **Technology - 25.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;4378 | &nbsp;&nbsp;$2563757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. <sup>(a)(b)</sup> | &nbsp;&nbsp;6389 | &nbsp;&nbsp;449019 |
|  |  | &nbsp;&nbsp;3012776 |
| **Utilities - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;21825 | &nbsp;&nbsp;1214561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | &nbsp;&nbsp;3909 | &nbsp;&nbsp;351810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;19205 | &nbsp;&nbsp;1346271 |
|  |  | &nbsp;&nbsp;2912642 |
| **Total Common Stocks** (Cost $63,867,295) | **Total Common Stocks** (Cost $63,867,295) | &nbsp;&nbsp;$94395758 |
| **MONEY MARKET FUNDS - 7.7%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.18% <sup>(c)</sup> (Cost $8,034,043) | &nbsp;&nbsp;8034043 | &nbsp;&nbsp;$8034043 |
| **Investments at Value - 97.9%** (Cost $71,901,338) | **Investments at Value - 97.9%** (Cost $71,901,338) | &nbsp;&nbsp;$102429801 |
| **Other Assets in Excess of Liabilities - 2.1%** | **Other Assets in Excess of Liabilities - 2.1%** | &nbsp;&nbsp;2189961 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$104619762 |

---

N.V. - Naamloze Vennootschap <br>

<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 May 31, 2025 was $24,320,328.

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

<sup>(c)</sup> The rate shown is the 7-day effective yield as of May 31, 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** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 40.5%** | **Shares** | **Value** |
| **Communications - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Cable & Satellite - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | &nbsp;&nbsp;38000 | &nbsp;&nbsp;$1313660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;12000 | &nbsp;&nbsp;1356480 |
| **Consumer Discretionary - 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;6400 | &nbsp;&nbsp;1590016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. | &nbsp;&nbsp;300 | &nbsp;&nbsp;1119912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | &nbsp;&nbsp;4400 | &nbsp;&nbsp;1004388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;2500 | &nbsp;&nbsp;920725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. | &nbsp;&nbsp;3100 | &nbsp;&nbsp;981677 |
|  |  | &nbsp;&nbsp;4026702 |
| **Consumer Staples - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | &nbsp;&nbsp;4100 | &nbsp;&nbsp;730989 |
| **Energy - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corporation | &nbsp;&nbsp;24000 | &nbsp;&nbsp;978720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;24000 | &nbsp;&nbsp;859680 |
|  |  | &nbsp;&nbsp;1838400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOV, Inc. | &nbsp;&nbsp;100500 | &nbsp;&nbsp;1206000 |
| **Financials - 4.0%** |  |  |
| &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;1038849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;16590 | &nbsp;&nbsp;1045336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corporation | &nbsp;&nbsp;5500 | &nbsp;&nbsp;1004520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;6200 | &nbsp;&nbsp;1077622 |
|  |  | &nbsp;&nbsp;3127478 |

---

---

| | | |
|:---|:---|:---|
| **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 - 40.5% (Continued)** | **Shares** | **Value** |
| **Health Care - 7.1%** |  |  |
| &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;$869593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;7100 | &nbsp;&nbsp;1101991 |
|  |  | &nbsp;&nbsp;1971584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corporation | &nbsp;&nbsp;14000 | &nbsp;&nbsp;1095080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;14800 | &nbsp;&nbsp;1228104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. | &nbsp;&nbsp;850 | &nbsp;&nbsp;982192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revvity, Inc. | &nbsp;&nbsp;10870 | &nbsp;&nbsp;982865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;12810 | &nbsp;&nbsp;1180698 |
|  |  | &nbsp;&nbsp;5468939 |
| **Industrials - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | &nbsp;&nbsp;2900 | &nbsp;&nbsp;1398902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;5400 | &nbsp;&nbsp;1323432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;2160 | &nbsp;&nbsp;1219212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;4900 | &nbsp;&nbsp;1546195 |
|  |  | &nbsp;&nbsp;2765407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corporation | &nbsp;&nbsp;5000 | &nbsp;&nbsp;1235600 |
| **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;8600 | &nbsp;&nbsp;952880 |
| **Technology - 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;9500 | &nbsp;&nbsp;1051935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;8000 | &nbsp;&nbsp;1254000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;5350 | &nbsp;&nbsp;978247 |
|  |  | &nbsp;&nbsp;3284182 |

---

---

| | | |
|:---|:---|:---|
| **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 - 40.5% (Continued)** | **Shares** | **Value** |
| **Technology - 9.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corporation - Class A | &nbsp;&nbsp;2700 | &nbsp;&nbsp;$560601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. | &nbsp;&nbsp;3930 | &nbsp;&nbsp;1163752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation | &nbsp;&nbsp;4700 | &nbsp;&nbsp;777991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. | &nbsp;&nbsp;6300 | &nbsp;&nbsp;1212246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. - Class A | &nbsp;&nbsp;3750 | &nbsp;&nbsp;928912 |
|  |  | &nbsp;&nbsp;4643502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | &nbsp;&nbsp;2863 | &nbsp;&nbsp;907056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;5000 | &nbsp;&nbsp;789550 |
|  |  | &nbsp;&nbsp;1696606 |
| **Utilities - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;13500 | &nbsp;&nbsp;1410615 |
| **Total Securities Sold Short - 40.5%** (Proceeds $44,030,727) | **Total Securities Sold Short - 40.5%** (Proceeds $44,030,727) | &nbsp;&nbsp;$42380223 |

---

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** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.1%** | **Shares** | **Value** |
| **Communications - 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 10.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | &nbsp;&nbsp;27688 | &nbsp;&nbsp;$4755137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | &nbsp;&nbsp;8630 | &nbsp;&nbsp;5587839 |
|  |  | &nbsp;&nbsp;10342976 |
| **Consumer Discretionary - 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;19379 | &nbsp;&nbsp;3972889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Discretionary - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;12462 | &nbsp;&nbsp;2813047 |
| **Consumer Staples - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corporation | &nbsp;&nbsp;17055 | &nbsp;&nbsp;1603340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corporation | &nbsp;&nbsp;35006 | &nbsp;&nbsp;2555438 |
| **Energy - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;14938 | &nbsp;&nbsp;1621819 |
| **Financials - 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;44225 | &nbsp;&nbsp;3331027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company | &nbsp;&nbsp;46982 | &nbsp;&nbsp;3513314 |
|  |  | &nbsp;&nbsp;6844341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Institutional Financial Services - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;6540 | &nbsp;&nbsp;3926943 |
| **Health Care - 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;15691 | &nbsp;&nbsp;2920252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 7.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | &nbsp;&nbsp;12357 | &nbsp;&nbsp;2132694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4927 | &nbsp;&nbsp;2529325 |

---

---

| | | |
|:---|:---|:---|
| **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 - 99.1% (Continued)** | **Shares** | **Value** |
| **Health Care - 10.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 7.8% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5367 | &nbsp;&nbsp;$2964409 |
|  |  | &nbsp;&nbsp;7626428 |
| **Industrials - 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) <sup>(a)</sup> | &nbsp;&nbsp;19613 | &nbsp;&nbsp;4066167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;14908 | &nbsp;&nbsp;3379196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation & Logistics - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corporation | &nbsp;&nbsp;82388 | &nbsp;&nbsp;2602637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;44038 | &nbsp;&nbsp;2130999 |
|  |  | &nbsp;&nbsp;4733636 |
| **Technology - 40.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 16.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;13788 | &nbsp;&nbsp;2950356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;13819 | &nbsp;&nbsp;3345165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;52124 | &nbsp;&nbsp;7043516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | &nbsp;&nbsp;12706 | &nbsp;&nbsp;2428498 |
|  |  | &nbsp;&nbsp;15767535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 13.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> | &nbsp;&nbsp;4903 | &nbsp;&nbsp;2035186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;15032 | &nbsp;&nbsp;6920132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;10282 | &nbsp;&nbsp;2728534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1786 | &nbsp;&nbsp;1805807 |
|  |  | &nbsp;&nbsp;13489659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;24997 | &nbsp;&nbsp;5020647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | &nbsp;&nbsp;6406 | &nbsp;&nbsp;3751354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;19093 | &nbsp;&nbsp;1341856 |
|  |  | &nbsp;&nbsp;5093210 |

---

---

| | | |
|:---|:---|:---|
| **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 - 99.1% (Continued)** | **Shares** | **Value** |
| **Utilities - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | &nbsp;&nbsp;11701 | &nbsp;&nbsp;$1053090 |
| **Total Common Stocks** (Cost $87,198,873) | **Total Common Stocks** (Cost $87,198,873) | &nbsp;&nbsp;$96830613 |
| **MONEY MARKET FUNDS - 0.8%** | **Shares** | **Value** |
| Fidelity Institutional Money Market Government Portfolio - Class I, 4.18% <sup>(b)</sup> (Cost $788,518) | &nbsp;&nbsp;788518 | &nbsp;&nbsp;$788518 |
| **Investments at Value - 99.9%** (Cost $87,987,391) | **Investments at Value - 99.9%** (Cost $87,987,391) | &nbsp;&nbsp;$97619131 |
| **Other Assets in Excess of Liabilities - 0.1%** | **Other Assets in Excess of Liabilities - 0.1%** | &nbsp;&nbsp;86575 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$97705706 |

---

N.V. - Naamloze Vennootschap <br>

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of May 31, 2025.

## 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 MANAGED RISK EQUITY FUND

- **b. EDGAR series identifier (if any):** S000069481

- **c. LEI of Series:** 549300U60O75JGNNWC07

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

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

- **b. Date as of which information is reported:** 2025-05-31

**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:** $147123073.63

**Total Liabilities:** $42503311.90

**Net Assets:** $104619761.73

**Cash Not Reported:** $44551434.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221782 | -4.27%               | 1.18%                | 3.85%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-400869.09              | $-4158086.42                               |
| Month 2  | $491052.93               | $577963.41                                 |
| Month 3  | $137926.76               | $3650849.29                                |

**Designated Index Information**

- **Index Name:** S&P 500 (Price)

- **Index Identifier:** 500

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| IDEXX Laboratories Inc.                   | IDEXX Laboratories, Inc.                                 | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      1592 | NS      | $817269.12    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                               | Revvity, Inc. Short                                      | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Short            | EC               | CORP              | US        |    -10870 | NS      | $-982865.40   | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                     | Lowe's Companies, Inc.                                   | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      9538 | NS      | $2153012.74   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                        | Meta Platforms, Inc. Class A Class A                     | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4690 | NS      | $3036728.10   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.                  | lululemon athletica, inc.                                | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Short            | EC               | CORP              | US        |     -3100 | NS      | $-981677.00   | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Companies Inc.                   | Carlisle Cos., Inc.                                      | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      3368 | NS      | $1280446.24   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                           | CSX Corporation                                          | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     47541 | NS      | $1501820.19   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                    | Truist Financial Corporation                             | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     39388 | NS      | $1555826.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                | BIOGEN IDEC, INC. - SHORT POSITION                       | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Short            | EC               | CORP              | US        |     -6700 | NS      | $-869593.00   | -0.83%            |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company             | Becton, Dickinson and Company                            | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      4087 | NS      | $705375.33    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.                  | ILLINOIS TOOL WORKS, INC. SHORT                          | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Short            | EC               | CORP              | US        |     -5400 | NS      | $-1323432.00  | -1.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                 | Adobe, Inc.                                              | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1630 | NS      | $676596.70    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                      | M&T Bank Corporation                                     | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Short            | EC               | CORP              | US        |     -5500 | NS      | $-1004520.00  | -0.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                             | MEDTRONIC PLC SHORT                                      | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Short            | EC               | CORP              | US        |    -14800 | NS      | $-1228104.00  | -1.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                       | Fifth Third Bancorp                                      | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     39492 | NS      | $1508199.48   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                            | Citigroup, Inc.                                          | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     25081 | NS      | $1889100.92   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc.                    | BURLINGTON STORES, INC. SHORT                            | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Short            | EC               | CORP              | US        |     -4400 | NS      | $-1004388.00  | -0.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc             | HILTON WORLDWIDE HOLDINGS, INC. SHORT                    | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Short            | EC               | CORP              | US        |     -6400 | NS      | $-1590016.00  | -1.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc.                   | Intuitive Surgical, Inc.                                 | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      4427 | NS      | $2445209.18   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated            | TEXAS INSTRUMENTS, INC. SHORT                            | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Short            | EC               | CORP              | US        |     -5350 | NS      | $-978247.50   | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Price T Rowe Group Inc.                   | T Rowe Price Group, Inc.                                 | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Short            | EC               | CORP              | US        |    -11100 | NS      | $-1038849.00  | -0.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                | ZIMMER BIOMET HOLDINGS, INC. SHORT                       | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Short            | EC               | CORP              | US        |    -12810 | NS      | $-1180697.70  | -1.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                | Occidental Petroleum Corporation                         | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Short            | EC               | CORP              | US        |    -24000 | NS      | $-978720.00   | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.              | Honeywell International, Inc.                            | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      4978 | NS      | $1128363.26   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker, Inc.              | Stanley Black & Decker, Inc.                             | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     18000 | NS      | $1177740.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                         | Wells Fargo & Company                                    | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     32332 | NS      | $2417786.96   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd.    | Check Point Software Technologies Ltd.                   | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |      6443 | NS      | $1474673.84   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                   | Mastercard, Inc. Class A                                 | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      4378 | NS      | $2563756.80   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                               | Workday, Inc. Class A                                    | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Short            | EC               | CORP              | US        |     -3750 | NS      | $-928912.50   | -0.89%            |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                       | Analog Devices, Inc.                                     | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      8737 | NS      | $1869543.26   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                | Intuit, Inc.                                             | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      2151 | NS      | $1620713.97   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc                   | Commerce Bancshares, Inc.                                | CUSIP: 200525103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -16590 | NS      | $-1045335.90  | -1.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corporation          | EDWARDS LIFESCIENCES CORPORATION SHORT                   | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Short            | EC               | CORP              | US        |    -14000 | NS      | $-1095080.00  | -1.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                         | JOHNSON & JOHNSON SHORT                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Short            | EC               | CORP              | US        |     -7100 | NS      | $-1101991.00  | -1.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                      | Emerson Electric Co.                                     | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     13763 | NS      | $1643026.94   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                      | PPG INDUSTRIES, INC. SHORT                               | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Short            | EC               | CORP              | US        |     -8600 | NS      | $-952880.00   | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                      | PayPal Holdings, Inc.                                    | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      6389 | NS      | $449018.92    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                               | Ovintiv, Inc.                                            | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Short            | EC               | CORP              | US        |    -24000 | NS      | $-859680.00   | -0.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.               | ADVANCED MICRO DEVICES, INC. SHORT                       | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Short            | EC               | CORP              | US        |     -9500 | NS      | $-1051935.00  | -1.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                              | Target Corporation                                       | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      5658 | NS      | $531908.58    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                      | Edison International                                     | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     21825 | NS      | $1214561.25   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                           | Xcel Energy, Inc.                                        | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     19205 | NS      | $1346270.50   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                       | COMCAST CORPORATION CLASS A                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Short            | EC               | CORP              | US        |    -38000 | NS      | $-1313660.00  | -1.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.                | Constellation Brands, Inc. Class A                       | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Short            | EC               | CORP              | US        |     -4100 | NS      | $-730989.00   | -0.70%            |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                        | EOG Resources, Inc.                                      | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     14237 | NS      | $1545711.09   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                              | Autodesk, Inc. Short                                     | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Short            | EC               | CORP              | US        |     -3930 | NS      | $-1163751.60  | -1.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                             | Alphabet, Inc. Class A                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     15657 | NS      | $2688933.18   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                       | THE WALT DISNEY COMPANY SHORT                            | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Short            | EC               | CORP              | US        |    -12000 | NS      | $-1356480.00  | -1.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                 | Consolidated Edison, Inc.                                | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Short            | EC               | CORP              | US        |    -13500 | NS      | $-1410615.00  | -1.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                                | NIKE, Inc. Class B                                       | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     22760 | NS      | $1379028.40   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation               | Lockheed Martin Corporation Short                        | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Short            | EC               | CORP              | US        |     -2900 | NS      | $-1398902.00  | -1.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                            | AutoZone, Inc.                                           | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Short            | EC               | CORP              | US        |      -300 | NS      | $-1119912.00  | -1.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Dupont De Nemours Inc                     | DuPont de Nemours, Inc.                                  | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     17471 | NS      | $1167062.80   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                | Apple, Inc.                                              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     11628 | NS      | $2335483.80   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                              | Southern Company                                         | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      3909 | NS      | $351810.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust          | Fidelity Institutional Money Market Government Portfolio | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   8034043 | PA      | $8034042.89   | 7.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation, Inc.                 | Rockwell Automation, Inc.                                | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Short            | EC               | CORP              | US        |     -4900 | NS      | $-1546195.00  | -1.48%            |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc          | METTLER-TOLEDO INTERNATIONAL, INC. SHORT                 | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Short            | EC               | CORP              | US        |      -850 | NS      | $-982192.00   | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                    | Diamondback Energy, Inc.                                 | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      8106 | NS      | $1090662.30   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Holdings Inc. | Knight-Swift Transportation Holdings, Inc.               | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12000 | NS      | $531840.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corporation                         | Sysco Corporation                                        | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     12570 | NS      | $917610.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                    | TJX Companies, Inc. (The)                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     10977 | NS      | $1392981.30   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                              | NVIDIA Corporation                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     28130 | NS      | $3801206.90   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                        | Ingersoll-Rand Inc.                                      | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |     17032 | NS      | $1390492.48   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| The Boeing Company                        | Boeing Company (The)                                     | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     12944 | NS      | $2683550.08   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                              | Oracle Corp.                                             | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Short            | EC               | CORP              | US        |     -4700 | NS      | $-777991.00   | -0.74%            |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                               | Cencora Incorporated                                     | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      5404 | NS      | $1573860.96   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.   | International Flavors & Fragrances, Inc.                 | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     13427 | NS      | $1027971.12   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                           | Starbucks Corporation                                    | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     14587 | NS      | $1224578.65   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.                    | APPLIED MATERIALS, INC. SHORT                            | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Short            | EC               | CORP              | US        |     -8000 | NS      | $-1254000.00  | -1.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc.                 | Lennox International, Inc.                               | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Short            | EC               | CORP              | US        |     -2160 | NS      | $-1219212.00  | -1.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corporation              | Norfolk Southern Corporation                             | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Short            | EC               | CORP              | US        |     -5000 | NS      | $-1235600.00  | -1.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                       | Abbott Laboratories                                      | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     11328 | NS      | $1513194.24   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.              | Marriott International, Inc. Class A                     | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      6236 | NS      | $1645243.88   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                           | Microsoft Corporation                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     10787 | NS      | $4965903.32   | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.         | PNC FINANCIAL SERVICES GROUP, INC. - SHORT               | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Short            | EC               | CORP              | US        |     -6200 | NS      | $-1077622.00  | -1.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corporation                       | Danaher Corporation                                      | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      5732 | NS      | $1088506.80   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                 | Goldman Sachs Group, Inc. (The)                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      3509 | NS      | $2106979.05   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                      | Baker Hughes, a GE Company                               | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37102 | NS      | $1374629.10   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                          | Amazon.com, Inc.                                         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     14942 | NS      | $3063259.42   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                           | Home Depot, Inc. (The)                                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Short            | EC               | CORP              | US        |     -2500 | NS      | $-920725.00   | -0.88%            |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation             | Boston Scientific Corporation                            | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     14394 | NS      | $1515112.44   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                      | Delta Air Lines, Inc.                                    | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     15000 | NS      | $725850.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corporation                     | Atlassian Corporation Class A - Short                    | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Short            | EC               | CORP              | AU        |     -2700 | NS      | $-560601.00   | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                           | Salesforce, Inc.                                         | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      5335 | NS      | $1415748.95   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc.                                  | Nov, Inc. COM                                            | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Short            | EC               | CORP              | US        |   -100500 | NS      | $-1206000.00  | -1.15%            |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                  | O'Reilly Automotive, Inc.                                | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      1164 | NS      | $1591770.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                           | T-Mobile USA, Inc.                                       | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      5396 | NS      | $1306911.20   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc.                            | BlackRock, Inc.                                          | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      1175 | NS      | $1151370.75   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                               | Walmart, Inc.                                            | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     18187 | NS      | $1795420.64   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                             | ACCENTURE PLC CLASS A                                    | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Short            | EC               | CORP              | US        |     -2863 | NS      | $-907055.66   | -0.87%            |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                               | PAYCHEX, INC. SHORT                                      | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Short            | EC               | CORP              | US        |     -5000 | NS      | $-789550.00   | -0.75%            |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                               | AbbVie, Inc.                                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     12953 | NS      | $2410682.83   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation            | Charles Schwab Corporation (The)                         | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     18125 | NS      | $1601162.50   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                            | ServiceNow, Inc.                                         | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1583 | NS      | $1600555.47   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                    | Palo Alto Networks, Inc. Short                           | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Short            | EC               | CORP              | US        |     -6300 | NS      | $-1212246.00  | -1.16%            |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                     | NXP Semiconductors N.V.                                  | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |      4214 | NS      | $805421.82    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                              | Broadcom, Inc.                                           | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     10775 | NS      | $2608304.25   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-23

**Name of Applicant:** Waycross Managed Risk Equity Fund

**Signature:** Daniel D. Bauer

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

**Title:** VP, Fund Accounting